Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 03, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Entity Registrant Name | Century Communities, Inc. | ||
Entity Central Index Key | 1576940 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Trading Symbol | ccs | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 21,360,665 | ||
Entity Public Float | $352.70 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $33,462 | $109,998 |
Accounts receivable | 13,799 | 4,438 |
Inventories | 556,323 | 184,072 |
Prepaid expenses and other assets | 28,796 | 8,415 |
Property and equipment, net | 12,471 | 3,360 |
Deferred tax asset, net | 1,359 | |
Amortizable intangible assets, net | 8,632 | 1,877 |
Goodwill | 21,137 | 479 |
Total Assets | 675,979 | 312,639 |
Liabilities: | ||
Accounts payable | 17,135 | 8,313 |
Accrued expenses and other liabilities | 64,029 | 30,358 |
Deferred tax liability, net | 912 | |
Notes payable and revolving line agreement | 229,610 | 1,500 |
Total liabilities | 310,774 | 41,083 |
Equity: | ||
Preferred Stock, $0.01 par value, 50,000,000 shares authorized, none outstanding | ||
Common stock, $0.01 par value, 100,000,000 shares authorized, 20,875,547 and 17,257,774 shares issued and outstanding at December 31, 2014 and 2013, respectively | 209 | 173 |
Additional paid in capital | 336,573 | 262,982 |
Retained earnings | 28,423 | 8,401 |
Total stockholders' equity | 365,205 | 271,556 |
Total liabilities and stockholders' equity | $675,979 | $312,639 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Balance Sheet [Abstract] | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock shares issued (in shares) | 20,875,547 | 17,257,774 |
Common stock shares outstanding (in shares) | 20,875,547 | 17,257,774 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Statement of Operations [Abstract] | ||||||||||||
Home sales revenues | $134,089 | $90,735 | $77,328 | $49,671 | $63,631 | $41,494 | $41,291 | $24,717 | $351,823 | $171,133 | ||
Land sales revenues | 4,800 | |||||||||||
Golf course and other revenue | 5,769 | |||||||||||
Total revenue | 362,392 | 171,133 | ||||||||||
Costs and expenses | ||||||||||||
Cost of home sales revenues | 276,386 | 129,651 | ||||||||||
Cost of land sales revenues | 1,808 | |||||||||||
Cost of golf course and other revenue | 6,301 | |||||||||||
Selling, general, and administrative | 46,795 | 23,622 | ||||||||||
Total operating costs and expenses | 331,290 | 153,273 | ||||||||||
Operating income | 31,102 | 17,860 | ||||||||||
Other income (expense): | ||||||||||||
Interest income | 362 | 228 | ||||||||||
Interest expense | -26 | |||||||||||
Acquisition expense | -1,414 | -533 | ||||||||||
Other income | 736 | 507 | ||||||||||
Gain on disposition of assets | 199 | 11 | ||||||||||
Income before tax expense | 11,017 | 6,697 | 8,049 | 5,196 | 4,736 | 3,784 | 6,526 | 3,027 | 30,959 | 18,073 | ||
Income tax expense | 10,937 | 5,015 | ||||||||||
Deferred taxes on conversion to a corporation | 627 | |||||||||||
Consolidated net income of Century Communities, Inc. | 4,030 | 8,401 | 20,022 | 12,431 | ||||||||
Net income attributable to the noncontrolling interests | 52 | |||||||||||
Net income attributable to common stockholders | 7,189 | 4,127 | 5,338 | 3,368 | 3,050 | 2,438 | 3,915 | 2,976 | 20,022 | 12,379 | ||
Earnings per share: | ||||||||||||
Basic and Diluted | $0.34 | $0.19 | $0.30 | $0.20 | $0.18 | $0.14 | $0.32 | $0.60 | $1.03 | $0.95 | ||
Weighted average common shares outstanding: | ||||||||||||
Basic and Diluted | 19,226,504 | 12,873,562 | ||||||||||
Unaudited pro-forma net income, income attributable to common stockholders, and earnings per share (Note 19): | ||||||||||||
Net income | 31,946 | 20,611 | ||||||||||
Income attributable to common stockholders | $31,473 | $20,386 | ||||||||||
Basic and diluted earnings per share | $1.64 | $1.58 | ||||||||||
Unaudited pro-forma weighted average common shares (Note 19): | ||||||||||||
Basic and diluted | 19,226,504 | 12,873,562 |
CONSOLIDATED_STATEMENT_OF_EQUI
CONSOLIDATED STATEMENT OF EQUITY (USD $) | Member Units [Member] | Common Stock [Member] | Paid-In [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] | Total |
Share data in Thousands, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2012 | $22,060,000 | $2,501,000 | $24,561,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Non-cash contributions | 3,708,000 | 3,708,000 | ||||
Non-cash distributions | -1,603,000 | -1,603,000 | ||||
Contributions | 1,500,000 | 1,500,000 | ||||
Distributions to non-controlling interests | -950,000 | -950,000 | ||||
Distributions to members | -3,830,000 | -3,830,000 | ||||
Conversion of subordinated obligation to equity | 11,244,000 | 11,244,000 | ||||
Members' capital as of April 30, 2013 | 38,660,000 | 38,660,000 | ||||
Net income | 3,978,000 | 52,000 | 4,030,000 | |||
Ending balance at Apr. 30, 2013 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Conversion of LLC to C corporation | -38,660,000 | 50,000 | 38,610,000 | |||
Conversion of LLC to C corporation, shares | 5,000 | |||||
Issuance of common stock | 121,000 | 223,639,000 | 223,760,000 | |||
Issuance of common stock, shares | 12,075 | |||||
Issuance of restricted stock awards, shares | 183 | |||||
Stock-based compensation expense | 2,000 | 733,000 | 735,000 | |||
Net income | 8,401,000 | 8,401,000 | ||||
Ending balance at Dec. 31, 2013 | 173,000 | 262,982,000 | 8,401,000 | 271,556,000 | ||
Ending balance (in shares) at Dec. 31, 2013 | 17,258 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 40,000 | 81,524,000 | 81,564,000 | |||
Issuance of common stock, shares | 4,000 | |||||
Repurchase of common stock | -6,000 | -9,740,000 | -9,746,000 | |||
Repurchase of common stock, shares | -608 | |||||
Repurchase of common stock upon vesting of restricted stock awards | -386,000 | -386,000 | ||||
Repurchase of common stock upon vesting of restricted stock awards, shares | -17 | |||||
Issuance of restricted stock awards, shares | 250 | |||||
Stock-based compensation expense | 2,000 | 2,150,000 | 2,152,000 | |||
Excess tax benefit of stock-based compensation | 43,000 | 43,000 | ||||
Forfeitures of restricted stock awards | -7,000 | |||||
Net income | 20,022,000 | 20,022,000 | ||||
Ending balance at Dec. 31, 2014 | $209,000 | $336,573,000 | $28,423,000 | $365,205,000 | ||
Ending balance (in shares) at Dec. 31, 2014 | 20,876 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating activities: | ||
Net income | $20,022 | $12,431 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 2,941 | 937 |
Stock compensation expense | 2,152 | 735 |
Deferred taxes on conversion to a corporation | 627 | |
Deferred income tax expense (benefit) | -2,054 | 285 |
Excess tax benefit on stock-based compensation | -43 | |
Gain on disposition of assets | -199 | -11 |
Changes in assets and liabilities: | ||
Cash held in trust | 2,917 | |
Accounts receivable | -8,771 | -3,400 |
Inventories | -160,886 | -92,250 |
Prepaid expenses and other assets | -11,140 | -4,847 |
Accounts payable | 3,444 | -2,749 |
Accrued expenses and other liabilities | 24,863 | 17,827 |
Net cash used in operating activities | -129,671 | -67,498 |
Investing activities: | ||
Purchases of property and equipment | -1,127 | -550 |
Acquisitions of businesses | -232,585 | -15,708 |
Net cash used in investing activities | -233,712 | -16,258 |
Financing activities: | ||
Borrowings under revolving credit facilities | 119,000 | 26,671 |
Payments on revolving credit facilities | -99,000 | -47,044 |
Proceeds from issuance of senior notes | 198,478 | |
Proceeds from issuance of insurance premium notes | 6,760 | |
Proceeds from debt issuances | 5,763 | |
Principal payments | -3,083 | -17,096 |
Debt issuance costs | -6,783 | |
Net proceeds from issuances of common stock | 81,564 | 223,760 |
Repurchases of common stock | -9,746 | |
Excess tax benefit on stock-based compensation | 43 | |
Contributions from members | 1,500 | |
Distributions to members | -3,830 | |
Distributions to noncontrolling interest | -950 | |
Other financing activity | -386 | |
Net cash provided by financing activities | 286,847 | 188,774 |
Net increase (decrease) in cash and cash equivalents | -76,536 | 105,018 |
Cash and cash equivalents, Beginning of period | 109,998 | 4,980 |
Cash and cash equivalents, End of period | 33,462 | 109,998 |
Non-cash investing and financing information | ||
Seller financed acquisitions of land | 4,239 | |
Capital lease obligations | 92 | |
Inventory contributed by members | 3,708 | |
Inventory distributed to non controlling interests | 1,603 | |
Conversion of subordinated debt obligation to equity | 11,244 | |
Supplemental Cash Flow Information | ||
Cash paid for income taxes | 18,458 | |
Cash paid for interest, net of amounts capitalized | $26 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Nature of Operations and Summary of Significant Accounting Policies | |||||||
Nature of Operations and Summary of Significant Accounting Policies | 1. Nature of Operations and Summary of Significant Accounting Policies | ||||||
Nature of Operations | |||||||
Century Communities, Inc. (“we” or “the Company”) is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in metropolitan areas in Colorado, Austin and San Antonio, Texas (which we refer to as “Central Texas”), Houston, Texas, Las Vegas, Nevada and Atlanta, Georgia. Our homebuilding operations are organized into the following five operating segments based on the geographic markets in which we operate: Atlanta, Central Texas, Colorado, Houston and Nevada. In many of our projects, in addition to building homes, we are responsible for the entitlement and development of the underlying land. | |||||||
We were formed as a Colorado limited liability company in August 2002, and we converted into a Delaware corporation pursuant to the General Corporation Law of the State of Delaware on April 30, 2013. In connection with the conversion, all of the outstanding membership interests were converted into an aggregate of 5.0 million shares of common stock, which represented 100% of the outstanding shares of the Company’s common stock immediately following the conversion. Also in connection with the conversion, the Company’s name was changed from Century Communities Colorado, LLC to Century Communities, Inc., and a total of 100.0 million shares of the Company’s common stock and 50.0 million shares of preferred stock were authorized for issuance. | |||||||
In May 2013, we completed a private offering and a private placement of 12.1 million shares of our common stock, through which we received net proceeds of $223.8 million. | |||||||
In September 2013, we purchased substantially all the assets and certain liabilities of Jimmy Jacobs Homes L.P. (“Jimmy Jacobs”), a homebuilder with operations in the greater Austin, Texas, metropolitan area, for approximately $16 million. | |||||||
In April 2014, we purchased substantially all of the assets of Las Vegas Land Holdings, LLC (“LVLH”), a homebuilder with operations in Las Vegas, Nevada, for a purchase price of approximately $165 million. | |||||||
In May 2014, we completed a private offering of $200.0 million in aggregate principal amount of our 6.875% Senior Notes due 2022 (the “Initial Notes”) in reliance on Rule 144A and Regulation S under the Securities Act, where we received net proceeds of approximately $193.3 million. The Initial Notes carry a coupon of 6.875% per annum and were issued at a price equal to 99.239% of their principal amount. | |||||||
In June 2014, we completed our initial public offering of 4,480,000 shares of our common stock, of which 480,000 shares were issued by non-management and non-affiliate selling stockholders, at a public offering price of $23.00 per share, where we received net proceeds of approximately $81.6 million. | |||||||
In August 2014, we acquired substantially all the assets and operations of Grand View Builders (“Grand View”) in Houston, Texas for a purchase price of approximately $13 million and earnout payments based on performance over the next two years. | |||||||
In November 2014, we acquired substantially all the assets and operations of Peachtree Communities Group, Inc. and its affiliates and subsidiaries (“Peachtree”) in Atlanta, Georgia for a purchase price of approximately $57 million. | |||||||
Principles of Consolidation | |||||||
The consolidated financial statements include the accounts of the Company, as well as all subsidiaries in which we have a controlling interest, and variable interest entities (VIE’s) for which the Company is deemed the primary beneficiary. All intercompany accounts and transactions have been eliminated. | |||||||
All numbers related to lots and communities disclosed in the notes to the consolidated financial statements are unaudited. | |||||||
Reclassifications | |||||||
Certain prior period amounts have been reclassified to conform to our current year’s presentation. | |||||||
Use of Estimates | |||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. | |||||||
Cash and Cash Equivalents | |||||||
The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. | |||||||
Accounts Receivable | |||||||
Accounts receivable primarily consist of amounts to be received by the Company from the title company for homes closed, which are typically received within a few business days of home close, and contract receivables related to certain contracts in our Central Texas and Houston operating segments accounted for under the percentage-of-completion method. | |||||||
We periodically review the collectability of our accounts receivables, and, if it is determined that a receivable might not be fully collectible, an allowance is recorded for the amount deemed uncollectible. As of December 31, 2014 and 2013, no allowance was recorded related to accounts receivable. | |||||||
Inventories and Cost of Sales | |||||||
We capitalize pre-acquisition, land, development, and other allocated costs, including interest, during development and home construction. | |||||||
Land, development, and other common costs are allocated to inventory using the relative-sales-value method; however, as lots within a project typically have comparable market values, we generally allocate land, development, and common costs equally to each lot within the project. Home construction costs are recorded using the specific-identification method. Cost of sales for homes closed includes the allocation of construction costs of each home and all applicable land acquisition, land development, and related common costs, both incurred and estimated to be incurred. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining homes in the community. | |||||||
When a home is closed, the Company generally has not paid all incurred costs necessary to complete the home, and a liability and a charge to cost of sales are recorded for the amount that is estimated will ultimately be paid related to completed homes. | |||||||
Inventories are carried at cost unless events and circumstances indicate that the carrying value may not be recoverable. We review for indicators of impairment at the lowest level of identifiable cash flows, which we have determined as the community level. | |||||||
Indicators of impairment include, but are not limited to, significant decreases in local housing market values and selling prices of comparable homes, decreases in actual or trending gross margins or sales absorption rates, significant unforeseen cost in excess of budget, and actual or projected cash flow losses. | |||||||
If an indicator of impairment is identified, we estimate the recoverability of the community by comparing the estimated future cash flows on an undiscounted basis to its carrying value. If the undiscounted cash flows are more than the carrying value, the community is recoverable and no impairment is recorded. If the undiscounted cash flows are less than the community’s carrying value, the community is deemed impaired and is written down to fair value. We generally estimate the fair value of the community through a discounted cash flow approach. | |||||||
When estimating cash flows of a community, we make various assumptions, including the following: (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 communities, and future sales price adjustments based on market and economic trends; (ii) expected sales pace 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; and (iv) alternative uses for the property. For the years ended December 31, 2014 and 2013, no inventory impairments were recorded. | |||||||
Home Sales and Profit Recognition | |||||||
Revenues from home sales are recorded and a profit is recognized when the respective units are closed, title has passed, the homeowner’s initial and continuing investment is adequate, and other attributes of ownership have been transferred to the homeowner. Sales incentives are recorded as a reduction of revenues when the respective unit is closed. When it is determined that the earnings process is not complete, the sale and the related profit are deferred for recognition in future periods. | |||||||
We also serve as the general contractor for custom homes in our Central Texas and Houston operating segments, where the customer and not the Company owns the underlying land (“Build on Your Own Lot Contracts”). Accordingly, we recognize revenue for the Build on Your Own Lot Contracts, which are primarily cost plus contracts, on the percentage-of-completion method where progress toward completion is measured by relating the actual cost of work performed to date to the current estimated total cost of the respective contracts. As the Company makes such estimates, judgments are required to evaluate potential variances in the cost of materials and labor and productivity. During the years ended December 31, 2014 and 2013, we recognized revenue of $22.0 million and $11.0 million and incurred costs of $17.4 million and $8.8 million associated with Build on Your Own Lot Contracts, which are presented in home sales revenues and cost of home sales revenues on the consolidated statement of operations, respectively. As of December 31, 2014 and 2013, we had $2.0 million and $1.2 million in contract receivables and $68 thousand and $1.2 million in billings in excess of collections related to the Build on Your Own Lot Contracts, which are presented on the consolidated balance sheet in accounts receivable and accrued expenses and other liabilities, respectively. | |||||||
Performance Deposits | |||||||
The Company is occasionally required to make a land, bond, and utility deposit as each new development is started. These amounts are refundable once the development is functioning and as each home is sold. Performance deposits are included in prepaid expenses and other assets on the consolidated balance sheet. | |||||||
Lot Option and Escrow Deposits | |||||||
The Company has entered into lot option purchase agreements with unrelated parties to acquire lots for the construction of homes. Under these agreements, the Company has paid deposits, which in many cases are non-refundable, in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Lot option and escrow deposits are included in prepaid expenses and other assets on the consolidated balance sheet. | |||||||
Property and Equipment | |||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. | |||||||
The estimated useful lives for each major depreciable classification of property and equipment are as follows: | |||||||
Years | |||||||
Buildings and improvements | 3 – 39 years | ||||||
Leasehold improvements | 3 – 10 years | ||||||
Machinery and equipment | 3 – 15 years | ||||||
Furniture and fixtures | 2 – 7 years | ||||||
Model furnishings | 2 – 5 years | ||||||
Computer hardware and software | 1 – 5 years | ||||||
Amortizable Intangible Assets | |||||||
Amortizable intangible assets consist of the estimated fair value of home construction contracts, trade names, non-compete agreements, cell phone tower leases, and home plans that were acquired upon closing of the acquisition of Jimmy Jacobs, LVLH, Grand View, and Peachtree. The acquisitions were accounted for as business combinations as defined in Accounting Standards Codification (ASC) 805, Business Combinations. A high degree of judgment is made by management on variables, such as revenue growth rates, profitability, and discount rates, when calculating the value of the intangible assets. The identified intangible assets are amortized over their respective estimated useful life. Trade names, non-compete agreements, and other intangibles assets are amortized to selling, general and administrative expenses in the consolidated statement of operations. Intangible assets for cell phone tower leases, and home construction contracts are amortized to other income and cost of home sales, respectively, as income on the related contracts are earned. | |||||||
The estimated lives for each major amortizable classification of intangible assets are as follows: | |||||||
Years | |||||||
Trade names | 2 – 5 years | ||||||
Home construction contracts | 1 – 2 years | ||||||
Non-compete agreements | 2 – 5 years | ||||||
Cell phone tower leases | 5 – 20 years | ||||||
Home plans | 7 years | ||||||
Warranties | |||||||
Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Amounts accrued, which are included in accrued expenses and other liabilities on the consolidated balance sheet, are based upon historical experience rates. We subsequently assess the adequacy of our warranty accrual on a quarterly basis through an internal lag development model that incorporates historical payment trends and adjust the amounts recorded if necessary. Changes in our warranty accrual for the years ended December 31, 2014 and 2013 are detailed in the table below (in thousands): | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Beginning balance | $ | 1,150 | $ | 679 | |||
Warranty reserves assumed in business combinations | 591 | — | |||||
Warranty expense provisions | 1,665 | 1,112 | |||||
Payments | -1,030 | -641 | |||||
Warranty adjustments | -182 | — | |||||
Ending balance | $ | 2,194 | $ | 1,150 | |||
Earnest Money Deposits | |||||||
The Company collects earnest deposits at the time a home buyer’s contract is accepted. Earnest money deposits held on homes under contract as of December 31, 2014 and 2013, totaled $6.7 million and $3.3 million, respectively, and are included in accrued expenses and other liabilities on the consolidated balance sheet. | |||||||
Stock-Based Compensation | |||||||
We account for share-based awards in accordance with ASC 718, Compensation—Stock Compensation. ASC 718 requires us to estimate the grant date fair value of stock-based compensation awards and to recognize the fair value as compensation costs over the requisite service period, which is generally three years, for all awards that vest. | |||||||
Prior to our initial public offering in June 2014, our common stock was not actively traded in a liquid primary market, and accordingly, the determination of the fair value of our restricted stock awards required significant judgment by management. As such, we first consider transactions in our common stock by qualified institutional buyers subsequent to our private placement in the secondary market. We also considered various factors to determine whether the closing price of our common stock in the secondary market is an accurate representation of the fair value of the restricted stock awards. These considerations include, but were not limited to, the timing of transactions in the secondary market and the elapsed time from the relevant grant date (if any), the volume of transactions in the market, and the level of information available to the investors. To the extent we believed that the closing price of our common stock in the secondary market was not an accurate representation of the fair value of the restricted stock award, we also considered observable trends in the stock prices of our publicly traded peers since our private placement, as well as internal valuations based on recent forecasts in determining the grant date fair value of the award. | |||||||
Subsequent to our initial public offering, we value our restricted stock awards equal to the closing price of our common stock on the New York Stock Exchange on the date of grant. | |||||||
Income Taxes | |||||||
Prior to our conversion from a limited liability company to a corporation on April 30, 2013, the Company was not directly subject to income taxes under the provisions of the Internal Revenue Code and applicable state laws, and taxable income or loss was reported to the individual members for inclusion in their respective tax returns. Accordingly, prior to April 30, 2013, no provision for federal and state income taxes has been included in the consolidated statement of operations. | |||||||
Subsequent to our conversion to a corporation, we account for income taxes in accordance with ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of its assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. When it is more likely than not that a portion or all of a deferred tax asset will not be realized in the future, the Company provides a corresponding valuation allowance against the deferred tax asset. As of December 31, 2014 and 2013, we had no valuation allowance recorded against our deferred tax assets. | |||||||
In addition, when it is more likely than not that a tax position will be sustained upon examination by a tax authority that has full knowledge of all relevant information, the Company measures the amount of tax benefit from the position and records the largest amount of tax benefit that is more likely than not of being realized after settlement with a tax authority. The Company’s policy is to recognize interest to be paid on an underpayment of income taxes in interest expense and any related statutory penalties in the provision for income taxes on the consolidated statement of operations. As of December 31, 2014 and 2013, we had no reserves for uncertain tax positions. | |||||||
Goodwill | |||||||
We evaluate goodwill for possible impairment in accordance with ASC Topic 350, Intangibles–Goodwill and Other, on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We use a three step process to assess whether or not goodwill can be realized. The first step is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. If the qualitative assessment indicates a stable or improved fair value, no further testing is required. | |||||||
If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, we will proceed to the second step where we calculate the fair value of a reporting unit based on discounted future cash flows. If this step indicates that the carrying value of a reporting unit is in excess of its fair value, we will proceed to the third step where the fair value of the reporting unit will be allocated to assets and liabilities as they would in a business combination. Impairment occurs when the carrying amount of goodwill exceeds its estimated fair value calculated in the third step. | |||||||
As of December 31, 2014 and 2013, we determined our goodwill was not impaired. | |||||||
Business Combinations | |||||||
The Company accounts for business combinations in accordance with ASC Topic 850, Business Combinations, if the acquired assets assumed and liabilities incurred constitute a business. We consider acquired companies to constitute a business if the acquired net assets and processes have the ability to create outputs in the form of revenue. For acquired companies constituting a business, we recognize the identifiable assets acquired and liabilities assumed at their acquisition-date fair values and recognize any excess of total consideration paid over the fair value of the identifiable net assets as goodwill. | |||||||
Variable Interest Entities | |||||||
The Company reviews land option contracts where we have a non-refundable deposit to determine whether the corresponding land sellers are variable interest entities (VIE) and, if so, whether we are the primary beneficiary | |||||||
In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities that most significantly impact the economic performance of the VIE. In making this determination, we consider whether we have the power to direct certain activities, including, but not limited to, determining or limiting the scope or purpose of the VIE, the ability to sell or transfer property owned or controlled by the VIE, or arranging financing for the VIE. We are not the primarily beneficiary of any VIE as of December 31, 2014 and 2013. | |||||||
Recently Issued Accounting Standards | |||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers.” The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for GAAP. The pronouncement is effective for reporting periods beginning after December 15, 2016. We are currently evaluating the impact of adoption of ASU 2014-09 on the Company’s consolidated financial position and results of operations. | |||||||
In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern”, (ASU 2014-15), which requires management to perform interim and annual assessments on whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year of the date the financial statements are issued and to provide related disclosures, if required. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. Our adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements and related disclosures. | |||||||
Reporting_Segments
Reporting Segments | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Reporting Segments [Abstract] | |||||||
Reporting Segments | 2. Reporting Segments | ||||||
We have identified our Atlanta, Central Texas, Colorado, Houston, and Nevada divisions as reportable operating segments. Our Corporate operations are a nonoperating segment, as it serves to support our homebuilding operations through functions such as our executive, finance, treasury, human resources, and accounting departments. In addition, our Corporate operations include certain assets and income produced from residential rental property in Colorado. | |||||||
The following tables summarize total revenue and pretax income by operating segment (in thousands): | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Atlanta | $ | 36,726 | $ | — | |||
Central Texas | 55,845 | 21,136 | |||||
Colorado | 181,609 | 149,997 | |||||
Houston | 17,458 | — | |||||
Nevada | 70,754 | — | |||||
Total revenue | $ | 362,392 | $ | 171,133 | |||
Atlanta | $ | 899 | $ | — | |||
Central Texas | 5,053 | 299 | |||||
Colorado | 29,924 | 26,117 | |||||
Houston | -759 | — | |||||
Nevada | 8,588 | — | |||||
Corporate | -12,746 | -8,343 | |||||
Total income before taxes | $ | 30,959 | $ | 18,073 | |||
The following table summarizes total assets by operating segment (in thousands): | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Atlanta | $ | 75,434 | $ | — | |||
Central Texas | 85,083 | 27,386 | |||||
Colorado | 280,361 | 167,948 | |||||
Houston | 28,875 | — | |||||
Nevada | 168,401 | — | |||||
Corporate | 37,825 | 117,305 | |||||
Total assets | $ | 675,979 | $ | 312,639 | |||
Corporate assets include cash and cash equivalents, prepaid insurance, and certain property and equipment. | |||||||
Business_Combination
Business Combination | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Business Combination | 3. Business Combination | |||
Business combinations during the year ended December 31, 2014 | ||||
Acquisition of LVLH | ||||
On April 1, 2014, we purchased substantially all of the assets and operations of LVLH, a homebuilder with operations in Las Vegas, Nevada, for a purchase price of approximately $165 million. The acquired assets consisted of 1,761 lots within five single-family communities in the greater Las Vegas, Nevada metropolitan area. The 1,761 lots included 57 homes in backlog, 17 model homes and three custom lots. In addition, we acquired two fully operational golf courses and two one-acre commercial plots. As the acquired assets and processes have the ability to create outputs in the form of revenue from the sale of single family residences, we concluded that the acquisition represents a business combination. We incurred $0.8 million in acquisition-related costs, which are included in other income (expense) on the consolidated statement of operations. | ||||
The following table summarizes the amounts recognized as of the acquisition date (in thousands): | ||||
Assets acquired and liabilities assumed | ||||
Accounts receivable | $ | 347 | ||
Inventories | 145,782 | |||
Prepaid expenses and other assets | 1,876 | |||
Property and equipment | 8,619 | |||
Amortizable intangible assets | 3,042 | |||
Goodwill | 11,100 | |||
Total assets | $ | 170,766 | ||
Accounts payable | 2,074 | |||
Accrued expenses and other liabilities | 1,816 | |||
Notes payable and capital lease obligations | 1,497 | |||
Total liabilities | $ | 5,387 | ||
Acquired inventories consist of both acquired land and work in process inventories. We determined the estimate of fair value for acquired land inventory with the assistance of a third party appraiser primarily using a forecasted cash flow approach for the development, marketing, and sale of each community acquired. Significant assumptions included in our estimate include future per lot development costs, construction and overhead costs, mix of products sold in each community as well as average sales price, and absorption rates. We estimated the fair value of acquired work in process inventories based upon the stage of production of each unit and a gross margin that we believe a market participant would require to complete the remaining development and requisite selling efforts. The stage of production, as of the acquisition date, ranged from finished lots to fully completed single family residences. We estimated a market participant would require a gross margin ranging from 7% to 24% based upon the stage of production of the individual lot. | ||||
We determined the estimate of fair value for amortizable intangible assets, which includes a non-solicitation agreement, cell phone tower leases, and home plans, with the assistance of a third party valuation firm. Our preliminary estimates of the fair value of the non-solicitation agreement, cell phone tower leases, and homes plans was $1.4 million, $1.4 million and $0.3 million, respectively, which will be amortized over 2 years, 16.6 years, and 7 years, respectively. In total, amortizable intangible assets will be amortized over a weighted average life of 9.1 years. | ||||
We determined that LVLH’s carrying costs approximated fair value for all other acquired assets and assumed liabilities. | ||||
Goodwill includes the anticipated economic value of the acquired workforce. Approximately $10.5 million of goodwill is expected to be deductible for tax purposes. | ||||
Included in home sales revenue and income before income taxes on the consolidated statement of operations for the year ended December 31, 2014 is $70.8 million and $8.6 million, respectively, earned from LVLH subsequent to the acquisition date. | ||||
Acquisition of Grand View | ||||
On August 12, 2014, we purchased substantially all of the assets and operations of Grand View in Houston, Texas for a purchase price of approximately $13 million and annual earnout payments based on a percentage of adjusted pre-tax income over the next two years. As the acquired assets and processes have the ability to create outputs in the form of revenue from the sale of single family residences, we concluded that the acquisition represents a business combination. We incurred $0.1 million in acquisition-related costs, which are included in other income (expense) on the consolidated statement of operations. | ||||
The following table summarizes the amounts recognized as of the acquisition date (in thousands): | ||||
Assets acquired and liabilities assumed | ||||
Accounts receivable | $ | 188 | ||
Inventories | 12,356 | |||
Prepaid expenses and other assets | 295 | |||
Property and equipment | 185 | |||
Amortizable intangible assets | 2,276 | |||
Goodwill | 1,067 | |||
Total assets | $ | 16,367 | ||
Accrued expenses and other liabilities (inclusive of earnout liability) | 3,511 | |||
Total liabilities | $ | 3,511 | ||
Acquired inventories consist of both acquired land, work in process and model inventories. We determined the preliminary estimate of fair value for acquired inventories on a lot by lot basis primarily using a forecasted cash flow approach for the development, marketing, and sale of each lot acquired. Significant assumptions included in our estimate include future construction and overhead costs, sales price, and absorption rates. We estimated the fair value of acquired work in process inventories based upon the stage of production of each unit and a gross margin that we believe a market participant would require to complete the remaining development and requisite selling efforts. The stage of production, as of the acquisition date, ranged from finished lots to fully completed single family residences. We estimated a market participant would require a gross margin ranging from 6% to 18% based upon the stage of production of the individual lot. | ||||
We determined the preliminary estimate of fair value for amortizable intangible assets, which includes a non-compete agreement, trade names, home plans, and backlog associated with certain custom home contracts, with the assistance of a third party valuation firm. Our preliminary estimate of the fair value of the non-compete agreement, trade names, home plans and backlog were $0.5 million, $1.5 million, $0.1 million, and $0.2 million respectively, which will be amortized over 4 years, 2.7 years, 7 years, and 1.5 years, respectively. In total, amortizable intangible assets will be amortized over a weighted average life of 3.1 years. | ||||
The fair value of the earnout on the acquisition date of $2.6 million was determined with the assistance of a third party valuation firm based on probability weighting scenarios and discounting the potential payments which are based on pre-tax income and range from $0 to a maximum of $5.3 million. The maximum earnout amount is subject to downward reductions of up to $1.5 million based on the number of future lots acquired over the next two years in our Houston operating segment. The earnout liability is included in accrued expenses and other liabilities on the consolidated balance sheet. | ||||
We determined that Grand View’s carrying costs approximated fair value for all other acquired assets and assumed liabilities. | ||||
Goodwill includes the anticipated economic value of the acquired workforce. Approximately $3.7 million of goodwill is expected to be deductible for tax purposes. | ||||
Included in home sales revenue and income before income taxes on the consolidated statement of operations for the year ended December 31, 2014 is $17.5 million and ($0.8) million, respectively, resulting from Grand View subsequent to the acquisition date. | ||||
We have completed our estimates of the fair value of the acquired assets and assumed liabilities, except for the final determination of the value of certain intangible assets. | ||||
Acquisition of Peachtree | ||||
On November 13, 2014, we acquired substantially all the assets and operations of Peachtree, a leading homebuilder in Atlanta, Georgia for approximately $57 million in cash. The acquired assets include land, homes under construction, model homes and lot option contacts in 36 communities in the greater Atlanta area. As a result of this transaction, we now own or control 2,120 lots in the greater Atlanta market. As the acquired assets and processes have the ability to create outputs in the form of revenue from the sale of single family residences, we concluded that the acquisition represents a business combination. We incurred $0.5 million in acquisition-related costs, which are included in other income (expense) on the consolidated statement of operations. | ||||
The following table summarizes our estimates of the fair value of the assets acquired and liabilities assumed as of the acquisition date (in thousands): | ||||
Assets acquired and liabilities assumed | ||||
Accounts receivable | $ | 11 | ||
Inventories | 48,082 | |||
Prepaid expenses and other assets | 762 | |||
Property and equipment | 54 | |||
Amortizable intangible assets | 3,360 | |||
Goodwill | 8,493 | |||
Total assets | $ | 60,762 | ||
Accounts payable | 3,304 | |||
Accrued expenses and other liabilities | 3,108 | |||
Total liabilities | $ | 6,412 | ||
Acquired inventories primarily consist of work in process homebuilding inventory in various stages of construction and do not include significant amounts of land held for future development. Accordingly, we estimated the fair value based upon the stage of production of each unit and a gross margin that we believe a market participant would require to complete the remaining development and requisite selling efforts. The stage of production, as of the acquisition date, ranged from finished lots to fully completed single family residences. We estimated a market participant would require a gross margin ranging from 6% to 18% based upon the stage of production of the individual lot. Due to the preliminary nature of these estimates combined with uncertainties in the estimation process and the significant volatility in demand for new housing, actual results could differ significantly from such estimates. | ||||
Intangible assets consist of a non-compete agreement with the former owner of Peachtree, and acquired home plans. The non-compete agreement was valued using a with and with-out approach which estimates the impact on future cash flows with and with-out the non-compete agreement. The difference between the projected cash flows is then discounted in order to estimate the fair value of the agreement. We estimated a fair value of $3.2 million for the non-compete agreement. Acquired home plans were valued using a replacement cost approach, which resulted in an estimated fair value of $0.2 million. The non-compete agreement and home plans will be amortized over 5 and 7 years, respectively. In total, amortizable intangible assets will be amortized over a weighted average life of 5.1 years. | ||||
We determined that Peachtree’s carrying costs approximated fair value for all other acquired assets and assumed liabilities. | ||||
Goodwill includes the anticipated economic value of the acquired workforce. Approximately $17.1 million of goodwill is expected to be deductible for tax purposes. | ||||
We have completed our estimate of the fair value of the assets acquired and liabilities assumed, except for the value, if any, of certain in place contracts. Accordingly, the final determinations of the values may result in adjustments to the amounts presented above and a corresponding adjustment to goodwill. | ||||
Included in home sales revenue and income before income taxes on the consolidated statement of operations for the year ended December 31, 2014 is $36.8 million and $0.9 million, respectively, resulting from Peachtree subsequent to the acquisition date. | ||||
Business combinations during the year ended December 31, 2013 | ||||
Acquisition of Jimmy Jacobs | ||||
On September 12, 2013, we acquired real property and certain in-place contracts, and assumed certain liabilities, of Jimmy Jacobs, a homebuilder with operations in the greater Austin, Texas, metropolitan area, for cash consideration of $16 million. The assets acquired in the Jimmy Jacobs acquisition were primarily real property, including 50 land lots available for construction of single-family homes and 95 single-family residences and home construction contracts in various stages of construction. We also acquired in-place contracts for the sale of homes currently under construction, a purchase commitment to acquire 116 additional land lots from the seller upon the seller meeting certain development milestones, and certain other assets, including office-related personal property and intangible assets, including trade names and non-competition agreements. In total, as a result of the Jimmy Jacobs acquisition, we obtained control of 166 lots and 95 homes under construction and home construction contracts in the greater Austin, Texas, metropolitan area. As the acquired set of assets and processes has the ability to create outputs, in the form of revenue from the sale of single-family residences, we concluded that the acquisition represented a business combination. We incurred $0.3 million in acquisition-related costs during the year ended December 31, 2013, which are included in other income (expense) on the consolidated statement of operations. | ||||
The following table summarizes the amounts recognized as of the acquisition date (in thousands): | ||||
Assets acquired and liabilities assumed | ||||
Accounts receivable | $ | 143 | ||
Inventories | 12,411 | |||
Prepaid expenses and other assets | 679 | |||
Property and equipment | 1,500 | |||
Amortizable intangible assets | 2,428 | |||
Goodwill | 479 | |||
Total assets | $ | 17,640 | ||
Accounts payable | 878 | |||
Accrued expenses and other liabilities | 1,054 | |||
Total liabilities | $ | 1,932 | ||
Included in home sales revenue and income before income taxes on the consolidated statement of operations for the year ended December 31, 2013 is $21.1 million and $0.3 million, respectively, earned from Jimmy Jacobs subsequent to the acquisition date. | ||||
Inventory
Inventory | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventory [Abstract] | |||||||
Inventory | 4. Inventory | ||||||
Inventory included the following (in thousands): | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Vertical costs of homes under construction | $ | 250,104 | $ | 89,202 | |||
Land and land development | 294,917 | 92,050 | |||||
Capitalized interest | 11,302 | 2,820 | |||||
$ | 556,323 | $ | 184,072 | ||||
Amortizable_Intangible_Assets
Amortizable Intangible Assets | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Amortizable Intangible Assets [Abstract] | |||||||
Amortizable Intangible Assets | 5. Amortizable Intangible Assets | ||||||
Amortizable intangible assets included the following (in thousands): | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Trade names | $ | 2,972 | $ | 1,185 | |||
Home construction contracts | 878 | 719 | |||||
Non-compete agreements | 5,084 | 298 | |||||
Cell phone tower leases | 1,408 | ||||||
Home plans | 764 | 226 | |||||
Gross intangible assets | 11,106 | 2,428 | |||||
Accumulated amortization | -2,474 | -551 | |||||
Intangible assets, net | $ | 8,632 | $ | 1,877 | |||
As of December 31, 2014, expected amortization expense for amortizable intangible assets for each of the next five years, and thereafter, is as follows (in thousands): | |||||||
2015 | $ | 2,719 | |||||
2016 | 1,886 | ||||||
2017 | 1,285 | ||||||
2018 | 1,026 | ||||||
2019 | 773 | ||||||
Thereafter | 943 | ||||||
$ | 8,632 | ||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property and Equipment [Abstract] | |||||||
Property and Equipment | 6. Property and Equipment | ||||||
Property and equipment included the following (in thousands): | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Land | 3,362 | 347 | |||||
Buildings and improvements | 6,120 | 1,410 | |||||
Leasehold improvements | 568 | 186 | |||||
Machinery and equipment | 536 | 56 | |||||
Furniture and fixtures | 397 | 273 | |||||
Model furnishings | 2,249 | 1,776 | |||||
Computer hardware and software | 1,441 | 514 | |||||
14,673 | 4,562 | ||||||
Less accumulated depreciation and amortization | -2,202 | -1,202 | |||||
Total property and equipment, net | $ | 12,471 | $ | 3,360 | |||
Prepaid_Expenses_and_Other_Ass
Prepaid Expenses and Other Assets | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Prepaid Expenses and Other Assets [Abstract] | |||||||
Prepaid Expenses and Other Assets | 7. Prepaid Expenses and Other Assets | ||||||
Prepaid expenses and other assets included the following (in thousands): | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Prepaid insurance | $ | 8,481 | $ | 1,203 | |||
Lot option and escrow deposits | 4,716 | 3,218 | |||||
Performance deposits | 5,365 | 2,522 | |||||
Deferred financing costs, net | 6,378 | — | |||||
Restricted Cash | 518 | — | |||||
Other | 3,338 | 1,472 | |||||
Total prepaid expenses and other assets | $ | 28,796 | $ | 8,415 | |||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued Expenses and Other Liabilities [Abstract] | |||||||
Accrued Expenses and Other Liabilities | 8. Accrued Expenses and Other Liabilities | ||||||
Accrued expenses and other liabilities included the following (in thousands): | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Earnest money deposits | $ | 6,703 | $ | 3,327 | |||
Warranty reserves | 2,194 | 1,150 | |||||
Accrued compensation costs | 6,632 | 5,511 | |||||
Land development and home construction accruals | 34,994 | 12,286 | |||||
Accrued interest | 1,935 | 9 | |||||
Income taxes payable | 217 | 4,731 | |||||
Billings in excess of collections | 68 | 1,199 | |||||
Real estate taxes payable | 3,875 | 1,400 | |||||
Earnout liability | 2,426 | — | |||||
Other | 4,985 | 745 | |||||
Total accrued expenses and other liabilities | $ | 64,029 | $ | 30,358 | |||
Notes_Payable_and_Revolving_Li
Notes Payable and Revolving Line of Credit | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Notes Payable and Revolving Line of Credit [Abstract] | |||||||
Notes Payable and Revolving Line of Credit | 9. Notes Payable and Revolving Line of Credit | ||||||
Notes payable and revolving line of credit included the following as of December 31, 2014 and 2013 (in thousands): | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
6.875% senior notes | $ | 198,605 | $ | — | |||
Revolving line of credit | 20,000 | — | |||||
Land development notes | 5,737 | 1,500 | |||||
Insurance premium notes | 5,135 | — | |||||
Capital lease obligations | 133 | — | |||||
Revolving loan agreement | — | — | |||||
Total | $ | 229,610 | $ | 1,500 | |||
6.875% senior notes | |||||||
In May 2014, we completed a private offering of $200.0 million in aggregate principal amount of senior unsecured notes due 2022 (“Initial Notes”) in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended. We received net proceeds of approximately $193.3 million. The senior notes carry a coupon of 6.875% per annum and were issued at a price equal to 99.239% of their principal amount. The senior notes are unsecured senior obligations which are guaranteed on an unsecured senior basis by certain of our current and future subsidiaries. The senior notes contain certain restrictions on issuing future secured debt and other transactions but do not contain financials covenants. The principal balance is due May 2022, with interest only payments due semi-annually in November and May. | |||||||
Revolving line of credit | |||||||
On October 21, 2014, we entered into a credit agreement with Texas Capital Bank, National Association, as Administrative Agent and L/C Issuer, and the lenders from time to time party thereto (the “Credit Agreement”). The Credit Agreement provides us with a revolving line of credit of up to $120 million (the “Revolving Credit Facility”). Unless terminated earlier, the Revolving Credit Facility will mature on October 21, 2017, and the principal amount thereunder, together with all accrued unpaid interest and other amounts owing thereunder, if any, will be payable in full on such date. We may request a 12-month extension of the maturity date subject to the approval of the lenders and the Administrative Agent. | |||||||
Under the terms of the Credit Agreement, we are entitled to request an increase in the size of the Revolving Credit Facility by an amount not exceeding $80 million. If the existing lenders elect not to provide the full amount of a requested increase, we may invite one or more other lender(s) to become a party to the Credit Agreement, subject to the approval of the Administrative Agent and L/C Issuer. The Credit Agreement includes a letter of credit sublimit of $20 million. The obligations under the Revolving Credit Facility are guaranteed by certain of our subsidiaries. | |||||||
Borrowings under the Revolving Credit Facility bear interest at a floating rate equal to the LIBOR plus an applicable margin between 2.75% and 3.25% per annum, or, in the Administrative Agent’s discretion, a base rate plus an applicable margin between 1.75% and 2.25% per annum. The “applicable margins” described above are determined by a schedule based on our leverage ratio, as defined in the Credit Agreement. The Credit Agreement also provides for fronting fees and letter of credit fees payable to the L/C Issuer and commitment fees payable to the Administrative Agent equal to 0.20% of the unused portion of the Revolving Credit Facility. | |||||||
The Credit Agreement contains customary affirmative and negative covenants (including limitations on our ability to grant liens, incur additional debt, pay dividends, redeem our common stock, make certain investments and engage in certain merger, consolidation or asset sale transactions), as well as customary events of default. The Credit Agreement also requires us to maintain (i) a leverage ratio of not more than 1.50 to 1.0 as of the last day of any fiscal quarter, based upon our and our subsidiaries’ (on a consolidated basis) ratio of debt to tangible net worth, (ii) an interest coverage ratio of not less than 1.50 to 1.0 for any four fiscal quarter period, based upon our and our subsidiaries’ (on a consolidated basis) ratio of EBITDA to cash interest expense, (iii) a consolidated tangible net worth of not less than the sum of $250 million, plus 50% of the net proceeds of any issuances of equity interests by us and the guarantors of the Revolving Credit Facility, plus 50% of the amount of our and our subsidiaries’ consolidated net income, (iv) liquidity of not less than $25 million, and (v) a risk asset ratio of not more than 1.25 to 1.0, based upon the ratio of the book value of all risk assets owned by us and our subsidiaries to the our tangible net worth. | |||||||
As of December 31, 2014, we had $20 million outstanding on the Credit Agreement. | |||||||
Other financing obligations | |||||||
The Company has four land development notes with maturity dates ranging from March 2015 to April 2016 with interest only payments ranging from 0.5% to 5.0% and four insurance premium notes with maturity dates ranging from October 2015 to November 2015, with monthly interest and principal payments at 2.65% and 3.89%. The Company also has various equipment leases with maturities ranging from 2 to 4 years. | |||||||
On October 18, 2013, we entered into a three-year revolving loan agreement with a maximum borrowing capacity of $100.0 million. Borrowings on the revolving loan agreement accrued interest at a daily rate of LIBOR plus 2.50%. In connection with our acquisition of LVLH on April 1, 2014, we drew $99.0 million on the revolving loan agreement. The outstanding balance was subsequently repaid during the second quarter of 2014 and the revolving loan agreement was terminated on July 1, 2014. | |||||||
Aggregate annual maturities of long-term debt as of December 31 2014 are as follows (in thousands): | |||||||
2015 | $ | 9,505 | |||||
2016 | 1,500 | ||||||
2017 | 20,000 | ||||||
2018 | — | ||||||
2019 | — | ||||||
Thereafter | 200,000 | ||||||
Total | 231,005 | ||||||
Less: Discount on 6.875% senior notes | -1,395 | ||||||
Carrying amount | $ | 229,610 | |||||
Interest
Interest | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Interest [Abstract] | |||||||
Interest | 10. Interest | ||||||
Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. As our qualifying assets exceeded our outstanding debt during the years ended December 31, 2014 and 2013, we capitalized all interest costs incurred during these periods, except for interest incurred on capital leases of machinery related to our golf course operations. | |||||||
Our interest costs are as follows (in thousands): | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Interest capitalized beginning of period | $ | 2,820 | $ | 3,243 | |||
Interest capitalized during period | 10,848 | 1,098 | |||||
Less: capitalized interest in cost of sales | -2,366 | -1,521 | |||||
Interest capitalized end of period | $ | 11,302 | $ | 2,820 | |||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Income Taxes [Abstract] | |||||||
Income Taxes | 11. Income Taxes | ||||||
On April 30, 2013, the Company reorganized from a limited liability company into a Delaware corporation, and accordingly, we are subject to federal and state income taxes. On the date of conversion, we recorded a net deferred tax liability of $0.6 million on our consolidated balance sheet, the effect of which was recorded as an income tax expense on our consolidated statement of operations. | |||||||
Our income tax expense for the years ended December 31, 2014 and 2013 comprises the following current and deferred amounts (in thousands): | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Current | |||||||
Federal | $ | 11,860 | $ | 4,168 | |||
State and local | 1,131 | 562 | |||||
Total current | 12,991 | 4,730 | |||||
Deferred | |||||||
Federal | -1,923 | 840 | |||||
State and local | -131 | 72 | |||||
Total deferred | -2,054 | 912 | |||||
Income tax expense | $ | 10,937 | $ | 5,642 | |||
Total income tax expense differed from the amounts computed by applying the federal statutory income tax rate of 35% to income before income taxes as a result of the following items (in thousands): | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Statutory income tax expense | $ | 10,836 | $ | 4,897 | |||
State income tax expense, net of federal income tax expense | 643 | 382 | |||||
Section 199 deduction | -612 | -421 | |||||
Other permanent items | 70 | 157 | |||||
Conversion to corporation | — | 627 | |||||
Income tax expense | $ | 10,937 | $ | 5,642 | |||
Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences. Temporary differences arise when revenues and expenses for financial reporting are recognized for tax purposes in a different period. ASC 740 requires that a valuation allowance be recorded against deferred tax assets unless it is more likely than not that the deferred tax asset will be utilized. As a result of this analysis, the Company has not recorded a valuation allowance against its deferred tax assets. The Company will continue to evaluate the need to record valuation allowances against deferred tax assets and will make adjustments in accordance with the accounting standard. | |||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2014 (in thousands): | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Deferred tax assets | |||||||
Warranty reserves | $ | 810 | $ | 437 | |||
Accrued expenses | — | 736 | |||||
Amortizable intangible assets | 3,694 | 143 | |||||
Stock based compensation | 626 | 257 | |||||
Deferred tax asset | 5,130 | 1,573 | |||||
Deferred tax liabilities | |||||||
Prepaid expenses | 229 | 457 | |||||
Property and equipment | 264 | 511 | |||||
Accrued expenses | 540 | — | |||||
Inventories, additional costs capitalized for GAAP | 2,738 | 1,517 | |||||
Deferred tax liability | 3,771 | — | 2,485 | ||||
Net deferred tax asset (liability) | $ | 1,359 | $ | -912 | |||
The uncertainty provisions of ASC 740 also require the Company to recognize the impact of a tax position in its consolidated financial statements only if the technical merits of that position indicate that the position is more likely than not of being sustained upon audit. During the year, the Company did not record a reserve for uncertain tax positions. The tax years ended December 31, 2014 and 2013, are open and subject to audit by the Internal Revenue Service and the states of Colorado, Georgia, Nevada, and Texas. | |||||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||
Fair Value Disclosures | 12. Fair Value Disclosures | ||||||||||||||
ASC 820, Fair Value Measurement, defines fair value as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: | |||||||||||||||
Level 1 – Quoted prices for identical instruments in active markets. | |||||||||||||||
Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date. | |||||||||||||||
Level 3 – Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date. | |||||||||||||||
The following table presents carrying values and estimated fair values of financial instruments (in thousands): | |||||||||||||||
December 31, 2014, | December 31, 2013, | ||||||||||||||
Hierarchy | Carrying | Fair Value | Carrying | Fair Value | |||||||||||
6.875% senior notes(1) | Level 2 | $ | 198,605 | $ | 203,013 | $ | — | $ | — | ||||||
Revolving line of credit(3) | Level 2 | $ | 20,000 | $ | 20,000 | $ | — | $ | — | ||||||
Land development notes(1) | Level 2 | $ | 5,737 | $ | 5,724 | $ | 1,500 | $ | 1,490 | ||||||
Insurance premium notes(3) | Level 2 | $ | 5,135 | $ | 5,135 | $ | — | $ | — | ||||||
Capital lease obligations(3) | Level 2 | $ | 133 | $ | 133 | $ | — | $ | — | ||||||
Earnout liability(2) | Level 3 | $ | 2,426 | $ | 2,426 | $ | — | $ | — | ||||||
(1) Estimated fair values of the senior and land development notes payable at December 31, 2014 and 2013 were based on cash flow models discounted at market interest rates that considered underlying risks of the debt. | |||||||||||||||
(2) Recognized in connection with the acquisition of Grand View on August 12, 2014. A Monte Carlo model was used to value the earnout by simulating earnings, applying the terms of the earnout in each simulated path, determining the average payment in each year across all of the trials of the simulation, and calculating the sum of the present values of the payments in each year. The primary inputs and key assumptions of this Monte Carlo model included a range of forecasted revenue and gross margin scenarios which increased and decreased by 10.1% from our base case and discount rates ranging from 5.1% to 6.3%. | |||||||||||||||
(3) Carrying amount approximates fair value due to the short-term nature and interest rate terms. | |||||||||||||||
The carrying amount of cash and cash equivalents approximates fair value. Nonfinancial assets and liabilities include items such as inventory and long-lived assets that are measured at fair value when acquired and resulting from impairment, if deemed necessary. | |||||||||||||||
Operating_Leases
Operating Leases | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Operating Leases [Abstract] | ||||
Operating Leases | 13. Operating Leases | |||
The Company maintains noncancellable operating leases for office space. The Company recognizes expense on a straight-line basis over the life of each lease. Rent expense for the years ended December 31, 2014 and 2013, was $0.5 million and $0.3 million, respectively, included in selling, general, and administrative on the consolidated statement of operations. | ||||
Future minimum lease payments as of December 31, 2014 (in thousands): | ||||
2015 | $ | 844 | ||
2016 | 695 | |||
2017 | 583 | |||
2018 | 409 | |||
2019 | 173 | |||
Thereafter | 363 | |||
$ | 3,067 | |||
Postretirement_Plan
Postretirement Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postretirement Plan [Abstract] | |
Postretirement Plan | 14. Postretirement Plan |
The Company has a 401(k) plan covering substantially all employees. The Company makes matching contributions of 50% of employees’ salary deferral amounts on the first 6% of employees’ compensation. Contributions to the plan during the years ended December 31, 2014 and 2013 were $0.1 million and $0.1 million, respectively. | |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stock Based Compensation [Abstract] | |||||||||||
Stock Based Compensation | 15. Stock-Based Compensation | ||||||||||
The Company’s authorized capital stock consists of 100.0 million shares of common stock, $0.01 par value per share and 50.0 million shares of preferred stock, $0.01 par value. As of December 31, 2014 and 2013, there were 20.5 million and 17.1 million shares of common stock issued and outstanding, exclusive of the restricted common stock issued, respectively. The Company has also reserved a total of 1.8 million shares of common stock for issuance under our First Amended & Restated 2013 Long-Term Incentive Plan, including outstanding awards. | |||||||||||
The following summarizes restricted stock award activity for the years ended December 31, 2014 and 2013: | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | ||||||||||
Shares | Weighted average per share grant date fair value | Shares | Weighted average per share grant date fair value | ||||||||
Outstanding, beginning of year | 182,774 | $ | 19.57 | — | $ | — | |||||
Granted | 250,380 | 21.34 | 182,998 | 19.56 | |||||||
Vested | -60,609 | 19.58 | — | — | |||||||
Forfeited | -6,677 | 19.59 | -224 | 16.94 | |||||||
Outstanding, end of year | 365,868 | $ | 20.78 | 182,774 | $ | 19.57 | |||||
As of December 31, 2014, 0.4 million shares of restricted stock were unvested and $5.9 million of unrecognized compensation costs is expected to be recognized over a weighted average period of 2.1 years. | |||||||||||
During the years ended December 31, 2014 and 2013, the Company recognized stock-based compensation expense of $2.2 million and $0.7 million, respectively, which is included in selling, general, and administrative on the consolidated statements of operations. | |||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share | 16. Earnings Per Share | ||||||
We use the two-class method of calculating earnings per share (EPS) as our non-vested restricted stock awards have non-forfeitable rights to dividends, and accordingly represent a participating security. The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock and participating security considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period. | |||||||
For the year ended December 31, 2013, weighted average shares outstanding includes the 5.0 million shares that were issued to our outstanding membership interests upon conversion of the Company from a limited liability company to a Delaware corporation at the beginning of the year. | |||||||
The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2014 and 2013 (in thousands, except share and per share information): | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Numerator | |||||||
Net income | $ | 20,022 | $ | 12,431 | |||
Less: Net income attributable to the non-controlling interest | — | -52 | |||||
Less: Undistributed earnings allocated to participating securities | -296 | -104 | |||||
Numerator for basic and diluted EPS | $ | 19,726 | $ | 12,275 | |||
Denominator | |||||||
Basic and diluted earnings per share—weighted average shares | 19,226,504 | 12,873,562 | |||||
Basic and diluted EPS | $ | 1.03 | $ | 0.95 | |||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related-Party Transactions [Abstract] | |
Related Party Transactions | 17. Related-Party Transactions |
Prior to our May 2013 private placement, the Company transacted with entities that were controlled by the same individuals who control the Company and are Co-CEOs of the Company. Transactions between entities under common control for land inventory are recorded at the carrying basis of the related party. | |
In 2013, prior to the private placement, the members contributed their membership interests in Waterside at Highland Park, LLC to the Company for $3.7 million, which represented the carrying basis of the transferring entity on the date of transfer. The contribution is reflected in our consolidated statement of equity. | |
In 2013, prior to the private placement, the Company purchased 92 unfinished lots and 82 finished lots for $4.8 million from a related party under common control. The lots had a carrying basis to the related party of $1.0 million. The difference of $3.8 million is reflected as a distribution on our consolidated statement of stockholder’s equity and members’ capital. In 2013 in connection with the private placement, the Company purchased 699 unfinished lots and 335 finished lots for $34.0 million, from a related party that was not under common control. These lots were originally purchased by the related party between 2005 and 2012 for approximately $9.8 million. As the purchase was from an entity that was not under common control, we recorded the land at the purchase price, which was determined by management based on valuations obtained from third parties. | |
During the years ended December 31, 2014 and 2013, we delivered homes for which the land was originally purchased from entities under common control. Recording the lots at the carrying basis of the entities under common control as opposed to the purchase price benefitted gross margins by $2.1 million and $4.3 million for the years ended December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, lots with a carrying basis, before development costs, of $1.5 million, and $2.1 million, respectively, which were purchased from entities under common control, were included in inventories on our consolidated balance sheet. | |
The Company previously guaranteed the repayment of a loan of Regency, a related party through common ownership. Regency is a real estate developer of multi-family apartment complexes. The loan had a maximum principal balance of $22.2 million, with an original maturity of November 30, 2013. The loan was secured by certain deeds of trust of land and improvements under development owned by Regency at Ridgegate, LLC. The loan was repaid in full and the guaranty was cancelled during the third quarter of 2013. | |
During the year ended December 31, 2013, the Company paid management fees of $0.2 million, which are included in selling, general and administrative on the consolidated statement of operations. The management agreement was terminated during the second quarter of 2013. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies |
Letters of Credit and Performance Bonds | |
In the normal course of business, the Company posts letters of credit and performance bonds related to our land development performance obligations, with local municipalities. As of December 31, 2014 and 2013, we had $34.0 million and $3.0 million, respectively, in letters of credit and performance bonds issued and outstanding. | |
Litigation | |
The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business, which consist primarily of construction defect claims. It is the opinion of management that if the claims have merit, parties other than the Company would be, at least in part, liable for the claims, and eventual outcome of these claims will not have a material adverse effect upon our consolidated financial condition, results of operations, or cash flows. When we believe that a loss is probable and estimable, we record a charge to selling, general, and administrative on our consolidated statement of operations for our estimated loss. | |
Pro_Forma_Financial_Informatio
Pro Forma Financial Information | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Pro Forma Financial Information [Abstract] | |||||||
Pro Forma Financial Information | 19. Pro forma Financial Information (Unaudited) | ||||||
Unaudited pro forma revenue and income before tax expense for the year ended December 31, 2014 and 2013, gives effect to including the results of acquisitions of Jimmy Jacobs, LVLH, Grand View, and Peachtree as if the acquisition had occurred as of January 1, 2014 and 2013, respectively. Unaudited pro forma income before tax expense adjusts the operating results of Jimmy Jacobs, LVLH, Grand View, and Peachtree to reflect the additional costs that would have been recorded assuming the fair value adjustments required for purchase accounting had been applied as of the beginning of the period presented. | |||||||
Pro forma basic and diluted net income per share for the year ended December 31, 2013 gives effect to the conversion of the Company’s members’ equity into common stock as though the conversion had occurred as of the beginning of 2013. In addition, the pro forma amounts give effect to reflect income tax adjustments as if the Company were a taxable entity as of the beginning of 2013. The pro forma income tax adjustment reflects that the Company would have filed a consolidated tax return as a corporation reflecting a consolidated net income for the periods presented (in thousands, except share and per share information): | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Pro forma revenue | $ | 599,362 | $ | 455,605 | |||
Pro forma income before taxes | 49,148 | 31,710 | |||||
Pro forma tax expense | 17,202 | 11,099 | |||||
Pro forma net income | 31,946 | 20,611 | |||||
Less: Net income attributable to the non-controlling interest | — | -52 | |||||
Less: Pro forma undistributed earnings allocated to participating securities | -473 | -173 | |||||
Numerator for basic and diluted pro forma EPS | $ | 31,473 | $ | 20,386 | |||
Pro forma weighted average shares | 19,226,504 | 12,873,562 | |||||
Pro forma basic and diluted EPS | $ | 1.64 | $ | 1.58 | |||
Results_of_Quarterly_Operation
Results of Quarterly Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Results of Quarterly Operations [Abstract] | |||||||||||||
Results of Quarterly Operations (Unaudited) | 20. Results of Quarterly Operations (Unaudited) | ||||||||||||
Quarter | |||||||||||||
First | Second | Third | Fourth | ||||||||||
(in thousands, except per share amounts) | |||||||||||||
2014 | |||||||||||||
Home sales revenues | $ | 49,671 | $ | 77,328 | $ | 90,735 | $ | 134,089 | |||||
Gross margin from home sales revenues | $ | 12,397 | $ | 19,131 | $ | 19,839 | $ | 24,070 | |||||
Income before tax expense | $ | 5,196 | $ | 8,049 | $ | 6,697 | $ | 11,017 | |||||
Net income | $ | 3,368 | $ | 5,338 | $ | 4,127 | $ | 7,189 | |||||
Basic and diluted earnings per share | $ | 0.20 | $ | 0.30 | $ | 0.19 | $ | 0.34 | |||||
2013 | |||||||||||||
Home sales revenues | $ | 24,717 | $ | 41,291 | $ | 41,494 | $ | 63,631 | |||||
Gross margin from home sales revenues | $ | 6,218 | $ | 10,654 | $ | 9,546 | $ | 15,064 | |||||
Income before tax expense | $ | 3,027 | $ | 6,526 | $ | 3,784 | $ | 4,736 | |||||
Net income | $ | 2,976 | $ | 3,915 | $ | 2,438 | $ | 3,050 | |||||
Basic and diluted earnings per share | $ | 0.60 | $ | 0.32 | $ | 0.14 | $ | 0.18 | |||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Supplemental Guarantor Information [Abstract] | ||||||||||||||||
Supplemental Guarantor Information | 21. Supplemental Guarantor Information | |||||||||||||||
In May 2014, we completed a private offering of $200.0 million in aggregate principal amount of senior unsecured notes due 2022. The senior notes are unsecured senior obligations of the Company, which are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by certain of our subsidiaries (collectively, the “Subsidiary Guarantors”), which are wholly owned subsidiaries of the Company. | ||||||||||||||||
The Indenture governing the senior 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 does not constitute an “Asset Sale” (as defined in the Indenture) or is made in compliance with applicable provisions of the Indenture; (2) upon any sale, transfer, exchange or other disposition (by merger, consolidation or otherwise) of all of the assets of such Guarantor, which sale, transfer, exchange or other disposition does not constitute an Asset Sale or is made in compliance with applicable provisions of the Indenture; provided, that after such sale, transfer, exchange or other disposition, such Guarantor is an “Immaterial Subsidiary” (as defined in the Indenture); (3) 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; provided that 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; (4) upon the designation of such Guarantor as an “Unrestricted Subsidiary” (as defined in the Indenture), in accordance with the Indenture; (5) 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; or (6) in connection with the dissolution of such Guarantor under applicable law in accordance with the Indenture. | ||||||||||||||||
As the guarantees were made in connection with the May 2014 private offering of notes, the Subsidiary Guarantors’ condensed financial information is presented as if the guarantees existed during the period presented. If any subsidiaries are released from the guarantees in future periods, the changes are reflected prospectively. | ||||||||||||||||
We have determined that separate, full financial statements of the Subsidiary Guarantors would not be material to investors and, accordingly, supplemental financial information is presented below: | ||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||
As of December 31, 2014 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 22,710 | $ | 10,752 | $ | — | $ | — | $ | 33,462 | ||||||
Accounts receivable | 1,202 | 12,597 | — | — | 13,799 | |||||||||||
Investment in subsidiaries | 558,177 | — | — | -558,177 | — | |||||||||||
Inventories | — | 556,323 | — | — | 556,323 | |||||||||||
Prepaid expenses and other assets | 7,286 | 21,510 | — | — | 28,796 | |||||||||||
Property and equipment, net | 641 | 11,830 | — | — | 12,471 | |||||||||||
Deferred tax asset, net | 1,359 | — | — | — | 1,359 | |||||||||||
Amortizable intangible assets, net | — | 8,632 | — | — | 8,632 | |||||||||||
Goodwill | — | 21,137 | — | — | 21,137 | |||||||||||
Total Assets | 591,375 | 642,781 | — | -558,177 | 675,979 | |||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 70 | $ | 17,065 | $ | — | $ | — | $ | 17,135 | ||||||
Accrued expenses and other liabilities | 7,495 | 56,534 | — | — | 64,029 | |||||||||||
Note payable and revolving line agreement | 218,605 | 11,005 | — | — | 229,610 | |||||||||||
Total liabilities | 226,170 | 84,604 | — | — | 310,774 | |||||||||||
Stockholders’ equity | 365,205 | 558,177 | — | -558,177 | 365,205 | |||||||||||
Total liabilities and stockholders’ equity | 591,375 | 642,781 | — | -558,177 | 675,979 | |||||||||||
Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||
As of December 31, 2013 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 106,614 | $ | 3,384 | $ | — | $ | — | $ | 109,998 | ||||||
Accounts receivable | — | 4,438 | — | — | 4,438 | |||||||||||
Investment in and advances to subsidiaries | 169,962 | — | — | -169,962 | — | |||||||||||
Inventories | — | 184,072 | — | — | 184,072 | |||||||||||
Prepaid expenses and other assets | 547 | 7,868 | — | — | 8,415 | |||||||||||
Property and equipment, net | — | 3,360 | — | — | 3,360 | |||||||||||
Amortizable intangible assets, net | — | 1,877 | — | — | 1,877 | |||||||||||
Goodwill | — | 479 | — | — | 479 | |||||||||||
Total Assets | $ | 277,123 | 205,478 | — | -169,962 | 312,639 | ||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | — | $ | 8,313 | $ | — | $ | — | $ | 8,313 | ||||||
Accrued expenses and other liabilities | 4,655 | 25,703 | — | — | 30,358 | |||||||||||
Deferred tax liability, net | 912 | — | — | — | 912 | |||||||||||
Note payable and revolving line agreement | — | 1,500 | — | 1,500 | ||||||||||||
Total liabilities | 5,567 | 35,516 | — | — | 41,083 | |||||||||||
Stockholders’ equity | 271,556 | 169,962 | — | -169,962 | 271,556 | |||||||||||
Total liabilities and stockholders’ equity | $ | 277,123 | 205,478 | — | -169,962 | 312,639 | ||||||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||
For the Year Ended December 31, 2014 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Revenue | ||||||||||||||||
Home sales revenues | $ | — | $ | 351,823 | $ | — | $ | — | $ | 351,823 | ||||||
Land sales revenues | — | 4,800 | — | — | 4,800 | |||||||||||
Golf course and other revenue | — | 5,769 | — | — | 5,769 | |||||||||||
Total revenue | — | 362,392 | — | — | 362,392 | |||||||||||
Costs and expenses | ||||||||||||||||
Cost of homes sales revenues | — | 276,386 | — | — | 276,386 | |||||||||||
Cost of land sales revenues | — | 1,808 | — | — | 1,808 | |||||||||||
Cost of golf course and other revenue | — | 6,301 | — | — | 6,301 | |||||||||||
Selling, general and administrative | 12,185 | 34,610 | — | — | 46,795 | |||||||||||
Total operating costs and expenses | 12,185 | 319,105 | — | — | 331,290 | |||||||||||
Operating income | -12,185 | 43,287 | — | — | 31,102 | |||||||||||
Other income (expense) | ||||||||||||||||
Equity in earnings from consolidated subsidiaries | 28,729 | — | — | -28,729 | — | |||||||||||
Interest income | 359 | 3 | — | — | 362 | |||||||||||
Interest expense | — | -26 | — | — | -26 | |||||||||||
Acquisition expense | -1,414 | — | — | — | -1,414 | |||||||||||
Other income | — | 736 | — | — | 736 | |||||||||||
Gain on disposition of assets | — | 199 | — | — | 199 | |||||||||||
Income before tax expense | 15,489 | 44,199 | — | -28,729 | 30,959 | |||||||||||
Income tax expense | -4,533 | 15,470 | — | — | 10,937 | |||||||||||
Deferred taxes on conversion to a corporation | — | — | — | — | — | |||||||||||
Consolidated net income of Century Communities, Inc. | 20,022 | 28,729 | — | -28,729 | 20,022 | |||||||||||
Net income attributable to the non-controlling interests | — | — | — | — | — | |||||||||||
Net income attributable to common stockholders | $ | 20,022 | $ | 28,729 | $ | — | $ | -28,729 | $ | 20,022 | ||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||
For the Year Ended December 31, 2013 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Revenue | ||||||||||||||||
Home sales revenues | $ | — | $ | 170,565 | $ | 568 | $ | — | $ | 171,133 | ||||||
Land sales revenues | — | — | — | — | — | |||||||||||
Golf course and other revenue | — | — | — | — | — | |||||||||||
Total revenue | — | 170,565 | 568 | — | 171,133 | |||||||||||
Cost of home sale revenues | ||||||||||||||||
Cost of homes sales revenues | — | 129,253 | 398 | — | 129,651 | |||||||||||
Cost of land sales revenues | — | — | — | — | — | |||||||||||
Cost of golf course and other revenue | — | — | — | — | — | |||||||||||
Selling, general and administrative | 8,571 | 14,933 | 118 | — | 23,622 | |||||||||||
Total operating costs and expenses | 8,571 | 144,186 | 516 | — | 153,273 | |||||||||||
Operating income | -8,571 | 26,379 | 52 | — | 17,860 | |||||||||||
Other income (expense) | ||||||||||||||||
Equity in earnings from consolidated subsidiaries | 19,600 | — | — | -19,600 | — | |||||||||||
Interest income | 228 | — | — | — | 228 | |||||||||||
Interest expense | — | — | — | — | — | |||||||||||
Acquisition expense | -533 | — | — | — | -533 | |||||||||||
Other income | — | 507 | — | — | 507 | |||||||||||
Gain on disposition of assets | — | 11 | — | — | 11 | |||||||||||
Income before tax expense | 10,724 | 26,897 | 52 | -19,600 | 18,073 | |||||||||||
Income tax expense | -2,334 | 7,349 | — | — | 5,015 | |||||||||||
Deferred taxes on conversion to a corporation | 627 | — | — | — | 627 | |||||||||||
Consolidated net income of Century Communities, Inc. | 12,431 | 19,548 | 52 | -19,600 | 12,431 | |||||||||||
Net income attributable to the non-controlling interests | 52 | — | — | — | 52 | |||||||||||
Income attributable to common stockholders | $ | 12,379 | $ | 19,548 | $ | 52 | $ | -19,600 | $ | 12,379 | ||||||
Supplemental Condensed Consolidating Statement of Cash Flow | ||||||||||||||||
For the Year Ended December 31, 2014 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Net cash used in operating activities | $ | -7,783 | $ | -121,888 | $ | — | $ | — | $ | -129,671 | ||||||
Net cash used in investing activities | $ | -359,291 | $ | -233,001 | $ | — | $ | 358,580 | $ | -233,712 | ||||||
Financing activities | — | |||||||||||||||
Borrowings under revolving credit facilities | $ | 119,000 | $ | — | $ | — | $ | — | $ | 119,000 | ||||||
Payments on revolving credit facilities | -99,000 | — | — | — | -99,000 | |||||||||||
Proceeds from issuance of senior notes | 198,478 | — | — | — | 198,478 | |||||||||||
Proceeds from issuance of insurance premium notes | — | 6,760 | 6,760 | |||||||||||||
Principal payments | — | -3,083 | — | — | -3,083 | |||||||||||
Debt issuance costs | -6,783 | — | — | — | -6,783 | |||||||||||
Net proceeds from issuances of common stock | 81,564 | — | — | — | 81,564 | |||||||||||
Repurchases of common stock | -9,746 | — | — | — | -9,746 | |||||||||||
Excess tax benefit on stock-based compensation | 43 | — | — | — | 43 | |||||||||||
Payments from (and advances to) parent/subsidiary | — | 358,580 | — | -358,580 | — | |||||||||||
Other financing activity | -386 | — | -386 | |||||||||||||
Net cash provided by financing activities | $ | 283,170 | $ | 362,257 | $ | — | $ | -358,580 | $ | 286,847 | ||||||
Net increase (decrease) in cash and cash equivalents | $ | -83,904 | $ | 7,368 | $ | — | $ | — | $ | -76,536 | ||||||
Cash and cash equivalents | ||||||||||||||||
Beginning of period | $ | 106,614 | $ | 3,384 | $ | — | $ | — | $ | 109,998 | ||||||
End of period | $ | 22,710 | $ | 10,752 | $ | — | $ | — | $ | 33,462 | ||||||
Supplemental Condensed Consolidating Statement of Cash Flow | ||||||||||||||||
For the Year Ended December 31, 2013 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Net cash used in operating activities | $ | -976 | $ | -69,865 | $ | 3,343 | $ | — | $ | -67,498 | ||||||
Net cash used in investing activities | $ | -96,663 | $ | -16,258 | $ | — | $ | 96,663 | $ | -16,258 | ||||||
Financing activities | ||||||||||||||||
Borrowings under revolving credit facilities | $ | 26,671 | $ | — | $ | — | $ | — | $ | 26,671 | ||||||
Payments on revolving credit facilities | -47,044 | — | — | — | -47,044 | |||||||||||
Proceeds from issuance of notes payable | — | 5,763 | — | — | 5,763 | |||||||||||
Principal payments | — | -17,096 | — | — | -17,096 | |||||||||||
Net proceeds from issuances of common stock | 223,760 | — | — | — | 223,760 | |||||||||||
Repurchases of common stock | — | — | — | — | — | |||||||||||
Payments from (and advances to) parent/subsidiary | — | 100,629 | -3,966 | -96,663 | — | |||||||||||
Contributions from members | 1,500 | — | — | — | 1,500 | |||||||||||
Distributions to members | -3,830 | — | — | — | -3,830 | |||||||||||
Distributions to non-controlling interest | -950 | — | — | — | -950 | |||||||||||
Net cash provided by financing activities | $ | 200,107 | $ | 89,296 | $ | -3,966 | $ | -96,663 | $ | 188,774 | ||||||
Net increase (decrease) in cash and cash equivalents | 102,468 | $ | 3,173 | $ | -623 | $ | — | $ | 105,018 | |||||||
Cash and cash equivalents | ||||||||||||||||
Beginning of period | 4,146 | $ | 211 | $ | 623 | $ | — | $ | 4,980 | |||||||
End of period | $ | 106,614 | $ | 3,384 | $ | — | $ | — | $ | 109,998 | ||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 22. Subsequent Events |
On February 18, 2015, we completed an offer to exchange $200.0 million in aggregate principal amount of our 6.875% Senior Notes due 2022, which are registered under the Securities Act (which we refer to as the “Exchange Notes”), for all of the Initial Notes, which were validly tendered and not withdrawn by the holders thereof. The terms of the Exchange Notes are identical in all material respects to the Initial Notes, except that the Exchange Notes are registered under the Securities Act and the transfer restrictions, registration rights, and additional interest provisions applicable to the Initial Notes do not apply to the Exchange Notes. | |
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Nature of Operations and Summary of Significant Accounting Policies | |||||||
Nature of Operations | Nature of Operations | ||||||
Century Communities, Inc. (“we” or “the Company”) is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in metropolitan areas in Colorado, Austin and San Antonio, Texas (which we refer to as “Central Texas”), Houston, Texas, Las Vegas, Nevada and Atlanta, Georgia. Our homebuilding operations are organized into the following five operating segments based on the geographic markets in which we operate: Atlanta, Central Texas, Colorado, Houston and Nevada. In many of our projects, in addition to building homes, we are responsible for the entitlement and development of the underlying land. | |||||||
We were formed as a Colorado limited liability company in August 2002, and we converted into a Delaware corporation pursuant to the General Corporation Law of the State of Delaware on April 30, 2013. In connection with the conversion, all of the outstanding membership interests were converted into an aggregate of 5.0 million shares of common stock, which represented 100% of the outstanding shares of the Company’s common stock immediately following the conversion. Also in connection with the conversion, the Company’s name was changed from Century Communities Colorado, LLC to Century Communities, Inc., and a total of 100.0 million shares of the Company’s common stock and 50.0 million shares of preferred stock were authorized for issuance. | |||||||
In May 2013, we completed a private offering and a private placement of 12.1 million shares of our common stock, through which we received net proceeds of $223.8 million. | |||||||
In September 2013, we purchased substantially all the assets and certain liabilities of Jimmy Jacobs Homes L.P. (“Jimmy Jacobs”), a homebuilder with operations in the greater Austin, Texas, metropolitan area, for approximately $16 million. | |||||||
In April 2014, we purchased substantially all of the assets of Las Vegas Land Holdings, LLC (“LVLH”), a homebuilder with operations in Las Vegas, Nevada, for a purchase price of approximately $165 million. | |||||||
In May 2014, we completed a private offering of $200.0 million in aggregate principal amount of our 6.875% Senior Notes due 2022 (the “Initial Notes”) in reliance on Rule 144A and Regulation S under the Securities Act, where we received net proceeds of approximately $193.3 million. The Initial Notes carry a coupon of 6.875% per annum and were issued at a price equal to 99.239% of their principal amount. | |||||||
In June 2014, we completed our initial public offering of 4,480,000 shares of our common stock, of which 480,000 shares were issued by non-management and non-affiliate selling stockholders, at a public offering price of $23.00 per share, where we received net proceeds of approximately $81.6 million. | |||||||
In August 2014, we acquired substantially all the assets and operations of Grand View Builders (“Grand View”) in Houston, Texas for a purchase price of approximately $13 million and earnout payments based on performance over the next two years. | |||||||
In November 2014, we acquired substantially all the assets and operations of Peachtree Communities Group, Inc. and its affiliates and subsidiaries (“Peachtree”) in Atlanta, Georgia for a purchase price of approximately $57 million. | |||||||
Principles of Consolidation | Principles of Consolidation | ||||||
The consolidated financial statements include the accounts of the Company, as well as all subsidiaries in which we have a controlling interest, and variable interest entities (VIE’s) for which the Company is deemed the primary beneficiary. All intercompany accounts and transactions have been eliminated. | |||||||
All numbers related to lots and communities disclosed in the notes to the consolidated financial statements are unaudited. | |||||||
Reclassifications | Reclassifications | ||||||
Certain prior period amounts have been reclassified to conform to our current year’s presentation. | |||||||
Use of Estimates | Use of Estimates | ||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. | |||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||
The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. | |||||||
Accounts Receivable | Accounts Receivable | ||||||
Accounts receivable primarily consist of amounts to be received by the Company from the title company for homes closed, which are typically received within a few business days of home close, and contract receivables related to certain contracts in our Central Texas and Houston operating segments accounted for under the percentage-of-completion method. | |||||||
We periodically review the collectability of our accounts receivables, and, if it is determined that a receivable might not be fully collectible, an allowance is recorded for the amount deemed uncollectible. As of December 31, 2014 and 2013, no allowance was recorded related to accounts receivable. | |||||||
Inventories and Cost of Sales | Inventories and Cost of Sales | ||||||
We capitalize pre-acquisition, land, development, and other allocated costs, including interest, during development and home construction. | |||||||
Land, development, and other common costs are allocated to inventory using the relative-sales-value method; however, as lots within a project typically have comparable market values, we generally allocate land, development, and common costs equally to each lot within the project. Home construction costs are recorded using the specific-identification method. Cost of sales for homes closed includes the allocation of construction costs of each home and all applicable land acquisition, land development, and related common costs, both incurred and estimated to be incurred. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining homes in the community. | |||||||
When a home is closed, the Company generally has not paid all incurred costs necessary to complete the home, and a liability and a charge to cost of sales are recorded for the amount that is estimated will ultimately be paid related to completed homes. | |||||||
Inventories are carried at cost unless events and circumstances indicate that the carrying value may not be recoverable. We review for indicators of impairment at the lowest level of identifiable cash flows, which we have determined as the community level. | |||||||
Indicators of impairment include, but are not limited to, significant decreases in local housing market values and selling prices of comparable homes, decreases in actual or trending gross margins or sales absorption rates, significant unforeseen cost in excess of budget, and actual or projected cash flow losses. | |||||||
If an indicator of impairment is identified, we estimate the recoverability of the community by comparing the estimated future cash flows on an undiscounted basis to its carrying value. If the undiscounted cash flows are more than the carrying value, the community is recoverable and no impairment is recorded. If the undiscounted cash flows are less than the community’s carrying value, the community is deemed impaired and is written down to fair value. We generally estimate the fair value of the community through a discounted cash flow approach. | |||||||
When estimating cash flows of a community, we make various assumptions, including the following: (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 communities, and future sales price adjustments based on market and economic trends; (ii) expected sales pace 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; and (iv) alternative uses for the property. For the years ended December 31, 2014 and 2013, no inventory impairments were recorded. | |||||||
Home Sales and Profit Recognition | Home Sales and Profit Recognition | ||||||
Revenues from home sales are recorded and a profit is recognized when the respective units are closed, title has passed, the homeowner’s initial and continuing investment is adequate, and other attributes of ownership have been transferred to the homeowner. Sales incentives are recorded as a reduction of revenues when the respective unit is closed. When it is determined that the earnings process is not complete, the sale and the related profit are deferred for recognition in future periods. | |||||||
We also serve as the general contractor for custom homes in our Central Texas and Houston operating segments, where the customer and not the Company owns the underlying land (“Build on Your Own Lot Contracts”). Accordingly, we recognize revenue for the Build on Your Own Lot Contracts, which are primarily cost plus contracts, on the percentage-of-completion method where progress toward completion is measured by relating the actual cost of work performed to date to the current estimated total cost of the respective contracts. As the Company makes such estimates, judgments are required to evaluate potential variances in the cost of materials and labor and productivity. During the years ended December 31, 2014 and 2013, we recognized revenue of $22.0 million and $11.0 million and incurred costs of $17.4 million and $8.8 million associated with Build on Your Own Lot Contracts, which are presented in home sales revenues and cost of home sales revenues on the consolidated statement of operations, respectively. As of December 31, 2014 and 2013, we had $2.0 million and $1.2 million in contract receivables and $68 thousand and $1.2 million in billings in excess of collections related to the Build on Your Own Lot Contracts, which are presented on the consolidated balance sheet in accounts receivable and accrued expenses and other liabilities, respectively. | |||||||
Performance Deposits | Performance Deposits | ||||||
The Company is occasionally required to make a land, bond, and utility deposit as each new development is started. These amounts are refundable once the development is functioning and as each home is sold. Performance deposits are included in prepaid expenses and other assets on the consolidated balance sheet. | |||||||
Lot Option and Escrow Deposits | Lot Option and Escrow Deposits | ||||||
The Company has entered into lot option purchase agreements with unrelated parties to acquire lots for the construction of homes. Under these agreements, the Company has paid deposits, which in many cases are non-refundable, in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Lot option and escrow deposits are included in prepaid expenses and other assets on the consolidated balance sheet. | |||||||
Property and Equipment | Property and Equipment | ||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. | |||||||
The estimated useful lives for each major depreciable classification of property and equipment are as follows: | |||||||
Years | |||||||
Buildings and improvements | 3 – 39 years | ||||||
Leasehold improvements | 3 – 10 years | ||||||
Machinery and equipment | 3 – 15 years | ||||||
Furniture and fixtures | 2 – 7 years | ||||||
Model furnishings | 2 – 5 years | ||||||
Computer hardware and software | 1 – 5 years | ||||||
Amortizable Intangible Assets | Amortizable Intangible Assets | ||||||
Amortizable intangible assets consist of the estimated fair value of home construction contracts, trade names, non-compete agreements, cell phone tower leases, and home plans that were acquired upon closing of the acquisition of Jimmy Jacobs, LVLH, Grand View, and Peachtree. The acquisitions were accounted for as business combinations as defined in Accounting Standards Codification (ASC) 805, Business Combinations. A high degree of judgment is made by management on variables, such as revenue growth rates, profitability, and discount rates, when calculating the value of the intangible assets. The identified intangible assets are amortized over their respective estimated useful life. Trade names, non-compete agreements, and other intangibles assets are amortized to selling, general and administrative expenses in the consolidated statement of operations. Intangible assets for cell phone tower leases, and home construction contracts are amortized to other income and cost of home sales, respectively, as income on the related contracts are earned. | |||||||
The estimated lives for each major amortizable classification of intangible assets are as follows: | |||||||
Years | |||||||
Trade names | 2 – 5 years | ||||||
Home construction contracts | 1 – 2 years | ||||||
Non-compete agreements | 2 – 5 years | ||||||
Cell phone tower leases | 5 – 20 years | ||||||
Home plans | 7 years | ||||||
Warranties | Warranties | ||||||
Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Amounts accrued, which are included in accrued expenses and other liabilities on the consolidated balance sheet, are based upon historical experience rates. We subsequently assess the adequacy of our warranty accrual on a quarterly basis through an internal lag development model that incorporates historical payment trends and adjust the amounts recorded if necessary. Changes in our warranty accrual for the years ended December 31, 2014 and 2013 are detailed in the table below (in thousands): | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Beginning balance | $ | 1,150 | $ | 679 | |||
Warranty reserves assumed in business combinations | 591 | — | |||||
Warranty expense provisions | 1,665 | 1,112 | |||||
Payments | -1,030 | -641 | |||||
Warranty adjustments | -182 | — | |||||
Ending balance | $ | 2,194 | $ | 1,150 | |||
Earnest Money Deposits | Earnest Money Deposits | ||||||
The Company collects earnest deposits at the time a home buyer’s contract is accepted. Earnest money deposits held on homes under contract as of December 31, 2014 and 2013, totaled $6.7 million and $3.3 million, respectively, and are included in accrued expenses and other liabilities on the consolidated balance sheet. | |||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||
We account for share-based awards in accordance with ASC 718, Compensation—Stock Compensation. ASC 718 requires us to estimate the grant date fair value of stock-based compensation awards and to recognize the fair value as compensation costs over the requisite service period, which is generally three years, for all awards that vest. | |||||||
Prior to our initial public offering in June 2014, our common stock was not actively traded in a liquid primary market, and accordingly, the determination of the fair value of our restricted stock awards required significant judgment by management. As such, we first consider transactions in our common stock by qualified institutional buyers subsequent to our private placement in the secondary market. We also considered various factors to determine whether the closing price of our common stock in the secondary market is an accurate representation of the fair value of the restricted stock awards. These considerations include, but were not limited to, the timing of transactions in the secondary market and the elapsed time from the relevant grant date (if any), the volume of transactions in the market, and the level of information available to the investors. To the extent we believed that the closing price of our common stock in the secondary market was not an accurate representation of the fair value of the restricted stock award, we also considered observable trends in the stock prices of our publicly traded peers since our private placement, as well as internal valuations based on recent forecasts in determining the grant date fair value of the award. | |||||||
Subsequent to our initial public offering, we value our restricted stock awards equal to the closing price of our common stock on the New York Stock Exchange on the date of grant. | |||||||
Income Taxes | Income Taxes | ||||||
Prior to our conversion from a limited liability company to a corporation on April 30, 2013, the Company was not directly subject to income taxes under the provisions of the Internal Revenue Code and applicable state laws, and taxable income or loss was reported to the individual members for inclusion in their respective tax returns. Accordingly, prior to April 30, 2013, no provision for federal and state income taxes has been included in the consolidated statement of operations. | |||||||
Subsequent to our conversion to a corporation, we account for income taxes in accordance with ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of its assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. When it is more likely than not that a portion or all of a deferred tax asset will not be realized in the future, the Company provides a corresponding valuation allowance against the deferred tax asset. As of December 31, 2014 and 2013, we had no valuation allowance recorded against our deferred tax assets. | |||||||
In addition, when it is more likely than not that a tax position will be sustained upon examination by a tax authority that has full knowledge of all relevant information, the Company measures the amount of tax benefit from the position and records the largest amount of tax benefit that is more likely than not of being realized after settlement with a tax authority. The Company’s policy is to recognize interest to be paid on an underpayment of income taxes in interest expense and any related statutory penalties in the provision for income taxes on the consolidated statement of operations. As of December 31, 2014 and 2013, we had no reserves for uncertain tax positions. | |||||||
Goodwill | Goodwill | ||||||
We evaluate goodwill for possible impairment in accordance with ASC Topic 350, Intangibles–Goodwill and Other, on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We use a three step process to assess whether or not goodwill can be realized. The first step is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. If the qualitative assessment indicates a stable or improved fair value, no further testing is required. | |||||||
If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, we will proceed to the second step where we calculate the fair value of a reporting unit based on discounted future cash flows. If this step indicates that the carrying value of a reporting unit is in excess of its fair value, we will proceed to the third step where the fair value of the reporting unit will be allocated to assets and liabilities as they would in a business combination. Impairment occurs when the carrying amount of goodwill exceeds its estimated fair value calculated in the third step. | |||||||
As of December 31, 2014 and 2013, we determined our goodwill was not impaired. | |||||||
Business Combinations | Business Combinations | ||||||
The Company accounts for business combinations in accordance with ASC Topic 850, Business Combinations, if the acquired assets assumed and liabilities incurred constitute a business. We consider acquired companies to constitute a business if the acquired net assets and processes have the ability to create outputs in the form of revenue. For acquired companies constituting a business, we recognize the identifiable assets acquired and liabilities assumed at their acquisition-date fair values and recognize any excess of total consideration paid over the fair value of the identifiable net assets as goodwill. | |||||||
Variable Interest Entities | Variable Interest Entities | ||||||
The Company reviews land option contracts where we have a non-refundable deposit to determine whether the corresponding land sellers are variable interest entities (VIE) and, if so, whether we are the primary beneficiary | |||||||
In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities that most significantly impact the economic performance of the VIE. In making this determination, we consider whether we have the power to direct certain activities, including, but not limited to, determining or limiting the scope or purpose of the VIE, the ability to sell or transfer property owned or controlled by the VIE, or arranging financing for the VIE. We are not the primarily beneficiary of any VIE as of December 31, 2014 and 2013. | |||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | ||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers.” The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for GAAP. The pronouncement is effective for reporting periods beginning after December 15, 2016. We are currently evaluating the impact of adoption of ASU 2014-09 on the Company’s consolidated financial position and results of operations. | |||||||
In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern”, (ASU 2014-15), which requires management to perform interim and annual assessments on whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year of the date the financial statements are issued and to provide related disclosures, if required. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. Our adoption of ASU 2014-15 is not expected to have a material effect on our consolidated financial statements and related disclosures. | |||||||
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |||||||
Schedule Of Estimated Lives Of Property Plant And Equipment | |||||||
Years | |||||||
Buildings and improvements | 3 – 39 years | ||||||
Leasehold improvements | 3 – 10 years | ||||||
Machinery and equipment | 3 – 15 years | ||||||
Furniture and fixtures | 2 – 7 years | ||||||
Model furnishings | 2 – 5 years | ||||||
Computer hardware and software | 1 – 5 years | ||||||
Schedule Of Amortizable Classification Of Intangible Assets | |||||||
Years | |||||||
Trade names | 2 – 5 years | ||||||
Home construction contracts | 1 – 2 years | ||||||
Non-compete agreements | 2 – 5 years | ||||||
Cell phone tower leases | 5 – 20 years | ||||||
Home plans | 7 years | ||||||
Schedule Of Changes in Warranty Accrual | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Beginning balance | $ | 1,150 | $ | 679 | |||
Warranty reserves assumed in business combinations | 591 | — | |||||
Warranty expense provisions | 1,665 | 1,112 | |||||
Payments | -1,030 | -641 | |||||
Warranty adjustments | -182 | — | |||||
Ending balance | $ | 2,194 | $ | 1,150 | |||
Reporting_Segments_Tables
Reporting Segments (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Reporting Segments [Abstract] | |||||||
Schedule of Home Sale Revenues and Pretax Income by Segment | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Atlanta | $ | 36,726 | $ | — | |||
Central Texas | 55,845 | 21,136 | |||||
Colorado | 181,609 | 149,997 | |||||
Houston | 17,458 | — | |||||
Nevada | 70,754 | — | |||||
Total revenue | $ | 362,392 | $ | 171,133 | |||
Atlanta | $ | 899 | $ | — | |||
Central Texas | 5,053 | 299 | |||||
Colorado | 29,924 | 26,117 | |||||
Houston | -759 | — | |||||
Nevada | 8,588 | — | |||||
Corporate | -12,746 | -8,343 | |||||
Total income before taxes | $ | 30,959 | $ | 18,073 | |||
Schedule of Total Assets by Segment | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Atlanta | $ | 75,434 | $ | — | |||
Central Texas | 85,083 | 27,386 | |||||
Colorado | 280,361 | 167,948 | |||||
Houston | 28,875 | — | |||||
Nevada | 168,401 | — | |||||
Corporate | 37,825 | 117,305 | |||||
Total assets | $ | 675,979 | $ | 312,639 | |||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Las Vegas Land Holdings [Member] | ||||
Business Acquisition [Line Items] | ||||
Schedule of Preliminary Recognized Assets Acquired and Liabilities Assumed | ||||
Assets acquired and liabilities assumed | ||||
Accounts receivable | $ | 347 | ||
Inventories | 145,782 | |||
Prepaid expenses and other assets | 1,876 | |||
Property and equipment | 8,619 | |||
Amortizable intangible assets | 3,042 | |||
Goodwill | 11,100 | |||
Total assets | $ | 170,766 | ||
Accounts payable | 2,074 | |||
Accrued expenses and other liabilities | 1,816 | |||
Notes payable and capital lease obligations | 1,497 | |||
Total liabilities | $ | 5,387 | ||
Grand View Builders Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Schedule of Preliminary Recognized Assets Acquired and Liabilities Assumed | ||||
Assets acquired and liabilities assumed | ||||
Accounts receivable | $ | 188 | ||
Inventories | 12,356 | |||
Prepaid expenses and other assets | 295 | |||
Property and equipment | 185 | |||
Amortizable intangible assets | 2,276 | |||
Goodwill | 1,067 | |||
Total assets | $ | 16,367 | ||
Accrued expenses and other liabilities (inclusive of earnout liability) | 3,511 | |||
Total liabilities | $ | 3,511 | ||
Peachtree Communities [Member] | ||||
Business Acquisition [Line Items] | ||||
Schedule of Preliminary Recognized Assets Acquired and Liabilities Assumed | ||||
Assets acquired and liabilities assumed | ||||
Accounts receivable | $ | 11 | ||
Inventories | 48,082 | |||
Prepaid expenses and other assets | 762 | |||
Property and equipment | 54 | |||
Amortizable intangible assets | 3,360 | |||
Goodwill | 8,493 | |||
Total assets | $ | 60,762 | ||
Accounts payable | 3,304 | |||
Accrued expenses and other liabilities | 3,108 | |||
Total liabilities | $ | 6,412 | ||
Jimmy Jacobs [Member] | ||||
Business Acquisition [Line Items] | ||||
Schedule of Preliminary Recognized Assets Acquired and Liabilities Assumed | ||||
Assets acquired and liabilities assumed | ||||
Accounts receivable | $ | 143 | ||
Inventories | 12,411 | |||
Prepaid expenses and other assets | 679 | |||
Property and equipment | 1,500 | |||
Amortizable intangible assets | 2,428 | |||
Goodwill | 479 | |||
Total assets | $ | 17,640 | ||
Accounts payable | 878 | |||
Accrued expenses and other liabilities | 1,054 | |||
Total liabilities | $ | 1,932 | ||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventory [Abstract] | |||||||
Schedule of Inventories | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Vertical costs of homes under construction | $ | 250,104 | $ | 89,202 | |||
Land and land development | 294,917 | 92,050 | |||||
Capitalized interest | 11,302 | 2,820 | |||||
$ | 556,323 | $ | 184,072 | ||||
Amortizable_Intangible_Assets_
Amortizable Intangible Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Amortizable Intangible Assets [Abstract] | |||||||
Schedule of Amortizable Intagible Assets | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Trade names | $ | 2,972 | $ | 1,185 | |||
Home construction contracts | 878 | 719 | |||||
Non-compete agreements | 5,084 | 298 | |||||
Cell phone tower leases | 1,408 | ||||||
Home plans | 764 | 226 | |||||
Gross intangible assets | 11,106 | 2,428 | |||||
Accumulated amortization | -2,474 | -551 | |||||
Intangible assets, net | $ | 8,632 | $ | 1,877 | |||
Schedule of Future Amortization Expense | |||||||
2015 | $ | 2,719 | |||||
2016 | 1,886 | ||||||
2017 | 1,285 | ||||||
2018 | 1,026 | ||||||
2019 | 773 | ||||||
Thereafter | 943 | ||||||
$ | 8,632 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property and Equipment [Abstract] | |||||||
Schedule of Property and Equipment | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Land | 3,362 | 347 | |||||
Buildings and improvements | 6,120 | 1,410 | |||||
Leasehold improvements | 568 | 186 | |||||
Machinery and equipment | 536 | 56 | |||||
Furniture and fixtures | 397 | 273 | |||||
Model furnishings | 2,249 | 1,776 | |||||
Computer hardware and software | 1,441 | 514 | |||||
14,673 | 4,562 | ||||||
Less accumulated depreciation and amortization | -2,202 | -1,202 | |||||
Total property and equipment, net | $ | 12,471 | $ | 3,360 | |||
Prepaid_Expenses_and_Other_Ass1
Prepaid Expenses and Other Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Prepaid Expenses and Other Assets [Abstract] | |||||||
Schedule of Prepaid Expenses and Other Assets | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Prepaid insurance | $ | 8,481 | $ | 1,203 | |||
Lot option and escrow deposits | 4,716 | 3,218 | |||||
Performance deposits | 5,365 | 2,522 | |||||
Deferred financing costs, net | 6,378 | — | |||||
Restricted Cash | 518 | — | |||||
Other | 3,338 | 1,472 | |||||
Total prepaid expenses and other assets | $ | 28,796 | $ | 8,415 | |||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued Expenses and Other Liabilities [Abstract] | |||||||
Schedule of Accrued Expenses and Other Liabilities | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Earnest money deposits | $ | 6,703 | $ | 3,327 | |||
Warranty reserves | 2,194 | 1,150 | |||||
Accrued compensation costs | 6,632 | 5,511 | |||||
Land development and home construction accruals | 34,994 | 12,286 | |||||
Accrued interest | 1,935 | 9 | |||||
Income taxes payable | 217 | 4,731 | |||||
Billings in excess of collections | 68 | 1,199 | |||||
Real estate taxes payable | 3,875 | 1,400 | |||||
Earnout liability | 2,426 | — | |||||
Other | 4,985 | 745 | |||||
Total accrued expenses and other liabilities | $ | 64,029 | $ | 30,358 | |||
Notes_Payable_and_Revolving_Lo
Notes Payable and Revolving Loan Agreement (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Notes Payable and Revolving Line of Credit [Abstract] | |||||||
Schedule of Notes Payable and Revolving Loan Agreement | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
6.875% senior notes | $ | 198,605 | $ | — | |||
Revolving line of credit | 20,000 | — | |||||
Land development notes | 5,737 | 1,500 | |||||
Insurance premium notes | 5,135 | — | |||||
Capital lease obligations | 133 | — | |||||
Revolving loan agreement | — | — | |||||
Total | $ | 229,610 | $ | 1,500 | |||
Schedule Of Maturities Of Long Term Debt | |||||||
2015 | $ | 9,505 | |||||
2016 | 1,500 | ||||||
2017 | 20,000 | ||||||
2018 | — | ||||||
2019 | — | ||||||
Thereafter | 200,000 | ||||||
Total | 231,005 | ||||||
Less: Discount on 6.875% senior notes | -1,395 | ||||||
Carrying amount | $ | 229,610 | |||||
Interest_Tables
Interest (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Interest [Abstract] | |||||||
Schedule of Interest Costs | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Interest capitalized beginning of period | $ | 2,820 | $ | 3,243 | |||
Interest capitalized during period | 10,848 | 1,098 | |||||
Less: capitalized interest in cost of sales | -2,366 | -1,521 | |||||
Interest capitalized end of period | $ | 11,302 | $ | 2,820 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Income Taxes [Abstract] | |||||||
Schedule Of Income Tax Expense | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Current | |||||||
Federal | $ | 11,860 | $ | 4,168 | |||
State and local | 1,131 | 562 | |||||
Total current | 12,991 | 4,730 | |||||
Deferred | |||||||
Federal | -1,923 | 840 | |||||
State and local | -131 | 72 | |||||
Total deferred | -2,054 | 912 | |||||
Income tax expense | $ | 10,937 | $ | 5,642 | |||
Schedule Of Components Of Income Tax Expense By Expense | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Statutory income tax expense | $ | 10,836 | $ | 4,897 | |||
State income tax expense, net of federal income tax expense | 643 | 382 | |||||
Section 199 deduction | -612 | -421 | |||||
Other permanent items | 70 | 157 | |||||
Conversion to corporation | — | 627 | |||||
Income tax expense | $ | 10,937 | $ | 5,642 | |||
Schedule Of Deferred Tax Assets And Liabilities | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Deferred tax assets | |||||||
Warranty reserves | $ | 810 | $ | 437 | |||
Accrued expenses | — | 736 | |||||
Amortizable intangible assets | 3,694 | 143 | |||||
Stock based compensation | 626 | 257 | |||||
Deferred tax asset | 5,130 | 1,573 | |||||
Deferred tax liabilities | |||||||
Prepaid expenses | 229 | 457 | |||||
Property and equipment | 264 | 511 | |||||
Accrued expenses | 540 | — | |||||
Inventories, additional costs capitalized for GAAP | 2,738 | 1,517 | |||||
Deferred tax liability | 3,771 | — | 2,485 | ||||
Net deferred tax asset (liability) | $ | 1,359 | $ | -912 | |||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments | |||||||||||||||
December 31, 2014, | December 31, 2013, | ||||||||||||||
Hierarchy | Carrying | Fair Value | Carrying | Fair Value | |||||||||||
6.875% senior notes(1) | Level 2 | $ | 198,605 | $ | 203,013 | $ | — | $ | — | ||||||
Revolving line of credit(3) | Level 2 | $ | 20,000 | $ | 20,000 | $ | — | $ | — | ||||||
Land development notes(1) | Level 2 | $ | 5,737 | $ | 5,724 | $ | 1,500 | $ | 1,490 | ||||||
Insurance premium notes(3) | Level 2 | $ | 5,135 | $ | 5,135 | $ | — | $ | — | ||||||
Capital lease obligations(3) | Level 2 | $ | 133 | $ | 133 | $ | — | $ | — | ||||||
Earnout liability(2) | Level 3 | $ | 2,426 | $ | 2,426 | $ | — | $ | — | ||||||
(1) Estimated fair values of the senior and land development notes payable at December 31, 2014 and 2013 were based on cash flow models discounted at market interest rates that considered underlying risks of the debt. | |||||||||||||||
(2) Recognized in connection with the acquisition of Grand View on August 12, 2014. A Monte Carlo model was used to value the earnout by simulating earnings, applying the terms of the earnout in each simulated path, determining the average payment in each year across all of the trials of the simulation, and calculating the sum of the present values of the payments in each year. The primary inputs and key assumptions of this Monte Carlo model included a range of forecasted revenue and gross margin scenarios which increased and decreased by 10.1% from our base case and discount rates ranging from 5.1% to 6.3%. | |||||||||||||||
(3) Carrying amount approximates fair value due to the short-term nature and interest rate terms. | |||||||||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Operating Leases [Abstract] | ||||
Schedule Of Future Minimum Lease Payments | ||||
2015 | $ | 844 | ||
2016 | 695 | |||
2017 | 583 | |||
2018 | 409 | |||
2019 | 173 | |||
Thereafter | 363 | |||
$ | 3,067 | |||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stock Issued or Granted During Period, Share-based Compensation [Abstract] | |||||||||||
Schedule of Restricted Stock Award Activity | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | ||||||||||
Shares | Weighted average per share grant date fair value | Shares | Weighted average per share grant date fair value | ||||||||
Outstanding, beginning of year | 182,774 | $ | 19.57 | — | $ | — | |||||
Granted | 250,380 | 21.34 | 182,998 | 19.56 | |||||||
Vested | -60,609 | 19.58 | — | — | |||||||
Forfeited | -6,677 | 19.59 | -224 | 16.94 | |||||||
Outstanding, end of year | 365,868 | $ | 20.78 | 182,774 | $ | 19.57 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Earnings Per Share [Abstract] | |||||||
Schedule of Earnings Per Share, Basic and Diluted | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Numerator | |||||||
Net income | $ | 20,022 | $ | 12,431 | |||
Less: Net income attributable to the non-controlling interest | — | -52 | |||||
Less: Undistributed earnings allocated to participating securities | -296 | -104 | |||||
Numerator for basic and diluted EPS | $ | 19,726 | $ | 12,275 | |||
Denominator | |||||||
Basic and diluted earnings per share—weighted average shares | 19,226,504 | 12,873,562 | |||||
Basic and diluted EPS | $ | 1.03 | $ | 0.95 | |||
Pro_Forma_Financial_Informatio1
Pro Forma Financial Information (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Pro Forma Financial Information [Abstract] | |||||||
Schedule of Pro Forma Information | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Pro forma revenue | $ | 599,362 | $ | 455,605 | |||
Pro forma income before taxes | 49,148 | 31,710 | |||||
Pro forma tax expense | 17,202 | 11,099 | |||||
Pro forma net income | 31,946 | 20,611 | |||||
Less: Net income attributable to the non-controlling interest | — | -52 | |||||
Less: Pro forma undistributed earnings allocated to participating securities | -473 | -173 | |||||
Numerator for basic and diluted pro forma EPS | $ | 31,473 | $ | 20,386 | |||
Pro forma weighted average shares | 19,226,504 | 12,873,562 | |||||
Pro forma basic and diluted EPS | $ | 1.64 | $ | 1.58 | |||
Results_of_Quarterly_Operation1
Results of Quarterly Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Results of Quarterly Operations [Abstract] | |||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||
Quarter | |||||||||||||
First | Second | Third | Fourth | ||||||||||
(in thousands, except per share amounts) | |||||||||||||
2014 | |||||||||||||
Home sales revenues | $ | 49,671 | $ | 77,328 | $ | 90,735 | $ | 134,089 | |||||
Gross margin from home sales revenues | $ | 12,397 | $ | 19,131 | $ | 19,839 | $ | 24,070 | |||||
Income before tax expense | $ | 5,196 | $ | 8,049 | $ | 6,697 | $ | 11,017 | |||||
Net income | $ | 3,368 | $ | 5,338 | $ | 4,127 | $ | 7,189 | |||||
Basic and diluted earnings per share | $ | 0.20 | $ | 0.30 | $ | 0.19 | $ | 0.34 | |||||
2013 | |||||||||||||
Home sales revenues | $ | 24,717 | $ | 41,291 | $ | 41,494 | $ | 63,631 | |||||
Gross margin from home sales revenues | $ | 6,218 | $ | 10,654 | $ | 9,546 | $ | 15,064 | |||||
Income before tax expense | $ | 3,027 | $ | 6,526 | $ | 3,784 | $ | 4,736 | |||||
Net income | $ | 2,976 | $ | 3,915 | $ | 2,438 | $ | 3,050 | |||||
Basic and diluted earnings per share | $ | 0.60 | $ | 0.32 | $ | 0.14 | $ | 0.18 | |||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Supplemental Guarantor Information [Abstract] | ||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||
As of December 31, 2014 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 22,710 | $ | 10,752 | $ | — | $ | — | $ | 33,462 | ||||||
Accounts receivable | 1,202 | 12,597 | — | — | 13,799 | |||||||||||
Investment in subsidiaries | 558,177 | — | — | -558,177 | — | |||||||||||
Inventories | — | 556,323 | — | — | 556,323 | |||||||||||
Prepaid expenses and other assets | 7,286 | 21,510 | — | — | 28,796 | |||||||||||
Property and equipment, net | 641 | 11,830 | — | — | 12,471 | |||||||||||
Deferred tax asset, net | 1,359 | — | — | — | 1,359 | |||||||||||
Amortizable intangible assets, net | — | 8,632 | — | — | 8,632 | |||||||||||
Goodwill | — | 21,137 | — | — | 21,137 | |||||||||||
Total Assets | 591,375 | 642,781 | — | -558,177 | 675,979 | |||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | 70 | $ | 17,065 | $ | — | $ | — | $ | 17,135 | ||||||
Accrued expenses and other liabilities | 7,495 | 56,534 | — | — | 64,029 | |||||||||||
Note payable and revolving line agreement | 218,605 | 11,005 | — | — | 229,610 | |||||||||||
Total liabilities | 226,170 | 84,604 | — | — | 310,774 | |||||||||||
Stockholders’ equity | 365,205 | 558,177 | — | -558,177 | 365,205 | |||||||||||
Total liabilities and stockholders’ equity | 591,375 | 642,781 | — | -558,177 | 675,979 | |||||||||||
Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||
As of December 31, 2013 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 106,614 | $ | 3,384 | $ | — | $ | — | $ | 109,998 | ||||||
Accounts receivable | — | 4,438 | — | — | 4,438 | |||||||||||
Investment in and advances to subsidiaries | 169,962 | — | — | -169,962 | — | |||||||||||
Inventories | — | 184,072 | — | — | 184,072 | |||||||||||
Prepaid expenses and other assets | 547 | 7,868 | — | — | 8,415 | |||||||||||
Property and equipment, net | — | 3,360 | — | — | 3,360 | |||||||||||
Amortizable intangible assets, net | — | 1,877 | — | — | 1,877 | |||||||||||
Goodwill | — | 479 | — | — | 479 | |||||||||||
Total Assets | $ | 277,123 | 205,478 | — | -169,962 | 312,639 | ||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Accounts payable | $ | — | $ | 8,313 | $ | — | $ | — | $ | 8,313 | ||||||
Accrued expenses and other liabilities | 4,655 | 25,703 | — | — | 30,358 | |||||||||||
Deferred tax liability, net | 912 | — | — | — | 912 | |||||||||||
Note payable and revolving line agreement | — | 1,500 | — | 1,500 | ||||||||||||
Total liabilities | 5,567 | 35,516 | — | — | 41,083 | |||||||||||
Stockholders’ equity | 271,556 | 169,962 | — | -169,962 | 271,556 | |||||||||||
Total liabilities and stockholders’ equity | $ | 277,123 | 205,478 | — | -169,962 | 312,639 | ||||||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||
For the Year Ended December 31, 2014 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Revenue | ||||||||||||||||
Home sales revenues | $ | — | $ | 351,823 | $ | — | $ | — | $ | 351,823 | ||||||
Land sales revenues | — | 4,800 | — | — | 4,800 | |||||||||||
Golf course and other revenue | — | 5,769 | — | — | 5,769 | |||||||||||
Total revenue | — | 362,392 | — | — | 362,392 | |||||||||||
Costs and expenses | ||||||||||||||||
Cost of homes sales revenues | — | 276,386 | — | — | 276,386 | |||||||||||
Cost of land sales revenues | — | 1,808 | — | — | 1,808 | |||||||||||
Cost of golf course and other revenue | — | 6,301 | — | — | 6,301 | |||||||||||
Selling, general and administrative | 12,185 | 34,610 | — | — | 46,795 | |||||||||||
Total operating costs and expenses | 12,185 | 319,105 | — | — | 331,290 | |||||||||||
Operating income | -12,185 | 43,287 | — | — | 31,102 | |||||||||||
Other income (expense) | ||||||||||||||||
Equity in earnings from consolidated subsidiaries | 28,729 | — | — | -28,729 | — | |||||||||||
Interest income | 359 | 3 | — | — | 362 | |||||||||||
Interest expense | — | -26 | — | — | -26 | |||||||||||
Acquisition expense | -1,414 | — | — | — | -1,414 | |||||||||||
Other income | — | 736 | — | — | 736 | |||||||||||
Gain on disposition of assets | — | 199 | — | — | 199 | |||||||||||
Income before tax expense | 15,489 | 44,199 | — | -28,729 | 30,959 | |||||||||||
Income tax expense | -4,533 | 15,470 | — | — | 10,937 | |||||||||||
Deferred taxes on conversion to a corporation | — | — | — | — | — | |||||||||||
Consolidated net income of Century Communities, Inc. | 20,022 | 28,729 | — | -28,729 | 20,022 | |||||||||||
Net income attributable to the non-controlling interests | — | — | — | — | — | |||||||||||
Net income attributable to common stockholders | $ | 20,022 | $ | 28,729 | $ | — | $ | -28,729 | $ | 20,022 | ||||||
Supplemental Condensed Consolidating Statement of Operations | ||||||||||||||||
For the Year Ended December 31, 2013 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Revenue | ||||||||||||||||
Home sales revenues | $ | — | $ | 170,565 | $ | 568 | $ | — | $ | 171,133 | ||||||
Land sales revenues | — | — | — | — | — | |||||||||||
Golf course and other revenue | — | — | — | — | — | |||||||||||
Total revenue | — | 170,565 | 568 | — | 171,133 | |||||||||||
Cost of home sale revenues | ||||||||||||||||
Cost of homes sales revenues | — | 129,253 | 398 | — | 129,651 | |||||||||||
Cost of land sales revenues | — | — | — | — | — | |||||||||||
Cost of golf course and other revenue | — | — | — | — | — | |||||||||||
Selling, general and administrative | 8,571 | 14,933 | 118 | — | 23,622 | |||||||||||
Total operating costs and expenses | 8,571 | 144,186 | 516 | — | 153,273 | |||||||||||
Operating income | -8,571 | 26,379 | 52 | — | 17,860 | |||||||||||
Other income (expense) | ||||||||||||||||
Equity in earnings from consolidated subsidiaries | 19,600 | — | — | -19,600 | — | |||||||||||
Interest income | 228 | — | — | — | 228 | |||||||||||
Interest expense | — | — | — | — | — | |||||||||||
Acquisition expense | -533 | — | — | — | -533 | |||||||||||
Other income | — | 507 | — | — | 507 | |||||||||||
Gain on disposition of assets | — | 11 | — | — | 11 | |||||||||||
Income before tax expense | 10,724 | 26,897 | 52 | -19,600 | 18,073 | |||||||||||
Income tax expense | -2,334 | 7,349 | — | — | 5,015 | |||||||||||
Deferred taxes on conversion to a corporation | 627 | — | — | — | 627 | |||||||||||
Consolidated net income of Century Communities, Inc. | 12,431 | 19,548 | 52 | -19,600 | 12,431 | |||||||||||
Net income attributable to the non-controlling interests | 52 | — | — | — | 52 | |||||||||||
Income attributable to common stockholders | $ | 12,379 | $ | 19,548 | $ | 52 | $ | -19,600 | $ | 12,379 | ||||||
Supplemental Condensed Consolidating Statement of Operations Statement of Cash Flow | ||||||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flow | ||||||||||||||||
For the Year Ended December 31, 2014 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Net cash used in operating activities | $ | -7,783 | $ | -121,888 | $ | — | $ | — | $ | -129,671 | ||||||
Net cash used in investing activities | $ | -359,291 | $ | -233,001 | $ | — | $ | 358,580 | $ | -233,712 | ||||||
Financing activities | — | |||||||||||||||
Borrowings under revolving credit facilities | $ | 119,000 | $ | — | $ | — | $ | — | $ | 119,000 | ||||||
Payments on revolving credit facilities | -99,000 | — | — | — | -99,000 | |||||||||||
Proceeds from issuance of senior notes | 198,478 | — | — | — | 198,478 | |||||||||||
Proceeds from issuance of insurance premium notes | — | 6,760 | 6,760 | |||||||||||||
Principal payments | — | -3,083 | — | — | -3,083 | |||||||||||
Debt issuance costs | -6,783 | — | — | — | -6,783 | |||||||||||
Net proceeds from issuances of common stock | 81,564 | — | — | — | 81,564 | |||||||||||
Repurchases of common stock | -9,746 | — | — | — | -9,746 | |||||||||||
Excess tax benefit on stock-based compensation | 43 | — | — | — | 43 | |||||||||||
Payments from (and advances to) parent/subsidiary | — | 358,580 | — | -358,580 | — | |||||||||||
Other financing activity | -386 | — | -386 | |||||||||||||
Net cash provided by financing activities | $ | 283,170 | $ | 362,257 | $ | — | $ | -358,580 | $ | 286,847 | ||||||
Net increase (decrease) in cash and cash equivalents | $ | -83,904 | $ | 7,368 | $ | — | $ | — | $ | -76,536 | ||||||
Cash and cash equivalents | ||||||||||||||||
Beginning of period | $ | 106,614 | $ | 3,384 | $ | — | $ | — | $ | 109,998 | ||||||
End of period | $ | 22,710 | $ | 10,752 | $ | — | $ | — | $ | 33,462 | ||||||
Supplemental Condensed Consolidating Statement of Cash Flow | ||||||||||||||||
For the Year Ended December 31, 2013 (in thousands) | ||||||||||||||||
Guarantor | Non Guarantor | Elimination | Consolidated | |||||||||||||
CCS | Subsidiaries | Subsidiaries | Entries | CCS | ||||||||||||
Net cash used in operating activities | $ | -976 | $ | -69,865 | $ | 3,343 | $ | — | $ | -67,498 | ||||||
Net cash used in investing activities | $ | -96,663 | $ | -16,258 | $ | — | $ | 96,663 | $ | -16,258 | ||||||
Financing activities | ||||||||||||||||
Borrowings under revolving credit facilities | $ | 26,671 | $ | — | $ | — | $ | — | $ | 26,671 | ||||||
Payments on revolving credit facilities | -47,044 | — | — | — | -47,044 | |||||||||||
Proceeds from issuance of notes payable | — | 5,763 | — | — | 5,763 | |||||||||||
Principal payments | — | -17,096 | — | — | -17,096 | |||||||||||
Net proceeds from issuances of common stock | 223,760 | — | — | — | 223,760 | |||||||||||
Repurchases of common stock | — | — | — | — | — | |||||||||||
Payments from (and advances to) parent/subsidiary | — | 100,629 | -3,966 | -96,663 | — | |||||||||||
Contributions from members | 1,500 | — | — | — | 1,500 | |||||||||||
Distributions to members | -3,830 | — | — | — | -3,830 | |||||||||||
Distributions to non-controlling interest | -950 | — | — | — | -950 | |||||||||||
Net cash provided by financing activities | $ | 200,107 | $ | 89,296 | $ | -3,966 | $ | -96,663 | $ | 188,774 | ||||||
Net increase (decrease) in cash and cash equivalents | 102,468 | $ | 3,173 | $ | -623 | $ | — | $ | 105,018 | |||||||
Cash and cash equivalents | ||||||||||||||||
Beginning of period | 4,146 | $ | 211 | $ | 623 | $ | — | $ | 4,980 | |||||||
End of period | $ | 106,614 | $ | 3,384 | $ | — | $ | — | $ | 109,998 | ||||||
Nature_of_Operations_and_Summa3
Nature of Operations and Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | 24 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||
Sep. 12, 2013 | Apr. 30, 2013 | Jun. 30, 2014 | 31-May-14 | 31-May-13 | Apr. 30, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2013 | Aug. 12, 2014 | Aug. 31, 2014 | Nov. 13, 2014 | Nov. 30, 2014 | Feb. 18, 2015 | |
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||
Aggregate common stock shares | 5,000,000 | ||||||||||||||||||||||||
Percentage of ownership before transaction | 100.00% | ||||||||||||||||||||||||
Common stock shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||||
Preferred stock shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||||||
Business combination, purchase price | $16,000,000 | ||||||||||||||||||||||||
Private offering and placement common stock shares | 12,100,000 | ||||||||||||||||||||||||
Net proceeds from issuances of common stock | 81,564,000 | 223,760,000 | |||||||||||||||||||||||
Interest rate | 6.88% | ||||||||||||||||||||||||
Proceeds from issuance of debt | 193,300,000 | ||||||||||||||||||||||||
Coupon rate | 6.88% | ||||||||||||||||||||||||
Discount rate | 99.24% | ||||||||||||||||||||||||
Issuance of IPO common stock | 4,480,000 | 223,760,000 | 81,564,000 | ||||||||||||||||||||||
Common stock shares issued | 480,000 | 20,875,547 | 480,000 | 17,257,774 | 17,257,774 | 20,875,547 | 17,257,774 | 20,875,547 | |||||||||||||||||
Common stock, price per share | $23 | $23 | |||||||||||||||||||||||
Proceeds from issuance of initial public offering | 81,600,000 | ||||||||||||||||||||||||
Allowance for doubtful accounts receivable | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Impairment of real estate inventory | 0 | ||||||||||||||||||||||||
Home sales revenues | 134,089,000 | 90,735,000 | 77,328,000 | 49,671,000 | 63,631,000 | 41,494,000 | 41,291,000 | 24,717,000 | 351,823,000 | 171,133,000 | |||||||||||||||
Cost of home sales revenues | 276,386,000 | 129,651,000 | |||||||||||||||||||||||
Billed contracts receivable | 1,200,000 | 1,200,000 | 1,200,000 | ||||||||||||||||||||||
Billings in excess of cost | 1,200,000 | 1,200,000 | 1,200,000 | ||||||||||||||||||||||
Earnest money deposits | 6,700,000 | 3,300,000 | 3,300,000 | 6,700,000 | 3,300,000 | 6,700,000 | |||||||||||||||||||
Income tax expense | 0 | ||||||||||||||||||||||||
Tax valuation allowance | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Liability for uncetain tax positions | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Goodwill impairment | 0 | 0 | |||||||||||||||||||||||
Jimmy Jacobs [Member] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||
Business combination, purchase price | 16,000,000 | ||||||||||||||||||||||||
Home sales revenues | 21,100,000 | ||||||||||||||||||||||||
Las Vegas Land Holdings, LLC [Member] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||
Business combination, purchase price | 165,000,000 | ||||||||||||||||||||||||
Grand View Builders Inc. [Member] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||
Business combination, purchase price | 13,000,000 | 13,000,000 | |||||||||||||||||||||||
Home sales revenues | 17,500,000 | ||||||||||||||||||||||||
Peachtree Communities [Member] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||
Business combination, purchase price | 57,000,000 | 57,000,000 | |||||||||||||||||||||||
Home sales revenues | 36,800,000 | ||||||||||||||||||||||||
Build On Your Own Lot [Member] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||
Home sales revenues | 22,000,000 | 11,000,000 | |||||||||||||||||||||||
Cost of home sales revenues | 17,400,000 | 8,800,000 | |||||||||||||||||||||||
Billed contracts receivable | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||
Billings in excess of cost | 68,000 | 68,000 | 68,000 | ||||||||||||||||||||||
Senior Unsecured Note [Member] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||
Principal amount | $200,000,000 | $200,000,000 | |||||||||||||||||||||||
Interest rate | 6.88% | 6.88% | |||||||||||||||||||||||
Maturity date | 31-Dec-22 | 31-Dec-22 | |||||||||||||||||||||||
Coupon rate | 6.88% | 6.88% | |||||||||||||||||||||||
Discount rate | 99.24% |
Nature_of_Operations_and_Summa4
Nature of Operations and Summary of Significant Accounting Policies (Schedule of Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building And Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Building And Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 39 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 10 years |
Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 15 years |
Model Furnishings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 2 years |
Model Furnishings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Furniture And Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 2 years |
Furniture And Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 7 years |
Computer Hardware And Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 1 year |
Computer Hardware And Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Nature_of_Operations_and_Summa5
Nature of Operations and Summary of Significant Accounting Policies (Schedule Of Amortizable Classification Of Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 2 years |
Minimum [Member] | Home Construction Contracts [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 1 year |
Minimum [Member] | Noncompete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 2 years |
Minimum [Member] | Cell Phone Tower Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 5 years |
Maximum [Member] | Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 5 years |
Maximum [Member] | Home Construction Contracts [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 2 years |
Maximum [Member] | Noncompete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 5 years |
Maximum [Member] | Cell Phone Tower Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 20 years |
Maximum [Member] | Home Plans [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 7 years |
Nature_of_Operations_and_Summa6
Nature of Operations and Summary of Significant Accounting Policies (Schedule of Changes in Warranty Accrual) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | ||
Accrued warranty reserve, beginning of period | $1,150 | $679 |
Warranty reserves assumed in business combinations | 591 | |
Warranty expense provisions | 1,665 | 1,112 |
Payments | -1,030 | -641 |
Warranty adjustments | -182 | |
Accrued warranty reserve, end of period | $2,194 | $1,150 |
Reporting_Segments_Schedule_of
Reporting Segments (Schedule of Segment Reporting Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||||||||
Total home sales, golf and other revenues | $362,392 | $171,133 | ||||||||
Income before tax expense | 11,017 | 6,697 | 8,049 | 5,196 | 4,736 | 3,784 | 6,526 | 3,027 | 30,959 | 18,073 |
Total assets | 675,979 | 312,639 | 675,979 | 312,639 | ||||||
Atlanta [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total home sales, golf and other revenues | 36,726 | |||||||||
Income before tax expense | 899 | |||||||||
Total assets | 75,434 | 75,434 | ||||||||
Central Texas [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total home sales, golf and other revenues | 55,845 | 21,136 | ||||||||
Income before tax expense | 5,053 | 299 | ||||||||
Total assets | 85,083 | 27,386 | 85,083 | 27,386 | ||||||
Colorado [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total home sales, golf and other revenues | 181,609 | 149,997 | ||||||||
Income before tax expense | 29,924 | 26,117 | ||||||||
Total assets | 280,361 | 167,948 | 280,361 | 167,948 | ||||||
Houston [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total home sales, golf and other revenues | 17,458 | |||||||||
Income before tax expense | -759 | |||||||||
Total assets | 28,875 | 28,875 | ||||||||
Nevada [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total home sales, golf and other revenues | 70,754 | |||||||||
Income before tax expense | 8,588 | |||||||||
Total assets | 168,401 | 168,401 | ||||||||
Corporate [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Income before tax expense | -12,746 | -8,343 | ||||||||
Total assets | $37,825 | $117,305 | $37,825 | $117,305 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||
Sep. 12, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 01, 2014 | Aug. 12, 2014 | Aug. 31, 2014 | Nov. 13, 2014 | Nov. 30, 2014 | Sep. 30, 2013 | |
Business Acquisition [Line Items] | |||||||||||||||||
Business combination, purchase price | $16,000,000 | ||||||||||||||||
Number of Homes Under Construction and Home Construction Contracts | 95 | ||||||||||||||||
Weighted average life of intangible assets | 3 years 1 month 6 days | ||||||||||||||||
Fair value of acquisition earnout | 2,426,000 | 2,426,000 | |||||||||||||||
Prepaid expenses and other assets | 28,796,000 | 8,415,000 | 28,796,000 | 8,415,000 | |||||||||||||
Goodwill | 21,137,000 | 479,000 | 21,137,000 | 479,000 | |||||||||||||
Inventories | 556,323,000 | 184,072,000 | 556,323,000 | 184,072,000 | |||||||||||||
Cost of home sales revenues | 276,386,000 | 129,651,000 | |||||||||||||||
Home sales revenues | 134,089,000 | 90,735,000 | 77,328,000 | 49,671,000 | 63,631,000 | 41,494,000 | 41,291,000 | 24,717,000 | 351,823,000 | 171,133,000 | |||||||
Income before income taxes | 11,017,000 | 6,697,000 | 8,049,000 | 5,196,000 | 4,736,000 | 3,784,000 | 6,526,000 | 3,027,000 | 30,959,000 | 18,073,000 | |||||||
Las Vegas Land Holdings [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business combination, purchase price | 165,000,000 | ||||||||||||||||
Number of lots | 1,761 | ||||||||||||||||
Number of communities | 5 | ||||||||||||||||
Number of homes in backlog | 57 | ||||||||||||||||
Number of model homes | 17 | ||||||||||||||||
Number of custom home lots | 3 | ||||||||||||||||
Number of golf courses | 2 | ||||||||||||||||
Number of commercial plots | 2 | ||||||||||||||||
Acquisition costs | 800,000 | ||||||||||||||||
Weighted average life of intangible assets | 9 years 1 month 6 days | ||||||||||||||||
Goodwill amount expected to be tax deductible | 10,500,000 | 10,500,000 | |||||||||||||||
Goodwill | 11,100,000 | ||||||||||||||||
Home sales revenues | 70,800,000 | ||||||||||||||||
Income before income taxes | 8,600,000 | ||||||||||||||||
Las Vegas Land Holdings [Member] | Minimum [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Market gross margin | 7.00% | 7.00% | |||||||||||||||
Las Vegas Land Holdings [Member] | Maximum [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Market gross margin | 24.00% | 24.00% | |||||||||||||||
Grand View Builders Inc. [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business combination, purchase price | 13,000,000 | 13,000,000 | |||||||||||||||
Acquisition costs | 100,000 | ||||||||||||||||
Fair value of acquisition earnout | 2,600,000 | 2,600,000 | |||||||||||||||
Earnout period | 2 years | ||||||||||||||||
Maximum Earnout Downward Reduction Amount | 1,500,000 | ||||||||||||||||
Goodwill | 3,700,000 | 3,700,000 | 1,067,000 | ||||||||||||||
Home sales revenues | 17,500,000 | ||||||||||||||||
Income before income taxes | -800,000 | ||||||||||||||||
Grand View Builders Inc. [Member] | Minimum [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Market gross margin | 6.00% | 6.00% | |||||||||||||||
Potential Earnout Payments | 0 | ||||||||||||||||
Grand View Builders Inc. [Member] | Maximum [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Market gross margin | 18.00% | 18.00% | |||||||||||||||
Potential Earnout Payments | 5,300,000 | ||||||||||||||||
Peachtree Communities [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business combination, purchase price | 57,000,000 | 57,000,000 | |||||||||||||||
Number of lots | 2,120 | ||||||||||||||||
Number of communities | 36 | ||||||||||||||||
Acquisition costs | 500,000 | ||||||||||||||||
Weighted average life of intangible assets | 5 years 1 month 6 days | ||||||||||||||||
Goodwill amount expected to be tax deductible | 17,100,000 | 17,100,000 | |||||||||||||||
Goodwill | 8,493,000 | ||||||||||||||||
Home sales revenues | 36,800,000 | ||||||||||||||||
Income before income taxes | 900,000 | ||||||||||||||||
Peachtree Communities [Member] | Minimum [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Market gross margin | 6.00% | 6.00% | |||||||||||||||
Amortization period | 5 years | ||||||||||||||||
Peachtree Communities [Member] | Maximum [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Market gross margin | 18.00% | 18.00% | |||||||||||||||
Amortization period | 7 years | ||||||||||||||||
Jimmy Jacobs [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business combination, purchase price | 16,000,000 | ||||||||||||||||
Number of land lots available for construction | 50 | ||||||||||||||||
Number of additional land lots | 116 | ||||||||||||||||
Number of lots | 166 | ||||||||||||||||
Number of Homes Under Construction and Home Construction Contracts | 95 | ||||||||||||||||
Acquisition costs | 300,000 | 300,000 | |||||||||||||||
Goodwill | 479,000 | ||||||||||||||||
Home sales revenues | 21,100,000 | ||||||||||||||||
Income before income taxes | 300,000 | ||||||||||||||||
Non-solicitation agreement [Member] | Las Vegas Land Holdings [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Preliminary estimate of fair value | 1,400,000 | ||||||||||||||||
Amortization period | 2 years | ||||||||||||||||
Cell Phone Tower Leases [Member] | Las Vegas Land Holdings [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Preliminary estimate of fair value | 1,400,000 | ||||||||||||||||
Amortization period | 16 years 7 months 6 days | ||||||||||||||||
Home plans [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Preliminary estimate of fair value | 100,000 | ||||||||||||||||
Amortization period | 7 years | ||||||||||||||||
Home plans [Member] | Las Vegas Land Holdings [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Preliminary estimate of fair value | 300,000 | ||||||||||||||||
Amortization period | 7 years | ||||||||||||||||
Home plans [Member] | Peachtree Communities [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Preliminary estimate of fair value | 200,000 | ||||||||||||||||
Noncompete Agreements [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Preliminary estimate of fair value | 500,000 | ||||||||||||||||
Amortization period | 4 years | ||||||||||||||||
Noncompete Agreements [Member] | Peachtree Communities [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Preliminary estimate of fair value | 3,200,000 | ||||||||||||||||
Trade Names [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Preliminary estimate of fair value | 1,500,000 | ||||||||||||||||
Amortization period | 2 years 8 months 12 days | ||||||||||||||||
Backlog [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Preliminary estimate of fair value | $200,000 | ||||||||||||||||
Amortization period | 1 year 6 months |
Business_Combinations_Schedule
Business Combinations (Schedule of Assets and Liabilities Acquired) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 01, 2014 | Aug. 12, 2014 | Nov. 13, 2014 | Sep. 12, 2013 |
In Thousands, unless otherwise specified | ||||||
Assets acquired and liabilities assumed | ||||||
Goodwill | $21,137 | $479 | ||||
Las Vegas Land Holdings [Member] | ||||||
Assets acquired and liabilities assumed | ||||||
Accounts receivable | 347 | |||||
Inventories | 145,782 | |||||
Prepaid expenses and other assets | 1,876 | |||||
Property and equipment | 8,619 | |||||
Amortizable intangible assets | 3,042 | |||||
Goodwill | 11,100 | |||||
Total assets | 170,766 | |||||
Accounts payable | 2,074 | |||||
Accrued expenses and other liabilities (inclusive of earnout liability) | 1,816 | |||||
Notes payable and capital lease obligations | 1,497 | |||||
Total liabilities | 5,387 | |||||
Grand View Builders Inc. [Member] | ||||||
Assets acquired and liabilities assumed | ||||||
Accounts receivable | 188 | |||||
Inventories | 12,356 | |||||
Prepaid expenses and other assets | 295 | |||||
Property and equipment | 185 | |||||
Amortizable intangible assets | 2,276 | |||||
Goodwill | 3,700 | 1,067 | ||||
Total assets | 16,367 | |||||
Accrued expenses and other liabilities (inclusive of earnout liability) | 3,511 | |||||
Total liabilities | 3,511 | |||||
Peachtree Communities [Member] | ||||||
Assets acquired and liabilities assumed | ||||||
Accounts receivable | 11 | |||||
Inventories | 48,082 | |||||
Prepaid expenses and other assets | 762 | |||||
Property and equipment | 54 | |||||
Amortizable intangible assets | 3,360 | |||||
Goodwill | 8,493 | |||||
Total assets | 60,762 | |||||
Accounts payable | 3,304 | |||||
Accrued expenses and other liabilities (inclusive of earnout liability) | 3,108 | |||||
Total liabilities | 6,412 | |||||
Jimmy Jacobs [Member] | ||||||
Assets acquired and liabilities assumed | ||||||
Accounts receivable | 143 | |||||
Inventories | 12,411 | |||||
Prepaid expenses and other assets | 679 | |||||
Property and equipment | 1,500 | |||||
Amortizable intangible assets | 2,428 | |||||
Goodwill | 479 | |||||
Total assets | 17,640 | |||||
Accounts payable | 878 | |||||
Accrued expenses and other liabilities (inclusive of earnout liability) | 1,054 | |||||
Total liabilities | $1,932 |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Inventory [Abstract] | |||
Vertical costs of homes under construction | $250,104 | $89,202 | |
Land and land development | 294,917 | 92,050 | |
Capitalized interest | 11,302 | 2,820 | 3,243 |
Total | $556,323 | $184,072 |
Amortizable_Intangible_Assets_1
Amortizable Intangible Assets (Schedule of Amortizable Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $11,106 | $2,428 |
Accumulated amortization | -2,474 | -551 |
Intangible assets, net | 8,632 | 1,877 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 2,972 | 1,185 |
Home Construction Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 878 | 719 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 5,084 | 298 |
Cell Phone Tower Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 1,408 | |
Home Plans [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $764 | $226 |
Amortizable_Intangible_Assets_2
Amortizable Intangible Assets (Schedule of Future Amortization Expense) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortizable Intangible Assets [Abstract] | ||
2015 | $2,719 | |
2016 | 1,886 | |
2017 | 1,285 | |
2018 | 1,026 | |
2019 | 773 | |
Thereafter | 943 | |
Intangible assets, net | $8,632 | $1,877 |
Property_and_Equipment_Schedul
Property and Equipment - (Schedule of Property and Equipment) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $14,673 | $4,562 |
Less: Accumulated depreciation | -2,202 | -1,202 |
Property and equipment, net | 12,471 | 3,360 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3,362 | 347 |
Building And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 6,120 | 1,410 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 568 | 186 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 536 | 56 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 397 | 273 |
Model Furnishings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 2,249 | 1,776 |
Computer Hardware And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $1,441 | $514 |
Prepaid_Expenses_and_Other_Ass2
Prepaid Expenses and Other Assets (Schedule of Prepaid Expenses and Other Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Assets [Abstract] | ||
Prepaid insurance | $8,481 | $1,203 |
Lot option and escrow deposits | 4,716 | 3,218 |
Performance deposits | 5,365 | 2,522 |
Deferred financing costs, net | 6,378 | |
Restricted cash | 518 | |
Other | 3,338 | 1,472 |
Total prepaid expenses and other assets | $28,796 | $8,415 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Schedule of Accrued and Other Current Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accrued Expenses and Other Liabilities [Abstract] | |||
Earnest money deposits | $6,703 | $3,327 | |
Warranty reserves | 2,194 | 1,150 | 679 |
Accrued compensation costs | 6,632 | 5,511 | |
Land development and home construction accruals | 34,994 | 12,286 | |
Accrued interest | 1,935 | 9 | |
Income taxes payable | 217 | 4,731 | |
Billings in excess of collections | 68 | 1,199 | |
Real estate taxes payable | 3,875 | 1,400 | |
Earnout liability | 2,426 | ||
Other | 4,985 | 745 | |
Total accrued expenses and other liabilities | $64,029 | $30,358 |
Notes_Payable_and_Revolving_Lo1
Notes Payable and Revolving Loan Agreement (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||
31-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 21, 2014 | Apr. 30, 2014 | Oct. 31, 2013 | Aug. 12, 2014 | Feb. 18, 2015 | |
Debt Instrument [Line Items] | |||||||||
Interest rate | 6.88% | ||||||||
Discount rate | 99.24% | ||||||||
Maturity date | 2022-05 | ||||||||
Proceeds from revolving loan agreement | $119,000,000 | $26,671,000 | |||||||
Parent [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from revolving loan agreement | 119,000,000 | 26,671,000 | |||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Discount rate | 5.10% | ||||||||
Lease maturity period | 2 years | ||||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Discount rate | 6.30% | ||||||||
Lease maturity period | 4 years | ||||||||
Senior Unsecured Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | 200,000,000 | 200,000,000 | |||||||
Net proceeds from issuance of senior debt | 193,300,000 | ||||||||
Interest rate | 6.88% | 6.88% | |||||||
Discount rate | 99.24% | ||||||||
Land Development Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Maturity Date Range, Start | 31-Oct-15 | ||||||||
Debt Instrument, Maturity Date Range, End | 30-Nov-15 | ||||||||
Land Development Notes [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest only payment percentage | 0.50% | ||||||||
Interest and principal payment percentage | 2.65% | ||||||||
Land Development Notes [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest only payment percentage | 5.00% | ||||||||
Interest and principal payment percentage | 3.89% | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility. maximum borrowing capacity | 120,000,000 | ||||||||
Line of credit facility, termination date | 21-Oct-17 | ||||||||
Line of credit, covenant description | The Credit Agreement also requires us to maintain (i) a leverage ratio of not more than 1.50 to 1.0 as of the last day of any fiscal quarter, based upon our and our subsidiaries' (on a consolidated basis) ratio of debt to tangible net worth, (ii) an interest coverage ratio of not less than 1.50 to 1.0 for any four fiscal quarter period, based upon our and our subsidiaries' (on a consolidated basis) ratio of EBITDA to cash interest expense, (iii) a consolidated tangible net worth of not less than the sum of $250 million, plus 50% of the net proceeds of any issuances of equity interests by us and the guarantors of the Revolving Credit Facility, plus 50% of the amount of our and our subsidiaries' consolidated net income, (iv) liquidity of not less than $25 million, and (v) a risk asset ratio of not more than 1.25 to 1.0, based upon the ratio of the book value of all risk assets owned by us and our subsidiaries to the our tangible net worth. | ||||||||
Line of credit, commitment fee percentage | 0.20% | ||||||||
Consolidated tangible net worth | 250,000,000 | ||||||||
Percentage of proceeds from equity issuance | 50 | ||||||||
Percentage of subsidiaries' consolidated net income | 50.00% | ||||||||
Liquidity value | 25,000,000 | ||||||||
Letters of credit outstanding, amount | 20,000,000 | ||||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility. maximum borrowing capacity | 20,000,000 | ||||||||
Interest coverage ratio | 1.5 | ||||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility. maximum borrowing capacity | 80,000,000 | ||||||||
Leverage ratio | 1.5 | ||||||||
Risk asset ratio | 1.25 | ||||||||
Revolving Credit Facility [Member] | LIBOR [member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.75% | ||||||||
Revolving Credit Facility [Member] | LIBOR [member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 3.25% | ||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.25% | ||||||||
Revolving Loan Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility. maximum borrowing capacity | 100,000,000 | ||||||||
Line of credit facility, termination date | 1-Jul-14 | ||||||||
Proceeds from revolving loan agreement | $99,000,000 | ||||||||
Revolving Loan Agreement [Member] | LIBOR [member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.50% |
Notes_Payable_and_Revolving_Lo2
Notes Payable and Revolving Loan Agreement (Schedule of Notes Payable And Revolving Line Of Credit) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Notes Payable and Revolving Line of Credit [Abstract] | ||
6.875% senior notes | $198,605 | |
Revolving line of credit | 20,000 | |
Land development notes | 5,737 | 1,500 |
Insurance premium notes | 5,135 | |
Capital lease obligations | 133 | |
Revolving loan agreement | ||
Carrying amount | $229,610 | $1,500 |
Notes_Payable_and_Revolving_Lo3
Notes Payable and Revolving Loan Agreement (Schedule Of Maturities Of Long Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Notes Payable and Revolving Line of Credit [Abstract] | ||
2015 | $9,505 | |
2016 | 1,500 | |
2017 | 20,000 | |
Thereafter | 200,000 | |
Total | 231,005 | |
Less: discount on 6.875% senior notes | -1,395 | |
Carrying amount | $229,610 | $1,500 |
Interest_Details
Interest (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Interest [Abstract] | ||
Interest capitalized beginning of period | $2,820 | $3,243 |
Interest capitalized during period | 10,848 | 1,098 |
Less: capitalized interest in cost of sales | -2,366 | -1,521 |
Interest capitalized end of period | $11,302 | $2,820 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 |
Income Tax Examination [Line Items] | |||
Deferred tax liability, net | $912 | $600 | |
Effective tax rate | 35.00% | ||
Tax valuation allowance | 0 | 0 | |
Liability for uncetain tax positions | $0 | $0 | |
Minimum [Member] | Internal Revenue Service [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2013 | ||
Minimum [Member] | State Jurisdiction [Member] | Colorado [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2013 | ||
Minimum [Member] | State Jurisdiction [Member] | Georgia [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2013 | ||
Minimum [Member] | State Jurisdiction [Member] | Nevada [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2013 | ||
Minimum [Member] | State Jurisdiction [Member] | Texas [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2013 | ||
Maximum [Member] | Internal Revenue Service [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2014 | ||
Maximum [Member] | State Jurisdiction [Member] | Colorado [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2014 | ||
Maximum [Member] | State Jurisdiction [Member] | Georgia [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2014 | ||
Maximum [Member] | State Jurisdiction [Member] | Nevada [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2014 | ||
Maximum [Member] | State Jurisdiction [Member] | Texas [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2014 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Abstract] | ||
Federal | $11,860 | $4,168 |
State and local | 1,131 | 562 |
Total current | 12,991 | 4,730 |
Federal | -1,923 | 840 |
State and local | -131 | 72 |
Total deferred | -2,054 | 912 |
Income tax expense | $10,937 | $5,642 |
Recovered_Sheet1
Income Taxes (Schedule Of Components Of Income Tax Expense By Expense) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Abstract] | ||
Statutory income tax expense | $10,836 | $4,897 |
State income tax expense, net of federal income tax expense | 643 | 382 |
Section 199 deduction | -612 | -421 |
Other permanent items | 70 | 157 |
Conversion to corporation | 627 | |
Income tax expense | $10,937 | $5,642 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Warranty reserves | $810 | $437 |
Accrued expenses | 736 | |
Amortizable intangible assets | 3,694 | 143 |
Stock based compensation | 626 | 257 |
Deferred tax asset | 5,130 | 1,573 |
Prepaid assets | 229 | 457 |
Property and equipment | 264 | 511 |
Accrued expenses | 540 | |
Inventories, additional costs capitalized for GAAP | 2,738 | 1,517 |
Deferred tax liabiliy | 3,771 | 2,485 |
Net deferred tax asset (liability) | $1,359 | ($912) |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures (Schedule of Carrying Values and Estimated Fair Values of Financial Instruments) (Details) (USD $) | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 12, 2014 | Dec. 31, 2014 | 31-May-14 | Dec. 31, 2013 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Revolving line of credit | $20,000 | |||||
Earnout liability | 2,426 | |||||
Discount rate | 99.24% | |||||
Range of forecasted revenues and gross margins base estimate | 10.10% | |||||
Minimum [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Discount rate | 5.10% | |||||
Maximum [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Discount rate | 6.30% | |||||
Carrying Value [Member] | Level 2 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
6.875% senior notes | 198,605 | [1] | ||||
Revolving line of credit | 20,000 | [2] | ||||
Land development notes | 5,737 | [1] | 1,500 | [1] | ||
Insurance premium notes | 5,135 | [2] | ||||
Capital lease obligations | 133 | [2] | ||||
Carrying Value [Member] | Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Earnout liability | 2,426 | [3] | ||||
Fair Value [Member] | Level 2 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
6.875% senior notes | 203,013 | [1] | ||||
Revolving line of credit | 20,000 | [2] | ||||
Land development notes | 5,724 | [1] | 1,490 | [1] | ||
Insurance premium notes | 5,135 | [2] | ||||
Capital lease obligations | 133 | [2] | ||||
Fair Value [Member] | Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Earnout liability | $2,426 | [3] | ||||
[1] | Estimated fair values of the senior and land development notes payable at DecemberB 31, 2014 and 2013 were based on cash flow models discounted at market interest rates that considered underlying risks of the debt. | |||||
[2] | Carrying amount approximates fair value due to the short-term nature and interest rate terms. | |||||
[3] | Recognized in connection with the acquisition of Grand View on August 12, 2014. A Monte Carlo model was used to value the earnout by simulating earnings, applying the terms of the earnout in each simulated path, determining the average payment in each year across all of the trials of the simulation, and calculating the sum of the present values of the payments in each year. The primary inputs and key assumptions of this Monte Carlo model included a range of forecasted revenue and gross margin scenarios which increased and decreased by 10.1% from our base case and discount rates ranging from 5.1% to 6.3%. |
Operating_Leases_Narrative_Det
Operating Leases (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Leases [Abstract] | ||
Rent expense | $0.50 | $0.30 |
Operating_Leases_Schedule_of_F
Operating Leases (Schedule of Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases [Abstract] | |
2015 | $844 |
2016 | 695 |
2017 | 583 |
2018 | 409 |
2019 | 173 |
Thereafter | 363 |
Future minimum lease payments | $3,067 |
Postretirement_Plan_Details
Postretirement Plan (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Postretirement Plan [Abstract] | ||
Matching contribution, percentage | 50.00% | |
Employer contribution, percet of employee's gross pay | 6.00% | |
Contribution, amount | $0.10 | $0.10 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | |
Common Stock, Shares, Issued | 20,875,547 | 17,257,774 | 480,000 |
Common Stock, Shares, Outstanding | 20,875,547 | 17,257,774 | |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | |
Shares of common stock for stock award issuances | 1,800,000 | 1,800,000 | |
Unvested shares of restricted stock | 365,868 | 182,774 | |
Compensation not yet recognized | $5.90 | ||
Compensation expense | $2.20 | $0.70 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested shares of restricted stock | 400,000 | ||
Compensation not yet recognized, period for recognition | 2 years 1 month 6 days |
StockBased_Compensation_Summar
Stock-Based Compensation (Summarizes of Restricted Stock Award Activity) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Based Compensation [Abstract] | ||
Outstanding, beginning balance (shares) | 182,774 | |
Granted (shares) | 250,380 | 182,998 |
Vested (shares) | -60,609 | |
Forfeited (shares) | -6,677 | -224 |
Outstanding, ending balance (shares) | 365,868 | 182,774 |
Outstanding, beginning balance (Weighted average date grant fair value) | $19.57 | |
Granted (Weighted average grant date fair value) | $21.34 | $19.56 |
Vested (Weighted average grant date fair value) | $19.58 | |
Forfeited (Weighted average grant date fair value) | $19.59 | $16.94 |
Outstanding, ending balance (Weighted average date grant fair value) | $20.78 | $19.57 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Earnings Per Share [Abstract] | |
Shares issued to outstanding membership interests upon conversion | 5 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Numerator | ||||||||||||
Net income | $4,030 | $8,401 | $20,022 | $12,431 | ||||||||
Less: Net income attributable to the noncontrolling interests | -52 | |||||||||||
Less: Undistributed earnings allocated to participating securities | -296 | -104 | ||||||||||
Numerator for basic and diluted EPS | $19,726 | $12,275 | ||||||||||
Denominator | ||||||||||||
Basic and diluted earnings per sharebweighted average shares | 19,226,504 | 12,873,562 | ||||||||||
Basic and diluted earnings per share | $0.34 | $0.19 | $0.30 | $0.20 | $0.18 | $0.14 | $0.32 | $0.60 | $1.03 | $0.95 |
RelatedParty_Transactions_Narr
Related-Party Transactions - Narrative (Detail) (USD $) | 4 Months Ended | 12 Months Ended | 96 Months Ended | |
Apr. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
item | ||||
property | ||||
Related Party Transaction [Line Items] | ||||
Number of finished lots | 82 | |||
Number of unfinished lots | 92 | |||
Land and land development | $294,917,000 | $92,050,000 | ||
Payment to acquire land | 4,800,000 | 9,800,000 | ||
Distributions to members | 3,830,000 | |||
Gross margin benefit | 2,100,000 | 4,300,000 | ||
Carrying basis of lots | 1,500,000 | 2,100,000 | ||
Management fees | 200,000 | |||
Regency [Member] | ||||
Related Party Transaction [Line Items] | ||||
Mortgage principal amount | 22,200,000 | |||
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Carrying basis of lots | 1,000,000 | |||
Waterside at Highland Park, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Carrying basis of lots | 3,700,000 | |||
Connection With Private Placement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of finished lots | 335 | |||
Number of unfinished lots | 699 | |||
Payment to acquire land | $34,000,000 |
Commitment_and_Contingencies_D
Commitment and Contingencies (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies [Abstract] | ||
Outstanding letters of credit and performance bonds | $34 | $3 |
Pro_Forma_Financial_Informatio2
Pro Forma Financial Information (Schedule of Pro Forma Information) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pro Forma Financial Information [Abstract] | ||
Pro forma revenue | $599,362 | $455,605 |
Pro forma income before taxes | 49,148 | 31,710 |
Pro forma tax expense | 17,202 | 11,099 |
Pro forma net income | 31,946 | 20,611 |
Less: Net income attributable to the noncontrolling interests | -52 | |
Less: Undistributed earnings allocated to participating securities | -473 | -173 |
Numerator for basic and diluted pro forma EPS | $31,473 | $20,386 |
Pro forma weighted average shares | 19,226,504 | 12,873,562 |
Pro forma basic and diluted EPS | $1.64 | $1.58 |
Results_of_Quarterly_Operation2
Results of Quarterly Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Results of Quarterly Operations [Abstract] | ||||||||||
Home sales revenues | $134,089 | $90,735 | $77,328 | $49,671 | $63,631 | $41,494 | $41,291 | $24,717 | $351,823 | $171,133 |
Gross margin from home sales revenues | 24,070 | 19,839 | 19,131 | 12,397 | 15,064 | 9,546 | 10,654 | 6,218 | ||
Income before tax expense | 11,017 | 6,697 | 8,049 | 5,196 | 4,736 | 3,784 | 6,526 | 3,027 | 30,959 | 18,073 |
Net income | $7,189 | $4,127 | $5,338 | $3,368 | $3,050 | $2,438 | $3,915 | $2,976 | $20,022 | $12,379 |
Basic and diluted earnings per share | $0.34 | $0.19 | $0.30 | $0.20 | $0.18 | $0.14 | $0.32 | $0.60 | $1.03 | $0.95 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Narrative) (Details) (Senior Unsecured Note [Member], USD $) | Feb. 18, 2015 | 31-May-14 |
Senior Unsecured Note [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $200,000,000 | $200,000,000 |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $33,462 | $109,998 | $4,980 | |
Accounts receivable | 13,799 | 4,438 | ||
Inventories | 556,323 | 184,072 | ||
Prepaid expenses and other assets | 28,796 | 8,415 | ||
Property and equipment, net | 12,471 | 3,360 | ||
Deferred tax asset, net | 1,359 | |||
Amortizable intangible assets, net | 8,632 | 1,877 | ||
Goodwill | 21,137 | 479 | ||
Total Assets | 675,979 | 312,639 | ||
Liabilities: | ||||
Accounts payable | 17,135 | 8,313 | ||
Accrued expenses and other liabilities | 64,029 | 30,358 | ||
Deferred tax liability, net | 912 | 600 | ||
Notes payable and revolving line agreement | 229,610 | 1,500 | ||
Total liabilities | 310,774 | 41,083 | ||
Equity: | ||||
Total stockholders' equity | 365,205 | 271,556 | 24,561 | |
Total liabilities and stockholders' equity | 675,979 | 312,639 | ||
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 22,710 | 106,614 | 4,146 | |
Accounts receivable | 1,202 | |||
Investment in and advances to subsidiaries | 558,177 | 169,962 | ||
Prepaid expenses and other assets | 7,286 | 547 | ||
Property and equipment, net | 641 | |||
Deferred tax asset, net | 1,359 | |||
Total Assets | 591,375 | 277,123 | ||
Liabilities: | ||||
Accounts payable | 70 | |||
Accrued expenses and other liabilities | 7,495 | 4,655 | ||
Deferred tax liability, net | 912 | |||
Notes payable and revolving line agreement | 218,605 | |||
Total liabilities | 226,170 | 5,567 | ||
Equity: | ||||
Total stockholders' equity | 365,205 | 271,556 | ||
Total liabilities and stockholders' equity | 591,375 | 277,123 | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 10,752 | 3,384 | 211 | |
Accounts receivable | 12,597 | 4,438 | ||
Inventories | 556,323 | 184,072 | ||
Prepaid expenses and other assets | 21,510 | 7,868 | ||
Property and equipment, net | 11,830 | 3,360 | ||
Amortizable intangible assets, net | 8,632 | 1,877 | ||
Goodwill | 21,137 | 479 | ||
Total Assets | 642,781 | 205,478 | ||
Liabilities: | ||||
Accounts payable | 17,065 | 8,313 | ||
Accrued expenses and other liabilities | 56,534 | 25,703 | ||
Notes payable and revolving line agreement | 11,005 | 1,500 | ||
Total liabilities | 84,604 | 35,516 | ||
Equity: | ||||
Total stockholders' equity | 558,177 | 169,962 | ||
Total liabilities and stockholders' equity | 642,781 | 205,478 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 623 | |||
Accounts receivable | ||||
Investment in and advances to subsidiaries | ||||
Inventories | ||||
Prepaid expenses and other assets | ||||
Property and equipment, net | ||||
Deferred tax asset, net | ||||
Amortizable intangible assets, net | ||||
Goodwill | ||||
Total Assets | ||||
Liabilities: | ||||
Accounts payable | ||||
Accrued expenses and other liabilities | ||||
Deferred tax liability, net | ||||
Notes payable and revolving line agreement | ||||
Total liabilities | ||||
Equity: | ||||
Total stockholders' equity | ||||
Total liabilities and stockholders' equity | ||||
Elimination Entries [Member] | ||||
Assets | ||||
Investment in and advances to subsidiaries | -558,177 | -169,962 | ||
Total Assets | -558,177 | -169,962 | ||
Equity: | ||||
Total stockholders' equity | -558,177 | -169,962 | ||
Total liabilities and stockholders' equity | ($558,177) | ($169,962) |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Statement of Operations) (Details) (USD $) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Revenues: | ||||||||||||
Home sales revenues | $134,089 | $90,735 | $77,328 | $49,671 | $63,631 | $41,494 | $41,291 | $24,717 | $351,823 | $171,133 | ||
Land sales revenues | 4,800 | |||||||||||
Golf course and other revenue | 5,769 | |||||||||||
Total revenue | 362,392 | 171,133 | ||||||||||
Cost of home sales revenues | 276,386 | 129,651 | ||||||||||
Cost of land sales revenues | 1,808 | |||||||||||
Cost of golf course and other revenue | 6,301 | |||||||||||
Selling, general, and administrative | 46,795 | 23,622 | ||||||||||
Total operating costs and expenses | 331,290 | 153,273 | ||||||||||
Operating income | 31,102 | 17,860 | ||||||||||
Other income (expense): | ||||||||||||
Interest income | 362 | 228 | ||||||||||
Interest expense | -26 | |||||||||||
Acquisition expense | -1,414 | -533 | ||||||||||
Other income | 736 | 507 | ||||||||||
Gain on disposition of assets | 199 | 11 | ||||||||||
Income before tax expense | 11,017 | 6,697 | 8,049 | 5,196 | 4,736 | 3,784 | 6,526 | 3,027 | 30,959 | 18,073 | ||
Income tax expense | 10,937 | 5,015 | ||||||||||
Deferred taxes on conversion to a corporation | 627 | |||||||||||
Consolidated net income of Century Communities, Inc. | 4,030 | 8,401 | 20,022 | 12,431 | ||||||||
Net income attributable to the noncontrolling interests | 52 | |||||||||||
Net income attributable to common stockholders | 7,189 | 4,127 | 5,338 | 3,368 | 3,050 | 2,438 | 3,915 | 2,976 | 20,022 | 12,379 | ||
Parent [Member] | ||||||||||||
Revenues: | ||||||||||||
Selling, general, and administrative | 12,185 | 8,571 | ||||||||||
Total operating costs and expenses | 12,185 | 8,571 | ||||||||||
Operating income | -12,185 | -8,571 | ||||||||||
Other income (expense): | ||||||||||||
Equity in earnings from consolidated subsidiaries | 28,729 | 19,600 | ||||||||||
Interest income | 359 | 228 | ||||||||||
Acquisition expense | -1,414 | -533 | ||||||||||
Income before tax expense | 15,489 | 10,724 | ||||||||||
Income tax expense | -4,533 | -2,334 | ||||||||||
Deferred taxes on conversion to a corporation | 627 | |||||||||||
Consolidated net income of Century Communities, Inc. | 20,022 | 12,431 | ||||||||||
Net income attributable to the noncontrolling interests | 52 | |||||||||||
Net income attributable to common stockholders | 20,022 | 12,379 | ||||||||||
Guarantor Subsidiaries [Member] | ||||||||||||
Revenues: | ||||||||||||
Home sales revenues | 351,823 | 170,565 | ||||||||||
Land sales revenues | 4,800 | |||||||||||
Golf course and other revenue | 5,769 | |||||||||||
Total revenue | 362,392 | 170,565 | ||||||||||
Cost of home sales revenues | 276,386 | 129,253 | ||||||||||
Cost of land sales revenues | 1,808 | |||||||||||
Cost of golf course and other revenue | 6,301 | |||||||||||
Selling, general, and administrative | 34,610 | 14,933 | ||||||||||
Total operating costs and expenses | 319,105 | 144,186 | ||||||||||
Operating income | 43,287 | 26,379 | ||||||||||
Other income (expense): | ||||||||||||
Interest income | 3 | |||||||||||
Interest expense | -26 | |||||||||||
Other income | 736 | 507 | ||||||||||
Gain on disposition of assets | 199 | 11 | ||||||||||
Income before tax expense | 44,199 | 26,897 | ||||||||||
Income tax expense | 15,470 | 7,349 | ||||||||||
Consolidated net income of Century Communities, Inc. | 28,729 | 19,548 | ||||||||||
Net income attributable to common stockholders | 28,729 | 19,548 | ||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||
Revenues: | ||||||||||||
Home sales revenues | 568 | |||||||||||
Total revenue | 568 | |||||||||||
Cost of home sales revenues | 398 | |||||||||||
Selling, general, and administrative | 118 | |||||||||||
Total operating costs and expenses | 516 | |||||||||||
Operating income | 52 | |||||||||||
Other income (expense): | ||||||||||||
Income before tax expense | 52 | |||||||||||
Consolidated net income of Century Communities, Inc. | 52 | |||||||||||
Net income attributable to common stockholders | 52 | |||||||||||
Elimination Entries [Member] | ||||||||||||
Other income (expense): | ||||||||||||
Equity in earnings from consolidated subsidiaries | -28,729 | -19,600 | ||||||||||
Income before tax expense | -28,729 | -19,600 | ||||||||||
Consolidated net income of Century Communities, Inc. | -28,729 | -19,600 | ||||||||||
Net income attributable to common stockholders | ($28,729) | ($19,600) |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information (Statement of Cash Flow) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating activities: | ||
Net cash used in operating activities | ($129,671) | ($67,498) |
Investing activities: | ||
Net cash used in investing activities | -233,712 | -16,258 |
Financing activities: | ||
Borrowings under revolving credit facilities | 119,000 | 26,671 |
Payments on revolving credit facilities | -99,000 | -47,044 |
Proceeds from issuance of senior notes | 198,478 | |
Proceeds from issuance of insurance premium notes | 6,760 | |
Proceeds from insuance of notes payable | 5,763 | |
Principal payments | -3,083 | -17,096 |
Debt issuance costs | -6,783 | |
Net proceeds from issuances of common stock | 81,564 | 223,760 |
Repurchases of common stock | -9,746 | |
Excess tax benefit on stock-based compensation | 43 | |
Contributions from members | 1,500 | |
Distributions to members | -3,830 | |
Distributions to noncontrolling interest | -950 | |
Other financing activity | -386 | |
Net cash provided by financing activities | 286,847 | 188,774 |
Net increase (decrease) in cash and cash equivalents | -76,536 | 105,018 |
Cash and cash equivalents, Beginning of period | 109,998 | 4,980 |
Cash and cash equivalents, End of period | 33,462 | 109,998 |
Parent [Member] | ||
Operating activities: | ||
Net cash used in operating activities | -7,783 | -976 |
Investing activities: | ||
Net cash used in investing activities | -359,291 | -96,663 |
Financing activities: | ||
Borrowings under revolving credit facilities | 119,000 | 26,671 |
Payments on revolving credit facilities | -99,000 | -47,044 |
Proceeds from issuance of senior notes | 198,478 | |
Debt issuance costs | -6,783 | |
Net proceeds from issuances of common stock | 81,564 | 223,760 |
Repurchases of common stock | -9,746 | |
Excess tax benefit on stock-based compensation | 43 | |
Contributions from members | 1,500 | |
Distributions to members | -3,830 | |
Distributions to noncontrolling interest | -950 | |
Other financing activity | -386 | |
Net cash provided by financing activities | 283,170 | 200,107 |
Net increase (decrease) in cash and cash equivalents | -83,904 | 102,468 |
Cash and cash equivalents, Beginning of period | 106,614 | 4,146 |
Cash and cash equivalents, End of period | 22,710 | 106,614 |
Guarantor Subsidiaries [Member] | ||
Operating activities: | ||
Net cash used in operating activities | -121,888 | -69,865 |
Investing activities: | ||
Net cash used in investing activities | -233,001 | -16,258 |
Financing activities: | ||
Proceeds from issuance of insurance premium notes | 6,760 | |
Proceeds from insuance of notes payable | 5,763 | |
Principal payments | -3,083 | -17,096 |
Payments from (and advances to) parent/subsidiary | 358,580 | 100,629 |
Net cash provided by financing activities | 362,257 | 89,296 |
Net increase (decrease) in cash and cash equivalents | 7,368 | 3,173 |
Cash and cash equivalents, Beginning of period | 3,384 | 211 |
Cash and cash equivalents, End of period | 10,752 | 3,384 |
Non-Guarantor Subsidiaries [Member] | ||
Operating activities: | ||
Net cash used in operating activities | 3,343 | |
Investing activities: | ||
Net cash used in investing activities | ||
Financing activities: | ||
Borrowings under revolving credit facilities | ||
Payments on revolving credit facilities | ||
Proceeds from issuance of senior notes | ||
Proceeds from issuance of insurance premium notes | ||
Principal payments | ||
Debt issuance costs | ||
Net proceeds from issuances of common stock | ||
Repurchases of common stock | ||
Excess tax benefit on stock-based compensation | ||
Payments from (and advances to) parent/subsidiary | -3,966 | |
Other financing activity | ||
Net cash provided by financing activities | -3,966 | |
Net increase (decrease) in cash and cash equivalents | -623 | |
Cash and cash equivalents, Beginning of period | 623 | |
Cash and cash equivalents, End of period | ||
Elimination Entries [Member] | ||
Investing activities: | ||
Net cash used in investing activities | 358,580 | 96,663 |
Financing activities: | ||
Payments from (and advances to) parent/subsidiary | -358,580 | -96,663 |
Net cash provided by financing activities | ($358,580) | ($96,663) |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 18, 2015 | Dec. 31, 2014 | Feb. 18, 2015 | 31-May-14 | |
Subsequent Event [Line Items] | ||||
Interest rate | 6.88% | |||
Senior Unsecured Note [Member] | ||||
Subsequent Event [Line Items] | ||||
Maturity date | 31-Dec-22 | 31-Dec-22 | ||
Principal amount | $200,000,000 | $200,000,000 | $200,000,000 | |
Interest rate | 6.88% | 6.88% | 6.88% |