UCP (UCP) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 05, 2016
Entity Registrant Name	UCP, Inc.
Entity Central Index Key	1,572,684
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Class A
Entity Common Stock, Shares Outstanding		8,025,591
Class B
Entity Common Stock, Shares Outstanding		100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 29,769	$ 39,829
Restricted cash	900	900
Real estate inventories	371,545	360,989
Fixed assets, net	1,189	1,314
Intangible assets, net	207	236
Goodwill	4,223	4,223
Receivables	1,388	1,317
Other assets	4,934	5,889
Total assets	414,155	414,697
Liabilities and equity:
Accounts payable	12,185	14,882
Accrued liabilities	23,329	24,616
Customer deposits	2,279	1,825
Notes payable, net	84,890	82,486
Senior notes, net	73,694	73,480
Total liabilities	$ 196,377	$ 197,289
Commitments and contingencies (Note 12)
Stockholders’ Equity
Preferred stock, par value $0.01 per share, 50,000,000 authorized, no shares issued and outstanding as of March 31, 2016; no shares issued and outstanding as of December 31, 2015	$ 0	$ 0
Additional paid-in capital	94,743	94,683
Accumulated deficit	(4,467)	(4,563)
Total UCP, Inc. stockholders’ equity	90,356	90,200
Noncontrolling interest	127,422	127,208
Total equity	217,778	217,408
Total liabilities and equity	414,155	414,697
Class A
Stockholders’ Equity
Common stock	80	80
Class B
Stockholders’ Equity
Common stock	$ 0	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	8,025,591	8,014,434
Common stock, shares outstanding	8,025,591	8,014,434
Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income Or Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUE:
Homebuilding	$ 68,225	$ 42,635
Land development	0	120
Other revenue	0	768
Total revenue	68,225	43,523
COSTS AND EXPENSES:
Cost of sales - homebuilding	56,206	35,618
Cost of sales - land development	461	5
Cost of sales - other revenue	0	663
Total cost of sales	56,667	36,286
Gross margin - homebuilding	12,019	7,017
Gross margin - land development	(461)	115
Gross margin - other revenue	0	105
Sales and marketing	4,076	4,196
General and administrative	7,275	7,320
Total costs and expenses	68,018	47,802
Income (loss) from operations	207	(4,279)
Other income, net	28	102
Net income (loss) before income taxes	235	(4,177)
Provision for income taxes	(5)	0
Net income (loss)	230	(4,177)
Net income (loss) attributable to noncontrolling interest	134	(2,337)
Net income (loss) attributable to UCP, Inc.	96	(1,840)
Other comprehensive loss, net of tax	0	0
Comprehensive income (loss)	230	(4,177)
Comprehensive income (loss) attributable to noncontrolling interest	134	(2,337)
Comprehensive income (loss) attributable to UCP, Inc.	$ 96	$ (1,840)
Net income (loss) per share of Class A common stock - basic ($ per share)	$ 0.01	$ (0.23)
Net income (loss) per share of Class A common stock - diluted ($ per share)	$ 0.01	$ (0.23)
Weighted average common shares:
Basic (in shares)	8,021,747	7,923,329
Diluted (in shares)	8,022,601	7,923,329

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A	Class B	Common stockClass A	Common stockClass B	Additional paid-in capital	Accumulated deficit	Noncontrolling interest
Beginning balance at Dec. 31, 2014	$ 211,267			$ 79	$ 0	$ 94,110	$ (6,934)
Beginning balance (shares) at Dec. 31, 2014				7,922,216	100
Beginning balance of noncontrolling interest as of December 31, 2015 at Dec. 31, 2014								$ 124,012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A - issuance of common (in shares)				2,945
Class A - Issuance of common stock for RSU's, net of withholding taxes paid for vested RSU's	(22)			$ 0		(9)		(13)
Stock-based compensation expense	631					270		361
Distribution to noncontrolling interest	(726)							(726)
Net loss	(4,177)						(1,840)	(2,337)
Ending balance (shares) at Mar. 31, 2015				7,925,161	100
Ending balance of noncontrolling interest as of March 31, 2016 at Mar. 31, 2015								121,297
Ending balance at Mar. 31, 2015	206,973			$ 79	$ 0	94,371	(8,774)
Beginning balance at Dec. 31, 2015	217,408			$ 80	$ 0	94,683	(4,563)
Beginning balance (shares) at Dec. 31, 2015		8,014,434	100	8,014,434	100
Beginning balance of noncontrolling interest as of December 31, 2015 at Dec. 31, 2015	127,208							127,208
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A - issuance of common (in shares)				11,157
Class A - Issuance of common stock for RSU's, net of withholding taxes paid for vested RSU's	(45)			$ 0		(20)		(25)
Stock-based compensation expense	185					80		105
Net loss	230						96	134
Ending balance (shares) at Mar. 31, 2016		8,025,591	100	8,025,591	100
Ending balance of noncontrolling interest as of March 31, 2016 at Mar. 31, 2016	127,422							$ 127,422
Ending balance at Mar. 31, 2016	$ 217,778			$ 80	$ 0	$ 94,743	$ (4,467)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net loss	$ 230	$ (4,177)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	185	631
Abandonment charges	419	2
Depreciation and amortization	156	149
Fair value adjustment of contingent consideration	8	220
Changes in operating assets and liabilities:
Real estate inventories	(10,839)	(6,587)
Receivables	(71)	(729)
Other assets	1,104	(292)
Accounts payable	(2,697)	1,887
Accrued liabilities	(1,230)	(4,919)
Customer deposits	454	593
Income taxes payable	(64)	0
Net cash used in operating activities	(12,345)	(13,222)
Investing activities:
Purchases of fixed assets	(22)	(181)
Net cash used in investing activities	(22)	(181)
Financing activities:
Distribution to noncontrolling interest	0	(726)
Proceeds from notes payable	35,476	24,003
Repayment of notes payable	(33,112)	(17,322)
Debt issuance costs	(12)	(171)
Withholding taxes paid for vested RSU's	(45)	(21)
Net cash provided by financing activities	2,307	5,763
Net decrease in cash and cash equivalents	(10,060)	(7,640)
Cash and cash equivalents – beginning of period	39,829	42,033
Cash and cash equivalents – end of period	29,769	34,393
Supplemental disclosure of noncash information
Exercise of land purchase options acquired with acquisition of business	6	72
Issuance of Class A common stock for vested restricted stock units	113	27
Income taxes paid	$ 70	$ 0

Organization, Basis of Presenta

Organization, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	Organization, Basis of Presentation and Summary of Significant Accounting Policies As used in this report, unless the context otherwise requires or indicates, references to “the Company,” “we,” “our” and “UCP” refer to UCP, Inc. and its consolidated subsidiaries, including UCP, LLC. Business Description and Organizational Structure of the Company: The Company is a homebuilder and land developer with expertise in residential land acquisition, development and entitlement, as well as home design, construction and sales. We operate in the states of California, Washington, North Carolina, South Carolina and Tennessee. The Company’s operations began in 2004 and principally focused on acquiring land, entitling and developing it for residential construction. In 2010, the Company formed Benchmark Communities (“Benchmark”), LLC, its wholly owned homebuilding subsidiary, to design, construct and sell high quality single-family homes. The Company is a holding company, whose principal asset is its interest in UCP, LLC, the subsidiary through which it directly and indirectly conducts its business. As of March 31, 2016 , the Company held a 43.1% economic interest in UCP, LLC and PICO Holdings, Inc. (“PICO”), a NASDAQ-listed, diversified holding company, held the remaining 56.9% economic interest in UCP, LLC. Basis of Presentation: The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. These financial statements should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2015 , which are included in the Company’s Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 14, 2016 . The accompanying unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Company’s results for the interim periods presented. These consolidated and segment results are not necessarily indicative of the Company’s future performance. As an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012, the Company has taken advantage of certain temporary exemptions from various reporting requirements, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements. The Company could be an emerging growth company until the last day of the fiscal year following the fifth anniversary of the July 23, 2013 completion of its initial public offering, although a variety of circumstances can cause it to lose this status earlier. Use of Estimates in Preparation of Financial Statements: The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses for each reporting period. The significant estimates made in the preparation of the Company’s accompanying unaudited condensed consolidated financial statements relate to the assessment of real estate impairments, valuation of assets and liabilities acquired, warranty reserves, income taxes and contingent liabilities. While management believes that the carrying value of such assets and liabilities are appropriate as of March 31, 2016 and December 31, 2015 , it is reasonably possible that actual results could differ from the estimates upon which the carrying values were based. Related Party Transactions: As of March 31, 2016 , PICO holds an economic and voting interest in our Company equal to approximately 56.9% . The Company is party to certain agreements with PICO, including an Exchange Agreement (pursuant to which PICO has the right to cause the Company to exchange PICO’s interests in UCP, LLC for shares of the Company’s Class A common stock on a one-for-one basis, subject to equitable adjustments for stock splits, stock dividends and reclassifications), an Investor Rights Agreement (pursuant to which PICO has certain rights, including the right to nominate two individuals for election to the Company’s board of directors for as long as PICO owns at least a 25% voting interest in the Company), a Tax Receivable Agreement (pursuant to which PICO is entitled to 85% of any cash savings in U.S. federal, state and local income tax that the Company actually realizes as a result of any increase in tax basis caused by PICO’s exchange of UCP, LLC interests for shares of the Company’s Class A common stock) and a Registration Rights Agreement, with respect to the shares of Class A common stock that PICO may receive in exchanges made pursuant to the Exchange Agreement. Segment Reporting: The Company has two operating segments, West and Southeast, and two reportable segments, Homebuilding and Land development. Each reportable segment includes real estate with similar economic characteristics, including similar historical and expected long-term gross margin percentages, product types, geography, production processes and methods of distribution. Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents include highly liquid instruments purchased with original maturities of three months or less. Cash items that are restricted as to withdrawal or usage include deposits of $0.9 million as of March 31, 2016 and December 31, 2015 , which were related to funds deposited with financial institutions for a construction loan, collateral for credit card agreements and restricted funds related to a contractor’s license. Capitalization of Interest: The Company capitalizes interest to real estate inventories during the period of development. Interest capitalized as a cost of real estate inventories is included in cost of sales-homebuilding or cost of sales-land development as related homes or real estate are delivered. Advertising Expenses: The Company expenses advertising costs as incurred. Advertising expenses for the three months ended March 31, 2016 and 2015 were $0.4 million and $0.6 million , respectively. Real Estate Inventories and Cost of Sales: The Company capitalizes pre-acquisition costs, the purchase price of real estate, development costs and other allocated costs, including interest, during development and home construction. Pre-acquisition costs, including non-refundable land deposits, are expensed to cost of sales when the Company determines continuation of the related project is not probable. Applicable costs incurred after development or construction is substantially complete are charged to sales and marketing or general and administrative, as appropriate. Land, development and other common costs are typically allocated to real estate inventories using the relative-sales-value method. Direct home construction costs are recorded using the specific identification method. Cost of sales-homebuilding includes the construction costs of each home and all applicable land acquisition, real estate development, capitalized interest, and related common costs based upon the relative-sales-value of the home. Changes to estimated total development costs subsequent to initial home closings in a community are allocated on a relative-sales-value method to remaining homes in the community. Cost of sales-land development includes land acquisition and development costs, capitalized interest, impairment charges, abandonment charges for projects that are no longer economically viable, and real estate taxes. Abandonment charges during the three months ended March 31, 2016 and 2015 were $419,000 and $2,000 , respectively. Abandonment charges are included in cost of sales in the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss for the respective period. These charges were related to the Company electing not to proceed with one or more land acquisitions after the incurrence of costs during due diligence. Real estate inventories are stated at cost, unless the carrying amount is determined not to be recoverable, in which case real estate inventories are written down to fair value. All real estate inventories are classified as held until the Company commits to a plan to sell the real estate, the real estate can be sold in its present condition, the real estate is being actively marketed for sale, and it is probable that the real estate will be sold within twelve months. Homes completed or under construction are included in real estate inventories in the accompanying unaudited condensed consolidated balance sheets at the lower of cost or net realizable value. Impairment of Real Estate Inventories: The Company evaluates real estate inventories for impairment when conditions exist suggesting that the carrying amount of real estate inventories is not fully recoverable and may exceed its fair value. Indicators of impairment include, but are not limited to, significant decreases in local housing market values, decreases in the selling prices of comparable homes, significant decreases in gross margins and sales absorption rates, costs in excess of budget, and actual or projected cash flow losses. The Company prepares and analyzes cash flows at the lowest level for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. When estimating future cash flows of its real estate assets, the Company makes various assumptions, including: (i) expected sales prices and sales incentives (including an estimate of the number of homes available in the market, pricing and incentives, and potential sales price adjustments based on market and economic trends); (ii) expected sales pace and cancellation rates (based on local housing market conditions, competition and historical trends); (iii) costs incurred to date and expected to be incurred (including, but not limited to, land and land development costs, home construction costs, indirect construction costs, and selling and marketing costs); (iv) alternative product offerings that may be offered that could have an impact on sales pace, sales price and/or building costs; and (v) alternative uses for the property. If events or circumstances indicate that the carrying amount of real estate inventories may be impaired, such impairment will be measured based upon the difference between the carrying amount and the fair value of such asset(s) determined using the estimated future discounted cash flows, excluding interest charges, generated from the use and ultimate disposition of such asset(s). Such losses, if any, are reported within cost of sales for the period. No impairment losses were recorded with respect to the Company’s real estate inventories during the three months ended March 31, 2016 or 2015 . Purchase Accounting and Business Combinations: Assets acquired and liabilities assumed as part of a business combination are recognized separately from goodwill at their acquisition date fair values. Goodwill as of the acquisition date is measured as any excess of consideration transferred over the net of the fair values of the assets acquired and the liabilities assumed as of the acquisition date. Estimates and assumptions are used to value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable. Management may revise its estimates of the fair values of acquired assets and assumed liabilities during a measurement period that may be up to one year from the relevant acquisition date. As a result, during the measurement period, the Company may record adjustments to the values of assets acquired and liabilities assumed with a corresponding adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company's condensed consolidated statements of operations and comprehensive income or loss. Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date, including estimates and assumptions related to intangible assets acquired, contractual obligations assumed, restructuring liabilities, pre-acquisition contingencies and, where applicable, contingent consideration. Goodwill and Other Intangible Assets: The purchase price of an acquired business is allocated between the net tangible assets and intangible assets of the acquired business with the residual purchase price recorded as goodwill. The determination of the value of the assets acquired and liabilities assumed involves certain judgments and estimates. These judgments can include, but are not limited to, the cash flows that an asset is expected to generate in the future and the appropriate weighted average cost of capital. All goodwill has been attributed to the Southeast homebuilding reporting segment as part of the Citizens Acquisition, which was completed in 2014. For the three months ended March 31, 2016 and the year ended December 31, 2015 , there was no impairment of goodwill. Intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated remaining useful lives, ranging from six months to five years, or added to the value of the land when an option intangible is used to purchase the related land, or expensed in the period when the option is cancelled. Acquired intangible assets with contractual terms are generally amortized over their respective contractual lives. When certain events or changes in operating conditions occur, an impairment assessment is performed for the intangible assets. Goodwill is not amortized, but is evaluated annually for impairment, or more frequently if events or circumstances indicate that goodwill may be impaired. Intangibles and goodwill as of March 31, 2016 , and December 31, 2015 relate to the Citizens Acquisition in 2014 as noted in the Company’s Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 14, 2016. Fixed Assets, Net: Fixed assets are carried at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated remaining useful lives of the assets. Computer software and hardware are depreciated over three years, office furniture and fixtures are depreciated over seven years, vehicles are depreciated over five years and leasehold improvements are depreciated over the shorter of their useful life or lease term and range from one to three years. Maintenance and repairs are charged to expense as incurred, while significant improvements are capitalized. Depreciation expense is included in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss. Receivables: Receivables include amounts due from utility companies for reimbursement of costs and manufacturer rebates. As of March 31, 2016 and December 31, 2015 , the Company had no allowance for doubtful accounts recorded. Other Assets: As part of the Company’s adoption of Accounting Standards Update (“ASU”) 2015-03, approximately $1.5 million of unamortized debt issuance costs as of December 31, 2015 had been reclassified from other assets to notes payable and Senior notes in the accompanying unaudited condensed consolidated balance sheets. See Note 1, “Organization, Basis of Presentation and Summary of Significant Accounting Policies - Presentation of Debt Issuance Costs” and Note 7, “Notes Payable and Senior Notes, net” for further discussion on the change in accounting principle. The detail of other assets is set forth below (in thousands): March 31, 2016 December 31, 2015 Customer deposits in escrow $ 2,279 $ 1,834 Prepaid expenses 693 2,099 Other deposits and prepaid interest 472 466 Funds held in escrow 1,490 1,490 Total $ 4,934 $ 5,889 Homebuilding, Land Development Sales and Other Revenues and Profit Recognition: In accordance with Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Topic 360 - Property, Plant, and Equipment , revenue from home sales and other real estate sales are recorded and any profit is recognized when the respective sales are closed. Sales are closed when all conditions of escrow are met, title passes to the buyer, appropriate consideration is received and collection of associated receivables, if any, is reasonably assured and the Company has no continuing involvement with the sold asset. The Company does not offer financing to any buyers. Sales price incentives are accounted for as a reduction of revenues when the sale is recorded. If the earnings process is not complete, the sale and any related profits are deferred for recognition in future periods. Any profit recorded is based on the calculation of cost of sales, which is dependent on an allocation of costs. In addition to homebuilding and land development, the Company previously provided construction management services, pursuant to which it built homes on behalf of third-party property owners. The business was acquired in connection with the Citizens Acquisition and it was sold during the fourth quarter of 2015. Revenue and costs from providing these services for the three months ended March 31, 2015 is included in other revenue and cost of sales-other revenue in the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss. Stock-Based Compensation: Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the period during which the award vests in accordance with applicable guidance under ASC 718, Compensation - Stock Compensation . Warranty Reserves: Estimated future direct warranty costs are accrued and charged to cost of sales-homebuilding in the period in which the related homebuilding revenue is recognized. Amounts accrued are based upon estimates of the amount the Company expects to pay for warranty work. The Company assesses the adequacy of its warranty reserves on a quarterly basis and adjusts the amounts recorded, if necessary. Warranty reserves are included in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. Changes in warranty reserves are detailed in the table set forth below (in thousands): Three months ended March 31, 2016 2015 Warranty reserves, beginning of period $ 2,852 $ 1,509 Warranty reserves accrued 471 293 Warranty expenditures (106 ) (28 ) Warranty reserves, end of period $ 3,217 $ 1,774 Presentation of Debt Issuance Costs: In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), to simplify the presentation of debt issuance costs in financial statements. Under ASU 2015-03, debt issuance costs related to a recognized debt liability are required to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with the presentation of debt discounts. The carrying amount of the debt liability on the financial statements is required to be applied retrospectively for all periods presented, effective for the Company for periods beginning after December 15, 2015. Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented as a deferred asset in the balance sheet, separate from the related debt liability. ASU 2015-03 does not change the recognition and measurement requirements for debt issuance costs. The Company adopted the provisions of ASU 2015-03 as of the effective date. Prior period amounts presented on the accompanying unaudited condensed consolidated balance sheets have been reclassified to conform to the current period presentation under ASU 2015-03. The adoption of ASU 2015-03 resulted in the reclassification of $1.3 million and $1.5 million as of March 31, 2016 and December 31, 2015, respectively, of unamortized debt issuance costs from other assets to the Company's notes payable and Senior notes (see Note 7, “Notes Payable and Senior Notes, net”) within its accompanying unaudited condensed consolidated balance sheets. Other than this reclassification, the adoption of ASU 2015-03 did not have an impact on the Company's accompanying unaudited condensed consolidated balance sheets, results of operations or cash flows. Consolidation of Variable Interest Entities: The Company enters into purchase and option agreements for the purchase of real estate as part of the normal course of business. These purchase and option agreements enable the Company to acquire real estate at one or more future dates at pre-determined prices. The Company believes these acquisition structures reduce its financial risk associated with real estate acquisitions and holdings and allow the Company to better manage its cash position. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), to simplify consolidation accounting. ASU 2015-02 amends current consolidation guidance by modifying the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminating the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis of reporting entities that are involved with variable interest entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for the Company for interim and annual reporting periods beginning after December 15, 2015. The Company adopted the provisions of ASU 2015-02 as of the effective date. The adoption of ASU 2015-02 did not have an impact on the Company's accompanying unaudited condensed consolidated balance sheet, results of operations or cash flows. Based on the provisions of the relevant accounting guidance, the Company concluded that when it enters into a purchase agreement to acquire real estate from an entity, a variable interest entity (“VIE”) may be created. The Company evaluates all purchase and option agreements for real estate to determine whether a potential VIE has been formed. The applicable accounting guidance requires that for each potential VIE, the Company assess whether it is the primary beneficiary and, if it is, the Company would consolidate the VIE in its accompanying unaudited condensed consolidated financial statements in accordance with ASC Topic 810 - Consolidations , and reflect such assets and liabilities as “Real estate inventories not owned.” In order to determine if the Company is the primary beneficiary, it must first assess whether it has the ability to control the activities of the VIE that most significantly impact its economic performance. Such activities include, but are not limited to: the ability to determine the budget and scope of land development work, if any; the ability to control financing decisions for the VIE; the ability to acquire additional land into the VIE or dispose of land in the VIE not under contract with us; and the ability to change or amend the existing option contract with the VIE. If the Company is not determined to control such activities, the Company is not considered the primary beneficiary of the VIE. If the Company does have the ability to control such activities, the Company will continue its analysis by determining if it is also expected to absorb a potentially significant amount of the VIE’s losses or, if no party absorbs the majority of such losses, if the Company will receive a benefit from a potentially significant amount of the VIE’s expected gains. In substantially all cases, creditors of the entities with which the Company has option agreements have no recourse against the Company and the maximum exposure to loss on the applicable option or purchase agreements is limited to non-refundable option deposits and any capitalized pre-acquisition costs. Some of the Company’s option or purchase deposits may be refundable to the Company if certain contractual conditions are not performed by the party selling the lots. The Company did not identify VIEs from its evaluation of its purchase and option agreements for real estate. Therefore, the Company did not consolidate any land under option as of March 31, 2016 or December 31, 2015 . Price Participation Interests: Certain land purchase contracts and other agreements include provisions for additional payments to the land sellers. These additional payments are contingent on certain future outcomes, such as selling homes above a certain preset price or achieving an internal rate of return above a certain preset level. These additional payments, if triggered, are accounted for as cost of sales when they become due, however, they are neither fully determinable, nor due, until the transfer of title to the buyer is complete. Accordingly, no liability is recorded until the sale is complete. Income Taxes: The Company’s provision for income tax expense includes federal and state income taxes currently payable and those deferred because of temporary differences between the income tax and financial reporting basis of the Company’s assets and liabilities. The liability method of accounting for income taxes also requires the Company to reflect the effect of a tax rate change on accumulated deferred income taxes in income in the period in which the change is enacted. In assessing the realization of deferred income taxes, the Company considered whether it is more likely than not that any deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of sufficient future taxable income during the period in which temporary differences become deductible. If it is more likely than not that some or all of the deferred income tax assets will not be realized, a valuation allowance is recorded. The Company considered many factors when assessing the likelihood of future realization of its deferred tax assets, including recent cumulative earnings experience by taxing jurisdiction, expectations of future transactions, the carry-forward periods available to the Company for tax reporting purposes and availability of tax planning strategies. These assumptions require significant judgment about future events. These judgments are consistent with the plans and estimates that the Company uses to manage its underlying businesses. In evaluating the objective evidence that historical results provide, the Company considered three years of cumulative operating income or loss of the Company and its predecessor. See Note 13, “Income Taxes” for further discussion on the Company’s income taxes for the applicable period. The Company recognizes any uncertain income tax positions on income tax returns at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized unless it has a greater than 50% likelihood of being sustained. The Company recognizes any interest and penalties related to uncertain tax positions in income tax expense. Noncontrolling Interest: The Company reports the share of its results of operations that is attributable to other owners of its consolidated subsidiaries that are less than wholly-owned as noncontrolling interest in the accompanying unaudited condensed consolidated financial statements. In the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss, the income or loss attributable to the noncontrolling interest is reported separately, and the accumulated income or loss attributable to the noncontrolling interest, along with any changes in ownership of the subsidiary, is reported as a component of total equity. Recently Issued Accounting Standards: Other than as described below, no new accounting pronouncement has had or is expected to have a material impact on the Company’s condensed consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (“ASU 2014-15”), which requires management to assess a company’s ability to continue as a going concern for each of its interim and annual reporting periods and to provide related footnote disclosures in certain circumstances. Disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern. Substantial doubt is deemed to exist when it is probable that the company will be unable to meet its obligations within one year from the financial statement issuance date. ASU 2014-15 is effective for the Company beginning December 15, 2016, and at that time the Company will adopt the new standard and perform a formalized going concern analysis for each reporting period. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s future condensed consolidated financial statements or disclosures. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (“ASU 2015-14”), which provides guidance for revenue recognition. ASU 2015-14 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2015-14 is effective for the Company for annual reporting periods beginning after December 15, 2017 and at that time the Company may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. The Company is currently evaluating the method and impact the adoption of ASU 2015-14 will have on its future condensed consolidated financial statements and disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), to enhance the reporting model for financial instruments. The ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2017. Except for the early application guidance, early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2016-01 will have on its future condensed consolidated financial statements and disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), to increase transparency and comparability among organizations. Under ASU 2016-02, presentation of the rights and obligations resulting from lease assets and lease liabilities are required to be recognized on the balance sheet. In addition, organizati

Income or loss per share

Income or loss per share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Income or loss per share	Income or loss per share Basic income or loss per share of Class A common stock is computed by dividing net income or loss attributable to UCP, Inc. by the weighted average number of shares of Class A common stock outstanding during the period. Diluted income or loss per share of Class A common stock is computed similarly to basic income or loss per share except that the weighted average number of shares of Class A common stock outstanding during the period is increased to include additional shares from the assumed exercise of any Class A common stock equivalents using the treasury method, if dilutive. The Company’s restricted stock units (“RSUs”) and stock options (“Options”) are considered Class A common stock equivalents for this purpose. For the three months ended March 31, 2016 , incremental Class A common stock equivalents of 854 shares were included in calculating diluted income per share. No incremental Class A common stock equivalents were included in calculating diluted loss per share for the three months ended March 31, 2015 because such inclusion would be anti-dilutive given the net loss attributable to UCP, Inc. during such period. Basic and diluted net income or loss per share of Class A common stock for the three months ended March 31, 2016 and 2015 have been computed as follows (in thousands, except share and per share amounts): Three months ended March 31, 2016 2015 Numerator Net income (loss) attributable to UCP, Inc. $ 96 $ (1,840 ) Denominator Weighted average number of shares of Class A common stock outstanding - basic 8,021,747 7,923,329 Effect of dilutive securities: RSUs 854 — Stock options — — Total shares for purpose of calculating diluted net income (loss) per share 8,022,601 7,923,329 Earnings (loss) per share: Net income (loss) per share of Class A common stock - basic $ 0.01 $ (0.23 ) Net income (loss) per share of Class A common stock - diluted $ 0.01 $ (0.23 )

Real Estate Inventories

Real Estate Inventories	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories consisted of the following (in thousands): March 31, 2016 December 31, 2015 Deposits and pre-acquisition costs $ 3,210 $ 3,836 Land held and land under development 254,618 245,394 Homes completed or under construction 91,811 89,866 Model homes 21,906 21,893 Total $ 371,545 $ 360,989 Homes completed or under construction and model homes include all costs associated with home construction, including land, development, indirect costs, permits and fees, and vertical construction. Land held and land under development includes costs incurred during site development, such as land, development, indirect costs and permits. As of March 31, 2016 , the Company had $3.2 million of deposits and pre-acquisition costs pertaining to land purchase or option contracts for 727 lots with an aggregate purchase price of approximately $44.8 million , net of deposits. As of December 31, 2015 , the Company had $3.8 million of deposits and pre-acquisition costs for land purchase or option contracts for 1,127 lots with an aggregate purchase price of approximately $80.1 million , net of deposits. As of March 31, 2016 and December 31, 2015 , the Company had completed homes included in inventories of approximately $28.8 million and $31.4 million , respectively. Of the $28.8 million completed homes in inventories as of March 31, 2016 , approximately $14.7 million were homes under contract and $14.1 million were spec homes. Of the $31.4 million completed homes in inventories as of December 31, 2015 , approximately $11.6 million were homes under contract and $19.8 million were spec homes. Interest Capitalization Interest is capitalized on real estate inventories during development. Interest capitalized is included in cost of sales in the Company’s accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss as related sales are recognized. For the three months ended March 31, 2016 and 2015 , the Company incurred interest of approximately $2.9 million and $2.6 million , respectively, which was capitalized in each respective period. Amounts capitalized to home inventory and land inventory were as follows (in thousands): Three months ended March 31, 2016 2015 Interest expense capitalized as cost of home inventory $ 2,368 $ 1,983 Interest expense capitalized as cost of land inventory 575 646 Total interest expense capitalized 2,943 2,629 Previously capitalized interest expense included in cost of sales - homebuilding (1,539 ) (924 ) Previously capitalized interest expense included in cost of sales - land development — — Net activity of capitalized interest 1,404 1,705 Capitalized interest expense in beginning inventory 13,274 7,299 Capitalized interest expense in ending inventory $ 14,678 $ 9,004

Fixed Assets, Net

Fixed Assets, Net	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Fixed Assets, Net	Fixed Assets, Net Net fixed assets consisted of the following (in thousands): March 31, 2016 December 31, 2015 Computer hardware and software $ 1,969 $ 1,954 Office furniture and equipment and leasehold improvements 841 834 Vehicles 83 83 Total 2,893 2,871 Accumulated depreciation (1,704 ) (1,557 ) Fixed assets, net $ 1,189 $ 1,314 Depreciation expense for the three months ended March 31, 2016 and 2015 was $147,000 and $141,000 , respectively, and is recorded in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Intangible Assets	Intangible Assets Other purchased intangible assets consisted of the following (in thousands): March 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization(Use) Ending Balance Gross Carrying Amount Accumulated Amortization(Use) Ending Balance Architectural plans $ 170 $ (69 ) $ 101 $ 170 $ (60 ) $ 110 Land options 583 (477 ) 106 583 (457 ) 126 Trademarks and trade names 110 (110 ) — 110 (110 ) — $ 863 $ (656 ) $ 207 $ 863 $ (627 ) $ 236 Amortization expense for the three months ended March 31, 2016 and 2015 related to the architectural plans and trademarks and trade names intangibles were approximately $8,500 for both periods. The architectural plans intangible amortization period is 5.0 years. Amortization expense is recorded in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss. Future estimated amortization expense related to the architectural plans intangibles over the next five years is as follows (in thousands): December 31, 2016 $ 25 2017 34 2018 34 2019 8 Total $ 101 Additionally, $20,000 relating to land options was capitalized to real estate inventories during the three months ended March 31, 2016 , as compared to $73,000 for the three months ended March 31, 2015 .

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2016 December 31, 2015 Real estate development cost to complete $ 10,815 $ 11,992 Accrued expenses 4,938 5,692 Warranty reserves (Note 1) 3,217 2,852 Contingent consideration (Note 12) 2,715 2,707 Accrued payroll liabilities 1,644 1,373 Total $ 23,329 $ 24,616

Notes Payable and Senior Notes,

Notes Payable and Senior Notes, net	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable and Senior Notes, net	Notes Payable and Senior Notes, net The Company obtains various types of debt financing in connection with its acquisition, development and construction of real estate inventories and its construction of homes. Often, these debt obligations are secured by the underlying real estate. Certain loans are funded in full at the initial loan closing and others are revolving facilities under which the Company may borrow, repay and reborrow up to a specified amount during the term of the loan. Acquisition debts are due at various dates but are generally repaid when lots are released from the loans based upon a specific release price, as defined in each respective loan agreement, or the loans are refinanced. The construction and development debt is required to be repaid with proceeds from home closings based upon a specific release price, as defined in each respective loan agreement. Certain construction and development debt agreements include provisions that require minimum tangible net worth and minimum liquidity; limit leverage and risk asset ratios; specify maximum loan-to-cost or loan-to-value ratios (whichever is lower). During the term of the loan, the lender may require the Company to obtain a third-party written appraisal of the underlying real estate collateral. If the appraised fair value of the collateral securing the loan is below the specified minimum, the Company may be required to make principal payments in order to maintain the required loan-to-value ratios. As of March 31, 2016 , the Company had approximately $239.2 million available in loan commitments of which approximately $79.4 million was available to us. As of March 31, 2016 and December 31, 2015 , the weighted average interest rate on the Company’s outstanding debt was 6.39% and 6.35% , respectively. Interest rates charged under variable rate debt are based on the 30-day London Interbank Offered Rate (“LIBOR”) or the U.S. Prime rate (“Prime”) plus a spread ranging from 0.25% to 3.75% . On October 21, 2014, the Company completed the private offering of $75.0 million in aggregate principal amount of 8.5% Senior Notes due 2017 (the “Senior Notes”). The net proceeds from the offering were approximately $72.5 million , after paying the debt issuance costs and offering expenses. The net proceeds from the offering were used for general corporate purposes, including financing construction of homes, acquisition of entitled land, development of lots and working capital. The Senior Notes were issued under an Indenture, dated as of October 21, 2014 (the “Indenture”), among the Company, certain subsidiary guarantors and Wilmington Trust, National Association, as trustee. The Senior Notes bear interest at 8.5% per annum, payable on March 31, June 30, September 30 and December 31 of each year. The Senior Notes mature on October 21, 2017, unless earlier redeemed or repurchased. As of March 31, 2016 , the Company was in compliance with the applicable financial covenants under the Indenture. As part of the Company’s adoption of ASU 2015-03, the carrying value of notes payable and Senior notes are presented net of debt issuance costs. For the three months ended March 31, 2016 and the year ended December 31, 2015 , approximately $1.3 million and $1.5 million , respectively, of unamortized debt issuance costs has been reclassified from other assets to notes payable and Senior notes. See Note 1, “Organization, Basis of Presentation and Summary of Significant Accounting Policies--Presentation of Debt Issuance Costs” for further discussion on the change in accounting principle. Notes payable and Senior notes consisted of the following (in thousands): March 31, 2016 December 31, 2015 Variable Interest Rate: LIBOR + 3.75% through 2016 (a) 24,438 30,132 Prime + 1.75% through 2016 (b) 62 717 LIBOR + 3.00% through 2016 (a) 2,219 4,832 LIBOR + 3.50% through 2017 (a) 9,771 9,785 LIBOR + 3.75% through 2017 (a) 22,700 21,732 LIBOR + 3.75% through 2018 (a) 10,992 1,120 5.50% through 2016 2,240 2,342 5.00% through 2017 7,078 4,581 Total variable notes payable 79,500 75,241 Fixed Interest Rate: 10.00% through 2017 1,604 1,604 0.00% through 2017 — 1,935 8.00% through 2018 4,000 4,000 Total fixed notes payable 5,604 7,539 Senior notes, net 74,751 74,710 Total notes payable and senior notes $ 159,855 $ 157,490 Debt issuance costs (1,271 ) (1,524 ) Total notes payable and senior notes, net $ 158,584 $ 155,966 (a) LIBOR is the 30-day London Interbank Offered Rate. As of March 31, 2016 , LIBOR was 0.43725%; loans bear interest at LIBOR plus a spread ranging from 0.25% to 3.75% . (b) Prime is the U.S Prime Rate. As of March 31, 2016 , Prime was 3.50%; this loan bears interest at Prime plus 1.75% . As of March 31, 2016 , principal maturities of notes payable and Senior notes for the years ending December 31 are as follows (in thousands): 2016 $ 28,959 2017 115,904 2018 14,992 2019 and thereafter — Total $ 159,855

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosures The accounting guidance regarding fair value disclosures defines fair value as the price that would be received for selling an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in accordance with ASC Topic 820 - Fair Value Measurements , which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: • 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 Estimated Fair Value of Financial Instruments Not Carried at Fair Value As of March 31, 2016 and December 31, 2015 , the fair values of cash and cash equivalents, accounts payable and receivable approximated their carrying values because of the short-term nature of these assets or liabilities. The estimated fair value of the Company’s debt is based on cash flow models discounted at current market interest rates for similar instruments, which are based on Level 3 inputs. There were no transfers between fair value hierarchy levels during the three months ended March 31, 2016 or the year ended December 31, 2015 . The following presents the carrying value and fair value of the Company’s financial instruments which are not carried at fair value (in thousands): March 31, 2016 December 31, 2015 Level in Fair Value Hierarchy Carrying Value (a) Estimated Fair Carrying Value (a) Estimated Fair Notes Payable Level 3 $ 85,104 $ 87,488 $ 82,780 $ 84,712 Senior Notes Level 3 74,751 82,067 74,710 82,057 Total Debt $ 159,855 $ 169,555 $ 157,490 $ 166,769 (a) Carrying value does not include the related unamortized debt issuance costs. The estimated fair value of the Company's debt is the present value of the contractual debt payments, based on cash flow models, discounted at the then-current interest rates, plus an estimate of the then-current credit spread, which is an estimate of the rates at which the Company could obtain replacement debt. These parameters are Level 3 inputs in the fair value hierarchy. To estimate the contractual cash flows, discount rates, and thereby the debt fair value, the Company considers various internal and external factors, including: (1) loan economic data, (2) collateral performance, (3) market interest rate data, (4) the discount curve and implied forward rate curve, and (5) other factors, which may include market, region and asset type evaluations. Financial Instruments Carried at Fair Value Description Level 1 Level 2 Level 3 Balance as of March 31, 2016 Contingent consideration — — 2,715 2,715 Description Level 1 Level 2 Level 3 Balance as of December 31, 2015 Contingent consideration — — 2,707 2,707 Estimated Fair Value of Contingent Consideration The change in estimated fair value of the contingent consideration was $8,000 and $220,000 for the three months ended March 31, 2016 and 2015 , respectively. See Note 12, “Commitments and Contingencies” for details on the estimation and measurement for the fair value of contingent consideration. Non-Financial Instruments Carried at Fair Value Non-financial assets and liabilities include items such as inventory and long lived assets that are measured at fair value, on a nonrecurring basis, when events and circumstances indicate the carrying value is not recoverable. See Note 12, "Commitments and Contingencies" for a discussion of the non-financial measurements applied to the Citizens Acquisition included elsewhere in this report. Non-Recurring Estimated Fair Value of Real Estate Inventories There were no real estate impairment losses recorded for the three months ended March 31, 2016 and 2015 . See Note 1, “Organization, Basis of Presentation and Summary of Significant Accounting Policies--Impairment of Real Estate Inventories” for further discussion on impairment of real estate inventories.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s long-term incentive plan (“LTIP”) was adopted in July 2013 and provides for the grant of equity-based awards, including options to purchase shares of Class A common stock, Class A stock appreciation rights, Class A restricted stock, Class A RSUs and performance awards. The LTIP automatically expires on the tenth anniversary of its effective date. The Company’s board of directors may terminate or amend the LTIP at any time, subject to any stockholder approval required by applicable law, rule or regulation. The number of shares of the Company’s Class A common stock authorized under the LTIP was 1,834,300 shares. To the extent that shares of the Company’s Class A common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the LTIP 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 the Company’s Class A common stock generally shall again be available under the LTIP, subject to certain exceptions. There were no Options granted to the Company’s employees during the year ended December 31, 2015. The RSUs and Options granted to the Company’s employees during the year ended December 31, 2014 are subject to the following vesting schedule: a) 10% vest on the first anniversary of the grant date, b) 20% vest on second anniversary of the grant date, c) 30% vest on the third anniversary of the grant date, and d) 40% vest on the fourth anniversary of the grant date. During the three months ended March 31, 2016 and 2015 , no RSUs or Options under the LTIP were granted. On January 15, 2016, the Company entered into a Resignation Agreement (the “Resignation Agreement”) with William J. La Herran, the former Chief Financial Officer and Treasurer of the Company. (See the Company’s Current Report on Form 8-K as filed with the Securities and Exchange Commission on January 20, 2016 for further discussion on the Resignation Agreement). During the three months ended March 31, 2016, the Company modified awards under the LTIP pursuant to the Resignation Agreement. On January 15, 2016, the effective date of Mr. La Herran’s resignation, the Company accelerated the vesting of all unvested Options and RSUs and calculated modification expense tied to such vesting. The total fair value calculated for unvested awards, both Options and RSU’s , of $65,000 was recorded on the resignation date as general & administrative expense in the accompanying unaudited condensed consolidated statements of operations and other comprehensive income or loss. During the three months ended March 31, 2016 and 2015 , the Company recognized $0.2 million and $0.6 million of stock-based compensation expense, respectively, which was included in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and other comprehensive income or loss. The following table summarizes the Options activity for the three months ended March 31, 2016 : Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) (1) Outstanding as of December 31, 2015 149,605 $ 16.20 8.20 — Options granted — — 0 — Options exercised — — — — Options forfeited — — — — Outstanding as of March 31, 2016 149,605 $ 16.20 7.90 — Options vested and exercisable as of March 31, 2016 67,949 $ 16.20 — — Options expected to vest as of March 31, 2016 81,656 (1) The aggregate intrinsic value is calculated as the amount by which the fair value of the underlying stock exceeds the exercise price of the Option. The fair value of the Company’s Class A common stock as of March 31, 2016 was $8.04 per share. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. During the three months ended March 31, 2016 , the Company did not grant any Options. The following table summarizes the RSU activity for the three months ended March 31, 2016 : Number of Shares Weighted Average Grant Date Fair Value (per share) Outstanding and unvested as of December 31, 2015 48,531 $15.99 Granted — — Vested (18,610 ) 16.20 Forfeited — — Outstanding and unvested as of March 31, 2016 29,921 $15.86 Unrecognized compensation cost for RSUs and Options issued under the LTIP was $0.8 million (net of estimated forfeitures) as of March 31, 2016 ; approximately $0.3 million of the unrecognized compensation costs related to RSUs and $0.5 million related to Options. The expense is expected to be recognized over a weighted average period of 1.9 years for both the RSUs and Options.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has two operating segments, West and Southeast, and two reportable segments, Homebuilding and Land development. Operating Segments Reportable Segments State West Homebuilding California, Washington Land development California, Washington Southeast Homebuilding North Carolina, South Carolina, Tennessee Land development North Carolina, South Carolina, Tennessee Each reportable segment includes real estate with similar economic characteristics, including similar historical and expected long-term gross margin percentages, product types, geography, production processes and methods of distribution. The reportable segments follow the same accounting policies as the accompanying unaudited condensed consolidated financial statements described in Note 1, “Organization, Basis of Presentation and Summary of Significant Accounting Policies.” Operating 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. The Company evaluates the performance of the operating segments based upon gross margin. “Gross Margin” is defined as operating revenues less cost of sales (cost of construction and acquisition, interest, abandonment, impairment and other cost of sales related expenses). Corporate sales, general and administrative expense and non-recurring gains or losses are reflected within overall corporate expenses as this constitutes the Company’s primary business objective, supporting all segments. Corporate expenses are not particularly identifiable to any one segment. Financial information relating to reportable segments is as follows (in thousands): Three months ended March 31, 2016 2015 Revenues Gross Margin Revenues Gross Margin Homebuilding West $ 56,758 $ 10,313 $ 33,227 $ 5,812 Southeast 11,467 1,706 9,408 1,205 Total homebuilding 68,225 12,019 42,635 7,017 Land development West — (122 ) 120 115 Southeast — (339 ) — — Total land development — (461 ) 120 115 Other (a) — — 768 105 Total $ 68,225 $ 11,558 $ 43,523 $ 7,237 (a) Other includes revenues from construction management services the Company acquired as part of the Citizens Acquisition and is not attributable to the homebuilding and land development operations. The business was sold in the fourth quarter of 2015. Reconciliation of gross margin to net income (loss) is as follows (in thousands): Three months ended March 31, 2016 2015 Gross margin $ 11,558 $ 7,237 Sales and marketing 4,076 4,196 General and administrative 7,275 7,320 Income (loss) from operations 207 (4,279 ) Other income, net 28 102 Net income (loss) before income taxes 235 (4,177 ) Provision for income taxes (5 ) — Net income (loss) $ 230 $ (4,177 ) Total assets for each reportable and operating segment as of March 31, 2016 and December 31, 2015 , are shown in the table below (in thousands): March 31, 2016 December 31, 2015 Homebuilding West $ 255,756 $ 231,624 Southeast 48,919 49,464 Total homebuilding 304,675 281,088 Land development West 66,870 79,901 Southeast — — Total land development 66,870 79,901 Other (a) 42,610 53,708 Total $ 414,155 $ 414,697 (a) Other assets primarily include cash and cash equivalents, deposits, and fixed assets which are maintained centrally and used according to the cash flow requirements of all reportable segments.

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest As of March 31, 2016 , the Company holds an approximately 43.1% economic interest in UCP, LLC and is its sole managing member; UCP, LLC is fully consolidated. The carrying value and ending balance as of March 31, 2016 of the noncontrolling interest was calculated as follows (in thousands): Beginning balance of noncontrolling interest as of December 31, 2015 $ 127,208 Net income attributable to noncontrolling interest 134 Stock-based compensation attributable to noncontrolling interest 105 Stock issuance attributable to noncontrolling interest (25 ) Distribution to noncontrolling interest — Ending balance of noncontrolling interest as of March 31, 2016 $ 127,422

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal and Regulatory Matters Lawsuits, claims and proceedings have been or may be instituted or asserted against the Company in the normal course of business, including actions brought on behalf of various classes of claimants. The Company is 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, the Company is subject to periodic examinations or inquiries by agencies administering these laws and regulations. The Company records a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. The accrual for these matters is based on facts and circumstances specific to each matter and the Company revises these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, the Company generally cannot predict their ultimate resolution, related timing or any eventual loss. If the evaluations indicate loss contingencies that could be material are not probable, but are reasonably possible, disclosure of the nature with an estimate of possible range of losses or a statement that such loss is not reasonably estimable is made. The Company is not involved in any material litigation nor, to the Company's knowledge, is any material litigation threatened against it. As of March 31, 2016 and December 31, 2015 , the Company did not have any accruals for asserted or unasserted matters. Purchase Commitments In the ordinary course of business, we may enter into purchase or option contracts to procure lots for development and construction of homes. We are subject to customary obligations associated with entering into contracts for the purchase of land. These contracts to purchase properties typically require a cash deposit and are generally contingent upon satisfaction of certain requirements by the sellers, including obtaining applicable property and development entitlements. We may also utilize purchase or option contracts with land sellers as a method of acquiring land in staged takedowns to help us manage the financial and market risk associated with land holdings and to reduce the use of funds from corporate financing sources. Purchase or option contracts generally require a non-refundable deposit for the right to acquire lots over a specified period of time at pre-determined prices. We generally have the right to terminate obligations under both purchase or option contracts by forfeiting the cash deposit with no further financial responsibility to the land seller. Purchase contracts provide the Company with an option to purchase land. The ability to enter into option purchase agreements depends on the availability of land that sellers are willing to sell under option takedown arrangements, the availability of capital from financial intermediaries to finance the development of land, general housing market conditions and local market dynamics. As of March 31, 2016 , we had outstanding $3.2 million of cash deposits pertaining to purchase or option contracts for 727 optioned lots with an aggregate remaining purchase price of approximately $44.8 million . As of December 31, 2015 , we had outstanding $3.8 million of cash deposits pertaining to purchase or option contracts for 1,127 lots with an aggregate remaining purchase price of approximately $80.1 million . Endangered Species Act The Company is evaluating the impact of regulatory action under the federal Endangered Species Act on a project that it is developing in the state of Washington involving the listing of a certain species of gopher as “threatened.” This action may adversely affect this project, for example, by imposing new restrictions and requirements on the activities there and possibly delaying, halting or limiting our development activities. However, an estimate of the amount of impact cannot be made as there is not enough information to do so due to the lack of clarity regarding any restrictions that may be imposed on development activities or other remedial measures that we may be required to make. Accordingly, no liability has been recorded as of March 31, 2016 . The Company will continue to assess the impact of this regulatory action and will record any future liability as additional information becomes available. Surety Bonds The Company obtains surety bonds from third parties in the normal course of business to ensure completion of certain infrastructure improvements at its projects. The beneficiaries of the bonds are various municipalities. As of March 31, 2016 and December 31, 2015 , the Company had outstanding surety bonds totaling $32.9 million and $37.1 million , respectively. In the event that any such surety bond issued by a third party is called because the required improvements are not completed, the Company could be obligated to reimburse the issuer of the bond. Operating Leases The Company leases some of its offices under non-cancellable operating leases that expire at various dates through 2020 and thereafter. Rent expense for the three months ended March 31, 2016 and 2015 for office space was approximately $0.4 million and $0.3 million , respectively. Future minimum payments under all operating leases for the years ending December 31 are as follows (in thousands): 2016 $ 765 2017 1,029 2018 937 2019 413 2020 213 Thereafter 18 Total $ 3,375 Contingent Consideration The change in estimated fair value of the contingent consideration relating to the Citizens Acquisition consisted of the following (in thousands): Contingent Consideration Balance as of December 31, 2014 3,525 Change in fair value 220 Balance as of March 31, 2015 $ 3,745 Contingent Consideration Balance as of December 31, 2015 $ 2,707 Change in fair value 8 Balance as of March 31, 2016 $ 2,715 The contingent consideration arrangement relating to the Citizens Acquisition requires the Company to pay up to a maximum of $6.0 million of additional consideration based upon the achievement of various pre-tax net income performance milestones (“performance milestones”) by the assets acquired in the Citizens Acquisition over a five year period that commenced on April 1, 2014. Payout calculations are made based on calendar year performance except for the sixth payout calculation which will be calculated based on the achievement of performance milestones from January 1, 2019 through March 25, 2019. Payouts are made on an annual basis. The potential undiscounted amount of all future payments that the Company could be required to make under the contingent consideration arrangement is between $0 and $6 million . The fair value of the contingent consideration of $2.7 million as of March 31, 2016 was estimated based on applying the income approach and a weighted probability of achievement of the performance milestones. The estimated fair value of the contingent consideration was calculated by using a Monte Carlo simulation. The measurement is based on significant inputs that are not observable in the market, which ASC Topic 820 - Fair Value Measurements, refers to as Level 3 inputs. Key assumptions include: (1) forecast adjusted pre-tax net income over the contingent consideration period; (2) risk-adjusted discount rate reflecting the risk inherent in the forecast adjusted pre-tax net income; (3) risk-free interest rates; (4) volatility of adjusted pre-tax net income; and (5) the Company’s credit spread. The risk adjusted discount rate applied to forecast adjusted net income was 12.7% plus the applicable risk-free rate, resulting in a discount rate ranging from 12.7% to 13.2% over the contingent consideration period. The estimated volatility rate of 18.6% and a credit spread of 11.0% were applied to forecast adjusted net income over the contingent consideration period. See Note 8, “Fair Value Disclosures” for further discussion of fair value measurements.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2016 , a provision for income taxes of $5,000 was recorded for the three months ended March 31, 2016 . No tax provision was recorded for the three months ended March 31, 2015 . The effective tax rate for the three months ended March 31, 2016 and 2015 was 2.5% and 0.0% , respectively. See Note 1, “Organization, Basis of Presentation and Summary of Significant Accounting Policies--Income Taxes” for further discussion on income taxes. As a result of the analysis of all available evidence as of March 31, 2016 and December 31, 2015 , the Company continued to record a full valuation allowance on its net deferred tax assets. Consequently, the Company reported no income tax benefit for the three months ended March 31, 2016 or 2015 . If the Company’s assumptions change and the Company believes that it will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be recognized as a reduction of future income tax expense. If the assumptions do not change, each period the Company could record an additional valuation allowance on any increases in the deferred tax assets.

Organization, Basis of Presen20

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. These financial statements should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2015 , which are included in the Company’s Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 14, 2016 . The accompanying unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Company’s results for the interim periods presented. These consolidated and segment results are not necessarily indicative of the Company’s future performance. As an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012, the Company has taken advantage of certain temporary exemptions from various reporting requirements, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements. The Company could be an emerging growth company until the last day of the fiscal year following the fifth anniversary of the July 23, 2013 completion of its initial public offering, although a variety of circumstances can cause it to lose this status earlier.
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements: The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses for each reporting period. The significant estimates made in the preparation of the Company’s accompanying unaudited condensed consolidated financial statements relate to the assessment of real estate impairments, valuation of assets and liabilities acquired, warranty reserves, income taxes and contingent liabilities. While management believes that the carrying value of such assets and liabilities are appropriate as of March 31, 2016 and December 31, 2015 , it is reasonably possible that actual results could differ from the estimates upon which the carrying values were based.
Segment Reporting	Segment Reporting: The Company has two operating segments, West and Southeast, and two reportable segments, Homebuilding and Land development. Each reportable segment includes real estate with similar economic characteristics, including similar historical and expected long-term gross margin percentages, product types, geography, production processes and methods of distribution.
Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents include highly liquid instruments purchased with original maturities of three months or less.
Capitalization of Interest	Capitalization of Interest: The Company capitalizes interest to real estate inventories during the period of development. Interest capitalized as a cost of real estate inventories is included in cost of sales-homebuilding or cost of sales-land development as related homes or real estate are delivered.
Real Estate Inventories and Cost of Sales	Abandonment charges are included in cost of sales in the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss for the respective period. These charges were related to the Company electing not to proceed with one or more land acquisitions after the incurrence of costs during due diligence. Real estate inventories are stated at cost, unless the carrying amount is determined not to be recoverable, in which case real estate inventories are written down to fair value. All real estate inventories are classified as held until the Company commits to a plan to sell the real estate, the real estate can be sold in its present condition, the real estate is being actively marketed for sale, and it is probable that the real estate will be sold within twelve months. Homes completed or under construction are included in real estate inventories in the accompanying unaudited condensed consolidated balance sheets at the lower of cost or net realizable value. Real Estate Inventories and Cost of Sales: The Company capitalizes pre-acquisition costs, the purchase price of real estate, development costs and other allocated costs, including interest, during development and home construction. Pre-acquisition costs, including non-refundable land deposits, are expensed to cost of sales when the Company determines continuation of the related project is not probable. Applicable costs incurred after development or construction is substantially complete are charged to sales and marketing or general and administrative, as appropriate. Land, development and other common costs are typically allocated to real estate inventories using the relative-sales-value method. Direct home construction costs are recorded using the specific identification method. Cost of sales-homebuilding includes the construction costs of each home and all applicable land acquisition, real estate development, capitalized interest, and related common costs based upon the relative-sales-value of the home. Changes to estimated total development costs subsequent to initial home closings in a community are allocated on a relative-sales-value method to remaining homes in the community. Cost of sales-land development includes land acquisition and development costs, capitalized interest, impairment charges, abandonment charges for projects that are no longer economically viable, and real estate taxes.
Impairment of Real Estate Inventories	Impairment of Real Estate Inventories: The Company evaluates real estate inventories for impairment when conditions exist suggesting that the carrying amount of real estate inventories is not fully recoverable and may exceed its fair value. Indicators of impairment include, but are not limited to, significant decreases in local housing market values, decreases in the selling prices of comparable homes, significant decreases in gross margins and sales absorption rates, costs in excess of budget, and actual or projected cash flow losses. The Company prepares and analyzes cash flows at the lowest level for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. When estimating future cash flows of its real estate assets, the Company makes various assumptions, including: (i) expected sales prices and sales incentives (including an estimate of the number of homes available in the market, pricing and incentives, and potential sales price adjustments based on market and economic trends); (ii) expected sales pace and cancellation rates (based on local housing market conditions, competition and historical trends); (iii) costs incurred to date and expected to be incurred (including, but not limited to, land and land development costs, home construction costs, indirect construction costs, and selling and marketing costs); (iv) alternative product offerings that may be offered that could have an impact on sales pace, sales price and/or building costs; and (v) alternative uses for the property. If events or circumstances indicate that the carrying amount of real estate inventories may be impaired, such impairment will be measured based upon the difference between the carrying amount and the fair value of such asset(s) determined using the estimated future discounted cash flows, excluding interest charges, generated from the use and ultimate disposition of such asset(s). Such losses, if any, are reported within cost of sales for the period.
Fixed Assets, Net	Fixed Assets, Net: Fixed assets are carried at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated remaining useful lives of the assets. Computer software and hardware are depreciated over three years, office furniture and fixtures are depreciated over seven years, vehicles are depreciated over five years and leasehold improvements are depreciated over the shorter of their useful life or lease term and range from one to three years. Maintenance and repairs are charged to expense as incurred, while significant improvements are capitalized. Depreciation expense is included in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss.
Receivables	Receivables: Receivables include amounts due from utility companies for reimbursement of costs and manufacturer rebates.
Homebuilding and Land Development Sales and Income Recognition	Homebuilding, Land Development Sales and Other Revenues and Profit Recognition: In accordance with Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Topic 360 - Property, Plant, and Equipment , revenue from home sales and other real estate sales are recorded and any profit is recognized when the respective sales are closed. Sales are closed when all conditions of escrow are met, title passes to the buyer, appropriate consideration is received and collection of associated receivables, if any, is reasonably assured and the Company has no continuing involvement with the sold asset. The Company does not offer financing to any buyers. Sales price incentives are accounted for as a reduction of revenues when the sale is recorded. If the earnings process is not complete, the sale and any related profits are deferred for recognition in future periods. Any profit recorded is based on the calculation of cost of sales, which is dependent on an allocation of costs. In addition to homebuilding and land development, the Company previously provided construction management services, pursuant to which it built homes on behalf of third-party property owners. The business was acquired in connection with the Citizens Acquisition and it was sold during the fourth quarter of 2015. Revenue and costs from providing these services for the three months ended March 31, 2015 is included in other revenue and cost of sales-other revenue in the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss.
Stock-Based Compensation	Stock-Based Compensation: Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the period during which the award vests in accordance with applicable guidance under ASC 718, Compensation - Stock Compensation .
Warranty Reserves	Warranty Reserves: Estimated future direct warranty costs are accrued and charged to cost of sales-homebuilding in the period in which the related homebuilding revenue is recognized. Amounts accrued are based upon estimates of the amount the Company expects to pay for warranty work. The Company assesses the adequacy of its warranty reserves on a quarterly basis and adjusts the amounts recorded, if necessary. Warranty reserves are included in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.
Consolidation of Variable Interest Entities	Consolidation of Variable Interest Entities: The Company enters into purchase and option agreements for the purchase of real estate as part of the normal course of business. These purchase and option agreements enable the Company to acquire real estate at one or more future dates at pre-determined prices. The Company believes these acquisition structures reduce its financial risk associated with real estate acquisitions and holdings and allow the Company to better manage its cash position. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), to simplify consolidation accounting. ASU 2015-02 amends current consolidation guidance by modifying the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminating the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis of reporting entities that are involved with variable interest entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for the Company for interim and annual reporting periods beginning after December 15, 2015. The Company adopted the provisions of ASU 2015-02 as of the effective date. The adoption of ASU 2015-02 did not have an impact on the Company's accompanying unaudited condensed consolidated balance sheet, results of operations or cash flows. Based on the provisions of the relevant accounting guidance, the Company concluded that when it enters into a purchase agreement to acquire real estate from an entity, a variable interest entity (“VIE”) may be created. The Company evaluates all purchase and option agreements for real estate to determine whether a potential VIE has been formed. The applicable accounting guidance requires that for each potential VIE, the Company assess whether it is the primary beneficiary and, if it is, the Company would consolidate the VIE in its accompanying unaudited condensed consolidated financial statements in accordance with ASC Topic 810 - Consolidations , and reflect such assets and liabilities as “Real estate inventories not owned.” In order to determine if the Company is the primary beneficiary, it must first assess whether it has the ability to control the activities of the VIE that most significantly impact its economic performance. Such activities include, but are not limited to: the ability to determine the budget and scope of land development work, if any; the ability to control financing decisions for the VIE; the ability to acquire additional land into the VIE or dispose of land in the VIE not under contract with us; and the ability to change or amend the existing option contract with the VIE. If the Company is not determined to control such activities, the Company is not considered the primary beneficiary of the VIE. If the Company does have the ability to control such activities, the Company will continue its analysis by determining if it is also expected to absorb a potentially significant amount of the VIE’s losses or, if no party absorbs the majority of such losses, if the Company will receive a benefit from a potentially significant amount of the VIE’s expected gains. In substantially all cases, creditors of the entities with which the Company has option agreements have no recourse against the Company and the maximum exposure to loss on the applicable option or purchase agreements is limited to non-refundable option deposits and any capitalized pre-acquisition costs. Some of the Company’s option or purchase deposits may be refundable to the Company if certain contractual conditions are not performed by the party selling the lots.
Price Participation Interests	Price Participation Interests: Certain land purchase contracts and other agreements include provisions for additional payments to the land sellers. These additional payments are contingent on certain future outcomes, such as selling homes above a certain preset price or achieving an internal rate of return above a certain preset level. These additional payments, if triggered, are accounted for as cost of sales when they become due, however, they are neither fully determinable, nor due, until the transfer of title to the buyer is complete. Accordingly, no liability is recorded until the sale is complete.
Income Taxes	Income Taxes: The Company’s provision for income tax expense includes federal and state income taxes currently payable and those deferred because of temporary differences between the income tax and financial reporting basis of the Company’s assets and liabilities. The liability method of accounting for income taxes also requires the Company to reflect the effect of a tax rate change on accumulated deferred income taxes in income in the period in which the change is enacted. In assessing the realization of deferred income taxes, the Company considered whether it is more likely than not that any deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of sufficient future taxable income during the period in which temporary differences become deductible. If it is more likely than not that some or all of the deferred income tax assets will not be realized, a valuation allowance is recorded. The Company considered many factors when assessing the likelihood of future realization of its deferred tax assets, including recent cumulative earnings experience by taxing jurisdiction, expectations of future transactions, the carry-forward periods available to the Company for tax reporting purposes and availability of tax planning strategies. These assumptions require significant judgment about future events. These judgments are consistent with the plans and estimates that the Company uses to manage its underlying businesses. In evaluating the objective evidence that historical results provide, the Company considered three years of cumulative operating income or loss of the Company and its predecessor. See Note 13, “Income Taxes” for further discussion on the Company’s income taxes for the applicable period. The Company recognizes any uncertain income tax positions on income tax returns at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized unless it has a greater than 50% likelihood of being sustained. The Company recognizes any interest and penalties related to uncertain tax positions in income tax expense.
Noncontrolling Interest	Noncontrolling Interest: The Company reports the share of its results of operations that is attributable to other owners of its consolidated subsidiaries that are less than wholly-owned as noncontrolling interest in the accompanying unaudited condensed consolidated financial statements. In the accompanying unaudited condensed consolidated statements of operations and comprehensive income or loss, the income or loss attributable to the noncontrolling interest is reported separately, and the accumulated income or loss attributable to the noncontrolling interest, along with any changes in ownership of the subsidiary, is reported as a component of total equity.
Recently Issued Accounting Standards	Recently Issued Accounting Standards: Other than as described below, no new accounting pronouncement has had or is expected to have a material impact on the Company’s condensed consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (“ASU 2014-15”), which requires management to assess a company’s ability to continue as a going concern for each of its interim and annual reporting periods and to provide related footnote disclosures in certain circumstances. Disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern. Substantial doubt is deemed to exist when it is probable that the company will be unable to meet its obligations within one year from the financial statement issuance date. ASU 2014-15 is effective for the Company beginning December 15, 2016, and at that time the Company will adopt the new standard and perform a formalized going concern analysis for each reporting period. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s future condensed consolidated financial statements or disclosures. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (“ASU 2015-14”), which provides guidance for revenue recognition. ASU 2015-14 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2015-14 is effective for the Company for annual reporting periods beginning after December 15, 2017 and at that time the Company may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. The Company is currently evaluating the method and impact the adoption of ASU 2015-14 will have on its future condensed consolidated financial statements and disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), to enhance the reporting model for financial instruments. The ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2017. Except for the early application guidance, early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2016-01 will have on its future condensed consolidated financial statements and disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), to increase transparency and comparability among organizations. Under ASU 2016-02, presentation of the rights and obligations resulting from lease assets and lease liabilities are required to be recognized on the balance sheet. In addition, organizations are required to disclose key information regarding leasing arrangements. Lessees and lessors are required to use a modified retrospective transition method for existing leases. ASU 2016-02 is effective for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the method and impact the adoption of ASU 2016-02 will have on its future condensed consolidated financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ("ASU 2016-08"), to improve implementation guidance on the new revenue standard. Under ASU 2016-08, the guidance provides indicators to determine principal versus agent considerations for each distinct good or service provided to a customer. ASU 2016-08 falls under the same guidance as ASU 2015-14 and therefore is effective for the Company for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the method and impact the adoption of ASU 2016-08 will have on its future condensed consolidated financial statements and disclosures and expects to adopt the standard as part of its adoption of ASU 2015-14. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"), as part of its simplification initiative. Under ASU 2016-09, the guidance simplifies the accounting for share-based payment transactions, including income tax consequences, award classification, and classification on the statement of cash flows. ASU 2016-09 is effective for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the method and impact the adoption of ASU 2016-09 will have on its future condensed consolidated financial statements and disclosures. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("ASU 2016-10"), to improve implementation guidance on the new revenue standard. Under ASU 2016-10, the guidance provides clarification on the criteria to assess whether promises to transfer goods or services are distinct and separately identifiable before identifying performance obligations in a contract with a customer. ASU 2016-10 falls under the same guidance as ASU 2015-14 and therefore is effective for the Company for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the method and impact the adoption of ASU 2016-10, specifically on performance obligations, will have on its future condensed consolidated financial statements and disclosures and expects to adopt the standard as part of its adoption of ASU 2015-14.

Organization, Basis of Presen21

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of other assets	The detail of other assets is set forth below (in thousands): March 31, 2016 December 31, 2015 Customer deposits in escrow $ 2,279 $ 1,834 Prepaid expenses 693 2,099 Other deposits and prepaid interest 472 466 Funds held in escrow 1,490 1,490 Total $ 4,934 $ 5,889
Schedule of warranty reserves	Changes in warranty reserves are detailed in the table set forth below (in thousands): Three months ended March 31, 2016 2015 Warranty reserves, beginning of period $ 2,852 $ 1,509 Warranty reserves accrued 471 293 Warranty expenditures (106 ) (28 ) Warranty reserves, end of period $ 3,217 $ 1,774

Income or loss per share (Table

Income or loss per share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share	Basic and diluted net income or loss per share of Class A common stock for the three months ended March 31, 2016 and 2015 have been computed as follows (in thousands, except share and per share amounts): Three months ended March 31, 2016 2015 Numerator Net income (loss) attributable to UCP, Inc. $ 96 $ (1,840 ) Denominator Weighted average number of shares of Class A common stock outstanding - basic 8,021,747 7,923,329 Effect of dilutive securities: RSUs 854 — Stock options — — Total shares for purpose of calculating diluted net income (loss) per share 8,022,601 7,923,329 Earnings (loss) per share: Net income (loss) per share of Class A common stock - basic $ 0.01 $ (0.23 ) Net income (loss) per share of Class A common stock - diluted $ 0.01 $ (0.23 )

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of real estate inventory	Real estate inventories consisted of the following (in thousands): March 31, 2016 December 31, 2015 Deposits and pre-acquisition costs $ 3,210 $ 3,836 Land held and land under development 254,618 245,394 Homes completed or under construction 91,811 89,866 Model homes 21,906 21,893 Total $ 371,545 $ 360,989
Schedule of interest capitalization	Amounts capitalized to home inventory and land inventory were as follows (in thousands): Three months ended March 31, 2016 2015 Interest expense capitalized as cost of home inventory $ 2,368 $ 1,983 Interest expense capitalized as cost of land inventory 575 646 Total interest expense capitalized 2,943 2,629 Previously capitalized interest expense included in cost of sales - homebuilding (1,539 ) (924 ) Previously capitalized interest expense included in cost of sales - land development — — Net activity of capitalized interest 1,404 1,705 Capitalized interest expense in beginning inventory 13,274 7,299 Capitalized interest expense in ending inventory $ 14,678 $ 9,004

Fixed Assets, Net (Tables)

Fixed Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of fixed assets	Net fixed assets consisted of the following (in thousands): March 31, 2016 December 31, 2015 Computer hardware and software $ 1,969 $ 1,954 Office furniture and equipment and leasehold improvements 841 834 Vehicles 83 83 Total 2,893 2,871 Accumulated depreciation (1,704 ) (1,557 ) Fixed assets, net $ 1,189 $ 1,314

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	Other purchased intangible assets consisted of the following (in thousands): March 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization(Use) Ending Balance Gross Carrying Amount Accumulated Amortization(Use) Ending Balance Architectural plans $ 170 $ (69 ) $ 101 $ 170 $ (60 ) $ 110 Land options 583 (477 ) 106 583 (457 ) 126 Trademarks and trade names 110 (110 ) — 110 (110 ) — $ 863 $ (656 ) $ 207 $ 863 $ (627 ) $ 236
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future estimated amortization expense related to the architectural plans intangibles over the next five years is as follows (in thousands): December 31, 2016 $ 25 2017 34 2018 34 2019 8 Total $ 101

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued liabilities	Accrued liabilities consisted of the following (in thousands): March 31, 2016 December 31, 2015 Real estate development cost to complete $ 10,815 $ 11,992 Accrued expenses 4,938 5,692 Warranty reserves (Note 1) 3,217 2,852 Contingent consideration (Note 12) 2,715 2,707 Accrued payroll liabilities 1,644 1,373 Total $ 23,329 $ 24,616

Notes Payable and Senior Note27

Notes Payable and Senior Notes, net (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of debt	Notes payable and Senior notes consisted of the following (in thousands): March 31, 2016 December 31, 2015 Variable Interest Rate: LIBOR + 3.75% through 2016 (a) 24,438 30,132 Prime + 1.75% through 2016 (b) 62 717 LIBOR + 3.00% through 2016 (a) 2,219 4,832 LIBOR + 3.50% through 2017 (a) 9,771 9,785 LIBOR + 3.75% through 2017 (a) 22,700 21,732 LIBOR + 3.75% through 2018 (a) 10,992 1,120 5.50% through 2016 2,240 2,342 5.00% through 2017 7,078 4,581 Total variable notes payable 79,500 75,241 Fixed Interest Rate: 10.00% through 2017 1,604 1,604 0.00% through 2017 — 1,935 8.00% through 2018 4,000 4,000 Total fixed notes payable 5,604 7,539 Senior notes, net 74,751 74,710 Total notes payable and senior notes $ 159,855 $ 157,490 Debt issuance costs (1,271 ) (1,524 ) Total notes payable and senior notes, net $ 158,584 $ 155,966 (a) LIBOR is the 30-day London Interbank Offered Rate. As of March 31, 2016 , LIBOR was 0.43725%; loans bear interest at LIBOR plus a spread ranging from 0.25% to 3.75% . (b) Prime is the U.S Prime Rate. As of March 31, 2016 , Prime was 3.50%; this loan bears interest at Prime plus 1.75% .
Schedule of future minimum payments	As of March 31, 2016 , principal maturities of notes payable and Senior notes for the years ending December 31 are as follows (in thousands): 2016 $ 28,959 2017 115,904 2018 14,992 2019 and thereafter — Total $ 159,855

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of financial instruments not carried at fair value	The following presents the carrying value and fair value of the Company’s financial instruments which are not carried at fair value (in thousands): March 31, 2016 December 31, 2015 Level in Fair Value Hierarchy Carrying Value (a) Estimated Fair Carrying Value (a) Estimated Fair Notes Payable Level 3 $ 85,104 $ 87,488 $ 82,780 $ 84,712 Senior Notes Level 3 74,751 82,067 74,710 82,057 Total Debt $ 159,855 $ 169,555 $ 157,490 $ 166,769 (a) Carrying value does not include the related unamortized debt issuance costs.
Fair Value, Liabilities Measured on Recurring Basis	Financial Instruments Carried at Fair Value Description Level 1 Level 2 Level 3 Balance as of March 31, 2016 Contingent consideration — — 2,715 2,715 Description Level 1 Level 2 Level 3 Balance as of December 31, 2015 Contingent consideration — — 2,707 2,707

Stock-Based Compensation - (Tab

Stock-Based Compensation - (Tables)	3 Months Ended
	Mar. 31, 2016
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of share-based activity	The following table summarizes the Options activity for the three months ended March 31, 2016 : Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) (1) Outstanding as of December 31, 2015 149,605 $ 16.20 8.20 — Options granted — — 0 — Options exercised — — — — Options forfeited — — — — Outstanding as of March 31, 2016 149,605 $ 16.20 7.90 — Options vested and exercisable as of March 31, 2016 67,949 $ 16.20 — — Options expected to vest as of March 31, 2016 81,656 (1) The aggregate intrinsic value is calculated as the amount by which the fair value of the underlying stock exceeds the exercise price of the Option. The fair value of the Company’s Class A common stock as of March 31, 2016 was $8.04 per share.
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of share-based activity	The following table summarizes the RSU activity for the three months ended March 31, 2016 : Number of Shares Weighted Average Grant Date Fair Value (per share) Outstanding and unvested as of December 31, 2015 48,531 $15.99 Granted — — Vested (18,610 ) 16.20 Forfeited — — Outstanding and unvested as of March 31, 2016 29,921 $15.86

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of financial information relating to segments	Financial information relating to reportable segments is as follows (in thousands): Three months ended March 31, 2016 2015 Revenues Gross Margin Revenues Gross Margin Homebuilding West $ 56,758 $ 10,313 $ 33,227 $ 5,812 Southeast 11,467 1,706 9,408 1,205 Total homebuilding 68,225 12,019 42,635 7,017 Land development West — (122 ) 120 115 Southeast — (339 ) — — Total land development — (461 ) 120 115 Other (a) — — 768 105 Total $ 68,225 $ 11,558 $ 43,523 $ 7,237 (a) Other includes revenues from construction management services the Company acquired as part of the Citizens Acquisition and is not attributable to the homebuilding and land development operations. The business was sold in the fourth quarter of 2015. Reconciliation of gross margin to net income (loss) is as follows (in thousands): Three months ended March 31, 2016 2015 Gross margin $ 11,558 $ 7,237 Sales and marketing 4,076 4,196 General and administrative 7,275 7,320 Income (loss) from operations 207 (4,279 ) Other income, net 28 102 Net income (loss) before income taxes 235 (4,177 ) Provision for income taxes (5 ) — Net income (loss) $ 230 $ (4,177 ) Total assets for each reportable and operating segment as of March 31, 2016 and December 31, 2015 , are shown in the table below (in thousands): March 31, 2016 December 31, 2015 Homebuilding West $ 255,756 $ 231,624 Southeast 48,919 49,464 Total homebuilding 304,675 281,088 Land development West 66,870 79,901 Southeast — — Total land development 66,870 79,901 Other (a) 42,610 53,708 Total $ 414,155 $ 414,697 (a) Other assets primarily include cash and cash equivalents, deposits, and fixed assets which are maintained centrally and used according to the cash flow requirements of all reportable segments.

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	The carrying value and ending balance as of March 31, 2016 of the noncontrolling interest was calculated as follows (in thousands): Beginning balance of noncontrolling interest as of December 31, 2015 $ 127,208 Net income attributable to noncontrolling interest 134 Stock-based compensation attributable to noncontrolling interest 105 Stock issuance attributable to noncontrolling interest (25 ) Distribution to noncontrolling interest — Ending balance of noncontrolling interest as of March 31, 2016 $ 127,422

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum payments under all operating leases for the years ending December 31 are as follows (in thousands): 2016 $ 765 2017 1,029 2018 937 2019 413 2020 213 Thereafter 18 Total $ 3,375
Schedule of Gain Contingencies by Contingency	The change in estimated fair value of the contingent consideration relating to the Citizens Acquisition consisted of the following (in thousands): Contingent Consideration Balance as of December 31, 2014 3,525 Change in fair value 220 Balance as of March 31, 2015 $ 3,745 Contingent Consideration Balance as of December 31, 2015 $ 2,707 Change in fair value 8 Balance as of March 31, 2016 $ 2,715

Organization, Basis of Presen33

Organization, Basis of Presentation and Summary of Significant Accounting Policies - (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)directorregion	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Property, Plant and Equipment [Line Items]
Economic interest percentage	56.90%
Number of reportable segments | region	2
Restricted cash	$ 900		$ 900
Advertising expense	400	$ 600
Abandonment charges	419	$ 2
Unamortized debt issuance costs	(1,271)		(1,524)
Other Assets | New Accounting Pronouncement, Early Adoption, Effect
Property, Plant and Equipment [Line Items]
Unamortized debt issuance costs	1,300		1,500
Long-term Debt | New Accounting Pronouncement, Early Adoption, Effect
Property, Plant and Equipment [Line Items]
Unamortized debt issuance costs	$ (1,300)		$ (1,500)
UCP LLC
Property, Plant and Equipment [Line Items]
Economic interest percentage	43.10%
Computer hardware and software
Property, Plant and Equipment [Line Items]
Fixed asset useful life	3 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Fixed asset useful life	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Fixed asset useful life	5 years
Minimum
Property, Plant and Equipment [Line Items]
Weighted average amortization period of intangible assets (duration)	6 months
Minimum | Leasehold Improvements
Property, Plant and Equipment [Line Items]
Fixed asset useful life	1 year
Maximum
Property, Plant and Equipment [Line Items]
Weighted average amortization period of intangible assets (duration)	5 years
Maximum | Leasehold Improvements
Property, Plant and Equipment [Line Items]
Fixed asset useful life	3 years
Affiliated Entity
Property, Plant and Equipment [Line Items]
Number of board members | director	2
Minimum voting interests required	25.00%
Right to cash savings on income tax	85.00%

Organization, Basis of Presen34

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Customer deposits in escrow	$ 2,279	$ 1,834
Prepaid expenses	693	2,099
Other Deposits	472	466
Funds held in escrow	1,490	1,490
Total	$ 4,934	$ 5,889

Organization, Basis of Presen35

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 2,852	$ 1,509
Warranty reserves accrued	471	293
Warranty expenditures	(106)	(28)
Warranty reserves, end of period	$ 3,217	$ 1,774

Income or loss per share - (Det

Income or loss per share - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Incremental common stock equivalents included in calculating diluted loss per share (shares)	854	0
Numerator
Net income (loss) attributable to UCP, Inc.	$ 96	$ (1,840)
Denominator
Weighted average shares of Class A common stock outstanding - basic (in shares)	8,021,747	7,923,329
Effect of dilutive securities:
Total shares for purpose of calculating diluted net income (loss) per share (in shares)	8,022,601	7,923,329
Earnings (loss) per share:
Net income (loss) per share of Class A common stock - basic ($ per share)	$ 0.01	$ (0.23)
Net income (loss) per share of Class A common stock - diluted ($ per share)	$ 0.01	$ (0.23)
RSUs
Effect of dilutive securities:
Incremental shares attributable to dilutive securities (in shares)	854	0
Stock options
Effect of dilutive securities:
Incremental shares attributable to dilutive securities (in shares)	0	0

Real Estate Inventories - Real

Real Estate Inventories - Real Estate Inventory (Details) $ in Thousands	Mar. 31, 2016USD ($)lot	Dec. 31, 2015USD ($)lot
Real Estate [Abstract]
Deposits and pre-acquisition costs	$ 3,210	$ 3,836
Land held and land under development	254,618	245,394
Homes completed or under construction	91,811	89,866
Model homes	21,906	21,893
Total Inventory	371,545	360,989
Deposits on land purchase contracts	$ 3,200	$ 3,800
Number of land purchase contracts | lot	727	1,127
Aggregate land purchase contracts, net	$ 44,800	$ 80,100
Inventory held for sale	28,800	31,400
Homes under contract	14,700	11,600
Spec homes	$ 14,100	$ 19,800

Real Estate Inventories - Inter

Real Estate Inventories - Interest Capitalization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest expense capitalized as cost of home inventory	$ 2,368	$ 1,983
Interest expense capitalized as cost of land inventory	575	646
Total interest expense capitalized	2,943	2,629
Previously capitalized interest expense included in cost of sales - homebuilding	(1,539)	(924)
Previously capitalized interest expense included in cost of sales - land development	0	0
Net activity of capitalized interest	1,404	1,705
Capitalized interest expense in beginning inventory	13,274	7,299
Capitalized interest expense in ending inventory	$ 14,678	$ 9,004

Fixed Assets, Net - (Details)

Fixed Assets, Net - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 2,893		$ 2,871
Accumulated depreciation	(1,704)		(1,557)
Fixed assets, net	1,189		1,314
Depreciation	147	$ 141
Computer hardware and software
Property, Plant and Equipment [Line Items]
Fixed assets, gross	1,969		1,954
Office furniture and equipment and leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	841		834
Vehicles
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 83		$ 83

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Exercise of land purchase options acquired with acquisition of business	$ 6,000	$ 72,000
Citizens Homes, Inc.
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 656,000		$ 627,000
Weighted average amortization period of intangible assets (duration)	5 years
Citizens Homes, Inc. | Trademarks and trade names
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 110,000		110,000
Amortization of intangibles	8,500	8,500
Citizens Homes, Inc. | Land options
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	477,000		$ 457,000
Exercise of land purchase options acquired with acquisition of business	$ 20,000	$ 73,000

Intangible Assets - Intangible

Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Ending Balance	$ 207	$ 236
Citizens Homes, Inc.
Business Acquisition [Line Items]
Gross Carrying Amount	863	863
Accumulated Amortization(Use)	(656)	(627)
Ending Balance	207	236
Architectural plans | Citizens Homes, Inc.
Business Acquisition [Line Items]
Gross Carrying Amount	170	170
Accumulated Amortization(Use)	(69)	(60)
Ending Balance	101	110
Land options | Citizens Homes, Inc.
Business Acquisition [Line Items]
Gross Carrying Amount	583	583
Accumulated Amortization(Use)	(477)	(457)
Ending Balance	106	126
Trademarks and trade names | Citizens Homes, Inc.
Business Acquisition [Line Items]
Gross Carrying Amount	110	110
Accumulated Amortization(Use)	(110)	(110)
Ending Balance	$ 0	$ 0

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - Citizens Homes, Inc. $ in Thousands	Mar. 31, 2016USD ($)
Business Acquisition [Line Items]
2,016	$ 25
2,017	34
2,018	34
2,019	8
Total	$ 101

Accrued Liabilities - (Details)

Accrued Liabilities - (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Real estate development cost to complete	$ 10,815	$ 11,992
Accrued expenses	4,938	5,692
Warranty reserves	3,217	2,852	$ 1,774	$ 1,509
Contingent consideration	2,715	2,707
Accrued payroll liabilities	1,644	1,373
Total	$ 23,329	$ 24,616

Notes Payable and Senior Note44

Notes Payable and Senior Notes, net (Details) - USD ($)	Oct. 21, 2014	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Aggregate loan commitments		$ 239,200,000
Unused loan commitments		$ 79,400,000
Weighted average interest rate		6.39%	6.35%
Unamortized debt issuance costs		$ 1,271,000	$ 1,524,000
Prime Rate
Debt Instrument [Line Items]
Interest rate		3.75%
Senior Notes | 8.5% Senior Notes Due in 2017
Debt Instrument [Line Items]
Interest rate	8.50%
Face amount	$ 75,000,000
Proceeds from issuance of debt	$ 72,500,000
Minimum | Prime Rate
Debt Instrument [Line Items]
Basis spread		0.25%
New Accounting Pronouncement, Early Adoption, Effect | Long-term Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 1,300,000	1,500,000
New Accounting Pronouncement, Early Adoption, Effect | Other Assets
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ (1,300,000)	$ (1,500,000)

Notes Payable and Senior Note45

Notes Payable and Senior Notes, net - Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt	$ 158,584	$ 155,966
Total notes payable and senior notes	159,855	157,490
Debt issuance costs	(1,271)	(1,524)
Notes Payable
Debt Instrument [Line Items]
Debt	79,500	75,241
Notes Payable | LIBOR 3.75% through 2016
Debt Instrument [Line Items]
Debt	24,438	30,132
Notes Payable | PRIME 1.75% through 2016
Debt Instrument [Line Items]
Debt	62	717
Notes Payable | LIBOR 3.00% through 2016
Debt Instrument [Line Items]
Debt	2,219	4,832
Notes Payable | 10.00% through 2017
Debt Instrument [Line Items]
Debt	$ 1,604	1,604
Interest rate	10.00%
Notes Payable | 0.00% through 2017
Debt Instrument [Line Items]
Debt	$ 0	1,935
Interest rate	0.00%
Notes Payable | 8.00% through 2018
Debt Instrument [Line Items]
Debt	$ 4,000	4,000
Interest rate	8.00%
Construction Loans
Debt Instrument [Line Items]
Debt	$ 5,604	7,539
Construction Loans | LIBOR 3.50% through 2017
Debt Instrument [Line Items]
Debt	$ 9,771	9,785
Interest rate	3.50%
Construction Loans | 3.75% Through 2017
Debt Instrument [Line Items]
Debt	$ 22,700	21,732
Interest rate	3.75%
Construction Loans | 3.75% Through 2018
Debt Instrument [Line Items]
Debt	$ 10,992	1,120
Interest rate	3.75%
Construction Loans | 5.50% through 2016
Debt Instrument [Line Items]
Debt	$ 2,240	2,342
Interest rate	5.50%
Construction Loans | 5.00% through 2017
Debt Instrument [Line Items]
Debt	$ 7,078	4,581
Interest rate	5.00%
Senior Notes
Debt Instrument [Line Items]
Debt	$ 74,751	$ 74,710
Minimum | Notes Payable | LIBOR 3.75% through 2016
Debt Instrument [Line Items]
Interest rate	3.75%
Minimum | Notes Payable | PRIME 1.75% through 2016
Debt Instrument [Line Items]
Interest rate	1.75%
Minimum | Notes Payable | LIBOR 3.00% through 2016
Debt Instrument [Line Items]
Interest rate	3.00%
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate	0.25%
London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Interest rate	3.75%

Notes Payable and Senior Note46

Notes Payable and Senior Notes, net - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,016	$ 28,959
2,017	115,904
2,018	14,992
2019 and thereafter	0
Total	$ 159,855	$ 157,490

Fair Value Disclosures - (Detai

Fair Value Disclosures - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 158,584		$ 155,966
Accrued expenses	2,715		2,707
Change in fair value	8	$ 220
Carrying Value (a)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	159,855		157,490
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	169,555		166,769
Notes Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	79,500		75,241
Notes Payable | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	87,488		84,712
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	74,751		74,710
Senior Notes | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	82,067		82,057
Citizens Homes, Inc.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accrued expenses	$ 2,715	$ 3,745	$ 2,707	$ 3,525

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	Jan. 15, 2016	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated expense	$ 65
Unrecognized compensation costs		$ 800
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation		$ 200	$ 600
First anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting, percentage		10.00%
Second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting, percentage		20.00%
Third anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting, percentage		30.00%
Fourth anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting, percentage		40.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 500
Unrecognized compensation costs, period for recognition		1 year 10 months 24 days
Stock options | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares that may be issued (in shares)		1,834,300
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 300
Unrecognized compensation costs, period for recognition		1 year 10 months 24 days
RSUs | First anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting, percentage		33.00%
RSUs | Second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting, percentage		33.00%
RSUs | Third anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting, percentage		33.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of share-based activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Options Activity: (in shares)
Outstanding as of December 31, 2015	149,605
Options granted	0
Options forfeited	0
Outstanding as of March 31, 2016	149,605	149,605
Options Weighted Average Exercise Price
Beginning balance weighted average exercise (usd per share)	$ 16.20
Options granted, weighted average exercise price (usd per share)	0
Options forfeited, weighted average exercise price (usd per share)	0
Ending balance weighted average exercise (usd per share)	$ 16.20	$ 16.20
Weighted Average Remaining Contractual Term (in years), beginning	7 years 10 months 24 days	8 years 2 months 12 days
Weighted Average Remaining Contractual Term, Granted	0 years
Weighted Average Remaining Contractual Term (in years), ending	7 years 10 months 24 days	8 years 2 months 12 days
Vested and exercisable (shares)	67,949
Vested and exercisable ($ per share)	$ 16.20
Expected to vest (shares)	81,656
Share Price (in dollars per share)	$ 8.04
RSUs
RSUs Shares Activity: (in shares)
Outstanding and unvested as of December 31, 2015	48,531
Granted	0
Vested	(18,610)
Forfeited	0
Outstanding and unvested as of March 31, 2016	29,921	48,531
Weighted Average Grant Date Fair Value (per share)
Outstanding and unvested as of December 31, 2015	$ 15.99
Granted	0
Vested	16.20
Outstanding and unvested as of March 31, 2016	$ 15.86	$ 15.99

Segment Information - (Details)

Segment Information - (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Segment Reporting Information [Line Items]
Revenues	$ 68,225	$ 43,523
Gross Margin	11,558	7,237
Sales and marketing	4,076	4,196
General and administrative	7,275	7,320
Income (loss) from operations	207	(4,279)
Other income, net	28	102
Net income (loss) before income taxes	235	(4,177)
Assets	414,155		$ 414,697
Provision for income taxes	(5)	0
Net loss	230	(4,177)
Homebuilding
Segment Reporting Information [Line Items]
Revenues	68,225	42,635
Gross Margin	12,019	7,017
Assets	304,675		281,088
Land development
Segment Reporting Information [Line Items]
Revenues	0	120
Gross Margin	(461)	115
Assets	66,870		79,901
Other
Segment Reporting Information [Line Items]
Revenues	0	768
Gross Margin	0	105
Assets	42,610		53,708
West | Homebuilding
Segment Reporting Information [Line Items]
Revenues	56,758	33,227
Gross Margin	10,313	5,812
Assets	255,756		231,624
West | Land development
Segment Reporting Information [Line Items]
Revenues	0	120
Gross Margin	(122)	115
Assets	66,870		79,901
Southeast | Homebuilding
Segment Reporting Information [Line Items]
Revenues	11,467	9,408
Gross Margin	1,706	1,205
Assets	48,919		49,464
Southeast | Land development
Segment Reporting Information [Line Items]
Revenues	0	0
Gross Margin	(339)	$ 0
Assets	$ 0		$ 0

Noncontrolling Interest - (Deta

Noncontrolling Interest - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Noncontrolling Interest [Line Items]
Voting interest not controlled by parent	43.10%
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance of noncontrolling interest as of December 31, 2015	$ 127,208
Net income attributable to noncontrolling interest	134	$ (2,337)
Distribution to noncontrolling interest		$ (726)
Ending balance of noncontrolling interest as of March 31, 2016	127,422
Parent Company
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance of noncontrolling interest as of December 31, 2015	127,208
Net income attributable to noncontrolling interest	134
Stock-based compensation attributable to noncontrolling interest	105
Stock issuance attributable to noncontrolling interest	(25)
Distribution to noncontrolling interest	0
Ending balance of noncontrolling interest as of March 31, 2016	$ 127,422

Commitments and Contingencies -

Commitments and Contingencies - (Details)	Apr. 10, 2014USD ($)	Mar. 31, 2016USD ($)lot	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)lot	Dec. 31, 2014USD ($)
Loss Contingencies [Line Items]
Deposits on land purchase contracts		$ 3,200,000		$ 3,800,000
Aggregate land purchase contracts, net		$ 44,800,000		$ 80,100,000
Number of land purchase contracts | lot		727		1,127
Rent expense		$ 400,000	$ 300,000
Contingent consideration		2,715,000		$ 2,707,000
Citizens Homes, Inc.
Loss Contingencies [Line Items]
Contingent consideration	$ 6,000,000
Performance period	5 years
Low range	$ 0
Contingent consideration		2,715,000	$ 3,745,000	2,707,000	$ 3,525,000
Contingent Consideration Liability | Citizens Homes, Inc.
Loss Contingencies [Line Items]
Discount rate	12.70%
Volatility expected	18.60%
Credit risk	11.00%
Minimum | Contingent Consideration Liability | Citizens Homes, Inc.
Loss Contingencies [Line Items]
Discount rate	12.70%
Maximum | Contingent Consideration Liability | Citizens Homes, Inc.
Loss Contingencies [Line Items]
Discount rate	13.20%
Surety Bond
Loss Contingencies [Line Items]
Surety bonds		$ 32,900,000		$ 37,100,000

Commitments and Contingencies53

Commitments and Contingencies - Future Minimum Payments, Operating Leases (Details) $ in Thousands	Mar. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 765
2,017	1,029
2,018	937
2,019	413
2,020	213
Thereafter	18
Total	$ 3,375

Commitments and Contingencies54

Commitments and Contingencies - Value of Consideration Transferred (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Combination, Contingent Consideration, Change [Roll Forward]
Beginning balance	$ 2,707
Change in fair value	8	$ 220
Ending balance	2,715
Citizens Homes, Inc.
Business Combination, Contingent Consideration, Change [Roll Forward]
Beginning balance	2,707	3,525
Ending balance	$ 2,715	$ 3,745

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 5	$ 0
Effective tax rate	2.50%	0.00%