New Home (NWHM) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

DEI Document

DEI Document - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Entity [Abstract]
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NWHM
Entity Incorporation, State or Country Code	DE
Entity Registrant Name	New Home Co Inc.
Entity Address, Address Line One	85 Enterprise
Entity Address, Address Line Two	Suite 450
Entity Address, City or Town	Aliso Viejo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92656
City Area Code	949
Local Phone Number	382-7800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Central Index Key	0001574596
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity File Number	001-36283
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		20,096,969
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Shell Company	false
Entity Tax Identification Number	27-0560089
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents		$ 48,224	$ 42,273
Restricted cash		124	269
Contracts and accounts receivable		16,113	18,265
Due from affiliates		218	1,218
Real estate inventories		541,954	566,290
Investment in and advances to unconsolidated joint ventures		33,637	34,330
Other assets		32,987	33,452
Total assets		673,257	696,097
Liabilities and equity
Accounts payable		26,629	39,391
Accrued expenses and other liabilities		32,375	29,028
Unsecured revolving credit facility		66,000	67,500
Senior notes, net	[1]	309,060	320,148
Total liabilities		434,064	456,067
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, 20,096,969 and 20,058,904, shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively		201	201
Additional paid-in capital		192,691	193,132
Retained earnings		46,206	46,621
Total stockholders' equity		239,098	239,954
Non-controlling interest in subsidiary		95	76
Total equity		239,193	240,030
Total liabilities and equity		$ 673,257	$ 696,097
[1]	(1) The carrying value for the Senior Notes, as presented at June 30, 2019 , is net of the unamortized discount of $1.4 million , unamortized premium of $1.1 million , and unamortized debt issuance costs of $3.7 million . The carrying value for the Senior Notes, as presented at December 31, 2018, is net of the unamortized discount of $1.7 million , unamortized premium of $1.3 million , and unamortized debt issuance costs of $4.5 million

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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	20,096,969	20,058,904
Common stock, shares outstanding	20,096,969	20,058,904

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Revenue	$ 162,749	$ 155,555	$ 281,597	$ 278,786
Cost of Goods and Services Sold
Cost of Goods and Services Sold	145,295	139,716	251,132	252,109
Gross Profit
Gross Profit Home Sales	16,939	14,782	29,556	24,525
Gross Profit Fee Building	515	1,057	909	2,152
Gross Profit	17,454	15,839	30,465	26,677
Costs and Expenses
Selling and marketing expenses	(9,683)	(9,466)	(18,362)	(16,105)
General and administrative expenses	(5,841)	(5,979)	(13,232)	(11,998)
Equity in net income (loss) of unconsolidated joint ventures	185	(120)	369	215
Gain on early extinguishment of debt	552	0	969	0
Other income (expense), net	(102)	(92)	(295)	(118)
Pretax income (loss)	2,565	182	(86)	(1,329)
(Provision) benefit for income taxes	(974)	(67)	(310)	793
Net income (loss)	1,591	115	(396)	(536)
Net (income) loss attributable to non-controlling interest	(19)	0	(19)	11
Net income (loss) attributable to The New Home Company Inc.	$ 1,572	$ 115	$ (415)	$ (525)
Earnings (Loss) per share attributable to The New Home Company Inc.
Basic (in dollars per share)	$ 0.08	$ 0.01	$ (0.02)	$ (0.03)
Diluted (in dollars per share)	$ 0.08	$ 0.01	$ (0.02)	$ (0.03)
Weighted average number of shares outstanding
Basic (in shares)	20,070,914	20,958,991	20,028,600	20,942,601
Diluted (in shares)	20,095,533	21,024,769	20,028,600	20,942,601
Home Sales
Revenues
Revenue	$ 140,464	$ 117,460	$ 239,650	$ 196,897
Cost of Goods and Services Sold
Cost of Goods and Services Sold	123,525	102,678	210,094	172,372
Fee Building
Revenues
Revenue	22,285	38,095	41,947	81,889
Cost of Goods and Services Sold
Cost of Goods and Services Sold	$ 21,770	$ 37,038	$ 41,038	$ 79,737

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue	$ 162,749	$ 155,555	$ 281,597	$ 278,786
Management Service [Member]
Revenue	$ 619	$ 672	$ 1,162	$ 1,652

Unaudited Condensed Consolida_3

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]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2018-07	$ (3,365)	$ (3,365)		$ (18)	$ (3,347)
Net Income (Loss) Attributable to Parent	(525)	(525)			(525)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(536)
Net Income (Loss) Attributable to Noncontrolling Interest	(11)					(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)
Shares issued through stock plans	0	0	$ 2	(2)
Shares issued through stock plans, shares			270,363
Repurchase of common stock, Shares			(205,240)
Repurchase of common stock	(2,072)	(2,072)	$ (2)	(1,947)	123
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2018-07	0	0		(18)	18
Net Income (Loss) Attributable to Parent	115	115			115
Beginning balance at Mar. 31, 2018	259,952	259,873	$ 210	199,361	60,302	79
Beginning Balance, Shares at Mar. 31, 2018			21,007,902
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	115
Net Income (Loss) Attributable to Noncontrolling Interest	0					0
Stock-based compensation expense	862	862		862
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	(23)	(23)		(23)
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans, shares			(2,366)
Shares issued through stock plans	0	0	$ 1	(1)
Shares issued through stock plans, shares			55,482
Repurchase of common stock, Shares			(205,240)
Repurchase of common stock	(2,072)	(2,072)	$ (2)	(1,947)	123
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
Net Income (Loss) Attributable to Parent	(415)	(415)
Beginning balance at Dec. 31, 2018	$ 240,030	239,954	$ 201	193,132	46,621	76
Beginning Balance, Shares at Dec. 31, 2018	20,058,904		20,058,904
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (396)
Net Income (Loss) Attributable to Noncontrolling Interest	19					19
Stock-based compensation expense	1,089	1,089		1,089
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans	(488)	(488)		(488)
Shares net settled with the Company to satisfy employee personal income tax liabilities resulting from share based compensation plans, shares			(85,420)
Shares issued through stock plans	0	0	$ 2	(2)
Shares issued through stock plans, shares			277,401
Repurchase of common stock, Shares			(153,916)
Repurchase of common stock	(1,042)	(1,042)	$ (2)	(1,040)	0
Ending balance at Jun. 30, 2019	$ 239,193	239,098	$ 201	192,691	46,206	95
Ending Balance, Shares at Jun. 30, 2019	20,096,969		20,096,969
Net Income (Loss) Attributable to Parent	$ 1,572	1,572			1,572
Beginning balance at Mar. 31, 2019	237,079	237,003	$ 200	192,169	44,634	76
Beginning Balance, Shares at Mar. 31, 2019			20,049,113
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,591
Net Income (Loss) Attributable to Noncontrolling Interest	19					19
Stock-based compensation expense	523	523		523
Shares issued through stock plans	0	0	$ 1	(1)
Shares issued through stock plans, shares			47,856
Ending balance at Jun. 30, 2019	$ 239,193	$ 239,098	$ 201	$ 192,691	$ 46,206	$ 95
Ending Balance, Shares at Jun. 30, 2019	20,096,969		20,096,969

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net loss	$ (396)	$ (536)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Deferred taxes	0	(1,481)
Amortization of stock-based compensation	1,089	1,704
Distributions of earnings from unconsolidated joint ventures	279	715
Inventory impairments		0
Abandoned project costs	19	43
Equity in net income of unconsolidated joint ventures	(369)	(215)
Deferred profit from unconsolidated joint ventures	0	136
Depreciation and amortization	5,042	2,646
Gain on early extinguishment of debt	(969)	0
Net changes in operating assets and liabilities:
Contracts and accounts receivable	2,152	2,854
Due from affiliates	975	788
Real estate inventories	24,970	(53,108)
Other assets	(2,240)	(6,095)
Accounts payable	(12,762)	5,256
Accrued expenses and other liabilities	1,102	(14,217)
Net cash provided by (used in) operating activities	18,892	(61,510)
Investing activities:
Purchases of property and equipment	(8)	(184)
Contributions and advances to unconsolidated joint ventures	(4,120)	(8,954)
Distributions of capital and repayment of advances from unconsolidated joint ventures	4,928	5,874
Interest collected on advances to unconsolidated joint ventures	0	178
Net cash provided by (used in) investing activities	800	(3,086)
Financing activities:
Borrowings from credit facility	40,000	35,000
Repayments of credit facility	(41,500)	0
Early Repayment of Senior Debt	(10,856)	0
Repurchases of common stock	(1,042)	(2,072)
Tax withholding paid on behalf of employees for stock awards	(488)	(977)
Net cash (used in) provided by financing activities	(13,886)	31,951
Net (decrease) increase in cash, cash equivalents and restricted cash	5,806	(32,645)
Cash, cash equivalents and restricted cash – beginning of period	42,542	123,970
Cash, cash equivalents and restricted cash – end of period	$ 48,348	$ 91,325

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
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. Based on our public float at June 29, 2018, we qualify as a smaller reporting company and are subject to reduced disclosure obligations in our periodic reports and proxy statements. 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 consolidated 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 year ended December 31, 2018 . The accompanying unaudited condensed consolidated 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 periods are not necessarily indicative of the results to be expected for the full year. Unless the context otherwise requires, the terms "we", "us", "our" and "the Company" refer to 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 The Company updated its reportable segments effective for the 2019 first quarter. Please refer to Note 15 for more information. Prior year comparative data has been reclassified to align with the composition of the current year reportable segments. 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. The Company's reportable segments are Arizona homebuilding, California homebuilding, and fee building. In accordance with ASC 280, our California homebuilding reportable segment aggregates the Northern California and Southern California homebuilding operating segments based on the similarities in long-term economic characteristics. 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 $0.1 million and $0.3 million as of June 30, 2019 and December 31, 2018 , 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, 2019 2018 (Dollars in thousands) Cash and cash equivalents $ 48,224 $ 90,758 Restricted cash 124 567 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 48,348 $ 91,325 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 quarterly 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 future undiscounted cash flows of the project are more or less than the asset’s carrying value. If the estimated future undiscounted cash flows exceed the asset’s carrying value, no impairment adjustment is required. However, if the estimated future undiscounted cash flows are less than the asset’s carrying value then the asset is impaired. If the asset is deemed impaired, it is written down to its fair value in accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). 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 in accordance with ASC 820. We calculate the fair value of real estate inventories considering a land residual value analysis and a discounted cash flow analysis. 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, 2019 and 2018, no real estate impairments were recorded. 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 homes or 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 The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"). 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. 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, 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 revenues 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. 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. 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, 2019 and 2018 , one customer comprised 95% , 93% , 95% and 96% , 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, 2019 and December 31, 2018 , one customer comprised 39% and 48% of contracts and accounts receivable, respectively, with the balance of contracts and 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. At June 30, 2019, the Company had outstanding nonrefundable cash deposits of $15.3 million pertaining to land option contracts and purchase contracts. As of June 30, 2019 and December 31, 2018 , the Company was not required to consolidate any VIEs. In accordance with ASC 810, we perform ongoing reassessments of 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, 2019 and December 31, 2018 , 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, 2019 , 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 ASC 230, Statement of Cash Flows ("ASC 230"). Under the cumulative earnings approach, distributions received are considered returns on investment and is 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 is 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 generally consistent with those of the Company. We review real estate inventory held by our unconsolidated joint ventures for impairment on a quarterly basis, 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 in accordance with ASC 820. 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, 2019 and 2018 , no impairments related to investment in and advances to unconsolidated joint ventures were recorded. Selling and Marketing Expense 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 30 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. 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, 2019 and December 31, 2018 , 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 30 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. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not (defined as a likelihood of more than 50%) unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the tax 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 net operating losses and tax credit carryforwards and available tax planning alternatives, to the extent these items are applicable. 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. At June 30, 2019 and December 31, 2018 , no valuation allowance was recorded. 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, 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. At June 30, 2019 , the Company has concluded that there were no significant uncertain tax positions requiring recognition in its financial statements. The Company classifies any interest and penalties related to income taxes assessed as part of income tax expense. As of June 30, 2019 , the Company has not been assessed interest or penalties by any major tax jurisdictions related to any open tax periods. 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 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 agreement, Mr. Stelmar's outstanding equity awards continued 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 Mr. Stelmar's consulting agreement noted above, we accounted for his 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 was 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. 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. In June of 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 provided 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. Mr. Stelmar's award was fully expensed as of March 31, 2019. Share Repurchase and Retirem

Computation of Earnings (Loss)

Computation of Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Computation of Earnings (Loss) Per Share	Computation of Income (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, 2019 and 2018 : Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands, except per share amounts) Numerator: Net income (loss) attributable to The New Home Company Inc. $ 1,572 $ 115 $ (415 ) $ (525 ) Denominator: Basic weighted-average shares outstanding 20,070,914 20,958,991 20,028,600 20,942,601 Effect of dilutive shares: Stock options and unvested restricted stock units 24,619 65,778 — — Diluted weighted-average shares outstanding 20,095,533 21,024,769 20,028,600 20,942,601 Basic income (loss) per share attributable to The New Home Company Inc. $ 0.08 $ 0.01 $ (0.02 ) $ (0.03 ) Diluted income (loss) per share attributable to The New Home Company Inc. $ 0.08 $ 0.01 $ (0.02 ) $ (0.03 ) Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share 1,349,106 952,882 1,292,726 1,333,106

Contracts and Accounts Receivab

Contracts and Accounts Receivable	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Contracts and Accounts Receivable	Contracts and Accounts Receivable Contracts and accounts receivable consist of the following: June 30, December 31, 2019 2018 (Dollars in thousands) Contracts receivable: Costs incurred on fee building projects $ 41,038 $ 159,136 Estimated earnings 909 4,401 41,947 163,537 Less: amounts collected during the period (35,642 ) (154,743 ) Contracts receivable $ 6,305 $ 8,794 Contracts receivable: Billed $ — $ — Unbilled 6,305 8,794 6,305 8,794 Accounts receivable: Escrow receivables 9,530 8,787 Other receivables 278 684 Contracts and accounts receivable $ 16,113 $ 18,265 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, 2019 and December 31, 2018 are expected to be billed and collected within 30 days. Accounts payable at June 30, 2019 and December 31, 2018 includes $5.6 million and $8.5 million , respectively, related to costs incurred under the Company’s fee building contracts.

Real Estate Inventories

Real Estate Inventories	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories are summarized as follows: June 30, December 31, 2019 2018 (Dollars in thousands) Deposits and pre-acquisition costs $ 17,485 $ 20,726 Land held and land under development 122,392 115,987 Homes completed or under construction 352,535 380,956 Model homes 49,542 48,621 $ 541,954 $ 566,290 All of our deposits and pre-acquisition costs are nonrefundable, except for refundable deposits of $0.7 million and $0.9 million as of June 30, 2019 and December 31, 2018 , 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).

Capitalized Interest (Notes)

Capitalized Interest (Notes)	6 Months Ended
	Jun. 30, 2019
Capitalized Interest [Abstract]
Capitalized Interest	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, 2019 and 2018 interest incurred, capitalized and expensed was as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Interest incurred $ 7,606 $ 6,612 $ 15,367 $ 13,328 Interest capitalized to inventory (7,606 ) (6,149 ) (15,367 ) (12,344 ) Interest capitalized to investment in unconsolidated joint ventures — (463 ) — (984 ) Interest expensed $ — $ — $ — $ — Capitalized interest in beginning inventory $ 28,600 $ 19,884 $ 25,681 $ 16,453 Interest capitalized as a cost of inventory 7,606 6,149 15,367 12,344 Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition 3 5 13 5 Previously capitalized interest included in cost of home sales (6,301 ) (3,750 ) (11,153 ) (6,514 ) Capitalized interest in ending inventory $ 29,908 $ 22,288 29,908 22,288 Capitalized interest in beginning investment in unconsolidated joint ventures $ 672 $ 1,962 $ 713 $ 1,472 Interest capitalized to investment in unconsolidated joint ventures — 463 — 984 Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition (3 ) (5 ) (13 ) (5 ) Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures (48 ) (18 ) (79 ) (49 ) Capitalized interest in ending investment in unconsolidated joint ventures 621 2,402 621 2,402 Total capitalized interest in ending inventory and investments in unconsolidated joint ventures $ 30,529 $ 24,690 $ 30,529 $ 24,690 Capitalized interest as a percentage of inventory 5.5 % 4.7 % 5.5 % 4.7 % Interest included in cost of home sales as a percentage of home sales revenue 4.4 % 3.2 % 4.7 % 3.3 % Capitalized interest as a percentage of investment in and advances to unconsolidated joint ventures 1.8 % 4.1 % 1.8 % 4.1 %

Investments in and advances to

Investments in and advances to unconsolidated joint ventures	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Joint Ventures	Unconsolidated Joint Ventures As of June 30, 2019 and December 31, 2018 , 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, 2019 2018 (Dollars in thousands) Cash and cash equivalents $ 35,145 $ 45,945 Restricted cash 14,740 19,205 Real estate inventories 338,176 374,607 Other assets 5,950 4,231 Total assets $ 394,011 $ 443,988 Accounts payable and accrued liabilities $ 36,191 $ 43,158 Notes payable 40,564 71,299 Total liabilities 76,755 114,457 The New Home Company's equity 33,016 33,617 Other partners' equity 284,240 295,914 Total equity 317,256 329,531 Total liabilities and equity $ 394,011 $ 443,988 Debt-to-capitalization ratio 11.3 % 17.8 % Debt-to-equity ratio 12.8 % 21.6 % 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, 2019 2018 2019 2018 (Dollars in thousands) Revenues $ 59,078 $ 33,879 $ 101,365 $ 65,892 Cost of sales and expenses 57,288 34,165 99,062 65,374 Net income (loss) of unconsolidated joint ventures $ 1,790 $ (286 ) $ 2,303 $ 518 Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ 185 $ (120 ) $ 369 $ 215 As a smaller reporting company, the Company is subject to the provisions of Rule 8-03(b)(3) of Regulation S-X which requires the disclosure of certain financial information for equity investees that constitute 20% of more of the Company's consolidated net income (loss). For the six months ended June 30, 2019, income allocations from two of the Company's unconsolidated joint ventures accounted for under the equity method each exceeded 20% of the Company's consolidated net income (loss). The table below presents select combined financial information for these joint ventures: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Revenues $ 44,358 $ 23,798 $ 76,395 $ 53,439 Cost of home sales 40,548 21,910 69,624 47,544 Gross margin $ 3,810 $ 1,888 $ 6,771 $ 5,895 Expenses 1,983 1,779 3,840 4,193 Net income $ 1,827 $ 109 $ 2,931 $ 1,702 Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying consolidated statements of operations $ 261 $ 11 $ 488 $ 452 For the three and six months ended June 30, 2019 and 2018 , the Company earned $0.6 million , $1.2 million , $0.7 million and $1.7 million respectively, in management fees from its unconsolidated joint ventures. For additional detail regarding management fees, please see Note 12.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2019
Other Assets [Abstract]
Other Assets	Other Assets Other assets consist of the following: June 30, December 31, 2019 2018 (Dollars in thousands) Property, equipment and capitalized selling and marketing costs, net (1) $ 9,094 $ 11,738 Deferred tax asset, net 13,937 13,937 Prepaid income taxes 443 514 Prepaid expenses 5,715 6,348 Warranty insurance receivable (2) 1,257 915 Right-of-use lease asset (3) 2,541 — $ 32,987 $ 33,452 (1) The Company depreciated $2.3 million , $4.9 million , $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, 2019 and 2018, respectively. The Company depreciated $0.1 million , $0.2 million , $0.1 million and $0.2 million of property and equipment to general and administrative expenses during the three and six months ended June 30, 2019 and 2018, respectively. (2) The Company adjusted its warranty insurance receivable by $0.6 million during the 2019 second quarter to true-up the receivable to align with actual reimbursement experience rates which resulted in pretax income of the same amount. The impact to net income was $0.4 million or $0.02 per diluted share. (3) In conjunction with the adoption of ASC 842, the Company established a right-of-use asset of $3.1 million on January 1, 2019. For more information, please refer to Note 1 and Note 11.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2019
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, 2019 2018 (Dollars in thousands) Warranty accrual (1) $ 7,049 $ 6,898 Accrued compensation and benefits 3,157 5,749 Accrued interest 6,236 6,497 Completion reserve 3,351 4,192 Lease liability (2) 2,902 — Customer deposits 7,188 2,192 Other accrued expenses 2,492 3,500 $ 32,375 $ 29,028 (1) Included in the amount at June 30, 2019 and December 31, 2018 is approximately $1.3 million and $0.9 million , respectively, of warranty liabilities estimated to be recovered by our insurance policies. (2) In conjunction with the adoption of ASC 842, the Company established a $3.5 million lease liability on January 1, 2019. For more information, please refer to Note 1 and Note 11. Changes in our warranty accrual are detailed in the table set forth below: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Beginning warranty accrual for homebuilding projects $ 6,767 $ 6,775 $ 6,681 $ 6,634 Warranty provision for homebuilding projects 627 470 1,054 986 Warranty payments for homebuilding projects (581 ) (469 ) (922 ) (844 ) Adjustment to warranty accrual (1) 94 — 94 — Ending warranty accrual for homebuilding projects 6,907 6,776 6,907 6,776 Beginning warranty accrual for fee building projects 178 223 217 225 Warranty provision for fee building projects — — 9 — Warranty efforts for fee building projects (18 ) (1 ) (66 ) (3 ) Adjustment to warranty accrual for fee building projects (1) (18 ) — (18 ) — Ending warranty accrual for fee building projects 142 222 142 222 Total ending warranty accrual $ 7,049 $ 6,998 $ 7,049 $ 6,998 (1) During the 2019 second quarter, we recorded an adjustment of $0.1 million to our warranty accrual for homebuilding projects due to higher expected warranty expenditures which is included in "Adjustment to warranty accrual" above and resulted in an increase of the same amount to cost of home sales in the accompanying condensed consolidated statement of operations. Also during the 2019 second quarter, the Company recorded an adjustment of $18,000 due to lower experience rate of expected warranty expenditures for fee building projects which is included in "Adjustment to warranty accrual for fee building projects" above and resulted in a reduction of the same amount to cost of fee building sales in the accompanying condensed consolidated statement of operations. 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, 2019
Debt Disclosure [Abstract]
Senior Notes Payable and Unsecured Revolving Credit Facility	Senior Notes and Unsecured Revolving Credit Facility Indebtedness consisted of the following: June 30, December 31, 2019 2018 (Dollars in thousands) 7.25% Senior Notes due 2022, net $ 309,060 $ 320,148 Unsecured revolving credit facility 66,000 67,500 Total Indebtedness $ 375,060 $ 387,648 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, and are freely tradeable in accordance with applicable law. The carrying amount of our Senior Notes listed above at June 30, 2019 is net of the unamortized discount of $1.4 million , unamortized premium of $1.1 million , and unamortized debt issuance costs of $3.7 million , each of which 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. The carrying amount for the Senior Notes listed above at December 31, 2018, is net of the unamortized discount of $1.7 million , unamortized premium of $1.3 million , and unamortized debt issuance costs of $4.5 million . 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. 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 forward 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. During the 2019 second quarter, the Company repurchased and retired approximately $7.0 million in face value of the Notes. The Notes were purchased at 90.82% of face value, for a cash payment of $6.3 million . The Company recognized a $0.6 million gain on the early extinguishment of debt, and the unamortized discount, premium and debt issuance costs associated with the retired notes totaling approximately $90,000 were written off. Total repurchases of the Notes for the six months ended June 30, 2019 equaled $12.0 million in face value at 90.58% of the face value, for a cash payment of $10.9 million . The Company recognized a total gain on early extinguishment of debt of $1.0 million and wrote off approximately $160,000 of unamortized discount, premium and debt issuance costs associated with the Notes retired during the six months ended June 30, 2019 . 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 financial conditions, including the availability of bank commitments. As of June 30, 2019 , we had $66.0 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, 2019 , the interest rate under the Credit Facility was 5.40% . 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 or if this test is not met, the Company maintains unrestricted cash equal to not less than the trailing 12 month consolidated interest incurred. As of June 30, 2019 , 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, 2019 and December 31, 2018 , the Company had $2.3 million

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2019
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 $66.0 million under its Credit Facility at June 30, 2019 , and the estimated fair value of the outstanding balance approximated the carrying value due to the short-term nature of LIBOR contracts. June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 7.25% Senior Notes due 2022, net (1) $ 309,060 $ 294,234 $ 320,148 $ 292,500 Unsecured revolving credit facility $ 66,000 $ 66,000 $ 67,500 $ 67,500 (1) The carrying value for the Senior Notes, as presented at June 30, 2019 , is net of the unamortized discount of $1.4 million , unamortized premium of $1.1 million , and unamortized debt issuance costs of $3.7 million . The carrying value for the Senior Notes, as presented at December 31, 2018, is net of the unamortized discount of $1.7 million , unamortized premium of $1.3 million , and unamortized debt issuance costs of $4.5 million . The unamortized discount, unamortized premium and debt issuance costs are not factored into the estimated fair value.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
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, 2019 and December 31, 2018 , $24.4 million and $41.3 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 $4.9 million and $7.3 million , respectively, as of June 30, 2019 and December 31, 2018 . 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, 2019 and December 31, 2018 , the Company had outstanding surety bonds totaling $52.8 million and $50.5 million , respectively. The estimated remaining costs to complete of such improvements as of June 30, 2019 and December 31, 2018 were $25.1 million and $20.3 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. The Company accounts for contracts deemed to contain a lease under ASC 842. At the inception of a lease, or if a lease is subsequently modified, we determine whether the lease is an operating or financing lease. Our lease population is fully comprised of operating leases and includes leases for certain office space and equipment for use in our operations. For all leases with an expected term that exceeds one year, right-of-use assets and lease liabilities are recorded on the condensed consolidated balance sheets. The depreciable lives of right-of-use assets are limited to the expected term which would include any renewal options we expect to exercise. The exercise of lease renewal options is generally at our discretion and we expect that in the normal course of business, leases that expire will be renewed or replaced by other leases. Our lease payments do not contain variable payments, any residual value guarantees, or material restrictive covenants. Right-of-use lease assets are included in other assets and lease liabilities are recorded in accrued expenses and other liabilities within our condensed consolidated balance sheets and total $2.5 million and $2.9 million , respectively, at June 30, 2019 . For the three and six months ended June 30, 2019 , lease costs and cash flow information for leases with terms in excess of one year was as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in thousands) Lease cost: Lease costs included in general and administrative expenses $ 265 $ 620 Lease costs included in real estate inventories 207 369 Lease costs included in selling and marketing expenses 17 34 Net lease cost (1) $ 489 $ 1,023 Other Information: Lease cash flows (included in operating cash flows) (1) $ 563 $ 1,053 (1) Does not include the cost of short-term leases with terms of less than one year which totaled approximately $0.2 million and $0.5 million for the three and six months ended June 30, 2019 , respectively, or the benefit from a sublease agreement of one of our office spaces which totaled approximately $49,000 and $98,000 for the three and six months ended June 30, 2019 , respectively. Future minimum lease payments under our operating leases are as follows (dollars in thousands): Remaining for 2019 $ 971 2020 1,615 2021 444 2022 10 2023 2 Thereafter — Total lease payments (1) $ 3,042 Less: Interest (2) 140 Present value of lease liabilities (3) $ 2,902 (1) Lease payments include options to extend lease terms that are reasonably certain of being exercised. (2) Our leases do not provide a readily determinable implicit rate. Therefore, we utilized our incremental borrowing rate for such leases to determine the present value of lease payments at the lease commencement date. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2019 . (3) The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabilities were 1.9 years and 5.2% , respectively at June 30, 2019

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the three and six months ended June 30, 2019 and 2018 , the Company incurred construction-related costs on behalf of its unconsolidated joint ventures totaling $1.5 million , $3.2 million , $1.5 million and $3.6 million , respectively. As of June 30, 2019 and December 31, 2018 , $0.2 million and $0.4 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, 2019 and 2018 , the Company earned $0.6 million , $1.2 million , $0.7 million and $1.7 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, 2019 and December 31, 2018 , $0 and $0.2 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 ("IHP"), and is also affiliated with entities that have investments in two of the Company's unconsolidated joint ventures, TNHC Meridian Investors LLC (which is an owner of another entity, TNHC Newport LLC, which entity owned our "Meridian" project) and TNHC Russell Ranch LLC ("Russell Ranch"). The Company's investment in these two joint ventures was $9.8 million at June 30, 2019 and $6.5 million at December 31, 2018 . A former member of the Company's board of directors who served during 2018 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, 2019 and December 31, 2018 , the Company's investment in these three unconsolidated joint ventures totaled $10.9 million and $12.0 million , respectively. During the 2019 second quarter, the Company entered into a second amendment to the limited liability company agreement of Russell Ranch between the Company and IHP. Prior to the execution of the second amendment, each of IHP and the Company had contributed its maximum capital commitments pursuant to the joint venture agreement. Pursuant to the second amendment, the parties agreed to fund additional required capital in the aggregate amount of approximately $26 million for certain remaining backbone improvements for the Project (the “Phase 1 Backbone Improvements”) as follows: 50% by IHP and 50% by the Company (“Amendment Additional Capital”). The Amendment Additional Capital will be returned to IHP and the Company ahead of any other contributed capital; provided that none of the Amendment Additional Capital accrues a preferred return that base capital contributions are generally afforded under the joint venture agreement. To the extent of overruns on the Phase 1 Backbone Improvements, the Company is required to fund such overrun capital (“TNHC Overrun Capital”); provided that such contributions shall receive capital account credit. Pursuant to the second amendment, the distribution of cash flow under the agreement was amended to provide that Amendment Additional Capital would be returned prior to TNHC Overrun Capital, which would, in turn, be returned ahead of the base capital preferred return and base capital. The Company previously purchased lots from the Russell Ranch joint venture as described below (the "Phase 1 Purchase"). The parties also amended the purchase and sale contract for the Phase 1 Purchase to provide relief from the profit participation provisions of this transaction under certain circumstances. 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, 2019 and 2018 , the Company incurred $22,000 , $55,000 , $0.1 million and $0.2 million , respectively, for these services. For the same periods, the Company's unconsolidated joint ventures incurred $0 , $0 , $0 and $0.4 million , respectively, for these services. Of these costs, $22,000 and $7,000 was due to TL Fab LP from the Company at June 30, 2019 and December 31, 2018 , respectively, and $0 and $8,000 was due to TL Fab LP from the Company's unconsolidated joint ventures at June 30, 2019 and December 31, 2018 , respectively. 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 to the Company. 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 this instance, 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, 2019 and December 31, 2018 , $0.2 million and $0.2 million , respectively, of deferred gain from lot transactions with the TNHC-HW Cannery LLC ("Cannery"), Bedford and Russell Ranch unconsolidated joint ventures remained unrecognized and included as a reduction to land basis in the accompanying condensed consolidated balance sheets. The Company’s land purchase agreement with the Cannery provides for reimbursement of certain fee credits. The Company was reimbursed $0.1 million in fee credits from the Cannery during the six months ended June 30, 2018. As of June 30, 2019 and December 31, 2018 , $66,000 and $37,000 , 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, Mr. Davis was compensated $5,000 per month through June 26, 2019 when his contract was amended to extend its term for one year and reduce his scope of services and compensation to $1,000 per month. At June 30, 2019 , 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, 2019 and 2018 , the Company billed the Davis Family Trust $10,000 , $0.5 million , $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 $0 , $15,000 , $17,000 and $17,100 of the total billings for the three and six months ended June 30, 2019 and 2018 , respectively. The Company recorded $13,000 , $0.5 million , $0.6 million and $0.6 million for the three and six months ended June 30, 2019 and 2018 , respectively, for the costs 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, 2019 and December 31, 2018 , the Company was due $0 and $0.6 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 continued to vest in accordance with its original terms based on his continued provision of consulting services rather than continued employment and fully vested during the 2019 first quarter. At June 30, 2019 and December 31, 2018 , no fees were due to Mr. Stelmar for his consulting services. On February 14, 2019, the Company entered into a consulting agreement that transitioned Thomas Redwitz's role from that of Chief Investment Officer to a non-employee consultant to the Company effective March 1, 2019. For his consulting services, Mr. Redwitz is compensated $10,000 per month. The agreement terminates March 1, 2020 and may be extended upon mutual consent of the parties. At June 30, 2019 , no fees were due to Mr. Redwitz for his consulting services. During 2018, the Company had advances outstanding to an unconsolidated joint venture, Encore McKinley Village LLC. 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 , the Company earned $49,000 and $0.1 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. The Company entered into two transactions in each of 2018 and 2017 to purchase land from affiliates of IHP, 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 2017 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, 2019 , the Company has taken down approximately two-thirds of the lots, paid $0.4 million in master marketing fees, and has a $0.3 million nonrefundable deposit outstanding on the remaining lots. The second 2017 transaction allowed the Company to purchase finished lots in Northern California which includes customary profit participation and was structured as an optioned takedown. The total purchase price, including the cost for the finished lot development and the option, was expected to be approximately $56.7 million , dependent on the timing of takedowns, as well as our obligation to pay certain fees and costs during the option maintenance period. During the 2019 second quarter, an unrelated third party entered into agreements to purchase from the IHP affiliate some of the lots under the Company's option. The Company has in turn entered into an arrangement pursuant to which it shall purchase such lots on a rolling take down basis from such unrelated third party. The unrelated third party has agreed to purchase 67% of the lots originally under contract with the IHP affiliate and has already closed on 55% of the lots originally under contract with the IHP affiliate. Following the purchase of the lots by the unrelated third party, the purchase price of remaining lots from the IHP affiliate is expected to be approximately $8.4 million . As of June 30, 2019 , the Company (i) had a $2.3 million nonrefundable deposit up with the IHP affiliate, (ii) paid $0.1 million for fees and costs, (iii) paid $3.0 million in option payments, and (iv) paid $9.2 million for the purchase of lots directly from the IHP affiliate. The first 2018 agreement allows the Company to purchase finished lots in Northern California for a gross purchase price of $8.0 million with additional profit participation, marketing fees and certain reimbursements due to the seller as outlined in the agreement. As of June 30, 2019 , the Company has taken down all of the lots, paid $0.3 million in master marketing fees and reimbursed the seller $0.2 million in costs related to this contract. The second 2018 agreement allows the Company to purchase land in a master-plan community in Arizona for an estimated purchase price of $3.8 million plus profit participation and marketing fees pursuant to contract terms. The Company has an outstanding, nonrefundable deposit of $0.3 million related to this contract and had not taken down any lots as of June 30, 2019 . 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, 2019 , 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. Subsequent to June 30, 2019, the Company entered into an amendment to this agreement to reduce the gross purchase price of the land to $9.3 million . The Company has taken down approximately two-thirds of the contracted lots and $0.7 million of the nonrefundable deposit remains outstanding. During the fourth quarter 2018, the Company entered into a second option agreement with the Bedford joint venture to purchase lots in phased takedowns. The Company made a $1.4 million nonrefundable deposit as consideration for the 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 $10.5 million with profit participation due to the seller pursuant to the agreement. At June 30, 2019 , the Company had taken down approximately 42% of the optioned lots and $0.8 million of the deposit remained outstanding. FMR LLC beneficially owned over 10% of the Company's common stock during 2018, 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, the Company paid Fidelity approximately $5,000 and $9,000 , 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 and $4,000 for the three and six months ended June 30, 2018, respectively, for record keeping and investment management services. As of June 30, 2019 , FMR LLC owns less than 10% of the Company's common stock. 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. 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. For more information regarding these agreements please refer to Note 11.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
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 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 stock option, restricted stock unit, and performance share unit awards under the 2016 Incentive Plan. As of June 30, 2019 , 61,443 shares remain available for grant under the 2014 Incentive Plan and 1,053,811 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 year to three years 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, 2019 and 2018 is presented below: Six Months Ended June 30, 2019 2018 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 821,470 $ 11.00 826,498 $ 11.00 Granted 249,283 $ 5.76 — $ — Exercised — $ — — $ — Forfeited (2,736 ) $ 11.00 (5,028 ) $ 11.00 Outstanding, end of period 1,068,017 $ 9.78 821,470 $ 11.00 Exercisable, end of period 818,734 $ 11.00 821,470 $ 11.00 A summary of the Company’s restricted stock unit activity as of and for the six months ended June 30, 2019 and 2018 is presented below: Six Months Ended June 30, 2019 2018 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 469,227 $ 10.75 562,082 $ 10.72 Granted 230,774 $ 5.28 179,268 $ 11.24 Vested (277,401 ) $ 10.50 (270,363 ) $ 11.02 Forfeited (48,178 ) $ 10.91 — $ — Outstanding, end of period 374,422 $ 7.54 470,987 $ 10.74 A summary of the Company’s performance share unit activity as of and for the six months ended June 30, 2019 and 2018 is presented below: Six Months Ended June 30, 2019 2018 Number of Shares Weighted-Average Grant-Date Fair Value per Share Number of Shares Weighted-Average Grant-Date Fair Value per Share Performance Share Unit Activity Outstanding, beginning of period 125,422 $ 11.68 — $ — Granted (at target) — $ — 125,422 $ 11.68 Vested — $ — — $ — Forfeited (26,882 ) $ 11.68 — $ — Outstanding, end of period (at target) 98,540 $ 11.68 125,422 $ 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, 2019 2018 2019 2018 (Dollars in thousands) Expense related to: Stock options $ 50 $ — $ 72 $ — Restricted stock units and performance share units 473 862 1,017 1,704 $ 523 $ 862 $ 1,089 $ 1,704 The following table presents details of the assumptions used to calculate the weighted-average grant date fair value of common stock options granted by the Company: Six Months Ended June 30, 2019 2018 Expected term (in years) 6.0 0 Expected volatility 39.9% — Risk-free interest rate 2.5% — Expected dividends — — Weighted-average grant date fair value $2.43 $0 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 outstanding performance share unit awards quarterly and estimate the number of underlying units that are probable of being issued. Compensation expense for restricted stock unit and performance share unit 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 for performance share unit awards. At June 30, 2019 , the probability of achieving the performance targets associated with the outstanding performance share unit awards was estimated to be 0%. Forfeitures are recognized in compensation cost during the period that the award forfeiture occurs. At June 30, 2019 , the amount of unearned stock-based compensation currently estimated to be expensed through 2022 is $2.8 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, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2019 , the Company recorded an income tax provision of $1.0 million and $0.3 million , respectively. Comparatively, the Company recorded an income tax provision of $0.1 million and an income tax benefit of $0.8 million for the three and six months ended June 30, 2018 , respectively. The Company's effective tax rate for all periods differs from the federal statutory tax rates due to state income taxes, estimated deduction limitations for executive compensation and discrete items. The Company recorded a $0.3 million discrete provision in the first six months of 2019 related to stock compensation and state tax rate changes while a $0.4 million discrete benefit was taken in the comparable 2018 period primarily related to energy credits.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s operations are organized into three reportable segments: two homebuilding segments (Arizona and California) 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 position, and underlying demand and supply in accordance with ASC 280. Our California homebuilding reportable segment aggregates the Northern California and Southern California homebuilding operating segments. 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 and to each homebuilding segment based on its respective investment in and advances to unconsolidated joint ventures and real estate inventories balances. 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 are allocated within our homebuilding reportable segments. 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, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding revenues: California $ 132,830 $ 117,460 $ 216,162 $ 196,897 Arizona 7,634 — 23,488 — Total homebuilding revenues 140,464 117,460 239,650 196,897 Fee building revenues, including management fees 22,285 38,095 41,947 81,889 Total revenues $ 162,749 $ 155,555 $ 281,597 $ 278,786 Homebuilding pretax income (loss): California $ 2,846 $ 83 $ 279 $ (1,818 ) Arizona (796 ) (958 ) (1,274 ) (1,663 ) Total homebuilding pretax income (loss) 2,050 (875 ) (995 ) (3,481 ) Fee building pretax income, including management fees 515 1,057 909 2,152 Total pretax income (loss) $ 2,565 $ 182 $ (86 ) $ (1,329 ) June 30, December 31, 2019 2018 (Dollars in thousands) Homebuilding assets: California $ 548,223 $ 551,807 Arizona 95,370 86,205 Total homebuilding assets 643,593 638,012 Fee building assets 7,064 10,879 Corporate unallocated assets 22,600 47,206 Total assets $ 673,257 $ 696,097

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information (Notes)	6 Months Ended
	Jun. 30, 2019
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, 2019 2018 (Dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ — Income taxes paid $ 240 $ 7,000

Supplemental Guarantor Informat

Supplemental Guarantor Information (Notes)	6 Months Ended
	Jun. 30, 2019
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, 2019 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Assets Cash and cash equivalents $ 4,005 $ 44,040 $ 179 $ — $ 48,224 Restricted cash — 124 — — 124 Contracts and accounts receivable 8 16,518 — (413 ) 16,113 Intercompany receivables 228,506 — — (228,506 ) — Due from affiliates — 218 — — 218 Real estate inventories — 541,954 — — 541,954 Investment in and advances to unconsolidated joint ventures — 33,637 — — 33,637 Investment in subsidiaries 370,716 — — (370,716 ) — Other assets 18,975 14,003 12 (3 ) 32,987 Total assets $ 622,210 $ 650,494 $ 191 $ (599,638 ) $ 673,257 Liabilities and equity Accounts payable $ 329 $ 26,300 $ — $ — $ 26,629 Accrued expenses and other liabilities 7,723 25,001 59 (408 ) 32,375 Intercompany payables — 228,506 — (228,506 ) — Due to affiliates — 8 — (8 ) — Unsecured revolving credit facility 66,000 — — — 66,000 Senior notes, net 309,060 — — — 309,060 Total liabilities 383,112 279,815 59 (228,922 ) 434,064 Stockholders' equity 239,098 370,679 37 (370,716 ) 239,098 Non-controlling interest in subsidiary — — 95 — 95 Total equity 239,098 370,679 132 (370,716 ) 239,193 Total liabilities and equity $ 622,210 $ 650,494 $ 191 $ (599,638 ) $ 673,257 December 31, 2018 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Assets Cash and cash equivalents $ 28,877 $ 13,249 $ 147 $ — $ 42,273 Restricted cash — 269 — — 269 Contracts and accounts receivable 7 18,926 — (668 ) 18,265 Intercompany receivables 192,341 — — (192,341 ) — Due from affiliates — 1,218 — — 1,218 Real estate inventories — 566,290 — — 566,290 Investment in and advances to unconsolidated joint ventures — 34,330 — — 34,330 Investment in subsidiaries 396,466 — — (396,466 ) — Other assets 18,643 14,812 — (3 ) 33,452 Total assets $ 636,334 $ 649,094 $ 147 $ (589,478 ) $ 696,097 Liabilities and equity Accounts payable $ 240 $ 39,151 $ — $ — $ 39,391 Accrued expenses and other liabilities 8,492 21,129 71 (664 ) 29,028 Intercompany payables — 192,341 — (192,341 ) — Due to affiliates — 7 — (7 ) — Unsecured revolving credit facility 67,500 — — — 67,500 Senior notes, net 320,148 — — — 320,148 Total liabilities 396,380 252,628 71 (193,012 ) 456,067 Stockholders' equity 239,954 396,466 — (396,466 ) 239,954 Non-controlling interest in subsidiary — — 76 — 76 Total equity 239,954 396,466 $ 76 (396,466 ) 240,030 Total liabilities and equity $ 636,334 $ 649,094 $ 147 $ (589,478 ) $ 696,097 SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2019 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 140,464 $ — $ — $ 140,464 Fee building — 22,285 — — 22,285 — 162,749 — — 162,749 Cost of Sales: Home sales — 123,582 (57 ) — 123,525 Fee building — 21,770 — — 21,770 — 145,352 (57 ) — 145,295 Gross Margin: Home sales — 16,882 57 — 16,939 Fee building — 515 — — 515 — 17,397 57 — 17,454 Selling and marketing expenses — (9,683 ) — — (9,683 ) General and administrative expenses 617 (6,458 ) — — (5,841 ) Equity in net income of unconsolidated joint ventures — 185 — — 185 Equity in net income of subsidiaries 1,087 — — (1,087 ) — Gain on early extinguishment of debt 552 — — — 552 Other income (expense), net (106 ) 4 — — (102 ) Pretax income 2,150 1,445 57 (1,087 ) 2,565 Provision for income taxes (578 ) (396 ) — — (974 ) Net income 1,572 1,049 57 (1,087 ) 1,591 Net income attributable to non-controlling interest in subsidiary — — (19 ) — (19 ) Net income attributable to The New Home Company Inc. $ 1,572 $ 1,049 $ 38 $ (1,087 ) $ 1,572 Three Months Ended June 30, 2018 NWHM 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 Six Months Ended June 30, 2019 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 239,650 $ — $ — $ 239,650 Fee building — 41,947 — — 41,947 — 281,597 — — 281,597 Cost of Sales: Home sales — 210,151 (57 ) — 210,094 Fee building — 41,038 — — 41,038 — 251,189 (57 ) — 251,132 Gross Margin: Home sales — 29,499 57 — 29,556 Fee building — 909 — — 909 — 30,408 57 — 30,465 Selling and marketing expenses — (18,362 ) — — (18,362 ) General and administrative expenses 51 (13,283 ) — — (13,232 ) Equity in net income of unconsolidated joint ventures — 369 — — 369 Equity in net loss of subsidiaries (625 ) — — 625 — Gain on early extinguishment of debt 969 — — — 969 Other income (expense), net (168 ) (127 ) — — (295 ) Pretax income (loss) 227 (995 ) 57 625 (86 ) (Provision) benefit for income taxes (642 ) 332 — — (310 ) Net income (loss) (415 ) (663 ) 57 625 (396 ) Net income attributable to non-controlling interest in subsidiary — — (19 ) — (19 ) Net income (loss) attributable to The New Home Company Inc. $ (415 ) $ (663 ) $ 38 $ 625 $ (415 ) Six Months Ended June 30, 2018 NWHM 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 loss (901 ) (579 ) (25 ) 176 (1,329 ) Benefit for income taxes 376 417 — — 793 Net loss (525 ) (162 ) (25 ) 176 (536 ) Net loss attributable to non-controlling interest in subsidiary — — 11 — 11 Net loss attributable to The New Home Company Inc. $ (525 ) $ (162 ) $ (14 ) $ 176 $ (525 ) SUPPLEMENTAL CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Net cash (used in) provided by operating activities $ (36,110 ) $ 54,970 $ 32 $ — $ 18,892 Investing activities: Purchases of property and equipment (1 ) (7 ) — — (8 ) Contributions and advances to unconsolidated joint ventures — (4,120 ) — — (4,120 ) Contributions to subsidiaries from corporate (66,575 ) — — 66,575 — Distributions of capital from subsidiaries 91,700 — — (91,700 ) — Distributions of capital and repayment of advances from unconsolidated — 4,928 — — 4,928 Net cash provided by investing activities $ 25,124 $ 801 $ — $ (25,125 ) $ 800 Financing activities: Borrowings from credit facility 40,000 — — — 40,000 Repayments of credit facility (41,500 ) — — — (41,500 ) Repurchase of senior notes (10,856 ) — — — (10,856 ) Contributions to subsidiaries from corporate — 66,575 — (66,575 ) — Distributions to corporate from subsidiaries — (91,700 ) — 91,700 — Repurchases of common stock (1,042 ) — — — (1,042 ) Tax withholding paid on behalf of employees for stock awards (488 ) — — — (488 ) Net cash used in financing activities $ (13,886 ) $ (25,125 ) $ — $ 25,125 $ (13,886 ) Net (decrease) increase in cash, cash equivalents and restricted cash (24,872 ) 30,646 32 — 5,806 Cash, cash equivalents and restricted cash – beginning of period 28,877 13,518 147 — 42,542 Cash, cash equivalents and restricted cash – end of period $ 4,005 $ 44,164 $ 179 $ — $ 48,348 Six Months Ended June 30, 2018 NWHM 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 — 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

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
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 consolidated 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 year ended December 31, 2018 . The accompanying unaudited condensed consolidated 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 periods are not necessarily indicative of the results to be expected for the full year. Unless the context otherwise requires, the terms "we", "us", "our" and "the Company" refer to 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
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. The Company's reportable segments are Arizona homebuilding, California homebuilding, and fee building. In accordance with ASC 280, our California homebuilding reportable segment aggregates the Northern California and Southern California homebuilding operating segments based on the similarities in long-term economic characteristics.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash Restricted cash of $0.1 million and $0.3 million as of June 30, 2019 and December 31, 2018 , 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 quarterly 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 future undiscounted cash flows of the project are more or less than the asset’s carrying value. If the estimated future undiscounted cash flows exceed the asset’s carrying value, no impairment adjustment is required. However, if the estimated future undiscounted cash flows are less than the asset’s carrying value then the asset is impaired. If the asset is deemed impaired, it is written down to its fair value in accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). 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 in accordance with ASC 820. We calculate the fair value of real estate inventories considering a land residual value analysis and a discounted cash flow analysis. 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, 2019 and 2018, no real estate impairments were recorded.
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
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"). 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. 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, 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 revenues 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. 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.
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. At June 30, 2019, the Company had outstanding nonrefundable cash deposits of $15.3 million pertaining to land option contracts and purchase contracts. As of June 30, 2019 and December 31, 2018
Non-controlling Interest	Non-controlling Interest
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, 2019 , 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 ASC 230, Statement of Cash Flows ("ASC 230"). Under the cumulative earnings approach, distributions received are considered returns on investment and is 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 is 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 generally consistent with those of the Company. We review real estate inventory held by our unconsolidated joint ventures for impairment on a quarterly basis, 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 in accordance with ASC 820. 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, 2019 and 2018 , no impairments related to investment in and advances to unconsolidated joint ventures were recorded.
Selling and Marketing Expense	Selling and Marketing Expense 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 30 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.
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
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 30 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. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not (defined as a likelihood of more than 50%) unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the tax 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 net operating losses and tax credit carryforwards and available tax planning alternatives, to the extent these items are applicable. 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. At June 30, 2019 and December 31, 2018 , no valuation allowance was recorded. 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, 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. At June 30, 2019 , the Company has concluded that there were no significant uncertain tax positions requiring recognition in its financial statements. The Company classifies any interest and penalties related to income taxes assessed as part of income tax expense. As of June 30, 2019 , the Company has not 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 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 agreement, Mr. Stelmar's outstanding equity awards continued 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 Mr. Stelmar's consulting agreement noted above, we accounted for his 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 was 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. 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. In June of 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 provided 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. Mr. Stelmar's award was fully expensed as of March 31, 2019.
Share Repurchase and Retirement	Share Repurchase and 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. The residual, if any, is allocated to retained earnings as of the retirement date.
Dividends	Dividends No dividends were paid on our common stock during the three and six months ended June 30, 2019 and 2018. We currently intend to retain our future earnings to finance the development and expansion of our business and, therefore, do not intend to pay cash dividends on our common stock for the foreseeable future. Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements, compliance with Delaware law, restrictions contained in any financing instruments, including but not limited to, our unsecured credit facility and senior notes indenture, and such other factors as our board of directors deem relevant.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The Company currently 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 (the "Securities Act"), 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 February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASC 842"). ASC 842 requires 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 rights and obligations created by those leases. Under ASC 842, a lessee is required to recognize assets and liabilities for leases with greater than 12 month terms. Lessor accounting remains substantially similar to prior GAAP. The Company's lease agreements impacted by ASC 842 primarily relate to our corporate headquarters, other office locations and office or construction equipment where we are the lessee and are all classified as operating leases. The Company adopted ASC 842 on January 1, 2019 under the modified retrospective approach. Under the modified retrospective approach, the Company applied the requirements of ASC 842 to its leases as of the adoption date and recognized a $3.1 million right-of-use asset and a related $3.5 million liability. 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. For additional information on our operating leases, please see Note 11. For leases that commenced before the January 1, 2019 adoption date, the Company has elected the practical expedient package outlined in ASC 842-10-65-1(f) which prescribes the following: 1. An entity need not reassess whether any expired or existing contracts contain leases. 2. An entity need not reassess the lease classification for any expired or existing leases (for example, all existing leases that were classified as operating leases in accordance with ASC 840, Leases , will be classified as operating leases, and all existing leases that were classified as capital leases in accordance with ASC 840 will be classified as finance leases). 3. An entity need not reassess initial direct costs for any existing lease. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which changes the impairment model for most financial assets and certain other instruments from an "incurred loss" approach to a new "expected credit loss" methodology. The FASB followed up with ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , in April 2019 and ASU 2019-05, Financial Instruments - Credit Losses (Topic 326) , in May 2019 to provide further clarification on this topic. The standard is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted, and requires full retrospective application upon adoption. The Company is currently evaluating the impact of ASU 2016-13 and does not anticipate a material impact to its consolidated financial statements as a result of adoption. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 2018 (Dollars in thousands) Cash and cash equivalents $ 48,224 $ 90,758 Restricted cash 124 567 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 48,348 $ 91,325
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, 2019 2018 (Dollars in thousands) Cash and cash equivalents $ 48,224 $ 90,758 Restricted cash 124 567 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 48,348 $ 91,325

Computation of Earnings (Loss_2

Computation of Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and 2018 : Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands, except per share amounts) Numerator: Net income (loss) attributable to The New Home Company Inc. $ 1,572 $ 115 $ (415 ) $ (525 ) Denominator: Basic weighted-average shares outstanding 20,070,914 20,958,991 20,028,600 20,942,601 Effect of dilutive shares: Stock options and unvested restricted stock units 24,619 65,778 — — Diluted weighted-average shares outstanding 20,095,533 21,024,769 20,028,600 20,942,601 Basic income (loss) per share attributable to The New Home Company Inc. $ 0.08 $ 0.01 $ (0.02 ) $ (0.03 ) Diluted income (loss) per share attributable to The New Home Company Inc. $ 0.08 $ 0.01 $ (0.02 ) $ (0.03 ) Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share 1,349,106 952,882 1,292,726 1,333,106

Contracts and Accounts Receiv_2

Contracts and Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Schedule of contracts and accounts receivables	Contracts and accounts receivable consist of the following: June 30, December 31, 2019 2018 (Dollars in thousands) Contracts receivable: Costs incurred on fee building projects $ 41,038 $ 159,136 Estimated earnings 909 4,401 41,947 163,537 Less: amounts collected during the period (35,642 ) (154,743 ) Contracts receivable $ 6,305 $ 8,794 Contracts receivable: Billed $ — $ — Unbilled 6,305 8,794 6,305 8,794 Accounts receivable: Escrow receivables 9,530 8,787 Other receivables 278 684 Contracts and accounts receivable $ 16,113 $ 18,265

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Summary of real estate inventories	Real estate inventories are summarized as follows: June 30, December 31, 2019 2018 (Dollars in thousands) Deposits and pre-acquisition costs $ 17,485 $ 20,726 Land held and land under development 122,392 115,987 Homes completed or under construction 352,535 380,956 Model homes 49,542 48,621 $ 541,954 $ 566,290

Capitalized Interest (Tables)

Capitalized Interest (Tables)	6 Months Ended
	Jun. 30, 2019
Capitalized Interest [Abstract]
Summary of interest incurred, capitalized, and expensed	For the three and six months ended June 30, 2019 and 2018 interest incurred, capitalized and expensed was as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Interest incurred $ 7,606 $ 6,612 $ 15,367 $ 13,328 Interest capitalized to inventory (7,606 ) (6,149 ) (15,367 ) (12,344 ) Interest capitalized to investment in unconsolidated joint ventures — (463 ) — (984 ) Interest expensed $ — $ — $ — $ — Capitalized interest in beginning inventory $ 28,600 $ 19,884 $ 25,681 $ 16,453 Interest capitalized as a cost of inventory 7,606 6,149 15,367 12,344 Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition 3 5 13 5 Previously capitalized interest included in cost of home sales (6,301 ) (3,750 ) (11,153 ) (6,514 ) Capitalized interest in ending inventory $ 29,908 $ 22,288 29,908 22,288 Capitalized interest in beginning investment in unconsolidated joint ventures $ 672 $ 1,962 $ 713 $ 1,472 Interest capitalized to investment in unconsolidated joint ventures — 463 — 984 Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition (3 ) (5 ) (13 ) (5 ) Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures (48 ) (18 ) (79 ) (49 ) Capitalized interest in ending investment in unconsolidated joint ventures 621 2,402 621 2,402 Total capitalized interest in ending inventory and investments in unconsolidated joint ventures $ 30,529 $ 24,690 $ 30,529 $ 24,690 Capitalized interest as a percentage of inventory 5.5 % 4.7 % 5.5 % 4.7 % Interest included in cost of home sales as a percentage of home sales revenue 4.4 % 3.2 % 4.7 % 3.3 % Capitalized interest as a percentage of investment in and advances to unconsolidated joint ventures 1.8 % 4.1 % 1.8 % 4.1 %

Investments in and advances t_2

Investments in and advances to unconsolidated joint ventures (Tables)	6 Months Ended
	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
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, 2019 2018 2019 2018 (Dollars in thousands) Revenues $ 59,078 $ 33,879 $ 101,365 $ 65,892 Cost of sales and expenses 57,288 34,165 99,062 65,374 Net income (loss) of unconsolidated joint ventures $ 1,790 $ (286 ) $ 2,303 $ 518 Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ 185 $ (120 ) $ 369 $ 215 As a smaller reporting company, the Company is subject to the provisions of Rule 8-03(b)(3) of Regulation S-X which requires the disclosure of certain financial information for equity investees that constitute 20% of more of the Company's consolidated net income (loss). For the six months ended June 30, 2019, income allocations from two of the Company's unconsolidated joint ventures accounted for under the equity method each exceeded 20% of the Company's consolidated net income (loss). The table below presents select combined financial information for these joint ventures: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Revenues $ 44,358 $ 23,798 $ 76,395 $ 53,439 Cost of home sales 40,548 21,910 69,624 47,544 Gross margin $ 3,810 $ 1,888 $ 6,771 $ 5,895 Expenses 1,983 1,779 3,840 4,193 Net income $ 1,827 $ 109 $ 2,931 $ 1,702 Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying consolidated statements of operations $ 261 $ 11 $ 488 $ 452 June 30, December 31, 2019 2018 (Dollars in thousands) Cash and cash equivalents $ 35,145 $ 45,945 Restricted cash 14,740 19,205 Real estate inventories 338,176 374,607 Other assets 5,950 4,231 Total assets $ 394,011 $ 443,988 Accounts payable and accrued liabilities $ 36,191 $ 43,158 Notes payable 40,564 71,299 Total liabilities 76,755 114,457 The New Home Company's equity 33,016 33,617 Other partners' equity 284,240 295,914 Total equity 317,256 329,531 Total liabilities and equity $ 394,011 $ 443,988 Debt-to-capitalization ratio 11.3 % 17.8 % Debt-to-equity ratio 12.8 % 21.6 %

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Other Assets [Abstract]
Schedule of other assets	Other assets consist of the following: June 30, December 31, 2019 2018 (Dollars in thousands) Property, equipment and capitalized selling and marketing costs, net (1) $ 9,094 $ 11,738 Deferred tax asset, net 13,937 13,937 Prepaid income taxes 443 514 Prepaid expenses 5,715 6,348 Warranty insurance receivable (2) 1,257 915 Right-of-use lease asset (3) 2,541 — $ 32,987 $ 33,452 (1) The Company depreciated $2.3 million , $4.9 million , $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, 2019 and 2018, respectively. The Company depreciated $0.1 million , $0.2 million , $0.1 million and $0.2 million of property and equipment to general and administrative expenses during the three and six months ended June 30, 2019 and 2018, respectively. (2) The Company adjusted its warranty insurance receivable by $0.6 million during the 2019 second quarter to true-up the receivable to align with actual reimbursement experience rates which resulted in pretax income of the same amount. The impact to net income was $0.4 million or $0.02 per diluted share. (3) In conjunction with the adoption of ASC 842, the Company established a right-of-use asset of $3.1 million on January 1, 2019. For more information, please refer to Note 1 and Note 11.

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Payables and Accruals [Abstract]
Schedule of accrued liabilities and other liabilities	Accrued expenses and other liabilities consist of the following: June 30, December 31, 2019 2018 (Dollars in thousands) Warranty accrual (1) $ 7,049 $ 6,898 Accrued compensation and benefits 3,157 5,749 Accrued interest 6,236 6,497 Completion reserve 3,351 4,192 Lease liability (2) 2,902 — Customer deposits 7,188 2,192 Other accrued expenses 2,492 3,500 $ 32,375 $ 29,028 (1) Included in the amount at June 30, 2019 and December 31, 2018 is approximately $1.3 million and $0.9 million , respectively, of warranty liabilities estimated to be recovered by our insurance policies. (2) In conjunction with the adoption of ASC 842, the Company established a $3.5 million lease liability on January 1, 2019. For more information, please refer to Note 1 and Note 11.
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, 2019 2018 2019 2018 (Dollars in thousands) Beginning warranty accrual for homebuilding projects $ 6,767 $ 6,775 $ 6,681 $ 6,634 Warranty provision for homebuilding projects 627 470 1,054 986 Warranty payments for homebuilding projects (581 ) (469 ) (922 ) (844 ) Adjustment to warranty accrual (1) 94 — 94 — Ending warranty accrual for homebuilding projects 6,907 6,776 6,907 6,776 Beginning warranty accrual for fee building projects 178 223 217 225 Warranty provision for fee building projects — — 9 — Warranty efforts for fee building projects (18 ) (1 ) (66 ) (3 ) Adjustment to warranty accrual for fee building projects (1) (18 ) — (18 ) — Ending warranty accrual for fee building projects 142 222 142 222 Total ending warranty accrual $ 7,049 $ 6,998 $ 7,049 $ 6,998 (1) During the 2019 second quarter, we recorded an adjustment of $0.1 million to our warranty accrual for homebuilding projects due to higher expected warranty expenditures which is included in "Adjustment to warranty accrual" above and resulted in an increase of the same amount to cost of home sales in the accompanying condensed consolidated statement of operations. Also during the 2019 second quarter, the Company recorded an adjustment of $18,000 due to lower experience rate of expected warranty expenditures for fee building projects which is included in "Adjustment to warranty accrual for fee building projects" above and resulted in a reduction of the same amount to cost of fee building sales in the accompanying condensed consolidated statement of operations.

Senior Notes and Unsecured Re_2

Senior Notes and Unsecured Revolving Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of notes payable	Indebtedness consisted of the following: June 30, December 31, 2019 2018 (Dollars in thousands) 7.25% Senior Notes due 2022, net $ 309,060 $ 320,148 Unsecured revolving credit facility 66,000 67,500 Total Indebtedness $ 375,060 $ 387,648

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosure (Tables)	6 Months Ended
	Jun. 30, 2019
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 $66.0 million under its Credit Facility at June 30, 2019 , and the estimated fair value of the outstanding balance approximated the carrying value due to the short-term nature of LIBOR contracts. June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 7.25% Senior Notes due 2022, net (1) $ 309,060 $ 294,234 $ 320,148 $ 292,500 Unsecured revolving credit facility $ 66,000 $ 66,000 $ 67,500 $ 67,500 (1) The carrying value for the Senior Notes, as presented at June 30, 2019 , is net of the unamortized discount of $1.4 million , unamortized premium of $1.1 million , and unamortized debt issuance costs of $3.7 million . The carrying value for the Senior Notes, as presented at December 31, 2018, is net of the unamortized discount of $1.7 million , unamortized premium of $1.3 million , and unamortized debt issuance costs of $4.5 million . The unamortized discount, unamortized premium and debt issuance costs are not factored into the estimated fair value.

Commitments and Contingencies L

Commitments and Contingencies Lease Cost (Tables)	6 Months Ended
	Jun. 30, 2019
Lease, Cost [Abstract]
Lease Cost and Cash Flow	For the three and six months ended June 30, 2019 , lease costs and cash flow information for leases with terms in excess of one year was as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in thousands) Lease cost: Lease costs included in general and administrative expenses $ 265 $ 620 Lease costs included in real estate inventories 207 369 Lease costs included in selling and marketing expenses 17 34 Net lease cost (1) $ 489 $ 1,023 Other Information: Lease cash flows (included in operating cash flows) (1) $ 563 $ 1,053 (1) Does not include the cost of short-term leases with terms of less than one year which totaled approximately $0.2 million and $0.5 million for the three and six months ended June 30, 2019 , respectively, or the benefit from a sublease agreement of one of our office spaces which totaled approximately $49,000 and $98,000 for the three and six months ended June 30, 2019

Commitments and Contingencies S

Commitments and Contingencies Schedule of Future Minimum Lease Payments (Tables)	6 Months Ended
	Jun. 30, 2019
Schedule of Future Minimum Lease Payments [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments under our operating leases are as follows (dollars in thousands): Remaining for 2019 $ 971 2020 1,615 2021 444 2022 10 2023 2 Thereafter — Total lease payments (1) $ 3,042 Less: Interest (2) 140 Present value of lease liabilities (3) $ 2,902 (1) Lease payments include options to extend lease terms that are reasonably certain of being exercised. (2) Our leases do not provide a readily determinable implicit rate. Therefore, we utilized our incremental borrowing rate for such leases to determine the present value of lease payments at the lease commencement date. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2019 . (3) The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabilities were 1.9 years and 5.2% , respectively at June 30, 2019

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and 2018 is presented below: Six Months Ended June 30, 2019 2018 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 821,470 $ 11.00 826,498 $ 11.00 Granted 249,283 $ 5.76 — $ — Exercised — $ — — $ — Forfeited (2,736 ) $ 11.00 (5,028 ) $ 11.00 Outstanding, end of period 1,068,017 $ 9.78 821,470 $ 11.00 Exercisable, end of period 818,734 $ 11.00 821,470 $ 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, 2019 and 2018 is presented below: Six Months Ended June 30, 2019 2018 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 469,227 $ 10.75 562,082 $ 10.72 Granted 230,774 $ 5.28 179,268 $ 11.24 Vested (277,401 ) $ 10.50 (270,363 ) $ 11.02 Forfeited (48,178 ) $ 10.91 — $ — Outstanding, end of period 374,422 $ 7.54 470,987 $ 10.74
Summary of performance share unit awards	A summary of the Company’s performance share unit activity as of and for the six months ended June 30, 2019 and 2018 is presented below: Six Months Ended June 30, 2019 2018 Number of Shares Weighted-Average Grant-Date Fair Value per Share Number of Shares Weighted-Average Grant-Date Fair Value per Share Performance Share Unit Activity Outstanding, beginning of period 125,422 $ 11.68 — $ — Granted (at target) — $ — 125,422 $ 11.68 Vested — $ — — $ — Forfeited (26,882 ) $ 11.68 — $ — Outstanding, end of period (at target) 98,540 $ 11.68 125,422 $ 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, 2019 2018 2019 2018 (Dollars in thousands) Expense related to: Stock options $ 50 $ — $ 72 $ — Restricted stock units and performance share units 473 862 1,017 1,704 $ 523 $ 862 $ 1,089 $ 1,704
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The following table presents details of the assumptions used to calculate the weighted-average grant date fair value of common stock options granted by the Company: Six Months Ended June 30, 2019 2018 Expected term (in years) 6.0 0 Expected volatility 39.9% — Risk-free interest rate 2.5% — Expected dividends — — Weighted-average grant date fair value $2.43 $0

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding revenues: California $ 132,830 $ 117,460 $ 216,162 $ 196,897 Arizona 7,634 — 23,488 — Total homebuilding revenues 140,464 117,460 239,650 196,897 Fee building revenues, including management fees 22,285 38,095 41,947 81,889 Total revenues $ 162,749 $ 155,555 $ 281,597 $ 278,786 Homebuilding pretax income (loss): California $ 2,846 $ 83 $ 279 $ (1,818 ) Arizona (796 ) (958 ) (1,274 ) (1,663 ) Total homebuilding pretax income (loss) 2,050 (875 ) (995 ) (3,481 ) Fee building pretax income, including management fees 515 1,057 909 2,152 Total pretax income (loss) $ 2,565 $ 182 $ (86 ) $ (1,329 ) June 30, December 31, 2019 2018 (Dollars in thousands) Homebuilding assets: California $ 548,223 $ 551,807 Arizona 95,370 86,205 Total homebuilding assets 643,593 638,012 Fee building assets 7,064 10,879 Corporate unallocated assets 22,600 47,206 Total assets $ 673,257 $ 696,097

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 2018 (Dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ — Income taxes paid $ 240 $ 7,000

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Guarantor Information [Abstract]
Supplemental Condensed Consolidating Balance Sheet [Table Text Block]	June 30, 2019 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Assets Cash and cash equivalents $ 4,005 $ 44,040 $ 179 $ — $ 48,224 Restricted cash — 124 — — 124 Contracts and accounts receivable 8 16,518 — (413 ) 16,113 Intercompany receivables 228,506 — — (228,506 ) — Due from affiliates — 218 — — 218 Real estate inventories — 541,954 — — 541,954 Investment in and advances to unconsolidated joint ventures — 33,637 — — 33,637 Investment in subsidiaries 370,716 — — (370,716 ) — Other assets 18,975 14,003 12 (3 ) 32,987 Total assets $ 622,210 $ 650,494 $ 191 $ (599,638 ) $ 673,257 Liabilities and equity Accounts payable $ 329 $ 26,300 $ — $ — $ 26,629 Accrued expenses and other liabilities 7,723 25,001 59 (408 ) 32,375 Intercompany payables — 228,506 — (228,506 ) — Due to affiliates — 8 — (8 ) — Unsecured revolving credit facility 66,000 — — — 66,000 Senior notes, net 309,060 — — — 309,060 Total liabilities 383,112 279,815 59 (228,922 ) 434,064 Stockholders' equity 239,098 370,679 37 (370,716 ) 239,098 Non-controlling interest in subsidiary — — 95 — 95 Total equity 239,098 370,679 132 (370,716 ) 239,193 Total liabilities and equity $ 622,210 $ 650,494 $ 191 $ (599,638 ) $ 673,257 December 31, 2018 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Assets Cash and cash equivalents $ 28,877 $ 13,249 $ 147 $ — $ 42,273 Restricted cash — 269 — — 269 Contracts and accounts receivable 7 18,926 — (668 ) 18,265 Intercompany receivables 192,341 — — (192,341 ) — Due from affiliates — 1,218 — — 1,218 Real estate inventories — 566,290 — — 566,290 Investment in and advances to unconsolidated joint ventures — 34,330 — — 34,330 Investment in subsidiaries 396,466 — — (396,466 ) — Other assets 18,643 14,812 — (3 ) 33,452 Total assets $ 636,334 $ 649,094 $ 147 $ (589,478 ) $ 696,097 Liabilities and equity Accounts payable $ 240 $ 39,151 $ — $ — $ 39,391 Accrued expenses and other liabilities 8,492 21,129 71 (664 ) 29,028 Intercompany payables — 192,341 — (192,341 ) — Due to affiliates — 7 — (7 ) — Unsecured revolving credit facility 67,500 — — — 67,500 Senior notes, net 320,148 — — — 320,148 Total liabilities 396,380 252,628 71 (193,012 ) 456,067 Stockholders' equity 239,954 396,466 — (396,466 ) 239,954 Non-controlling interest in subsidiary — — 76 — 76 Total equity 239,954 396,466 $ 76 (396,466 ) 240,030 Total liabilities and equity $ 636,334 $ 649,094 $ 147 $ (589,478 ) $ 696,097
Supplemental Condensed Consolidating Statement of Operations [Table Text Block]	Three Months Ended June 30, 2019 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 140,464 $ — $ — $ 140,464 Fee building — 22,285 — — 22,285 — 162,749 — — 162,749 Cost of Sales: Home sales — 123,582 (57 ) — 123,525 Fee building — 21,770 — — 21,770 — 145,352 (57 ) — 145,295 Gross Margin: Home sales — 16,882 57 — 16,939 Fee building — 515 — — 515 — 17,397 57 — 17,454 Selling and marketing expenses — (9,683 ) — — (9,683 ) General and administrative expenses 617 (6,458 ) — — (5,841 ) Equity in net income of unconsolidated joint ventures — 185 — — 185 Equity in net income of subsidiaries 1,087 — — (1,087 ) — Gain on early extinguishment of debt 552 — — — 552 Other income (expense), net (106 ) 4 — — (102 ) Pretax income 2,150 1,445 57 (1,087 ) 2,565 Provision for income taxes (578 ) (396 ) — — (974 ) Net income 1,572 1,049 57 (1,087 ) 1,591 Net income attributable to non-controlling interest in subsidiary — — (19 ) — (19 ) Net income attributable to The New Home Company Inc. $ 1,572 $ 1,049 $ 38 $ (1,087 ) $ 1,572 Three Months Ended June 30, 2018 NWHM 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 Six Months Ended June 30, 2019 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Revenues: Home sales $ — $ 239,650 $ — $ — $ 239,650 Fee building — 41,947 — — 41,947 — 281,597 — — 281,597 Cost of Sales: Home sales — 210,151 (57 ) — 210,094 Fee building — 41,038 — — 41,038 — 251,189 (57 ) — 251,132 Gross Margin: Home sales — 29,499 57 — 29,556 Fee building — 909 — — 909 — 30,408 57 — 30,465 Selling and marketing expenses — (18,362 ) — — (18,362 ) General and administrative expenses 51 (13,283 ) — — (13,232 ) Equity in net income of unconsolidated joint ventures — 369 — — 369 Equity in net loss of subsidiaries (625 ) — — 625 — Gain on early extinguishment of debt 969 — — — 969 Other income (expense), net (168 ) (127 ) — — (295 ) Pretax income (loss) 227 (995 ) 57 625 (86 ) (Provision) benefit for income taxes (642 ) 332 — — (310 ) Net income (loss) (415 ) (663 ) 57 625 (396 ) Net income attributable to non-controlling interest in subsidiary — — (19 ) — (19 ) Net income (loss) attributable to The New Home Company Inc. $ (415 ) $ (663 ) $ 38 $ 625 $ (415 ) Six Months Ended June 30, 2018 NWHM 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 loss (901 ) (579 ) (25 ) 176 (1,329 ) Benefit for income taxes 376 417 — — 793 Net loss (525 ) (162 ) (25 ) 176 (536 ) Net loss attributable to non-controlling interest in subsidiary — — 11 — 11 Net loss attributable to The New Home Company Inc. $ (525 ) $ (162 ) $ (14 ) $ 176 $ (525 )
Supplemental Condensed Consolidated Statement of Cash Flows [Table Text Block]	Six Months Ended June 30, 2019 NWHM Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated NWHM (Dollars in thousands) Net cash (used in) provided by operating activities $ (36,110 ) $ 54,970 $ 32 $ — $ 18,892 Investing activities: Purchases of property and equipment (1 ) (7 ) — — (8 ) Contributions and advances to unconsolidated joint ventures — (4,120 ) — — (4,120 ) Contributions to subsidiaries from corporate (66,575 ) — — 66,575 — Distributions of capital from subsidiaries 91,700 — — (91,700 ) — Distributions of capital and repayment of advances from unconsolidated — 4,928 — — 4,928 Net cash provided by investing activities $ 25,124 $ 801 $ — $ (25,125 ) $ 800 Financing activities: Borrowings from credit facility 40,000 — — — 40,000 Repayments of credit facility (41,500 ) — — — (41,500 ) Repurchase of senior notes (10,856 ) — — — (10,856 ) Contributions to subsidiaries from corporate — 66,575 — (66,575 ) — Distributions to corporate from subsidiaries — (91,700 ) — 91,700 — Repurchases of common stock (1,042 ) — — — (1,042 ) Tax withholding paid on behalf of employees for stock awards (488 ) — — — (488 ) Net cash used in financing activities $ (13,886 ) $ (25,125 ) $ — $ 25,125 $ (13,886 ) Net (decrease) increase in cash, cash equivalents and restricted cash (24,872 ) 30,646 32 — 5,806 Cash, cash equivalents and restricted cash – beginning of period 28,877 13,518 147 — 42,542 Cash, cash equivalents and restricted cash – end of period $ 4,005 $ 44,164 $ 179 $ — $ 48,348 Six Months Ended June 30, 2018 NWHM 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 — 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

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies - Additional Disclosures (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2019USD ($)		Jun. 30, 2018USD ($)shares	Jun. 30, 2019USD ($)shares		Jun. 30, 2018USD ($)shares	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)		Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 124,000		$ 567,000	$ 124,000		$ 567,000		$ 269,000
Deposits Assets - Outstanding	15,300,000			$ 15,300,000
Number of Projects Impaired				0
Impairment of Real Estate	0					0
Cumulative Effect of New Accounting Principle in Period of Adoption										$ 0	$ (3,365,000)
Stock Repurchased During Period			2,072,000	$ 1,042,000		2,072,000
Right of use lease asset	2,541,000	[1]		2,541,000	[1]		$ 3,100,000	0	[1]
Operating Lease, Liability	2,902,000	[2]		$ 2,902,000	[2]		$ 3,500,000	0
Document Period End Date				Jun. 30, 2019
Non-controlling interest in subsidiary	95,000			$ 95,000				76,000
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%
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption										(18,000)	(18,000)
Stock Repurchased During Period			$ 1,947,000	$ 1,040,000		$ 1,947,000
Common Stock [Member]
Stock Repurchased and Retired During Period, Shares | shares			205,240	153,916		205,240
Stock Repurchased During Period			$ 2,000	$ 2,000		$ 2,000
Stockholders' Equity Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption										$ 0	$ (3,365,000)
Stock Repurchased During Period			$ 2,072,000	$ 1,042,000		$ 2,072,000
Accounting Standards Update 2018-07 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption								$ 18,000
[1]	In conjunction with the adoption of ASC 842, the Company established a right-of-use asset of $3.1 million on January 1, 2019. For more information, please refer to Note 1 and Note 11.
[2]	The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabilities were 1.9 years and 5.2% , respectively at June 30, 2019

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 48,224	$ 42,273	$ 90,758
Restricted cash	124	269	567
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$ 48,348	$ 42,542	$ 91,325	$ 123,970

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies - Major Customer Revenue (Details) - customer	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Concentration Risk [Line Items]
Document Period End Date			Jun. 30, 2019
Fee Building Segment [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member]
Concentration Risk [Line Items]
Concentration risk, number of customers	1	1	1	1
Concentration Risk, Percentage	95.00%	95.00%	93.00%	96.00%
Fee Building Segment [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk, number of customers			1		1
Concentration Risk, Percentage			39.00%		48.00%

Computation of Earnings (Loss_3

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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income (loss) attributable to The New Home Company Inc.	$ 1,572	$ 115	$ (415)	$ (525)
Denominator:
Basic weighted-average shares outstanding	20,070,914	20,958,991	20,028,600	20,942,601
Stock options and unvested restricted stock units	24,619	65,778	0	0
Diluted weighted-average shares outstanding	20,095,533	21,024,769	20,028,600	20,942,601
Basic income (loss) per share attributable to The New Home Company Inc.	$ 0.08	$ 0.01	$ (0.02)	$ (0.03)
Diluted income (loss) per share attributable to The New Home Company Inc.	$ 0.08	$ 0.01	$ (0.02)	$ (0.03)
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	1,349,106	952,882	1,292,726	1,333,106

Contracts and Accounts Receiv_3

Contracts and Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Contracts Receivable:
Costs incurred on fee building projects	$ 41,038	$ 159,136
Estimated earnings	909	4,401
Contracts receivable, before collections	41,947	163,537
Less: amounts collected during the period	(35,642)	(154,743)
Total contracts receivable	6,305	8,794
Billed	0	0
Unbilled	6,305	8,794
Other receivables
Escrow receivables	9,530	8,787
Other receivables	278	684
Contracts and accounts receivable	16,113	18,265
Accounts payable related to costs incurred under fee building contracts	$ 5,600	$ 8,500

Real Estate Inventories (Detail

Real Estate Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Deposits and pre-acquisition costs	$ 17,485	$ 20,726
Land held and land under development	122,392	115,987
Homes completed or under construction	352,535	380,956
Model homes	49,542	48,621
Real estate inventories	541,954	566,290
Deposits and pre-acquisition costs, refundable	$ 700	$ 900

Real Estate Inventories Invento

Real Estate Inventories Inventory Impairments (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019	Jun. 30, 2018USD ($)
Inventory Disclosure [Abstract]
Inventory impairments	$ 0		$ 0
Number of Projects Impaired		0

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Capitalized Interest [Abstract]
Interest incurred	$ 7,606	$ 6,612	$ 15,367	$ 13,328
Interest expensed	0	0	0	0
Interest capitalized to inventory	(7,606)	(6,149)	(15,367)	(12,344)
Interest Capitalized to Investments in Unconsolidated Joint Ventures	0	(463)	0	(984)
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in beginning inventory	28,600	19,884	25,681	16,453
Interest capitalized as a cost of inventory	7,606	6,149	15,367	12,344
Capitalized interest transferred from investment in unconsolidated joint venture to inventory upon lot acquisition	3	5	13	5
Previously capitalized interest included in cost of home sales	(6,301)	(3,750)	(11,153)	(6,514)
Capitalized interest in ending inventory	29,908	22,288	29,908	22,288
Real Estate Inventory, Capitalized Interest Costs in Unconsolidated Joint Venture [Roll Forward]
Capitalized interest in beginning investment in unconsolidated joint ventures	672	1,962	713	1,472
Interest capitalized to investment in unconsolidated joint ventures	0	(463)	0	(984)
Capitalized interest transferred from investment in unconsolidated joint ventures to inventory upon lot acquisition	(3)	(5)	(13)	(5)
Previously capitalized interest included in equity in net income (loss) of unconsolidated joint ventures	(48)	(18)	(79)	(49)
Capitalized interest in ending investment in unconsolidated joint ventures	621	2,402	621	2,402
Total capitalized interest in ending inventory and investments in unconsolidated joint ventures	$ 30,529	$ 24,690	$ 30,529	$ 24,690
Capitalized interest as a percentage of inventory	5.50%	4.70%	5.50%	4.70%
Interest included in cost of home sales as a percentage of home sales revenue	4.40%	3.20%	4.70%	3.30%
Capitalized interest as a percentage of investment in and advances to unconsolidated joint ventures	1.80%	4.10%	1.80%	4.10%

Investments in and advances t_3

Investments in and advances to unconsolidated joint ventures - Additional Disclosures (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)investment	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)investment	Jun. 30, 2018USD ($)	Dec. 31, 2018investment
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures with ownership interests | investment	10		10		10
Management Fee Revenue	$ 162,749	$ 155,555	$ 281,597	$ 278,786
Equity in net income of unconsolidated joint ventures	$ 185	(120)	$ 369	215
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%
Management Service [Member]
Schedule of Equity Method Investments [Line Items]
Management Fee Revenue	$ 619	$ 672	$ 1,162	$ 1,652

Investments in and advances t_4

Investments in and advances to unconsolidated joint ventures - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Cash and cash equivalents	$ 35,145	$ 45,945
Restricted cash	14,740	19,205
Real estate inventories	338,176	374,607
Other assets	5,950	4,231
Total assets	394,011	443,988
Accounts payable and accrued liabilities	36,191	43,158
Notes Payable	40,564	71,299
Liabilities	76,755	114,457
The Company's equity	33,016	33,617
Other partners' equity	284,240	295,914
Total equity	317,256	329,531
Total liabilities and equity	$ 394,011	$ 443,988
Debt-to-capitalization ratio	11.30%	17.80%
Debt-to-equity ratio	12.80%	21.60%

Investments in and advances t_5

Investments in and advances to unconsolidated joint ventures - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Revenues	$ 59,078	$ 33,879	$ 101,365	$ 65,892
Cost of Sales and Expenses	57,288	34,165	99,062	65,374
Net income (loss) of unconsolidated joint ventures	1,790	(286)	2,303	518
Equity in net income (loss) of unconsolidated joint ventures	$ 185	$ (120)	$ 369	$ 215

Investments in and advances t_6

Investments in and advances to unconsolidated joint ventures Selected Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Revenues	$ 59,078	$ 33,879	$ 101,365	$ 65,892
Cost of home sales	57,288	34,165	99,062	65,374
Net income	1,790	(286)	2,303	518
Equity in net income of unconsolidated joint ventures	185	(120)	369	215
Select Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	44,358	23,798	76,395	53,439
Cost of home sales	40,548	21,910	69,624	47,544
Gross margin	3,810	1,888	6,771	5,895
Expenses	1,983	1,779	3,840	4,193
Net income	1,827	109	2,931	1,702
Equity in net income of unconsolidated joint ventures	$ 261	$ 11	$ 488	$ 452

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2019		Jan. 01, 2019	Dec. 31, 2018
Other Assets [Abstract]
Property, equipment and capitalized selling and marketing costs, net	[1]	$ 9,094			$ 11,738
Deferred tax asset, net		13,937			13,937
Prepaid income taxes		443			514
Prepaid expenses		5,715			6,348
Warranty insurance receivable	[2]	1,257			915
Right of use lease asset		2,541	[3]	$ 3,100	0	[3]
Other Assets		$ 32,987			$ 33,452
[1]	The Company depreciated $2.3 million , $4.9 million , $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, 2019 and 2018, respectively. The Company depreciated $0.1 million , $0.2 million , $0.1 million and $0.2 million of property and equipment to general and administrative expenses during the three and six months ended June 30, 2019 and 2018, respectively.
[2]	The Company adjusted its warranty insurance receivable by $0.6 million during the 2019 second quarter to true-up the receivable to align with actual reimbursement experience rates which resulted in pretax income of the same amount. The impact to net income was $0.4 million or $0.02 per diluted share.
[3]	In conjunction with the adoption of ASC 842, the Company established a right-of-use asset of $3.1 million on January 1, 2019. For more information, please refer to Note 1 and Note 11.

Other Assets (Details)

Other Assets (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019		Jun. 30, 2018	Jun. 30, 2019		Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018	[1]
Capitalized Sales and Marketing Depreciated	$ 2,300		$ 1,500	$ 4,900		$ 2,400
Property and Equipment Depreciation	100		$ 100	200		$ 200
Standard Product Warranty Accrual, Increase for Warranties Issued	600
Impact to net income (loss)	$ 400
Impact to Diluted EPS	$ 0.02
Right of use lease asset	$ 2,541	[1]		$ 2,541	[1]		$ 3,100	$ 0
[1]	In conjunction with the adoption of ASC 842, the Company established a right-of-use asset of $3.1 million on January 1, 2019. For more information, please refer to Note 1 and Note 11.

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Schedule of Accrued Liabilities and Other Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2019		Jan. 01, 2019	Dec. 31, 2018		Jun. 30, 2018
Payables and Accruals [Abstract]
Warranty accrual(1)		$ 7,049	[1]		$ 6,898	[1]	$ 6,998
Accrued compensation and benefits		3,157			5,749
Accrued interest		6,236			6,497
Completion Reserve		3,351			4,192
Lease liability		2,902	[2]	$ 3,500	0
Customer Deposits, Current		7,188			2,192
Other accrued expenses		2,492			3,500
Total accrued expenses and other liabilities		32,375			29,028
Insurance Settlements Receivable	[3]	$ 1,257			$ 915
[1]	(1) Included in the amount at June 30, 2019 and December 31, 2018 is approximately $1.3 million and $0.9 million , respectively, of warranty liabilities estimated to be recovered by our insurance policies.
[2]	The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabilities were 1.9 years and 5.2% , respectively at June 30, 2019
[3]	The Company adjusted its warranty insurance receivable by $0.6 million during the 2019 second quarter to true-up the receivable to align with actual reimbursement experience rates which resulted in pretax income of the same amount. The impact to net income was $0.4 million or $0.02 per diluted share.

Accrued Expenses and Other Li_4

Accrued Expenses and Other Liabilities - Changes in Warranty Accrual (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2019		Jun. 30, 2018	Jun. 30, 2019		Jun. 30, 2018
Product Warranty Accrual [Line Items]
Document Period End Date					Jun. 30, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty liability	[1]				$ 6,898
Adjustment to warranty accrual	[2]			$ 0			$ 0
Ending warranty liability		$ 7,049	[1]	6,998	7,049	[1]	6,998
Homebuilding Segment [Member]
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty liability		6,767		6,775	6,681		6,634
Warranty provision		627		470	1,054		986
Warranty payments		(581)		(469)	(922)		(844)
Adjustment to warranty accrual	[2]	94			94
Ending warranty liability		6,907		6,776	6,907		6,776
Fee Building Segment [Member]
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty liability		178		223	217		225
Warranty provision		0		0	9		0
Warranty payments		(18)		(1)	(66)		(3)
Adjustment to warranty accrual	[2]	(18)			(18)
Ending warranty liability		$ 142		$ 222	$ 142		$ 222
[1]	(1) Included in the amount at June 30, 2019 and December 31, 2018 is approximately $1.3 million and $0.9 million , respectively, of warranty liabilities estimated to be recovered by our insurance policies.
[2]	(1) During the 2019 second quarter, we recorded an adjustment of $0.1 million to our warranty accrual for homebuilding projects due to higher expected warranty expenditures which is included in "Adjustment to warranty accrual" above and resulted in an increase of the same amount to cost of home sales in the accompanying condensed consolidated statement of operations. Also during the 2019 second quarter, the Company recorded an adjustment of $18,000 due to lower experience rate of expected warranty expenditures for fee building projects which is included in "Adjustment to warranty accrual for fee building projects" above and resulted in a reduction of the same amount to cost of fee building sales in the accompanying condensed consolidated statement of operations.

Senior Notes and Unsecured Re_3

Senior Notes and Unsecured Revolving Credit Facility - Schedule of Notes Payable (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
7.25% Senior Notes due 2022, net	[1]	$ 309,060	$ 320,148
Unsecured revolving credit facility		66,000	67,500
Total Notes Payable		$ 375,060	$ 387,648
[1]	(1) The carrying value for the Senior Notes, as presented at June 30, 2019 , is net of the unamortized discount of $1.4 million , unamortized premium of $1.1 million , and unamortized debt issuance costs of $3.7 million . The carrying value for the Senior Notes, as presented at December 31, 2018, is net of the unamortized discount of $1.7 million , unamortized premium of $1.3 million , and unamortized debt issuance costs of $4.5 million

Senior Notes and Unsecured Re_4

Senior Notes and Unsecured Revolving Credit Facility - Additional Disclosures (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	May 04, 2017	Mar. 17, 2017
Debt Instrument [Line Items]
Document Period End Date			Jun. 30, 2019
Unsecured revolving credit facility	$ 66,000,000		$ 66,000,000		$ 67,500,000
Long-term Debt	375,060,000		375,060,000		387,648,000
Debt Instrument, Unamortized Discount	1,400,000		1,400,000		1,700,000
Debt Instrument, Unamortized Premium	1,100,000		1,100,000		1,300,000
Debt Instrument, Unamortized Debt Issuance Costs	$ 3,700,000		$ 3,700,000		4,500,000
Interest rate	7.25%		7.25%
Percent of Debt Instrument Face Value Repurchased	90.82%		90.58%
Early Repayment of Senior Debt	$ 6,300,000		$ 10,856,000	$ 0
Gain on early extinguishment of debt	552,000	$ 0	969,000	$ 0
Write off of Deferred Debt Issuance Cost	90,000		160,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000		$ 200,000,000
Interest rate at period end	5.40%		5.40%
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	$ 25,000,000		$ 25,000,000
Letters of Credit Outstanding, Amount	2,300,000		2,300,000		$ 2,300,000
Accordion Feature Maximum Borrowing Capacity [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	300,000,000		300,000,000
Sr Notes Due 2022 [Member]
Debt Instrument [Line Items]
Face value of note							$ 250,000,000
Percent of Debt Instrument Par Value Issued							98.961%
Interest rate at period end							7.50%
Current Quarter [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	7,000,000		7,000,000
Sr Notes Due 2022 Tack-on [Member]
Debt Instrument [Line Items]
Face value of note						$ 75,000,000
Percent of Debt Instrument Par Value Issued						102.75%
Interest rate at period end						6.438%
Year to Date [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	12,000,000		12,000,000
Existing or future credit facility borrowings [Member] | Sr Notes Due 2022 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 260,000,000		$ 260,000,000
Basket limitation components [Member] | Sr Notes Due 2022 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Percent of consolidated net income	50.00%		50.00%
Net Cash Proceeds from Qualified Equity Offerings	100.00%		100.00%
Consolidated tangible net assets	15.00%		15.00%
General Basket	$ 15,000,000		$ 15,000,000

Fair Value Disclosures Fair V_2

Fair Value Disclosures Fair Value Table (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes, net	[1]	$ 309,060	$ 320,148
Senior notes, fair value		294,234	292,500
Unsecured revolving credit facility		$ 66,000	$ 67,500
[1]	(1) The carrying value for the Senior Notes, as presented at June 30, 2019 , is net of the unamortized discount of $1.4 million , unamortized premium of $1.1 million , and unamortized debt issuance costs of $3.7 million . The carrying value for the Senior Notes, as presented at December 31, 2018, is net of the unamortized discount of $1.7 million , unamortized premium of $1.3 million , and unamortized debt issuance costs of $4.5 million

Fair Value Disclosures (Details

Fair Value Disclosures (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Disclosures [Abstract]
Unsecured revolving credit facility	$ 66,000	$ 67,500
Debt Instrument, Unamortized Discount	1,400	1,700
Debt Instrument, Unamortized Premium	1,100	1,300
Debt Instrument, Unamortized Debt Issuance Costs	$ 3,700	$ 4,500
Number of Projects Impaired	0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019		Jan. 01, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Document Period End Date	Jun. 30, 2019
Right of use lease asset	$ 2,541	[1]	$ 3,100	$ 0	[1]
Operating Lease, Liability	2,902	[2]	$ 3,500	0
Surety Bond [Member]
Loss Contingencies [Line Items]
Outstanding surety bonds	52,800			50,500
Surety bonds work remaining to complete	25,100			20,300
Corporate Joint Venture [Member] | Financial Guarantee [Member]
Loss Contingencies [Line Items]
Long-term Debt, Gross	24,400			41,300
Loans Payable [Member] | Corporate Joint Venture [Member]
Loss Contingencies [Line Items]
Related Party Transaction, Guarantor Obligations, Underlying Asset Class Guaranteed	$ 4,900			$ 7,300
[1]	In conjunction with the adoption of ASC 842, the Company established a right-of-use asset of $3.1 million on January 1, 2019. For more information, please refer to Note 1 and Note 11.
[2]	The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabilities were 1.9 years and 5.2% , respectively at June 30, 2019

Commitments and Contingencies_2

Commitments and Contingencies Lease Costs (Details) - USD ($)		3 Months Ended	6 Months Ended
		Jun. 30, 2019	Jun. 30, 2019
Lease Costs [Abstract]
Lease costs included in general and administrative expenses		$ 265	$ 620
Lease costs included in real estate inventories		207	369
Lease costs included in selling and marketing expenses		17	34
Lease, Cost	[1]	489	1,023
Lease cash flows	[1]	563	1,053
Short-term Lease, Cost		200,000	500,000
Sublease Income		$ 49,000	$ 98,000
[1]	Does not include the cost of short-term leases with terms of less than one year which totaled approximately $0.2 million and $0.5 million for the three and six months ended June 30, 2019 , respectively, or the benefit from a sublease agreement of one of our office spaces which totaled approximately $49,000 and $98,000 for the three and six months ended June 30, 2019 , respectively.

Commitments and Contingencies F

Commitments and Contingencies Future Minimum Lease Payments (Details) - USD ($) $ in Thousands		Jun. 30, 2019		Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Right of use lease asset		$ 2,541	[1]	$ 3,100	$ 0	[1]
Remaining for 2019		971
Lessee, Operating Lease, Liability, Payments, Due Year Two		1,615
Lessee, Operating Lease, Liability, Payments, Due Year Three		444
Lessee, Operating Lease, Liability, Payments, Due Year Four		10
Lessee, Operating Lease, Liability, Payments, Due Year Five		2
Lessee, Operating Lease, Liability, Payments, Due after Year Five		0
Lessee, Operating Lease, Liability, Payments, Due	[2]	3,042
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	[3]	(140)
Operating Lease, Liability		$ 2,902	[4]	$ 3,500	$ 0
Operating Lease, Weighted Average Remaining Lease Term		1 year 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent		5.20%
[1]	In conjunction with the adoption of ASC 842, the Company established a right-of-use asset of $3.1 million on January 1, 2019. For more information, please refer to Note 1 and Note 11.
[2]	Lease payments include options to extend lease terms that are reasonably certain of being exercised.
[3]	Our leases do not provide a readily determinable implicit rate. Therefore, we utilized our incremental borrowing rate for such leases to determine the present value of lease payments at the lease commencement date. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2019 .
[4]	The weighted average remaining lease term and weighted average incremental borrowing rate used in calculating our lease liabilities were 1.9 years and 5.2% , respectively at June 30, 2019

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)investment	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)investment	Jun. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)investment
Related Party Transaction [Line Items]
Document Period End Date			Jun. 30, 2019
Due from affiliates	$ 218,000		$ 218,000			$ 1,218,000
Equity Method Investments, Number | investment	10		10			10
Investment in and advances to unconsolidated joint ventures	$ 33,637,000		$ 33,637,000			$ 34,330,000
Revenue	162,749,000	$ 155,555,000	281,597,000	$ 278,786,000
Cost of Goods and Services Sold	145,295,000	139,716,000	251,132,000	252,109,000
Due to Affiliate	0		0			0
Equity in net income of unconsolidated joint ventures	$ 185,000	(120,000)	$ 369,000	215,000
Debt Instrument, Interest Rate, Stated Percentage	7.25%		7.25%
Deposits Assets - Outstanding	$ 15,300,000		$ 15,300,000
Profit Participation [Member]
Related Party Transaction [Line Items]
Profit Participation				100,000
Interest Income on Note to Joint Venture [Member]
Related Party Transaction [Line Items]
Revenue from related party		$ 49,000		$ 100,000
Debt Instrument, Interest Rate, Stated Percentage		10.00%		10.00%
Builder Fees [Member]
Related Party Transaction [Line Items]
Due from affiliates	66,000		66,000			37,000
Corporate Joint Venture [Member] | Construction-related Costs [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party	1,500,000	$ 1,500,000	3,200,000	$ 3,600,000
Due from affiliates	200,000		200,000			400,000
Corporate Joint Venture [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Due from affiliates	0		0			200,000
Revenue from related party	$ 600,000	700,000	$ 1,200,000	1,700,000
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%
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
Master Marketing Fees			400,000
Deposit related to option contract	300,000		300,000
10% Common Stock Affiliate [Member] | Northern CA Rolling Option [Member]
Related Party Transaction [Line Items]
Deposit related to option contract	2,300,000		2,300,000
Estimated Purchase Price	8,400,000		56,700,000
Land owner fees reimbursed			100,000
Option Payment			3,000,000
Amounts Paid for Purchase of Lots			9,200,000
10% Common Stock Affiliate [Member] | Northern CA Finished Lots [Member]
Related Party Transaction [Line Items]
Total purchase price for lots under option contract	8,000,000		8,000,000
Master Marketing Fees			300,000
Reimbursed Costs			200,000
10% Common Stock Affiliate [Member] | Arizona Master Plan [Member]
Related Party Transaction [Line Items]
Total purchase price for lots under option contract	3,800,000		3,800,000
Deposit related to option contract	300,000		300,000
Consultant Stelmar [Member] | Monthly consulting fee [Member]
Related Party Transaction [Line Items]
Transaction amount			6,000
Accounts Payable, Related Parties	0		0
Consultant Redwitz [Member] | Monthly consulting fee [Member]
Related Party Transaction [Line Items]
Transaction amount			10,000
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
Investment in and advances to unconsolidated joint ventures	$ 9,800,000		$ 9,800,000			6,500,000
Director [Member]
Related Party Transaction [Line Items]
Equity Method Investments, Number | investment	3		3
Investment in and advances to unconsolidated joint ventures	$ 10,900,000		$ 10,900,000			12,000,000
Consultant Davis [Member]
Related Party Transaction [Line Items]
Due from affiliates	0		0			600,000
Consultant Davis [Member] | Monthly consulting fee [Member]
Related Party Transaction [Line Items]
Transaction amount	1,000		5,000
Accounts Payable, Related Parties	0		0
Board Affiliate [Member] | Bedford [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	700,000		700,000
Board Affiliate [Member] | Bedford 2 [Member]
Related Party Transaction [Line Items]
Total purchase price for lots under option contract	10,500,000		10,500,000
Deposit related to option contract	1,400,000		1,400,000
Deposits Assets - Outstanding	800,000		800,000
Joint Venture Land Sales [Member]
Related Party Transaction [Line Items]
Deferred Profit Contra WIP Balance	200,000		200,000			200,000
Wholly owned [Member] | TL Fab LP [Member] | Trade Payment [Member]
Related Party Transaction [Line Items]
Transaction amount	22,000	100,000	55,000	200,000
Accounts Payable, Related Parties	22,000		22,000			7,000
Unconsolidated Joint Ventures [Member] | TL Fab LP [Member] | Trade Payment [Member]
Related Party Transaction [Line Items]
Transaction amount	0	0	0	400,000
Accounts Payable, Related Parties	0		0			$ 8,000
Sponsor [Member] | FMR LLC [Member]
Related Party Transaction [Line Items]
Investment Income, Investment Expense		5,000		9,000
Participant [Member] | FMR LLC [Member]
Related Party Transaction [Line Items]
Investment Income, Investment Expense		2,000		4,000
General Contractor [Member] | Consultant Davis [Member]
Related Party Transaction [Line Items]
Revenue	0	17,000	15,000	17,100
Fee Building
Related Party Transaction [Line Items]
Revenue	22,285,000	38,095,000	41,947,000	81,889,000
Cost of Goods and Services Sold	21,770,000	37,038,000	41,038,000	79,737,000
Fee Building | Consultant Davis [Member]
Related Party Transaction [Line Items]
Revenue	10,000	600,000	500,000	700,000
Cost of Goods and Services Sold	$ 13,000	$ 600,000	$ 500,000	$ 600,000
Amendment [Member] | Board Affiliate [Member] | Bedford [Member]
Related Party Transaction [Line Items]
Total purchase price for lots under option contract					$ 9,300,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Disclosures (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Document Period End Date	Jun. 30, 2019
Award expiration period	10 years
Unearned stock-based compensation expense not yet recognized, recognition period	1 year 9 months 18 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 | $	$ 2.8
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	61,443
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
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
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,053,811

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Common Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Number of Shares
Options outstanding at December 31 (shares)	821,470	826,498
Options granted (shares)	249,283	0
Options exercised (shares)	0	0
Options forfeited (shares)	(2,736)	(5,028)
Options outstanding at June 30 (shares)	1,068,017	821,470
Options exercisable at June 30 (shares)	818,734	821,470
Weighted-Average Exercise Price per share
Options outstanding at December 31 (in dollars per share)	$ 11	$ 11
Options granted (in dollars per share)	5.76	0
Options exercised (in dollars per share)	0	0
Options forfeited (in dollars per share)	11	11
Options outstanding at June 30 (in dollars per share)	9.78	11
Options exercisable at June 30 (in dollars per share)	$ 11	$ 11

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
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)	469,227	562,082
Units granted (shares)	230,774	179,268
Units vested (shares)	(277,401)	(270,363)
Units forfeited (shares)	(48,178)	0
Balance outstanding at June 30 (shares)	374,422	470,987
Weighted-Average Grant-Date Fair Value per Share
Balance outstanding at December 31 (in dollars per share)	$ 10.75	$ 10.72
Units granted (in dollars per share)	5.28	11.24
Units vested (in dollars per share)	10.50	11.02
Units forfeited (in dollars per share)	10.91	0
Balance outstanding at June 30 (in dollars per share)	$ 7.54	$ 10.74
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)	125,422	0
Units granted (shares)	0	125,422
Units vested (shares)	0	0
Units forfeited (shares)	(26,882)	0
Balance outstanding at June 30 (shares)	98,540	125,422
Weighted-Average Grant-Date Fair Value per Share
Balance outstanding at December 31 (in dollars per share)	$ 11.68	$ 0
Units granted (in dollars per share)	0	11.68
Units vested (in dollars per share)	0	0
Units forfeited (in dollars per share)	11.68	0
Balance outstanding at June 30 (in dollars per share)	$ 11.68	$ 11.68

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Source of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 1,089	$ 1,704
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 50	$ 0	72	0
Restricted Stock Unit and Performance Share Unit Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 473	$ 862	$ 1,017	$ 1,704

Stock-Based Compensation Schedu

Stock-Based Compensation Schedule of Valuation Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Summary of Performance Share Awards [Abstract]
Expected Term	6 years	0 years
Expected Volatility Rate	39.90%	0.00%
Risk Free Interest Rate	2.50%	0.00%
Expected Dividend Rate	0.00%	0.00%
Weighted Average Grant Date Fair Value	$ 2.43	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
(Provision) benefit for income taxes	$ (974)	$ (67)	$ (310)	$ 793
Discrete tax items			$ 300	$ 400

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Revenue	$ 162,749	$ 155,555	$ 281,597	$ 278,786
Income before income taxes	2,565	182	(86)	(1,329)
Total assets	673,257		673,257		$ 696,097
Homebuilding Segment [Member]
Segment Reporting Information [Line Items]
Income before income taxes	2,050	(875)	(995)	(3,481)
Total assets	643,593		643,593		638,012
Fee Building Segment [Member]
Segment Reporting Information [Line Items]
Income before income taxes	515	1,057	909	2,152
Total assets	7,064		7,064		10,879
Corporate Unallocated [Member]
Segment Reporting Information [Line Items]
Total assets	22,600		22,600		47,206
Home Sales
Segment Reporting Information [Line Items]
Revenue	140,464	117,460	239,650	196,897
Home Sales | Homebuilding Segment [Member]
Segment Reporting Information [Line Items]
Revenue	140,464	117,460	239,650	196,897
Fee Building
Segment Reporting Information [Line Items]
Revenue	22,285	38,095	41,947	81,889
Fee Building | Fee Building Segment [Member]
Segment Reporting Information [Line Items]
Revenue	22,285	38,095	41,947	81,889
Arizona | Homebuilding Segment [Member]
Segment Reporting Information [Line Items]
Income before income taxes	(796)	(958)	(1,274)	(1,663)
Total assets	95,370		95,370		86,205
Arizona | Home Sales | Homebuilding Segment [Member]
Segment Reporting Information [Line Items]
Revenue	7,634	0	23,488	0
California | Homebuilding Segment [Member]
Segment Reporting Information [Line Items]
Income before income taxes	2,846	83	279	(1,818)
Total assets	548,223		548,223		$ 551,807
California | Home Sales | Homebuilding Segment [Member]
Segment Reporting Information [Line Items]
Revenue	$ 132,830	$ 117,460	$ 216,162	$ 196,897

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amounts capitalized	$ 0	$ 0
Income Taxes Paid	$ 240	$ 7,000

Supplemental Guarantor Inform_3

Supplemental Guarantor Information Supplemental Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and cash equivalents		$ 48,224		$ 42,273	$ 90,758
Restricted cash		124		269
Contracts and accounts receivable		16,113		18,265
Intercompany Receivables		0		0
Due from affiliates		218		1,218
Real estate inventories		541,954		566,290
Investment in and advances to unconsolidated joint ventures		33,637		34,330
Investment in subsidiaries		0		0
Other assets		32,987		33,452
Total assets		673,257		696,097
Accounts payable		26,629		39,391
Accrued expenses and other liabilities		32,375		29,028
Intercompany Payables		0		0
Due to Affiliate		0		0
Unsecured revolving credit facility		66,000		67,500
Senior notes, net	[1]	309,060		320,148
Total liabilities		434,064		456,067
Stockholders' Equity Attributable to Parent		239,098		239,954
Non-controlling interest in subsidiary		95		76
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		239,193	$ 237,079	240,030	$ 258,834	$ 259,952	$ 264,080
Total liabilities and equity		673,257		696,097
Consolidation, Eliminations [Member]
Cash and cash equivalents		0		0
Restricted cash		0		0
Contracts and accounts receivable		(413)		(668)
Intercompany Receivables		(228,506)		(192,341)
Due from affiliates		0		0
Real estate inventories		0		0
Investment in and advances to unconsolidated joint ventures		0		0
Investment in subsidiaries		(370,716)		(396,466)
Other assets		(3)		(3)
Total assets		(599,638)		(589,478)
Accounts payable		0		0
Accrued expenses and other liabilities		(408)		(664)
Intercompany Payables		(228,506)		(192,341)
Due to Affiliate		(8)		(7)
Unsecured revolving credit facility		0		0
Senior notes, net		0		0
Total liabilities		(228,922)		(193,012)
Stockholders' Equity Attributable to Parent		(370,716)		(396,466)
Non-controlling interest in subsidiary		0		0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		(370,716)		(396,466)
Total liabilities and equity		(599,638)		(589,478)
Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents		179		147
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		12		0
Total assets		191		147
Accounts payable		0		0
Accrued expenses and other liabilities		59		71
Intercompany Payables		0		0
Due to Affiliate		0		0
Unsecured revolving credit facility		0		0
Senior notes, net		0		0
Total liabilities		59		71
Stockholders' Equity Attributable to Parent		37		0
Non-controlling interest in subsidiary		95		76
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		132		76
Total liabilities and equity		191		147
Guarantor Subsidiaries [Member]
Cash and cash equivalents		44,040		13,249
Restricted cash		124		269
Contracts and accounts receivable		16,518		18,926
Intercompany Receivables		0		0
Due from affiliates		218		1,218
Real estate inventories		541,954		566,290
Investment in and advances to unconsolidated joint ventures		33,637		34,330
Investment in subsidiaries		0		0
Other assets		14,003		14,812
Total assets		650,494		649,094
Accounts payable		26,300		39,151
Accrued expenses and other liabilities		25,001		21,129
Intercompany Payables		228,506		192,341
Due to Affiliate		8		7
Unsecured revolving credit facility		0		0
Senior notes, net		0		0
Total liabilities		279,815		252,628
Stockholders' Equity Attributable to Parent		370,679		396,466
Non-controlling interest in subsidiary		0		0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		370,679		396,466
Total liabilities and equity		650,494		649,094
Parent Company [Member]
Cash and cash equivalents		4,005		28,877
Restricted cash		0		0
Contracts and accounts receivable		8		7
Intercompany Receivables		228,506		192,341
Due from affiliates		0		0
Real estate inventories		0		0
Investment in and advances to unconsolidated joint ventures		0		0
Investment in subsidiaries		370,716		396,466
Other assets		18,975		18,643
Total assets		622,210		636,334
Accounts payable		329		240
Accrued expenses and other liabilities		7,723		8,492
Intercompany Payables		0		0
Due to Affiliate		0		0
Unsecured revolving credit facility		66,000		67,500
Senior notes, net		309,060		320,148
Total liabilities		383,112		396,380
Stockholders' Equity Attributable to Parent		239,098		239,954
Non-controlling interest in subsidiary		0		0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		239,098		239,954
Total liabilities and equity		$ 622,210		$ 636,334
[1]	(1) The carrying value for the Senior Notes, as presented at June 30, 2019 , is net of the unamortized discount of $1.4 million , unamortized premium of $1.1 million , and unamortized debt issuance costs of $3.7 million . The carrying value for the Senior Notes, as presented at December 31, 2018, is net of the unamortized discount of $1.7 million , unamortized premium of $1.3 million , and unamortized debt issuance costs of $4.5 million

Supplemental Guarantor Inform_4

Supplemental Guarantor Information Supplemental Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue	$ 162,749	$ 155,555	$ 281,597	$ 278,786
Cost of Goods and Services Sold	145,295	139,716	251,132	252,109
Gross Profit Home Sales	16,939	14,782	29,556	24,525
Gross Profit Fee Building	515	1,057	909	2,152
Other income (expense), net	(102)	(92)	(295)	(118)
Gross Profit	17,454	15,839	30,465	26,677
Selling and marketing expenses	(9,683)	(9,466)	(18,362)	(16,105)
General and administrative expenses	(5,841)	(5,979)	(13,232)	(11,998)
Equity in net income of unconsolidated joint ventures	185	(120)	369	215
Equity in net income (loss) from Subsidiaries	0	0	0	0
Gain on early extinguishment of debt	552	0	969	0
Pretax income (loss)	2,565	182	(86)	(1,329)
(Provision) benefit for income taxes	(974)	(67)	(310)	793
Net loss	1,591	115	(396)	(536)
Net (income) loss attributable to non-controlling interest	(19)	0	(19)	11
Net Income (Loss) Attributable to Parent	1,572	115	(415)	(525)
Guarantor Subsidiaries [Member]
Revenue	162,749	155,555	281,597	278,786
Cost of Goods and Services Sold	145,352	139,718	251,189	252,087
Gross Profit Home Sales	16,882	14,780	29,499	24,547
Gross Profit Fee Building	515	1,057	909	2,152
Other income (expense), net	4	(57)	(127)	(194)
Gross Profit	17,397	15,837	30,408	26,699
Selling and marketing expenses	(9,683)	(9,466)	18,362	(16,105)
General and administrative expenses	(6,458)	(6,281)	13,283	(11,194)
Equity in net income of unconsolidated joint ventures	185	(120)	369	215
Equity in net income (loss) from Subsidiaries	0	0	0	0
Gain on early extinguishment of debt	0		0
Pretax income (loss)	1,445	(87)	(995)	(579)
(Provision) benefit for income taxes	(396)	30	(332)	417
Net loss	1,049	(57)	(663)	(162)
Net (income) loss attributable to non-controlling interest	0	0	0	0
Net Income (Loss) Attributable to Parent	1,049	(57)	(663)	(162)
Non-Guarantor Subsidiaries [Member]
Revenue	0	0	0	0
Cost of Goods and Services Sold	(57)	(2)	(57)	22
Gross Profit Home Sales	57	2	57	(22)
Gross Profit Fee Building	0	0	0	0
Other income (expense), net	0	0	0	0
Gross Profit	57	2	57	(22)
Selling and marketing expenses	0	0	0	0
General and administrative expenses	0	(3)	0	(3)
Equity in net income of unconsolidated joint ventures	0	0	0	0
Equity in net income (loss) from Subsidiaries	0	0	0	0
Gain on early extinguishment of debt	0		0
Pretax income (loss)	57	(1)	57	(25)
(Provision) benefit for income taxes	0	0	0	0
Net loss	57	(1)	57	(25)
Net (income) loss attributable to non-controlling interest	(19)	0	(19)	11
Net Income (Loss) Attributable to Parent	38	(1)	38	(14)
Parent Company [Member]
Revenue	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Gross Profit Home Sales	0	0	0	0
Gross Profit Fee Building	0	0	0	0
Other income (expense), net	(106)	(35)	(168)	76
Gross Profit	0	0	0	0
Selling and marketing expenses	0	0	0	0
General and administrative expenses	617	305	(51)	(801)
Equity in net income of unconsolidated joint ventures	0	0	0	0
Equity in net income (loss) from Subsidiaries	1,087	(58)	(625)	(176)
Gain on early extinguishment of debt	552		969
Pretax income (loss)	2,150	212	227	(901)
(Provision) benefit for income taxes	(578)	(97)	642	376
Net loss	1,572	115	(415)	(525)
Net (income) loss attributable to non-controlling interest	0	0	0	0
Net Income (Loss) Attributable to Parent	1,572	115	(415)	(525)
Consolidation, Eliminations [Member]
Revenue	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Gross Profit Home Sales	0	0	0	0
Gross Profit Fee Building	0	0	0	0
Other income (expense), net	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 of unconsolidated joint ventures	0	0	0	0
Equity in net income (loss) from Subsidiaries	(1,087)	58	625	176
Gain on early extinguishment of debt	0		0
Pretax income (loss)	(1,087)	58	625	176
(Provision) benefit for income taxes	0	0	0	0
Net loss	(1,087)	58	625	176
Net (income) loss attributable to non-controlling interest	0	0	0	0
Net Income (Loss) Attributable to Parent	(1,087)	58	625	176
Home Sales
Revenue	140,464	117,460	239,650	196,897
Cost of Goods and Services Sold	123,525	102,678	210,094	172,372
Home Sales | Guarantor Subsidiaries [Member]
Revenue	140,464	117,460	239,650	196,897
Cost of Goods and Services Sold	123,582	102,680	210,151	172,350
Home Sales | Non-Guarantor Subsidiaries [Member]
Revenue	0	0	0	0
Cost of Goods and Services Sold	(57)	(2)	(57)	22
Home Sales | Parent Company [Member]
Revenue	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Home Sales | Consolidation, Eliminations [Member]
Revenue	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Fee Building
Revenue	22,285	38,095	41,947	81,889
Cost of Goods and Services Sold	21,770	37,038	41,038	79,737
Fee Building | Guarantor Subsidiaries [Member]
Revenue	22,285	38,095	41,947	81,889
Cost of Goods and Services Sold	21,770	37,038	41,038	79,737
Fee Building | Non-Guarantor Subsidiaries [Member]
Revenue	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Fee Building | Parent Company [Member]
Revenue	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Fee Building | Consolidation, Eliminations [Member]
Revenue	0	0	0	0
Cost of Goods and Services Sold	$ 0	$ 0	$ 0	$ 0

Supplemental Guarantor Inform_5

Supplemental Guarantor Information Supplemental Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Net Cash Used in Operating Activities		$ 18,892	$ (61,510)
Purchases of property and equipment		(8)	(184)
Contributions and advances to unconsolidated joint ventures		(4,120)	(8,954)
Contributions to Subsidiaries from Corporate		0	0
Distributions of Capital from Subsidiaries		0	0
Distributions of capital and repayment of advances from unconsolidated joint ventures		4,928	5,874
Interest collected on advances to unconsolidated joint ventures			178
Net cash provided by (used in) investing activities		800	(3,086)
Borrowings from credit facility		40,000	35,000
Repayments of credit facility		(41,500)	0
Repurchase of senior notes	$ 6,300	10,856	0
Contributions to subsidiaries from corporate		0	0
Distributions to Corporate from Subsidiaries		0	0
Repurchases of common stock		(1,042)	(2,072)
Tax withholding paid on behalf of employees for stock awards		(488)	(977)
Net cash (used in) provided by financing activities		(13,886)	31,951
Net (decrease) increase in cash, cash equivalents and restricted cash		5,806	(32,645)
Cash, Cash Equivalents, and Restricted Cash	48,348	48,348	91,325	$ 42,542	$ 123,970
Guarantor Subsidiaries [Member]
Net Cash Used in Operating Activities		54,970	(22,349)
Purchases of property and equipment		(7)	(162)
Contributions and advances to unconsolidated joint ventures		(4,120)	(8,954)
Contributions to Subsidiaries from Corporate		0	0
Distributions of Capital from Subsidiaries		0	0
Distributions of capital and repayment of advances from unconsolidated joint ventures		4,928	5,874
Interest collected on advances to unconsolidated joint ventures			178
Net cash provided by (used in) investing activities		801	(3,064)
Borrowings from credit facility		0	0
Repayments of credit facility		0
Repurchase of senior notes		0
Contributions to subsidiaries from corporate		66,575	103,885
Distributions to Corporate from Subsidiaries		(91,700)	(49,975)
Repurchases of common stock		0	0
Tax withholding paid on behalf of employees for stock awards		0	0
Net cash (used in) provided by financing activities		(25,125)	53,910
Net (decrease) increase in cash, cash equivalents and restricted cash		30,646	28,497
Cash, Cash Equivalents, and Restricted Cash	44,164	44,164	52,693	13,518	24,196
Non-Guarantor Subsidiaries [Member]
Net Cash Used in Operating Activities		32	(5)
Purchases of property and equipment		0	0
Contributions and advances to unconsolidated joint ventures		0	0
Contributions to Subsidiaries from Corporate		0	0
Distributions of Capital from Subsidiaries		0	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 provided by (used in) investing activities		0	0
Borrowings from credit facility		0	0
Repayments of credit facility		0
Repurchase of senior notes		0
Contributions to subsidiaries from corporate		0	0
Distributions to Corporate from Subsidiaries		0	0
Repurchases of common stock		0	0
Tax withholding paid on behalf of employees for stock awards		0	0
Net cash (used in) provided by financing activities		0	0
Net (decrease) increase in cash, cash equivalents and restricted cash		32	(5)
Cash, Cash Equivalents, and Restricted Cash	179	179	183	147	188
Parent Company [Member]
Net Cash Used in Operating Activities		(36,110)	(39,156)
Purchases of property and equipment		(1)	(22)
Contributions and advances to unconsolidated joint ventures		0	0
Contributions to Subsidiaries from Corporate		(66,575)	(103,885)
Distributions of Capital from Subsidiaries		91,700	49,975
Distributions of capital and repayment of advances from unconsolidated joint ventures		0	0
Interest collected on advances to unconsolidated joint ventures			0
Net cash provided by (used in) investing activities		25,124	(53,932)
Borrowings from credit facility		40,000	35,000
Repayments of credit facility		(41,500)
Repurchase of senior notes		(10,856)
Contributions to subsidiaries from corporate		0	0
Distributions to Corporate from Subsidiaries		0	0
Repurchases of common stock		(1,042)	(2,072)
Tax withholding paid on behalf of employees for stock awards		(488)	(977)
Net cash (used in) provided by financing activities		(13,886)	31,951
Net (decrease) increase in cash, cash equivalents and restricted cash		(24,872)	(61,137)
Cash, Cash Equivalents, and Restricted Cash	4,005	4,005	38,449	28,877	99,586
Consolidation, Eliminations [Member]
Net Cash Used in Operating Activities		0	0
Purchases of property and equipment		0	0
Contributions and advances to unconsolidated joint ventures		0	0
Contributions to Subsidiaries from Corporate		66,575	103,885
Distributions of Capital from Subsidiaries		(91,700)	(49,975)
Distributions of capital and repayment of advances from unconsolidated joint ventures		0	0
Interest collected on advances to unconsolidated joint ventures			0
Net cash provided by (used in) investing activities		(25,125)	53,910
Borrowings from credit facility		0	0
Repayments of credit facility		0
Repurchase of senior notes		0
Contributions to subsidiaries from corporate		(66,575)	(103,885)
Distributions to Corporate from Subsidiaries		91,700	49,975
Repurchases of common stock		0	0
Tax withholding paid on behalf of employees for stock awards		0	0
Net cash (used in) provided by financing activities		25,125	(53,910)
Net (decrease) increase in cash, cash equivalents and restricted cash		0	0
Cash, Cash Equivalents, and Restricted Cash	$ 0	$ 0	$ 0	$ 0	$ 0

Supplemental Guarantor Inform_6

Supplemental Guarantor Information Supplemental Guarantor Info (Details)	Jun. 30, 2019
Supplemental Guarantor Info [Abstract]
Interest rate	7.25%