Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Entity Registrant Name | Century Communities, Inc. | |
Entity Central Index Key | 1,576,940 | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Trading Symbol | ccs | |
Entity Common Stock, Shares Outstanding | 21,053,571 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 10,684 | $ 29,287 |
Accounts receivable | 29,290 | 17,058 |
Inventories | 869,741 | 810,137 |
Prepaid expenses and other assets | 25,085 | 26,735 |
Property and equipment, net | 11,002 | 8,375 |
Deferred tax asset, net | 279 | |
Amortizable intangible assets, net | 3,666 | 4,784 |
Goodwill | 21,365 | 21,365 |
Total Assets | 971,112 | 917,741 |
Liabilities: | ||
Accounts payable | 12,050 | 10,967 |
Accrued expenses and other liabilities | 115,441 | 106,777 |
Deferred tax liability, net | 275 | |
Notes payable and revolving line of credit | 412,851 | 390,243 |
Total liabilities | 540,342 | 508,262 |
Stockholders' 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, 21,059,230 and 21,303,702 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 211 | 213 |
Additional paid-in capital | 341,121 | 340,953 |
Retained earnings | 89,438 | 68,313 |
Total stockholders' equity | 430,770 | 409,479 |
Total liabilities and stockholders' equity | $ 971,112 | $ 917,741 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 50,000,000 | 50,000,000 |
Preferred stock shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock shares issued | 21,059,230 | 21,303,702 |
Common stock shares outstanding | 21,059,230 | 21,303,702 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | ||||
Home sales revenues | $ 257,179 | $ 186,808 | $ 438,260 | $ 341,143 |
Land sales revenues | 1,288 | 370 | 3,258 | 370 |
Golf course and other revenue | 1,175 | 1,876 | 2,220 | 3,979 |
Total revenue | 259,642 | 189,054 | 443,738 | 345,492 |
Costs and expenses | ||||
Cost of home sales revenues | 207,883 | 150,225 | 352,236 | 275,031 |
Cost of land sales revenues | 587 | 365 | 2,413 | 365 |
Cost of golf course and other revenue | 884 | 1,662 | 1,600 | 3,168 |
Selling, general, and administrative | 31,383 | 22,812 | 56,568 | 43,744 |
Total operating costs and expenses | 240,737 | 175,064 | 412,817 | 322,308 |
Operating income (loss) | 18,905 | 13,990 | 30,921 | 23,184 |
Other income (expense): | ||||
Interest income | 41 | 21 | 81 | 37 |
Interest expense | (2) | (3) | (4) | (6) |
Acquisition expense | (244) | (15) | (413) | (15) |
Other income | 294 | 308 | 618 | 625 |
Gain on disposition of assets | 103 | 130 | 323 | 130 |
Income before income tax expense | 19,097 | 14,431 | 31,526 | 23,955 |
Income tax expense | 5,955 | 4,633 | 10,401 | 7,806 |
Net income | $ 13,142 | $ 9,798 | $ 21,125 | $ 16,149 |
Earnings per share: | ||||
Basic | $ 0.62 | $ 0.46 | $ 1 | $ 0.76 |
Diluted | $ 0.62 | $ 0.46 | $ 1 | $ 0.76 |
Weighted average common shares outstanding: | ||||
Basic | 20,649,910 | 20,556,536 | 20,628,598 | 20,533,237 |
Diluted | 20,747,312 | 20,556,536 | 20,686,697 | 20,533,237 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities | ||
Net income | $ 21,125 | $ 16,149 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 2,797 | 2,270 |
Stock-based compensation expense | 3,463 | 2,491 |
Deferred income taxes | (554) | (1,558) |
Gain on disposition of assets | (323) | (130) |
Changes in assets and liabilities: | ||
Accounts receivable | (12,232) | 510 |
Inventories | (49,841) | (80,878) |
Prepaid expenses and other assets | 1,173 | 520 |
Accounts payable | 1,083 | (7,746) |
Accrued expenses and other liabilities | (20) | (3,788) |
Net cash used in operating activities | (33,329) | (72,160) |
Investing activities | ||
Purchases of property and equipment | (4,944) | (2,153) |
Proceeds from sale of assets | 961 | 1,148 |
Principal payments on notes receivable | 48 | |
Net cash used in investing activities | (3,935) | (1,005) |
Financing activities | ||
Borrowings under revolving credit facilities | 90,000 | 75,000 |
Payments on revolving credit facilities | (65,000) | (55,000) |
Proceeds from issuance of senior notes | 58,956 | |
Proceeds from issuances of insurance premium notes | 448 | |
Principal payments on notes payable | (3,042) | (4,570) |
Debt issuance costs | (1,784) | |
Repurchases of common stock upon vesting of restricted stock awards | (904) | (717) |
Repurchases of common stock under our stock repurchase program | (2,393) | |
Net cash provided by financing activities | 18,661 | 72,333 |
Net increase (decrease) in cash and cash equivalents | (18,603) | (832) |
Cash and cash equivalents, Beginning of period | 29,287 | 33,462 |
Cash and cash equivalents, End of period | 10,684 | 32,630 |
Non-cash investing and financing information | ||
Note receivable from sale of Tuscany golf course | 3,000 | |
Supplemental cash flow disclosure | ||
Cash paid for income taxes | $ 15,259 | $ 9,273 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Century Communities, Inc. (which we refer to as “we,” “CCS” 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, Salt Lake City, Utah and Atlanta, Georgia. Our homebuilding operations are organized into the following six operating segments based on the geographic markets in which we operate: Atlanta, Central Texas, Colorado, Houston, Nevada, and Utah. In many of our projects, in addition to building homes, we are responsible for the entitlement and development of the underlying land. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (which we refer to as “GAAP”) for interim financial statements and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (which we refer to as the “SEC”). In the o pinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of its financial position and results of operations. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by GAAP and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 that was filed with the SEC on February 19, 2016. 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 for which the Company is deemed to be the primary beneficiary. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of 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. Recently Issued Accounting Standards In August 2015, the Financial Accounting Standards Board (which we refer to as “FASB”) issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606).” ASU 2015-14 defers the effective date of ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” and will be effective for the Company beginning on January 1, 2018, including interim reporting periods within that period. Early adoption is permitted as of annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact ASU 2015-14 will have on our consolidated financial statements. We do not intend to early adopt ASU 2015-14. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. ASU 2016-02 is effective for the Company beginning January 1, 2019 and interim periods within the annual periods. We are currently evaluating the impact ASU 2016-02 will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for the Company beginning January 1, 2017 and interim periods within the annual periods. Early adoption is permitted in any interim or annual period. We are currently evaluating the impact ASU 2016-09 will have on our consolidated financial statements. |
Reporting Segments
Reporting Segments | 6 Months Ended |
Jun. 30, 2016 | |
Reporting Segments [Abstract] | |
Reporting Segments | 2. Reporting Segments Our homebuilding operations are organized into the following six operating segments based on the geographic markets in which we operate: Atlanta, Central Texas, Colorado, Houston, Nevada, and Utah. Our Corporate operations are a non-operating 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. Our homebuilding reportable segments are engaged in the development, design, construction, marketing and sale of single-family attached and detached homes. The following table summarizes total revenue and income before income tax expense by operating segment (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Revenue: Atlanta $ 90,467 $ 70,260 $ 154,989 $ 126,900 Central Texas 23,925 16,537 53,049 33,573 Colorado 98,024 75,309 166,870 131,128 Houston 15,619 7,085 23,094 17,490 Nevada 31,607 19,863 45,736 36,401 Utah — — — — Corporate — — — — Total revenue $ 259,642 $ 189,054 $ 443,738 $ 345,492 Income before income tax expense: Atlanta $ 8,729 $ 6,591 $ 13,979 $ 9,804 Central Texas 1,936 1,089 4,112 3,250 Colorado 12,946 9,624 23,789 17,519 Houston (892) (239) (1,686) (654) Nevada 3,740 2,953 4,607 4,770 Utah (157) — (157) — Corporate (7,205) (5,587) (13,118) (10,734) Total income before income tax expense $ 19,097 $ 14,431 $ 31,526 $ 23,955 The following table summarizes total assets by operating segment (in thousands): June 30, December 31, 2016 2015 Atlanta $ 229,777 $ 185,331 Central Texas 122,512 117,037 Colorado 313,197 313,653 Houston 34,812 51,534 Nevada 243,186 220,209 Utah 5,165 — Corporate 22,463 29,977 Total assets $ 971,112 $ 917,741 Corporate assets include certain cash and cash equivalents, prepaid insurance, deferred financing costs, and certain property and equipment. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | 3. Inventories Inventories included the following (in thousands): June 30, December 31, 2016 2015 Homes under construction $ 484,258 $ 374,274 Land and land development 358,906 414,330 Capitalized interest 26,577 21,533 Total inventories $ 869,741 $ 810,137 |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 6 Months Ended |
Jun. 30, 2016 | |
Prepaid Expenses and Other Assets [Abstract] | |
Prepaid Expenses and Other Assets | 4. Prepaid Expenses and Other Assets Prepaid expenses and other assets included the following (in thousands): June 30, December 31, 2016 2015 Prepaid insurance $ 3,995 $ 5,696 Lot option and escrow deposits 4,346 4,634 Performance deposits 1,436 1,404 Deferred financing costs, net 1,925 2,318 Restricted cash 2,202 360 Secured note receivable 2,918 2,947 Assets held for sale 5,751 5,797 Other 2,512 3,579 Total prepaid expenses and other assets $ 25,085 $ 26,735 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | 5. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities included the following (in thousands): June 30, December 31, 2016 2015 Earnest money deposits $ 9,758 $ 6,717 Warranty reserve 2,754 2,622 Accrued compensation costs 6,518 8,114 Land development and home construction accruals 90,051 83,322 Accrued interest 2,830 2,651 Income taxes payable 454 374 Liabilities related to assets held for sale 284 223 Other 2,792 2,754 Total accrued expenses and other liabilities $ 115,441 $ 106,777 |
Warranty Reserve
Warranty Reserve | 6 Months Ended |
Jun. 30, 2016 | |
Warranty Reserve [Abstract] | |
Warranty Reserve | 6. Warranty Reserve Estimated future direct warranty costs are accrued and charged to cost of home sales revenues in the period when the related home sales revenues are recognized. Amounts accrued, which are included in accrued expenses and other liabilities on the consolidated balance sheets, are based upon historical experience rates. We subsequently assess the adequacy of our warranty accrual on a quarterly basis through an internal model that incorporates historical payment trends and adjust the amounts recorded if necessary. Based on favorable warranty payment trends relative to our estimates at the time of home closing, we reduced our warranty reserve by $0.2 million and $0.6 million during the three and six months ended June 30, 2016 , which is included as a reduction to cost of homes sales revenues on our consolidated statement of operations. The following table summarizes the changes in our warranty accrual (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Beginning balance $ 2,542 $ 2,527 $ 2,622 $ 2,194 Warranty expense provisions 822 810 1,392 1,429 Payments (375) (309) (640) (595) Warranty adjustment (235) (596) (620) (596) Ending balance $ 2,754 $ 2,432 $ 2,754 $ 2,432 |
Notes Payable and Revolving Lin
Notes Payable and Revolving Line of Credit | 6 Months Ended |
Jun. 30, 2016 | |
Notes Payable and Revolving Line of Credit [Abstract] | |
Notes Payable and Revolving Line of Credit | 7. Notes Payable and Revolving Line of Credit Notes payable and revolving line of credit included the following (in thousands): June 30, December 31, 2016 2015 6.875% senior notes $ 252,441 $ 251,815 Revolving line of credit 160,000 135,000 Land development notes — 2,677 Insurance premium notes 410 751 Total notes payable and revolving line of credit $ 412,851 $ 390,243 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 (which we refer to as the “Initial Senior Notes”) in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended (which we refer to as the “Securities Act”). The Initial Senior Notes were issued at a price equal to 99.239% of their principal amount, and we received net proceeds of approximately $193.3 million. In February 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 “Initial Exchange Notes”), for all of the Initial Senior Notes. The terms of the Initial Exchange Notes are identical in all material respects to the Initial Senior Notes, except that the Initial Exchange Notes are registered under the Securities Act and the transfer restrictions, registration rights, and additional interest provisions applicable to the Initial Senior Notes do not apply to the Initial Exchange Notes. In April 2015, we completed a private offering of an additional $60 million in aggregate principal amount of our 6.875% senior notes due 2022 (which we refer to as the “Additional Senior Notes”) in reliance on Rule 144A and Regulation S under the Securities Act. The Additional Senior Notes were issued at a price equal to 98.26% of their principal amount, and we received net proceeds of approximately $58.5 million. The Additional Senior Notes are additional notes issued under the indenture pursuant to which the initial $200 million in aggregate principal amount of Initial Senior Notes were issued. In October 2015, we completed an offer to exchange $60.0 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 “Additional Exchange Notes”), for all of the Additional Senior Notes. The terms of the Additional Exchange Notes are identical in all material respects to the Additional Senior Notes, except that the Additional Exchange Notes are registered under the Securities Act and the transfer restrictions, registration rights, and additional interest provisions applicable to the Additional Senior Notes do not apply to the Additional Exchange Notes. The Initial Exchange Notes and the Additional Exchange Notes bear the same CUSIP number, are fungible with each other, and are treated as a single series of notes under the indenture. We refer to the Initial Exchange Notes and the Additional Exchange Notes, collectively, as the “Senior Notes.” The Senior Notes carry a coupon of 6.875% per annum. 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 restrictive covenants on issuing future secured debt and other transactions. The aggregate principal balance of the Senior Notes is due May 2022 , with interest only payments due semi-annually in May and November of each year. 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 (which, as modified as described below, we refer to as the “Credit Agreement”). The Credit Agreement provided us with a revolving line of credit of up to $120 million (which, as modified as described below, we refer to as the “Revolving Credit Facility”). Under the terms of the Credit Agreement, we were 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 were guaranteed by certain of our subsidiaries. On July 31, 2015, we entered into a First Modification Agreement with Texas Capital Bank, National Association, as Administrative Agent, the lenders party thereto, and our subsidiary guarantors party thereto, which modified the Credit Agreement. The First Modification Agreement, among other things, (i) increased the Revolving Credit Facility from $120 million to $200 million, (ii) extended the maturity date of the Revolving Credit Facility from October 21, 2017 to October 21, 2018 , (iii) admitted Bank of America, N.A. as a new lender under the Revolving Credit Facility, and ( iv) increased the amount of the increase in the size of the Revolving Credit Facility that we had the option to request, from time to time, from an amount not exceeding $80 million to an amount not exceeding $100 million, subject to the terms and conditions of the First Modification Agreement and the Credit Agreement. On December 22, 2015, we entered into a Second Modification Agreement with Texas Capital Bank, National Association, as Administrative Agent, the lenders party thereto, and our subsidiary guarantors party thereto, which further modified the Credit Agreement. The Second Modification Agreement, among other things, (i) increased the Revolving Credit Facility from $200 million to $300 million, and (ii) admitted Compass Bank, an Alabama Banking Corporation, and U.S. Bank National Association as new lenders under the Revolving Credit Facility. Unless terminated earlier, the principal amount under the Revolving Credit Facility, together with all accrued unpaid interest and other amounts owing thereunder, if any, will be payable in full on October 21, 2018, the maturity date of the Revolving Credit Facility. Borrowings under the Revolving Credit Facility bear interest at a floating rate equal to the London Interbank Offered Rate 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 our tangible net worth. As of June 30, 2016, we were in compliance with all covenants under the Credit Agreement. As of June 30, 2016, we had $160.0 million outstanding under the Credit Agreement. Other financing obligations As of June 30, 2016, the Company has one insurance premium note outstanding totaling $0.4 million which matures in March 2017 . This note bears interest at a rate of 3.89% . During the three months ended June 30, 2016 we repaid three outstanding land development notes totaling $2.4 million. As of June 30, 2016 and December 31, 2015, we had $0.4 million and $3.4 million, respectively, of outstanding land development notes and insurance premium notes. |
Interest
Interest | 6 Months Ended |
Jun. 30, 2016 | |
Interest [Abstract] | |
Interest | 8. 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 three a nd six months ended June 30, 2016 and 2015 , we capitalized all interest costs incurred during these periods, except for interest incurred on capital leases of equipment related to our golf course operations. Our interest costs are as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Interest capitalized beginning of period $ 24,846 $ 13,600 $ 21,533 $ 11,302 Interest capitalized during period 6,649 4,971 13,029 8,890 Less: capitalized interest in cost of sales (4,918) (2,830) (7,985) (4,451) Interest capitalized end of period $ 26,577 $ 15,741 $ 26,577 $ 15,741 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes At the end of each interim period we are required to estimate our annual effective tax rate for the fiscal year, and to use that rate to provide for income taxes for the current year-to-date reporting period. Our 2016 estimated annual effective tax rate is driven by our blended federal and state statutory rate of 37.3% , which is partially offset by estimated benefits of 3.3% from additional deductions for tax related to domestic production activities and estimated energy credits , resulting in an estimated annual effective tax rate of 34.0%. For the three months ended June 30, 2016 and 2015 , we recorded income tax expense of $6.0 million and $4.6 million, respectively. For the six months ended June 30, 2016 and 2015, we recorded income tax expense of $10.4 million and $7.8 million, respectively. Our income tax expense for the three months ended June 30, 2016 is based on our estimated annual effective tax rate , a discrete item related to the vesting of restricted stock awards which increased income tax expense by $0.1 million and energy credits certified during the three months ended June 30, 2016 related to homes delivered in prior years which decreased our expense by $0.6 million. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 10. Fair Value Disclosures Accounting Standards Codification Topic 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): June 30, 2016 December 31, 2015 Hierarchy Carrying Fair Value Carrying Fair Value Secured note receivable (1) Level 2 $ 2,918 $ 2,958 $ 2,947 $ 2,926 6.875% senior notes (2) Level 2 $ 252,441 $ 246,611 $ 251,815 $ 232,503 Revolving line of credit (3) Level 2 160,000 160,000 135,000 135,000 Land development notes (4) Level 2 — — 2,677 2,672 Insurance premium notes (3) Level 2 410 410 751 751 Total notes payable and revolving line of credit $ 412,851 $ 407,021 $ 390,243 $ 370,926 (1) Th e estimated fair value of the secured note received in connection with the disposition of the golf course in our Tuscany community in our Nevada operating segment as of June 30, 2016 and December 31, 2015 was based on a cash flow model discounted at market interest rates that considered the underlying risks of the not e. (2) Estimated fair value of the Senior Notes at June 30, 2016 and December 31, 2015 incorporated recent trading activity in inactive markets. (3) Carrying amount approximates fair value due to short-term nature and interest rate terms. (4) The estimated fair value of the land development notes at December 31, 2015 was based on cash flow models discounted at market interest rates that considered underlying risks of the debt. The carrying amount of cash and cash equivalents approximates fair value. Non-financial 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. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation Our authorized capital stock consists of 100.0 million shares of common stock, par value $ 0.01 per share, and 50.0 million shares of preferred stock, par value $ 0.01 per share. As of June 30 , 2016 and December 31, 2015 , there were 20.7 million and 20.6 million shares of common stock issued and outstanding, respectively, exclusive of the restricted common stock issued. During the six months ended June 30, 2016, we repurchased 0.2 million shares of our common stock at a weighted average price of $15.03 per share. We issued 0.1 million and 0.2 million shares of common stock related to the vesting of restricted stock awards during the three and six months ended June 30, 2016, respectively. We had reserved a total of 1.8 million shares of our common stock for issuance under our First Amended & Restated 2013 Long-Term Incentive Plan, of which, as of June 30, 2016, 0.6 million shares remain available for issuance. During the three months ended June 30, 2016, we granted 17.1 thousand shares of restricted stock units with a weighted average grant date fair value of $17.50 per share. During the six months ended June 30, 2016 , we granted 0.5 million shares of restricted stock units with a weighted average grant date fair value of $14.28 per share. Such restricted stock units vest over a three year period from the grant date. Previously, we had issued awards of restricted common stock under our First Amended & Restated 2013 Long-Term Inventive Plan. A summary of our outstanding awards of restricted common stock and restricted stock units are as follows (in thousands, except years): As of June 30, 2016 Restricted Stock Awards Restricted Stock Units Unvested awards/units 388 506 Unrecognized compensation cost $5,469 $6,313 Period to recognize compensation cost 1.4 years 2.6 years During the three months ended June 30, 2016 and 2015 , we recognized stock-based compensation expense of $1.7 million and $ 1.4 million, respectively. During the six months ended June 30, 2016 and 2015, we recognized stock-based compensation expense of $3.5 million and $2.5 million, respectively. Stock-based compensation expense is included in selling, general, and administrative on our consolidated statements of operations. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 12. Earnings Per Share We use the two-class method of calculating earnings per share (which we refer to as “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. We use the treasury stock method to calculate the dilutive effect of our restricted stock units as the restricted stock units do not have participating rights. The following table sets forth the computation of basic and diluted EPS for the three and six months ended June 30, 201 6 and 201 5 (in thousands, except share and per share information): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator Net income $ 13,142 $ 9,798 $ 21,125 $ 16,149 Less: Undistributed earnings allocated to participating securities (280) (361) (530) (533) Net income allocable to common stockholders $ 12,862 $ 9,437 $ 20,595 $ 15,616 Denominator Weighted average common shares outstanding - basic 20,649,910 20,556,536 20,628,598 20,533,237 Dilutive effect of restricted stock units 97,402 — 58,099 — Weighted average common shares outstanding - diluted 20,747,312 20,556,536 20,686,697 20,533,237 Earnings per share: Basic $ 0.62 $ 0.46 $ 1.00 $ 0.76 Diluted $ 0.62 $ 0.46 $ 1.00 $ 0.76 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 13. 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 June 30, 2016 and December 31, 2015 , we had $ 53.4 million and $ 63.6 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 our 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 statements of operations for our estimated loss. We do not believe that the ultimate resolution of any claims and lawsuits will have a material adverse effect upon our consolidated financial position, results of operations, or cash flow. |
Disposition of Golf Courses
Disposition of Golf Courses | 6 Months Ended |
Jun. 30, 2016 | |
Disposition of Golf Courses [Abstract] | |
Disposition of Golf Courses | 14. Disposition of Golf Courses On May 26, 2015, we disposed of the operations of the golf course in our Tuscany community in our Nevada operating segment for total consideration of $4.0 million, which included $1.0 million in cash and a $3.0 million secured note, and resulted in a gain on sale of $2.0 thousand. The secured note accrues interest at rates ranging from 4.5% to 5.5% per annum and requires monthly payments of principal and interest with a balloon payment of $2.5 million of principal in May of 2020 . As the put option we exercised on the golf course in our Rhodes Ranch golf community was not responded to by the counterparty, during the second quarter of 2016 , we initiated a plan for the disposition of the golf course . W e believe the disposition is probable within one year and a ccordingly, the assets and liabilities have continued to be classified as held for sale and presented in prepaid expenses and other assets and accrued expenses and other liabilities on the consolidated balance sheet as of June 30, 2016. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information | 15. Supplemental Guarantor Information In May 2014, we completed a private offering of $200.0 million in aggregate principal amount of our 6.875% senior notes due 2022 (which we refer to as the “Initial Senior Notes”). In February 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 “Initial Exchange Notes”), for all of the Initial Senior Notes sold and issued in the May 2014 private offering. The terms of the Initial Exchange Notes are identical in all material respects to the Initial Senior Notes, except that the Initial Exchange Notes are registered under the Securities Act and the transfer restrictions, registration rights, and additional interest provisions applicable to the Initial Senior Notes do not apply to the Initial Exchange Notes. In April 2015, we completed a private offering of an additional $60 million in aggregate principal amount of our 6.875% senior notes due 2022 (which we refer to as the “Additional Senior Notes”). In October 2015, we completed an offer to exchange $60.0 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 “Additional Exchange Notes”), for all of the Additional Senior Notes. The terms of the Additional Exchange Notes are identical in all material respects to the Additional Senior Notes, except that the Additional Exchange Notes are registered under the Securities Act and the transfer restrictions, registration rights, and additional interest provisions applicable to the Additional Senior Notes do not apply to the Additional Exchange Notes. The Additional Senior Notes and the Additional Exchange Notes are additional notes issued under the indenture pursuant to which the Initial Senior Notes and Initial Exchange Notes were issued. The Initial Exchange Notes and the Additional Exchange Notes bear the same CUSIP number, are fungible with each other, and are treated as a single series of notes under the indenture. We refer to the Initial Exchange Notes and the Additional Exchange Notes, collectively, as the “Senior Notes.” The Senior Notes are our unsecured senior obligations, and are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by substantially all of our direct and indirect wholly-owned operating subsidiaries (which we refer to as “Guarantors”). 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 February 2015 exchange offer for the Initial Exchange Notes and the October 2015 exchange offer for the Additional Exchange Notes, the Guarantors’ condensed financial information is presented as if the guarantees existed during the periods presented. If any Guarantors are released from the guarantees in future periods, the changes are reflected prospectively. We have determined that separate, full financial statements of the Guarantors would not be material to investors and, accordingly, supplemental financial information is presented below: Supplemental Condensed Consolidated Balance Sheet As of June 30, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Assets Cash and cash equivalents $ 10,553 $ 131 $ — $ — $ 10,684 Accounts receivable 5,625 23,665 — — 29,290 Investment in subsidiaries 829,870 — — (829,870) — Inventories — 869,741 — — 869,741 Prepaid expenses and other assets 3,272 21,813 — — 25,085 Property and equipment, net 940 10,062 — — 11,002 Deferred tax asset, net 279 — — — 279 Amortizable intangible assets, net — 3,666 — — 3,666 Goodwill — 21,365 — — 21,365 Total assets $ 850,539 $ 950,443 $ — $ (829,870) $ 971,112 Liabilities and stockholders’ equity Liabilities: Accounts payable $ 271 $ 11,779 $ — $ — $ 12,050 Accrued expenses and other liabilities 7,057 108,384 — — 115,441 Notes payable and revolving line of credit 412,441 410 — — 412,851 Total liabilities 419,769 120,573 — — 540,342 Stockholders’ equity: 430,770 829,870 — (829,870) 430,770 Total liabilities and stockholders’ equity $ 850,539 $ 950,443 $ — $ (829,870) $ 971,112 Supplemental Condensed Consolidated Balance Sheet As of December 31, 2015 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Assets Cash and cash equivalents $ 22,002 $ 7,285 $ — $ — $ 29,287 Accounts receivable 1,239 15,819 — — 17,058 Investment in subsidiaries 777,898 — — (777,898) — Inventories — 810,137 — — 810,137 Prepaid expenses and other assets 3,727 23,008 — — 26,735 Property and equipment, net 857 7,518 — — 8,375 Amortizable intangible assets, net — 4,784 — — 4,784 Goodwill — 21,365 — — 21,365 Total assets $ 805,723 $ 889,916 $ — $ (777,898) $ 917,741 Liabilities and stockholders’ equity Liabilities: Accounts payable $ — $ 10,967 $ — $ — $ 10,967 Accrued expenses and other liabilities 9,154 97,623 — — 106,777 Deferred tax liability, net 275 — — — 275 Notes payable and revolving line of credit 386,815 3,428 — — 390,243 Total liabilities 396,244 112,018 — — 508,262 Stockholders’ equity: 409,479 777,898 — (777,898) 409,479 Total liabilities and stockholders’ equity $ 805,723 $ 889,916 $ — $ (777,898) $ 917,741 Supplemental Condensed Consolidated Statement of Operations For the Three Months Ended June 30, 2016 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 257,179 $ — $ — $ 257,179 Land sales revenues — 1,288 — — 1,288 Golf course and other revenue — 1,175 — — 1,175 Total revenue — 259,642 — — 259,642 Costs and expenses Cost of homes sales revenues — 207,883 — — 207,883 Cost of land sales revenues — 587 — — 587 Cost of golf course and other revenue — 884 — — 884 Selling, general and administrative 6,085 25,298 — — 31,383 Total operating costs and expenses 6,085 234,652 — — 240,737 Operating income (loss) (6,085) 24,990 — — 18,905 Other income (expense) Equity in earnings from consolidated subsidiaries 16,522 — — (16,522) — Interest income 9 32 — — 41 Interest expense (1) (1) — — (2) Acquisition expense (244) — — — (244) Other income — 294 — — 294 Loss on disposition of assets — 103 — — 103 Income before income tax expense 10,201 25,418 — (16,522) 19,097 Income tax expense (2,941) 8,896 — — 5,955 Net income $ 13,142 $ 16,522 $ — $ (16,522) $ 13,142 Supplemental Condensed Consolidated Statement of Operations For the Three Months Ended June 30, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 186,808 $ — $ — $ 186,808 Land sales revenue — 370 — — 370 Golf course and other revenue — 1,876 — — 1,876 Total revenue — 189,054 — — 189,054 Cost of home sale revenues Cost of homes sales revenues — 150,225 — — 150,225 Cost of land sales revenues — 365 — — 365 Cost of golf course and other revenue — 1,662 — — 1,662 Selling, general and administrative 5,423 17,389 — — 22,812 Total operating costs and expenses 5,423 169,641 — — 175,064 Operating income (5,423) 19,413 — — 13,990 Other income (expense) Equity in earnings from consolidated subsidiaries 12,905 — — (12,905) — Interest income 15 6 — — 21 Interest expense — (3) — — (3) Acquisition expense (15) — — — (15) Other income — 308 — — 308 Gain on disposition of assets — 130 — — 130 Income before income tax expense 7,482 19,854 — (12,905) 14,431 Income tax expense (2,316) 6,949 — — 4,633 Net income $ 9,798 $ 12,905 $ — $ (12,905) $ 9,798 Supplemental Condensed Consolidated Statement of Operations For the Six Months Ended June 30, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 438,260 $ — $ — $ 438,260 Land sales revenues — 3,258 — — 3,258 Golf course and other revenue — 2,220 — — 2,220 Total revenue — 443,738 — — 443,738 Costs and expenses Cost of homes sales revenues — 352,236 — — 352,236 Cost of land sales revenues — 2,413 — — 2,413 Cost of golf course and other revenue — 1,600 — — 1,600 Selling, general and administrative 11,478 45,090 — — 56,568 Total operating costs and expenses 11,478 401,339 — — 412,817 Operating income (11,478) 42,399 — — 30,921 Other income (expense) Equity in earnings from consolidated subsidiaries 28,212 — — (28,212) — Interest income 15 66 — — 81 Interest expense (1) (3) — — (4) Acquisition expense (413) — — — (413) Other income — 618 — — 618 Gain on disposition of assets — 323 — — 323 Income before income tax expense 16,335 43,403 — (28,212) 31,526 Income tax expense (4,790) 15,191 — — 10,401 Net income $ 21,125 $ 28,212 $ — $ (28,212) $ 21,125 Supplemental Condensed Consolidated Statement of Operations For the Six Months Ended June 30, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 341,143 $ — $ — $ 341,143 Land sales revenues — 370 — — 370 Golf course and other revenue — 3,979 — — 3,979 Total revenue — 345,492 — — 345,492 Cost of home sale revenues Cost of homes sales revenues — 275,031 — — 275,031 Cost of land sales revenues — 365 — — 365 Cost of golf course and other revenue — 3,168 — — 3,168 Selling, general and administrative 10,440 33,304 — — 43,744 Total operating costs and expenses 10,440 311,868 — — 322,308 Operating income (10,440) 33,624 — — 23,184 Other income (expense) Equity in earnings from consolidated subsidiaries 22,347 — — (22,347) — Interest income 30 7 — — 37 Interest expense — (6) — — (6) Acquisition expense (15) — — — (15) Other income — 625 — — 625 Gain on disposition of assets — 130 — — 130 Income before income tax expense 11,922 34,380 — (22,347) 23,955 Income tax expense (4,227) 12,033 — — 7,806 Net income $ 16,149 $ 22,347 $ — $ (22,347) $ 16,149 Supplemental Condensed Consolidated Statement of Cash Flows For the Six Months Ended June 30, 2016 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash provided by/(used in) operating activities $ (10,020) $ (23,309) $ — $ — $ (33,329) Net cash used in investing activities $ (23,108) $ (3,722) $ — $ 22,895 $ (3,935) Financing activities Borrowings under revolving credit facilities $ 90,000 $ — $ — $ — $ 90,000 Payments on revolving credit facilities (65,000) — — — (65,000) Principal payments on notes payable (24) (3,018) — — (3,042) Repurchases of common stock under our stock repurchase program (2,393) — — — (2,393) Repurchases of common stock upon vesting of restricted stock awards (904) — — — (904) Payments from (and advances to) parent/subsidiary — 22,895 — (22,895) — Net cash provided by financing activities $ 21,679 $ 19,877 $ — $ (22,895) $ 18,661 Net decrease in cash and cash equivalents $ (11,449) $ (7,154) $ — $ — $ (18,603) Cash and cash equivalents Beginning of period $ 22,002 $ 7,285 $ — $ $ 29,287 End of period $ 10,553 $ 131 $ — $ — $ 10,684 Supplemental Condensed Consolidated Statement of Cash Flows For the Six Months Ended June 30, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash used in operating activities $ (5,139) $ (67,021) $ — $ — $ (72,160) Net cash used in investing activities $ (83,969) $ (796) $ — $ 83,760 $ (1,005) Financing activities Borrowings under revolving credit facilities $ 75,000 $ — $ — $ — $ 75,000 Payments on revolving credit facilities (55,000) — — — (55,000) Proceeds from issuance of senior notes 58,956 — — — 58,956 Proceeds from issuance of insurance premium notes — 448 — — 448 Principal payments on notes payable — (4,570) — — (4,570) Debt issuance costs (1,784) — — — (1,784) Repurchases of common stock upon vesting of restricted stock awards (717) — — — (717) Payments from (and advances to) parent/subsidiary — 83,760 — (83,760) — Net cash provided by financing activities $ 76,455 $ 79,638 $ — $ (83,760) $ 72,333 Net increase (decrease) in cash and cash equivalents $ (12,653) $ 11,821 $ — $ — $ (832) Cash and cash equivalents Beginning of period 22,710 10,752 — — 33,462 End of period $ 10,057 $ 22,573 $ — $ — $ 32,630 |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation Century Communities, Inc. (which we refer to as “we,” “CCS” 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, Salt Lake City, Utah and Atlanta, Georgia. Our homebuilding operations are organized into the following six operating segments based on the geographic markets in which we operate: Atlanta, Central Texas, Colorado, Houston, Nevada, and Utah. In many of our projects, in addition to building homes, we are responsible for the entitlement and development of the underlying land. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (which we refer to as “GAAP”) for interim financial statements and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (which we refer to as the “SEC”). In the o pinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of its financial position and results of operations. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by GAAP and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 that was filed with the SEC on February 19, 2016. |
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 for which the Company is deemed to be the primary beneficiary. All intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of 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. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In August 2015, the Financial Accounting Standards Board (which we refer to as “FASB”) issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606).” ASU 2015-14 defers the effective date of ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” and will be effective for the Company beginning on January 1, 2018, including interim reporting periods within that period. Early adoption is permitted as of annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact ASU 2015-14 will have on our consolidated financial statements. We do not intend to early adopt ASU 2015-14. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. ASU 2016-02 is effective for the Company beginning January 1, 2019 and interim periods within the annual periods. We are currently evaluating the impact ASU 2016-02 will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for the Company beginning January 1, 2017 and interim periods within the annual periods. Early adoption is permitted in any interim or annual period. We are currently evaluating the impact ASU 2016-09 will have on our consolidated financial statements. |
Reporting Segments (Tables)
Reporting Segments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Reporting Segments [Abstract] | |
Schedule Of Home Sale Revenues And Pretax Income By Segment | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Revenue: Atlanta $ 90,467 $ 70,260 $ 154,989 $ 126,900 Central Texas 23,925 16,537 53,049 33,573 Colorado 98,024 75,309 166,870 131,128 Houston 15,619 7,085 23,094 17,490 Nevada 31,607 19,863 45,736 36,401 Utah — — — — Corporate — — — — Total revenue $ 259,642 $ 189,054 $ 443,738 $ 345,492 Income before income tax expense: Atlanta $ 8,729 $ 6,591 $ 13,979 $ 9,804 Central Texas 1,936 1,089 4,112 3,250 Colorado 12,946 9,624 23,789 17,519 Houston (892) (239) (1,686) (654) Nevada 3,740 2,953 4,607 4,770 Utah (157) — (157) — Corporate (7,205) (5,587) (13,118) (10,734) Total income before income tax expense $ 19,097 $ 14,431 $ 31,526 $ 23,955 |
Schedule Of Total Assets By Segment | June 30, December 31, 2016 2015 Atlanta $ 229,777 $ 185,331 Central Texas 122,512 117,037 Colorado 313,197 313,653 Houston 34,812 51,534 Nevada 243,186 220,209 Utah 5,165 — Corporate 22,463 29,977 Total assets $ 971,112 $ 917,741 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | June 30, December 31, 2016 2015 Homes under construction $ 484,258 $ 374,274 Land and land development 358,906 414,330 Capitalized interest 26,577 21,533 Total inventories $ 869,741 $ 810,137 |
Prepaid Expenses and Other As24
Prepaid Expenses and Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Prepaid Expenses and Other Assets [Abstract] | |
Schedule Of Prepaid Expenses And Other Assets | June 30, December 31, 2016 2015 Prepaid insurance $ 3,995 $ 5,696 Lot option and escrow deposits 4,346 4,634 Performance deposits 1,436 1,404 Deferred financing costs, net 1,925 2,318 Restricted cash 2,202 360 Secured note receivable 2,918 2,947 Assets held for sale 5,751 5,797 Other 2,512 3,579 Total prepaid expenses and other assets $ 25,085 $ 26,735 |
Accrued Expenses and Other Li25
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Schedule Of Accrued Expenses And Other Liabilities | June 30, December 31, 2016 2015 Earnest money deposits $ 9,758 $ 6,717 Warranty reserve 2,754 2,622 Accrued compensation costs 6,518 8,114 Land development and home construction accruals 90,051 83,322 Accrued interest 2,830 2,651 Income taxes payable 454 374 Liabilities related to assets held for sale 284 223 Other 2,792 2,754 Total accrued expenses and other liabilities $ 115,441 $ 106,777 |
Warranty Reserve (Tables)
Warranty Reserve (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Warranty Reserve [Abstract] | |
Schedule Of Changes In Warranty Accrual | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Beginning balance $ 2,542 $ 2,527 $ 2,622 $ 2,194 Warranty expense provisions 822 810 1,392 1,429 Payments (375) (309) (640) (595) Warranty adjustment (235) (596) (620) (596) Ending balance $ 2,754 $ 2,432 $ 2,754 $ 2,432 |
Notes Payable and Revolving L27
Notes Payable and Revolving Line of Credit (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Payable and Revolving Line of Credit [Abstract] | |
Schedule Of Notes Payable And Revolving Loan Agreement | June 30, December 31, 2016 2015 6.875% senior notes $ 252,441 $ 251,815 Revolving line of credit 160,000 135,000 Land development notes — 2,677 Insurance premium notes 410 751 Total notes payable and revolving line of credit $ 412,851 $ 390,243 |
Interest (Tables)
Interest (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Interest [Abstract] | |
Schedule Of Capitalized Interest Costs | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Interest capitalized beginning of period $ 24,846 $ 13,600 $ 21,533 $ 11,302 Interest capitalized during period 6,649 4,971 13,029 8,890 Less: capitalized interest in cost of sales (4,918) (2,830) (7,985) (4,451) Interest capitalized end of period $ 26,577 $ 15,741 $ 26,577 $ 15,741 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments | June 30, 2016 December 31, 2015 Hierarchy Carrying Fair Value Carrying Fair Value Secured note receivable (1) Level 2 $ 2,918 $ 2,958 $ 2,947 $ 2,926 6.875% senior notes (2) Level 2 $ 252,441 $ 246,611 $ 251,815 $ 232,503 Revolving line of credit (3) Level 2 160,000 160,000 135,000 135,000 Land development notes (4) Level 2 — — 2,677 2,672 Insurance premium notes (3) Level 2 410 410 751 751 Total notes payable and revolving line of credit $ 412,851 $ 407,021 $ 390,243 $ 370,926 (1) Th e estimated fair value of the secured note received in connection with the disposition of the golf course in our Tuscany community in our Nevada operating segment as of June 30, 2016 and December 31, 2015 was based on a cash flow model discounted at market interest rates that considered the underlying risks of the not e. (2) Estimated fair value of the Senior Notes at June 30, 2016 and December 31, 2015 incorporated recent trading activity in inactive markets. (3) Carrying amount approximates fair value due to short-term nature and interest rate terms. (4) The estimated fair value of the land development notes at December 31, 2015 was based on cash flow models discounted at market interest rates that considered underlying risks of the debt. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stock Issued or Granted During Period, Share-based Compensation [Abstract] | |
Summary Of Outstanding Restricted Stock Awards And Units | As of June 30, 2016 Restricted Stock Awards Restricted Stock Units Unvested awards/units 388 506 Unrecognized compensation cost $5,469 $6,313 Period to recognize compensation cost 1.4 years 2.6 years |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator Net income $ 13,142 $ 9,798 $ 21,125 $ 16,149 Less: Undistributed earnings allocated to participating securities (280) (361) (530) (533) Net income allocable to common stockholders $ 12,862 $ 9,437 $ 20,595 $ 15,616 Denominator Weighted average common shares outstanding - basic 20,649,910 20,556,536 20,628,598 20,533,237 Dilutive effect of restricted stock units 97,402 — 58,099 — Weighted average common shares outstanding - diluted 20,747,312 20,556,536 20,686,697 20,533,237 Earnings per share: Basic $ 0.62 $ 0.46 $ 1.00 $ 0.76 Diluted $ 0.62 $ 0.46 $ 1.00 $ 0.76 |
Supplemental Guarantor Inform32
Supplemental Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Condensed Consolidated Balance Sheet | Supplemental Condensed Consolidated Balance Sheet As of June 30, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Assets Cash and cash equivalents $ 10,553 $ 131 $ — $ — $ 10,684 Accounts receivable 5,625 23,665 — — 29,290 Investment in subsidiaries 829,870 — — (829,870) — Inventories — 869,741 — — 869,741 Prepaid expenses and other assets 3,272 21,813 — — 25,085 Property and equipment, net 940 10,062 — — 11,002 Deferred tax asset, net 279 — — — 279 Amortizable intangible assets, net — 3,666 — — 3,666 Goodwill — 21,365 — — 21,365 Total assets $ 850,539 $ 950,443 $ — $ (829,870) $ 971,112 Liabilities and stockholders’ equity Liabilities: Accounts payable $ 271 $ 11,779 $ — $ — $ 12,050 Accrued expenses and other liabilities 7,057 108,384 — — 115,441 Notes payable and revolving line of credit 412,441 410 — — 412,851 Total liabilities 419,769 120,573 — — 540,342 Stockholders’ equity: 430,770 829,870 — (829,870) 430,770 Total liabilities and stockholders’ equity $ 850,539 $ 950,443 $ — $ (829,870) $ 971,112 Supplemental Condensed Consolidated Balance Sheet As of December 31, 2015 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Assets Cash and cash equivalents $ 22,002 $ 7,285 $ — $ — $ 29,287 Accounts receivable 1,239 15,819 — — 17,058 Investment in subsidiaries 777,898 — — (777,898) — Inventories — 810,137 — — 810,137 Prepaid expenses and other assets 3,727 23,008 — — 26,735 Property and equipment, net 857 7,518 — — 8,375 Amortizable intangible assets, net — 4,784 — — 4,784 Goodwill — 21,365 — — 21,365 Total assets $ 805,723 $ 889,916 $ — $ (777,898) $ 917,741 Liabilities and stockholders’ equity Liabilities: Accounts payable $ — $ 10,967 $ — $ — $ 10,967 Accrued expenses and other liabilities 9,154 97,623 — — 106,777 Deferred tax liability, net 275 — — — 275 Notes payable and revolving line of credit 386,815 3,428 — — 390,243 Total liabilities 396,244 112,018 — — 508,262 Stockholders’ equity: 409,479 777,898 — (777,898) 409,479 Total liabilities and stockholders’ equity $ 805,723 $ 889,916 $ — $ (777,898) $ 917,741 |
Supplemental Condensed Consolidated Statement Of Operations | Supplemental Condensed Consolidated Statement of Operations For the Three Months Ended June 30, 2016 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 257,179 $ — $ — $ 257,179 Land sales revenues — 1,288 — — 1,288 Golf course and other revenue — 1,175 — — 1,175 Total revenue — 259,642 — — 259,642 Costs and expenses Cost of homes sales revenues — 207,883 — — 207,883 Cost of land sales revenues — 587 — — 587 Cost of golf course and other revenue — 884 — — 884 Selling, general and administrative 6,085 25,298 — — 31,383 Total operating costs and expenses 6,085 234,652 — — 240,737 Operating income (loss) (6,085) 24,990 — — 18,905 Other income (expense) Equity in earnings from consolidated subsidiaries 16,522 — — (16,522) — Interest income 9 32 — — 41 Interest expense (1) (1) — — (2) Acquisition expense (244) — — — (244) Other income — 294 — — 294 Loss on disposition of assets — 103 — — 103 Income before income tax expense 10,201 25,418 — (16,522) 19,097 Income tax expense (2,941) 8,896 — — 5,955 Net income $ 13,142 $ 16,522 $ — $ (16,522) $ 13,142 Supplemental Condensed Consolidated Statement of Operations For the Three Months Ended June 30, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 186,808 $ — $ — $ 186,808 Land sales revenue — 370 — — 370 Golf course and other revenue — 1,876 — — 1,876 Total revenue — 189,054 — — 189,054 Cost of home sale revenues Cost of homes sales revenues — 150,225 — — 150,225 Cost of land sales revenues — 365 — — 365 Cost of golf course and other revenue — 1,662 — — 1,662 Selling, general and administrative 5,423 17,389 — — 22,812 Total operating costs and expenses 5,423 169,641 — — 175,064 Operating income (5,423) 19,413 — — 13,990 Other income (expense) Equity in earnings from consolidated subsidiaries 12,905 — — (12,905) — Interest income 15 6 — — 21 Interest expense — (3) — — (3) Acquisition expense (15) — — — (15) Other income — 308 — — 308 Gain on disposition of assets — 130 — — 130 Income before income tax expense 7,482 19,854 — (12,905) 14,431 Income tax expense (2,316) 6,949 — — 4,633 Net income $ 9,798 $ 12,905 $ — $ (12,905) $ 9,798 Supplemental Condensed Consolidated Statement of Operations For the Six Months Ended June 30, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 438,260 $ — $ — $ 438,260 Land sales revenues — 3,258 — — 3,258 Golf course and other revenue — 2,220 — — 2,220 Total revenue — 443,738 — — 443,738 Costs and expenses Cost of homes sales revenues — 352,236 — — 352,236 Cost of land sales revenues — 2,413 — — 2,413 Cost of golf course and other revenue — 1,600 — — 1,600 Selling, general and administrative 11,478 45,090 — — 56,568 Total operating costs and expenses 11,478 401,339 — — 412,817 Operating income (11,478) 42,399 — — 30,921 Other income (expense) Equity in earnings from consolidated subsidiaries 28,212 — — (28,212) — Interest income 15 66 — — 81 Interest expense (1) (3) — — (4) Acquisition expense (413) — — — (413) Other income — 618 — — 618 Gain on disposition of assets — 323 — — 323 Income before income tax expense 16,335 43,403 — (28,212) 31,526 Income tax expense (4,790) 15,191 — — 10,401 Net income $ 21,125 $ 28,212 $ — $ (28,212) $ 21,125 Supplemental Condensed Consolidated Statement of Operations For the Six Months Ended June 30, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 341,143 $ — $ — $ 341,143 Land sales revenues — 370 — — 370 Golf course and other revenue — 3,979 — — 3,979 Total revenue — 345,492 — — 345,492 Cost of home sale revenues Cost of homes sales revenues — 275,031 — — 275,031 Cost of land sales revenues — 365 — — 365 Cost of golf course and other revenue — 3,168 — — 3,168 Selling, general and administrative 10,440 33,304 — — 43,744 Total operating costs and expenses 10,440 311,868 — — 322,308 Operating income (10,440) 33,624 — — 23,184 Other income (expense) Equity in earnings from consolidated subsidiaries 22,347 — — (22,347) — Interest income 30 7 — — 37 Interest expense — (6) — — (6) Acquisition expense (15) — — — (15) Other income — 625 — — 625 Gain on disposition of assets — 130 — — 130 Income before income tax expense 11,922 34,380 — (22,347) 23,955 Income tax expense (4,227) 12,033 — — 7,806 Net income $ 16,149 $ 22,347 $ — $ (22,347) $ 16,149 |
Supplemental Condensed Consolidated Statement Of Cash Flows | Supplemental Condensed Consolidated Statement of Cash Flows For the Six Months Ended June 30, 2016 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash provided by/(used in) operating activities $ (10,020) $ (23,309) $ — $ — $ (33,329) Net cash used in investing activities $ (23,108) $ (3,722) $ — $ 22,895 $ (3,935) Financing activities Borrowings under revolving credit facilities $ 90,000 $ — $ — $ — $ 90,000 Payments on revolving credit facilities (65,000) — — — (65,000) Principal payments on notes payable (24) (3,018) — — (3,042) Repurchases of common stock under our stock repurchase program (2,393) — — — (2,393) Repurchases of common stock upon vesting of restricted stock awards (904) — — — (904) Payments from (and advances to) parent/subsidiary — 22,895 — (22,895) — Net cash provided by financing activities $ 21,679 $ 19,877 $ — $ (22,895) $ 18,661 Net decrease in cash and cash equivalents $ (11,449) $ (7,154) $ — $ — $ (18,603) Cash and cash equivalents Beginning of period $ 22,002 $ 7,285 $ — $ $ 29,287 End of period $ 10,553 $ 131 $ — $ — $ 10,684 Supplemental Condensed Consolidated Statement of Cash Flows For the Six Months Ended June 30, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash used in operating activities $ (5,139) $ (67,021) $ — $ — $ (72,160) Net cash used in investing activities $ (83,969) $ (796) $ — $ 83,760 $ (1,005) Financing activities Borrowings under revolving credit facilities $ 75,000 $ — $ — $ — $ 75,000 Payments on revolving credit facilities (55,000) — — — (55,000) Proceeds from issuance of senior notes 58,956 — — — 58,956 Proceeds from issuance of insurance premium notes — 448 — — 448 Principal payments on notes payable — (4,570) — — (4,570) Debt issuance costs (1,784) — — — (1,784) Repurchases of common stock upon vesting of restricted stock awards (717) — — — (717) Payments from (and advances to) parent/subsidiary — 83,760 — (83,760) — Net cash provided by financing activities $ 76,455 $ 79,638 $ — $ (83,760) $ 72,333 Net increase (decrease) in cash and cash equivalents $ (12,653) $ 11,821 $ — $ — $ (832) Cash and cash equivalents Beginning of period 22,710 10,752 — — 33,462 End of period $ 10,057 $ 22,573 $ — $ — $ 32,630 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016segment | |
Basis of Presentation [Abstract] | |
Number of geographic operating segments | 6 |
Reporting Segments (Schedule Of
Reporting Segments (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 259,642 | $ 189,054 | $ 443,738 | $ 345,492 | |
Total income before income tax expense | 19,097 | 14,431 | 31,526 | 23,955 | |
Total assets | 971,112 | 971,112 | $ 917,741 | ||
Atlanta [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 90,467 | 70,260 | 154,989 | 126,900 | |
Total income before income tax expense | 8,729 | 6,591 | 13,979 | 9,804 | |
Total assets | 229,777 | 229,777 | 185,331 | ||
Central Texas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 23,925 | 16,537 | 53,049 | 33,573 | |
Total income before income tax expense | 1,936 | 1,089 | 4,112 | 3,250 | |
Total assets | 122,512 | 122,512 | 117,037 | ||
Colorado [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 98,024 | 75,309 | 166,870 | 131,128 | |
Total income before income tax expense | 12,946 | 9,624 | 23,789 | 17,519 | |
Total assets | 313,197 | 313,197 | 313,653 | ||
Houston [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 15,619 | 7,085 | 23,094 | 17,490 | |
Total income before income tax expense | (892) | (239) | (1,686) | (654) | |
Total assets | 34,812 | 34,812 | 51,534 | ||
Nevada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 31,607 | 19,863 | 45,736 | 36,401 | |
Total income before income tax expense | 3,740 | 2,953 | 4,607 | 4,770 | |
Total assets | 243,186 | 243,186 | 220,209 | ||
Utah [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total income before income tax expense | (157) | (157) | |||
Total assets | 5,165 | 5,165 | |||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total income before income tax expense | (7,205) | $ (5,587) | (13,118) | $ (10,734) | |
Total assets | $ 22,463 | $ 22,463 | $ 29,977 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||||||
Homes under construction | $ 484,258 | $ 374,274 | ||||
Land and land development | 358,906 | 414,330 | ||||
Capitalized interest | 26,577 | $ 24,846 | 21,533 | $ 15,741 | $ 13,600 | $ 11,302 |
Total inventories | $ 869,741 | $ 810,137 |
Prepaid Expenses and Other As36
Prepaid Expenses and Other Assets (Schedule Of Prepaid Expenses And Other Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Prepaid Expenses and Other Assets [Abstract] | ||
Prepaid insurance | $ 3,995 | $ 5,696 |
Lot option and escrow deposits | 4,346 | 4,634 |
Performance deposits | 1,436 | 1,404 |
Deferred financing costs, net | 1,925 | 2,318 |
Restricted cash | 2,202 | 360 |
Secured note receivable | 2,918 | 2,947 |
Assets held for sale | 5,751 | 5,797 |
Other | 2,512 | 3,579 |
Total prepaid expenses and other assets | $ 25,085 | $ 26,735 |
Accrued Expenses and Other Li37
Accrued Expenses and Other Liabilities (Schedule Of Accrued Expenses And Other Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses and Other Liabilities [Abstract] | ||||||
Earnest money deposits | $ 9,758 | $ 6,717 | ||||
Warranty reserve | 2,754 | $ 2,542 | 2,622 | $ 2,432 | $ 2,527 | $ 2,194 |
Accrued compensation costs | 6,518 | 8,114 | ||||
Land development and home construction accruals | 90,051 | 83,322 | ||||
Accrued interest | 2,830 | 2,651 | ||||
Income taxes payable | 454 | 374 | ||||
Liabilities related to assets held for sale | 284 | 223 | ||||
Other | 2,792 | 2,754 | ||||
Total accrued expenses and other liabilities | $ 115,441 | $ 106,777 |
Warranty Reserve (Schedule Of C
Warranty Reserve (Schedule Of Changes In Warranty Accrual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Warranty Reserve [Abstract] | ||||
Beginning balance | $ 2,542 | $ 2,527 | $ 2,622 | $ 2,194 |
Warranty expense provisions | 822 | 810 | 1,392 | 1,429 |
Payments | (375) | (309) | (640) | (595) |
Warranty adjustment | (235) | (596) | (620) | (596) |
Ending balance | $ 2,754 | $ 2,432 | $ 2,754 | $ 2,432 |
Notes Payable and Revolving L39
Notes Payable and Revolving Line of Credit (Narrative) (Details) | Jul. 31, 2015USD ($) | Jul. 30, 2015USD ($) | Oct. 21, 2014USD ($) | Oct. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Feb. 28, 2015USD ($) | May 31, 2014USD ($) | Jun. 30, 2016USD ($)loan | Jun. 30, 2016USD ($)loan | Dec. 31, 2015USD ($) | Dec. 22, 2015USD ($) | Dec. 21, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, outstanding amount | $ 160,000,000 | $ 160,000,000 | $ 135,000,000 | |||||||||
Land Development Notes And Insurance Premium Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes, outstanding | $ 400,000 | $ 400,000 | $ 3,400,000 | |||||||||
Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.875% | 6.875% | ||||||||||
Maturity date | 2022-05 | |||||||||||
Initial Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 200,000,000 | |||||||||||
Net proceeds from issuance of senior debt | $ 193,300,000 | |||||||||||
Interest rate | 6.875% | |||||||||||
Discount rate | 99.239% | |||||||||||
Maturity year | 2,022 | |||||||||||
Initial Exchange Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 200,000,000 | |||||||||||
Interest rate | 6.875% | |||||||||||
Maturity year | 2,022 | |||||||||||
Additional Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 60,000,000 | |||||||||||
Net proceeds from issuance of senior debt | $ 58,500,000 | |||||||||||
Interest rate | 6.875% | |||||||||||
Discount rate | 98.26% | |||||||||||
Maturity year | 2,022 | |||||||||||
Additional Exchange Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 60,000,000 | |||||||||||
Interest rate | 6.875% | |||||||||||
Maturity year | 2,022 | |||||||||||
Land Development Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of notes payable | loan | 3 | |||||||||||
Repayments of notes | $ 2,400,000 | |||||||||||
Insurance Premium Note [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of notes payable | loan | 1 | |||||||||||
Interest rate | 3.89% | 3.89% | ||||||||||
Maturity date | 2017-03 | |||||||||||
Notes, outstanding | $ 400,000 | $ 400,000 | ||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility. maximum borrowing capacity | $ 80,000,000 | |||||||||||
Letter of credit sublimit | 20,000,000 | |||||||||||
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 our tangible net worth. As of June 30, 2016, we were in compliance with all covenants under the Credit Agreement. | |||||||||||
Commitment fee percentage | 0.20% | |||||||||||
Consolidated tangible net worth | $ 250,000,000 | |||||||||||
Percentage of proceeds from equity issuance | 50.00% | |||||||||||
Percentage of subsidiaries' consolidated net income | 50.00% | |||||||||||
Liquidity value | $ 25,000,000 | |||||||||||
Revolving Credit Facility [Member] | Texas Capital Bank [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity date | Oct. 21, 2017 | |||||||||||
Line of credit facility. maximum borrowing capacity | $ 120,000,000 | $ 120,000,000 | ||||||||||
Revolving Credit Facility [Member] | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Leverage ratio | 1 | 1 | ||||||||||
Interest coverage ratio | 1 | 1 | ||||||||||
Risk asset ratio | 1 | |||||||||||
Revolving Credit Facility [Member] | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Leverage ratio | 1.50 | 1.50 | ||||||||||
Interest coverage ratio | 1.50 | 1.50 | ||||||||||
Risk asset ratio | 1.25 | |||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.25% | |||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||
Revolving Credit Facility [Member] | First Modification Agreement [Member] | Texas Capital Bank [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility. maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | ||||||||||
Revolving Credit Facility [Member] | First Modification Agreement [Member] | Texas Capital Bank [Member] | Extended Maturity [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity date | Oct. 21, 2018 | |||||||||||
Revolving Credit Facility [Member] | First Modification Agreement [Member] | Bank of America [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Uncommitted option to increase credit facility | $ 100,000,000 | $ 80,000,000 | ||||||||||
Revolving Credit Facility [Member] | Second Modification Agreement [Member] | Texas Capital Bank [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility. maximum borrowing capacity | $ 300,000,000 |
Notes Payable and Revolving L40
Notes Payable and Revolving Line of Credit (Schedule Of Notes Payable And Revolving Line Of Credit) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Notes Payable and Revolving Line of Credit [Abstract] | ||
6.875% senior notes | $ 252,441 | $ 251,815 |
Revolving line of credit | 160,000 | 135,000 |
Land development notes | 2,677 | |
Insurance premium notes | 410 | 751 |
Total notes payable and revolving line of credit | $ 412,851 | $ 390,243 |
Interest (Schedule Of Capitaliz
Interest (Schedule Of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest [Abstract] | ||||
Interest capitalized beginning of period | $ 24,846 | $ 13,600 | $ 21,533 | $ 11,302 |
Interest capitalized during period | 6,649 | 4,971 | 13,029 | 8,890 |
Less: capitalized interest in cost of sales | (4,918) | (2,830) | (7,985) | (4,451) |
Interest capitalized end of period | $ 26,577 | $ 15,741 | $ 26,577 | $ 15,741 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Taxes [Abstract] | ||||
Effective tax rate | 34.00% | |||
Blended federal and state effective tax rate | 37.30% | |||
Percentage of estimated benefits from additional deductions | 3.30% | |||
Income tax expense | $ 5,955 | $ 4,633 | $ 10,401 | $ 7,806 |
Increase in income tax expense from discrete item related to the vesting of restricted stock awards | 100 | |||
Decrease in income tax expense from energy credits | $ 600 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total notes payable and revolving line of credit | $ 412,851 | $ 390,243 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total notes payable and revolving line of credit | 407,021 | 370,926 | |
Level 2 [Member] | Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured note receivable | [1] | 2,918 | 2,947 |
6.875% senior notes | [2] | 252,441 | 251,815 |
Revolving line of credit | [3] | 160,000 | 135,000 |
Land development notes | [4] | 2,677 | |
Insurance premium notes | [3] | 410 | 751 |
Level 2 [Member] | Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured note receivable | [1] | 2,958 | 2,926 |
6.875% senior notes | [2] | 246,611 | 232,503 |
Revolving line of credit | [3] | 160,000 | 135,000 |
Land development notes | [4] | 2,672 | |
Insurance premium notes | [3] | $ 410 | $ 751 |
[1] | The estimated fair value of the secured note received in connection with the disposition of the golf course in our Tuscany community in our Nevada operating segment as of June 30, 2016 and December 31, 2015 was based on a cash flow model discounted at market interest rates that considered the underlying risks of the note. | ||
[2] | Estimated fair value of the Senior Notes at June 30, 2016 and December 31, 2015 incorporated recent trading activity in inactive markets. | ||
[3] | Carrying amount approximates fair value due to short-term nature and interest rate terms. | ||
[4] | The estimated fair value of the land development notes at December 31, 2015 was based on cash flow models discounted at market interest rates that considered underlying risks of the debt. |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred stock shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock shares issued, excluding restricted common shares | 20,700,000 | 20,700,000 | 20,600,000 | ||
Common stock shares outstanding, excluding restricted common shares | 20,700,000 | 20,700,000 | 20,600,000 | ||
Common stock shares repurchased | 200,000 | ||||
Weighted average price per share | $ 15.03 | $ 15.03 | |||
Common stock shares for stock award issuance | 1,800,000 | 1,800,000 | |||
Common stock shares for stock award, available for issuance | 600,000 | 600,000 | |||
Compensation expense | $ 1.7 | $ 1.4 | $ 3.5 | $ 2.5 | |
Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares issued related to vesting of restricted stock awards | 100,000 | 200,000 | |||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock granted | 17,100 | 500,000 | |||
Weighted average grant date fair value | $ 17.50 | $ 14.28 | |||
Awards vesting period | 3 years |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Outstanding Restricted Stock Awards And Units) (Details) shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)shares | |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested awards/units | shares | 388 |
Unrecognized compensation cost | $ | $ 5,469 |
Period to recognize compensation cost | 1 year 7 months 6 days |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested awards/units | shares | 506 |
Unrecognized compensation cost | $ | $ 6,313 |
Period to recognize compensation cost | 2 years 10 months 24 days |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator | ||||
Net income | $ 13,142 | $ 9,798 | $ 21,125 | $ 16,149 |
Less: Undistributed earnings allocated to participating securities | (280) | (361) | (530) | (533) |
Net income allocable to common stockholders | $ 12,862 | $ 9,437 | $ 20,595 | $ 15,616 |
Denominator | ||||
Weighted average common shares outstanding - basic | 20,649,910 | 20,556,536 | 20,628,598 | 20,533,237 |
Dilutive effect of restricted stock units | 97,402 | 58,099 | ||
Weighted average common shares outstanding - diluted | 20,747,312 | 20,556,536 | 20,686,697 | 20,533,237 |
Earnings per share: | ||||
Basic | $ 0.62 | $ 0.46 | $ 1 | $ 0.76 |
Diluted | $ 0.62 | $ 0.46 | $ 1 | $ 0.76 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Commitments and Contingencies [Abstract] | ||
Outstanding letters of credit and performance bonds | $ 53.4 | $ 63.6 |
Disposition of Golf Courses (Na
Disposition of Golf Courses (Narrative) (Details) - USD ($) $ in Thousands | May 26, 2015 | Jun. 30, 2016 |
Tuscany Golf Course [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total consideration amount | $ 4,000 | |
Cash from total consideration amount | 1,000 | |
Secured note from total consideration amount | 3,000 | |
Gain on sale | 2 | |
Term of payments for principal and interest | monthly | |
Date of balloon payment | May 1, 2020 | |
Balloon payment of secure note | $ 2,500 | |
Tuscany Golf Course [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Minimum | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Interest rate | 4.50% | |
Tuscany Golf Course [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Maximum | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Interest rate | 5.50% | |
Rhodes Ranch Golf Course [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Probable disposition of golf course | 1 year |
Supplemental Guarantor Inform49
Supplemental Guarantor Information (Narrative) (Details) - USD ($) | 1 Months Ended | |||
Oct. 31, 2015 | Apr. 30, 2015 | Feb. 28, 2015 | May 31, 2014 | |
Initial Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 200,000,000 | |||
Interest rate | 6.875% | |||
Maturity year | 2,022 | |||
Initial Exchange Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 200,000,000 | |||
Interest rate | 6.875% | |||
Maturity year | 2,022 | |||
Additional Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 60,000,000 | |||
Interest rate | 6.875% | |||
Maturity year | 2,022 | |||
Additional Exchange Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 60,000,000 | |||
Interest rate | 6.875% | |||
Maturity year | 2,022 |
Supplemental Guarantor Inform50
Supplemental Guarantor Information (Supplemental Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 10,684 | $ 29,287 | $ 32,630 | $ 33,462 |
Accounts receivable | 29,290 | 17,058 | ||
Inventories | 869,741 | 810,137 | ||
Prepaid expenses and other assets | 25,085 | 26,735 | ||
Property and equipment, net | 11,002 | 8,375 | ||
Deferred tax asset, net | 279 | |||
Amortizable intangible assets, net | 3,666 | 4,784 | ||
Goodwill | 21,365 | 21,365 | ||
Total Assets | 971,112 | 917,741 | ||
Liabilities: | ||||
Accounts payable | 12,050 | 10,967 | ||
Accrued expenses and other liabilities | 115,441 | 106,777 | ||
Deferred tax liability, net | 275 | |||
Notes payable and revolving line of credit | 412,851 | 390,243 | ||
Total liabilities | 540,342 | 508,262 | ||
Stockholders' equity: | 430,770 | 409,479 | ||
Total liabilities and stockholders' equity | 971,112 | 917,741 | ||
CCS [Member] | ||||
Assets | ||||
Cash and cash equivalents | 10,553 | 22,002 | 10,057 | 22,710 |
Accounts receivable | 5,625 | 1,239 | ||
Investment in subsidiaries | 829,870 | 777,898 | ||
Prepaid expenses and other assets | 3,272 | 3,727 | ||
Property and equipment, net | 940 | 857 | ||
Deferred tax asset, net | 279 | |||
Total Assets | 850,539 | 805,723 | ||
Liabilities: | ||||
Accounts payable | 271 | |||
Accrued expenses and other liabilities | 7,057 | 9,154 | ||
Deferred tax liability, net | 275 | |||
Notes payable and revolving line of credit | 412,441 | 386,815 | ||
Total liabilities | 419,769 | 396,244 | ||
Stockholders' equity: | 430,770 | 409,479 | ||
Total liabilities and stockholders' equity | 850,539 | 805,723 | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 131 | 7,285 | $ 22,573 | $ 10,752 |
Accounts receivable | 23,665 | 15,819 | ||
Inventories | 869,741 | 810,137 | ||
Prepaid expenses and other assets | 21,813 | 23,008 | ||
Property and equipment, net | 10,062 | 7,518 | ||
Amortizable intangible assets, net | 3,666 | 4,784 | ||
Goodwill | 21,365 | 21,365 | ||
Total Assets | 950,443 | 889,916 | ||
Liabilities: | ||||
Accounts payable | 11,779 | 10,967 | ||
Accrued expenses and other liabilities | 108,384 | 97,623 | ||
Notes payable and revolving line of credit | 410 | 3,428 | ||
Total liabilities | 120,573 | 112,018 | ||
Stockholders' equity: | 829,870 | 777,898 | ||
Total liabilities and stockholders' equity | 950,443 | 889,916 | ||
Elimination Entries [Member] | ||||
Assets | ||||
Investment in subsidiaries | (829,870) | (777,898) | ||
Total Assets | (829,870) | (777,898) | ||
Liabilities: | ||||
Stockholders' equity: | (829,870) | (777,898) | ||
Total liabilities and stockholders' equity | $ (829,870) | $ (777,898) |
Supplemental Guarantor Inform51
Supplemental Guarantor Information (Supplemental Condensed Consolidated Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | ||||
Home sales revenues | $ 257,179 | $ 186,808 | $ 438,260 | $ 341,143 |
Land sales revenues | 1,288 | 370 | 3,258 | 370 |
Golf course and other revenue | 1,175 | 1,876 | 2,220 | 3,979 |
Total revenue | 259,642 | 189,054 | 443,738 | 345,492 |
Cost of home sales revenues | 207,883 | 150,225 | 352,236 | 275,031 |
Cost of land sales revenues | 587 | 365 | 2,413 | 365 |
Cost of golf course and other revenue | 884 | 1,662 | 1,600 | 3,168 |
Selling, general, and administrative | 31,383 | 22,812 | 56,568 | 43,744 |
Total operating costs and expenses | 240,737 | 175,064 | 412,817 | 322,308 |
Operating income (loss) | 18,905 | 13,990 | 30,921 | 23,184 |
Other income (expense): | ||||
Interest income | 41 | 21 | 81 | 37 |
Interest expense | (2) | (3) | (4) | (6) |
Acquisition expense | (244) | (15) | (413) | (15) |
Other income | 294 | 308 | 618 | 625 |
Gain on disposition of assets | 103 | 130 | 323 | 130 |
Income before income tax expense | 19,097 | 14,431 | 31,526 | 23,955 |
Income tax expense (benefit) | 5,955 | 4,633 | 10,401 | 7,806 |
Net income | 13,142 | 9,798 | 21,125 | 16,149 |
CCS [Member] | ||||
Revenues | ||||
Selling, general, and administrative | 6,085 | 5,423 | 11,478 | 10,440 |
Total operating costs and expenses | 6,085 | 5,423 | 11,478 | 10,440 |
Operating income (loss) | (6,085) | (5,423) | (11,478) | (10,440) |
Other income (expense): | ||||
Equity in earnings from consolidated subsidiaries | 16,522 | 12,905 | 28,212 | 22,347 |
Interest income | 9 | 15 | 15 | 30 |
Interest expense | (1) | (1) | ||
Acquisition expense | (244) | (15) | (413) | (15) |
Income before income tax expense | 10,201 | 7,482 | 16,335 | 11,922 |
Income tax expense (benefit) | (2,941) | (2,316) | (4,790) | (4,227) |
Net income | 13,142 | 9,798 | 21,125 | 16,149 |
Guarantor Subsidiaries [Member] | ||||
Revenues | ||||
Home sales revenues | 257,179 | 186,808 | 438,260 | 341,143 |
Land sales revenues | 1,288 | 370 | 3,258 | 370 |
Golf course and other revenue | 1,175 | 1,876 | 2,220 | 3,979 |
Total revenue | 259,642 | 189,054 | 443,738 | 345,492 |
Cost of home sales revenues | 207,883 | 150,225 | 352,236 | 275,031 |
Cost of land sales revenues | 587 | 365 | 2,413 | 365 |
Cost of golf course and other revenue | 884 | 1,662 | 1,600 | 3,168 |
Selling, general, and administrative | 25,298 | 17,389 | 45,090 | 33,304 |
Total operating costs and expenses | 234,652 | 169,641 | 401,339 | 311,868 |
Operating income (loss) | 24,990 | 19,413 | 42,399 | 33,624 |
Other income (expense): | ||||
Interest income | 32 | 6 | 66 | 7 |
Interest expense | (1) | (3) | (3) | (6) |
Other income | 294 | 308 | 618 | 625 |
Gain on disposition of assets | 103 | 130 | 323 | 130 |
Income before income tax expense | 25,418 | 19,854 | 43,403 | 34,380 |
Income tax expense (benefit) | 8,896 | 6,949 | 15,191 | 12,033 |
Net income | 16,522 | 12,905 | 28,212 | 22,347 |
Elimination Entries [Member] | ||||
Other income (expense): | ||||
Equity in earnings from consolidated subsidiaries | (16,522) | (12,905) | (28,212) | (22,347) |
Income before income tax expense | (16,522) | (12,905) | (28,212) | (22,347) |
Net income | $ (16,522) | $ (12,905) | $ (28,212) | $ (22,347) |
Supplemental Guarantor Inform52
Supplemental Guarantor Information (Supplemental Condensed Consolidated Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by/(used in) operating activities | $ (33,329) | $ (72,160) |
Net cash used in investing activities | (3,935) | (1,005) |
Financing activities | ||
Borrowings under revolving credit facilities | 90,000 | 75,000 |
Payments on revolving credit facilities | (65,000) | (55,000) |
Principal payments on notes payable | (3,042) | (4,570) |
Debt issuance costs | (1,784) | |
Proceeds from issuance of senior notes | 58,956 | |
Proceeds from issuances of insurance premium notes | 448 | |
Repurchases of common stock under our stock repurchase program | (2,393) | |
Repurchases of common stock upon vesting of restricted stock awards | (904) | (717) |
Net cash provided by financing activities | 18,661 | 72,333 |
Net increase (decrease) in cash and cash equivalents | (18,603) | (832) |
Cash and cash equivalents, Beginning of period | 29,287 | 33,462 |
Cash and cash equivalents, End of period | 10,684 | 32,630 |
CCS [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by/(used in) operating activities | (10,020) | (5,139) |
Net cash used in investing activities | (23,108) | (83,969) |
Financing activities | ||
Borrowings under revolving credit facilities | 90,000 | 75,000 |
Payments on revolving credit facilities | (65,000) | (55,000) |
Principal payments on notes payable | (24) | |
Debt issuance costs | (1,784) | |
Proceeds from issuance of senior notes | 58,956 | |
Repurchases of common stock under our stock repurchase program | (2,393) | |
Repurchases of common stock upon vesting of restricted stock awards | (904) | (717) |
Net cash provided by financing activities | 21,679 | 76,455 |
Net increase (decrease) in cash and cash equivalents | (11,449) | (12,653) |
Cash and cash equivalents, Beginning of period | 22,002 | 22,710 |
Cash and cash equivalents, End of period | 10,553 | 10,057 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by/(used in) operating activities | (23,309) | (67,021) |
Net cash used in investing activities | (3,722) | (796) |
Financing activities | ||
Principal payments on notes payable | (3,018) | (4,570) |
Proceeds from issuances of insurance premium notes | 448 | |
Payments from (and advances to) parent/subsidiary | 22,895 | 83,760 |
Net cash provided by financing activities | 19,877 | 79,638 |
Net increase (decrease) in cash and cash equivalents | (7,154) | 11,821 |
Cash and cash equivalents, Beginning of period | 7,285 | 10,752 |
Cash and cash equivalents, End of period | 131 | 22,573 |
Elimination Entries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash used in investing activities | 22,895 | 83,760 |
Financing activities | ||
Payments from (and advances to) parent/subsidiary | (22,895) | (83,760) |
Net cash provided by financing activities | $ (22,895) | $ (83,760) |