Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 07, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 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 | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Trading Symbol | ccs | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 269.4 | ||
Entity Common Stock, Shares Outstanding | 21,608,891 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 29,450 | $ 29,287 |
Cash held in escrow | 20,044 | 11,817 |
Accounts receivable | 5,729 | 5,241 |
Inventories | 857,885 | 810,137 |
Prepaid expenses and other assets | 40,457 | 26,735 |
Property and equipment, net | 11,412 | 8,375 |
Investment in unconsolidated subsidiaries | 18,275 | |
Amortizable intangible assets, net | 2,911 | 4,784 |
Goodwill | 21,365 | 21,365 |
Total Assets | 1,007,528 | 917,741 |
Liabilities: | ||
Accounts payable | 15,708 | 10,967 |
Accrued expenses and other liabilities | 62,314 | 106,777 |
Deferred tax liability, net | 1,782 | 275 |
Notes payable and revolving line of credit | 454,088 | 390,243 |
Total liabilities | 533,892 | 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, 21,620,544 and 21,303,702 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 216 | 213 |
Additional paid-in capital | 355,567 | 340,953 |
Retained earnings | 117,853 | 68,313 |
Total stockholders' equity | 473,636 | 409,479 |
Total liabilities and stockholders' equity | $ 1,007,528 | $ 917,741 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 21,620,544 | 21,303,702 |
Common stock shares outstanding | 21,620,544 | 21,303,702 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | |||||||||||
Home sales revenues | $ 292,398 | $ 248,075 | $ 257,179 | $ 181,081 | $ 204,519 | $ 179,775 | $ 186,808 | $ 154,335 | $ 978,733 | $ 725,437 | $ 351,823 |
Land sales revenues | 11,799 | 3,405 | 4,800 | ||||||||
Golf course and other revenue | 3,908 | 5,647 | 5,769 | ||||||||
Total revenue | 994,440 | 734,489 | 362,392 | ||||||||
Costs and expenses | |||||||||||
Cost of home sales revenues | 786,127 | 579,203 | 276,386 | ||||||||
Cost of land sales revenues | 10,589 | 3,395 | 1,808 | ||||||||
Cost of golf course and other revenue | 3,628 | 5,037 | 6,301 | ||||||||
Selling, general, and administrative | 122,224 | 87,840 | 46,795 | ||||||||
Total operating costs and expenses | 922,568 | 675,475 | 331,290 | ||||||||
Operating income | 71,872 | 59,014 | 31,102 | ||||||||
Other income (expense): | |||||||||||
Interest income | 195 | 129 | 362 | ||||||||
Interest expense | (5) | (10) | (26) | ||||||||
Equity in income of unconsolidated subsidiaries | 191 | ||||||||||
Acquisition expense | (490) | (491) | (1,414) | ||||||||
Other income | 940 | 1,535 | 736 | ||||||||
Gain (loss) on disposition of assets | 446 | 128 | 199 | ||||||||
Income before income tax expense | 21,892 | 19,731 | 19,097 | 12,429 | 20,405 | 15,945 | 14,431 | 9,524 | 73,149 | 60,305 | 30,959 |
Income tax expense | 23,609 | 20,415 | 10,937 | ||||||||
Net income | $ 15,073 | $ 13,342 | $ 13,142 | $ 7,983 | $ 13,158 | $ 10,583 | $ 9,798 | $ 6,351 | $ 49,540 | $ 39,890 | $ 20,022 |
Earnings per share: | |||||||||||
Basic | $ 2.34 | $ 1.88 | $ 1.03 | ||||||||
Diluted | $ 2.33 | $ 1.88 | $ 1.03 | ||||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 20,679,189 | 20,569,012 | 19,226,504 | ||||||||
Diluted | 20,791,937 | 20,569,012 | 19,226,504 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Total |
Beginning Balance at Dec. 31, 2013 | $ 173 | $ 262,982 | $ 8,401 | $ 271,556 |
Beginning balance (in shares) at Dec. 31, 2013 | 17,258 | |||
Issuance of common stock | $ 40 | 81,524 | 81,564 | |
Issuance of common stock, shares | 4,000 | |||
Repurchase of common stock | $ (6) | (9,740) | (9,746) | |
Repurchase of common stock, shares | (608) | |||
Repurchase of common stock upon vesting of restricted stock awards | (386) | (386) | ||
Repurchase of common stock upon vesting of restricted stock awards, shares | (17) | |||
Issuance of restricted stock awards, shares | 250 | |||
Stock-based compensation expense | $ 2 | 2,150 | 2,152 | |
Excess tax benefit of stock-based compensation | 43 | 43 | ||
Forfeitures of restricted stock awards, shares | (7) | |||
Net income | 20,022 | 20,022 | ||
Ending Balance at Dec. 31, 2014 | $ 209 | 336,573 | 28,423 | 365,205 |
Ending balance (in shares) at Dec. 31, 2014 | 20,876 | |||
Repurchase of common stock upon vesting of restricted stock awards | (861) | (861) | ||
Repurchase of common stock upon vesting of restricted stock awards, shares | (44) | |||
Issuance of restricted stock awards, shares | 501 | |||
Stock-based compensation expense | $ 4 | 5,241 | 5,245 | |
Forfeitures of restricted stock awards, shares | (29) | |||
Net income | 39,890 | 39,890 | ||
Ending Balance at Dec. 31, 2015 | $ 213 | 340,953 | 68,313 | 409,479 |
Ending balance (in shares) at Dec. 31, 2015 | 21,304 | |||
Issuance of common stock | $ 6 | 11,363 | 11,369 | |
Issuance of common stock, shares | 578 | |||
Repurchase of common stock | $ (2) | (2,391) | (2,393) | |
Repurchase of common stock, shares | (159) | |||
Repurchase of common stock upon vesting of restricted stock awards | $ (1) | (1,015) | (1,015) | |
Repurchase of common stock upon vesting of restricted stock awards, shares | (60) | |||
Stock-based compensation expense | 6,657 | 6,656 | ||
Forfeitures of restricted stock awards, shares | (42) | |||
Net income | 49,540 | 49,540 | ||
Ending Balance at Dec. 31, 2016 | $ 216 | $ 355,567 | $ 117,853 | $ 473,636 |
Ending balance (in shares) at Dec. 31, 2016 | 21,621 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net income | $ 49,540 | $ 39,890 | $ 20,022 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation and amortization | 5,580 | 4,713 | 2,941 |
Stock-based compensation expense | 6,656 | 5,245 | 2,152 |
Deferred income taxes | 1,507 | 1,634 | (2,054) |
Excess tax benefit on stock-based compensation | (43) | ||
Equity in income of unconsolidated subsidiaries | (191) | ||
Gain on disposition of assets | (446) | (128) | (199) |
Changes in assets and liabilities: | |||
Cash held in escrow | (8,227) | (1,821) | (6,968) |
Accounts receivable | (488) | (1,438) | (1,803) |
Inventories | (91,858) | (208,524) | (160,886) |
Prepaid expenses and other assets | (13,420) | 4,811 | (11,140) |
Accounts payable | 4,657 | (6,102) | 3,444 |
Accrued expenses and other liabilities | 854 | (1,014) | 24,863 |
Net cash used in operating activities | (45,836) | (162,734) | (129,671) |
Investing activities | |||
Purchases of property and equipment | (7,762) | (5,750) | (1,127) |
Proceeds from sale of assets | 1,464 | 1,442 | |
Investment in unconsolidated subsidiaries | (17,000) | ||
Proceeds from secured note receivable | 97 | 76 | |
Acquisitions of businesses | (232,585) | ||
Net cash used in investing activities | (23,201) | (4,232) | (233,712) |
Financing activities | |||
Borrowings under revolving credit facilities | 220,000 | 180,000 | 119,000 |
Payments on revolving credit facilities | (160,000) | (65,000) | (99,000) |
Proceeds from issuance of senior notes | 58,956 | 198,478 | |
Proceeds from issuance of insurance premium notes | 11,612 | 1,169 | 6,760 |
Principal payments on notes payable | (9,217) | (8,656) | (3,083) |
Debt issuance costs | (1,156) | (2,817) | (6,783) |
Net proceeds from issuances of common stock | 11,369 | 81,564 | |
Repurchases of common stock upon vesting of restricted stock awards | (1,015) | (861) | (386) |
Repurchases of common stock under our stock repurchase program | (2,393) | (9,746) | |
Excess tax benefit on stock-based compensation | 43 | ||
Net cash provided by financing activities | 69,200 | 162,791 | 286,847 |
Net increase (decrease) in cash and cash equivalents | 163 | (4,175) | (76,536) |
Cash and cash equivalents, Beginning of period | 29,287 | 33,462 | 109,998 |
Cash and cash equivalents, End of period | 29,450 | 29,287 | 33,462 |
Non-cash investing and financing information | |||
Note receivable from sale of Tuscany golf course | 3,000 | ||
Seller financed acquisitions of land | 4,239 | ||
Supplemental cash flow disclosure | |||
Cash paid for income taxes | $ 23,467 | $ 18,657 | $ 18,458 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 1. Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Century Communities, Inc. (which we refer to as “we” or “the Company”) is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in metropolitan areas in Colorado, Austin and San Antonio, Texas (which we refer to as “Central Texas”), Houston, Texas, Las Vegas, Nevada, Atlanta, Georgia, and Salt Lake City, Utah. 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. We were formed as a Colorado limited liability company in August 2002, and we converted into a Delaware corporation pursuant to the General Corporation Law of the State of Delaware on April 30, 2013. In connection with the conversion, all of the outstanding membership interests were converted into an aggregate of 5.0 million shares of common stock, which represented 100 % of the outstanding shares of the Company’s common stock immediately following the conversion. Also in connection with the conversion, the Company’s name was changed from Century Communities Colorado, LLC to Century Communities, Inc., and a total of 100.0 million shares of the Company’s common stock and 50.0 million shares of preferred stock were authorized for issuance. 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 each variable interest entity (which we refer to as “VIE”) for which the Company is deemed the primary beneficiary. All intercompany accounts and transactions have been eliminated. All numbers related to lots and communities disclosed in the notes to the consolidated financial statements are unaudited. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. Cash Held in Escrow Cash held in escrow consists of amounts related to the proceeds from home closings held for our benefit in escrow, which are typically held for less than a few days. Accounts Receivable Accounts receivable primarily consists of contract receivables related to certain contracts in our Central Texas operating segment accounted for under the percentage-of-completion method, income tax receivables and rebate receivables. We periodically review the collectability of our accounts receivables, and, if it is determined that a receivable might not be fully collectible, an allowance is recorded for the amount deemed uncollectible. As of December 31, 2016 and 2015, no allowance was recorded related to accounts receivable. Inventories and Cost of Sales We capitalize pre-acquisition, land, development, and other allocated costs, including interest, during development and home construction. Land, development, and other common costs are allocated to inventory using the relative-sales-value method; however, as lots within a project typically have comparable market values, we generally allocate land, development, and common costs equally to each lot within the project. Home construction costs are recorded using the specific-identification method. Cost of sales for homes closed includes the allocation of construction costs of each home and all applicable land acquisition, land development, and related common costs, both incurred and estimated to be incurred. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining homes in the community. When a home is closed, the Company generally has not paid all incurred costs necessary to complete the home, and a liability and a charge to cost of home sales revenues are recorded for the amount that is estimated will ultimately be paid related to completed homes. Inventories are carried at cost unless events and circumstances indicate that the carrying value may not be recoverable. We review for indicators of impairment at the lowest level of identifiable cash flows, which we have determined as the community level. Indicators of impairment include, but are not limited to, significant decreases in local housing market values and selling prices of comparable homes, decreases in actual or trending gross margins or sales absorption rates, significant unforeseen cost in excess of budget, and actual or projected cash flow losses. If an indicator of impairment is identified, we estimate the recoverability of the community by comparing the estimated future cash flows on an undiscounted basis to its carrying value. If the undiscounted cash flows are more than the carrying value, the community is recoverable and no impairment is recorded. If the undiscounted cash flows are less than the community’s carrying value, the community is deemed impaired and is written down to fair value. We generally estimate the fair value of the community through a discounted cash flow approach. When estimating cash flows of a community, we make various assumptions, including the following: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders in other communities, and future sales price adjustments based on market and economic trends; (ii) expected sales pace based on local housing market conditions, competition, and historical trends; (iii) costs expended to date and expected to be incurred, including, but not limited to, land and land development costs, home construction costs, interest costs, indirect construction and overhead costs, and selling and marketing costs; and (iv) alternative uses for the property. For the years ended December 31, 2016, 2015 and 2014, no inventory impairments were recorded. Home Sales and Profit Recognition Revenues from home sales are recorded and a profit is recognized when the respective units are closed, title has passed, the homeowner’s initial and continuing investment is adequate, and other attributes of ownership have been transferred to the homeowner. Sales incentives are recorded as a reduction of revenues when the respective unit is closed. When it is determined that the earnings process is not complete, the sale and the related profit are deferred for recognition in future periods. We also serve as the general contractor for custom homes in our Central Texas operating segment, where the customer and not the Company owns the underlying land (which we refer to as “Build on Your Own Lot Contracts”). Accordingly, we recognize revenue for the Build on Your Own Lot Contracts, which are primarily cost plus contracts, on the percentage-of-completion method where progress toward completion is measured by relating the actual cost of work performed to date to the current estimated total cost of the respective contracts. As the Company makes such estimates, judgments are required to evaluate potential variances in the cost of materials and labor and productivity. During the years ended December 31, 2016, 2015 and 2014, we recognized revenue of $ 7.3 million, $6.1 million and $ 22.0 million, respectively, and incurred costs of $5.3 million, $4.8 million and $17.4 million, respectively, associated with Build on Your Own Lot Contracts, which are presented in home sales revenues and cost of home sales revenues on the consolidated statement of operations, respectively. As of December 31, 2016 and 2015, we had $ 1.0 million and $ 0.8 million in contract receivables, respectively, and $0.4 million and $0.3 million in billings in excess of collections, respectively, related to the Build on Your Own Lot Contracts, which are presented on the consolidated balance sheet in accounts receivable and accrued expenses and other liabilities, respectively. Performance Deposits We are occasionally required to make a land, bond, and utility deposit as each new development is started. These amounts typically are refundable as each home is sold. Performance deposits are included in prepaid expenses and other assets on the consolidated balance sheet. Lot Option and Escrow Deposits We enter into lot option purchase agreements with unrelated parties to acquire lots for the construction of homes. Under these agreements, we have paid deposits, which in many cases are non-refundable, in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Lot option and escrow deposits are included in prepaid expenses and other assets on the consolidated balance sheet. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. The estimated useful lives for each major depreciable classification of property and equipment are as follows: Years Buildings and improvements 3 – 40 years Leasehold improvements 3 – 10 years Machinery and equipment 3 – 15 years Furniture and fixtures 2 – 7 years Model furnishings 2 – 5 years Computer hardware and software 1 – 5 years Investment in Unconsolidated Subsidiaries We account for our investment in unconsolidated subsidiaries under the equity method because we exercise significant influence over, but do not control, these entities. Under the equity method, these investments are initially recorded at cost and are subsequently adjusted to reflect our proportionate share of net earnings or losses, distributions received, contributions made and certain other adjustments, as appropriate. Such investments are included in “Investment in unconsolidated subsidiaries” in our consolidated balance sheets. Distributions from these investments that are related to cash earnings from operations are included as operating activities and distributions that are related to capital transactions are included as investing activities in our consolidated statements of cash flows. We recognize our proportionate share of the ongoing earnings or losses of the unconsolidated subsidiary in “equity in income of unconsolidated subsidiaries” in our consolidated statements of operations. We evaluate our investment in unconsolidated subsidiaries for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, we calculate the estimated fair value of the investment using a market, income or replacement cost approach, or combination thereof. The amount of impairment recognized, if any, would be the excess of the investment’s carrying amount over its estimated fair value. We consider various factors to determine if a decline in the value of the investment is other-than-temporary. These factors are Level 2 and 3 inputs and include but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, expected term of the investment, and the relationships with our partners. If we believe that the decline in the fair value is temporary, no impairment is recorded. The aforementioned factors are taken as a whole by management in determining the valuation of our investment. Should the actual results differ from management’s estimates, the valuation could be negatively affected and may result in a negative impact on our consolidated financial statements. Amortizable Intangible Assets Amortizable intangible assets consist of the estimated fair value of trade names, home construction contracts, non-compete agreements, and home plans that were acquired upon closing of the acquisition of Jimmy Jacobs, LVLH, Grand View, and Peachtree. The acquisitions were accounted for as business combinations as defined in Accounting Standards Codification (which we refer to as “ASC”) 805, Business Combinations . A high degree of judgment is made by management on variables, such as revenue growth rates, profitability, and discount rates, when calculating the value of the intangible assets. The identified intangible assets are amortized over their respective estimated useful life. Trade names, non-compete agreements, and other intangibles assets are amortized to selling, general and administrative expenses in the consolidated statement of operations. Intangible assets for cell phone tower leases, and home construction contracts are amortized to other income and cost of home sales revenues, respectively, as income on the related contracts are earned. The estimated lives for each major amortizable classification of intangible assets are as follows: Years Trade names 2 – 4 years Home construction contracts 1 – 2 years Non-compete agreements 2 – 5 years Cell phone tower leases 5 – 20 years Home plans 7 years Earnest Money Deposits We collect earnest deposits at the time a home buyer’s contract is accepted. Earnest money deposits held on homes under contract as of December 31, 2016 and 2015, totaled $7.3 million and $6.7 million, respectively, and are included in accrued expenses and other liabilities on the consolidated balance sheet. Stock-Based Compensation We account for share-based awards in accordance with ASC 718, Compensation—Stock Compensation . ASC 718 requires us to estimate the grant date fair value of stock-based compensation awards and to recognize the fair value as compensation costs over the requisite service period, which is generally three years, for all awards that vest. We value our restricted stock awards and restricted stock units equal to the closing price of our common stock on the New York Stock Exchange on the date of grant. Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes , which requires recognition of deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of its assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. When it is more likely than not that a portion or all of a deferred tax asset will not be realized in the future, the Company provides a corresponding valuation allowance against the deferred tax asset. As of December 31, 2016 and 2015, we had no valuation allowance recorded against our deferred tax assets. In addition, when it is more likely than not that a tax position will be sustained upon examination by a tax authority that has full knowledge of all relevant information, the Company measures the amount of tax benefit from the position and records the largest amount of tax benefit that is more likely than not of being realized after settlement with a tax authority. The Company’s policy is to recognize interest to be paid on an underpayment of income taxes in interest expense and any related statutory penalties in the provision for income taxes on the consolidated statement of operations. As of December 31, 2016 and 2015, we had no reserves for uncertain tax positions. Goodwill We evaluate goodwill for possible impairment in accordance with ASC 350, Intangibles–Goodwill and Other, on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We use a three step process to assess whether or not goodwill can be realized. The first step is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. If the qualitative assessment indicates a stable or improved fair value, no further testing is required. If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, we will proceed to the second step where we calculate the fair value of a reporting unit based on discounted future cash flows. If this step indicates that the carrying value of a reporting unit is in excess of its fair value, we will proceed to the third step where the fair value of the reporting unit will be allocated to assets and liabilities as they would in a business combination. Impairment occurs when the carrying amount of goodwill exceeds its estimated fair value calculated in the third step. As of December 31, 2016 and 2015, we determined our goodwill was no t impaired. Business Combinations We account for business combinations in accordance with ASC 850, Business Combinations , if the acquired assets assumed and liabilities incurred constitute a business. We consider acquired companies to constitute a business if the acquired net assets and processes have the ability to create outputs in the form of revenue. For acquired companies constituting a business, we recognize the identifiable assets acquired and liabilities assumed at their acquisition-date fair values and recognize any excess of total consideration paid over the fair value of the identifiable net assets as goodwill. Variable Interest Entities We review land option contracts where we have a non-refundable deposit to determine whether the corresponding land seller is a VIE and, if so, whether we are the primary beneficiary. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities that most significantly impact the economic performance of the VIE. In making this determination, we consider whether we have the power to direct certain activities, including, but not limited to, determining or limiting the scope or purpose of the VIE, the ability to sell or transfer property owned or controlled by the VIE, or arranging financing for the VIE. We are not the primary beneficiary of any VIE as of December 31, 2016 and 2015. We analyzed each of our land option contracts to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analysis, we determined that as of December 31, 2016, we were not the primary beneficiary of any VIE from which we have acquired rights to land under the land option contract. As of December 31, 2016 and 2015, we have non-refundable cash deposits totaling $10.5 million and $2.9 million, respectively, classified in “Prepaid expenses and other assets” in our consolidated balance sheets for land option contracts. The non-refundable deposit is our maximum exposure to loss for the transactions as of December 31, 2016 and 2015, respectively. 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 plan to adopt ASU 2015-14 on January 1, 2018 under the modified retrospective approach. We do not believe that there will be a material impact on the amount or timing in recording home sales revenues as a result of adopting ASU 20 1 5-14. We will continue to evaluate the impact that the adoption of ASU 2015-14 will have on other aspects of our business and to our consolidated financial statements. 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 was 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 do not expect the adoption of ASU 2016-09 to have a material effect on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows- Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 consists of eight provisions that provide guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. We are currently evaluating the impact ASU 2016-15 will have on our consolidated financial statements. |
Reporting Segments
Reporting Segments | 12 Months Ended |
Dec. 31, 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 nonoperating segment, as it serves to support our homebuilding operations through functions such as our executive, finance, treasury, human resources, and accounting departments. Our homebuilding reportable segments are engaged in the development, design, construction, marketing and sale of single-family attached and detached homes. Our chief operating decision makers, the Co-CEO’s of our Company, primarily rely on total revenue and income before income tax expense to determine segment profitability. The following tables summarize total revenue and pretax income by operating segment (in thousands): Year Ended December 31, 2016 2015 2014 Revenue: Atlanta $ 343,141 $ 269,188 $ 36,726 Central Texas 107,435 77,996 55,845 Colorado 358,267 259,259 181,609 Houston 39,571 38,233 17,458 Nevada 143,395 89,813 70,754 Utah 2,631 — — Corporate — — — Total revenue $ 994,440 $ 734,489 $ 362,392 Income before income tax expense: Atlanta $ 31,138 $ 23,574 $ 899 Central Texas 5,519 5,048 5,053 Colorado 51,713 37,090 29,924 Houston (2,833) (788) (759) Nevada 15,586 12,425 8,588 Utah (686) — — Corporate (27,288) (17,044) (12,746) Total income before income tax expense $ 73,149 $ 60,305 $ 30,959 The following table summarizes total assets by operating segment (in thousands): As of December 31, 2016 2015 Atlanta $ 262,448 $ 185,331 Central Texas 112,612 117,037 Colorado 293,467 313,653 Houston 25,780 51,534 Nevada 231,057 220,209 Utah 17,133 — Corporate 65,031 29,977 Total assets $ 1,007,528 $ 917,741 Corporate assets primarily include cash and cash equivalents, prepaid insurance, our investment in unconsolidated subsidiaries, finished lots owned in Charlotte, North Carolina, and certain property and equipment. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations We did not complete any business combinations during the years ended December 31, 2016 and 2015. Business combinations during the year ended December 31, 2014 Acquisition of LVLH On April 1, 2014, we purchased substantially all of the assets and operations of LVLH, a homebuilder with operations in Las Vegas, Nevada, for a purchase price of approximately $ 165 million. The acquired assets consisted of 1,761 lots within five single-family communities in the greater Las Vegas, Nevada metropolitan area. The 1,761 lots included 57 homes in backlog, 17 model homes and three custom lots. In addition, we acquired two fully operational golf courses and two one-acre commercial plots. As the acquired assets and processes have the ability to create outputs in the form of revenue from the sale of single family residences, we concluded that the acquisition represents a business combination. We incurred $ 0.8 million in acquisition-related costs, which are included in other income (expense) on the consolidated statements of operations. The following table summarizes the amounts recognized as of the acquisition date (in thousands): Assets acquired and liabilities assumed Accounts receivable $ 347 Inventories 145,599 Prepaid expenses and other assets 1,876 Property and equipment 8,619 Amortizable intangible assets 3,042 Goodwill 11,283 Total assets $ 170,766 Accounts payable 2,074 Accrued expenses and other liabilities 1,816 Notes payable and capital lease obligations 1,497 Total liabilities $ 5,387 Acquired inventories consist of both acquired land and work in process inventories. We determined the estimate of fair value for acquired land inventory with the assistance of a third party appraiser primarily using a forecasted cash flow approach for the development, marketing, and sale of each community acquired. Significant assumptions included in our estimate include future per lot development costs, construction and overhead costs, mix of products sold in each community as well as average sales price, and absorption rates. We estimated the fair value of acquired work in process inventories based upon the stage of production of each unit and a gross margin that we believe a market participant would require to complete the remaining development and requisite selling efforts. The stage of production, as of the acquisition date, ranged from finished lots to fully completed single family residences. We estimated a market participant would require a gross margin ranging from 7% to 24 % based upon the stage of production of the individual lot. We determined the estimate of fair value for amortizable intangible assets, which includes a non-solicitation agreement, cell phone tower leases, and home plans, with the assistance of a third party valuation firm. Our estimates of the fair value of the non-solicitation agreement, cell phone tower leases, and homes plans was $1.4 million, $1.4 million and $0.3 million, respectively, which will be amortized over 2 years, 16.6 years, and 7 years, respectively. In total, amortizable intangible assets will be amortized over a weighted average life of 9.1 years. We determined that LVLH’s carrying costs approximated fair value for all other acquired assets and assumed liabilities. Goodwill includes the anticipated economic value of the acquired workforce. Approximately $ 7.0 million of goodwill is expected to be deductible for tax purposes. Included in home sales revenue and income before income taxes on the consolidated statement of operations for the year ended December 31, 2014 is $70.8 million and $8.6 million, respectively, earned from LVLH subsequent to the acquisition date. Acquisition of Grand View On August 12, 2014, we purchased substantially all of the assets and operations of Grand View in Houston, Texas for a purchase price of approximately $ 13 million and annual earnout payments based on a percentage of adjusted pre-tax income over the next two years. As the acquired assets and processes have the ability to create outputs in the form of revenue from the sale of single family residences, we concluded that the acquisition represents a business combination. We incurred $ 0.1 million in acquisition-related costs, which are included in other income (expense) on the consolidated statements of operations. The following table summarizes the amounts recognized as of the acquisition date (in thousands): Assets acquired and liabilities assumed Accounts receivable $ 188 Inventories 12,070 Prepaid expenses and other assets 295 Property and equipment 185 Amortizable intangible assets 1,748 Goodwill 1,746 Total assets $ 16,232 Accrued expenses and other liabilities (inclusive of earnout liability) 3,376 Total liabilities $ 3,376 Acquired inventories consist of both acquired land, work in process and model inventories. We determined the fair value for acquired inventories on a lot by lot basis primarily using a forecasted cash flow approach for the development, marketing, and sale of each lot acquired. Significant assumptions included in our estimate include future construction and overhead costs, sales price, and absorption rates. We estimated the fair value of acquired work in process inventories based upon the stage of production of each unit and a gross margin that we believe a market participant would require to complete the remaining development and requisite selling efforts. The stage of production, as of the acquisition date, ranged from finished lots to fully completed single family residences. We estimated a market participant would require a gross margin ranging from 6% to 18 % based upon the stage of production of the individual lot. We determined the estimate of fair value for amortizable intangible assets, which includes a non-compete agreement, a trade name, home plans, and backlog associated with certain custom home contracts, with the assistance of a third party valuation firm. Our estimate of the fair value of the non-compete agreement, trade name, home plans and backlog were $ 0.5 million, $ 1.0 million, $0.1 million, and $0.2 million respectively, which will be amortized over 4 years, 2.7 years, 7 years, and 1.5 years, respectively. In total, amortizable intangible assets will be amortized over a weighted average life of 2.8 years. The fair value of the earnout on the acquisition date of $ 2.5 million was determined with the assistance of a third party valuation firm based on probability weighting scenarios and discounting the potential payments which are based on pre-tax income and range from $ 0 to a maximum of $5.3 million. The maximum earnout amount is subject to downward reductions of up to $ 1.5 million based on the number of future lots acquired over the next two years in our Houston operating segment. We determined that Grand View’s carrying costs approximated fair value for all other acquired assets and assumed liabilities. Goodwill includes the anticipated economic value of the acquired workforce. No goodwill is expected to be deductible for tax purposes. During the year ended December 31, 2015, we recorded measurement period adjustments, which decreased the estimated value of amortizable intangible assets by $0.5 million and decreased the estimated value of inventories by $0.2 million, resulting in an increase in goodwill of $0.7 million. The measurement period adjustments also resulted in a decrease of $0.1 million for the year ended December 31, 2015 to selling, general, and administrative expenses and a reduction of $0.2 million to cost of home sales revenues on the consolidated statements of operations. Included in home sales revenue and income before income taxes on the consolidated statement of operations for the year ended December 31, 2014 is $ 17.5 million and ($0.8) million, respectively, resulting from Grand View subsequent to the acquisition date. Acquisition of Peachtree On November 13, 2014, we acquired substantially all the assets and operations of Peachtree, a leading homebuilder in Atlanta, Georgia for approximately $ 57 million in cash. The acquired assets include land, homes under construction, model homes and lot option contacts in 36 communities in the greater Atlanta area. As a result of the acquisition, we obtained ownership or control of 2,120 lots in the greater Atlanta market. As the acquired assets and processes have the ability to create outputs in the form of revenue from the sale of single family residences, we concluded that the acquisition represents a business combination. We incurred $ 0.5 million in acquisition-related costs, which are included in other income (expense) on the consolidated statements of operations. The following table summarizes our estimates of the fair value of the assets acquired and liabilities assumed as of the acquisition date (in thousands): Assets acquired and liabilities assumed Accounts receivable $ 11 Inventories 48,034 Prepaid expenses and other assets 762 Property and equipment 54 Amortizable intangible assets 4,044 Goodwill 7,857 Total assets $ 60,762 Accounts payable 3,304 Accrued expenses and other liabilities 3,108 Total liabilities $ 6,412 Acquired inventories primarily consist of work in process homebuilding inventory in various stages of construction and do not include significant amounts of land held for future development. Accordingly, we estimated the fair value based upon the stage of production of each unit and a gross margin that we believe a market participant would require to complete the remaining development and requisite selling efforts. The stage of production, as of the acquisition date, ranged from finished lots to fully completed single family residences. We estimated a market participant would require a gross margin ranging from 6% to 18 % based upon the stage of production of the individual lot. Due to the preliminary nature of these estimates combined with uncertainties in the estimation process and the significant volatility in demand for new housing, actual results could differ significantly from such estimates. Intangible assets consist of a non-compete agreement with the former owner of Peachtree, acquired home plans and acquired lot option agreements. The non-compete agreement was valued using a with and with-out approach which estimates the impact on future cash flows with and with-out the non-compete agreement. The difference between the projected cash flows is then discounted in order to estimate the fair value of the agreement. We estimated a fair value of $ 3.2 million for the non-compete agreement. Acquired home plans were valued using a replacement cost approach, which resulted in an estimated fair value of $ 0.2 million. The fair value of the acquired lot option agreements of $0.6 million was estimated based upon the difference between the contractual lot option purchase prices and the estimated fair value of similar lots on the acquisition date. The non-compete agreement, home plans and lot option agreements will be amortized over 5, 7 and 3 years, respectively. In total, amortizable intangible assets will be amortized over a weighted average life of 4.8 years. We determined that Peachtree’s carrying costs approximated fair value for all other acquired assets and assumed liabilities. Goodwill includes the anticipated economic value of the acquired workforce. Approximately $ 12.0 million of goodwill is expected to be deductible for tax purposes. During the year ended December 31, 2015, we recorded a measurement period adjustment, which increased the estimated value of amortizable intangible assets and decreased the fair value of goodwill by $0.6 million. The measurement period adjustment also resulted in an increase of $0.1 million for the year ended December 31, 2015 to cost of home sales revenues on our consolidated statements of operations. Included in home sales revenue and income before income taxes on the consolidated statement of operations for the year ended December 31, 2014 is $ 36.7 million resulting from Peachtree subsequent to the acquisition date. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2016 | |
Inventory [Abstract] | |
Inventory | 4. Inventory Inventory included the following (in thousands): As of December 31, 2016 2015 Homes under construction $ 455,454 $ 374,274 Land and land development 373,496 414,330 Capitalized interest 28,935 21,533 Total inventories $ 857,885 $ 810,137 |
Amortizable Intangible Assets
Amortizable Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Amortizable Intangible Assets [Abstract] | |
Amortizable Intangible Assets | 5. Amortizable Intangible Assets Amortizable intangible assets included the following (in thousands): As of December 31, 2016 2015 Trade names $ 1,185 $ 2,499 Home construction contracts — 880 Non-compete agreements 5,065 5,084 In place lot option contracts 628 628 Home plans 764 764 Gross intangible assets 7,642 9,855 Accumulated amortization (4,731) (5,071) Intangible assets, net $ 2,911 $ 4,784 We recognized amortization expense on our intangibles of $1.9 million, $2.4 million and $1.5 million during the years ended December 31, 2016, 2015 and 2014, respectively. During the year ended December 31, 2016, we wrote off fully depreciated amortizable intangible assets totaling $2.2 million and the related accumulated amortization. As of December 31, 2016, expected amortization expense for amortizable intangible assets for each of the next five years, and thereafter, is as follows (in thousands): 2017 $ 1,266 2018 830 2019 675 2020 100 2021 40 Thereafter — Intangible assets, net 2,911 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment included the following (in thousands): As of December 31, 2016 2015 Land $ — $ 200 Buildings and improvements 300 958 Leasehold improvements 587 463 Machinery and equipment 605 222 Furniture and fixtures 730 458 Model furnishings 12,315 6,881 Computer hardware and software 3,641 2,538 18,178 11,720 Less accumulated depreciation (6,766) (3,345) Total property and equipment, net $ 11,412 $ 8,375 |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expenses and Other Assets [Abstract] | |
Prepaid Expenses and Other Assets | 7. Prepaid Expenses and Other Assets Prepaid expenses and other assets included the following (in thousands): As of December 31, 2016 2015 Prepaid insurance $ 12,236 $ 5,696 Lot option and escrow deposits 12,320 4,634 Performance deposits 1,544 1,404 Deferred financing costs revolving line of credit, net 2,637 2,318 Restricted cash 1,505 360 Secured note receivable 2,850 2,947 Assets held for sale 5,857 5,797 Other 1,508 3,579 Total prepaid expenses and other assets $ 40,457 $ 26,735 |
Investment in Unconsolidated Su
Investment in Unconsolidated Subsidiaries | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Unconsolidated Subsidiaries [Abstract] | |
Investment in Unconsolidated Subsidiaries | 8. Investment in Unconsolidated Subsidiaries On November 1, 2016, we acquired a 50% ownership of W JH LLC (which we refer to as “WJH”), which is the successor to Wade Jurney Homes, Inc. and Wade Jurney of Florida, Inc., for $15.0 million of which $1.0 million is held by the Company for potential indemnification claims for a period of eighteen months following the closing. WJH primarily targets first-time homebuyers in the Southeastern United States. As a result of the transaction, we own 50% of WJH and Wade Jurney Jr., an individual, owns the other 50% interest. Each party contributed an additional $3.0 million in capital to WJH upon its formation and we incurred $0.1 million in related acquisition costs. The Company and Wade Jurney Jr. share responsibility for all of WJH’s strategic decisions, with Wade Jurney Jr. continuing to manage the day-to-day operations under the existing operating model. Our investment in WJH is treated as an unconsolidated investment under the equity method of accounting. Our aggregate investment in WJH at November 1, 2016 of $18.1 million was more than our share of the underlying net assets of WJH, resulting in outside basis of approximately $7.6 million. Of the $7.6 million in outside basis, we attributed $2.0 million, $1.2 million and $4.4 million to the underlying inventory, trade names and goodwill of WJH, respectively. Amounts allocated to inventory, and intangible assets, will be amortized to equity in earnings over approximately 6 months, and 10 years, respectively. As of December 31, 2016, our investment in WJH was $18.3 million and we recognized $0.2 million in equity in earnings from the date of acquisition through December 31, 2016. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | 9. Accrued Expenses and Other Liabilities As of December 31, 2016 2015 Earnest money deposits $ 7,304 $ 6,717 Warranty reserve 2,479 2,622 Accrued compensation costs 12,603 8,114 Land development and home construction accruals 31,486 83,322 Accrued interest 3,039 2,651 Income taxes payable 783 374 Liabilities related to assets held for sale 193 223 Other 4,427 2,754 Total accrued expenses and other liabilities $ 62,314 $ 106,777 |
Warranties
Warranties | 12 Months Ended |
Dec. 31, 2016 | |
Warranties [Abstract] | |
Warranties | 10. Warranties 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 $1.4 million, $0.6 million and $0.2 million during the years ended December 31, 2016, 2015 and 2014, respectively, which is included as a reduction to cost of homes sales revenues on our consolidated statement of operations. Changes in our warranty accrual for the years ended December 31, 2016, 2015, and 2014 are detailed in the table below (in thousands): Year Ended December 31, 2016 2015 2014 Beginning balance $ 2,622 $ 2,194 $ 1,150 Warranty reserves assumed in business combinations — — 591 Warranty expense provisions 2,873 2,676 1,665 Payments (1,610) (1,628) (1,030) Warranty adjustment (1,406) (620) (182) Ending balance $ 2,479 $ 2,622 $ 2,194 |
Notes Payable and Revolving Lin
Notes Payable and Revolving Line of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Notes Payable and Revolving Line of Credit [Abstract] | |
Notes Payable and Revolving Line of Credit | 11. Notes Payable and Revolving Line of Credit Notes payable and revolving line of credit included the following as of December 31, 2016 and 2015 (in thousands): As of December 31, 2016 2015 6.875% senior notes $ 253,089 $ 251,815 Revolving line of credit 195,000 135,000 Land development notes — 2,677 Insurance premium notes 5,999 751 Total notes payable and revolving line of credit $ 454,088 $ 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 we refer to as the “Credit Agreement”). The Credit Agreement provides us with a revolving line of credit of up to $ 120 million (which we refer to as the “Revolving Credit Facility”). Under the terms of the Credit Agreement, we are entitled to request an increase in the size of the Revolving Credit Facility by an amount not exceeding $ 80 million. If the existing lenders elect not to provide the full amount of a requested increase, we may invite one or more other lender(s) to become a party to the Credit Agreement, subject to the approval of the Administrative Agent and L/C Issuer. The Credit Agreement includes a letter of credit sublimit of $ 20 million. The obligations under the Revolving Credit Facility are guaranteed by certain of our subsidiaries. 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 Company’s option to request, from time to time, an increase in the size of the Revolving Credit Facility, 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 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. On August 19, 2016, we entered into a Third 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 Third Modification Agreement, among other things, (i) increased the Revolving Credit Facility from $300 million to $380 million through our exercise of $80 million of the accordion feature of the Credit Agreement, (ii) admitted Citibank, N.A. and Flagstar Bank, FSB as new lenders under the Revolving Credit Facility, (iii) increased certain lenders’ respective commitments to the Revolving Credit Facility, and (iv) extended the maturity date of the Revolving Credit Facility by one year to mature on October 21, 2019 . Unless terminated earlier, on October 21, 2019 , the maturity date of the Revolving Credit Facility, the principal amount thereunder, together with all accrued unpaid interest and other amounts owing thereunder, if any, will be payable in full on such date. Borrowings under the Revolving Credit Facility bear interest at a floating rate equal to the LIBOR plus an applicable margin between 2.75% and 3.25% per annum, or, in the Administrative Agent’s discretion, a base rate plus an applicable margin between 1.75% and 2.25% per annum. The “applicable margins” described above are determined by a schedule based on our leverage ratio, as defined in the Credit Agreement. The Credit Agreement also provides for fronting fees and letter of credit fees payable to the L/C Issuer and commitment fees payable to the Administrative Agent equal to 0.20% of the unused portion of the Revolving Credit Facility. The Credit Agreement contains customary affirmative and negative covenants (including limitations on our ability to grant liens, incur additional debt, pay dividends, redeem our common stock, make certain investments and engage in certain merger, consolidation or asset sale transactions), as well as customary events of default. The Credit Agreement also requires us to maintain (i) a leverage ratio of not more than 1.50 to 1.0 as of the last day of any fiscal quarter, based upon our and our subsidiaries’ (on a consolidated basis) ratio of debt to tangible net worth, (ii) an interest coverage ratio of not less than 1.50 to 1.0 for any four fiscal quarter period, based upon our and our subsidiaries’ (on a consolidated basis) ratio of EBITDA to cash interest expense, (iii) a consolidated tangible net worth of not less than the sum of $250 million, plus 50% of the net proceeds of any issuances of equity interests by us and the guarantors of the Revolving Credit Facility, plus 50% of the amount of our and our subsidiaries’ consolidated net income, (iv) liquidity of not less than $25 million, and (v) a risk asset ratio of not more than 1.25 to 1.0, based upon the ratio of the book value of all risk assets owned by us and our subsidiaries to the our tangible net worth. As of December 31, 2016, we were in compliance with all covenants under the Credit Agreement. As of December 31, 2016 and 2015, we had $ 195.0 million and $135.0 million outstanding on the Credit Agreement, respectively. Other financing obligations As of December 31, 2016, the Company has two insurance premium notes which mature in March 2017 and December 2017 , respectively. These notes bear interest at rates of 3.89% and 3.88% , respectively. During the year ended December 31, 2016, we repaid three outstanding land development notes totaling $2.7 million. As of December 31, 2016 and 2015, we had $6.0 million and $0.8 million, respectively, of outstanding insurance premium notes. As of December 31, 2015, we also had $2.7 million of outstanding land development notes. Aggregate annual maturities of long-term debt as of December 31, 2016 are as follows (in thousands): 2017 $ 5,999 2018 — 2019 195,000 2020 — 2021 — Thereafter 260,000 Total 460,999 Less: Discount and deferred financing costs, net on 6.875% senior notes (6,911) Carrying amount $ 454,088 |
Interest
Interest | 12 Months Ended |
Dec. 31, 2016 | |
Interest [Abstract] | |
Interest | 12. Interest Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. As our qualifying assets exceeded our outstanding debt during the years ended December 31, 2016, 2015 and 2014, we capitalized all interest costs incurred during these periods, except for interest incurred on capital leases of machinery related to our golf course operations. Our interest costs are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Interest capitalized beginning of period $ 21,533 11,302 $ 2,820 Interest capitalized during period 26,904 20,313 10,848 Less: capitalized interest in cost of sales (19,502) (10,082) (2,366) Interest capitalized end of period $ 28,935 21,533 $ 11,302 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes Our income tax expense for the years ended December 31, 2016, 2015 and 2014 comprises the following current and deferred amounts (in thousands): Year Ended December 31, 2016 2015 2014 Current Federal $ 19,417 $ 16,754 $ 11,860 State and local 2,685 2,027 1,131 Total current 22,102 18,781 12,991 Deferred Federal 1,357 1,513 (1,923) State and local 150 121 (131) Total deferred 1,507 1,634 (2,054) Income tax expense $ 23,609 $ 20,415 $ 10,937 Total income tax expense differed from the amounts computed by applying the federal statutory income tax rate of 35 % to income before income taxes as a result of the following items (in thousands): Year Ended December 31, 2016 2015 2014 Statutory income tax expense $ 25,602 $ 21,107 $ 10,836 State income tax expense, net of federal income tax expense 1,954 1,690 643 Domestic production activities deduction (2,146) (1,766) (612) Federal energy credits (1,944) - - Other permanent items 221 37 70 Other adjustments (78) (653) - Income tax expense $ 23,609 $ 20,415 $ 10,937 Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences. Temporary differences arise when revenues and expenses for financial reporting are recognized for tax purposes in a different period. ASC 740 requires that a valuation allowance be recorded against deferred tax assets unless it is more likely than not that the deferred tax asset will be utilized. As a result of this analysis, the Company has no t recorded a valuation allowance against its deferred tax assets. The Company will continue to evaluate the need to record valuation allowances against deferred tax assets and will make adjustments in accordance with the accounting standard. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2016 and 2015 (in thousands): As of December 31, 2016 2015 Deferred tax assets Warranty reserves $ 928 $ 983 Amortizable intangible assets 113 678 Stock based compensation 2,105 1,513 Accrued compensation and other 845 - Inventories, additional costs capitalized for tax - 41 Deferred tax asset 3,991 3,215 Deferred tax liabilities Prepaid expenses 191 514 Property and equipment 2,023 1,420 Accrued expenses 3,057 1,556 Inventories, additional costs capitalized for tax 502 - Deferred tax liability 5,773 3,490 Net deferred tax liability $ (1,782) $ (275) The uncertainty provisions of ASC 740 also require the Company to recognize the impact of a tax position in its consolidated financial statements only if the technical merits of that position indicate that the position is more likely than not of being sustained upon audit. During the year, the Company did no t record a reserve for uncertain tax positions. The tax years ended December 31, 2015 , 2014 and 2013 , are open and subject to audit by the Internal Revenue Service and the states of Colorado, Georgia, Nevada, and Texas. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 14. Fair Value Disclosures ASC 820, Fair Value Measurement , defines fair value as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date. Level 3 – Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date. The following table presents carrying values and estimated fair values of financial instruments (in thousands): December 31, 2016 December 31, 2015 Hierarchy Carrying Fair Value Carrying Fair Value Secured note receivable (1) Level 2 $ 2,850 $ 2,828 $ 2,947 $ 2,926 6.875% senior notes (2) Level 2 $ 253,089 $ 260,090 $ 251,815 $ 232,503 Revolving line of credit (3) Level 2 195,000 195,000 135,000 135,000 Land development notes (4) Level 2 — — 2,677 2,672 Insurance premium notes (3) Level 2 5,999 5,999 751 751 Total notes payable and revolving line of credit $ 454,088 $ 463,689 $ 390,243 $ 370,926 (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 December 31, 2016 and 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 December 31, 2016 and 2015 incorporated recent trading activity of the Senior Notes in inactive markets. (3) Carrying amount approximates fair value due to short-term nature and interest rate terms. (4) The estimated fair values of the land development notes at December 31, 2015 were 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. Nonfinancial assets and liabilities include items such as inventory and property and equipment that are measured at fair value when acquired and resulting from impairment, if deemed necessary. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases [Abstract] | |
Operating Leases | 15. Operating Leases The Company maintains noncancellable operating leases for office space. The Company recognizes expense on a straight-line basis over the life of each lease. Rent expense for the years ended December 31, 2016, 2015 and 2014, was $1.4 million, $1.1 million and $0.5 million, respectively, included in selling, general, and administrative on our consolidated statement of operations. Future minimum lease payments as of December 31, 2016 are as follows (in thousands): 2017 $ 1,478 2018 1,261 2019 899 2020 924 2021 543 Thereafter 187 Total $ 5,292 |
Postretirement Plan
Postretirement Plan | 12 Months Ended |
Dec. 31, 2016 | |
Postretirement Plan [Abstract] | |
Postretirement Plan | 16. Postretirement Plan The Company has a 401(k) plan covering substantially all employees. The Company makes matching contributions of 50% of employees’ salary deferral amounts on the first 6% of employees’ compensation. Contributions to the plan during the years ended December 31, 2016, 2015 and 2014 were $0.4 million, $0.2 million and $0.1 million, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 17. Stock-Based Compensation During the year ended December 31, 2016, we granted shares of restricted stock units, which vest over a period of three years from the grant date. Previously, we had issued awards of restricted common stock under our First Amended & Restated 2013 Long-Term Incentive Plan. The following table summarizes the activity of our restricted stock units and restricted common stock for the years ended December 31, 2016, 2015 and 2014 (in thousands): Year Ended December 31, 2016 2015 2014 Shares Weighted average per share grant date fair value Shares Weighted average per share grant date fair value Shares Weighted average per share grant date fair value Outstanding, beginning of year 696 $ 18.18 366 $ 20.78 183 $ 19.57 Granted 514 14.28 500 16.92 250 21.34 Vested (297) 18.65 (141) 20.62 (60) 19.58 Forfeited (61) 16.05 (29) 17.42 (7) 19.59 Outstanding, end of year 852 $ 15.81 696 $ 18.18 366 $ 20.78 A summary of our outstanding awards of restricted common stock and restricted stock units are as follows (in thousands, except years): As of December 31, 2016 Restricted Stock Awards Restricted Stock Units Total Unvested awards/units 357 495 852 Unrecognized compensation cost $ 3,299 $ 5,002 $ 8,301 Period to recognize compensation cost 1.0 years 2.1 years 1.7 years (weighted average) During the years ended December 31, 2016, 2015 and 2014, the Company recognized stock-based compensation expense of $ 6.7 million, $ 5.2 million and $2.2 million, respectively, which is included in selling, general, and administrative on the consolidated statements of operations. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 18. Stockholders’ Equity The Company’s 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 December 31, 2016 and 2015, there were 21.3 million and 20.6 million shares of common stock issued and outstanding, exclusive of the restricted common stock issued, respectively. The Company has also reserved a total of 1.8 million shares of common stock for issuance under our First Amended & Restated 2013 Long-Term Incentive Plan, including outstanding awards. During the year ended December 31, 2016, we repurchased 0.2 million shares of our common stock at a weighted average price of $15.03 per share. On November 7, 2016, we entered into a Distribution Agreement (which we refer to as the “Distribution Agreement”) with J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Citigroup Global Markets Inc. (which we refer to collectively as the “Sales Agents,” and individually as a “Sales Agent”), relating to our common stock. Under the Distribution Agreement we are authorized to offer and sell shares of our common stock having an aggregate offering price of up to $50.0 million from time to time through any of our Sales Agents in “at the market” offerings. During the year ended December 31, 2016, we sold and issued 0.6 million shares of our common stock under the Distribution Agreement, which provided net proceeds to us of $11.4 million. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 19. Earnings Per Share We use the two-class method of calculating earnings per share (EPS) as our unvested 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. The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2016, 2015 and 2014 (in thousands, except share and per share information): Year Ended December 31, 2016 2015 2014 Numerator Net income $ 49,540 $ 39,890 $ 20,022 Less: Undistributed earnings allocated to participating securities (1,050) (1,323) (296) Net income allocable to common stockholders $ 48,490 $ 38,567 $ 19,726 Denominator Weighted average common shares outstanding - basic 20,679,189 20,569,012 19,226,504 Dilutive effect of restricted stock units 112,748 — — Weighted average common shares outstanding - diluted 20,791,937 20,569,012 19,226,504 Earnings per share: Basic $ 2.34 $ 1.88 $ 1.03 Diluted $ 2.33 $ 1.88 $ 1.03 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 20. Related-Party Transactions Prior to our May 2013 private placement, the Company transacted with entities that were controlled by the same individuals who control the Company and are Co-CEOs of the Company. Transactions between entities under common control for land inventory are recorded at the carrying basis of the related party. During the years ended December 31, 2016, 2015 and 2014, we delivered homes for which the land was originally purchased from entities under common control. Recording the lots at the carrying basis of the entities under common control as opposed to the purchase price benefitted gross margins by $2.9 million, $1.8 million, and $2.1 million for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016 and 2015, lots with a carrying basis, before development costs, of $0.2 million, and $1.0 million, respectively, which were purchased from entities under common control, were included in inventories on our consolidated balance sheet. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 21 . Commitments and Contingencies Letters of Credit and Performance Bonds In the normal course of business, the Company posts letters of credit and performance bonds related to our land development performance obligations, with local municipalities. As of December 31, 2016 and 2015, we had $ 70.1 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 management that if the claims have merit, parties other than the Company would be, at least in part, liable for the claims, and eventual outcome of these claims will not have a material adverse effect upon our consolidated financial condition, results of operations, or cash flows. When we believe that a loss is probable and estimable, we record a charge to selling, general, and administrative on our consolidated statement of operations for our estimated loss. 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. |
Results of Quarterly Operations
Results of Quarterly Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Results Of Quarterly Operations (Unaudited) [Abstract] | |
Results of Quarterly Operations (Unaudited) | 22. Results of Quarterly Operations (Unaudited) Quarter First Second Third Fourth (in thousands, except per share amounts) 2016 Home sales revenues $ 181,081 $ 257,179 $ 248,075 $ 292,398 Gross margin from home sales revenues $ 36,728 $ 49,296 $ 50,425 $ 56,157 Income before tax expense $ 12,429 $ 19,097 $ 19,731 $ 21,892 Net income $ 7,983 $ 13,142 $ 13,342 $ 15,073 Basic and diluted earnings per share $ 0.38 $ 0.62 $ 0.63 $ 0.71 2015 Home sales revenues $ 154,335 $ 186,808 $ 179,775 $ 204,519 Gross margin from home sales revenues $ 29,529 $ 36,583 $ 38,323 $ 41,799 Income before tax expense $ 9,524 $ 14,431 $ 15,945 $ 20,405 Net income $ 6,351 $ 9,798 $ 10,583 $ 13,158 Basic and diluted earnings per share $ 0.30 $ 0.46 $ 0.50 $ 0.62 |
Disposition of Golf Courses
Disposition of Golf Courses | 12 Months Ended |
Dec. 31, 2016 | |
Disposition of Golf Courses [Abstract] | |
Disposition of Golf Courses | 23. 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 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 . We are currently marketing the golf course in our Rhodes Ranch golf community in our Nevada operating segment for sale and we believe the disposition is probable within one year and, accordingly, 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 our consolidated balance sheet as of December 31, 2016. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information | 24. Supplemental Guarantor Information In May 2014, we completed a private offering of $ 200.0 million in aggregate principal amount of our 6.875% senior unsecured 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. 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 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 December 31, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Assets Cash and cash equivalents $ 14,637 $ 8,646 $ 6,167 $ — $ 29,450 Cash held in escrow — 20,044 — — 20,044 Accounts receivable 2,980 2,749 — — 5,729 Investment in subsidiaries 884,665 — — (884,665) — Inventories — 857,885 — — 857,885 Prepaid expenses and other assets 14,628 25,662 167 — 40,457 Property and equipment, net 1,166 10,224 22 — 11,412 Investment in unconsolidated subsidiaries 18,275 — 18,275 Amortizable intangible assets, net — 2,911 — — 2,911 Goodwill — 21,365 — — 21,365 Total assets $ 936,351 $ 949,486 $ 6,356 $ (884,665) $ 1,007,528 Liabilities and stockholders’ equity Liabilities: Accounts payable $ 257 $ 15,575 $ (124) $ — $ 15,708 Accrued expenses and other liabilities 12,587 49,697 30 — 62,314 Deferred tax liability 1,782 — — — 1,782 Notes payable and revolving line of credit 448,089 5,999 — — 454,088 Total liabilities 462,715 71,271 (94) — 533,892 Stockholders’ equity: 473,636 878,215 6,450 (884,665) 473,636 Total liabilities and stockholders’ equity $ 936,351 $ 949,486 $ 6,356 $ (884,665) $ 1,007,528 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 Cash held in escrow — 11,817 — — 11,817 Accounts receivable 1,239 4,002 — — 5,241 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 Year Ended December 31, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 978,733 $ — $ — $ 978,733 Land sales revenues — 11,799 — — 11,799 Golf course and other revenue — 3,908 — — 3,908 Total revenue — 994,440 — — 994,440 Costs and expenses Cost of homes sales revenues — 786,127 — — 786,127 Cost of land sales revenues — 10,589 — — 10,589 Cost of golf course and other revenue — 3,628 — — 3,628 Selling, general and administrative 25,674 96,235 315 — 122,224 Total operating costs and expenses 25,674 896,579 315 — 922,568 Operating income (25,674) 97,861 (315) — 71,872 Other income (expense) Equity in earnings from consolidated subsidiaries 64,297 — — (64,297) — Interest income 34 161 — — 195 Interest expense — (5) — — (5) Equity in earnings from unconsolidated subsidiaries 191 — — — 191 Acquisition expense (490) — — — (490) Other income — 940 — — 940 Gain on disposition of assets — 446 — — 446 Income before income tax expense 38,358 99,403 (315) (64,297) 73,149 Income tax expense (11,182) 34,791 — — 23,609 Net income $ 49,540 $ 64,612 $ (315) $ (64,297) $ 49,540 Supplemental Condensed Consolidated Statement of Operations For the Year Ended December 31, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 725,437 $ — $ — $ 725,437 Land sales revenues — 3,405 — — 3,405 Golf course and other revenue — 5,647 — — 5,647 Total revenue — 734,489 — — 734,489 Costs and expenses Cost of homes sales revenues — 579,203 — — 579,203 Cost of land sales revenues — 3,395 — — 3,395 Cost of golf course and other revenue — 5,037 — — 5,037 Selling, general and administrative 18,013 69,827 — — 87,840 Total operating costs and expenses 18,013 657,462 — — 675,475 Operating income (18,013) 77,027 — — 59,014 Other income (expense) Equity in earnings from consolidated subsidiaries 51,197 — — (51,197) — Interest income 44 85 — — 129 Interest expense — (10) — — (10) Acquisition expense (491) — — — (491) Other income — 1,535 — — 1,535 Gain on disposition of assets — 128 — — 128 Income before income tax expense 32,737 78,765 — (51,197) 60,305 Income tax expense (7,153) 27,568 — — 20,415 Net income $ 39,890 $ 51,197 $ — $ (51,197) $ 39,890 Supplemental Condensed Consolidated Statement of Operations For the Year Ended December 31, 2014 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 351,823 $ — $ — $ 351,823 Land sales revenues — 4,800 — — 4,800 Golf course and other revenue — 5,769 — — 5,769 Total revenue — 362,392 — — 362,392 Cost of home sale revenues Cost of homes sales revenues — 276,386 — — 276,386 Cost of land sales revenues — 1,808 — — 1,808 Cost of golf course and other revenue — 6,301 — — 6,301 Selling, general and administrative 12,185 34,610 — — 46,795 Total operating costs and expenses 12,185 319,105 — — 331,290 Operating income (12,185) 43,287 — — 31,102 Other income (expense) Equity in earnings from consolidated subsidiaries 28,729 — — (28,729) — Interest income 359 3 — — 362 Interest expense — (26) — — (26) Acquisition expense (1,414) — — — (1,414) Other income — 736 — — 736 Gain on disposition of assets — 199 — — 199 Income before income tax expense 15,489 44,199 — (28,729) 30,959 Income tax expense (4,533) 15,470 — — 10,937 Net income $ 20,022 $ 28,729 $ — $ (28,729) $ 20,022 Supplemental Condensed Consolidated Statement of Cash Flows For the Year Ended December 31, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash provided by/(used in) operating activities $ (16,138) $ (29,123) $ (575) $ — $ (45,836) Net cash used in investing activities $ (58,032) $ (5,585) $ (23) $ 40,439 $ (23,201) Financing activities Borrowings under revolving credit facilities $ 220,000 $ — $ — $ — $ 220,000 Payments on revolving credit facilities (160,000) — — — (160,000) Proceeds from insurance notes payable — 11,612 — — 11,612 Principal payments on notes payable — (9,217) — — (9,217) Debt issuance costs (1,156) — — — (1,156) Repurchases of common stock under our stock repurchase program (2,393) — — — (2,393) Repurchases of common stock upon vesting of restricted stock awards (1,015) — — — (1,015) Payments from (and advances to) parent/subsidiary — 33,674 6,765 (40,439) — Net proceeds from issuances of common stock 11,369 — — — 11,369 Net cash provided by financing activities $ 66,805 $ 36,069 $ 6,765 $ (40,439) $ 69,200 Net decrease in cash and cash equivalents $ (7,365) $ 1,361 $ 6,167 $ — $ 163 Cash and cash equivalents Beginning of period $ 22,002 $ 7,285 $ — $ — $ 29,287 End of period $ 14,637 $ 8,646 $ 6,167 $ — $ 29,450 Supplemental Condensed Consolidated Statement of Cash Flows For the Year Ended December 31, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash used in operating activities $ (3,742) $ (158,992) $ — $ — $ (162,734) Net cash used in investing activities (167,244) (3,839) — 166,851 (4,232) Financing activities Borrowings under revolving credit facilities 180,000 — — — 180,000 Payments on revolving credit facilities (65,000) — — — (65,000) Proceeds from issuance of senior notes 58,956 — — — 58,956 Proceeds from issuance of notes payable — 1,169 — — 1,169 Principal payments on notes payable — (8,656) — — (8,656) Debt issuance costs (2,817) — — — (2,817) Repurchases of common stock upon vesting of restricted stock awards (861) — — — (861) Payments from (and advances to) parent/subsidiary — 166,851 — (166,851) — Net cash provided by financing activities 170,278 159,364 — (166,851) 162,791 Net decrease in cash and cash equivalents (708) (3,467) — — (4,175) Cash and cash equivalents Beginning of period 22,710 10,752 — — 33,462 End of period $ 22,002 $ 7,285 $ — $ — $ 29,287 Supplemental Condensed Consolidated Statement of Cash Flows For the Year Ended December 31, 2014 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash used in operating activities $ (7,783) $ (121,888) $ — $ — $ (129,671) Net cash used in investing activities (359,291) (233,001) — 358,580 (233,712) Financing activities Borrowings under revolving credit facilities 119,000 — — — 119,000 Payments on revolving credit facilities (99,000) — — — (99,000) Proceeds from issuance of senior notes 198,478 — — — 198,478 Proceeds from issuance of notes payable — 6,760 — — 6,760 Principal payments on notes payable — (3,083) — — (3,083) Debt issuance costs (6,783) — — — (6,783) Net proceeds from issuances of common stock 81,564 — — — 81,564 Repurchases of common stock (9,746) — — — (9,746) Excess tax benefit on stock-based compensation 43 — — — 43 Payments from (and advances to) parent/subsidiary — 358,580 — (358,580) — Repurchases of common stock upon vesting of restricted stock awards (386) — — — (386) Net cash provided by financing activities 283,170 362,257 — (358,580) 286,847 Net increase (decrease) in cash and cash equivalents (83,904) 7,368 — — (76,536) Cash and cash equivalents Beginning of period 106,614 3,384 — — 109,998 End of period $ 22,710 $ 10,752 $ — $ — $ 33,462 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events On January 26, 2017, we completed a private offering of an additional $125 million in aggregate principal amount of our 6.875% senior notes due 2022 (which we refer to as the “January 2017 Senior Notes”). The January 2017 Senior Notes were sold and issued in a private offering, exempt from the registration requirements of the Securities Act, to qualified institutional buyers in reliance on Rule 144A under the Securities Act, and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The January 2017 Senior Notes are additional notes issued under the Indenture pursuant to which we previously issued $260 million in aggregate principal amount of our 6.875% Senior Notes due 2022 (the “Existing Notes”). The January 2017 Senior Notes and the Existing Notes will be treated as a single series of notes under the Indenture, and will vote as a single class of notes for all matters submitted to a vote of holders under the Indenture. We received net proceeds from the sale of the January 2017 Senior Notes of approximately $125.4 million. |
Nature of Operations and Summ32
Nature of Operations and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Century Communities, Inc. (which we refer to as “we” or “the Company”) is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in metropolitan areas in Colorado, Austin and San Antonio, Texas (which we refer to as “Central Texas”), Houston, Texas, Las Vegas, Nevada, Atlanta, Georgia, and Salt Lake City, Utah. 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. We were formed as a Colorado limited liability company in August 2002, and we converted into a Delaware corporation pursuant to the General Corporation Law of the State of Delaware on April 30, 2013. In connection with the conversion, all of the outstanding membership interests were converted into an aggregate of 5.0 million shares of common stock, which represented 100 % of the outstanding shares of the Company’s common stock immediately following the conversion. Also in connection with the conversion, the Company’s name was changed from Century Communities Colorado, LLC to Century Communities, Inc., and a total of 100.0 million shares of the Company’s common stock and 50.0 million shares of preferred stock were authorized for issuance. |
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 each variable interest entity (which we refer to as “VIE”) for which the Company is deemed the primary beneficiary. All intercompany accounts and transactions have been eliminated. All numbers related to lots and communities disclosed in the notes to the consolidated financial statements are unaudited. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. |
Cash Held in Escrow | Cash Held in Escrow Cash held in escrow consists of amounts related to the proceeds from home closings held for our benefit in escrow, which are typically held for less than a few days. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily consists of contract receivables related to certain contracts in our Central Texas operating segment accounted for under the percentage-of-completion method, income tax receivables and rebate receivables. We periodically review the collectability of our accounts receivables, and, if it is determined that a receivable might not be fully collectible, an allowance is recorded for the amount deemed uncollectible. As of December 31, 2016 and 2015, no allowance was recorded related to accounts receivable. |
Inventories and Cost of Sales | Inventories and Cost of Sales We capitalize pre-acquisition, land, development, and other allocated costs, including interest, during development and home construction. Land, development, and other common costs are allocated to inventory using the relative-sales-value method; however, as lots within a project typically have comparable market values, we generally allocate land, development, and common costs equally to each lot within the project. Home construction costs are recorded using the specific-identification method. Cost of sales for homes closed includes the allocation of construction costs of each home and all applicable land acquisition, land development, and related common costs, both incurred and estimated to be incurred. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining homes in the community. When a home is closed, the Company generally has not paid all incurred costs necessary to complete the home, and a liability and a charge to cost of home sales revenues are recorded for the amount that is estimated will ultimately be paid related to completed homes. Inventories are carried at cost unless events and circumstances indicate that the carrying value may not be recoverable. We review for indicators of impairment at the lowest level of identifiable cash flows, which we have determined as the community level. Indicators of impairment include, but are not limited to, significant decreases in local housing market values and selling prices of comparable homes, decreases in actual or trending gross margins or sales absorption rates, significant unforeseen cost in excess of budget, and actual or projected cash flow losses. If an indicator of impairment is identified, we estimate the recoverability of the community by comparing the estimated future cash flows on an undiscounted basis to its carrying value. If the undiscounted cash flows are more than the carrying value, the community is recoverable and no impairment is recorded. If the undiscounted cash flows are less than the community’s carrying value, the community is deemed impaired and is written down to fair value. We generally estimate the fair value of the community through a discounted cash flow approach. When estimating cash flows of a community, we make various assumptions, including the following: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders in other communities, and future sales price adjustments based on market and economic trends; (ii) expected sales pace based on local housing market conditions, competition, and historical trends; (iii) costs expended to date and expected to be incurred, including, but not limited to, land and land development costs, home construction costs, interest costs, indirect construction and overhead costs, and selling and marketing costs; and (iv) alternative uses for the property. For the years ended December 31, 2016, 2015 and 2014, no inventory impairments were recorded. |
Home Sales and Profit Recognition | Home Sales and Profit Recognition Revenues from home sales are recorded and a profit is recognized when the respective units are closed, title has passed, the homeowner’s initial and continuing investment is adequate, and other attributes of ownership have been transferred to the homeowner. Sales incentives are recorded as a reduction of revenues when the respective unit is closed. When it is determined that the earnings process is not complete, the sale and the related profit are deferred for recognition in future periods. We also serve as the general contractor for custom homes in our Central Texas operating segment, where the customer and not the Company owns the underlying land (which we refer to as “Build on Your Own Lot Contracts”). Accordingly, we recognize revenue for the Build on Your Own Lot Contracts, which are primarily cost plus contracts, on the percentage-of-completion method where progress toward completion is measured by relating the actual cost of work performed to date to the current estimated total cost of the respective contracts. As the Company makes such estimates, judgments are required to evaluate potential variances in the cost of materials and labor and productivity. During the years ended December 31, 2016, 2015 and 2014, we recognized revenue of $ 7.3 million, $6.1 million and $ 22.0 million, respectively, and incurred costs of $5.3 million, $4.8 million and $17.4 million, respectively, associated with Build on Your Own Lot Contracts, which are presented in home sales revenues and cost of home sales revenues on the consolidated statement of operations, respectively. As of December 31, 2016 and 2015, we had $ 1.0 million and $ 0.8 million in contract receivables, respectively, and $0.4 million and $0.3 million in billings in excess of collections, respectively, related to the Build on Your Own Lot Contracts, which are presented on the consolidated balance sheet in accounts receivable and accrued expenses and other liabilities, respectively. |
Performance Deposits | Performance Deposits We are occasionally required to make a land, bond, and utility deposit as each new development is started. These amounts typically are refundable as each home is sold. Performance deposits are included in prepaid expenses and other assets on the consolidated balance sheet. |
Lot Option and Escrow Deposits | Lot Option and Escrow Deposits We enter into lot option purchase agreements with unrelated parties to acquire lots for the construction of homes. Under these agreements, we have paid deposits, which in many cases are non-refundable, in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Lot option and escrow deposits are included in prepaid expenses and other assets on the consolidated balance sheet. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. The estimated useful lives for each major depreciable classification of property and equipment are as follows: Years Buildings and improvements 3 – 40 years Leasehold improvements 3 – 10 years Machinery and equipment 3 – 15 years Furniture and fixtures 2 – 7 years Model furnishings 2 – 5 years Computer hardware and software 1 – 5 years |
Investment in Unconsolidated Subsidiaries | Investment in Unconsolidated Subsidiaries We account for our investment in unconsolidated subsidiaries under the equity method because we exercise significant influence over, but do not control, these entities. Under the equity method, these investments are initially recorded at cost and are subsequently adjusted to reflect our proportionate share of net earnings or losses, distributions received, contributions made and certain other adjustments, as appropriate. Such investments are included in “Investment in unconsolidated subsidiaries” in our consolidated balance sheets. Distributions from these investments that are related to cash earnings from operations are included as operating activities and distributions that are related to capital transactions are included as investing activities in our consolidated statements of cash flows. We recognize our proportionate share of the ongoing earnings or losses of the unconsolidated subsidiary in “equity in income of unconsolidated subsidiaries” in our consolidated statements of operations. We evaluate our investment in unconsolidated subsidiaries for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, we calculate the estimated fair value of the investment using a market, income or replacement cost approach, or combination thereof. The amount of impairment recognized, if any, would be the excess of the investment’s carrying amount over its estimated fair value. We consider various factors to determine if a decline in the value of the investment is other-than-temporary. These factors are Level 2 and 3 inputs and include but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, expected term of the investment, and the relationships with our partners. If we believe that the decline in the fair value is temporary, no impairment is recorded. The aforementioned factors are taken as a whole by management in determining the valuation of our investment. Should the actual results differ from management’s estimates, the valuation could be negatively affected and may result in a negative impact on our consolidated financial statements. |
Amortizable Intangible Assets | Amortizable Intangible Assets Amortizable intangible assets consist of the estimated fair value of trade names, home construction contracts, non-compete agreements, and home plans that were acquired upon closing of the acquisition of Jimmy Jacobs, LVLH, Grand View, and Peachtree. The acquisitions were accounted for as business combinations as defined in Accounting Standards Codification (which we refer to as “ASC”) 805, Business Combinations . A high degree of judgment is made by management on variables, such as revenue growth rates, profitability, and discount rates, when calculating the value of the intangible assets. The identified intangible assets are amortized over their respective estimated useful life. Trade names, non-compete agreements, and other intangibles assets are amortized to selling, general and administrative expenses in the consolidated statement of operations. Intangible assets for cell phone tower leases, and home construction contracts are amortized to other income and cost of home sales revenues, respectively, as income on the related contracts are earned. The estimated lives for each major amortizable classification of intangible assets are as follows: Years Trade names 2 – 4 years Home construction contracts 1 – 2 years Non-compete agreements 2 – 5 years Cell phone tower leases 5 – 20 years Home plans 7 years |
Earnest Money Deposits | Earnest Money Deposits We collect earnest deposits at the time a home buyer’s contract is accepted. Earnest money deposits held on homes under contract as of December 31, 2016 and 2015, totaled $7.3 million and $6.7 million, respectively, and are included in accrued expenses and other liabilities on the consolidated balance sheet. |
Stock-Based Compensation | Stock-Based Compensation We account for share-based awards in accordance with ASC 718, Compensation—Stock Compensation . ASC 718 requires us to estimate the grant date fair value of stock-based compensation awards and to recognize the fair value as compensation costs over the requisite service period, which is generally three years, for all awards that vest. We value our restricted stock awards and restricted stock units equal to the closing price of our common stock on the New York Stock Exchange on the date of grant. |
Income Taxes | Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes , which requires recognition of deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of its assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. When it is more likely than not that a portion or all of a deferred tax asset will not be realized in the future, the Company provides a corresponding valuation allowance against the deferred tax asset. As of December 31, 2016 and 2015, we had no valuation allowance recorded against our deferred tax assets. In addition, when it is more likely than not that a tax position will be sustained upon examination by a tax authority that has full knowledge of all relevant information, the Company measures the amount of tax benefit from the position and records the largest amount of tax benefit that is more likely than not of being realized after settlement with a tax authority. The Company’s policy is to recognize interest to be paid on an underpayment of income taxes in interest expense and any related statutory penalties in the provision for income taxes on the consolidated statement of operations. As of December 31, 2016 and 2015, we had no reserves for uncertain tax positions. |
Goodwill | Goodwill We evaluate goodwill for possible impairment in accordance with ASC 350, Intangibles–Goodwill and Other, on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We use a three step process to assess whether or not goodwill can be realized. The first step is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. If the qualitative assessment indicates a stable or improved fair value, no further testing is required. If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, we will proceed to the second step where we calculate the fair value of a reporting unit based on discounted future cash flows. If this step indicates that the carrying value of a reporting unit is in excess of its fair value, we will proceed to the third step where the fair value of the reporting unit will be allocated to assets and liabilities as they would in a business combination. Impairment occurs when the carrying amount of goodwill exceeds its estimated fair value calculated in the third step. As of December 31, 2016 and 2015, we determined our goodwill was no t impaired. |
Business Combinations | Business Combinations We account for business combinations in accordance with ASC 850, Business Combinations , if the acquired assets assumed and liabilities incurred constitute a business. We consider acquired companies to constitute a business if the acquired net assets and processes have the ability to create outputs in the form of revenue. For acquired companies constituting a business, we recognize the identifiable assets acquired and liabilities assumed at their acquisition-date fair values and recognize any excess of total consideration paid over the fair value of the identifiable net assets as goodwill. |
Variable Interest Entities | Variable Interest Entities We review land option contracts where we have a non-refundable deposit to determine whether the corresponding land seller is a VIE and, if so, whether we are the primary beneficiary. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities that most significantly impact the economic performance of the VIE. In making this determination, we consider whether we have the power to direct certain activities, including, but not limited to, determining or limiting the scope or purpose of the VIE, the ability to sell or transfer property owned or controlled by the VIE, or arranging financing for the VIE. We are not the primary beneficiary of any VIE as of December 31, 2016 and 2015. We analyzed each of our land option contracts to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analysis, we determined that as of December 31, 2016, we were not the primary beneficiary of any VIE from which we have acquired rights to land under the land option contract. As of December 31, 2016 and 2015, we have non-refundable cash deposits totaling $10.5 million and $2.9 million, respectively, classified in “Prepaid expenses and other assets” in our consolidated balance sheets for land option contracts. The non-refundable deposit is our maximum exposure to loss for the transactions as of December 31, 2016 and 2015, respectively. |
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 plan to adopt ASU 2015-14 on January 1, 2018 under the modified retrospective approach. We do not believe that there will be a material impact on the amount or timing in recording home sales revenues as a result of adopting ASU 20 1 5-14. We will continue to evaluate the impact that the adoption of ASU 2015-14 will have on other aspects of our business and to our consolidated financial statements. 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 was 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 do not expect the adoption of ASU 2016-09 to have a material effect on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows- Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 consists of eight provisions that provide guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. We are currently evaluating the impact ASU 2016-15 will have on our consolidated financial statements. |
Nature of Operations and Summ33
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Lives Of Property Plant And Equipment | Years Buildings and improvements 3 – 40 years Leasehold improvements 3 – 10 years Machinery and equipment 3 – 15 years Furniture and fixtures 2 – 7 years Model furnishings 2 – 5 years Computer hardware and software 1 – 5 years |
Schedule Of Amortizable Classification Of Intangible Assets | Years Trade names 2 – 4 years Home construction contracts 1 – 2 years Non-compete agreements 2 – 5 years Cell phone tower leases 5 – 20 years Home plans 7 years |
Reporting Segments (Tables)
Reporting Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reporting Segments [Abstract] | |
Schedule Of Home Sale Revenues And Pretax Income By Segment | Year Ended December 31, 2016 2015 2014 Revenue: Atlanta $ 343,141 $ 269,188 $ 36,726 Central Texas 107,435 77,996 55,845 Colorado 358,267 259,259 181,609 Houston 39,571 38,233 17,458 Nevada 143,395 89,813 70,754 Utah 2,631 — — Corporate — — — Total revenue $ 994,440 $ 734,489 $ 362,392 Income before income tax expense: Atlanta $ 31,138 $ 23,574 $ 899 Central Texas 5,519 5,048 5,053 Colorado 51,713 37,090 29,924 Houston (2,833) (788) (759) Nevada 15,586 12,425 8,588 Utah (686) — — Corporate (27,288) (17,044) (12,746) Total income before income tax expense $ 73,149 $ 60,305 $ 30,959 |
Schedule Of Total Assets By Segment | As of December 31, 2016 2015 Atlanta $ 262,448 $ 185,331 Central Texas 112,612 117,037 Colorado 293,467 313,653 Houston 25,780 51,534 Nevada 231,057 220,209 Utah 17,133 — Corporate 65,031 29,977 Total assets $ 1,007,528 $ 917,741 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Las Vegas Land Holdings [Member] | |
Business Combinations [Line Items] | |
Schedule Of Final Recognized Assets Acquired And Liabilities Assumed | Assets acquired and liabilities assumed Accounts receivable $ 347 Inventories 145,599 Prepaid expenses and other assets 1,876 Property and equipment 8,619 Amortizable intangible assets 3,042 Goodwill 11,283 Total assets $ 170,766 Accounts payable 2,074 Accrued expenses and other liabilities 1,816 Notes payable and capital lease obligations 1,497 Total liabilities $ 5,387 |
Grand View Builders Inc. [Member] | |
Business Combinations [Line Items] | |
Schedule Of Final Recognized Assets Acquired And Liabilities Assumed | Assets acquired and liabilities assumed Accounts receivable $ 188 Inventories 12,070 Prepaid expenses and other assets 295 Property and equipment 185 Amortizable intangible assets 1,748 Goodwill 1,746 Total assets $ 16,232 Accrued expenses and other liabilities (inclusive of earnout liability) 3,376 Total liabilities $ 3,376 |
Peachtree Communities [Member] | |
Business Combinations [Line Items] | |
Schedule Of Final Recognized Assets Acquired And Liabilities Assumed | Assets acquired and liabilities assumed Accounts receivable $ 11 Inventories 48,034 Prepaid expenses and other assets 762 Property and equipment 54 Amortizable intangible assets 4,044 Goodwill 7,857 Total assets $ 60,762 Accounts payable 3,304 Accrued expenses and other liabilities 3,108 Total liabilities $ 6,412 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory [Abstract] | |
Schedule Of Inventories | As of December 31, 2016 2015 Homes under construction $ 455,454 $ 374,274 Land and land development 373,496 414,330 Capitalized interest 28,935 21,533 Total inventories $ 857,885 $ 810,137 |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Amortizable Intangible Assets [Abstract] | |
Schedule Of Amortizable Intagible Assets | As of December 31, 2016 2015 Trade names $ 1,185 $ 2,499 Home construction contracts — 880 Non-compete agreements 5,065 5,084 In place lot option contracts 628 628 Home plans 764 764 Gross intangible assets 7,642 9,855 Accumulated amortization (4,731) (5,071) Intangible assets, net $ 2,911 $ 4,784 |
Schedule Of Future Amortization Expense | 2017 $ 1,266 2018 830 2019 675 2020 100 2021 40 Thereafter — Intangible assets, net 2,911 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment [Abstract] | |
Schedule Of Property And Equipment | As of December 31, 2016 2015 Land $ — $ 200 Buildings and improvements 300 958 Leasehold improvements 587 463 Machinery and equipment 605 222 Furniture and fixtures 730 458 Model furnishings 12,315 6,881 Computer hardware and software 3,641 2,538 18,178 11,720 Less accumulated depreciation (6,766) (3,345) Total property and equipment, net $ 11,412 $ 8,375 |
Prepaid Expenses and Other As39
Prepaid Expenses and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expenses and Other Assets [Abstract] | |
Schedule Of Prepaid Expenses And Other Assets | As of December 31, 2016 2015 Prepaid insurance $ 12,236 $ 5,696 Lot option and escrow deposits 12,320 4,634 Performance deposits 1,544 1,404 Deferred financing costs revolving line of credit, net 2,637 2,318 Restricted cash 1,505 360 Secured note receivable 2,850 2,947 Assets held for sale 5,857 5,797 Other 1,508 3,579 Total prepaid expenses and other assets $ 40,457 $ 26,735 |
Accrued Expenses and Other Li40
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Schedule Of Accrued Expenses And Other Liabilities | As of December 31, 2016 2015 Earnest money deposits $ 7,304 $ 6,717 Warranty reserve 2,479 2,622 Accrued compensation costs 12,603 8,114 Land development and home construction accruals 31,486 83,322 Accrued interest 3,039 2,651 Income taxes payable 783 374 Liabilities related to assets held for sale 193 223 Other 4,427 2,754 Total accrued expenses and other liabilities $ 62,314 $ 106,777 |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Warranties [Abstract] | |
Schedule Of Changes In Warranty Accrual | Year Ended December 31, 2016 2015 2014 Beginning balance $ 2,622 $ 2,194 $ 1,150 Warranty reserves assumed in business combinations — — 591 Warranty expense provisions 2,873 2,676 1,665 Payments (1,610) (1,628) (1,030) Warranty adjustment (1,406) (620) (182) Ending balance $ 2,479 $ 2,622 $ 2,194 |
Notes Payable and Revolving L42
Notes Payable and Revolving Line of Credit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Payable and Revolving Line of Credit [Abstract] | |
Schedule Of Notes Payable And Revolving Loan Agreement | As of December 31, 2016 2015 6.875% senior notes $ 253,089 $ 251,815 Revolving line of credit 195,000 135,000 Land development notes — 2,677 Insurance premium notes 5,999 751 Total notes payable and revolving line of credit $ 454,088 $ 390,243 |
Schedule Of Maturities Of Long Term Debt | 2017 $ 5,999 2018 — 2019 195,000 2020 — 2021 — Thereafter 260,000 Total 460,999 Less: Discount and deferred financing costs, net on 6.875% senior notes (6,911) Carrying amount $ 454,088 |
Interest (Tables)
Interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest [Abstract] | |
Schedule Of Capitalized Interest Costs | Year Ended December 31, 2016 2015 2014 Interest capitalized beginning of period $ 21,533 11,302 $ 2,820 Interest capitalized during period 26,904 20,313 10,848 Less: capitalized interest in cost of sales (19,502) (10,082) (2,366) Interest capitalized end of period $ 28,935 21,533 $ 11,302 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Year Ended December 31, 2016 2015 2014 Current Federal $ 19,417 $ 16,754 $ 11,860 State and local 2,685 2,027 1,131 Total current 22,102 18,781 12,991 Deferred Federal 1,357 1,513 (1,923) State and local 150 121 (131) Total deferred 1,507 1,634 (2,054) Income tax expense $ 23,609 $ 20,415 $ 10,937 |
Schedule Of Components Of Income Tax Expense By Expense | Year Ended December 31, 2016 2015 2014 Statutory income tax expense $ 25,602 $ 21,107 $ 10,836 State income tax expense, net of federal income tax expense 1,954 1,690 643 Domestic production activities deduction (2,146) (1,766) (612) Federal energy credits (1,944) - - Other permanent items 221 37 70 Other adjustments (78) (653) - Income tax expense $ 23,609 $ 20,415 $ 10,937 |
Schedule Of Deferred Tax Assets And Liabilities | As of December 31, 2016 2015 Deferred tax assets Warranty reserves $ 928 $ 983 Amortizable intangible assets 113 678 Stock based compensation 2,105 1,513 Accrued compensation and other 845 - Inventories, additional costs capitalized for tax - 41 Deferred tax asset 3,991 3,215 Deferred tax liabilities Prepaid expenses 191 514 Property and equipment 2,023 1,420 Accrued expenses 3,057 1,556 Inventories, additional costs capitalized for tax 502 - Deferred tax liability 5,773 3,490 Net deferred tax liability $ (1,782) $ (275) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments | December 31, 2016 December 31, 2015 Hierarchy Carrying Fair Value Carrying Fair Value Secured note receivable (1) Level 2 $ 2,850 $ 2,828 $ 2,947 $ 2,926 6.875% senior notes (2) Level 2 $ 253,089 $ 260,090 $ 251,815 $ 232,503 Revolving line of credit (3) Level 2 195,000 195,000 135,000 135,000 Land development notes (4) Level 2 — — 2,677 2,672 Insurance premium notes (3) Level 2 5,999 5,999 751 751 Total notes payable and revolving line of credit $ 454,088 $ 463,689 $ 390,243 $ 370,926 (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 December 31, 2016 and 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 December 31, 2016 and 2015 incorporated recent trading activity of the Senior Notes in inactive markets. (3) Carrying amount approximates fair value due to short-term nature and interest rate terms. (4) The estimated fair values of the land development notes at December 31, 2015 were based on cash flow models discounted at market interest rates that considered underlying risks of the debt. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases [Abstract] | |
Schedule Of Future Minimum Lease Payments | 2017 $ 1,478 2018 1,261 2019 899 2020 924 2021 543 Thereafter 187 Total $ 5,292 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Restricted Stock Award Activity | Year Ended December 31, 2016 2015 2014 Shares Weighted average per share grant date fair value Shares Weighted average per share grant date fair value Shares Weighted average per share grant date fair value Outstanding, beginning of year 696 $ 18.18 366 $ 20.78 183 $ 19.57 Granted 514 14.28 500 16.92 250 21.34 Vested (297) 18.65 (141) 20.62 (60) 19.58 Forfeited (61) 16.05 (29) 17.42 (7) 19.59 Outstanding, end of year 852 $ 15.81 696 $ 18.18 366 $ 20.78 |
Summary Of Outstanding Restricted Stock Awards And Units | As of December 31, 2016 Restricted Stock Awards Restricted Stock Units Total Unvested awards/units 357 495 852 Unrecognized compensation cost $ 3,299 $ 5,002 $ 8,301 Period to recognize compensation cost 1.0 years 2.1 years 1.7 years (weighted average) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | Year Ended December 31, 2016 2015 2014 Numerator Net income $ 49,540 $ 39,890 $ 20,022 Less: Undistributed earnings allocated to participating securities (1,050) (1,323) (296) Net income allocable to common stockholders $ 48,490 $ 38,567 $ 19,726 Denominator Weighted average common shares outstanding - basic 20,679,189 20,569,012 19,226,504 Dilutive effect of restricted stock units 112,748 — — Weighted average common shares outstanding - diluted 20,791,937 20,569,012 19,226,504 Earnings per share: Basic $ 2.34 $ 1.88 $ 1.03 Diluted $ 2.33 $ 1.88 $ 1.03 |
Results of Quarterly Operatio49
Results of Quarterly Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Results Of Quarterly Operations (Unaudited) [Abstract] | |
Schedule Of Quarterly Financial Information | Quarter First Second Third Fourth (in thousands, except per share amounts) 2016 Home sales revenues $ 181,081 $ 257,179 $ 248,075 $ 292,398 Gross margin from home sales revenues $ 36,728 $ 49,296 $ 50,425 $ 56,157 Income before tax expense $ 12,429 $ 19,097 $ 19,731 $ 21,892 Net income $ 7,983 $ 13,142 $ 13,342 $ 15,073 Basic and diluted earnings per share $ 0.38 $ 0.62 $ 0.63 $ 0.71 2015 Home sales revenues $ 154,335 $ 186,808 $ 179,775 $ 204,519 Gross margin from home sales revenues $ 29,529 $ 36,583 $ 38,323 $ 41,799 Income before tax expense $ 9,524 $ 14,431 $ 15,945 $ 20,405 Net income $ 6,351 $ 9,798 $ 10,583 $ 13,158 Basic and diluted earnings per share $ 0.30 $ 0.46 $ 0.50 $ 0.62 |
Supplemental Guarantor Inform50
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Condensed Consolidated Balance Sheet | Supplemental Condensed Consolidated Balance Sheet As of December 31, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Assets Cash and cash equivalents $ 14,637 $ 8,646 $ 6,167 $ — $ 29,450 Cash held in escrow — 20,044 — — 20,044 Accounts receivable 2,980 2,749 — — 5,729 Investment in subsidiaries 884,665 — — (884,665) — Inventories — 857,885 — — 857,885 Prepaid expenses and other assets 14,628 25,662 167 — 40,457 Property and equipment, net 1,166 10,224 22 — 11,412 Investment in unconsolidated subsidiaries 18,275 — 18,275 Amortizable intangible assets, net — 2,911 — — 2,911 Goodwill — 21,365 — — 21,365 Total assets $ 936,351 $ 949,486 $ 6,356 $ (884,665) $ 1,007,528 Liabilities and stockholders’ equity Liabilities: Accounts payable $ 257 $ 15,575 $ (124) $ — $ 15,708 Accrued expenses and other liabilities 12,587 49,697 30 — 62,314 Deferred tax liability 1,782 — — — 1,782 Notes payable and revolving line of credit 448,089 5,999 — — 454,088 Total liabilities 462,715 71,271 (94) — 533,892 Stockholders’ equity: 473,636 878,215 6,450 (884,665) 473,636 Total liabilities and stockholders’ equity $ 936,351 $ 949,486 $ 6,356 $ (884,665) $ 1,007,528 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 Cash held in escrow — 11,817 — — 11,817 Accounts receivable 1,239 4,002 — — 5,241 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 Year Ended December 31, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 978,733 $ — $ — $ 978,733 Land sales revenues — 11,799 — — 11,799 Golf course and other revenue — 3,908 — — 3,908 Total revenue — 994,440 — — 994,440 Costs and expenses Cost of homes sales revenues — 786,127 — — 786,127 Cost of land sales revenues — 10,589 — — 10,589 Cost of golf course and other revenue — 3,628 — — 3,628 Selling, general and administrative 25,674 96,235 315 — 122,224 Total operating costs and expenses 25,674 896,579 315 — 922,568 Operating income (25,674) 97,861 (315) — 71,872 Other income (expense) Equity in earnings from consolidated subsidiaries 64,297 — — (64,297) — Interest income 34 161 — — 195 Interest expense — (5) — — (5) Equity in earnings from unconsolidated subsidiaries 191 — — — 191 Acquisition expense (490) — — — (490) Other income — 940 — — 940 Gain on disposition of assets — 446 — — 446 Income before income tax expense 38,358 99,403 (315) (64,297) 73,149 Income tax expense (11,182) 34,791 — — 23,609 Net income $ 49,540 $ 64,612 $ (315) $ (64,297) $ 49,540 Supplemental Condensed Consolidated Statement of Operations For the Year Ended December 31, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 725,437 $ — $ — $ 725,437 Land sales revenues — 3,405 — — 3,405 Golf course and other revenue — 5,647 — — 5,647 Total revenue — 734,489 — — 734,489 Costs and expenses Cost of homes sales revenues — 579,203 — — 579,203 Cost of land sales revenues — 3,395 — — 3,395 Cost of golf course and other revenue — 5,037 — — 5,037 Selling, general and administrative 18,013 69,827 — — 87,840 Total operating costs and expenses 18,013 657,462 — — 675,475 Operating income (18,013) 77,027 — — 59,014 Other income (expense) Equity in earnings from consolidated subsidiaries 51,197 — — (51,197) — Interest income 44 85 — — 129 Interest expense — (10) — — (10) Acquisition expense (491) — — — (491) Other income — 1,535 — — 1,535 Gain on disposition of assets — 128 — — 128 Income before income tax expense 32,737 78,765 — (51,197) 60,305 Income tax expense (7,153) 27,568 — — 20,415 Net income $ 39,890 $ 51,197 $ — $ (51,197) $ 39,890 Supplemental Condensed Consolidated Statement of Operations For the Year Ended December 31, 2014 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Revenue Home sales revenues $ — $ 351,823 $ — $ — $ 351,823 Land sales revenues — 4,800 — — 4,800 Golf course and other revenue — 5,769 — — 5,769 Total revenue — 362,392 — — 362,392 Cost of home sale revenues Cost of homes sales revenues — 276,386 — — 276,386 Cost of land sales revenues — 1,808 — — 1,808 Cost of golf course and other revenue — 6,301 — — 6,301 Selling, general and administrative 12,185 34,610 — — 46,795 Total operating costs and expenses 12,185 319,105 — — 331,290 Operating income (12,185) 43,287 — — 31,102 Other income (expense) Equity in earnings from consolidated subsidiaries 28,729 — — (28,729) — Interest income 359 3 — — 362 Interest expense — (26) — — (26) Acquisition expense (1,414) — — — (1,414) Other income — 736 — — 736 Gain on disposition of assets — 199 — — 199 Income before income tax expense 15,489 44,199 — (28,729) 30,959 Income tax expense (4,533) 15,470 — — 10,937 Net income $ 20,022 $ 28,729 $ — $ (28,729) $ 20,022 |
Supplemental Condensed Consolidated Statement Of Cash Flows | Supplemental Condensed Consolidated Statement of Cash Flows For the Year Ended December 31, 2016 ( in thousands ) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash provided by/(used in) operating activities $ (16,138) $ (29,123) $ (575) $ — $ (45,836) Net cash used in investing activities $ (58,032) $ (5,585) $ (23) $ 40,439 $ (23,201) Financing activities Borrowings under revolving credit facilities $ 220,000 $ — $ — $ — $ 220,000 Payments on revolving credit facilities (160,000) — — — (160,000) Proceeds from insurance notes payable — 11,612 — — 11,612 Principal payments on notes payable — (9,217) — — (9,217) Debt issuance costs (1,156) — — — (1,156) Repurchases of common stock under our stock repurchase program (2,393) — — — (2,393) Repurchases of common stock upon vesting of restricted stock awards (1,015) — — — (1,015) Payments from (and advances to) parent/subsidiary — 33,674 6,765 (40,439) — Net proceeds from issuances of common stock 11,369 — — — 11,369 Net cash provided by financing activities $ 66,805 $ 36,069 $ 6,765 $ (40,439) $ 69,200 Net decrease in cash and cash equivalents $ (7,365) $ 1,361 $ 6,167 $ — $ 163 Cash and cash equivalents Beginning of period $ 22,002 $ 7,285 $ — $ — $ 29,287 End of period $ 14,637 $ 8,646 $ 6,167 $ — $ 29,450 Supplemental Condensed Consolidated Statement of Cash Flows For the Year Ended December 31, 2015 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash used in operating activities $ (3,742) $ (158,992) $ — $ — $ (162,734) Net cash used in investing activities (167,244) (3,839) — 166,851 (4,232) Financing activities Borrowings under revolving credit facilities 180,000 — — — 180,000 Payments on revolving credit facilities (65,000) — — — (65,000) Proceeds from issuance of senior notes 58,956 — — — 58,956 Proceeds from issuance of notes payable — 1,169 — — 1,169 Principal payments on notes payable — (8,656) — — (8,656) Debt issuance costs (2,817) — — — (2,817) Repurchases of common stock upon vesting of restricted stock awards (861) — — — (861) Payments from (and advances to) parent/subsidiary — 166,851 — (166,851) — Net cash provided by financing activities 170,278 159,364 — (166,851) 162,791 Net decrease in cash and cash equivalents (708) (3,467) — — (4,175) Cash and cash equivalents Beginning of period 22,710 10,752 — — 33,462 End of period $ 22,002 $ 7,285 $ — $ — $ 29,287 Supplemental Condensed Consolidated Statement of Cash Flows For the Year Ended December 31, 2014 (in thousands) Guarantor Non Guarantor Elimination Consolidated CCS Subsidiaries Subsidiaries Entries CCS Net cash used in operating activities $ (7,783) $ (121,888) $ — $ — $ (129,671) Net cash used in investing activities (359,291) (233,001) — 358,580 (233,712) Financing activities Borrowings under revolving credit facilities 119,000 — — — 119,000 Payments on revolving credit facilities (99,000) — — — (99,000) Proceeds from issuance of senior notes 198,478 — — — 198,478 Proceeds from issuance of notes payable — 6,760 — — 6,760 Principal payments on notes payable — (3,083) — — (3,083) Debt issuance costs (6,783) — — — (6,783) Net proceeds from issuances of common stock 81,564 — — — 81,564 Repurchases of common stock (9,746) — — — (9,746) Excess tax benefit on stock-based compensation 43 — — — 43 Payments from (and advances to) parent/subsidiary — 358,580 — (358,580) — Repurchases of common stock upon vesting of restricted stock awards (386) — — — (386) Net cash provided by financing activities 283,170 362,257 — (358,580) 286,847 Net increase (decrease) in cash and cash equivalents (83,904) 7,368 — — (76,536) Cash and cash equivalents Beginning of period 106,614 3,384 — — 109,998 End of period $ 22,710 $ 10,752 $ — $ — $ 33,462 |
Nature of Operations and Summ51
Nature of Operations and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Apr. 30, 2013shares | Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)segmentshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) |
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Number of geographic operating segments | segment | 6 | |||||||||||
Allowance for doubtful accounts receivable | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Aggregate common stock shares | shares | 5,000,000 | |||||||||||
Percentage of ownership before transaction | 100.00% | |||||||||||
Common stock shares authorized | shares | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||
Preferred stock shares authorized | shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||
Requisite service period | 3 years | |||||||||||
Impairment of real estate inventory | $ 0 | $ 0 | $ 0 | |||||||||
Home sales revenues | $ 292,398 | $ 248,075 | $ 257,179 | $ 181,081 | $ 204,519 | $ 179,775 | $ 186,808 | $ 154,335 | 978,733 | 725,437 | 351,823 | |
Earnest money deposits | 7,300 | 6,700 | 7,300 | 6,700 | ||||||||
Tax valuation allowance | 0 | 0 | 0 | 0 | ||||||||
Reserves for uncetain tax positions | 0 | 0 | 0 | 0 | ||||||||
Goodwill impairment | 0 | 0 | ||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Prepaid Expenses and Other Assets [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Non-refundable cash deposits | 10,500 | 2,900 | 10,500 | 2,900 | ||||||||
Grand View Builders Inc. [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Home sales revenues | 17,500 | |||||||||||
Peachtree Communities [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Home sales revenues | 36,700 | |||||||||||
Build On Your Own Lot [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||||
Home sales revenues | 7,300 | 6,100 | 22,000 | |||||||||
Cost of home sales revenues | 5,300 | 4,800 | $ 17,400 | |||||||||
Billed contracts receivable | 1,000 | 800 | 1,000 | 800 | ||||||||
Billings in excess of cost | $ 400 | $ 300 | $ 400 | $ 300 |
Nature of Operations and Summ52
Nature of Operations and Summary of Significant Accounting Policies (Schedule Of Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building And Improvements [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Building And Improvements [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 40 years |
Leasehold Improvements [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Leasehold Improvements [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 10 years |
Machinery and Equipment [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Machinery and Equipment [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 15 years |
Furniture and Fixtures [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 2 years |
Furniture and Fixtures [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 7 years |
Model Furnishings [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 2 years |
Model Furnishings [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Computer Hardware and Software [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 1 year |
Computer Hardware and Software [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Nature of Operations and Summ53
Nature of Operations and Summary of Significant Accounting Policies (Schedule Of Amortizable Classification Of Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Home Plans [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 7 years |
Minimum | Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 2 years |
Minimum | Home Construction Contracts [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 1 year |
Minimum | Non-Compete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 2 years |
Minimum | Cell Phone Tower Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 5 years |
Maximum | Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 4 years |
Maximum | Home Construction Contracts [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 2 years |
Maximum | Non-Compete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 5 years |
Maximum | Cell Phone Tower Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 20 years |
Reporting Segments (Schedule Of
Reporting Segments (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 994,440 | $ 734,489 | $ 362,392 | ||||||||
Total income before income tax expense | $ 21,892 | $ 19,731 | $ 19,097 | $ 12,429 | $ 20,405 | $ 15,945 | $ 14,431 | $ 9,524 | 73,149 | 60,305 | 30,959 |
Total assets | 1,007,528 | 917,741 | 1,007,528 | 917,741 | |||||||
Atlanta [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 343,141 | 269,188 | 36,726 | ||||||||
Total income before income tax expense | 31,138 | 23,574 | 899 | ||||||||
Total assets | 262,448 | 185,331 | 262,448 | 185,331 | |||||||
Central Texas [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 107,435 | 77,996 | 55,845 | ||||||||
Total income before income tax expense | 5,519 | 5,048 | 5,053 | ||||||||
Total assets | 112,612 | 117,037 | 112,612 | 117,037 | |||||||
Colorado [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 358,267 | 259,259 | 181,609 | ||||||||
Total income before income tax expense | 51,713 | 37,090 | 29,924 | ||||||||
Total assets | 293,467 | 313,653 | 293,467 | 313,653 | |||||||
Houston [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 39,571 | 38,233 | 17,458 | ||||||||
Total income before income tax expense | (2,833) | (788) | (759) | ||||||||
Total assets | 25,780 | 51,534 | 25,780 | 51,534 | |||||||
Nevada [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 143,395 | 89,813 | 70,754 | ||||||||
Total income before income tax expense | 15,586 | 12,425 | 8,588 | ||||||||
Total assets | 231,057 | 220,209 | 231,057 | 220,209 | |||||||
Utah [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 2,631 | ||||||||||
Total income before income tax expense | (686) | ||||||||||
Total assets | 17,133 | 17,133 | |||||||||
Corporate [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total income before income tax expense | (27,288) | (17,044) | $ (12,746) | ||||||||
Total assets | $ 65,031 | $ 29,977 | $ 65,031 | $ 29,977 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) | Nov. 13, 2014USD ($)item | Aug. 12, 2014USD ($) | Apr. 01, 2014USD ($)item | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 01, 2016USD ($) |
Business Combinations [Line Items] | |||||||||||||||
Incurred acquisition-related costs | $ 100,000 | ||||||||||||||
Weighted average life of intangible assets | 2 years 9 months 18 days | ||||||||||||||
Increase (decrease) to cost of home sales revenues | $ (786,127,000) | $ (579,203,000) | $ (276,386,000) | ||||||||||||
Home sales revenues | $ 292,398,000 | $ 248,075,000 | $ 257,179,000 | $ 181,081,000 | $ 204,519,000 | $ 179,775,000 | $ 186,808,000 | $ 154,335,000 | 978,733,000 | 725,437,000 | 351,823,000 | ||||
Income before income taxes | 21,892,000 | $ 19,731,000 | $ 19,097,000 | $ 12,429,000 | $ 20,405,000 | $ 15,945,000 | $ 14,431,000 | $ 9,524,000 | $ 73,149,000 | 60,305,000 | 30,959,000 | ||||
Las Vegas Land Holdings [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Purchase price | $ 165,000,000 | ||||||||||||||
Number of lots | item | 1,761 | ||||||||||||||
Number of communities | item | 5 | ||||||||||||||
Number of homes in backlog | item | 57 | ||||||||||||||
Number of model homes | item | 17 | ||||||||||||||
Number of custom home lots | item | 3 | ||||||||||||||
Number of fully operational golf courses | item | 2 | ||||||||||||||
Number of one-acre commercial plots | item | 2 | ||||||||||||||
Incurred acquisition-related costs | $ 800,000 | ||||||||||||||
Weighted average life of intangible assets | 9 years 1 month 6 days | ||||||||||||||
Goodwill amount expected to be tax deductible | $ 7,000,000 | $ 7,000,000 | |||||||||||||
Home sales revenues | 70,800,000 | ||||||||||||||
Income before income taxes | 8,600,000 | ||||||||||||||
Las Vegas Land Holdings [Member] | Minimum | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Market gross margin | 7.00% | 7.00% | |||||||||||||
Las Vegas Land Holdings [Member] | Maximum | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Market gross margin | 24.00% | 24.00% | |||||||||||||
Grand View Builders Inc. [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Purchase price | $ 13,000,000 | ||||||||||||||
Incurred acquisition-related costs | 100,000 | ||||||||||||||
Fair value of acquisition earnout | $ 2,500,000 | ||||||||||||||
Earnout period | 2 years | ||||||||||||||
Maximum earnout downward reduction amount | $ 1,500,000 | ||||||||||||||
Goodwill amount expected to be tax deductible | $ 0 | $ 0 | |||||||||||||
Home sales revenues | 17,500,000 | ||||||||||||||
Income before income taxes | $ (800,000) | ||||||||||||||
Grand View Builders Inc. [Member] | Measurement Period Adjustments [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Increase (decrease) in the estimated value of amortizable intangible assets | (500,000) | ||||||||||||||
Increase (decrease) in the fair value of the inventories | (200,000) | ||||||||||||||
Increase (decrease) in goodwill | 700,000 | ||||||||||||||
Increase (decrease) of selling, general, and administrative expenses | (100,000) | ||||||||||||||
Increase (decrease) to cost of home sales revenues | (200,000) | ||||||||||||||
Grand View Builders Inc. [Member] | Minimum | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Market gross margin | 6.00% | 6.00% | |||||||||||||
Potential earnout payments | 0 | ||||||||||||||
Grand View Builders Inc. [Member] | Maximum | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Market gross margin | 18.00% | 18.00% | |||||||||||||
Potential earnout payments | $ 5,300,000 | ||||||||||||||
Peachtree Communities [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Purchase price | $ 57,000,000 | ||||||||||||||
Number of lots | item | 2,120 | ||||||||||||||
Number of communities | item | 36 | ||||||||||||||
Incurred acquisition-related costs | $ 500,000 | ||||||||||||||
Weighted average life of intangible assets | 4 years 9 months 18 days | ||||||||||||||
Goodwill amount expected to be tax deductible | $ 12,000,000 | $ 12,000,000 | |||||||||||||
Home sales revenues | 36,700,000 | ||||||||||||||
Peachtree Communities [Member] | Measurement Period Adjustments [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Increase (decrease) in goodwill | (600,000) | ||||||||||||||
Increase (decrease) to cost of home sales revenues | $ 100,000 | ||||||||||||||
Peachtree Communities [Member] | Minimum | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Market gross margin | 6.00% | 6.00% | |||||||||||||
Peachtree Communities [Member] | Maximum | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Market gross margin | 18.00% | 18.00% | |||||||||||||
Non-solicitation Agreement [Member] | Las Vegas Land Holdings [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 1,400,000 | ||||||||||||||
Amortization period | 2 years | ||||||||||||||
Cell Phone Tower Leases [Member] | Las Vegas Land Holdings [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 1,400,000 | ||||||||||||||
Amortization period | 16 years 7 months 6 days | ||||||||||||||
Home Plans [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 100,000 | ||||||||||||||
Amortization period | 7 years | ||||||||||||||
Home Plans [Member] | Las Vegas Land Holdings [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 300,000 | ||||||||||||||
Amortization period | 7 years | ||||||||||||||
Home Plans [Member] | Peachtree Communities [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 200,000 | ||||||||||||||
Amortization period | 7 years | ||||||||||||||
Non-Compete Agreements [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 500,000 | ||||||||||||||
Amortization period | 4 years | ||||||||||||||
Non-Compete Agreements [Member] | Peachtree Communities [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 3,200,000 | ||||||||||||||
Amortization period | 5 years | ||||||||||||||
Trade Names [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 1,000,000 | ||||||||||||||
Amortization period | 2 years 8 months 12 days | ||||||||||||||
Backlog [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 200,000 | ||||||||||||||
Amortization period | 1 year 6 months | ||||||||||||||
Lot Option Agreements [Member] | Peachtree Communities [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Estimate of fair value | $ 600,000 | ||||||||||||||
Amortization period | 3 years |
Business Combinations (Schedule
Business Combinations (Schedule Of Assets And Liabilities Acquired) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 13, 2014 | Aug. 12, 2014 | Apr. 01, 2014 |
Assets acquired and liabilities assumed | |||||
Goodwill | $ 21,365 | $ 21,365 | |||
Las Vegas Land Holdings [Member] | |||||
Assets acquired and liabilities assumed | |||||
Accounts receivable | $ 347 | ||||
Inventories | 145,599 | ||||
Prepaid expenses and other assets | 1,876 | ||||
Property and equipment | 8,619 | ||||
Amortizable intangible assets | 3,042 | ||||
Goodwill | 11,283 | ||||
Total assets | 170,766 | ||||
Accounts payable | 2,074 | ||||
Accrued expenses and other liabilities | 1,816 | ||||
Notes payable and capital lease obligations | 1,497 | ||||
Total liabilities | $ 5,387 | ||||
Grand View Builders Inc. [Member] | |||||
Assets acquired and liabilities assumed | |||||
Accounts receivable | $ 188 | ||||
Inventories | 12,070 | ||||
Prepaid expenses and other assets | 295 | ||||
Property and equipment | 185 | ||||
Amortizable intangible assets | 1,748 | ||||
Goodwill | 1,746 | ||||
Total assets | 16,232 | ||||
Accrued expenses and other liabilities (inclusive of earnout liability) | 3,376 | ||||
Total liabilities | $ 3,376 | ||||
Peachtree Communities [Member] | |||||
Assets acquired and liabilities assumed | |||||
Accounts receivable | $ 11 | ||||
Inventories | 48,034 | ||||
Prepaid expenses and other assets | 762 | ||||
Property and equipment | 54 | ||||
Amortizable intangible assets | 4,044 | ||||
Goodwill | 7,857 | ||||
Total assets | 60,762 | ||||
Accounts payable | 3,304 | ||||
Accrued expenses and other liabilities | 3,108 | ||||
Total liabilities | $ 6,412 |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory [Abstract] | ||||
Homes under construction | $ 455,454 | $ 374,274 | ||
Land and land development | 373,496 | 414,330 | ||
Capitalized interest | 28,935 | 21,533 | $ 11,302 | $ 2,820 |
Total inventories | $ 857,885 | $ 810,137 |
Amortizable Intangible Assets58
Amortizable Intangible Assets (Schedule Of Amortizable Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | $ 7,642 | $ 9,855 | |
Accumulated amortization | (4,731) | (5,071) | |
Intangible assets, net | 2,911 | 4,784 | |
Amortization expense | 1,900 | 2,400 | $ 1,500 |
Total write off depreciated amortizable intangible assets and related accumulated amortization | 2,200 | ||
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 1,185 | 2,499 | |
Home Construction Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 880 | ||
Non-Compete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 5,065 | 5,084 | |
In Place Lot Option Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 628 | 628 | |
Home Plans [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | $ 764 | $ 764 |
Amortizable Intangible Assets59
Amortizable Intangible Assets (Schedule Of Future Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortizable Intangible Assets [Abstract] | ||
2,017 | $ 1,266 | |
2,018 | 830 | |
2,019 | 675 | |
2,020 | 100 | |
2,021 | 40 | |
Thereafter | ||
Intangible assets, net | $ 2,911 | $ 4,784 |
Property and Equipment - (Sched
Property and Equipment - (Schedule Of Property And Equipment) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 18,178 | $ 11,720 |
Less accumulated depreciation | (6,766) | (3,345) |
Total property and equipment, net | 11,412 | 8,375 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 200 | |
Building And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 300 | 958 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 587 | 463 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 605 | 222 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 730 | 458 |
Model Furnishings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 12,315 | 6,881 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 3,641 | $ 2,538 |
Prepaid Expenses and Other As61
Prepaid Expenses and Other Assets (Schedule Of Prepaid Expenses And Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid Expenses and Other Assets [Abstract] | ||
Prepaid insurance | $ 12,236 | $ 5,696 |
Lot option and escrow deposits | 12,320 | 4,634 |
Performance deposits | 1,544 | 1,404 |
Deferred financing costs revolving line of credit, net | 2,637 | 2,318 |
Restricted cash | 1,505 | 360 |
Secured note receivable | 2,850 | 2,947 |
Assets held for sale | 5,857 | 5,797 |
Other | 1,508 | 3,579 |
Total prepaid expenses and other assets | $ 40,457 | $ 26,735 |
Investment in Unconsolidated 62
Investment in Unconsolidated Subsidiaries (Narrative) (Details) - USD ($) $ in Millions | Nov. 01, 2016 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Invested amount | $ 15 | $ 18.3 |
Potential indemnification claims amount | $ 1 | |
Indemnification claims period | 18 months | |
Incurred acquisition-related costs | $ 0.1 | |
Aggregate investment amount | 18.1 | |
Outside basis | 7.6 | |
Equity in earnings | $ 0.2 | |
Inventory [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Outside basis | $ 2 | |
Amortization period | 6 months | |
Goodwill [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Outside basis | $ 4.4 | |
Intangible Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Amortization period | 10 years | |
Trade Names [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Outside basis | $ 1.2 | |
WJH [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest | 50.00% | |
Formation [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Invested amount | $ 3 | |
Formation [Member] | WJH [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Invested amount | $ 3 |
Accrued Expenses and Other Li63
Accrued Expenses and Other Liabilities (Schedule Of Accrued Expenses And Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued Expenses and Other Liabilities [Abstract] | ||||
Earnest money deposits | $ 7,304 | $ 6,717 | ||
Warranty reserve | 2,479 | 2,622 | $ 2,194 | $ 1,150 |
Accrued compensation costs | 12,603 | 8,114 | ||
Land development and home construction accruals | 31,486 | 83,322 | ||
Accrued interest | 3,039 | 2,651 | ||
Income taxes payable | 783 | 374 | ||
Liabilities related to assets held for sale | 193 | 223 | ||
Other | 4,427 | 2,754 | ||
Total accrued expenses and other liabilities | $ 62,314 | $ 106,777 |
Warranties (Schedule Of Changes
Warranties (Schedule Of Changes In Warranty Accrual) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Warranties [Abstract] | |||
Beginning balance | $ 2,622 | $ 2,194 | $ 1,150 |
Warranty reserves assumed in business combinations | 591 | ||
Warranty expense provisions | 2,873 | 2,676 | 1,665 |
Payments | (1,610) | (1,628) | (1,030) |
Warranty adjustment | (1,406) | (620) | (182) |
Ending balance | $ 2,479 | $ 2,622 | $ 2,194 |
Notes Payable and Revolving L65
Notes Payable and Revolving Line of Credit (Narrative) (Details) | Aug. 19, 2016USD ($) | Jul. 31, 2015USD ($) | Jul. 30, 2015USD ($) | Oct. 21, 2014USD ($) | Oct. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Feb. 28, 2015USD ($) | May 31, 2014USD ($) | Dec. 31, 2016USD ($)loan | Aug. 18, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 22, 2015USD ($) | Dec. 21, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, outstanding amount | $ 195,000,000 | $ 135,000,000 | |||||||||||
Land development notes, outstanding | 2,677,000 | ||||||||||||
Insurance premium notes, outstanding | $ 5,999,000 | 751,000 | |||||||||||
First Modification Agreement [Member] | Bank of America [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Uncommitted option to increase credit facility | $ 100,000,000 | $ 80,000,000 | |||||||||||
Land Development Notes And Insurance Premium Notes [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest and principal payment percentage | 3.89% | ||||||||||||
Land Development Notes And Insurance Premium Notes [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest and principal payment percentage | 3.88% | ||||||||||||
Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 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 | ||||||||||||
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 | ||||||||||||
Insurance Premium Note [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of notes payable | loan | 2 | ||||||||||||
Inusrance Premium Note One [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity end date | Mar. 31, 2017 | ||||||||||||
Inusrance Premium Note Two [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity end date | Dec. 31, 2017 | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Oct. 21, 2019 | ||||||||||||
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] | 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] | Second Modification Agreement [Member] | Texas Capital Bank [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility. maximum borrowing capacity | $ 300,000,000 | ||||||||||||
Revolving Credit Facility [Member] | Third Modification Agreement [Member] | Texas Capital Bank [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility. maximum borrowing capacity | $ 380,000,000 | $ 300,000,000 | |||||||||||
Revolving Credit Facility [Member] | Third Modification Agreement [Member] | Texas Capital Bank [Member] | Extended Maturity [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Oct. 21, 2019 | ||||||||||||
Line Of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Covenant description | The Credit Agreement also requires us to maintain (i) a leverage ratio of not more than 1.50 to 1.0 as of the last day of any fiscal quarter, based upon our and our subsidiaries' (on a consolidated basis) ratio of debt to tangible net worth, (ii) an interest coverage ratio of not less than 1.50 to 1.0 for any four fiscal quarter period, based upon our and our subsidiaries' (on a consolidated basis) ratio of EBITDA to cash interest expense, (iii) a consolidated tangible net worth of not less than the sum of $250 million, plus 50% of the net proceeds of any issuances of equity interests by us and the guarantors of the Revolving Credit Facility, plus 50% of the amount of our and our subsidiaries' consolidated net income, (iv) liquidity of not less than $25 million, and (v) a risk asset ratio of not more than 1.25 to 1.0, based upon the ratio of the book value of all risk assets owned by us and our subsidiaries to the our tangible net worth. | ||||||||||||
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 | ||||||||||||
Line of credit facility, outstanding amount | $ 195,000,000 | $ 135,000,000 | |||||||||||
Line Of Credit [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Leverage ratio | 1 | ||||||||||||
Interest coverage ratio | 1 | ||||||||||||
Line Of Credit [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility. maximum borrowing capacity | 80,000,000 | ||||||||||||
Letter of credit sublimit | $ 20,000,000 | ||||||||||||
Leverage ratio | 1.50 | ||||||||||||
Interest coverage ratio | 1.50 | ||||||||||||
Risk asset ratio | 1.25 | ||||||||||||
Line Of Credit [Member] | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.75% | ||||||||||||
Line Of Credit [Member] | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.25% | ||||||||||||
Line Of Credit [Member] | Base Rate [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.75% | ||||||||||||
Line Of Credit [Member] | Base Rate [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.25% |
Notes Payable and Revolving L66
Notes Payable and Revolving Line of Credit (Schedule Of Notes Payable And Revolving Line Of Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Notes Payable and Revolving Line of Credit [Abstract] | ||
6.875% senior notes | $ 253,089 | $ 251,815 |
Revolving line of credit | 195,000 | 135,000 |
Land development notes | 2,677 | |
Insurance premium notes | 5,999 | 751 |
Total notes payable and revolving line of credit (Carrying amount) | $ 454,088 | $ 390,243 |
Notes Payable and Revolving Loa
Notes Payable and Revolving Loan Agreement (Schedule Of Maturities Of Long Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Notes Payable and Revolving Line of Credit [Abstract] | ||
2,017 | $ 5,999 | |
2,018 | ||
2,019 | 195,000 | |
2,020 | ||
2,021 | ||
Thereafter | 260,000 | |
Total | 460,999 | |
Less: Discount and deferred financing costs, net on 6.875% senior notes | (6,911) | |
Total notes payable and revolving line of credit (Carrying amount) | $ 454,088 | $ 390,243 |
Interest (Schedule Of Capitaliz
Interest (Schedule Of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest [Abstract] | |||
Interest capitalized beginning of period | $ 21,533 | $ 11,302 | $ 2,820 |
Interest capitalized during period | 26,904 | 20,313 | 10,848 |
Less: capitalized interest in cost of sales | (19,502) | (10,082) | (2,366) |
Interest capitalized end of period | $ 28,935 | $ 21,533 | $ 11,302 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | |||
Effective tax rate | 35.00% | 35.00% | 35.00% |
Income tax expense | $ 23,609 | $ 20,415 | $ 10,937 |
Tax valuation allowance | 0 | 0 | |
Reserves for uncetain tax positions | $ 0 | $ 0 | |
Internal Revenue Service [Member] | Tax Year 2013 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,013 | ||
Internal Revenue Service [Member] | Tax Year 2014 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,014 | ||
Internal Revenue Service [Member] | Tax Year 2015 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,015 | ||
State Jurisdiction [Member] | COLORADO | Tax Year 2013 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,013 | ||
State Jurisdiction [Member] | COLORADO | Tax Year 2014 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,014 | ||
State Jurisdiction [Member] | COLORADO | Tax Year 2015 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,015 | ||
State Jurisdiction [Member] | GEORGIA | Tax Year 2013 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,013 | ||
State Jurisdiction [Member] | GEORGIA | Tax Year 2014 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,014 | ||
State Jurisdiction [Member] | GEORGIA | Tax Year 2015 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,015 | ||
State Jurisdiction [Member] | NEVADA | Tax Year 2013 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,013 | ||
State Jurisdiction [Member] | NEVADA | Tax Year 2014 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,014 | ||
State Jurisdiction [Member] | NEVADA | Tax Year 2015 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,015 | ||
State Jurisdiction [Member] | TEXAS | Tax Year 2013 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,013 | ||
State Jurisdiction [Member] | TEXAS | Tax Year 2014 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,014 | ||
State Jurisdiction [Member] | TEXAS | Tax Year 2015 [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax year open for audit | 2,015 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Federal | $ 19,417 | $ 16,754 | $ 11,860 |
State and local | 2,685 | 2,027 | 1,131 |
Total current | 22,102 | 18,781 | 12,991 |
Federal | 1,357 | 1,513 | (1,923) |
State and local | 150 | 121 | (131) |
Total deferred | 1,507 | 1,634 | (2,054) |
Income tax expense | $ 23,609 | $ 20,415 | $ 10,937 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income Tax Expense By Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Statutory income tax expense | $ 25,602 | $ 21,107 | $ 10,836 |
State income tax expense, net of federal income tax expense | 1,954 | 1,690 | 643 |
Domestic production activities deduction | (2,146) | (1,766) | (612) |
Federal energy credits | (1,944) | ||
Other permanent items | 221 | 37 | 70 |
Other adjustments | (78) | (653) | |
Income tax expense | $ 23,609 | $ 20,415 | $ 10,937 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Warranty reserves | $ 928 | $ 983 |
Amortizable intangible assets | 113 | 678 |
Stock based compensation | 2,105 | 1,513 |
Accrued compensation and other | 845 | |
Inventories, additional costs capitalized for tax | 41 | |
Deferred tax asset | 3,991 | 3,215 |
Prepaid expenses | 191 | 514 |
Property and equipment | 2,023 | 1,420 |
Accrued expenses | 3,057 | 1,556 |
Inventories, additional costs capitalized for tax | 502 | |
Deferred tax liabiliy | 5,773 | 3,490 |
Net deferred tax liability | $ (1,782) | $ (275) |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 454,088 | $ 390,243 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total notes payable and revolving line of credit | 463,689 | 370,926 |
Level 2 [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured note receivable | 2,850 | 2,947 |
6.875% senior notes | 253,089 | 251,815 |
Revolving line of credit | 195,000 | 135,000 |
Land development notes | 2,677 | |
Insurance premium notes | 5,999 | 751 |
Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured note receivable | 2,828 | 2,926 |
6.875% senior notes | 260,090 | 232,503 |
Revolving line of credit | 195,000 | 135,000 |
Land development notes | 2,672 | |
Insurance premium notes | $ 5,999 | $ 751 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases [Abstract] | |||
Rent expense | $ 1.4 | $ 1.1 | $ 0.5 |
Operating Leases (Schedule Of F
Operating Leases (Schedule Of Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases [Abstract] | |
2,017 | $ 1,478 |
2,018 | 1,261 |
2,019 | 899 |
2,020 | 924 |
2,021 | 543 |
Thereafter | 187 |
Future minimum lease payments | $ 5,292 |
Postretirement Plan (Narrative)
Postretirement Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Postretirement Plan [Abstract] | |||
Matching contribution, percentage | 50.00% | ||
Employer contribution, percet of employee's gross pay | 6.00% | ||
Contribution, amount | $ 0.4 | $ 0.2 | $ 0.1 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-Based Compensation [Abstract] | |||
Compensation expense | $ 6.7 | $ 5.2 | $ 2.2 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarizes Of Restricted Stock Award Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-Based Compensation [Abstract] | |||
Outstanding, beginning balance (shares) | 696 | 366 | 183 |
Granted (shares) | 514 | 500 | 250 |
Vested (shares) | (297) | (141) | (60) |
Forfeited (shares) | (61) | (29) | (7) |
Outstanding, ending balance (shares) | 852 | 696 | 366 |
Outstanding, beginning balance (Weighted average date grant fair value) | $ 18.18 | $ 20.78 | $ 19.57 |
Granted (Weighted average grant date fair value) | 14.28 | 16.92 | 21.34 |
Vested (Weighted average grant date fair value) | 18.65 | 20.62 | 19.58 |
Forfeited (Weighted average grant date fair value) | 16.05 | 17.42 | 19.59 |
Outstanding, ending balance (Weighted average date grant fair value) | $ 15.81 | $ 18.18 | $ 20.78 |
Stock-Based Compensation (Sum79
Stock-Based Compensation (Summary Of Outstanding Restricted Stock Awards And Units) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested awards/units | 852 | 696 | 366 | 183 |
Unrecognized compensation cost | $ 8,301 | |||
Period to recognize compensation cost | 1 year 8 months 12 days | |||
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested awards/units | 357 | |||
Unrecognized compensation cost | $ 3,299 | |||
Period to recognize compensation cost | 1 year | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested awards/units | 495 | |||
Unrecognized compensation cost | $ 5,002 | |||
Period to recognize compensation cost | 2 years 1 month 6 days |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 07, 2016 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | Apr. 30, 2013 |
Class of Stock [Line Items] | |||||
Common stock shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||
Common stock, par value | $ 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 | |||
Common stock shares outstanding, excluding restricted common shares | 21,300,000 | 20,600,000 | |||
Common stock shares for stock award issuance | 1,800,000 | ||||
Weighted average price per share | $ 15.03 | ||||
Aggregate offering price | $ 50,000 | ||||
Common stock shares sold and issued | 21,620,544 | 21,303,702 | |||
Net proceeds from issuances of common stock | $ 11,369 | $ 81,564 | |||
Distribution Agreement [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock shares sold and issued | 600,000 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator | |||||||||||
Net income | $ 15,073 | $ 13,342 | $ 13,142 | $ 7,983 | $ 13,158 | $ 10,583 | $ 9,798 | $ 6,351 | $ 49,540 | $ 39,890 | $ 20,022 |
Less: Undistributed earnings allocated to participating securities | (1,050) | (1,323) | (296) | ||||||||
Net income allocable to common stockholders | $ 48,490 | $ 38,567 | $ 19,726 | ||||||||
Denominator | |||||||||||
Weighted average common shares outstanding - basic | 20,679,189 | 20,569,012 | 19,226,504 | ||||||||
Dilutive effect of restricted stock units | 112,748 | ||||||||||
Weighted average common shares outstanding - diluted | 20,791,937 | 20,569,012 | 19,226,504 | ||||||||
Earnings per share: | |||||||||||
Basic | $ 2.34 | $ 1.88 | $ 1.03 | ||||||||
Diluted | $ 2.33 | $ 1.88 | $ 1.03 |
Related-Party Transactions - Na
Related-Party Transactions - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related-Party Transactions [Abstract] | |||
Gross margin benefit | $ 2.9 | $ 1.8 | $ 2.1 |
Carrying basis of lots before development costs | $ 0.2 | $ 1 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies [Abstract] | ||
Outstanding letters of credit and performance bonds | $ 70.1 | $ 63.6 |
Results of Quarterly Operatio84
Results of Quarterly Operations (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Results Of Quarterly Operations (Unaudited) [Abstract] | |||||||||||
Home sales revenues | $ 292,398 | $ 248,075 | $ 257,179 | $ 181,081 | $ 204,519 | $ 179,775 | $ 186,808 | $ 154,335 | $ 978,733 | $ 725,437 | $ 351,823 |
Gross margin from home sales revenues | 56,157 | 50,425 | 49,296 | 36,728 | 41,799 | 38,323 | 36,583 | 29,529 | |||
Total income before income tax expense | 21,892 | 19,731 | 19,097 | 12,429 | 20,405 | 15,945 | 14,431 | 9,524 | 73,149 | 60,305 | 30,959 |
Net income | $ 15,073 | $ 13,342 | $ 13,142 | $ 7,983 | $ 13,158 | $ 10,583 | $ 9,798 | $ 6,351 | $ 49,540 | $ 39,890 | $ 20,022 |
Basic and diluted earnings per share | $ 0.71 | $ 0.63 | $ 0.62 | $ 0.38 | $ 0.62 | $ 0.50 | $ 0.46 | $ 0.30 |
Disposition of Golf Courses (Na
Disposition of Golf Courses (Narrative) (Details) - Tuscany Golf Course [Member] - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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 31, 2020 |
Balloon payment of secure note | $ 2,500 |
Minimum | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Interest rate | 4.50% |
Maximum | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Interest rate | 5.50% |
Supplemental Guarantor Inform86
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 | |||
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 Inform87
Supplemental Guarantor Information (Supplemental Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and cash equivalents | $ 29,450 | $ 29,287 | $ 33,462 | $ 109,998 |
Cash held in escrow | 20,044 | 11,817 | ||
Accounts receivable | 5,729 | 5,241 | ||
Inventories | 857,885 | 810,137 | ||
Prepaid expenses and other assets | 40,457 | 26,735 | ||
Property and equipment, net | 11,412 | 8,375 | ||
Investment in unconsolidated subsidiaries | 18,275 | |||
Amortizable intangible assets, net | 2,911 | 4,784 | ||
Goodwill | 21,365 | 21,365 | ||
Total Assets | 1,007,528 | 917,741 | ||
Liabilities: | ||||
Accounts payable | 15,708 | 10,967 | ||
Accrued expenses and other liabilities | 62,314 | 106,777 | ||
Deferred tax liability, net | 1,782 | 275 | ||
Notes payable and revolving line of credit | 454,088 | 390,243 | ||
Total liabilities | 533,892 | 508,262 | ||
Stockholders' equity: | 473,636 | 409,479 | 365,205 | 271,556 |
Total liabilities and stockholders' equity | 1,007,528 | 917,741 | ||
CCS [Member] | ||||
Assets | ||||
Cash and cash equivalents | 14,637 | 22,002 | 22,710 | 106,614 |
Accounts receivable | 2,980 | 1,239 | ||
Investment in subsidiaries | 884,665 | 777,898 | ||
Prepaid expenses and other assets | 14,628 | 3,727 | ||
Property and equipment, net | 1,166 | 857 | ||
Investment in unconsolidated subsidiaries | 18,275 | |||
Total Assets | 936,351 | 805,723 | ||
Liabilities: | ||||
Accounts payable | 257 | |||
Accrued expenses and other liabilities | 12,587 | 9,154 | ||
Deferred tax liability, net | 1,782 | 275 | ||
Notes payable and revolving line of credit | 448,089 | 386,815 | ||
Total liabilities | 462,715 | 396,244 | ||
Stockholders' equity: | 473,636 | 409,479 | ||
Total liabilities and stockholders' equity | 936,351 | 805,723 | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 8,646 | 7,285 | $ 10,752 | $ 3,384 |
Cash held in escrow | 20,044 | 11,817 | ||
Accounts receivable | 2,749 | 4,002 | ||
Inventories | 857,885 | 810,137 | ||
Prepaid expenses and other assets | 25,662 | 23,008 | ||
Property and equipment, net | 10,224 | 7,518 | ||
Amortizable intangible assets, net | 2,911 | 4,784 | ||
Goodwill | 21,365 | 21,365 | ||
Total Assets | 949,486 | 889,916 | ||
Liabilities: | ||||
Accounts payable | 15,575 | 10,967 | ||
Accrued expenses and other liabilities | 49,697 | 97,623 | ||
Notes payable and revolving line of credit | 5,999 | 3,428 | ||
Total liabilities | 71,271 | 112,018 | ||
Stockholders' equity: | 878,215 | 777,898 | ||
Total liabilities and stockholders' equity | 949,486 | 889,916 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 6,167 | |||
Prepaid expenses and other assets | 167 | |||
Property and equipment, net | 22 | |||
Total Assets | 6,356 | |||
Liabilities: | ||||
Accounts payable | (124) | |||
Accrued expenses and other liabilities | 30 | |||
Total liabilities | (94) | |||
Stockholders' equity: | 6,450 | |||
Total liabilities and stockholders' equity | 6,356 | |||
Elimination Entries [Member] | ||||
Assets | ||||
Investment in subsidiaries | (884,665) | (777,898) | ||
Total Assets | (884,665) | (777,898) | ||
Liabilities: | ||||
Stockholders' equity: | (884,665) | (777,898) | ||
Total liabilities and stockholders' equity | $ (884,665) | $ (777,898) |
Supplemental Guarantor Inform88
Supplemental Guarantor Information (Supplemental Condensed Consolidated Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | |||||||||||
Home sales revenues | $ 292,398 | $ 248,075 | $ 257,179 | $ 181,081 | $ 204,519 | $ 179,775 | $ 186,808 | $ 154,335 | $ 978,733 | $ 725,437 | $ 351,823 |
Land sales revenues | 11,799 | 3,405 | 4,800 | ||||||||
Golf course and other revenue | 3,908 | 5,647 | 5,769 | ||||||||
Total revenue | 994,440 | 734,489 | 362,392 | ||||||||
Cost of home sales revenues | 786,127 | 579,203 | 276,386 | ||||||||
Cost of land sales revenues | 10,589 | 3,395 | 1,808 | ||||||||
Cost of golf course and other revenue | 3,628 | 5,037 | 6,301 | ||||||||
Selling, general, and administrative | 122,224 | 87,840 | 46,795 | ||||||||
Total operating costs and expenses | 922,568 | 675,475 | 331,290 | ||||||||
Operating income | 71,872 | 59,014 | 31,102 | ||||||||
Other income (expense): | |||||||||||
Interest income | 195 | 129 | 362 | ||||||||
Interest expense | (5) | (10) | (26) | ||||||||
Equity in income of unconsolidated subsidiaries | 191 | ||||||||||
Acquisition expense | (490) | (491) | (1,414) | ||||||||
Other income | 940 | 1,535 | 736 | ||||||||
Gain on disposition of assets | 446 | 128 | 199 | ||||||||
Income before income tax expense | 21,892 | 19,731 | 19,097 | 12,429 | 20,405 | 15,945 | 14,431 | 9,524 | 73,149 | 60,305 | 30,959 |
Income tax expense | 23,609 | 20,415 | 10,937 | ||||||||
Net income | $ 15,073 | $ 13,342 | $ 13,142 | $ 7,983 | $ 13,158 | $ 10,583 | $ 9,798 | $ 6,351 | 49,540 | 39,890 | 20,022 |
CCS [Member] | |||||||||||
Revenue | |||||||||||
Selling, general, and administrative | 25,674 | 18,013 | 12,185 | ||||||||
Total operating costs and expenses | 25,674 | 18,013 | 12,185 | ||||||||
Operating income | (25,674) | (18,013) | (12,185) | ||||||||
Other income (expense): | |||||||||||
Equity in earnings from consolidated subsidiaries | 64,297 | 51,197 | 28,729 | ||||||||
Interest income | 34 | 44 | 359 | ||||||||
Equity in income of unconsolidated subsidiaries | 191 | ||||||||||
Acquisition expense | (490) | (491) | (1,414) | ||||||||
Income before income tax expense | 38,358 | 32,737 | 15,489 | ||||||||
Income tax expense | (11,182) | (7,153) | (4,533) | ||||||||
Net income | 49,540 | 39,890 | 20,022 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Revenue | |||||||||||
Home sales revenues | 978,733 | 725,437 | 351,823 | ||||||||
Land sales revenues | 11,799 | 3,405 | 4,800 | ||||||||
Golf course and other revenue | 3,908 | 5,647 | 5,769 | ||||||||
Total revenue | 994,440 | 734,489 | 362,392 | ||||||||
Cost of home sales revenues | 786,127 | 579,203 | 276,386 | ||||||||
Cost of land sales revenues | 10,589 | 3,395 | 1,808 | ||||||||
Cost of golf course and other revenue | 3,628 | 5,037 | 6,301 | ||||||||
Selling, general, and administrative | 96,235 | 69,827 | 34,610 | ||||||||
Total operating costs and expenses | 896,579 | 657,462 | 319,105 | ||||||||
Operating income | 97,861 | 77,027 | 43,287 | ||||||||
Other income (expense): | |||||||||||
Interest income | 161 | 85 | 3 | ||||||||
Interest expense | (5) | (10) | (26) | ||||||||
Other income | 940 | 1,535 | 736 | ||||||||
Gain on disposition of assets | 446 | 128 | 199 | ||||||||
Income before income tax expense | 99,403 | 78,765 | 44,199 | ||||||||
Income tax expense | 34,791 | 27,568 | 15,470 | ||||||||
Net income | 64,612 | 51,197 | 28,729 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Revenue | |||||||||||
Selling, general, and administrative | 315 | ||||||||||
Total operating costs and expenses | 315 | ||||||||||
Operating income | (315) | ||||||||||
Other income (expense): | |||||||||||
Income before income tax expense | (315) | ||||||||||
Net income | (315) | ||||||||||
Elimination Entries [Member] | |||||||||||
Other income (expense): | |||||||||||
Equity in earnings from consolidated subsidiaries | (64,297) | (51,197) | (28,729) | ||||||||
Income before income tax expense | (64,297) | (51,197) | (28,729) | ||||||||
Net income | $ (64,297) | $ (51,197) | $ (28,729) |
Supplemental Guarantor Inform89
Supplemental Guarantor Information (Supplemental Condensed Consolidated Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash used in operating activities | $ (45,836) | $ (162,734) | $ (129,671) |
Net cash used in investing activities | (23,201) | (4,232) | (233,712) |
Financing activities | |||
Borrowings under revolving credit facilities | 220,000 | 180,000 | 119,000 |
Payments on revolving credit facilities | (160,000) | (65,000) | (99,000) |
Proceeds from issuance of senior notes | 58,956 | 198,478 | |
Proceeds from issuances of insurance notes payable | 11,612 | 1,169 | 6,760 |
Principal payments on notes payable | (9,217) | (8,656) | (3,083) |
Debt issuance costs | (1,156) | (2,817) | (6,783) |
Net proceeds from issuances of common stock | 11,369 | 81,564 | |
Repurchases of common stock under our stock repurchase program | (2,393) | (9,746) | |
Repurchases of common stock upon vesting of restricted stock awards | (1,015) | (861) | (386) |
Excess tax benefit on stock-based compensation | 43 | ||
Net cash provided by financing activities | 69,200 | 162,791 | 286,847 |
Net increase (decrease) in cash and cash equivalents | 163 | (4,175) | (76,536) |
Cash and cash equivalents, Beginning of period | 29,287 | 33,462 | 109,998 |
Cash and cash equivalents, End of period | 29,450 | 29,287 | 33,462 |
CCS [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash used in operating activities | (16,138) | (3,742) | (7,783) |
Net cash used in investing activities | (58,032) | (167,244) | (359,291) |
Financing activities | |||
Borrowings under revolving credit facilities | 220,000 | 180,000 | 119,000 |
Payments on revolving credit facilities | (160,000) | (65,000) | (99,000) |
Proceeds from issuance of senior notes | 58,956 | 198,478 | |
Debt issuance costs | (1,156) | (2,817) | (6,783) |
Net proceeds from issuances of common stock | 11,369 | 81,564 | |
Repurchases of common stock under our stock repurchase program | (2,393) | (9,746) | |
Repurchases of common stock upon vesting of restricted stock awards | (1,015) | (861) | (386) |
Excess tax benefit on stock-based compensation | 43 | ||
Net cash provided by financing activities | 66,805 | 170,278 | 283,170 |
Net increase (decrease) in cash and cash equivalents | (7,365) | (708) | (83,904) |
Cash and cash equivalents, Beginning of period | 22,002 | 22,710 | 106,614 |
Cash and cash equivalents, End of period | 14,637 | 22,002 | 22,710 |
Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash used in operating activities | (29,123) | (158,992) | (121,888) |
Net cash used in investing activities | (5,585) | (3,839) | (233,001) |
Financing activities | |||
Proceeds from issuances of insurance notes payable | 11,612 | 1,169 | 6,760 |
Principal payments on notes payable | (9,217) | (8,656) | (3,083) |
Payments from (and advances to) parent/subsidiary | 33,674 | 166,851 | 358,580 |
Net cash provided by financing activities | 36,069 | 159,364 | 362,257 |
Net increase (decrease) in cash and cash equivalents | 1,361 | (3,467) | 7,368 |
Cash and cash equivalents, Beginning of period | 7,285 | 10,752 | 3,384 |
Cash and cash equivalents, End of period | 8,646 | 7,285 | 10,752 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash used in operating activities | (575) | ||
Net cash used in investing activities | (23) | ||
Financing activities | |||
Payments from (and advances to) parent/subsidiary | 6,765 | ||
Net cash provided by financing activities | 6,765 | ||
Net increase (decrease) in cash and cash equivalents | 6,167 | ||
Cash and cash equivalents, End of period | 6,167 | ||
Elimination Entries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash used in investing activities | 40,439 | 166,851 | 358,580 |
Financing activities | |||
Payments from (and advances to) parent/subsidiary | (40,439) | (166,851) | (358,580) |
Net cash provided by financing activities | $ (40,439) | $ (166,851) | $ (358,580) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event - USD ($) | Jan. 26, 2017 | Jan. 25, 2017 |
January 2017 Senior Notes [Member] | ||
Subsequent Event [Line Items] | ||
Principal amount | $ 125,000,000 | |
Interest rate | 6.875% | |
Maturity year | 2,022 | |
Net proceeds from the sale of the notes | $ 125,400,000 | |
Existing Notes [Member] | ||
Subsequent Event [Line Items] | ||
Principal amount | $ 260,000,000 | |
Interest rate | 6.875% | |
Maturity year | 2,022 |