New Home (NWHM) 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

DEI Document

DEI Document - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Entity [Abstract]
Entity Registrant Name	New Home Co Inc.
Entity Central Index Key	1,574,596
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		20,855,778

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents		$ 90,758	$ 123,546
Restricted cash		567	424
Contracts and accounts receivable		20,370	23,224
Due from affiliates		212	1,060
Real estate inventories		469,738	416,143
Investment in and advances to unconsolidated joint ventures		58,501	55,824
Other assets		25,864	24,291
Total assets		666,010	644,512
Liabilities and equity
Accounts payable		28,978	23,722
Accrued expenses and other liabilities		23,796	38,054
Unsecured revolving credit facility		35,000	0
Senior notes, net	[1]	319,402	318,656
Total liabilities		407,176	380,432
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares outstanding		0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 20,855,778 and 20,876,837, shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively		209	209
Additional paid-in capital		198,234	199,474
Retained earnings		60,312	64,307
Total stockholders' equity		258,755	263,990
Non-controlling interest in subsidiary		79	90
Total equity		258,834	264,080
Total liabilities and equity		$ 666,010	$ 644,512
[1]	(1) The carrying value for the Senior Notes, as presented at June 30, 2018, is net of the unamortized discount of $1.9 million, unamortized premium of $1.5 million, and $5.2 million of unamortized debt issuance costs. The carrying value for the Senior Notes, as presented at December 31, 2017, is net of the unamortized discount of $2.2 million, unamortized premium of $1.8 million, and $5.9 million of unamortized debt issuance costs. The unamortized discount, unamortized premium and debt issuance costs are not factored into the estimated fair value.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	20,855,778	20,876,837
Common stock, shares outstanding	20,855,778	20,876,837

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Home sales	$ 117,460	$ 96,929	$ 196,897	$ 166,335
Fee building, including management fees from unconsolidated joint ventures of $672, $1,217, $1,652 and $2,431, respectively	38,095	47,181	81,889	102,798
Revenues	155,555	144,110	278,786	269,133
Cost of Sales:
Home sales	102,678	82,488	172,372	142,553
Home sales impairments	0	1,300	0	1,300
Fee building	37,038	45,899	79,737	99,825
Cost of Sales	139,716	129,687	252,109	243,678
Gross Profit
Gross Profit Home Sales	14,782	13,141	24,525	22,482
Gross Profit Fee Building	1,057	1,282	2,152	2,973
Gross Profit	15,839	14,423	26,677	25,455
Costs and Expenses
Selling and marketing expenses	(9,466)	(6,376)	(16,105)	(11,377)
General and administrative expenses	(5,979)	(5,595)	(11,998)	(10,685)
Equity in net income (loss) of unconsolidated joint ventures	(120)	201	215	507
Other income (expense), net	(92)	(148)	(118)	(35)
Pretax income (loss)	182	2,505	(1,329)	3,865
(Provision) benefit for income taxes	(67)	(988)	793	(1,512)
Net income (loss)	115	1,517	(536)	2,353
Net loss attributable to non-controlling interest	0	0	11	10
Net income (loss) attributable to The New Home Company Inc.	$ 115	$ 1,517	$ (525)	$ 2,363
Earnings (loss) per share attributable to The New Home Company Inc.
Basic (in dollars per share)	$ 0.01	$ 0.07	$ (0.03)	$ 0.11
Diluted (in dollars per share)	$ 0.01	$ 0.07	$ (0.03)	$ 0.11
Weighted average number of shares outstanding
Basic (in shares)	20,958,991	20,869,429	20,942,601	20,819,288
Diluted (in shares)	21,024,769	20,956,723	20,942,601	20,921,150

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Management fee revenue, unconsolidated joint ventures	$ 672	$ 1,217	$ 1,652	$ 2,431

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Non-controlling Interest [Member]
Beginning balance at Dec. 31, 2016	$ 244,624	$ 244,523	$ 207	$ 197,161	$ 47,155	$ 101
Beginning Balance, Shares at Dec. 31, 2016			20,712,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,353	2,363			2,363	(10)
Stock-based compensation expense	1,306	1,306		1,306
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	(584)	(584)		(584)
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans, shares			(55,407)
Shares issued through stock plans	102	102	$ 2	100
Shares issued through stock plans, shares			218,907
Ending balance at Jun. 30, 2017	247,801	247,710	$ 209	197,983	49,518	91
Ending Balance, Shares at Jun. 30, 2017			20,875,666
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC 606 and ASU 2018-07	(3,365)	(3,365)		(18)	(3,347)
Beginning balance at Dec. 31, 2017	$ 264,080	263,990	$ 209	199,474	64,307	90
Beginning Balance, Shares at Dec. 31, 2017	20,876,837		20,876,837
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (536)	(525)			(525)	(11)
Stock-based compensation expense	1,704	1,704		1,704
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	(977)	(977)		(977)
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans, shares			(86,182)
Stock Repurchased During Period, Shares			(205,240)
Stock Repurchased and Retired During Period, Value	2,072	2,072	$ 2	1,947	123
Shares issued through stock plans			$ 2	(2)
Shares issued through stock plans, shares			270,363
Ending balance at Jun. 30, 2018	$ 258,834	$ 258,755	$ 209	$ 198,234	$ 60,312	$ 79
Ending Balance, Shares at Jun. 30, 2018	20,855,778		20,855,778

Unaudited Condensed Consolidat7

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net income (loss)	$ (536,000)	$ 2,353,000
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Deferred taxes	(1,481,000)	(54,000)
Amortization of equity based compensation	1,704,000	1,306,000
Distributions of earnings from unconsolidated joint ventures	715,000	1,588,000
Inventory impairments	0	1,300,000
Abandoned project costs	43,000	206,000
Equity in net income of unconsolidated joint ventures	(215,000)	(507,000)
Deferred profit from unconsolidated joint ventures	136,000	497,000
Depreciation and amortization	2,646,000	236,000
Net changes in operating assets and liabilities:
Contracts and accounts receivable	2,854,000	9,573,000
Due from affiliates	788,000	(671,000)
Real estate inventories	(53,108,000)	(74,407,000)
Other assets	(6,095,000)	(2,900,000)
Accounts payable	5,256,000	1,160,000
Accrued expenses and other liabilities	(14,217,000)	(11,588,000)
Net cash used in operating activities	(61,510,000)	(71,908,000)
Investing activities:
Purchases of property and equipment	(184,000)	(95,000)
Cash assumed from joint venture at consolidation	0	995,000
Contributions and advances to unconsolidated joint ventures	(8,954,000)	(8,517,000)
Distributions of capital and repayment of advances from unconsolidated joint ventures	5,874,000	2,948,000
Interest collected on advances to unconsolidated joint ventures	178,000	0
Net cash used in investing activities	(3,086,000)	(4,669,000)
Financing activities:
Borrowings from credit facility	35,000,000	72,000,000
Repayments of credit facility	0	(190,000,000)
Proceeds from senior notes	0	324,465,000
Payment of debt issuance costs	0	(6,440,000)
Repurchases of common stock	(2,072,000)	0
Tax withholding paid on behalf of employees for stock awards	(977,000)	(584,000)
Proceeds from exercise of stock options	0	102,000
Net cash provided by financing activities	31,951,000	199,543,000
Net (decrease) increase in cash, cash equivalents and restricted cash	(32,645,000)	122,966,000
Cash, cash equivalents and restricted cash – beginning of period	123,970,000	31,081,000
Cash, cash equivalents and restricted cash – end of period	$ 91,325,000	$ 154,047,000

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Account Policies	Organization and Summary of Significant Accounting Policies Organization The New Home Company Inc. (the "Company"), a Delaware corporation, and its subsidiaries are primarily engaged in all aspects of residential real estate development, including acquiring land and designing, constructing and selling homes in California and Arizona. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts have been eliminated upon consolidation. The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . The accompanying unaudited condensed financial statements include all adjustments (consisting of normal recurring entries) necessary for the fair presentation of our results for the interim period presented. Results for the interim period are not necessarily indicative of the results to be expected for the full year. Unless the context otherwise requires, the terms "we", "us", "our" and "the Company" refer to the Company and its wholly owned subsidiaries, on a consolidated basis. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and notes. Accordingly, actual results could differ materially from these estimates. Reclassification Certain items in the prior year unaudited condensed consolidated statements of cash flows have been reclassified to conform with current year presentation. These reclassifications have not changed the results of operations of prior periods. On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18") under the full retrospective method. As a result, the Company no longer presents transfers between cash and restricted cash in the consolidated statements of cash flows. Instead, restricted cash is included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the consolidated statements of cash flows. For additional detail on restricted cash, please see Note 1 - Restricted Cash. Segment Reporting Accounting Standards Codification ("ASC") 280, Segment Reporting ("ASC 280") established standards for the manner in which public enterprises report information about operating segments. In accordance with ASC 280, we have determined that our homebuilding division and our fee building division are our operating segments, which are also our reportable segments. Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short term liquid investments with a maturity date of less than three months from the date of purchase. Restricted Cash Restricted cash of $0.6 million and $0.4 million as of June 30, 2018 and December 31, 2017 , respectively, is held in accounts for payments of subcontractor costs incurred in connection with various fee building projects. The table below shows the line items and amounts of cash and cash equivalents and restricted cash as reported within the Company's condensed consolidated balance sheets for each period shown that sum to the total of the same such amounts at the end of the periods shown in the accompanying condensed consolidated statements of cash flows. Six Months Ended June 30, 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 90,758 $ 153,959 Restricted cash 567 88 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 91,325 $ 154,047 Real Estate Inventories and Cost of Sales We capitalize pre-acquisition, land, development and other allocated costs, including interest, property taxes and indirect construction costs. Pre-acquisition costs, including nonrefundable land deposits, are expensed to other income (expense), net if we determine continuation of the prospective project is not probable. Land, development and other common costs are typically allocated to real estate inventories using a methodology that approximates the relative-sales-value method. Home construction costs per production phase are recorded using the specific identification method. Cost of sales for homes closed includes the estimated total construction costs of each home at completion and an allocation of all applicable land acquisition, land development and related common costs (both incurred and estimated to be incurred) based upon the relative-sales-value of the home within each project. Changes in estimated development and common costs are allocated prospectively to remaining homes in the project. In accordance with ASC 360, Property, Plant and Equipment ("ASC 360"), inventory is stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is written down to its fair value. We review each real estate asset on a periodic basis or whenever indicators of impairment exist. Real estate assets include projects actively selling and projects under development or held for future development. Indicators of impairment include, but are not limited to, significant decreases in local housing market values and selling prices of comparable homes, significant decreases in gross margins or sales absorption rates, costs significantly in excess of budget, and actual or projected cash flow losses. If there are indicators of impairment, we perform a detailed budget and cash flow review of the applicable real estate inventories to determine whether the estimated undiscounted future cash flows of the project are more or less than the asset’s carrying value. If the estimated undiscounted future cash flows exceed the asset’s carrying value, no impairment adjustment is required. However, if the estimated undiscounted future cash flows are less than the asset’s carrying value, the asset's fair value is determined and compared to the asset's carrying value. If the asset's carrying value exceeds the asset's fair value, it is deemed impaired and written down to its fair value. When estimating undiscounted future cash flows of a project, we make various assumptions, including: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders in other projects, and future 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 expended to date and expected to be incurred including, but not limited to, land and land development costs, home construction costs, interest costs, indirect construction and overhead 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. Many assumptions are interdependent and a change in one may require a corresponding change to other assumptions. For example, increasing or decreasing sales absorption rates has a direct impact on the estimated per unit sales price of a home, and the level of time sensitive costs (such as indirect construction, overhead and carrying costs). Depending on the underlying objective of the project, assumptions could have a significant impact on the projected cash flow analysis. For example, if our objective is to preserve operating margins, our cash flow analysis will be different than if the objective is to increase the velocity of sales. These objectives may vary significantly from project to project and change over time. If a real estate asset is deemed impaired, the impairment is calculated by determining the amount the asset's carrying value exceeds its fair value. We calculate the fair value of real estate using a land residual value analysis or a discounted cash flow analysis. Under the land residual value analysis, we estimate what a willing buyer would pay and what a willing seller would sell a parcel of land for (other than in a forced liquidation) in order to generate a market rate operating margin and return. Under the discounted cash flow method, the fair value is determined by calculating the present value of future cash flows using a risk adjusted discount rate. Some of the critical assumptions involved with measuring the asset's fair value include estimating future revenues, sales absorption rates, development and construction costs, and other applicable project costs. This evaluation and the assumptions used by management to determine future estimated cash flows and fair value require a substantial degree of judgment, especially with respect to real estate projects that have a substantial amount of development to be completed, have not started selling or are in the early stages of sales, or are longer in duration. Actual revenues, costs and time to complete and sell a community could vary from these estimates which could impact the calculation of fair value of the asset and the corresponding amount of impairment that is recorded in our results of operations. For the three and six months ended June 30, 2017, we recorded an impairment charge of $1.3 million relating to one community in Southern California. For additional detail regarding the impairment charge, please see Note 4. Capitalization of Interest We follow the practice of capitalizing interest to real estate inventories during the period of development and to investments in unconsolidated joint ventures, when applicable, in accordance with ASC 835, Interest ("ASC 835"). Interest capitalized as a cost component of real estate inventories is included in cost of home sales as related homes or lots are sold. To the extent interest is capitalized to investment in unconsolidated joint ventures, it is included as a reduction of income from unconsolidated joint ventures when the related homes or lots are sold to third parties. In instances where the Company purchases land from an unconsolidated joint venture, the pro rata share of interest capitalized to investment in unconsolidated joint ventures is added to the basis of the land acquired and recognized as a cost of sale upon the delivery of the related land to a third-party buyer. To the extent our debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred by us. Qualified assets represent projects that are actively selling or under development as well as investments in unconsolidated joint ventures accounted for under the equity method until such equity investees begin their principal operations. Revenue Recognition Effective January 1, 2018, we adopted the requirements of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606") under the modified retrospective method. For additional detail on the new standard and the impact to our condensed consolidated financial statements, refer to "Recently Issued Accounting Standards" below. Under ASC 606, we recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To do this, the Company performs the following five steps as outlined in ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Home Sales and Profit Recognition In accordance with ASC 606, home sales revenue is recognized when our performance obligations within the underlying sales contracts are fulfilled. We consider our obligations fulfilled when closing conditions are complete, title has transferred to the homebuyer, and collection of the purchase price is reasonably assured. Sales incentives are recorded as a reduction of revenues when the respective home is closed. The profit we record is based on the calculation of cost of sales, which is dependent on our allocation of costs, as described in more detail above in the section entitled "Real Estate Inventories and Cost of Sales." When it is determined that the earnings process is not complete, the related revenue and profit are deferred for recognition in future periods. For periods prior to January 1, 2018, the company recognized home sales and other real estate sales revenue in accordance with ASC 360. Under ASC 360, revenue from home sales and other real estate sales was recorded and a profit was recognized when the sales process was complete under the full accrual method. The sales process was considered complete for home sales and other real estate sales when all conditions of escrow were met, including delivery of the home or other real estate asset, title passes, appropriate consideration is received and collection of associated receivables, if any, is reasonably assured. Fee Building The Company enters into fee building agreements to provide services whereby it builds homes on behalf of third-party property owners. The third-party property owner funds all project costs incurred by the Company to build and sell the homes. The Company primarily enters into cost plus fee contracts where it charges third-party property owners for all direct and indirect costs plus a fee. The fee is typically a per-unit fixed fee or based on a percentage of the cost or home sales revenue of the project, depending on the terms of the agreement with the third-party property owner. For these types of contracts, the Company recognizes revenue based on the actual total costs it has incurred plus the applicable fee. In accordance with ASC 606 for periods after January 1, 2018 and ASC 605, Revenue Recognition ("ASC 605") for prior periods, we apply the percentage-of-completion method, using the cost-to-cost approach, as it most accurately measures the progress of our efforts in satisfying our obligations within the fee building agreements. Under this approach, revenue is earned in proportion to total costs incurred divided by total costs expected to be incurred. In the course of providing fee building services, the Company routinely subcontracts for services and incurs other direct costs on behalf of the property owners. These costs are passed through to the property owners and, in accordance with GAAP, are included in the Company’s revenue and cost of sales. The Company also provides construction management and coordination services and sales and marketing services as part of agreements with third parties and its unconsolidated joint ventures. Within these agreements, the Company does not bear any financial risks. In certain contracts, the Company also provides project management and administrative services. For most services provided, the Company fulfills its related obligations as time-based measures, according to the input method guidance described in ASC 606. Accordingly, revenue is recognized on a straight-line basis as the Company's efforts are expended evenly throughout the performance period. The Company may also have an obligation to manage the home or lot sales process as part of providing sales and marketing services. This obligation is considered fulfilled when related homes or lots close escrow, as these events represent milestones reached according to the output method guidance described in ASC 606. Accordingly, revenue is recognized in the period that the corresponding lots or homes close escrow. Costs associated with these services are recognized as incurred. Prior to the adoption of ASC 606, the Company recognized revenues from these services in accordance with ASC 605 under a proportional performance method or completed performance method. Under ASC 605, revenue was earned as services were provided in proportion to total services expected to be provided to the customer or on a straight line basis if the pattern of performance could not be determined. The Company’s fee building revenues have historically been concentrated with a small number of customers. For the three and six months ended June 30, 2018 and 2017 , one customer comprised 95% , 96% , 97% , and 98% , respectively, of fee building revenue. The balance of the fee building revenues primarily represented management fees earned from unconsolidated joint ventures and third-party customers. As of June 30, 2018 and December 31, 2017 , one customer comprised 61% and 49% of contracts and accounts receivable, respectively, with the balance of accounts receivable primarily representing escrow receivables from home sales. Variable Interest Entities The Company accounts for variable interest entities in accordance with ASC 810, Consolidation ("ASC 810"). Under ASC 810, a variable interest entity ("VIE") is created when: (a) the equity investment at risk in the entity is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by other parties, including the equity holders; (b) the entity’s equity holders as a group either (i) lack the direct or indirect ability to make decisions about the entity, (ii) are not obligated to absorb expected losses of the entity or (iii) do not have the right to receive expected residual returns of the entity; or (c) the entity’s equity holders have voting rights that are not proportionate to their economic interests, and the activities of the entity involve or are conducted on behalf of the equity holder with disproportionately few voting rights. Once we consider the sufficiency of equity and voting rights of each legal entity, we then evaluate the characteristics of the equity holders' interests, as a group, to see if they qualify as controlling financial interests. Our real estate joint ventures consist of limited partnerships and limited liability companies. For entities structured as limited partnerships or limited liability companies, our evaluation of whether the equity holders (equity partners other than us in each our joint ventures) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the non-controlling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights - provide the non-controlling equity holders the ability to direct significant financial and operational decision made in the ordinary course of business that most significantly influence the entity's economic performance. • Kick-out rights - allow the non-controlling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including if equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is deemed to be a VIE pursuant to ASC 810, the enterprise that has both (i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb the expected losses of the entity or right to receive benefits from the entity that could be potentially significant to the VIE is considered the primary beneficiary and must consolidate the VIE. Under ASC 810, a nonrefundable deposit paid to an entity may be deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur. Our land purchase and lot option deposits generally represent our maximum exposure to the land seller if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to takedown. Such costs are classified as real estate inventories, which we would have to write off should we not exercise the option. Therefore, whenever we enter into a land option or purchase contract with an entity and make a nonrefundable deposit, a VIE may have been created. As of June 30, 2018 and December 31, 2017 , the Company was not required to consolidate any VIEs. In accordance with ASC 810, we reassess on an ongoing basis whether we are the primary beneficiary of a VIE. Non-controlling Interest During 2013, the Company entered into a joint venture agreement with a third-party property owner. In accordance with ASC 810, the Company analyzed this arrangement and determined that it was not a VIE; however, the Company determined it was required to consolidate the joint venture as the Company has a controlling financial interest with the powers to direct the major decisions of the entity. As of June 30, 2018 and December 31, 2017 , the third-party investor had an equity balance of $0.1 million and $0.1 million , respectively. Investments in and Advances to Unconsolidated Joint Ventures We use the equity method to account for investments in homebuilding and land development joint ventures when any of the following situations exist: 1) the joint venture qualifies as a VIE and we are not the primary beneficiary, 2) we do not control the joint venture but have the ability to exercise significant influence over its operating and financial policies, or 3) we function as the managing member or general partner of the joint venture and our joint venture partner has substantive participating rights or can replace us as managing member or general partner without cause. As of June 30, 2018 , the Company concluded that none of its joint ventures were VIEs and accounted for these entities under the equity method of accounting. Under the equity method, we recognize our proportionate share of earnings and losses generated by the joint venture upon the delivery of lots or homes to third parties. Our proportionate share of intra-entity profits and losses are eliminated until the related asset has been sold by the unconsolidated joint venture to third parties. We classify cash distributions received from equity method investees using the cumulative earnings approach consistent with ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). Under the cumulative earnings approach, distributions received are considered returns on investment and shall be classified as cash inflows from operating activities unless the cumulative distributions received exceed cumulative equity in earnings. When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and shall be classified as cash inflows from investing activities. Our ownership interests in our unconsolidated joint ventures vary, but are generally less than or equal to 35% . The accounting policies of our joint ventures are consistent with those of the Company with an exception for the requirements of ASC 606 which our joint ventures had not adopted at June 30, 2018. We review real estate inventory held by our unconsolidated joint ventures for impairment, consistent with how we review our real estate inventories as described in more detail above in the section entitled "Real Estate Inventories and Cost of Sales." We also review our investments in and advances to unconsolidated joint ventures for evidence of other-than-temporary declines in value. To the extent we deem any portion of our investment in and advances to unconsolidated joint ventures as not recoverable, we impair our investment accordingly. For the three and six months ended June 30, 2018 and 2017 , no impairments related to investment in and advances to unconsolidated joint ventures were recorded. Selling and Marketing Expense Effective January 1, 2018, costs incurred for tangible assets directly used in the sales process such as our sales offices, design studios and model landscaping and furnishings are capitalized to other assets in the accompanying condensed consolidated balance sheets under ASC 340, Other Assets and Deferred Costs ("ASC 340"). These costs are depreciated to selling and marketing expenses generally over the shorter of 24 months or the actual estimated life of the selling community. All other selling and marketing costs, such as commissions and advertising, are expensed as incurred. Prior to January 1, 2018, the Company followed the guidance under ASC 970-340, Real Estate - Other Assets and Deferred Costs ("ASC 970") , and capitalized certain selling and marketing costs to other assets in the consolidated balance sheet if the costs were reasonably expected to be recovered from the sale of the project or from incidental operations, and were incurred for tangible assets that were used directly through the selling period to aid in the sale of the project or services that had been performed to obtain regulatory approval of sales. These capitalizable selling and marketing costs included, but were not limited to, model home design, model home decor and landscaping, and sales office/design studio setup. These costs were amortized to selling and marketing expense as the underlying homes were delivered. Warranty Accrual We offer warranties on our homes that generally cover various defects in workmanship or materials, or structural construction defects for one year. In addition, we provide a more limited warranty, which generally ranges from a minimum of two years up to the period covered by the applicable statute of repose, that covers certain defined construction defects. Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Amounts are accrued based upon the Company’s historical rates. In addition, the Company has received warranty payments from third-party property owners for certain of its fee building projects that have since closed-out where the Company has the contractual risk of construction. These payments are recorded as warranty accruals. We assess the adequacy of our warranty accrual on a quarterly basis and adjust the amounts recorded if necessary. Our warranty accrual is included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets and adjustments to our warranty accrual are recorded through cost of sales. Contracts and Accounts Receivable Contracts and accounts receivable primarily represent the fees earned, but not collected, and reimbursable project costs incurred in connection with fee building agreements. The Company periodically evaluates the collectability of its contracts receivable, and, if it is determined that a receivable might not be fully collectible, an allowance is recorded for the amount deemed uncollectible. This allowance for doubtful accounts is estimated based on management’s evaluation of the contracts involved and the financial condition of its customers. Factors considered in such evaluations include, but are not limited to: (i) customer type; (ii) historical contract performance; (iii) historical collection and delinquency trends; (iv) customer credit worthiness; and (v) general economic conditions. In addition to contracts receivable, escrow receivables are included in contracts and accounts receivable in the accompanying condensed consolidated balance sheets. As of June 30, 2018 and December 31, 2017 , no allowance was recorded related to contracts and accounts receivable. Property, Equipment and Capitalized Selling and Marketing Costs Property, equipment and capitalized selling and marketing costs are recorded at cost and included in other assets in the accompanying condensed consolidated balance sheets. Property and equipment are depreciated to general and administrative expenses using the straight-line method over their estimated useful lives ranging from three to five years. Leasehold improvements are stated at cost and are amortized to general and administrative expenses using the straight-line method generally over the shorter of either their estimated useful lives or the term of the lease. Capitalized selling and marketing costs are depreciated using the straight-line method to selling and marketing expenses over the shorter of either 24 months or the actual estimated life of the selling community. Income Taxes Income taxes are accounted for in accordance with ASC 740, Income Taxes ("ASC 740"). The consolidated provision for, or benefit from, income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are evaluated on a quarterly basis to determine if adjustments to the valuation allowance are required. In accordance with ASC 740, we assess whether a valuation allowance should be established based on the consideration of all available evidence using a "more likely than not" standard with respect to whether deferred tax assets will be realized. The ultimate realization of deferred tax assets depends primarily on the generation of future taxable income during the periods in which the differences become deductible. The value of our deferred tax assets will depend on applicable income tax rates. Judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial statements. ASC 740 defines the methodology for recognizing the benefits of uncertain tax return positions as well as guidance regarding the measurement of the resulting tax benefits. These provisions require an enterprise to recognize the financial statement effects of a tax position when it is more likely than not (defined as a likelihood of more than 50%), based on the technical merits, that the position will be sustained upon examination. In addition, these provisions provide guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The evaluation of whether a tax position meets the more-likely-than-not recognition threshold requires a substantial degree of judgment by management based on the individual facts and circumstances. Stock-Based Compensation We account for share-based awards in accordance with ASC 718, Compensation – Stock Compensation ("ASC 718") and ASC 505-50, Equity – Equity Based Payments to Non-Employees ("ASC 505-50"). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in a company's financial statements. ASC 718 requires all entities to apply a fair-value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. On June 26, 2015, the Company entered into an agreement that transitioned Joseph Davis' role within the Company from Chief Investment Officer to a non-employee consultant to the Company. On February 16, 2017, the Company entered into an agreement that transitioned Wayne Stelmar's role within the Company from Chief Investment Officer to a non-employee consultant and non-employee director. Per the agreements, Mr. Davis' and Mr. Stelmar's outstanding equity awards will continue to vest in accordance with their original terms. Under ASC 505-50, if an employee becomes a non-employee and continues to vest in an award pursuant to the award's original terms, that award will be treated as an award to a non-employee prospectively, provided the individual is required to continue providing services to the employer (such as consulting services). Based on the terms and conditions of both Mr. Davis' and Mr. S

Computation of Earnings (Loss)

Computation of Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Computation of Earnings (Loss) Per Share	Computation of Earnings (Loss) Per Share The following table sets forth the components used in the computation of basic and diluted earnings per share for the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands, except per share amounts) Numerator: Net income (loss) attributable to The New Home Company Inc. $ 115 $ 1,517 $ (525 ) $ 2,363 Denominator: Basic weighted-average shares outstanding 20,958,991 20,869,429 20,942,601 20,819,288 Effect of dilutive shares: Stock options and unvested restricted stock units 65,778 87,294 — 101,862 Diluted weighted-average shares outstanding 21,024,769 20,956,723 20,942,601 20,921,150 Basic earnings (loss) per share attributable to The New Home Company Inc. $ 0.01 $ 0.07 $ (0.03 ) $ 0.11 Diluted earnings (loss) per share attributable to The New Home Company Inc. $ 0.01 $ 0.07 $ (0.03 ) $ 0.11 Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share 952,882 22,077 1,333,106 846,725

Contracts and Accounts Receivab

Contracts and Accounts Receivable	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Contracts and Accounts Receivable	Contracts and Accounts Receivable Contracts and accounts receivable consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Contracts receivable: Costs incurred on fee building projects $ 79,737 $ 184,827 Estimated earnings 2,152 5,497 81,889 190,324 Less: amounts collected during the period (69,557 ) (178,704 ) Contracts receivable $ 12,332 $ 11,620 Contracts receivable: Billed $ — $ — Unbilled 12,332 11,620 12,332 11,620 Accounts receivable: Escrow receivables 7,157 11,554 Other receivables 881 50 Contracts and accounts receivable $ 20,370 $ 23,224 Billed contracts receivable represent amounts billed to customers that have yet to be collected. Unbilled contracts receivable represents the contract revenue recognized but not yet invoiced. All unbilled receivables as of June 30, 2018 and December 31, 2017 are expected to be billed and collected within 30 days. Accounts payable at June 30, 2018 and December 31, 2017 includes $10.8 million and $11.3 million , respectively, related to costs incurred under the Company’s fee building contracts.

Real Estate Inventories

Real Estate Inventories	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories are summarized as follows: June 30, December 31, 2018 2017 (Dollars in thousands) Deposits and pre-acquisition costs $ 40,001 $ 35,846 Land held and land under development 43,368 47,757 Homes completed or under construction 329,278 302,884 Model homes 57,091 29,656 $ 469,738 $ 416,143 All of our deposits and pre-acquisition costs are nonrefundable, except for refundable deposits of $1.0 million and $0.8 million as of June 30, 2018 and December 31, 2017 , respectively. Land held and land under development includes land costs and costs incurred during site development such as development, indirects, and permits. Homes completed or under construction and model homes include all costs associated with home construction, including land, development, indirects, permits, materials and labor (except for capitalized selling and marketing costs, which are classified in other assets). In accordance with ASC 360, inventory is stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is written down to its fair value. We review each real estate asset at the community-level on a quarterly basis or whenever indicators of impairment exist. For the three and six months ended June 30, 2017 , the Company recognized real estate-related impairments of $1.3 million in cost of sales resulting in a decrease of the same amount to pretax income (loss) for our homebuilding segment. Fair value for the homebuilding project impaired during 2017 second quarter was calculated under a discounted cash flow model with project cash flows discounted at an 8% rate. The following table summarizes inventory impairments recorded during the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in Thousands) Inventory impairments: Home sales $ — $ 1,300 $ — $ 1,300 Total inventory impairments $ — $ 1,300 $ — $ 1,300 Remaining carrying value of inventory impaired at period end $ — $ 12,550 $ — $ 12,550 Number of projects impaired during the period — 1 — 1 Total number of projects subject to periodic impairment review during the period (1) 26 25 26 26 (1) Represents the peak number of real estate projects that we had during each respective period. The number of projects outstanding at the end of each period may be less than the number of projects listed herein. The home sales impairments of $1.3 million related to homes completed or under construction for one active homebuilding community located in Southern California. This community was experiencing a slow monthly sales absorption rate, and the Company determined that additional incentives were required to sell the remaining homes at estimated aggregate sales prices that would be lower than its previous carrying value.

Capitalized Interest (Notes)

Capitalized Interest (Notes)	6 Months Ended
	Jun. 30, 2018
Capitalized Interest [Abstract]
Capitalized Interest	5. Capitalized Interest Interest is capitalized to inventory and investment in unconsolidated joint ventures during development and other qualifying activities. Interest capitalized as a cost of inventory is included in cost of sales as related homes are closed. Interest capitalized to investment in unconsolidated joint ventures is amortized to equity in net income (loss) of unconsolidated joint ventures as related joint venture homes or lots close, or in instances where lots are sold from the unconsolidated joint venture to the Company, the interest is added to the land basis and included in cost of sales when the related lots or homes are sold to third-party buyers. For the three and six months ended June 30, 2018 and 2017 interest incurred, capitalized and expensed was as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Interest incurred $ 6,612 $ 6,401 $ 13,328 $ 8,437 Interest capitalized to inventory (6,149 ) (5,878 ) (12,344 ) (7,750 ) Interest capitalized to investment in unconsolidated joint ventures (463 ) (523 ) (984 ) (687 ) Interest expensed $ — $ — $ — $ — Capitalized interest in beginning inventory $ 19,884 $ 6,663 $ 16,453 $ 6,342 Interest capitalized as a cost of inventory 6,149 5,878 12,344 7,750 Capitalized interest transferred from investment in unconsolidated joint venture to inventory upon lot acquisition 5 — 5 — Previously capitalized interest included in cost of sales (3,750 ) (1,720 ) (6,514 ) (3,271 ) Capitalized interest in ending inventory $ 22,288 $ 10,821 22,288 10,821 Capitalized interest in beginning investment in unconsolidated joint ventures $ 1,962 $ 164 $ 1,472 $ — Interest capitalized to investment in unconsolidated joint ventures 463 523 984 687 Capitalized interest transferred from investment in unconsolidated joint venture to inventory upon lot acquisition (5 ) — (5 ) — Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures (18 ) — (49 ) — Capitalized interest in ending investment in unconsolidated joint ventures 2,402 687 2,402 687 Total capitalized interest in ending inventory and investments in unconsolidated joint ventures $ 24,690 $ 11,508 $ 24,690 $ 11,508 Capitalized interest as a percentage of inventory 4.7 % 3.0 % 4.7 % 3.0 % Interest included in cost of sales as a percentage of home sales revenue 3.2 % 1.8 % 3.3 % 2.0 % Capitalized interest as a percentage of investment in and advances to unconsolidated joint ventures 4.1 % 1.2 % 4.1 % 1.2 %

Investments in and advances to

Investments in and advances to unconsolidated joint ventures	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Joint Ventures	Unconsolidated Joint Ventures As of June 30, 2018 and December 31, 2017 , the Company had ownership interests in 10 unconsolidated joint ventures with ownership percentages that generally ranged from 5% to 35% . The condensed combined balance sheets for our unconsolidated joint ventures accounted for under the equity method were as follows: June 30, December 31, 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 26,231 $ 30,017 Restricted cash 15,048 15,041 Real estate inventories 439,013 396,850 Other assets 1,422 3,942 Total assets $ 481,714 $ 445,850 Accounts payable and accrued liabilities $ 33,844 $ 34,959 Notes payable 75,616 78,341 Total liabilities 109,460 113,300 The New Home Company's equity 56,099 50,523 Other partners' equity 316,155 282,027 Total equity 372,254 332,550 Total liabilities and equity $ 481,714 $ 445,850 Debt-to-capitalization ratio 16.9 % 19.1 % Debt-to-equity ratio 20.3 % 23.6 % As of June 30, 2018 and December 31, 2017 , the Company had advances outstanding of approximately $0 and $3.8 million , respectively, to one of its unconsolidated joint ventures, which were included in the notes payable balances of the unconsolidated joint ventures in the table above. The advances related to an unsecured promissory note entered into on October 31, 2016 and amended on February 3, 2017 with Encore McKinley Village LLC ("Encore McKinley"), an unconsolidated joint venture of the Company. The note bore interest at 10% per annum and was fully repaid during the 2018 second quarter. The condensed combined statements of operations for our unconsolidated joint ventures accounted for under the equity method were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Revenues $ 33,879 $ 35,171 $ 65,892 $ 61,791 Cost of sales and expenses 34,165 35,825 65,374 63,309 Net income (loss) of unconsolidated joint ventures $ (286 ) $ (654 ) $ 518 $ (1,518 ) Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ (120 ) $ 201 $ 215 $ 507 For the three and six months ended June 30, 2018 and 2017 , the Company earned $0.7 million , $1.7 million , $1.2 million , and $2.4 million respectively, in management fees from its unconsolidated joint ventures. For additional detail regarding management fees, please see Note 12 - "Related Party Transactions." During the 2017 second quarter, our Larkspur Land 8 Investors LLC unconsolidated joint venture ("Larkspur") allocated $0.1 million of income to the Company from a reduction in cost to complete reserves, which was included in equity in net income (loss) of unconsolidated joint ventures in the accompanying condensed consolidated statements of operations, and our equity partner exited the joint venture. Upon the change in control, we were required to consolidate this venture as a wholly owned subsidiary and the Company assumed the cash, other assets, and accrued liabilities, including warranty and the remaining costs to complete reserves, of the joint venture. As part of this transaction, the Company also recognized a gain of $0.3 million , which was included in equity in net income (loss) of unconsolidated joint ventures in the accompanying condensed consolidated statements of operations, due to the purchase of our JV partner's interest for less than its carrying value.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2018
Other Assets [Abstract]
Other Assets	Other Assets Other assets consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Property, equipment and capitalized selling and marketing costs, net (1)(2) $ 10,059 $ 603 Deferred tax asset, net 7,798 6,317 Prepaid income taxes 1,251 — Prepaid expenses 5,554 4,937 Warranty insurance receivable (3) 1,202 1,202 Capitalized selling and marketing costs (1)(4) — 11,232 $ 25,864 $ 24,291 (1) Under the adoption of the requirements of ASC 606 on January 1, 2018, certain selling and marketing costs that were previously capitalized under former accounting guidance were written off. For the current year, remaining selling and marketing costs and those incurred during the first half of 2018 that are permitted to be capitalized under ASC 340 are included as "Property, equipment and capitalized selling and marketing costs, net" within "Other Assets." Under the modified retrospective adoption approach, the December 31, 2017 balance has not been restated. For more information on the adoption of ASC 606, please refer to Note 1. (2) The Company depreciated $1.5 million and $2.4 million of capitalized selling and marketing costs to selling and marketing expenses during the three and six months ended June 30, 2018. (3) Of the $1.2 million amount for December 2017, approximately $0.6 million related to 2016 estimated warranty insurance recoveries. For further discussion, please see Note 8. (4) The Company amortized $2.1 million and $3.2 million of capitalized selling and marketing costs to selling and marketing expenses during the three and six months ended June 30, 2017.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Warranty accrual (1) $ 6,998 $ 6,859 Accrued compensation and benefits 2,545 9,164 Accrued interest 6,176 6,217 Completion reserve 2,379 5,792 Income taxes payable — 6,368 Deferred profit from unconsolidated joint ventures — 136 Other accrued expenses 5,698 3,518 $ 23,796 $ 38,054 (1) Included in the amount at December 31, 2017 is approximately $1.2 million of additional warranty liabilities estimated to be covered by our insurance policies that were adjusted to present the warranty reserves and related estimated warranty insurance receivable on a gross basis at December 31, 2017. Of this amount, approximately $0.6 million related to 2016 estimated warranty insurance recoveries. Changes in our warranty accrual are detailed in the table set forth below: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Beginning warranty accrual for homebuilding projects $ 6,775 $ 4,678 $ 6,634 $ 4,608 Warranty provision for homebuilding projects 470 331 986 602 Warranty assumed from joint ventures at consolidation — 358 — 358 Warranty payments for homebuilding projects (469 ) (291 ) (844 ) (492 ) Ending warranty accrual for homebuilding projects 6,776 5,076 6,776 5,076 Beginning warranty accrual for fee building projects 223 323 225 323 Warranty provision for fee building projects — — — — Warranty efforts for fee building projects (1 ) — (3 ) — Ending warranty accrual for fee building projects 222 323 222 323 Total ending warranty accrual $ 6,998 $ 5,399 $ 6,998 $ 5,399 We maintain general liability insurance designed to protect us against a portion of our risk of loss from construction-related warranty and construction defect claims. Our warranty accrual and related estimated insurance recoveries are based on historical claim and expense data, and expected recoveries from insurance carriers are recorded based on actual insurance claims and amounts determined using our warranty accrual estimates, our insurance policy coverage limits for the applicable policy years and historical recovery rates. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated.

Senior Notes and Unsecured Revo

Senior Notes and Unsecured Revolving Credit Facility	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Senior Notes Payable and Unsecured Revolving Credit Facility	Senior Notes and Unsecured Revolving Credit Facility Notes payable consisted of the following: June 30, December 31, 2018 2017 (Dollars in thousands) 7.25% Senior Notes due 2022, net $ 319,402 $ 318,656 Unsecured revolving credit facility 35,000 — Total Notes Payable $ 354,402 $ 318,656 The carrying amount of our senior notes listed above at June 30, 2018 is net of the unamortized discount of $1.9 million , unamortized premium of $1.5 million , and $5.2 million of unamortized debt issuance costs that are amortized and capitalized to interest costs on a straight-line basis over the respective terms of the notes which approximates the effective interest method. Debt issuance costs for the unsecured revolving credit facility are included in other assets and amortized and capitalized to interest costs on a straight-line basis over the term of the agreement. On March 17, 2017, the Company completed the sale of $250 million in aggregate principal amount of 7.25% Senior Notes due 2022 (the "Existing Notes"), in a private placement. The Existing Notes were issued at an offering price of 98.961% of their face amount, which represents a yield to maturity of 7.50% . On May 4, 2017, the Company completed a tack-on private placement offering through the sale of an additional $75 million in aggregate principal amount of the 7.25% Senior Notes due 2022 ("Additional Notes"). The Additional Notes were issued at an offering price of 102.75% of their face amount plus accrued interest since March 17, 2017, which represented a yield to maturity of 6.438% . Net proceeds from the Existing Notes were used to repay all borrowings outstanding under the Company’s senior unsecured revolving credit facility with the remainder used for general corporate purposes. Net proceeds from the Additional Notes were used for working capital, land acquisition and general corporate purposes. Interest on the Existing Notes and the Additional Notes (together, the "Notes") is paid semiannually in arrears on April 1 and October 1. The Notes were exchanged in an exchange offer for Notes that are identical to the original Notes, except that they are registered under the Securities Act of 1933, as amended and are freely tradeable in accordance with applicable law. The Notes are general senior unsecured obligations that rank equally in right of payment to all existing and future senior indebtedness, including borrowings under the Company's senior unsecured revolving credit facility. The Notes contain certain restrictive covenants, including a limitation on additional indebtedness and a limitation on restricted payments. Restricted payments include, among other things, dividends, investments in unconsolidated entities, and stock repurchases. Under the limitation on additional indebtedness, we are permitted to incur specified categories of indebtedness but are prohibited, aside from those exceptions, from incurring further indebtedness if we do not satisfy either a leverage condition or an interest coverage condition. Exceptions to the limitation include, among other things, borrowings of up to $260 million under existing or future bank credit facilities, non-recourse indebtedness, and indebtedness incurred for the purpose of refinancing or repaying certain existing indebtedness. Under the limitation on restricted payments, we are also prohibited from making restricted payments, aside from certain exceptions, if we do not satisfy either condition. In addition, the amount of restricted payments that we can make is subject to an overall basket limitation, which builds based on, among other things, 50% of consolidated net income from January 1, 2017 and 100% of the net cash proceeds from qualified equity offerings. Exceptions to the foregoing limitations on our ability to make restricted payments include, among other things, investments in joint ventures and other investments up to 15% of our consolidated tangible net assets and a general basket of $15 million . The Notes are guaranteed, on an unsecured basis, jointly and severally, by all of the Company's 100% owned subsidiaries. See Note 17 for information about the guarantees and supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group. The Company's unsecured revolving credit facility ("Credit Facility") is with a bank group and matures on September 1, 2020. Total commitments under the Credit Facility are $200 million with an accordion feature that allows the facility size thereunder to be increased up to an aggregate of $300 million , subject to certain conditions, including the availability of bank commitments. As of June 30, 2018 , we had $35 million of outstanding borrowings under the credit facility. Interest is payable monthly and is charged at a rate of 1-month LIBOR plus a margin ranging from 2.25% to 3.00% depending on the Company’s leverage ratio as calculated at the end of each fiscal quarter. As of June 30, 2018 , the interest rate under the Credit Facility was 4.84% . Pursuant to the Credit Facility, the Company is required to maintain certain financial covenants as defined in the Credit Facility, including (i) a minimum tangible net worth; (ii) maximum leverage ratios; (iii) a minimum liquidity covenant; and (iv) a minimum fixed charge coverage ratio based on EBITDA (as detailed in the Credit Facility) to interest incurred. As of June 30, 2018 , the Company was in compliance with all financial covenants. The Credit Facility also provides a $25 million sublimit for letters of credit, subject to conditions set forth in the agreement. As of June 30, 2018 and December 31, 2017, the Company had $3.4 million in outstanding letters of credit issued under the Credit Facility.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures ASC 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: • Level 1 – Quoted prices for identical instruments in active markets • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date • Level 3 – Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date Fair Value of Financial Instruments The following table presents an estimated fair value of the Company's Notes and Credit Facility. The Notes are classified as Level 2 and primarily reflect estimated prices obtained from outside pricing sources. The Company's Credit Facility is classified as Level 3 within the fair value hierarchy. The Company had an outstanding balance of $35.0 million under its Credit Facility at June 30, 2018 , and the estimated fair value of the outstanding balance approximated the carrying value due to the short-term nature of LIBOR contracts. June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 7.25% Senior Notes due 2022, net (1) $ 319,402 $ 332,313 $ 318,656 $ 336,375 Unsecured revolving credit facility $ 35,000 $ 35,000 $ — $ — (1) The carrying value for the Senior Notes, as presented at June 30, 2018 , is net of the unamortized discount of $1.9 million , unamortized premium of $1.5 million , and $5.2 million of unamortized debt issuance costs. The carrying value for the Senior Notes, as presented at December 31, 2017, is net of the unamortized discount of $2.2 million , unamortized premium of $1.8 million , and $5.9 million of unamortized debt issuance costs. The unamortized discount, unamortized premium and debt issuance costs are not factored into the estimated fair value. The Company considers the carrying value of cash and cash equivalents, restricted cash, contracts and accounts receivable, accounts payable, and accrued expenses and other liabilities to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due from affiliates is not determinable due to the related party nature of such amounts. Non-Recurring Fair Value Adjustments Nonfinancial assets and liabilities include items such as inventory and long-lived assets that are measured at cost when acquired and adjusted for impairment to fair value, if deemed necessary. For the three and six months ended June 30, 2017, the Company recognized real estate-related impairment adjustments of $1.3 million related to one homebuilding community. The impairment adjustment was made using Level 3 inputs and assumptions, and the carrying value of the real estate inventories subject to the 2017 impairment adjustment was $12.6 million at June 30, 2017.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time-to-time, the Company is involved in various legal matters arising in the ordinary course of business. These claims and legal proceedings are of a nature that we believe are normal and incidental to a homebuilder. We make provisions for loss contingencies when they are probable and the amount of the loss can be reasonably estimated. Such provisions are assessed at least quarterly and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other information and events pertaining to a particular case. In view of the inherent unpredictability of litigation, we generally cannot predict their ultimate resolution, related timing or eventual loss. At this time, we do not believe that our loss contingencies, individually or in the aggregate, are material to our consolidated financial statements. As an owner and developer of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of real estate in the vicinity of the Company’s real estate and other environmental conditions of which the Company is unaware with respect to the real estate could result in future environmental liabilities. The Company has provided credit enhancements in connection with joint venture borrowings in the form of LTV maintenance agreements in order to secure the joint venture's performance under the loans and maintenance of certain LTV ratios. The Company has also entered into agreements with its partners in each of the unconsolidated joint ventures whereby the Company and its partners are apportioned liability under the LTV maintenance agreements according to their respective capital interest. In addition, the agreements provide the Company, to the extent its partner has an unpaid liability under such credit enhancements, the right to receive distributions from the unconsolidated joint venture that would otherwise be made to the partner. However, there is no guarantee that such distributions will be made or will be sufficient to cover the Company's liability under such LTV maintenance agreements. The loans underlying the LTV maintenance agreements comprise acquisition and development loans, construction revolvers and model home loans, and the agreements remain in force until the loans are satisfied. Due to the nature of the loans, the outstanding balance at any given time is subject to a number of factors including the status of site improvements, the mix of horizontal and vertical development underway, the timing of phase build outs, and the period necessary to complete the escrow process for homebuyers. As of June 30, 2018 and December 31, 2017 , $31.3 million and $38.6 million , respectively, was outstanding under loans that are credit enhanced by the Company through LTV maintenance agreements. Under the terms of the joint venture agreements, the Company's proportionate share of LTV maintenance agreement liabilities was $5.0 million and $6.7 million , respectively, as of June 30, 2018 and December 31, 2017 . In addition, the Company has provided completion agreements regarding specific performance for certain projects whereby the Company is required to complete the given project with funds provided by the beneficiary of the agreement. If there are not adequate funds available under the specific project loans, the Company would then be subject to financial liability under such completion agreements. Typically, under such terms of the joint venture agreements, the Company has the right to apportion the respective share of any costs funded under such completion agreements to its partners. However, there is no guarantee that we will be able to recover against our partners for such amounts owed to us under the terms of such joint venture agreements. In connection with joint venture borrowings, the Company also selectively provides (a) an environmental indemnity provided to the lender that holds the lender harmless from and against losses arising from the discharge of hazardous materials from the property and non-compliance with applicable environmental laws; and (b) indemnification of the lender from "bad boy acts" of the unconsolidated entity such as fraud, misrepresentation, misapplication or non-payment of rents, profits, insurance, and condemnation proceeds, waste and mechanic liens, and bankruptcy. We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. As of June 30, 2018 and December 31, 2017 , the Company had outstanding surety bonds totaling $50.8 million and $52.1 million , respectively. The estimated remaining costs to complete of such improvements as of June 30, 2018 and December 31, 2017 were $19.4 million and $24.4 million , respectively. The beneficiaries of the bonds are various municipalities and other organizations. 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. During the 2017 third quarter, the Company amended a joint venture agreement pursuant to which it, among other things, agreed to acquire approximately 400 lots in Phase 1 of the joint venture project and posted a $5.1 million nonrefundable deposit for the acquisition of such lots. The agreement allows for the Company to enter the property in advance of the closing date to perform certain improvements, which it began in the 2018 second quarter and totaled $4.1 million . The agreement required the Company to reimburse the joint venture for the costs of these improvement which were estimated to be $17.0 million should the Company not acquire the lots. In July of 2018, the Company acquired these lots eliminating the potential reimbursement contingency.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the three and six months ended June 30, 2018 and 2017 , the Company incurred construction-related costs on behalf of its unconsolidated joint ventures totaling $1.5 million , $3.6 million , $1.7 million and $4.0 million , respectively. As of June 30, 2018 and December 31, 2017 , $0.1 million and $0.1 million , respectively, are included in due from affiliates in the accompanying condensed consolidated balance sheets related to such costs. The Company has entered into agreements with its unconsolidated joint ventures to provide management services related to the underlying projects (collectively referred to as the "Management Agreements"). Pursuant to the Management Agreements, the Company receives a management fee based on each project’s revenues. During the three and six months ended June 30, 2018 and 2017 , the Company earned $0.7 million , $1.7 million , $1.2 million and $2.4 million , respectively, in management fees, which have been recorded as fee building revenues in the accompanying condensed consolidated statements of operations. As of June 30, 2018 and December 31, 2017 , $24,000 and $0.3 million , respectively, of management fees are included in due from affiliates in the accompanying condensed consolidated balance sheets. One member of the Company's board of directors beneficially owns more than 10% of the Company's outstanding common stock through an affiliated entity, IHP Capital Partners VI, LLC, and is also affiliated with entities that have investments in two of the Company's unconsolidated joint ventures, TNHC Meridian Investors LLC and TNHC Russell Ranch LLC ("Russell Ranch"). A former member of the Company's board of directors is affiliated with entities that have investments in three of the Company's unconsolidated joint ventures, Arantine Hills Holdings LP ("Bedford"), Calabasas Village LP, and TNHC-TCN Santa Clarita, LP. As of June 30, 2018 , the Company's investment in these five unconsolidated joint ventures totaled $41.2 million . During the 2017 second quarter, the Bedford joint venture agreement was amended to increase the Company's funding obligation by $4.0 million over the existing contribution cap. During the 2017 third quarter, the Company amended the Russell Ranch joint venture agreement pursuant to which it, among other things, agreed to acquire approximately 400 lots in Phase 1 of the project. At June 30, 2018 , the Company had a $5.1 million nonrefundable deposit outstanding related to this purchase, which was subsequently applied to the purchase price of the land when it was fully taken down in July of 2018. TL Fab LP, an affiliate of one of the Company's non-employee directors, was engaged by the Company and some of its unconsolidated joint ventures as a trade contractor to provide metal fabrication services. For the three and six months ended June 30, 2018 and 2017 , the Company incurred $0.1 million , $0.2 million , $0.1 million and $0.3 million , respectively, for these services. For the same periods, the Company's unconsolidated joint ventures incurred $0 , $0.4 million , $0.3 million and $0.6 million , respectively, for these services. Of these costs, $0 and $10,700 was due to TL Fab LP from the Company at June 30, 2018 and December 31, 2017 , respectively, and $0 was due to TL Fab LP from the Company's unconsolidated joint ventures at both June 30, 2018 and December 31, 2017 . In its ordinary course of business, the Company enters into agreements to purchase lots from unconsolidated land development joint ventures of which it is a member. In accordance with ASC 360-20, Property, Plant and Equipment - Real Estate Sales ("ASC 360-20"), the Company defers its portion of the underlying gain from the joint venture's sale of these lots. When the Company purchases lots directly from the joint venture, the deferred gain is recorded as a reduction to the Company's land basis on the purchased lots. In certain instances, a third party may purchase lots from our unconsolidated joint ventures with the intent to finish the lots with the Company having an option to acquire these finished lots from the third party. In these instances, the Company defers its portion of the underlying gain and records the deferred gain as deferred profit from unconsolidated joint ventures included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. Once the lot is purchased by the Company, the pro-rata share of the previously deferred profit is recorded as a reduction to the Company's land basis in the purchased lots. In both instances, the gain is ultimately recognized when the Company delivers lots to third-party home buyers at the time of the home closing. At June 30, 2018 and December 31, 2017 , $0 and $0.1 million , respectively, of deferred gain from lot sale transactions is included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets as deferred profit from unconsolidated joint ventures for lot transactions between the Company and its TNHC-HW Cannery LLC ("Cannery") unconsolidated joint venture. In addition, at June 30, 2018 , $0.5 million of deferred gain from lot transactions with the Cannery and Bedford unconsolidated joint ventures remained unrecognized and included as a reduction to land basis in the accompanying condensed consolidated balance sheets. At December 31, 2017 , $0.5 million , of deferred gain from the Cannery lot transactions remained unrecognized and was included as a reduction to land basis in the accompanying condensed consolidated balance sheets. The Company’s land purchase agreement with the Cannery requires profit participation payments due upon the closing of each home. Payment amounts are calculated based upon a percentage of estimated net profits and are due every 90 days after the first home closing. During the six months ended June 30, 2017, the Company was refunded $0.2 million from the Cannery for profit participation overpayments from prior periods due to a modification of the underlying calculation related to profit participation. As of June 30, 2018 and December 31, 2017, no profit participation was due to the Cannery. Also per the purchase agreement, the Company was reimbursed $0.1 million in fee credits from the Cannery during 2018. As of June 30, 2018 and December 31, 2017 , $0 and $0.1 million , respectively, in fee credits was due to the Company from the Cannery, which is included in due from affiliates in the accompanying condensed consolidated balance sheets. On June 18, 2015, the Company entered into an agreement that effectively transitioned Joseph Davis' role within the Company from that of Chief Investment Officer to that of a non-employee consultant to the Company effective June 26, 2015 ("Transition Date"). As of the Transition Date, Mr. Davis ceased being an employee of the Company and became an independent contractor performing consulting services. For his services, he is compensated $5,000 per month. His current agreement terminates on June 26, 2019 with the option to extend the agreement one year, if mutually consented to by the parties. Either party may terminate the agreement at any time for any or no reason. At June 30, 2018 , no fees were due to Mr. Davis for his consulting services. Additionally, the Company entered into a construction agreement effective September 7, 2017, with The Joseph and Terri Davis Family Trust Dated August 25, 1999 ("Davis Family Trust") of which Joseph Davis is a trustee. The agreement is a fee building contract pursuant to which the Company acts in the capacity of a general contractor to build a single family detached home on land owned by the Davis Family Trust. For its services, the Company will receive a contractor's fee and the Davis Family Trust will reimburse the Company's field overhead costs. During the three and six months ended June 30, 2018 , the Company billed the Davis Family Trust $0.6 million and $0.7 million , respectively, including reimbursable construction costs and the Company's contractor's fees which are included in fee building revenues in the accompanying condensed consolidated statements of operations. Contractor's fees comprised $17,000 and $17,100 of the total billings for the three and six months ended June 30, 2018 , respectively. The Company recorded $0.6 million and $0.6 million for the three and six months ended June 30, 2018 , respectively, for the cost of this fee building revenue which are included in fee building cost of sales in the accompanying condensed consolidated statements of operations. At June 30, 2018 and December 31, 2017 , the Company was due $48,000 and $0.5 million , respectively, from the Davis Family Trust for construction draws, which are included in due from affiliates in the accompanying condensed consolidated balance sheets. On February 17, 2017, the Company entered into a consulting agreement that transitioned Mr. Stelmar's role from that of Chief Investment Officer to a non-employee consultant to the Company. While an employee of the Company, Mr. Stelmar served as an employee director of the Company's Board of Directors. The agreement provides that effective upon Mr. Stelmar's termination of employment, he shall become a non-employee director and shall receive the compensation and be subject to the requirements of a non-employee director pursuant to the Company's policies. For his consulting services, Mr. Stelmar is compensated $6,000 per month. The current term is through August 17, 2019 and may be extended upon mutual consent of the parties. Additionally, Mr. Stelmar's outstanding restricted stock unit equity award granted in 2016 will continue to vest in accordance with its original terms based on his continued provision of consulting services rather than continued employment. At June 30, 2018 and December 31, 2017, no fees were due to Mr. Stelmar for his consulting services. On June 29, 2015, the Company formed a new unconsolidated joint venture, TNHC Tidelands LLC ("Tidelands"), and received capital credit in excess of our contributed land basis. As a result, the Company recognized $1.6 million in equity in net income (loss) of unconsolidated joint ventures and deferred $0.4 million in profit from unconsolidated joint ventures related to this transaction for the year ended December 31, 2015. During the three and six months ended June 30, 2017, $34,000 and $0.1 million , respectively, of the previously deferred revenue was recognized as equity in net income (loss) of unconsolidated joint ventures. During the third quarter of 2017, the Company acquired the remaining outside equity interest of the Tidelands joint venture. As part of this transaction, the remaining deferred profit was written off, and at December 31, 2017, no deferred profit remained unrecognized or was included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. As of June 30, 2018 and December 31, 2017 , the Company had advances outstanding of approximately $0 and $3.8 million , respectively, to an unconsolidated joint venture, Encore McKinley. The note bore interest at 10% per annum and was fully repaid during the 2018 second quarter. For the three and six months ended June 30, 2018 and 2017, the Company earned $49,000 , $0.1 million , $0.1 million and $0.3 million , respectively, in interest income on the unsecured promissory note which is included in equity in net income (loss) of unconsolidated joint ventures in the accompanying condensed consolidated statements of operations. As of June 30, 2018 and December 31, 2017 , $0 and $34,000 , respectively, of interest income was due to the Company and included in due from affiliates in the accompanying condensed consolidated balance sheets. During the 2017 second quarter, our Larkspur Land 8 Investors LLC unconsolidated joint venture ("Larkspur") allocated $0.1 million of income to the Company from a reduction in cost to complete reserves, which was included in equity in net income (loss) of unconsolidated joint ventures in the accompanying condensed consolidated statements of operations, and our equity partner exited the joint venture. Upon the change in control, we were required to consolidate this venture as a wholly owned subsidiary and the Company assumed the cash, other assets, and accrued liabilities, including warranty and the remaining costs to complete reserves, of the joint venture. As part of this transaction the Company also recognized a gain of $ 0.3 million , which was included in equity in net income (loss) of unconsolidated joint ventures in the accompanying condensed consolidated statements of operations, due to the purchase of our JV partner's interest for less than its carrying value. During 2017, the Company entered into two transactions to purchase land from affiliates of IHP Capital Partners VI, LLC, which owns more than 10% of the Company's outstanding common stock and is affiliated with one member of the Company's board of directors. The first agreement allows the Company the option to purchase lots in Northern California in a phased takedown for a gross purchase price of $16.1 million with profit participation and master marketing fees due to the seller as outlined in the contract. As of June 30, 2018 , the Company has taken down approximately one-third of the lots and has a $0.6 million nonrefundable deposit outstanding on the remaining lots. The second transaction allows the Company to purchase finished lots in Northern California which includes customary profit participation and is structured as a rolling option takedown. The total purchase price, including the cost for the finished lot development and the rolling option, is expected to be approximately $56.2 million , and depends on timing of takedowns, as well as our obligation to pay certain fees and costs during the option maintenance period. As of June 30, 2018 , the Company has made a $0.3 million refundable deposit, reimbursed the owner $0.1 million for fees and costs, paid $1.5 million in option payments, and had not taken down any lots. In the first quarter 2018, the Company entered into an agreement with its Bedford joint venture that is affiliated with one former member of the Company's board of directors for the option to purchase lots in phased takedowns. As of June 30, 2018 , the Company has made a $1.5 million nonrefundable deposit as consideration for this option, and a portion of the deposit will be applied to the purchase price across the phases. The gross purchase price of the land is $10.0 million with profit participation due to seller as outlined in the contract. The Company has taken down approximately one-fourth of the contracted lots and $1.1 million of the nonrefundable deposit remains outstanding. FMR LLC beneficially owns over 10% of the Company's common stock, and an affiliate of FMR LLC ("Fidelity") provides investment management and record keeping services to the Company’s 401(k) Plan. For the three and six months ended June 30, 2018 and 2017 , the Company paid Fidelity approximately $5,000 , $9,000 , $4,000 and $7,000 , respectively, for 401(k) Plan record keeping and investment management services. The participants in the Company's 401(k) Plan paid Fidelity approximately $2,000 , $4,000 , $1,000 and $2,000 for the three and six ended June 30, 2018 and 2017 , respectively, for record keeping and investment management services.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-Based Compensation The Company's 2014 Long-Term Incentive Plan (the "2014 Incentive Plan"), was adopted by our board of directors in January 2014. The 2014 Incentive Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, restricted and unrestricted stock awards, restricted stock units and performance awards. The 2014 Incentive Plan will automatically expire on the tenth anniversary of its effective date. The number of shares of our common stock authorized to be issued under the 2014 Incentive Plan is 1,644,875 shares. To the extent that shares of the Company's common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2014 Incentive Plan or any predecessor plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of common stock generally shall again be available under the 2014 Incentive Plan. At our 2016 Annual Meeting of Shareholders on May 24, 2016, our shareholders approved the Company's 2016 Incentive Award Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock- or cash-based awards. Non-employee directors of the Company and employees and consultants of the Company or any of its subsidiaries are eligible to receive awards under the 2016 Incentive Plan. On May 22, 2018, our shareholders approved the amended and restated 2016 Incentive Plan which increased the number of shares authorized for issuance under the plan from 800,000 to 2,100,000 shares. The amended and restated 2016 Incentive Plan will expire on April 4, 2028. The Company has issued stock option and restricted stock unit awards under the 2014 Incentive Plan and restricted stock unit awards and performance share unit awards under the 2016 Incentive Plan. As of June 30, 2018 , 51,433 shares remain available for grant under the 2014 Incentive Plan and 1,465,834 shares remain available for grant under the 2016 Incentive Plan. The exercise price of stock-based awards may not be less than the market value of the Company's common stock on the date of grant. The fair value for stock options is established at the date of grant using the Black-Scholes model for time-based vesting awards. The Company's stock option, restricted stock unit awards, and performance share unit awards typically vest over a one to three year period and the stock options expire ten years from the date of grant. A summary of the Company’s common stock option activity as of and for the six months ended June 30, 2018 and 2017 is presented below: Six Months Ended June 30, 2018 2017 Number of Shares Weighted-Average Exercise Price per Share Number of Shares Weighted-Average Exercise Price per Share Outstanding Stock Option Activity Outstanding, beginning of period 826,498 $ 11.00 835,786 $ 11.00 Granted — $ — — $ — Exercised — $ — (9,288 ) $ 11.00 Forfeited (5,028 ) $ 11.00 — $ — Outstanding, end of period 821,470 $ 11.00 826,498 $ 11.00 Exercisable, end of period 821,470 $ 11.00 826,498 $ 11.00 A summary of the Company’s restricted stock unit activity as of and for the six months ended June 30, 2018 and 2017 is presented below: Six Months Ended June 30, 2018 2017 Number of Shares Weighted-Average Grant-Date Fair Value per Share Number of Shares Weighted-Average Grant-Date Fair Value per Share Restricted Stock Unit Activity Outstanding, beginning of period 562,082 $ 10.72 474,989 $ 10.66 Granted 179,268 $ 11.24 343,933 $ 10.84 Vested (270,363 ) $ 11.02 (209,619 ) $ 10.76 Forfeited — $ — (26,194 ) $ 10.82 Outstanding, end of period 470,987 $ 10.74 583,109 $ 10.72 A summary of the Company’s performance share unit activity as of and for the six months ended June 30, 2018 is presented below: Six Months Ended June 30, 2018 Number of Shares Weighted-Average Grant-Date Fair Value per Share Performance Share Unit Activity — $ — Outstanding, beginning of period — $ — Granted (at target) 125,422 $ 11.68 Vested — $ — Forfeited — $ — Outstanding, end of period (at target) 125,422 $ 11.68 The expense related to the Company's stock-based compensation programs, included in general and administrative expense in the accompanying condensed consolidated statements of operations, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Expense related to: Stock options $ — $ — $ — $ 11 Restricted stock units 798 695 1,562 1,295 Performance share units 64 — 142 — $ 862 $ 695 $ 1,704 $ 1,306 We used the "simplified method" to establish the expected term of the common stock options granted by the Company. Our restricted stock unit awards and performance share unit awards are valued based on the closing price of our common stock on the date of grant. The number of performance share units that will vest ranges from 50% - 150% of the target amount awarded based on actual cumulative earnings per share and return on equity growth from 2018-2019, subject to initial achievement of minimum thresholds. We evaluate the probability of achieving the performance targets established under each of the performance share unit awards quarterly and estimate the number of underlying units that are probable of being issued. Compensation expense for these awards is being recognized using the straight-line method over the requisite service period, subject to cumulative catch-up adjustments required as a result of changes in the number shares probable of being issued. At June 30, 2018 , the amount of unearned stock-based compensation currently estimated to be expensed through 2021 is $4.9 million . The weighted-average period over which the unearned stock-based compensation is expected to be recognized is 1.8 years. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate, increase or cancel any remaining unearned stock-based compensation expense.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2018 , the Company recorded a $0.1 million provision and an $0.8 million benefit for income taxes, respectively. Comparatively, the Company recorded respective tax provisions of $1.0 million and $1.5 million for the three and six months ended June 30, 2017. The Company's effective tax rate for the three and six months ended June 30, 2018, was 36.8% and 59.7% , respectively, and 24.7% and 30.0% before discrete items. For the three and six months ended June 30, 2017, the Company's effective tax rates were 39.4% and 39.1% , respectively, and 38.0% and 38.1% before discrete items. Effective tax rate before discrete items is a non-GAAP measure, please see Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations - Provision (Benefit) for Income Taxes" for a reconciliation to effective tax rate, the nearest GAAP equivalent. The effective tax rates for the three and six months ended June 30, 2018 differ from the federal statutory tax rates due to state income taxes, estimated deduction limitations for executive compensation, and discrete items. Discrete items comprised $0.4 million of the tax benefit for the first half of 2018 and were primarily related to benefits from energy tax credits that were extended in February 2018 for 2017 closings and, to a lesser extent, an adjustment to the Company's deferred tax asset revaluation required as a result of the federal tax rate cut. The effective tax rates for the three and six months June 30, 2017 differ from the federal statutory tax rates due primarily to state income taxes, offset partially by the benefit from production activities. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not unrealizable. Our assessment considers, among other things, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, the duration of statutory carryforward periods, our utilization experience with operating loss and tax credit carryforwards and the planning alternatives, to the extent these items are applicable. The Company classifies any interest and penalties related to income taxes assessed as part of income tax expense. The Company has concluded that there were no significant uncertain tax positions requiring recognition in its financial statements, nor has the Company been assessed interest or penalties by any major tax jurisdictions related to any open tax periods. With the enactment of the Tax Cuts and Jobs Act (the "Tax Act"), the corporate federal income tax rate dropped from a maximum of 35% to a flat 21% rate effective January 1, 2018. The SEC staff issued Staff Accounting Bulletin 118 ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Act and provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. As of December 31, 2017, we have completed the majority of our accounting for the tax effects of the Tax Act. As a result of the rate change, the Company was required to revalue its net deferred tax asset at December 31, 2017 and recorded a provisional adjustment to reduce its value by $3.2 million . The provisional amount recorded at December 31, 2017, is subject to revisions as we complete our analysis of the Tax Act, collect and prepare necessary data, and interpret any additional guidance issued by the U.S. Treasury Department, Internal Revenue Service, FASB, and other standard-setting and regulatory bodies. During the 2018 first quarter the Company recorded an immaterial adjustment to the provisional amount, and our accounting for the tax effects of the Tax Act will be completed during the one-year measurement period.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s operations are organized into two reportable segments: homebuilding and fee building. In determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross margins, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply in accordance with ASC Topic 280, Segment Reporting . Our homebuilding operations acquire and develop land and construct and sell single-family attached and detached homes. Our fee building operations build homes and manage construction related activities on behalf of third-party property owners and our joint ventures. In addition, our Corporate operations develop and implement strategic initiatives and support our operating segments by centralizing key administrative functions such as accounting, finance and treasury, information technology, insurance and risk management, litigation, marketing and human resources. A portion of the expenses incurred by Corporate are allocated to the fee building segment primarily based on its respective percentage of revenues. The assets of our fee building segment primarily consist of cash, restricted cash and accounts receivable. The majority of our Corporate personnel and resources are primarily dedicated to activities relating to our homebuilding segment, and, therefore, the balance of any unallocated Corporate expenses and assets are included in our homebuilding segment. The reportable segments follow the same accounting policies as our consolidated financial statements described in Note 1. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Financial information relating to reportable segments was as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Revenues: Homebuilding $ 117,460 $ 96,929 $ 196,897 $ 166,335 Fee building, including management fees 38,095 47,181 81,889 102,798 Total $ 155,555 $ 144,110 $ 278,786 $ 269,133 Pretax income (loss): Homebuilding $ (875 ) $ 1,223 $ (3,481 ) $ 892 Fee building, including management fees 1,057 1,282 2,152 2,973 Total $ 182 $ 2,505 $ (1,329 ) $ 3,865 June 30, December 31, 2018 2017 (Dollars in thousands) Assets: Homebuilding $ 652,444 $ 631,087 Fee building 13,566 13,425 Total $ 666,010 $ 644,512

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information (Notes)	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information The following table presents certain supplemental cash flow information: Six Months Ended June 30, 2018 2017 (Dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ — Income taxes paid $ 7,000 $ 8,750 Supplemental disclosures of non-cash transactions Assets assumed from unconsolidated joint ventures $ — $ 100 Liabilities and equity assumed from unconsolidated joint ventures $ — $ 1,095 Contribution of real estate to unconsolidated joint ventures $ — $ 1,013

Supplemental Guarantor Informat

Supplemental Guarantor Information (Notes)	6 Months Ended
	Jun. 30, 2018
Supplemental Guarantor Information [Abstract]
Supplemental Guarantor Info [Text Block]	Supplemental Guarantor Information The Company's 7.25% Senior Notes due 2022 (the "Notes") are guaranteed, on an unsecured basis, jointly and severally, by all of the Company's 100% owned subsidiaries (collectively, the "Guarantors"). The guarantees are full and unconditional. The Indenture governing the Notes provides that the guarantees of a Guarantor will be automatically and unconditionally released and discharged: (1) upon any sale, transfer, exchange or other disposition (by merger, consolidation or otherwise) of all of the equity interests of such Guarantor after which the applicable Guarantor is no longer a "Restricted Subsidiary" (as defined in the Indenture), which sale, transfer, exchange or other disposition is made in compliance with applicable provisions of the Indenture; (2) upon the proper designation of such Guarantor as an "Unrestricted Subsidiary" (as defined in the Indenture), in accordance with the Indenture; (3) upon request of the Company and certification in an officers’ certificate provided to the trustee that the applicable Guarantor has become an "Immaterial Subsidiary" (as defined in the indenture), so long as such Guarantor would not otherwise be required to provide a guarantee pursuant to the Indenture; provided that, if immediately after giving effect to such release the consolidated tangible assets of all Immaterial Subsidiaries that are not Guarantors would exceed 5.0% of consolidated tangible assets, no such release shall occur, (4) if the Company exercises its legal defeasance option or covenant defeasance option under the Indenture or if the obligations of the Company and the Guarantors are discharged in compliance with applicable provisions of the Indenture, upon such exercise or discharge; (5) unless a default has occurred and is continuing, upon the release or discharge of such Guarantor from its guarantee of any indebtedness for borrowed money of the Company and the Guarantors so long as such Guarantor would not then otherwise be required to provide a guarantee pursuant to the Indenture; or (6) upon the full satisfaction of the Company’s obligations under the Indenture; provided that in each case if such Guarantor has incurred any indebtedness in reliance on its status as a Guarantor in compliance with applicable provisions of the Indenture, such Guarantor’s obligations under such indebtedness, as the case may be, so incurred are satisfied in full and discharged or are otherwise permitted to be incurred by a Restricted Subsidiary (other than a Guarantor) in compliance with applicable provisions of the Indenture. The Company has determined that separate, full financial statements of the Guarantors would not be material to investors and, accordingly, supplemental financial information for the guarantors is presented. SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2018 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Assets Cash and cash equivalents $ 38,449 $ 52,126 $ 183 $ — $ 90,758 Restricted cash — 567 — — 567 Contracts and accounts receivable 12 21,670 — (1,312 ) 20,370 Intercompany receivables 158,687 — — (158,687 ) — Due from affiliates — 212 — — 212 Real estate inventories — 469,738 — — 469,738 Investment in and advances to unconsolidated joint ventures — 58,501 — — 58,501 Investment in subsidiaries 406,812 — — (406,812 ) — Other assets 17,030 8,849 — (15 ) 25,864 Total assets $ 620,990 $ 611,663 $ 183 $ (566,826 ) $ 666,010 Liabilities and equity Accounts payable $ 68 $ 28,897 $ 13 $ — $ 28,978 Accrued expenses and other liabilities 7,765 17,255 91 (1,315 ) 23,796 Intercompany payables — 158,687 — (158,687 ) — Due to affiliates — 12 — (12 ) — Unsecured revolving credit facility 35,000 — — — 35,000 Senior notes, net 319,402 — — — 319,402 Total liabilities 362,235 204,851 104 (160,014 ) 407,176 Stockholders' equity 258,755 406,812 — (406,812 ) 258,755 Non-controlling interest in subsidiary — — 79 — 79 Total equity 258,755 406,812 79 (406,812 ) 258,834 Total liabilities and equity $ 620,990 $ 611,663 $ 183 $ (566,826 ) $ 666,010 December 31, 2017 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Assets Cash and cash equivalents $ 99,586 $ 23,772 $ 188 $ — $ 123,546 Restricted cash — 424 — — 424 Contracts and accounts receivable 10 24,238 — (1,024 ) 23,224 Intercompany receivables 129,414 — — (129,414 ) — Due from affiliates — 1,060 — — 1,060 Real estate inventories — 416,143 — — 416,143 Investment in and advances to unconsolidated joint ventures — 55,824 — — 55,824 Investment in subsidiaries 356,443 — — (356,443 ) — Other assets 8,464 15,827 — — 24,291 Total assets $ 593,917 $ 537,288 $ 188 $ (486,881 ) $ 644,512 Liabilities and equity Accounts payable $ 237 $ 23,479 $ 6 $ — $ 23,722 Accrued expenses and other liabilities 11,034 27,954 80 (1,014 ) 38,054 Intercompany payables — 129,414 — (129,414 ) — Due to affiliates — 10 — (10 ) — Senior notes, net 318,656 — — — 318,656 Total liabilities 329,927 180,857 86 (130,438 ) 380,432 Stockholders' equity 263,990 356,431 12 (356,443 ) 263,990 Non-controlling interest in subsidiary — — 90 — 90 Total equity 263,990 356,431 $ 102 (356,443 ) 264,080 Total liabilities and equity $ 593,917 $ 537,288 $ 188 $ (486,881 ) $ 644,512 SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2018 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 117,460 $ — $ — $ 117,460 Fee building — 38,095 — — 38,095 — 155,555 — — 155,555 Cost of Sales: Home sales — 102,680 (2 ) — 102,678 Fee building — 37,038 — — 37,038 — 139,718 (2 ) — 139,716 Gross Margin: Home sales — 14,780 2 — 14,782 Fee building — 1,057 — — 1,057 — 15,837 2 — 15,839 Selling and marketing expenses — (9,466 ) — — (9,466 ) General and administrative expenses 305 (6,281 ) (3 ) — (5,979 ) Equity in net loss of unconsolidated joint ventures — (120 ) — — (120 ) Equity in net loss of subsidiaries (58 ) — — 58 — Other income (expense), net (35 ) (57 ) — — (92 ) Pretax income (loss) 212 (87 ) (1 ) 58 182 (Provision) benefit for income taxes (97 ) 30 — — (67 ) Net income (loss) 115 (57 ) (1 ) 58 115 Net loss attributable to non-controlling interest in subsidiary — — — — — Net income (loss) attributable to The New Home Company Inc. $ 115 $ (57 ) $ (1 ) $ 58 $ 115 Three Months Ended June 30, 2017 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 96,929 $ — $ — $ 96,929 Fee building — 47,181 — — 47,181 — 144,110 — — 144,110 Cost of Sales: Home sales — 82,488 — — 82,488 Home sales impairments — 1,300 — — 1,300 Fee building 595 45,304 — — 45,899 595 129,092 — — 129,687 Gross Margin: Home sales — 13,141 — — 13,141 Fee building (595 ) 1,877 — — 1,282 (595 ) 15,018 — — 14,423 Selling and marketing expenses — (6,376 ) — — (6,376 ) General and administrative expenses (375 ) (5,220 ) — — (5,595 ) Equity in net income of unconsolidated joint ventures — 201 — — 201 Equity in net income of subsidiaries 2,022 — — (2,022 ) — Other income (expense), net 26 (174 ) — — (148 ) Pretax income (loss) 1,078 3,449 — (2,022 ) 2,505 Benefit (provision) for income taxes 439 (1,427 ) — — (988 ) Net income 1,517 2,022 — (2,022 ) 1,517 Net loss attributable to non-controlling interest in subsidiary — — — — — Net income attributable to The New Home Company Inc. $ 1,517 $ 2,022 $ — $ (2,022 ) $ 1,517 Six Months Ended June 30, 2018 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 196,897 $ — $ — $ 196,897 Fee building — 81,889 — — 81,889 — 278,786 — — 278,786 Cost of Sales: Home sales — 172,350 22 — 172,372 Fee building — 79,737 — — 79,737 — 252,087 22 — 252,109 Gross Margin: Home sales — 24,547 (22 ) — 24,525 Fee building — 2,152 — — 2,152 — 26,699 (22 ) — 26,677 Selling and marketing expenses — (16,105 ) — — (16,105 ) General and administrative expenses (801 ) (11,194 ) (3 ) — (11,998 ) Equity in net income of unconsolidated joint ventures — 215 — — 215 Equity in net loss of subsidiaries (176 ) — — 176 — Other income (expense), net 76 (194 ) — — (118 ) Pretax income (loss) (901 ) (579 ) (25 ) 176 (1,329 ) Benefit for income taxes 376 417 — — 793 Net income (loss) (525 ) (162 ) (25 ) 176 (536 ) Net loss attributable to non-controlling interest in subsidiary — — 11 — 11 Net income (loss) attributable to The New Home Company Inc. $ (525 ) $ (162 ) $ (14 ) $ 176 $ (525 ) Six Months Ended June 30, 2017 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 166,335 $ — $ — $ 166,335 Fee building — 102,798 — — 102,798 — 269,133 — — 269,133 Cost of Sales: Home sales — 142,522 31 — 142,553 Home sales impairments — 1,300 — — 1,300 Fee building 1,085 98,740 — — 99,825 1,085 242,562 31 — 243,678 Gross Margin: Home sales — 22,513 (31 ) — 22,482 Fee building (1,085 ) 4,058 — — 2,973 (1,085 ) 26,571 (31 ) — 25,455 Selling and marketing expenses — (11,377 ) — — (11,377 ) General and administrative expenses (1,154 ) (9,531 ) — — (10,685 ) Equity in net income of unconsolidated joint ventures — 507 — — 507 Equity in net income of subsidiaries 3,694 — — (3,694 ) — Other income (expense), net 44 (79 ) — — (35 ) Pretax income (loss) 1,499 6,091 (31 ) (3,694 ) 3,865 Benefit (provision) for income taxes 864 (2,376 ) — — (1,512 ) Net income (loss) 2,363 3,715 (31 ) (3,694 ) 2,353 Net loss attributable to non-controlling interest in subsidiary — — 10 — 10 Net income (loss) attributable to The New Home Company Inc. $ 2,363 $ 3,715 $ (21 ) $ (3,694 ) $ 2,363 SUPPLEMENTAL CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2018 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Net cash used in operating activities $ (39,156 ) $ (22,349 ) $ (5 ) $ — $ (61,510 ) Investing activities: Purchases of property and equipment (22 ) (162 ) — — (184 ) Contributions and advances to unconsolidated joint ventures — (8,954 ) — — (8,954 ) Contributions to subsidiaries from corporate (103,885 ) — — 103,885 — Distributions of capital from subsidiaries 49,975 (49,975 ) — Distributions of capital and repayment of advances from unconsolidated joint ventures — 5,874 — — 5,874 Interest collected on advances to unconsolidated joint ventures $ — $ 178 $ — $ — $ 178 Net cash used in investing activities $ (53,932 ) $ (3,064 ) $ — $ 53,910 $ (3,086 ) Financing activities: Borrowings from credit facility 35,000 — — — 35,000 Contributions to subsidiaries from corporate — 103,885 — (103,885 ) — Distributions to corporate from subsidiaries — (49,975 ) — 49,975 — Repurchases of common stock (2,072 ) — — — (2,072 ) Tax withholding paid on behalf of employees for stock awards (977 ) — — — (977 ) Net cash provided by financing activities $ 31,951 $ 53,910 $ — $ (53,910 ) $ 31,951 Net (decrease) increase in cash, cash equivalents and restricted cash (61,137 ) 28,497 (5 ) — (32,645 ) Cash, cash equivalents and restricted cash – beginning of period 99,586 24,196 188 — 123,970 Cash, cash equivalents and restricted cash – end of period $ 38,449 $ 52,693 $ 183 $ — $ 91,325 Six Months Ended June 30, 2017 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Net cash used in operating activities $ (21,176 ) $ (49,799 ) $ (47 ) $ (886 ) $ (71,908 ) Investing activities: Purchases of property and equipment (40 ) (55 ) — — (95 ) Cash assumed from joint venture at consolidation — 995 — — 995 Contributions and advances to unconsolidated joint ventures — (8,517 ) — — (8,517 ) Contributions to subsidiaries from corporate (94,035 ) — — 94,035 — Distributions of capital from subsidiaries 19,880 — — (19,880 ) — Distributions of capital and repayment of advances from unconsolidated joint ventures — 2,948 — — 2,948 Net cash (used in) provided by investing activities $ (74,195 ) $ (4,629 ) $ — $ 74,155 $ (4,669 ) Financing activities: Borrowings from credit facility 72,000 — — — 72,000 Repayments of credit facility (190,000 ) — — — (190,000 ) Proceeds from senior notes 324,465 — — — 324,465 Payment of debt issuance costs (6,440 ) — — — (6,440 ) Contributions to subsidiaries from corporate — 94,035 — (94,035 ) — Distributions to corporate from subsidiaries — (20,766 ) — 20,766 — Tax withholding paid on behalf of employees for stock awards (584 ) — — — (584 ) Proceeds from exercise of stock options $ 102 $ — $ — $ — 102 Net cash provided by financing activities $ 199,543 $ 73,269 $ — $ (73,269 ) $ 199,543 Net increase (decrease) in cash, cash equivalents and restricted cash 104,172 18,841 (47 ) — 122,966 Cash, cash equivalents and restricted cash – beginning of period 16,385 14,427 269 — 31,081 Cash, cash equivalents and restricted cash – end of period $ 120,557 $ 33,268 $ 222 $ — $ 154,047

Organization and Summary of S25

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts have been eliminated upon consolidation. The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . The accompanying unaudited condensed financial statements include all adjustments (consisting of normal recurring entries) necessary for the fair presentation of our results for the interim period presented. Results for the interim period are not necessarily indicative of the results to be expected for the full year. Unless the context otherwise requires, the terms "we", "us", "our" and "the Company" refer to the Company and its wholly owned subsidiaries, on a consolidated basis.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and notes. Accordingly, actual results could differ materially from these estimates.
Reclassifications	Reclassification Certain items in the prior year unaudited condensed consolidated statements of cash flows have been reclassified to conform with current year presentation. These reclassifications have not changed the results of operations of prior periods. On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18") under the full retrospective method. As a result, the Company no longer presents transfers between cash and restricted cash in the consolidated statements of cash flows. Instead, restricted cash is included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the consolidated statements of cash flows. For additional detail on restricted cash, please see Note 1 - Restricted Cash.
Segment Reporting	Segment Reporting Accounting Standards Codification ("ASC") 280, Segment Reporting ("ASC 280") established standards for the manner in which public enterprises report information about operating segments. In accordance with ASC 280, we have determined that our homebuilding division and our fee building division are our operating segments, which are also our reportable segments.
Cash and Cash Equivalents	Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short term liquid investments with a maturity date of less than three months from the date of purchase.
Restricted Cash	Restricted Cash Restricted cash of $0.6 million and $0.4 million as of June 30, 2018 and December 31, 2017 , respectively, is held in accounts for payments of subcontractor costs incurred in connection with various fee building projects.
Real Estate Inventories and Cost of Sales	Real Estate Inventories and Cost of Sales We capitalize pre-acquisition, land, development and other allocated costs, including interest, property taxes and indirect construction costs. Pre-acquisition costs, including nonrefundable land deposits, are expensed to other income (expense), net if we determine continuation of the prospective project is not probable. Land, development and other common costs are typically allocated to real estate inventories using a methodology that approximates the relative-sales-value method. Home construction costs per production phase are recorded using the specific identification method. Cost of sales for homes closed includes the estimated total construction costs of each home at completion and an allocation of all applicable land acquisition, land development and related common costs (both incurred and estimated to be incurred) based upon the relative-sales-value of the home within each project. Changes in estimated development and common costs are allocated prospectively to remaining homes in the project. In accordance with ASC 360, Property, Plant and Equipment ("ASC 360"), inventory is stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is written down to its fair value. We review each real estate asset on a periodic basis or whenever indicators of impairment exist. Real estate assets include projects actively selling and projects under development or held for future development. Indicators of impairment include, but are not limited to, significant decreases in local housing market values and selling prices of comparable homes, significant decreases in gross margins or sales absorption rates, costs significantly in excess of budget, and actual or projected cash flow losses. If there are indicators of impairment, we perform a detailed budget and cash flow review of the applicable real estate inventories to determine whether the estimated undiscounted future cash flows of the project are more or less than the asset’s carrying value. If the estimated undiscounted future cash flows exceed the asset’s carrying value, no impairment adjustment is required. However, if the estimated undiscounted future cash flows are less than the asset’s carrying value, the asset's fair value is determined and compared to the asset's carrying value. If the asset's carrying value exceeds the asset's fair value, it is deemed impaired and written down to its fair value. When estimating undiscounted future cash flows of a project, we make various assumptions, including: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders in other projects, and future 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 expended to date and expected to be incurred including, but not limited to, land and land development costs, home construction costs, interest costs, indirect construction and overhead 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. Many assumptions are interdependent and a change in one may require a corresponding change to other assumptions. For example, increasing or decreasing sales absorption rates has a direct impact on the estimated per unit sales price of a home, and the level of time sensitive costs (such as indirect construction, overhead and carrying costs). Depending on the underlying objective of the project, assumptions could have a significant impact on the projected cash flow analysis. For example, if our objective is to preserve operating margins, our cash flow analysis will be different than if the objective is to increase the velocity of sales. These objectives may vary significantly from project to project and change over time. If a real estate asset is deemed impaired, the impairment is calculated by determining the amount the asset's carrying value exceeds its fair value. We calculate the fair value of real estate using a land residual value analysis or a discounted cash flow analysis. Under the land residual value analysis, we estimate what a willing buyer would pay and what a willing seller would sell a parcel of land for (other than in a forced liquidation) in order to generate a market rate operating margin and return. Under the discounted cash flow method, the fair value is determined by calculating the present value of future cash flows using a risk adjusted discount rate. Some of the critical assumptions involved with measuring the asset's fair value include estimating future revenues, sales absorption rates, development and construction costs, and other applicable project costs. This evaluation and the assumptions used by management to determine future estimated cash flows and fair value require a substantial degree of judgment, especially with respect to real estate projects that have a substantial amount of development to be completed, have not started selling or are in the early stages of sales, or are longer in duration. Actual revenues, costs and time to complete and sell a community could vary from these estimates which could impact the calculation of fair value of the asset and the corresponding amount of impairment that is recorded in our results of operations. For the three and six months ended June 30, 2017, we recorded an impairment charge of $1.3 million relating to one community in Southern California. For additional detail regarding the impairment charge, please see Note 4.
Capitalization of Interest	Capitalization of Interest We follow the practice of capitalizing interest to real estate inventories during the period of development and to investments in unconsolidated joint ventures, when applicable, in accordance with ASC 835, Interest ("ASC 835"). Interest capitalized as a cost component of real estate inventories is included in cost of home sales as related homes or lots are sold. To the extent interest is capitalized to investment in unconsolidated joint ventures, it is included as a reduction of income from unconsolidated joint ventures when the related homes or lots are sold to third parties. In instances where the Company purchases land from an unconsolidated joint venture, the pro rata share of interest capitalized to investment in unconsolidated joint ventures is added to the basis of the land acquired and recognized as a cost of sale upon the delivery of the related land to a third-party buyer. To the extent our debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred by us. Qualified assets represent projects that are actively selling or under development as well as investments in unconsolidated joint ventures accounted for under the equity method until such equity investees begin their principal operations.
Revenue Recognition	Revenue Recognition Effective January 1, 2018, we adopted the requirements of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606") under the modified retrospective method. For additional detail on the new standard and the impact to our condensed consolidated financial statements, refer to "Recently Issued Accounting Standards" below. Under ASC 606, we recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To do this, the Company performs the following five steps as outlined in ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Home Sales and Profit Recognition In accordance with ASC 606, home sales revenue is recognized when our performance obligations within the underlying sales contracts are fulfilled. We consider our obligations fulfilled when closing conditions are complete, title has transferred to the homebuyer, and collection of the purchase price is reasonably assured. Sales incentives are recorded as a reduction of revenues when the respective home is closed. The profit we record is based on the calculation of cost of sales, which is dependent on our allocation of costs, as described in more detail above in the section entitled "Real Estate Inventories and Cost of Sales." When it is determined that the earnings process is not complete, the related revenue and profit are deferred for recognition in future periods. For periods prior to January 1, 2018, the company recognized home sales and other real estate sales revenue in accordance with ASC 360. Under ASC 360, revenue from home sales and other real estate sales was recorded and a profit was recognized when the sales process was complete under the full accrual method. The sales process was considered complete for home sales and other real estate sales when all conditions of escrow were met, including delivery of the home or other real estate asset, title passes, appropriate consideration is received and collection of associated receivables, if any, is reasonably assured. Fee Building The Company enters into fee building agreements to provide services whereby it builds homes on behalf of third-party property owners. The third-party property owner funds all project costs incurred by the Company to build and sell the homes. The Company primarily enters into cost plus fee contracts where it charges third-party property owners for all direct and indirect costs plus a fee. The fee is typically a per-unit fixed fee or based on a percentage of the cost or home sales revenue of the project, depending on the terms of the agreement with the third-party property owner. For these types of contracts, the Company recognizes revenue based on the actual total costs it has incurred plus the applicable fee. In accordance with ASC 606 for periods after January 1, 2018 and ASC 605, Revenue Recognition ("ASC 605") for prior periods, we apply the percentage-of-completion method, using the cost-to-cost approach, as it most accurately measures the progress of our efforts in satisfying our obligations within the fee building agreements. Under this approach, revenue is earned in proportion to total costs incurred divided by total costs expected to be incurred. In the course of providing fee building services, the Company routinely subcontracts for services and incurs other direct costs on behalf of the property owners. These costs are passed through to the property owners and, in accordance with GAAP, are included in the Company’s revenue and cost of sales. The Company also provides construction management and coordination services and sales and marketing services as part of agreements with third parties and its unconsolidated joint ventures. Within these agreements, the Company does not bear any financial risks. In certain contracts, the Company also provides project management and administrative services. For most services provided, the Company fulfills its related obligations as time-based measures, according to the input method guidance described in ASC 606. Accordingly, revenue is recognized on a straight-line basis as the Company's efforts are expended evenly throughout the performance period. The Company may also have an obligation to manage the home or lot sales process as part of providing sales and marketing services. This obligation is considered fulfilled when related homes or lots close escrow, as these events represent milestones reached according to the output method guidance described in ASC 606. Accordingly, revenue is recognized in the period that the corresponding lots or homes close escrow. Costs associated with these services are recognized as incurred. Prior to the adoption of ASC 606, the Company recognized revenues from these services in accordance with ASC 605 under a proportional performance method or completed performance method. Under ASC 605, revenue was earned as services were provided in proportion to total services expected to be provided to the customer or on a straight line basis if the pattern of performance could not be determined.
Variable Interest Entities	Variable Interest Entities The Company accounts for variable interest entities in accordance with ASC 810, Consolidation ("ASC 810"). Under ASC 810, a variable interest entity ("VIE") is created when: (a) the equity investment at risk in the entity is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by other parties, including the equity holders; (b) the entity’s equity holders as a group either (i) lack the direct or indirect ability to make decisions about the entity, (ii) are not obligated to absorb expected losses of the entity or (iii) do not have the right to receive expected residual returns of the entity; or (c) the entity’s equity holders have voting rights that are not proportionate to their economic interests, and the activities of the entity involve or are conducted on behalf of the equity holder with disproportionately few voting rights. Once we consider the sufficiency of equity and voting rights of each legal entity, we then evaluate the characteristics of the equity holders' interests, as a group, to see if they qualify as controlling financial interests. Our real estate joint ventures consist of limited partnerships and limited liability companies. For entities structured as limited partnerships or limited liability companies, our evaluation of whether the equity holders (equity partners other than us in each our joint ventures) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the non-controlling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights - provide the non-controlling equity holders the ability to direct significant financial and operational decision made in the ordinary course of business that most significantly influence the entity's economic performance. • Kick-out rights - allow the non-controlling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including if equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is deemed to be a VIE pursuant to ASC 810, the enterprise that has both (i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb the expected losses of the entity or right to receive benefits from the entity that could be potentially significant to the VIE is considered the primary beneficiary and must consolidate the VIE. Under ASC 810, a nonrefundable deposit paid to an entity may be deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur. Our land purchase and lot option deposits generally represent our maximum exposure to the land seller if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to takedown. Such costs are classified as real estate inventories, which we would have to write off should we not exercise the option. Therefore, whenever we enter into a land option or purchase contract with an entity and make a nonrefundable deposit, a VIE may have been created. As of June 30, 2018 and December 31, 2017 , the Company was not required to consolidate any VIEs. In accordance with ASC 810, we reassess on an ongoing basis whether we are the primary beneficiary of a VIE.
Non-controlling Interest	Non-controlling Interest During 2013, the Company entered into a joint venture agreement with a third-party property owner. In accordance with ASC 810, the Company analyzed this arrangement and determined that it was not a VIE; however, the Company determined it was required to consolidate the joint venture as the Company has a controlling financial interest with the powers to direct the major decisions of the entity.
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures We use the equity method to account for investments in homebuilding and land development joint ventures when any of the following situations exist: 1) the joint venture qualifies as a VIE and we are not the primary beneficiary, 2) we do not control the joint venture but have the ability to exercise significant influence over its operating and financial policies, or 3) we function as the managing member or general partner of the joint venture and our joint venture partner has substantive participating rights or can replace us as managing member or general partner without cause. As of June 30, 2018 , the Company concluded that none of its joint ventures were VIEs and accounted for these entities under the equity method of accounting. Under the equity method, we recognize our proportionate share of earnings and losses generated by the joint venture upon the delivery of lots or homes to third parties. Our proportionate share of intra-entity profits and losses are eliminated until the related asset has been sold by the unconsolidated joint venture to third parties. We classify cash distributions received from equity method investees using the cumulative earnings approach consistent with ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). Under the cumulative earnings approach, distributions received are considered returns on investment and shall be classified as cash inflows from operating activities unless the cumulative distributions received exceed cumulative equity in earnings. When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and shall be classified as cash inflows from investing activities. Our ownership interests in our unconsolidated joint ventures vary, but are generally less than or equal to 35% . The accounting policies of our joint ventures are consistent with those of the Company with an exception for the requirements of ASC 606 which our joint ventures had not adopted at June 30, 2018. We review real estate inventory held by our unconsolidated joint ventures for impairment, consistent with how we review our real estate inventories as described in more detail above in the section entitled "Real Estate Inventories and Cost of Sales." We also review our investments in and advances to unconsolidated joint ventures for evidence of other-than-temporary declines in value. To the extent we deem any portion of our investment in and advances to unconsolidated joint ventures as not recoverable, we impair our investment accordingly. For the three and six months ended June 30, 2018 and 2017 , no impairments related to investment in and advances to unconsolidated joint ventures were recorded.
Selling and Marketing Expense	Selling and Marketing Expense Effective January 1, 2018, costs incurred for tangible assets directly used in the sales process such as our sales offices, design studios and model landscaping and furnishings are capitalized to other assets in the accompanying condensed consolidated balance sheets under ASC 340, Other Assets and Deferred Costs ("ASC 340"). These costs are depreciated to selling and marketing expenses generally over the shorter of 24 months or the actual estimated life of the selling community. All other selling and marketing costs, such as commissions and advertising, are expensed as incurred. Prior to January 1, 2018, the Company followed the guidance under ASC 970-340, Real Estate - Other Assets and Deferred Costs ("ASC 970") , and capitalized certain selling and marketing costs to other assets in the consolidated balance sheet if the costs were reasonably expected to be recovered from the sale of the project or from incidental operations, and were incurred for tangible assets that were used directly through the selling period to aid in the sale of the project or services that had been performed to obtain regulatory approval of sales. These capitalizable selling and marketing costs included, but were not limited to, model home design, model home decor and landscaping, and sales office/design studio setup. These costs were amortized to selling and marketing expense as the underlying homes were delivered.
Warranty Accrual	Warranty Accrual We offer warranties on our homes that generally cover various defects in workmanship or materials, or structural construction defects for one year. In addition, we provide a more limited warranty, which generally ranges from a minimum of two years up to the period covered by the applicable statute of repose, that covers certain defined construction defects. Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Amounts are accrued based upon the Company’s historical rates. In addition, the Company has received warranty payments from third-party property owners for certain of its fee building projects that have since closed-out where the Company has the contractual risk of construction. These payments are recorded as warranty accruals. We assess the adequacy of our warranty accrual on a quarterly basis and adjust the amounts recorded if necessary. Our warranty accrual is included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets and adjustments to our warranty accrual are recorded through cost of sales.
Contracts and Accounts Receivable	Contracts and Accounts Receivable Contracts and accounts receivable primarily represent the fees earned, but not collected, and reimbursable project costs incurred in connection with fee building agreements. The Company periodically evaluates the collectability of its contracts receivable, and, if it is determined that a receivable might not be fully collectible, an allowance is recorded for the amount deemed uncollectible. This allowance for doubtful accounts is estimated based on management’s evaluation of the contracts involved and the financial condition of its customers. Factors considered in such evaluations include, but are not limited to: (i) customer type; (ii) historical contract performance; (iii) historical collection and delinquency trends; (iv) customer credit worthiness; and (v) general economic conditions. In addition to contracts receivable, escrow receivables are included in contracts and accounts receivable in the accompanying condensed consolidated balance sheets.
Property, Equipment and Capitalized Selling and Marketing Costs	Property, Equipment and Capitalized Selling and Marketing Costs Property, equipment and capitalized selling and marketing costs are recorded at cost and included in other assets in the accompanying condensed consolidated balance sheets. Property and equipment are depreciated to general and administrative expenses using the straight-line method over their estimated useful lives ranging from three to five years. Leasehold improvements are stated at cost and are amortized to general and administrative expenses using the straight-line method generally over the shorter of either their estimated useful lives or the term of the lease. Capitalized selling and marketing costs are depreciated using the straight-line method to selling and marketing expenses over the shorter of either 24 months or the actual estimated life of the selling community.
Income Taxes	Income Taxes Income taxes are accounted for in accordance with ASC 740, Income Taxes ("ASC 740"). The consolidated provision for, or benefit from, income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are evaluated on a quarterly basis to determine if adjustments to the valuation allowance are required. In accordance with ASC 740, we assess whether a valuation allowance should be established based on the consideration of all available evidence using a "more likely than not" standard with respect to whether deferred tax assets will be realized. The ultimate realization of deferred tax assets depends primarily on the generation of future taxable income during the periods in which the differences become deductible. The value of our deferred tax assets will depend on applicable income tax rates. Judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial statements. ASC 740 defines the methodology for recognizing the benefits of uncertain tax return positions as well as guidance regarding the measurement of the resulting tax benefits. These provisions require an enterprise to recognize the financial statement effects of a tax position when it is more likely than not (defined as a likelihood of more than 50%), based on the technical merits, that the position will be sustained upon examination. In addition, these provisions provide guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The evaluation of whether a tax position meets the more-likely-than-not recognition threshold requires a substantial degree of judgment by management based on the individual facts and circumstances. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not unrealizable. Our assessment considers, among other things, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, the duration of statutory carryforward periods, our utilization experience with operating loss and tax credit carryforwards and the planning alternatives, to the extent these items are applicable. The Company classifies any interest and penalties related to income taxes assessed as part of income tax expense. The Company has concluded that there were no significant uncertain tax positions requiring recognition in its financial statements, nor has the Company been assessed interest or penalties by any major tax jurisdictions related to any open tax periods. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not unrealizable. Our assessment considers, among other things, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, the duration of statutory carryforward periods, our utilization experience with operating loss and tax credit carryforwards and the planning alternatives, to the extent these items are applicable. The Company classifies any interest and penalties related to income taxes assessed as part of income tax expense. The Company has concluded that there were no significant uncertain tax positions requiring recognition in its financial statements, nor has the Company been assessed interest or penalties by any major tax jurisdictions related to any open tax periods.
Stock-Based Compensation	Stock-Based Compensation We account for share-based awards in accordance with ASC 718, Compensation – Stock Compensation ("ASC 718") and ASC 505-50, Equity – Equity Based Payments to Non-Employees ("ASC 505-50"). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in a company's financial statements. ASC 718 requires all entities to apply a fair-value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. On June 26, 2015, the Company entered into an agreement that transitioned Joseph Davis' role within the Company from Chief Investment Officer to a non-employee consultant to the Company. On February 16, 2017, the Company entered into an agreement that transitioned Wayne Stelmar's role within the Company from Chief Investment Officer to a non-employee consultant and non-employee director. Per the agreements, Mr. Davis' and Mr. Stelmar's outstanding equity awards will continue to vest in accordance with their original terms. Under ASC 505-50, if an employee becomes a non-employee and continues to vest in an award pursuant to the award's original terms, that award will be treated as an award to a non-employee prospectively, provided the individual is required to continue providing services to the employer (such as consulting services). Based on the terms and conditions of both Mr. Davis' and Mr. Stelmar's consulting agreements noted above, we accounted for their share-based awards in accordance with ASC 505-50 through March 31, 2018. ASC 505-50 required that these awards be accounted for prospectively, such that the fair value of the awards will be re-measured at each reporting date until the earlier of (a) the performance commitment date or (b) the date the services required under the transition agreement with Mr. Davis or Mr. Stelmar have been completed. ASC 505-50 required that compensation cost ultimately recognized in the Company's financial statements be the sum of (a) the compensation cost recognized during the period of time the individual was an employee (based on the grant-date fair value) plus (b) the fair value of the award determined on the measurement date determined in accordance with ASC 505-50 for the pro-rata portion of the vesting period in which the individual was a non-employee. Mr. Davis' outstanding awards fully vested during January 2017 and were fully expensed. In June of 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07") which expanded the scope of ASC 718 to include share-based payments for acquiring goods and services from nonemployees, with certain exceptions. Under ASC 718, the measurement date for equity-classified, share-based awards is generally the grant date of the award. The Company early adopted ASU 2018-07 on April 1, 2018, at which time Mr. Stelmar's award was the only nonemployee award outstanding. In accordance with the transition guidance, the Company assessed Mr. Stelmar's award for which a measurement date had not been established. The outstanding award was re-measured to fair value as of the April 1, 2018 adoption date. The adoption of ASU 2018-07 provides administrative relief by fixing the remaining unamortized expense of the award and eliminating the requirement to quarterly re-measure the Company's one remaining nonemployee award. The Company adopted this standard on a modified retrospective basis booking a cumulative-effect adjustment of an $18,000 increase to retained earnings and equal decrease to additional paid-in capital as of the beginning of the 2018 fiscal year. The remaining unamortized expense for Mr. Stelmar's award as of June 30, 2018 was $0.1 million .
Stock Retirement	Stock Retirement When shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is determined by applying a percentage, which is determined by dividing the number of shares to be retired by the number of shares issued, to the balance of additional paid-in capital as of the retirement date. During the three and six months ended June 30, 2018, the Company repurchased and retired 205,240 shares of its common stock at an aggregate purchase price of $2.1 million . The shares were returned to the status of authorized but unissued.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The Company qualifies as an "emerging growth company" pursuant to the provisions of the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Section 102 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. As previously disclosed, the Company has chosen, irrevocably, to "opt out" of such extended transition period, and as a result, will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"), which supersedes existing accounting literature relating to how and when a company recognizes revenue. Under ASC 606, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. Additionally, ASC 606 supersedes existing industry-specific accounting literature relating to how a company expenses certain selling and marketing costs. Effective January 1, 2018, the Company adopted the requirements of ASC 606 using the modified retrospective approach. Under the modified retrospective approach, the Company recognized the cumulative effect of initially applying the new standard as a $3.4 million , tax-effected decrease to the opening balance of retained earnings as of January 1, 2018. The comparative information has not been restated and continues to be reported as it was previously, under the appropriate accounting standards in effect for those periods. The adjustment to retained earnings related to a $4.7 million write-down of certain recoverable selling and marketing costs included in other assets that were formerly capitalized under ASC 970, but that no longer qualify for capitalization under the Company's accounting policy reflecting the changes upon the adoption of ASC 606. As a result of this write-down, the Company's deferred tax asset increased by $1.3 million . For the three and six months ended June 30, 2018, the Company expensed $0.9 million and $1.3 million , respectively, in selling and marketing costs that would have been capitalized and expensed over the underlying home closings under ASC 970. For the three and six months ended June 30, 2018, the Company depreciated $0.5 million and $0.8 million , respectively, less in selling and marketing expenses for its capitalized selling and marketing assets than it would have if these expenses were recognized as required by ASC 970. In addition, the accounting policy change resulted in the depreciation expense for capitalized selling and marketing assets to be included in the line item "depreciation and amortization" in the condensed consolidated statement of cash flows for the six months ended June 30, 2018, compared to netting the amortization expense in the net change to other assets line item. The adoption of ASC 606 did not have a material impact on other areas of the Company's condensed consolidated balance sheet and statement of cash flows for the six months ended June 30, 2018 or the condensed consolidated statements of operations for the three and six months ended June 30, 2018. In June 2018, the FASB issued ASU 2018-07, which was adopted by the Company on April 1, 2018 using the modified retrospective basis and resulted in a cumulative-effect adjustment of an $18,000 increase to retained earnings and an equal decrease to additional paid-in capital as of the beginning of the 2018 fiscal year. For further discussion of our adoption of this ASU, see “Stock-Based Compensation.” In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASC 842"). ASC 842 will require organizations that lease assets (referred to as "lessees") to present lease assets and lease liabilities on the balance sheet at their gross value based on the the rights and obligations created by those leases. Under ASC 842, a lessee will be required to recognize assets and liabilities for leases with greater than 12 month terms. Lessor accounting remains substantially similar to current GAAP. Additional disclosures including qualitative and quantitative information regarding leasing activities are also required. ASC 842 is effective for interim and annual reporting periods beginning after December 15, 2018 and mandates a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements ("ASU 2018-11") which provides for an additional transition method that allows companies to apply the new lease standard at the adoption date, eliminating the requirement to apply the standard to the earliest period presented in the financial statements. The Company's lease agreements that will be impacted by ASC 842 primarily relate to our corporate headquarters, several other office locations and office or construction equipment where we are the lessee. We believe all applicable agreements would be considered operating leases. Upon adoption of ASC 842, we expect to add a right-of-use asset and a related lease liability to our consolidated balance sheets. We expect to recognize lease expense on a straight-line basis. In August 2016, the FASB issued ASU 2016-15. ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Our adoption of ASU 2016-15 on January 1, 2018, did not have an impact on our condensed consolidated financial statements and disclosures as the Company had previously classified cash distributions received from equity method investees using the cumulative earnings approach. In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("ASU 2017-05"). ASU 2017-05 clarifies the guidance for derecognition of nonfinancial assets and in-substance nonfinancial assets when the asset does not meet the definition of a business and is not a not-for-profit activity. We adopted ASU 2017-05 on January 1, 2018 under the modified retrospective approach. There was no effect of initially applying the new standard and there was no impact to our condensed consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718), Scope of Modification Accounting ("ASU 2017-09"). The guidance provides clarity and reduces diversity in practice and cost and complexity when accounting for a change to the terms or conditions of a share-based payment award. We adopted ASU 2017-09 on January 1, 2018 and its adoption did not have an impact on our condensed consolidated financial statements. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"), which amends Income Taxes (Topic 740) by incorporating the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin 118 (“SAB 118”) issued on December 22, 2017. SAB 118 provides guidance on accounting for the effects of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). We recognized the income tax effects of the Tax Act in our 2017 financial statements in accordance with SAB 118. Please see Note 14 to our condensed consolidated financial statements for additional information.

Organization and Summary of S26

Organization and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The table below shows the line items and amounts of cash and cash equivalents and restricted cash as reported within the Company's condensed consolidated balance sheets for each period shown that sum to the total of the same such amounts at the end of the periods shown in the accompanying condensed consolidated statements of cash flows. Six Months Ended June 30, 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 90,758 $ 153,959 Restricted cash 567 88 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 91,325 $ 154,047
Restrictions on Cash and Cash Equivalents	The table below shows the line items and amounts of cash and cash equivalents and restricted cash as reported within the Company's condensed consolidated balance sheets for each period shown that sum to the total of the same such amounts at the end of the periods shown in the accompanying condensed consolidated statements of cash flows. Six Months Ended June 30, 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 90,758 $ 153,959 Restricted cash 567 88 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 91,325 $ 154,047

Computation of Earnings (Loss27

Computation of Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of components used in the computation of basic and diluted earnings per share	The following table sets forth the components used in the computation of basic and diluted earnings per share for the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands, except per share amounts) Numerator: Net income (loss) attributable to The New Home Company Inc. $ 115 $ 1,517 $ (525 ) $ 2,363 Denominator: Basic weighted-average shares outstanding 20,958,991 20,869,429 20,942,601 20,819,288 Effect of dilutive shares: Stock options and unvested restricted stock units 65,778 87,294 — 101,862 Diluted weighted-average shares outstanding 21,024,769 20,956,723 20,942,601 20,921,150 Basic earnings (loss) per share attributable to The New Home Company Inc. $ 0.01 $ 0.07 $ (0.03 ) $ 0.11 Diluted earnings (loss) per share attributable to The New Home Company Inc. $ 0.01 $ 0.07 $ (0.03 ) $ 0.11 Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share 952,882 22,077 1,333,106 846,725

Contracts and Accounts Receiv28

Contracts and Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Schedule of contracts and accounts receivables	Contracts and accounts receivable consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Contracts receivable: Costs incurred on fee building projects $ 79,737 $ 184,827 Estimated earnings 2,152 5,497 81,889 190,324 Less: amounts collected during the period (69,557 ) (178,704 ) Contracts receivable $ 12,332 $ 11,620 Contracts receivable: Billed $ — $ — Unbilled 12,332 11,620 12,332 11,620 Accounts receivable: Escrow receivables 7,157 11,554 Other receivables 881 50 Contracts and accounts receivable $ 20,370 $ 23,224

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Asset Impairment Charges [Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in Thousands) Inventory impairments: Home sales $ — $ 1,300 $ — $ 1,300 Total inventory impairments $ — $ 1,300 $ — $ 1,300 Remaining carrying value of inventory impaired at period end $ — $ 12,550 $ — $ 12,550 Number of projects impaired during the period — 1 — 1 Total number of projects subject to periodic impairment review during the period (1) 26 25 26 26 (1) Represents the peak number of real estate projects that we had during each respective period. The number of projects outstanding at the end of each period may be less than the number of projects listed herein.
Summary of real estate inventories	Real estate inventories are summarized as follows: June 30, December 31, 2018 2017 (Dollars in thousands) Deposits and pre-acquisition costs $ 40,001 $ 35,846 Land held and land under development 43,368 47,757 Homes completed or under construction 329,278 302,884 Model homes 57,091 29,656 $ 469,738 $ 416,143

Capitalized Interest (Tables)

Capitalized Interest (Tables)	6 Months Ended
	Jun. 30, 2018
Capitalized Interest [Abstract]
Summary of interest incurred, capitalized, and expensed	For the three and six months ended June 30, 2018 and 2017 interest incurred, capitalized and expensed was as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Interest incurred $ 6,612 $ 6,401 $ 13,328 $ 8,437 Interest capitalized to inventory (6,149 ) (5,878 ) (12,344 ) (7,750 ) Interest capitalized to investment in unconsolidated joint ventures (463 ) (523 ) (984 ) (687 ) Interest expensed $ — $ — $ — $ — Capitalized interest in beginning inventory $ 19,884 $ 6,663 $ 16,453 $ 6,342 Interest capitalized as a cost of inventory 6,149 5,878 12,344 7,750 Capitalized interest transferred from investment in unconsolidated joint venture to inventory upon lot acquisition 5 — 5 — Previously capitalized interest included in cost of sales (3,750 ) (1,720 ) (6,514 ) (3,271 ) Capitalized interest in ending inventory $ 22,288 $ 10,821 22,288 10,821 Capitalized interest in beginning investment in unconsolidated joint ventures $ 1,962 $ 164 $ 1,472 $ — Interest capitalized to investment in unconsolidated joint ventures 463 523 984 687 Capitalized interest transferred from investment in unconsolidated joint venture to inventory upon lot acquisition (5 ) — (5 ) — Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures (18 ) — (49 ) — Capitalized interest in ending investment in unconsolidated joint ventures 2,402 687 2,402 687 Total capitalized interest in ending inventory and investments in unconsolidated joint ventures $ 24,690 $ 11,508 $ 24,690 $ 11,508 Capitalized interest as a percentage of inventory 4.7 % 3.0 % 4.7 % 3.0 % Interest included in cost of sales as a percentage of home sales revenue 3.2 % 1.8 % 3.3 % 2.0 % Capitalized interest as a percentage of investment in and advances to unconsolidated joint ventures 4.1 % 1.2 % 4.1 % 1.2 %

Investments in and advances t31

Investments in and advances to unconsolidated joint ventures (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of summarized financial information of unconsolidated joint ventures	The condensed combined statements of operations for our unconsolidated joint ventures accounted for under the equity method were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Revenues $ 33,879 $ 35,171 $ 65,892 $ 61,791 Cost of sales and expenses 34,165 35,825 65,374 63,309 Net income (loss) of unconsolidated joint ventures $ (286 ) $ (654 ) $ 518 $ (1,518 ) Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ (120 ) $ 201 $ 215 $ 507 The condensed combined balance sheets for our unconsolidated joint ventures accounted for under the equity method were as follows: June 30, December 31, 2018 2017 (Dollars in thousands) Cash and cash equivalents $ 26,231 $ 30,017 Restricted cash 15,048 15,041 Real estate inventories 439,013 396,850 Other assets 1,422 3,942 Total assets $ 481,714 $ 445,850 Accounts payable and accrued liabilities $ 33,844 $ 34,959 Notes payable 75,616 78,341 Total liabilities 109,460 113,300 The New Home Company's equity 56,099 50,523 Other partners' equity 316,155 282,027 Total equity 372,254 332,550 Total liabilities and equity $ 481,714 $ 445,850 Debt-to-capitalization ratio 16.9 % 19.1 % Debt-to-equity ratio 20.3 % 23.6 %

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Other Assets [Abstract]
Schedule of other assets	Other assets consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Property, equipment and capitalized selling and marketing costs, net (1)(2) $ 10,059 $ 603 Deferred tax asset, net 7,798 6,317 Prepaid income taxes 1,251 — Prepaid expenses 5,554 4,937 Warranty insurance receivable (3) 1,202 1,202 Capitalized selling and marketing costs (1)(4) — 11,232 $ 25,864 $ 24,291 (1) Under the adoption of the requirements of ASC 606 on January 1, 2018, certain selling and marketing costs that were previously capitalized under former accounting guidance were written off. For the current year, remaining selling and marketing costs and those incurred during the first half of 2018 that are permitted to be capitalized under ASC 340 are included as "Property, equipment and capitalized selling and marketing costs, net" within "Other Assets." Under the modified retrospective adoption approach, the December 31, 2017 balance has not been restated. For more information on the adoption of ASC 606, please refer to Note 1. (2) The Company depreciated $1.5 million and $2.4 million of capitalized selling and marketing costs to selling and marketing expenses during the three and six months ended June 30, 2018. (3) Of the $1.2 million amount for December 2017, approximately $0.6 million related to 2016 estimated warranty insurance recoveries. For further discussion, please see Note 8. (4) The Company amortized $2.1 million and $3.2 million of capitalized selling and marketing costs to selling and marketing expenses during the three and six months ended June 30, 2017.

Accrued Expenses and Other Li33

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Schedule of accrued liabilities and other liabilities	Accrued expenses and other liabilities consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Warranty accrual (1) $ 6,998 $ 6,859 Accrued compensation and benefits 2,545 9,164 Accrued interest 6,176 6,217 Completion reserve 2,379 5,792 Income taxes payable — 6,368 Deferred profit from unconsolidated joint ventures — 136 Other accrued expenses 5,698 3,518 $ 23,796 $ 38,054 (1) Included in the amount at December 31, 2017 is approximately $1.2 million of additional warranty liabilities estimated to be covered by our insurance policies that were adjusted to present the warranty reserves and related estimated warranty insurance receivable on a gross basis at December 31, 2017. Of this amount, approximately $0.6 million related to 2016 estimated warranty insurance recoveries.
Schedule of changes in warranty accrual	Changes in our warranty accrual are detailed in the table set forth below: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Beginning warranty accrual for homebuilding projects $ 6,775 $ 4,678 $ 6,634 $ 4,608 Warranty provision for homebuilding projects 470 331 986 602 Warranty assumed from joint ventures at consolidation — 358 — 358 Warranty payments for homebuilding projects (469 ) (291 ) (844 ) (492 ) Ending warranty accrual for homebuilding projects 6,776 5,076 6,776 5,076 Beginning warranty accrual for fee building projects 223 323 225 323 Warranty provision for fee building projects — — — — Warranty efforts for fee building projects (1 ) — (3 ) — Ending warranty accrual for fee building projects 222 323 222 323 Total ending warranty accrual $ 6,998 $ 5,399 $ 6,998 $ 5,399

Senior Notes and Unsecured Re34

Senior Notes and Unsecured Revolving Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of notes payable	Notes payable consisted of the following: June 30, December 31, 2018 2017 (Dollars in thousands) 7.25% Senior Notes due 2022, net $ 319,402 $ 318,656 Unsecured revolving credit facility 35,000 — Total Notes Payable $ 354,402 $ 318,656

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosure (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The following table presents an estimated fair value of the Company's Notes and Credit Facility. The Notes are classified as Level 2 and primarily reflect estimated prices obtained from outside pricing sources. The Company's Credit Facility is classified as Level 3 within the fair value hierarchy. The Company had an outstanding balance of $35.0 million under its Credit Facility at June 30, 2018 , and the estimated fair value of the outstanding balance approximated the carrying value due to the short-term nature of LIBOR contracts. June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 7.25% Senior Notes due 2022, net (1) $ 319,402 $ 332,313 $ 318,656 $ 336,375 Unsecured revolving credit facility $ 35,000 $ 35,000 $ — $ — (1) The carrying value for the Senior Notes, as presented at June 30, 2018 , is net of the unamortized discount of $1.9 million , unamortized premium of $1.5 million , and $5.2 million of unamortized debt issuance costs. The carrying value for the Senior Notes, as presented at December 31, 2017, is net of the unamortized discount of $2.2 million , unamortized premium of $1.8 million , and $5.9 million of unamortized debt issuance costs. The unamortized discount, unamortized premium and debt issuance costs are not factored into the estimated fair value.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of common stock option activity	A summary of the Company’s common stock option activity as of and for the six months ended June 30, 2018 and 2017 is presented below: Six Months Ended June 30, 2018 2017 Number of Shares Weighted-Average Exercise Price per Share Number of Shares Weighted-Average Exercise Price per Share Outstanding Stock Option Activity Outstanding, beginning of period 826,498 $ 11.00 835,786 $ 11.00 Granted — $ — — $ — Exercised — $ — (9,288 ) $ 11.00 Forfeited (5,028 ) $ 11.00 — $ — Outstanding, end of period 821,470 $ 11.00 826,498 $ 11.00 Exercisable, end of period 821,470 $ 11.00 826,498 $ 11.00
Summary of restricted stock units	A summary of the Company’s restricted stock unit activity as of and for the six months ended June 30, 2018 and 2017 is presented below: Six Months Ended June 30, 2018 2017 Number of Shares Weighted-Average Grant-Date Fair Value per Share Number of Shares Weighted-Average Grant-Date Fair Value per Share Restricted Stock Unit Activity Outstanding, beginning of period 562,082 $ 10.72 474,989 $ 10.66 Granted 179,268 $ 11.24 343,933 $ 10.84 Vested (270,363 ) $ 11.02 (209,619 ) $ 10.76 Forfeited — $ — (26,194 ) $ 10.82 Outstanding, end of period 470,987 $ 10.74 583,109 $ 10.72
Summary of performance share unit awards	Six Months Ended June 30, 2018 Number of Shares Weighted-Average Grant-Date Fair Value per Share Performance Share Unit Activity — $ — Outstanding, beginning of period — $ — Granted (at target) 125,422 $ 11.68 Vested — $ — Forfeited — $ — Outstanding, end of period (at target) 125,422 $ 11.68
Summary of stock-based compensation expense	The expense related to the Company's stock-based compensation programs, included in general and administrative expense in the accompanying condensed consolidated statements of operations, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Expense related to: Stock options $ — $ — $ — $ 11 Restricted stock units 798 695 1,562 1,295 Performance share units 64 — 142 — $ 862 $ 695 $ 1,704 $ 1,306

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of financial information related to reportable segments	Financial information relating to reportable segments was as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Revenues: Homebuilding $ 117,460 $ 96,929 $ 196,897 $ 166,335 Fee building, including management fees 38,095 47,181 81,889 102,798 Total $ 155,555 $ 144,110 $ 278,786 $ 269,133 Pretax income (loss): Homebuilding $ (875 ) $ 1,223 $ (3,481 ) $ 892 Fee building, including management fees 1,057 1,282 2,152 2,973 Total $ 182 $ 2,505 $ (1,329 ) $ 3,865 June 30, December 31, 2018 2017 (Dollars in thousands) Assets: Homebuilding $ 652,444 $ 631,087 Fee building 13,566 13,425 Total $ 666,010 $ 644,512

Supplemental Disclosure of Ca38

Supplemental Disclosure of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table presents certain supplemental cash flow information: Six Months Ended June 30, 2018 2017 (Dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ — Income taxes paid $ 7,000 $ 8,750 Supplemental disclosures of non-cash transactions Assets assumed from unconsolidated joint ventures $ — $ 100 Liabilities and equity assumed from unconsolidated joint ventures $ — $ 1,095 Contribution of real estate to unconsolidated joint ventures $ — $ 1,013

Supplemental Guarantor Inform39

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Guarantor Information [Abstract]
Supplemental Condensed Consolidating Balance Sheet [Table Text Block]	June 30, 2018 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Assets Cash and cash equivalents $ 38,449 $ 52,126 $ 183 $ — $ 90,758 Restricted cash — 567 — — 567 Contracts and accounts receivable 12 21,670 — (1,312 ) 20,370 Intercompany receivables 158,687 — — (158,687 ) — Due from affiliates — 212 — — 212 Real estate inventories — 469,738 — — 469,738 Investment in and advances to unconsolidated joint ventures — 58,501 — — 58,501 Investment in subsidiaries 406,812 — — (406,812 ) — Other assets 17,030 8,849 — (15 ) 25,864 Total assets $ 620,990 $ 611,663 $ 183 $ (566,826 ) $ 666,010 Liabilities and equity Accounts payable $ 68 $ 28,897 $ 13 $ — $ 28,978 Accrued expenses and other liabilities 7,765 17,255 91 (1,315 ) 23,796 Intercompany payables — 158,687 — (158,687 ) — Due to affiliates — 12 — (12 ) — Unsecured revolving credit facility 35,000 — — — 35,000 Senior notes, net 319,402 — — — 319,402 Total liabilities 362,235 204,851 104 (160,014 ) 407,176 Stockholders' equity 258,755 406,812 — (406,812 ) 258,755 Non-controlling interest in subsidiary — — 79 — 79 Total equity 258,755 406,812 79 (406,812 ) 258,834 Total liabilities and equity $ 620,990 $ 611,663 $ 183 $ (566,826 ) $ 666,010 December 31, 2017 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Assets Cash and cash equivalents $ 99,586 $ 23,772 $ 188 $ — $ 123,546 Restricted cash — 424 — — 424 Contracts and accounts receivable 10 24,238 — (1,024 ) 23,224 Intercompany receivables 129,414 — — (129,414 ) — Due from affiliates — 1,060 — — 1,060 Real estate inventories — 416,143 — — 416,143 Investment in and advances to unconsolidated joint ventures — 55,824 — — 55,824 Investment in subsidiaries 356,443 — — (356,443 ) — Other assets 8,464 15,827 — — 24,291 Total assets $ 593,917 $ 537,288 $ 188 $ (486,881 ) $ 644,512 Liabilities and equity Accounts payable $ 237 $ 23,479 $ 6 $ — $ 23,722 Accrued expenses and other liabilities 11,034 27,954 80 (1,014 ) 38,054 Intercompany payables — 129,414 — (129,414 ) — Due to affiliates — 10 — (10 ) — Senior notes, net 318,656 — — — 318,656 Total liabilities 329,927 180,857 86 (130,438 ) 380,432 Stockholders' equity 263,990 356,431 12 (356,443 ) 263,990 Non-controlling interest in subsidiary — — 90 — 90 Total equity 263,990 356,431 $ 102 (356,443 ) 264,080 Total liabilities and equity $ 593,917 $ 537,288 $ 188 $ (486,881 ) $ 644,512
Supplemental Condensed Consolidating Statement of Operations [Table Text Block]	Three Months Ended June 30, 2018 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 117,460 $ — $ — $ 117,460 Fee building — 38,095 — — 38,095 — 155,555 — — 155,555 Cost of Sales: Home sales — 102,680 (2 ) — 102,678 Fee building — 37,038 — — 37,038 — 139,718 (2 ) — 139,716 Gross Margin: Home sales — 14,780 2 — 14,782 Fee building — 1,057 — — 1,057 — 15,837 2 — 15,839 Selling and marketing expenses — (9,466 ) — — (9,466 ) General and administrative expenses 305 (6,281 ) (3 ) — (5,979 ) Equity in net loss of unconsolidated joint ventures — (120 ) — — (120 ) Equity in net loss of subsidiaries (58 ) — — 58 — Other income (expense), net (35 ) (57 ) — — (92 ) Pretax income (loss) 212 (87 ) (1 ) 58 182 (Provision) benefit for income taxes (97 ) 30 — — (67 ) Net income (loss) 115 (57 ) (1 ) 58 115 Net loss attributable to non-controlling interest in subsidiary — — — — — Net income (loss) attributable to The New Home Company Inc. $ 115 $ (57 ) $ (1 ) $ 58 $ 115 Three Months Ended June 30, 2017 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 96,929 $ — $ — $ 96,929 Fee building — 47,181 — — 47,181 — 144,110 — — 144,110 Cost of Sales: Home sales — 82,488 — — 82,488 Home sales impairments — 1,300 — — 1,300 Fee building 595 45,304 — — 45,899 595 129,092 — — 129,687 Gross Margin: Home sales — 13,141 — — 13,141 Fee building (595 ) 1,877 — — 1,282 (595 ) 15,018 — — 14,423 Selling and marketing expenses — (6,376 ) — — (6,376 ) General and administrative expenses (375 ) (5,220 ) — — (5,595 ) Equity in net income of unconsolidated joint ventures — 201 — — 201 Equity in net income of subsidiaries 2,022 — — (2,022 ) — Other income (expense), net 26 (174 ) — — (148 ) Pretax income (loss) 1,078 3,449 — (2,022 ) 2,505 Benefit (provision) for income taxes 439 (1,427 ) — — (988 ) Net income 1,517 2,022 — (2,022 ) 1,517 Net loss attributable to non-controlling interest in subsidiary — — — — — Net income attributable to The New Home Company Inc. $ 1,517 $ 2,022 $ — $ (2,022 ) $ 1,517 Six Months Ended June 30, 2018 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 196,897 $ — $ — $ 196,897 Fee building — 81,889 — — 81,889 — 278,786 — — 278,786 Cost of Sales: Home sales — 172,350 22 — 172,372 Fee building — 79,737 — — 79,737 — 252,087 22 — 252,109 Gross Margin: Home sales — 24,547 (22 ) — 24,525 Fee building — 2,152 — — 2,152 — 26,699 (22 ) — 26,677 Selling and marketing expenses — (16,105 ) — — (16,105 ) General and administrative expenses (801 ) (11,194 ) (3 ) — (11,998 ) Equity in net income of unconsolidated joint ventures — 215 — — 215 Equity in net loss of subsidiaries (176 ) — — 176 — Other income (expense), net 76 (194 ) — — (118 ) Pretax income (loss) (901 ) (579 ) (25 ) 176 (1,329 ) Benefit for income taxes 376 417 — — 793 Net income (loss) (525 ) (162 ) (25 ) 176 (536 ) Net loss attributable to non-controlling interest in subsidiary — — 11 — 11 Net income (loss) attributable to The New Home Company Inc. $ (525 ) $ (162 ) $ (14 ) $ 176 $ (525 ) Six Months Ended June 30, 2017 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 166,335 $ — $ — $ 166,335 Fee building — 102,798 — — 102,798 — 269,133 — — 269,133 Cost of Sales: Home sales — 142,522 31 — 142,553 Home sales impairments — 1,300 — — 1,300 Fee building 1,085 98,740 — — 99,825 1,085 242,562 31 — 243,678 Gross Margin: Home sales — 22,513 (31 ) — 22,482 Fee building (1,085 ) 4,058 — — 2,973 (1,085 ) 26,571 (31 ) — 25,455 Selling and marketing expenses — (11,377 ) — — (11,377 ) General and administrative expenses (1,154 ) (9,531 ) — — (10,685 ) Equity in net income of unconsolidated joint ventures — 507 — — 507 Equity in net income of subsidiaries 3,694 — — (3,694 ) — Other income (expense), net 44 (79 ) — — (35 ) Pretax income (loss) 1,499 6,091 (31 ) (3,694 ) 3,865 Benefit (provision) for income taxes 864 (2,376 ) — — (1,512 ) Net income (loss) 2,363 3,715 (31 ) (3,694 ) 2,353 Net loss attributable to non-controlling interest in subsidiary — — 10 — 10 Net income (loss) attributable to The New Home Company Inc. $ 2,363 $ 3,715 $ (21 ) $ (3,694 ) $ 2,363
Supplemental Condensed Consolidated Statement of Cash Flows [Table Text Block]	Six Months Ended June 30, 2018 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Net cash used in operating activities $ (39,156 ) $ (22,349 ) $ (5 ) $ — $ (61,510 ) Investing activities: Purchases of property and equipment (22 ) (162 ) — — (184 ) Contributions and advances to unconsolidated joint ventures — (8,954 ) — — (8,954 ) Contributions to subsidiaries from corporate (103,885 ) — — 103,885 — Distributions of capital from subsidiaries 49,975 (49,975 ) — Distributions of capital and repayment of advances from unconsolidated joint ventures — 5,874 — — 5,874 Interest collected on advances to unconsolidated joint ventures $ — $ 178 $ — $ — $ 178 Net cash used in investing activities $ (53,932 ) $ (3,064 ) $ — $ 53,910 $ (3,086 ) Financing activities: Borrowings from credit facility 35,000 — — — 35,000 Contributions to subsidiaries from corporate — 103,885 — (103,885 ) — Distributions to corporate from subsidiaries — (49,975 ) — 49,975 — Repurchases of common stock (2,072 ) — — — (2,072 ) Tax withholding paid on behalf of employees for stock awards (977 ) — — — (977 ) Net cash provided by financing activities $ 31,951 $ 53,910 $ — $ (53,910 ) $ 31,951 Net (decrease) increase in cash, cash equivalents and restricted cash (61,137 ) 28,497 (5 ) — (32,645 ) Cash, cash equivalents and restricted cash – beginning of period 99,586 24,196 188 — 123,970 Cash, cash equivalents and restricted cash – end of period $ 38,449 $ 52,693 $ 183 $ — $ 91,325 Six Months Ended June 30, 2017 NWHM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Net cash used in operating activities $ (21,176 ) $ (49,799 ) $ (47 ) $ (886 ) $ (71,908 ) Investing activities: Purchases of property and equipment (40 ) (55 ) — — (95 ) Cash assumed from joint venture at consolidation — 995 — — 995 Contributions and advances to unconsolidated joint ventures — (8,517 ) — — (8,517 ) Contributions to subsidiaries from corporate (94,035 ) — — 94,035 — Distributions of capital from subsidiaries 19,880 — — (19,880 ) — Distributions of capital and repayment of advances from unconsolidated joint ventures — 2,948 — — 2,948 Net cash (used in) provided by investing activities $ (74,195 ) $ (4,629 ) $ — $ 74,155 $ (4,669 ) Financing activities: Borrowings from credit facility 72,000 — — — 72,000 Repayments of credit facility (190,000 ) — — — (190,000 ) Proceeds from senior notes 324,465 — — — 324,465 Payment of debt issuance costs (6,440 ) — — — (6,440 ) Contributions to subsidiaries from corporate — 94,035 — (94,035 ) — Distributions to corporate from subsidiaries — (20,766 ) — 20,766 — Tax withholding paid on behalf of employees for stock awards (584 ) — — — (584 ) Proceeds from exercise of stock options $ 102 $ — $ — $ — 102 Net cash provided by financing activities $ 199,543 $ 73,269 $ — $ (73,269 ) $ 199,543 Net increase (decrease) in cash, cash equivalents and restricted cash 104,172 18,841 (47 ) — 122,966 Cash, cash equivalents and restricted cash – beginning of period 16,385 14,427 269 — 31,081 Cash, cash equivalents and restricted cash – end of period $ 120,557 $ 33,268 $ 222 $ — $ 154,047

Organization and Summary of S40

Organization and Summary of Significant Accounting Policies - Additional Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 567	$ 88	$ 567	$ 88		$ 424
Impairment of Real Estate Homes	0	1,300	0	1,300
Stock Repurchased During Period	2,100		(2,072)
Cumulative Effect of New Accounting Principle in Period of Adoption						(3,365)
Write down of previously capitalized selling and marketing costs	0		0			11,232	[1],[2]
Deferred Tax Assets - ASC 606	7,798		7,798			6,317
Selling and Marketing Expense - ASC 606	9,466	6,376	16,105	11,377
Capitalized Sales and Marketing Amortized - ASC 606	1,500	$ 2,100	2,400	3,200
Non-controlling interest in subsidiary	79		79			90
Impairments related to investment in unconsolidated joint ventures	0		0	$ 0
Allowance for doubtful contracts and accounts receivable	$ 0		$ 0			0
Maximum [Member]
Equity Method Investment, Ownership Percentage	35.00%		35.00%
ASC 606 Adoption Other Assets Write Off [Member]
Write down of previously capitalized selling and marketing costs					$ 4,673
Deferred Tax Assets - ASC 606					$ 1,300
Immediately expensed selling and marketing costs [Member]
Selling and Marketing Expense - ASC 606	$ 895		$ 1,313
Adoption 606 Difference in Capped S&M Amortization [Member]
Capitalized Sales and Marketing Amortized - ASC 606	$ 500		800
Additional Paid-in Capital [Member]
Stock Repurchased During Period			$ (1,947)
Cumulative Effect of New Accounting Principle in Period of Adoption						(18)
Common Stock [Member]
Stock Repurchased and Retired During Period, Shares	205,240		205,240
Stock Repurchased During Period			$ (2)
Stockholders' Equity Attributable to Parent [Member]
Stock Repurchased During Period			(2,072)
Cumulative Effect of New Accounting Principle in Period of Adoption						(3,365)
Stock Options and Restricted Stock Units
Unearned stock-based compensation expense not yet recognized	$ 4,900		4,900
Consultant Stelmar [Member] | Stock Options and Restricted Stock Units
Unearned stock-based compensation expense not yet recognized	$ 100		$ 100
Accounting Standards Update 2018-07 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption						$ 18
[1]	The Company amortized $2.1 million and $3.2 million of capitalized selling and marketing costs to selling and marketing expenses during the three and six months ended June 30, 2017.
[2]	Under the adoption of the requirements of ASC 606 on January 1, 2018, certain selling and marketing costs that were previously capitalized under former accounting guidance were written off. For the current year, remaining selling and marketing costs and those incurred during the first half of 2018 that are permitted to be capitalized under ASC 340 are included as "Property, equipment and capitalized selling and marketing costs, net" within "Other Assets." Under the modified retrospective adoption approach, the December 31, 2017 balance has not been restated. For more information on the adoption of ASC 606, please refer to Note 1.

Organization and Summary of S41

Organization and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 90,758	$ 123,546	$ 153,959
Restricted cash	567	424	88
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$ 91,325	$ 123,970	$ 154,047	$ 31,081

Organization and Summary of S42

Organization and Summary of Significant Accounting Policies - Major Customer Revenue (Details) - Fee Building Segment [Member] - Customer Concentration Risk [Member] - customer	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Sales Revenue [Member]
Concentration Risk [Line Items]
Concentration risk, number of customers	1	1	1	1
Concentration Risk, Percentage	95.00%	97.00%	96.00%	98.00%
Contracts and Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk, number of customers			1		1
Concentration Risk, Percentage			61.00%		49.00%

Computation of Earnings (Loss43

Computation of Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income (loss) attributable to The New Home Company Inc.	$ 115	$ 1,517	$ (525)	$ 2,363
Denominator:
Basic weighted-average shares outstanding	20,958,991	20,869,429	20,942,601	20,819,288
Stock options and unvested restricted stock units	65,778	87,294	0	101,862
Diluted weighted-average shares outstanding	21,024,769	20,956,723	20,942,601	20,921,150
Basic earnings (loss) per share attributable to The New Home Company Inc.	$ 0.01	$ 0.07	$ (0.03)	$ 0.11
Diluted earnings (loss) per share attributable to The New Home Company Inc.	$ 0.01	$ 0.07	$ (0.03)	$ 0.11
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	952,882	22,077	1,333,106	846,725

Contracts and Accounts Receiv44

Contracts and Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Contracts Receivable:
Costs incurred on fee building projects	$ 79,737	$ 184,827
Estimated earnings	2,152	5,497
Contracts receivable, before collections	81,889	190,324
Less: amounts collected during the period	(69,557)	(178,704)
Total contracts receivable	12,332	11,620
Billed	0	0
Unbilled	12,332	11,620
Other receivables
Escrow receivables	7,157	11,554
Other receivables	881	50
Contracts and accounts receivable	20,370	23,224
Accounts payable related to costs incurred under fee building contracts	$ 10,800	$ 11,300

Real Estate Inventories (Detail

Real Estate Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Deposits and pre-acquisition costs	$ 40,001	$ 35,846
Land held and land under development	43,368	47,757
Homes completed or under construction	329,278	302,884
Model homes	57,091	29,656
Real estate inventories	469,738	416,143
Deposits and pre-acquisition costs, refundable	$ 1,000	$ 800

Real Estate Inventories Invento

Real Estate Inventories Inventory Impairments (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Inventory Disclosure [Abstract]
Impairment of Real Estate Homes	$ 0	$ 1,300,000	$ 0	$ 1,300,000
Inventory impairments	0		0	1,300,000
Remaining Carrying Value of Inventory Impaired	$ 0	$ 12,550,000	$ 0	$ 12,550,000
Number of Projects Impaired	0	1	0	1
Number of Projects Reviewed for Impairment	26	25	26	26

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Capitalized Interest [Abstract]
Interest incurred	$ 6,612	$ 6,401	$ 13,328	$ 8,437
Interest capitalized to inventory	(6,149)	(5,878)	(12,344)	(7,750)
Interest Capitalized to Investments in Unconsolidated Joint Ventures	(463)	(523)	(984)	(687)
Interest expensed	0	0	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in beginning inventory	19,884	6,663	16,453	6,342
Interest capitalized as a cost of inventory	6,149	5,878	12,344	7,750
Capitalized interest transferred from investment in unconsolidated joint venture to inventory upon lot acquisition	5	0	5	0
Previously capitalized interest included in cost of sales	(3,750)	(1,720)	(6,514)	(3,271)
Capitalized interest in ending inventory	22,288	10,821	22,288	10,821
Real Estate Inventory, Capitalized Interest Costs in Unconsolidated Joint Venture [Roll Forward]
Capitalized interest in beginning investment in unconsolidated joint ventures	1,962	164	1,472	0
Interest capitalized to investment in unconsolidated joint ventures	463	523	984	687
Capitalized interest transferred from investment in unconsolidated joint venture to inventory upon lot acquisition	(5)	0	(5)	0
Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures	(18)	0	(49)	0
Capitalized interest in ending investment in unconsolidated joint ventures	2,402	687	2,402	687
Total capitalized interest in ending inventory and investments in unconsolidated joint ventures	$ 24,690	$ 11,508	$ 24,690	$ 11,508
Capitalized interest as a percentage of inventory	4.70%	3.00%	4.70%	3.00%
Interest included in cost of sales as a percentage of home sales revenue	3.20%	1.80%	3.30%	2.00%
Capitalized interest as a percentage of investment in and advances to unconsolidated joint ventures	4.10%	1.20%	4.10%	1.20%

Investments in and advances t48

Investments in and advances to unconsolidated joint ventures - Additional Disclosures (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)investment	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)investment	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)investment
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures with ownership interests | investment	10		10		10
Advances to Affiliate	$ 0		$ 0		$ 3,800
Debt Instrument, Interest Rate, Stated Percentage	7.25%		7.25%
Management fee revenue, unconsolidated joint ventures	$ 672	$ 1,217	$ 1,652	$ 2,431
Equity in net income (loss) of unconsolidated joint ventures	$ (120)	201	$ 215	$ 507
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	5.00%		5.00%
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	35.00%		35.00%
Interest Income on Note to Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	10.00%		10.00%
Gain on Fair Value Remeasurement [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income (loss) of unconsolidated joint ventures		100
Gain on Joint Venture Closeout [Member] [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income (loss) of unconsolidated joint ventures		$ 300

Investments in and advances t49

Investments in and advances to unconsolidated joint ventures - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Cash and cash equivalents	$ 26,231	$ 30,017
Restricted cash	15,048	15,041
Real estate inventories	439,013	396,850
Other assets	1,422	3,942
Total assets	481,714	445,850
Accounts payable and accrued liabilities	33,844	34,959
Notes Payable	75,616	78,341
Liabilities	109,460	113,300
The Company's equity	56,099	50,523
Other partners' equity	316,155	282,027
Total equity	372,254	332,550
Total liabilities and equity	$ 481,714	$ 445,850
Debt-to-capitalization ratio	16.90%	19.10%
Debt-to-equity ratio	20.30%	23.60%

Investments in and advances t50

Investments in and advances to unconsolidated joint ventures - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Revenues	$ 33,879	$ 35,171	$ 65,892	$ 61,791
Cost of Sales and Expenses	34,165	35,825	65,374	63,309
Net income (loss) of unconsolidated joint ventures	(286)	(654)	518	(1,518)
Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$ (120)	$ 201	$ 215	$ 507

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2018		Jun. 30, 2017	Jun. 30, 2018		Jun. 30, 2017	Dec. 31, 2017
Other Assets [Abstract]
Property, equipment and capitalized selling and marketing costs, net(1)(2)		$ 10,059	[1],[2]		$ 10,059	[1],[2]		$ 603
Deferred tax asset, net		7,798			7,798			6,317
Prepaid Taxes		1,251			1,251			0
Prepaid Expense		5,554			5,554			4,937
Warranty insurance receivable(3)	[3]	1,202			1,202			1,202
Capitalized selling and marketing costs		0			0			11,232	[2],[4]
Total other assets		25,864			25,864			24,291
Estimated probable recoveries								$ 600
Capitalized Sales and Marketing Amortized		$ 1,500		$ 2,100	$ 2,400		$ 3,200
[1]	The Company depreciated $1.5 million and $2.4 million of capitalized selling and marketing costs to selling and marketing expenses during the three and six months ended June 30, 2018.
[2]	Under the adoption of the requirements of ASC 606 on January 1, 2018, certain selling and marketing costs that were previously capitalized under former accounting guidance were written off. For the current year, remaining selling and marketing costs and those incurred during the first half of 2018 that are permitted to be capitalized under ASC 340 are included as "Property, equipment and capitalized selling and marketing costs, net" within "Other Assets." Under the modified retrospective adoption approach, the December 31, 2017 balance has not been restated. For more information on the adoption of ASC 606, please refer to Note 1.
[3]	Of the $1.2 million amount for December 2017, approximately $0.6 million related to 2016 estimated warranty insurance recoveries. For further discussion, please see Note 8.
[4]	The Company amortized $2.1 million and $3.2 million of capitalized selling and marketing costs to selling and marketing expenses during the three and six months ended June 30, 2017.

Accrued Expenses and Other Li52

Accrued Expenses and Other Liabilities - Schedule of Accrued Liabilities and Other Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017		Jun. 30, 2017	Mar. 31, 2017
Payables and Accruals [Abstract]
Warranty accrual(1)		$ 6,998	$ 6,859	[1]	$ 5,399	$ 5,399
Accrued compensation and benefits		2,545	9,164
Accrued interest		6,176	6,217
Completion Reserve		2,379	5,792
Income taxes payable		0	6,368
Deferred profit from unconsolidated joint ventures		0	136
Other accrued expenses		5,698	3,518
Total accrued expenses and other liabilities		23,796	38,054
Insurance Settlements Receivable	[2]	$ 1,202	1,202
Estimated probable recoveries			$ 600
[1]	(1)Included in the amount at December 31, 2017 is approximately $1.2 million of additional warranty liabilities estimated to be covered by our insurance policies that were adjusted to present the warranty reserves and related estimated warranty insurance receivable on a gross basis at December 31, 2017. Of this amount, approximately $0.6 million related to 2016 estimated warranty insurance recoveries.
[2]	Of the $1.2 million amount for December 2017, approximately $0.6 million related to 2016 estimated warranty insurance recoveries. For further discussion, please see Note 8.

Accrued Expenses and Other Li53

Accrued Expenses and Other Liabilities - Changes in Warranty Accrual (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018		Jun. 30, 2017
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty liability		$ 5,399	$ 6,859	[1]
Ending warranty liability	$ 6,998	5,399	6,998		$ 5,399
Homebuilding Segment [Member]
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty liability	6,775	4,678	6,634		4,608
Warranty provision	470	331	986		602
Warranty provision assumed from joint venture at consolidation	0	358	0		358
Warranty payments	(469)	(291)	(844)		(492)
Ending warranty liability	6,776	5,076	6,776		5,076
Fee Building Segment [Member]
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty liability	223	323	225		323
Warranty provision	0	0	0		0
Warranty payments	(1)	0	(3)		0
Ending warranty liability	$ 222	$ 323	$ 222		$ 323
[1]	(1)Included in the amount at December 31, 2017 is approximately $1.2 million of additional warranty liabilities estimated to be covered by our insurance policies that were adjusted to present the warranty reserves and related estimated warranty insurance receivable on a gross basis at December 31, 2017. Of this amount, approximately $0.6 million related to 2016 estimated warranty insurance recoveries.

Senior Notes and Unsecured Re54

Senior Notes and Unsecured Revolving Credit Facility - Schedule of Notes Payable (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
7.25% Senior Notes due 2022, net	[1]	$ 319,402	$ 318,656
Unsecured revolving credit facility		35,000	0
Total Notes Payable		$ 354,402	$ 318,656
[1]	(1) The carrying value for the Senior Notes, as presented at June 30, 2018, is net of the unamortized discount of $1.9 million, unamortized premium of $1.5 million, and $5.2 million of unamortized debt issuance costs. The carrying value for the Senior Notes, as presented at December 31, 2017, is net of the unamortized discount of $2.2 million, unamortized premium of $1.8 million, and $5.9 million of unamortized debt issuance costs. The unamortized discount, unamortized premium and debt issuance costs are not factored into the estimated fair value.

Senior Notes and Unsecured Re55

Senior Notes and Unsecured Revolving Credit Facility - Additional Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	May 04, 2017	Mar. 17, 2017
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 1,900	$ 2,200
Debt Instrument, Unamortized Premium	1,500	1,800
Debt Instrument, Unamortized Debt Issuance Costs	5,200	5,900
Unsecured revolving credit facility	35,000	0
Long-term Debt	$ 354,402	$ 318,656
Interest rate	7.25%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000
Interest rate at period end	4.84%
Revolving Credit Facility [Member] | Minimum [Member] | Unsecured Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Revolving Credit Facility [Member] | Maximum [Member] | Unsecured Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000
Letters of Credit Outstanding, Amount	3,400
Accordion Feature Maximum Borrowing Capacity [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000
Sr Notes Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate at period end				7.50%
Face value of note				$ 250,000
Interest rate	7.25%
Percent of Debt Instrument Par Value Issued				98.96%
Sr Notes Due 2022 Tack-on [Member]
Debt Instrument [Line Items]
Interest rate at period end			6.44%
Face value of note			$ 75,000
Percent of Debt Instrument Par Value Issued			102.75%
Existing or future credit facility borrowings [Member] | Sr Notes Due 2022 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 260,000
Basket limitation components [Member] | Sr Notes Due 2022 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Percent of consolidated net income	50.00%
General Basket	$ 15,000
Net Cash Proceeds from Qualified Equity Offerings	100.00%
Consolidated tangible net assets	15.00%

Fair Value Disclosures Fair V56

Fair Value Disclosures Fair Value Table (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes, net	[1]	$ 319,402	$ 318,656
Senior notes, fair value		332,313	336,375
Unsecured revolving credit facility		$ 35,000	$ 0
[1]	(1) The carrying value for the Senior Notes, as presented at June 30, 2018, is net of the unamortized discount of $1.9 million, unamortized premium of $1.5 million, and $5.2 million of unamortized debt issuance costs. The carrying value for the Senior Notes, as presented at December 31, 2017, is net of the unamortized discount of $2.2 million, unamortized premium of $1.8 million, and $5.9 million of unamortized debt issuance costs. The unamortized discount, unamortized premium and debt issuance costs are not factored into the estimated fair value.

Fair Value Disclosures (Details

Fair Value Disclosures (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Fair Value Disclosures [Abstract]
Unsecured revolving credit facility	$ 35,000		$ 35,000		$ 0
Debt Instrument, Unamortized Discount	1,900		1,900		2,200
Debt Instrument, Unamortized Premium	1,500		1,500		1,800
Debt Instrument, Unamortized Debt Issuance Costs	5,200		5,200		$ 5,900
Impairment of Real Estate Homes	$ 0	$ 1,300	$ 0	$ 1,300
Number of Projects Impaired	0	1	0	1
Remaining Carrying Value of Inventory Impaired	$ 0	$ 12,550	$ 0	$ 12,550

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Loss Contingencies [Line Items]
Lots under Purchase Agreement Recorded	400
Non-refundable deposit related to purchase agreement	$ 5.1
Reimbursable Improvement Costs Incurred	4.1
Reimbursable Improvement Costs	17
Surety Bond [Member]
Loss Contingencies [Line Items]
Outstanding surety bonds	50.8	$ 52.1
Surety bonds work remaining to complete	19.4	24.4
Corporate Joint Venture [Member] | Financial Guarantee [Member]
Loss Contingencies [Line Items]
Long-term Debt, Gross	31.3	38.6
Loans Payable [Member] | Corporate Joint Venture [Member]
Loss Contingencies [Line Items]
Related Party Transaction, Guarantor Obligations, Underlying Asset Class Guaranteed	$ 5	$ 6.7

Related Party Transactions (Det

Related Party Transactions (Details)	Jun. 29, 2015USD ($)	Jun. 30, 2018USD ($)investment	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)investment	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)investment	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Due from affiliates		$ 212,000		$ 212,000		$ 1,060,000
Equity Method Investments, Number | investment		10		10		10
Investment in and advances to unconsolidated joint ventures		$ 58,501,000		$ 58,501,000		$ 55,824,000
Fee building revenues		38,095,000	$ 47,181,000	81,889,000	$ 102,798,000
Construction and Development Costs		(37,038,000)	(45,899,000)	(79,737,000)	(99,825,000)
Due to Affiliate		0		0		0
Equity in net income (loss) of unconsolidated joint ventures		(120,000)	201,000	215,000	507,000
Deferred Revenue		0		0		136,000
Advances to Affiliate		$ 0		$ 0		3,800,000
Debt Instrument, Interest Rate, Stated Percentage		7.25%		7.25%
General Partners' Contributed Capital			4,000,000		4,000,000
Deposit related to option contract		$ 5,100,000		$ 5,100,000
Lots under Purchase Agreement Recorded		400		400
Profit Participation [Member]
Related Party Transaction [Line Items]
Profit Participation				$ 100,000	200,000
Interest Income on Note to Joint Venture [Member]
Related Party Transaction [Line Items]
Due from affiliates		$ 0		0		34,000
Revenue from related party		$ 0	100,000	$ 100,000	300,000
Debt Instrument, Interest Rate, Stated Percentage		10.00%		10.00%
Builder Fees [Member]
Related Party Transaction [Line Items]
Due from affiliates		$ 0		$ 0		100,000
Corporate Joint Venture [Member] | Construction-related Costs [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party		1,500,000	1,700,000	3,600,000	4,000,000
Due from affiliates		100,000		100,000		100,000
Corporate Joint Venture [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Due from affiliates		0		0		300,000
Revenue from related party		$ 700,000	1,200,000	$ 1,700,000	2,400,000
Related Party [Member]
Related Party Transaction [Line Items]
The percentage of ownership of common stock entities with investments in Company’s unconsolidated joint ventures hold		10.00%		10.00%
Equity Method Investments, Number | investment		5		5
Investment in and advances to unconsolidated joint ventures		$ 41,200,000		$ 41,200,000
10% Common Stock Affiliate [Member] | Northern CA Phased Takedown [Member]
Related Party Transaction [Line Items]
Total purchase price for lots under option contract		16,100,000		16,100,000
Deposit related to option contract		600,000		600,000
10% Common Stock Affiliate [Member] | Northern CA Rolling Option [Member]
Related Party Transaction [Line Items]
Deposit related to option contract		300,000		300,000
Estimated Purchase Price				56,200,000
Land owner fees reimbursed				100,000
Option Payment				1,500,000
Consultant Stelmar [Member] | Monthly consulting fee [Member]
Related Party Transaction [Line Items]
Transaction amount				6,000
Accounts Payable, Related Parties		$ 0		$ 0
Board Member and 10% Beneficial Owner [Member]
Related Party Transaction [Line Items]
Equity Method Investments, Number | investment		2		2
Director [Member]
Related Party Transaction [Line Items]
Equity Method Investments, Number | investment		3		3
Consultant Davis [Member]
Related Party Transaction [Line Items]
Due from affiliates		$ 48,000		$ 48,000		500,000
Fee building revenues		615,000		652,000
General Contractor Revenue		17,000		17,000
Construction and Development Costs		(597,000)		(635,000)
Consultant Davis [Member] | Monthly consulting fee [Member]
Related Party Transaction [Line Items]
Transaction amount				5,000
Accounts Payable, Related Parties		0		0
Board Affiliate [Member]
Related Party Transaction [Line Items]
Total purchase price for lots under option contract		10,000,000		10,000,000
Deposit related to option contract		1,500,000		1,500,000
Deposits Assets - Outstanding		1,134,000		1,134,000
Cannery Land Sale [Member]
Related Party Transaction [Line Items]
Deferred Profit Contra WIP Balance		500,000		500,000		500,000
Deferred Revenue		0		0		100,000
Joint Venture Contribution [Member]
Related Party Transaction [Line Items]
Equity in net income (loss) of unconsolidated joint ventures	$ 1,600,000		34,000		100,000
Deferred Revenue						0	$ 400,000
Wholly owned [Member] | TL Fab LP [Member] | Trade Payment [Member]
Related Party Transaction [Line Items]
Transaction amount		100,000	100,000	200,000	300,000
Accounts Payable, Related Parties		0		0		11,000
Unconsolidated Joint Ventures [Member] | TL Fab LP [Member] | Trade Payment [Member]
Related Party Transaction [Line Items]
Transaction amount		0	300,000	400,000	600,000
Accounts Payable, Related Parties		0		0		$ 0
Sponsor [Member] | FMR LLC [Member]
Related Party Transaction [Line Items]
Investment Income, Investment Expense		5,000	4,000	9,000	7,000
Participant [Member] | FMR LLC [Member]
Related Party Transaction [Line Items]
Investment Income, Investment Expense		$ 2,000	$ 1,000	$ 4,000	$ 2,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Disclosures (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period	10 years
Unearned stock-based compensation expense not yet recognized, recognition period	1 year 8 months 35 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Award vesting period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	150.00%
Award vesting period	3 years
Stock Options and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unearned stock-based compensation expense not yet recognized | $	$ 4.9
2014 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be issued under plan	1,644,875
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	51,433
2016 Incentive Plan [Member] [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be issued under plan	800,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,465,834
2016 Incentive Plan Amended and Restated [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be issued under plan	2,100,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Common Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Number of Shares
Options outstanding at December 31 (shares)	826,498	835,786
Options granted (shares)	0	0
Options exercised (shares)	0	9,288
Options forfeited (shares)	(5,028)	0
Options outstanding at June 30 (shares)	821,470	826,498
Options exercisable at June 30 (shares)	821,470	826,498
Weighted-Average Exercise Price per share
Options outstanding at December 31 (in dollars per share)	$ 11	$ 11
Options granted (in dollars per share)	0	0
Options exercised (in dollars per share)	0	11
Options forfeited (in dollars per share)	11	0
Options outstanding at June 30 (in dollars per share)	11	11
Options exercisable at June 30 (in dollars per share)	$ 11	$ 11

Stock-Based Compensation - Su62

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Balance outstanding at December 31 (shares)	562,082	474,989
Units granted (shares)	179,268	343,933
Units vested (shares)	(270,363)	(209,619)
Units forfeited (shares)	0	(26,194)
Balance outstanding at June 30 (shares)	470,987	583,109
Weighted-Average Grant-Date Fair Value per Share
Balance outstanding at December 31 (in dollars per share)	$ 10.72	$ 10.66
Units granted (in dollars per share)	11.24	10.84
Units vested (in dollars per share)	11.02	10.76
Units forfeited (in dollars per share)	0	10.82
Balance outstanding at June 30 (in dollars per share)	$ 10.74	$ 10.72
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Balance outstanding at December 31 (shares)	0
Units granted (shares)	125,422
Units vested (shares)	0
Units forfeited (shares)	0
Balance outstanding at June 30 (shares)	125,422
Weighted-Average Grant-Date Fair Value per Share
Balance outstanding at December 31 (in dollars per share)	$ 0
Units granted (in dollars per share)	11.68
Units vested (in dollars per share)	0
Units forfeited (in dollars per share)	0
Balance outstanding at June 30 (in dollars per share)	$ 11.68

Stock-Based Compensation - Su63

Stock-Based Compensation - Summary of Source of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 862	$ 695	$ 1,704	$ 1,306
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0	0	0	11
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	798	695	1,562	1,295
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 64	$ 0	$ 142	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
(Provision) benefit for income taxes	$ (67)	$ (988)	$ 793	$ (1,512)
Effective Income Tax Rate Reconciliation, Percent	36.80%	39.40%	59.70%	39.10%
Effective tax rate before discrete items, percent	24.70%	38.00%	30.00%	38.10%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount					$ 3,200
Discrete tax items			$ 400

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Homebuilding revenues	$ 117,460	$ 96,929	$ 196,897	$ 166,335
Fee building revenues	38,095	47,181	81,889	102,798
Revenues	155,555	144,110	278,786	269,133
Income before income taxes	182	2,505	(1,329)	3,865
Total assets	666,010		666,010		$ 644,512
Homebuilding Segment [Member]
Segment Reporting Information [Line Items]
Homebuilding revenues	117,460	96,929	196,897	166,335
Income before income taxes	(875)	1,223	(3,481)	892
Total assets	652,444		652,444		631,087
Fee Building Segment [Member]
Segment Reporting Information [Line Items]
Fee building revenues	38,095	47,181	81,889	102,798
Income before income taxes	1,057	$ 1,282	2,152	$ 2,973
Total assets	$ 13,566		$ 13,566		$ 13,425

Supplemental Disclosure of Ca66

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amounts capitalized	$ 0	$ 0
Income Taxes Paid	7,000	8,750
Assets assumed from unconsolidated joint venture	0	100
Liabilities and equity assumed from unconsolidated joint ventures	0	1,095
Contribution of real estate to unconsolidated joint ventures	$ 0	$ 1,013

Supplemental Guarantor Inform67

Supplemental Guarantor Information Supplemental Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Cash and cash equivalents		$ 90,758	$ 123,546	$ 153,959
Restricted cash		567	424
Contracts and accounts receivable		20,370	23,224
Intercompany Receivables		0	0
Due from affiliates		212	1,060
Real estate inventories		469,738	416,143
Investment in and advances to unconsolidated joint ventures		58,501	55,824
Investment in subsidiaries		0	0
Other assets		25,864	24,291
Total assets		666,010	644,512
Accounts payable		28,978	23,722
Accrued expenses and other liabilities		23,796	38,054
Intercompany Payables		0	0
Due to Affiliate		0	0
Unsecured revolving credit facility		35,000	0
Senior notes, net	[1]	319,402	318,656
Total liabilities		407,176	380,432
Stockholders' Equity Attributable to Parent		258,755	263,990
Non-controlling interest in subsidiary		79	90
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		258,834	264,080	$ 247,801	$ 244,624
Total liabilities and equity		666,010	644,512
Consolidation, Eliminations [Member]
Cash and cash equivalents		0	0
Restricted cash		0	0
Contracts and accounts receivable		(1,312)	(1,024)
Intercompany Receivables		(158,687)	(129,414)
Due from affiliates		0	0
Real estate inventories		0	0
Investment in and advances to unconsolidated joint ventures		0	0
Investment in subsidiaries		(406,812)	(356,443)
Other assets		(15)	0
Total assets		(566,826)	(486,881)
Accounts payable		0	0
Accrued expenses and other liabilities		(1,315)	(1,014)
Intercompany Payables		(158,687)	(129,414)
Due to Affiliate		(12)	(10)
Unsecured revolving credit facility		0
Senior notes, net		0	0
Total liabilities		(160,014)	(130,438)
Stockholders' Equity Attributable to Parent		(406,812)	(356,443)
Non-controlling interest in subsidiary		0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		(406,812)	(356,443)
Total liabilities and equity		(566,826)	(486,881)
Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents		183	188
Restricted cash		0	0
Contracts and accounts receivable		0	0
Intercompany Receivables		0	0
Due from affiliates		0	0
Real estate inventories		0	0
Investment in and advances to unconsolidated joint ventures		0	0
Investment in subsidiaries		0	0
Other assets		0	0
Total assets		183	188
Accounts payable		13	6
Accrued expenses and other liabilities		91	80
Intercompany Payables		0	0
Due to Affiliate		0	0
Unsecured revolving credit facility		0
Senior notes, net		0	0
Total liabilities		104	86
Stockholders' Equity Attributable to Parent		0	12
Non-controlling interest in subsidiary		79	90
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		79	102
Total liabilities and equity		183	188
Guarantor Subsidiaries [Member]
Cash and cash equivalents		52,126	23,772
Restricted cash		567	424
Contracts and accounts receivable		21,670	24,238
Intercompany Receivables		0	0
Due from affiliates		212	1,060
Real estate inventories		469,738	416,143
Investment in and advances to unconsolidated joint ventures		58,501	55,824
Investment in subsidiaries		0	0
Other assets		8,849	15,827
Total assets		611,663	537,288
Accounts payable		28,897	23,479
Accrued expenses and other liabilities		17,255	27,954
Intercompany Payables		158,687	129,414
Due to Affiliate		12	10
Unsecured revolving credit facility		0
Senior notes, net		0	0
Total liabilities		204,851	180,857
Stockholders' Equity Attributable to Parent		406,812	356,431
Non-controlling interest in subsidiary		0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		406,812	356,431
Total liabilities and equity		611,663	537,288
Parent Company [Member]
Cash and cash equivalents		38,449	99,586
Restricted cash		0	0
Contracts and accounts receivable		12	10
Intercompany Receivables		158,687	129,414
Due from affiliates		0	0
Real estate inventories		0	0
Investment in and advances to unconsolidated joint ventures		0	0
Investment in subsidiaries		406,812	356,443
Other assets		17,030	8,464
Total assets		620,990	593,917
Accounts payable		68	237
Accrued expenses and other liabilities		7,765	11,034
Intercompany Payables		0	0
Due to Affiliate		0	0
Unsecured revolving credit facility		35,000
Senior notes, net		319,402	318,656
Total liabilities		362,235	329,927
Stockholders' Equity Attributable to Parent		258,755	263,990
Non-controlling interest in subsidiary		0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		258,755	263,990
Total liabilities and equity		$ 620,990	$ 593,917
[1]	(1) The carrying value for the Senior Notes, as presented at June 30, 2018, is net of the unamortized discount of $1.9 million, unamortized premium of $1.5 million, and $5.2 million of unamortized debt issuance costs. The carrying value for the Senior Notes, as presented at December 31, 2017, is net of the unamortized discount of $2.2 million, unamortized premium of $1.8 million, and $5.9 million of unamortized debt issuance costs. The unamortized discount, unamortized premium and debt issuance costs are not factored into the estimated fair value.

Supplemental Guarantor Inform68

Supplemental Guarantor Information Supplemental Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Home sales	$ 117,460	$ 96,929	$ 196,897	$ 166,335
Fee building revenues	38,095	47,181	81,889	102,798
Revenue, Net	155,555	144,110	278,786	269,133
Home sales Cost of Sales	102,678	82,488	172,372	142,553
Impairment of Real Estate Homes	0	1,300	0	1,300
Fee building Cost of Sales	37,038	45,899	79,737	99,825
Cost of Sales	139,716	129,687	252,109	243,678
Gross Profit Home Sales	14,782	13,141	24,525	22,482
Gross Profit Fee Building	1,057	1,282	2,152	2,973
Gross Profit	15,839	14,423	26,677	25,455
Selling and marketing expenses	(9,466)	(6,376)	(16,105)	(11,377)
General and administrative expenses	(5,979)	(5,595)	(11,998)	(10,685)
Equity in net income (loss) of unconsolidated joint ventures	(120)	201	215	507
Equity in net income (loss) from Subsidiaries	0	0	0	0
Other income (expense), net	(92)	(148)	(118)	(35)
Pretax income (loss)	182	2,505	(1,329)	3,865
(Provision) benefit for income taxes	(67)	(988)	793	(1,512)
Net income (loss)	115	1,517	(536)	2,353
Net loss attributable to non-controlling interest	0	0	11	10
Net Income (Loss) Attributable to Parent	115	1,517	(525)	2,363
Guarantor Subsidiaries [Member]
Home sales	117,460	96,929	196,897	166,335
Fee building revenues	38,095	47,181	81,889	102,798
Revenue, Net	155,555	144,110	278,786	269,133
Home sales Cost of Sales	102,680	82,488	172,350	142,522
Impairment of Real Estate Homes				1,300
Fee building Cost of Sales	37,038	45,304	79,737	98,740
Cost of Sales	139,718	129,092	252,087	242,562
Gross Profit Home Sales	14,780	13,141	24,547	22,513
Gross Profit Fee Building	1,057	1,877	2,152	4,058
Gross Profit	15,837	15,018	26,699	26,571
Selling and marketing expenses	(9,466)	(6,376)	(16,105)	(11,377)
General and administrative expenses	(6,281)	(5,220)	(11,194)	(9,531)
Equity in net income (loss) of unconsolidated joint ventures	(120)	201	215	507
Equity in net income (loss) from Subsidiaries	0	0	0	0
Other income (expense), net	(57)	(174)	(194)	(79)
Pretax income (loss)	(87)	3,449	(579)	6,091
(Provision) benefit for income taxes	30	(1,427)	417	(2,376)
Net income (loss)	(57)	2,022	(162)	3,715
Net loss attributable to non-controlling interest	0	0	0	0
Net Income (Loss) Attributable to Parent	(57)	2,022	(162)	3,715
Non-Guarantor Subsidiaries [Member]
Home sales	0	0	0	0
Fee building revenues	0	0	0	0
Revenue, Net	0	0	0	0
Home sales Cost of Sales	(2)	0	22	31
Impairment of Real Estate Homes				0
Fee building Cost of Sales	0	0	0	0
Cost of Sales	(2)	0	22	31
Gross Profit Home Sales	2	0	(22)	(31)
Gross Profit Fee Building	0	0	0	0
Gross Profit	2	0	(22)	(31)
Selling and marketing expenses	0	0	0	0
General and administrative expenses	(3)	0	(3)	0
Equity in net income (loss) of unconsolidated joint ventures	0	0	0	0
Equity in net income (loss) from Subsidiaries	0	0	0	0
Other income (expense), net	0	0	0	0
Pretax income (loss)	(1)	0	(25)	(31)
(Provision) benefit for income taxes	0	0	0	0
Net income (loss)	(1)	0	(25)	(31)
Net loss attributable to non-controlling interest	0	0	11	10
Net Income (Loss) Attributable to Parent	(1)	0	(14)	(21)
Parent Company [Member]
Home sales	0	0	0	0
Fee building revenues	0	0	0	0
Revenue, Net	0	0	0	0
Home sales Cost of Sales	0	0	0	0
Impairment of Real Estate Homes				0
Fee building Cost of Sales	0	595	0	1,085
Cost of Sales	0	595	0	1,085
Gross Profit Home Sales	0	0	0	0
Gross Profit Fee Building	0	(595)	0	(1,085)
Gross Profit	0	(595)	0	(1,085)
Selling and marketing expenses	0	0	0	0
General and administrative expenses	305	(375)	(801)	(1,154)
Equity in net income (loss) of unconsolidated joint ventures	0	0	0	0
Equity in net income (loss) from Subsidiaries	(58)	2,022	(176)	3,694
Other income (expense), net	(35)	26	76	44
Pretax income (loss)	212	1,078	(901)	1,499
(Provision) benefit for income taxes	(97)	439	376	864
Net income (loss)	115	1,517	(525)	2,363
Net loss attributable to non-controlling interest	0	0	0	0
Net Income (Loss) Attributable to Parent	115	1,517	(525)	2,363
Consolidation, Eliminations [Member]
Home sales	0	0	0	0
Fee building revenues	0	0	0	0
Revenue, Net	0	0	0	0
Home sales Cost of Sales	0	0	0	0
Impairment of Real Estate Homes				0
Fee building Cost of Sales	0	0	0	0
Cost of Sales	0	0	0	0
Gross Profit Home Sales	0	0	0	0
Gross Profit Fee Building	0	0	0	0
Gross Profit	0	0	0	0
Selling and marketing expenses	0	0	0	0
General and administrative expenses	0	0	0	0
Equity in net income (loss) of unconsolidated joint ventures	0	0	0	0
Equity in net income (loss) from Subsidiaries	58	(2,022)	176	(3,694)
Other income (expense), net	0	0	0	0
Pretax income (loss)	58	(2,022)	176	(3,694)
(Provision) benefit for income taxes	0	0	0	0
Net income (loss)	58	(2,022)	176	(3,694)
Net loss attributable to non-controlling interest	0	0	0	0
Net Income (Loss) Attributable to Parent	$ 58	$ (2,022)	$ 176	$ (3,694)

Supplemental Guarantor Inform69

Supplemental Guarantor Information Supplemental Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Net Cash Provided by (Used in) Operating Activities	$ (61,510)	$ (71,908)
Purchases of property and equipment	(184)	(95)
Cash assumed from joint venture at consolidation	0	995
Contributions and advances to unconsolidated joint ventures	(8,954)	(8,517)
Contributions to Subsidiaries from Corporate	0	0
Distributions of Equity from Subsidiaries	0	0
Distributions of capital and repayment of advances from unconsolidated joint ventures	5,874	2,948
Interest collected on advances to unconsolidated joint ventures	178
Net cash used in investing activities	(3,086)	(4,669)
Borrowings from credit facility	35,000	72,000
Repayments of credit facility	0	(190,000)
Proceeds from senior notes	0	324,465
Payment of debt issuance costs	0	(6,440)
Contributions to subsidiaries from corporate	0	0
Distributions to Corporate from Subsidiaries	0	0
Repurchases of common stock	(2,072)	0
Tax withholding paid on behalf of employees for stock awards	(977)	(584)
Proceeds from exercise of stock options	0	102
Net cash provided by financing activities	31,951	199,543
Net (decrease) increase in cash, cash equivalents and restricted cash	(32,645)	122,966
Cash, Cash Equivalents, and Restricted Cash	91,325	154,047	$ 123,970	$ 31,081
Guarantor Subsidiaries [Member]
Net Cash Provided by (Used in) Operating Activities	(22,349)	(49,799)
Purchases of property and equipment	(162)	(55)
Cash assumed from joint venture at consolidation		995
Contributions and advances to unconsolidated joint ventures	(8,954)	(8,517)
Contributions to Subsidiaries from Corporate	0	0
Distributions of Equity from Subsidiaries		0
Distributions of capital and repayment of advances from unconsolidated joint ventures	5,874	2,948
Interest collected on advances to unconsolidated joint ventures	178
Net cash used in investing activities	(3,064)	(4,629)
Borrowings from credit facility	0	0
Repayments of credit facility		0
Proceeds from senior notes		0
Payment of debt issuance costs		0
Contributions to subsidiaries from corporate	103,885	94,035
Distributions to Corporate from Subsidiaries	49,975	(20,766)
Repurchases of common stock	0
Tax withholding paid on behalf of employees for stock awards	0	0
Proceeds from exercise of stock options		0
Net cash provided by financing activities	53,910	73,269
Net (decrease) increase in cash, cash equivalents and restricted cash	28,497	18,841
Cash, Cash Equivalents, and Restricted Cash	52,693	33,268	24,196	14,427
Non-Guarantor Subsidiaries [Member]
Net Cash Provided by (Used in) Operating Activities	(5)	(47)
Purchases of property and equipment	0	0
Cash assumed from joint venture at consolidation		0
Contributions and advances to unconsolidated joint ventures	0	0
Contributions to Subsidiaries from Corporate	0	0
Distributions of Equity from Subsidiaries		0
Distributions of capital and repayment of advances from unconsolidated joint ventures	0	0
Interest collected on advances to unconsolidated joint ventures	0
Net cash used in investing activities	0	0
Borrowings from credit facility	0	0
Repayments of credit facility		0
Proceeds from senior notes		0
Payment of debt issuance costs		0
Contributions to subsidiaries from corporate	0	0
Distributions to Corporate from Subsidiaries	0	0
Repurchases of common stock	0
Tax withholding paid on behalf of employees for stock awards	0	0
Proceeds from exercise of stock options		0
Net cash provided by financing activities	0	0
Net (decrease) increase in cash, cash equivalents and restricted cash	(5)	(47)
Cash, Cash Equivalents, and Restricted Cash	183	222	188	269
Parent Company [Member]
Net Cash Provided by (Used in) Operating Activities	(39,156)	(21,176)
Purchases of property and equipment	(22)	(40)
Cash assumed from joint venture at consolidation		0
Contributions and advances to unconsolidated joint ventures	0	0
Contributions to Subsidiaries from Corporate	(103,885)	(94,035)
Distributions of Equity from Subsidiaries	49,975	19,880
Distributions of capital and repayment of advances from unconsolidated joint ventures	0	0
Interest collected on advances to unconsolidated joint ventures	0
Net cash used in investing activities	(53,932)	(74,195)
Borrowings from credit facility	35,000	72,000
Repayments of credit facility		(190,000)
Proceeds from senior notes		324,465
Payment of debt issuance costs		(6,440)
Contributions to subsidiaries from corporate	0	0
Distributions to Corporate from Subsidiaries	0	0
Repurchases of common stock	(2,072)
Tax withholding paid on behalf of employees for stock awards	(977)	(584)
Proceeds from exercise of stock options		102
Net cash provided by financing activities	31,951	199,543
Net (decrease) increase in cash, cash equivalents and restricted cash	(61,137)	104,172
Cash, Cash Equivalents, and Restricted Cash	38,449	120,557	99,586	16,385
Consolidation, Eliminations [Member]
Net Cash Provided by (Used in) Operating Activities	0	(886)
Purchases of property and equipment	0	0
Cash assumed from joint venture at consolidation		0
Contributions and advances to unconsolidated joint ventures	0	0
Contributions to Subsidiaries from Corporate	103,885	94,035
Distributions of Equity from Subsidiaries	(49,975)	(19,880)
Distributions of capital and repayment of advances from unconsolidated joint ventures	0	0
Interest collected on advances to unconsolidated joint ventures	0
Net cash used in investing activities	53,910	74,155
Borrowings from credit facility	0	0
Repayments of credit facility		0
Proceeds from senior notes		0
Payment of debt issuance costs		0
Contributions to subsidiaries from corporate	(103,885)	(94,035)
Distributions to Corporate from Subsidiaries	49,975	20,766
Repurchases of common stock	0
Tax withholding paid on behalf of employees for stock awards	0	0
Proceeds from exercise of stock options		0
Net cash provided by financing activities	(53,910)	(73,269)
Net (decrease) increase in cash, cash equivalents and restricted cash	0	0
Cash, Cash Equivalents, and Restricted Cash	$ 0	$ 0	$ 0	$ 0

Supplemental Guarantor Inform70

Supplemental Guarantor Information Supplemental Guarantor Info (Details)	Jun. 30, 2018
Supplemental Guarantor Info [Abstract]
Interest rate	7.25%