Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 22, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36491 | |
Entity Registrant Name | Century Communities, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 68-0521411 | |
Entity Address, Address Line One | 8390 East Crescent Parkway | |
Entity Address, Address Line Two | Suite 650 | |
Entity Address, City or Town | Greenwood Village | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80111 | |
City Area Code | 303 | |
Local Phone Number | 770-8300 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | CCS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,721,683 | |
Entity Central Index Key | 0001576940 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 502,906 | $ 394,001 |
Cash held in escrow | 54,220 | 23,149 |
Accounts receivable | 24,856 | 21,781 |
Inventories | 1,853,199 | 1,929,664 |
Mortgage loans held for sale | 303,414 | 282,639 |
Prepaid expenses and other assets | 139,300 | 122,630 |
Property and equipment, net | 28,181 | 28,384 |
Deferred tax assets, net | 15,213 | 12,450 |
Goodwill | 30,395 | 30,395 |
Total assets | 2,951,684 | 2,845,093 |
Liabilities: | ||
Accounts payable | 84,179 | 107,712 |
Accrued expenses and other liabilities | 311,508 | 302,751 |
Notes payable | 897,778 | 894,875 |
Revolving line of credit | ||
Mortgage repurchase facilities | 285,050 | 259,050 |
Total liabilities | 1,578,515 | 1,564,388 |
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, 33,708,286 and 33,350,633 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 337 | 334 |
Additional paid-in capital | 688,009 | 697,200 |
Retained earnings | 684,823 | 583,171 |
Total stockholders' equity | 1,373,169 | 1,280,705 |
Total liabilities and stockholders' equity | $ 2,951,684 | $ 2,845,093 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 50,000,000 | 50,000,000 |
Preferred stock shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock shares issued | 33,708,286 | 33,350,633 |
Common stock shares outstanding | 33,708,286 | 33,350,633 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Total revenues | $ 1,008,569 | $ 602,609 |
Selling, general and administrative | (92,151) | (73,619) |
Inventory impairment and other | (781) | |
Other income (expense) | (541) | 158 |
Income before income tax expense | 131,049 | 34,088 |
Income tax expense | (29,397) | (7,962) |
Net income | $ 101,652 | $ 26,126 |
Earnings per share: | ||
Basic | $ 3.03 | $ 0.79 |
Diluted | $ 3 | $ 0.78 |
Weighted average common shares outstanding: | ||
Basic | 33,563,903 | 33,207,928 |
Diluted | 33,884,275 | 33,476,444 |
Homebuilding [Member] | ||
Revenues | ||
Total revenues | $ 974,949 | $ 592,814 |
Cost of revenues | (766,527) | (484,693) |
Home Sales [Member] | ||
Revenues | ||
Total revenues | 959,279 | 572,710 |
Cost of revenues | (756,507) | (470,526) |
Land Sales And Other [Member] | ||
Revenues | ||
Total revenues | 15,670 | 20,104 |
Cost of revenues | (10,020) | (14,167) |
Financial Services [Member] | ||
Revenues | ||
Total revenues | 33,620 | 9,795 |
Cost of revenues | $ (18,301) | $ (9,586) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net income | $ 101,652 | $ 26,126 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,806 | 3,415 |
Stock-based compensation expense | 3,019 | 1,685 |
Fair value of mortgage loans held for sale and other | (15) | 3,280 |
Inventory impairment and other | 781 | |
Deferred income taxes | (2,763) | (521) |
Loss on disposition of assets | 329 | 330 |
Changes in assets and liabilities: | ||
Cash held in escrow | (31,071) | 12,811 |
Accounts receivable | (3,075) | 4,349 |
Inventories | 63,586 | (60,930) |
Mortgage loans held for sale | (25,662) | 41,554 |
Prepaid expenses and other assets | (14,900) | 3,579 |
Accounts payable | (23,533) | (44,624) |
Accrued expenses and other liabilities | 25,747 | (4,211) |
Net cash provided by (used in) operating activities | 96,120 | (12,376) |
Investing activities | ||
Purchases of property and equipment | (2,913) | (2,686) |
Other investing activities | 27 | 60 |
Net cash used in investing activities | (2,886) | (2,626) |
Financing activities | ||
Borrowings under revolving credit facilities | 678,000 | |
Payments on revolving credit facilities | (224,800) | |
Proceeds from issuance of insurance premium notes and other | 4,124 | 4,137 |
Principal payments on insurance notes payable | (1,602) | (2,043) |
Net proceeds (payments) on mortgage repurchase facilities | 26,000 | (40,302) |
Withholding of common stock upon vesting of restricted stock units | (12,177) | (4,977) |
Other | (30) | |
Net cash provided by financing activities | 16,315 | 410,015 |
Net increase | 109,549 | 395,013 |
Cash and cash equivalents and Restricted cash, Beginning of period | 398,081 | 58,521 |
Cash and cash equivalents and Restricted cash, End of period | 507,630 | 453,534 |
Supplemental cash flow disclosure | ||
Cash paid for income taxes | 10 | |
Cash and cash equivalents and Restricted cash | ||
Cash and cash equivalents | 502,906 | 450,973 |
Restricted cash (Note 5) | $ 4,724 | $ 2,561 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance at Dec. 31, 2019 | $ 331 | $ 684,354 | $ 377,014 | $ 1,061,699 |
Beginning balance, shares at Dec. 31, 2019 | 33,067 | |||
Vesting of restricted stock units | $ 4 | (4) | ||
Vesting of restricted stock units, shares | 412 | |||
Withholding of common stock upon vesting of restricted stock units | $ (2) | (4,975) | (4,977) | |
Withholding of common stock upon vesting of restricted stock units, shares | (160) | |||
Stock-based compensation expense | 1,685 | 1,685 | ||
Net income | 26,126 | 26,126 | ||
Ending balance at Mar. 31, 2020 | $ 333 | 681,060 | 403,140 | 1,084,533 |
Ending balance, shares at Mar. 31, 2020 | 33,319 | |||
Beginning balance at Dec. 31, 2020 | $ 334 | 697,200 | 583,171 | 1,280,705 |
Beginning balance, shares at Dec. 31, 2020 | 33,351 | |||
Vesting of restricted stock units | $ 6 | (6) | ||
Vesting of restricted stock units, shares | 601 | |||
Withholding of common stock upon vesting of restricted stock units | $ (3) | (12,174) | (12,177) | |
Withholding of common stock upon vesting of restricted stock units, shares | (244) | |||
Stock-based compensation expense | 3,019 | 3,019 | ||
Other | (30) | (30) | ||
Net income | 101,652 | 101,652 | ||
Ending balance at Mar. 31, 2021 | $ 337 | $ 688,009 | $ 684,823 | $ 1,373,169 |
Ending balance, shares at Mar. 31, 2021 | 33,708 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Century Communities, Inc. (which we refer to as “we,” “CCS,” or the “Company”), together with its subsidiaries, is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 17 states. In many of our projects, in addition to building homes, we are responsible for the entitlement and development of the underlying land. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand targets a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade opportunities. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and provides no option or upgrade opportunities. Our homebuilding operations are organized into the following five reportable segments: West, Mountain, Texas, Southeast, and Century Complete. Additionally, our indirect wholly-owned subsidiaries, Inspire Home Loans, Inc., Parkway Title, LLC, and IHL Home Insurance Agency, LLC, which provide mortgage, title, and insurance services, respectively, primarily to our homebuyers, have been identified as our Financial Services segment. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (which we refer to as “GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (which we refer to as the “SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of our financial position and results of operations for the periods presented. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year, particularly in light of the novel coronavirus (COVID-19) pandemic and measures intended to mitigate the spread. The financial statements and related notes do not include all information and footnotes required by GAAP and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2020, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 that was filed with the SEC on February 5, 2021. The COVID-19 pandemic has led to adverse impacts on the U.S. and global economies and initially created uncertainty regarding potential impacts to our operations and customer demand. Commencing in March 2020, numerous state and local municipalities issued public health orders with varying expiration dates requiring the closure of nonessential businesses, as well as ordering individuals to stay at home and/or shelter in place whenever possible. These public health orders generally exempted the sale and construction of new homes, other than a small portion of our operations, which had to cease operations in early April 2020. During the latter half of the second quarter of 2020, state and local municipalities in the majority of our markets began to lift the most stringent of the public health restrictions and numerous nonessential businesses were allowed to reopen. As of the date of this filing and throughout the first quarter of 2021, we are and were able to build and sell homes in all of our markets . Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company, as well as all subsidiaries in which we have a controlling interest, and variable interest entities for which the Company is deemed to be the primary beneficiary. We currently do not have any variable interest entities in which we are deemed the primary beneficiary. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates, particularly given the uncertainties associated with the ongoing COVID-19 pandemic. Recently Adopted Accounting Standards Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “ Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The standard simplifies the accounting for income taxes, eliminates certain exceptions, and clarifies certain aspects of ASC 740 to promote consistency among reporting entities. We adopted this standard on January 1, 2021 with no material effect on the condensed consolidated financial statements and related disclosures. |
Reporting Segments
Reporting Segments | 3 Months Ended |
Mar. 31, 2021 | |
Reporting Segments [Abstract] | |
Reporting Segments | 2. Reporting Segments Our homebuilding operations are engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 17 states. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand is managed by geographic location, and each of our four geographic regions targets a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade selections. Each of our four geographic regions is considered a separate operating segment. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and provides no option or upgrade selections. Our Century Complete brand currently has operations in 11 states and is managed separately from our four geographic regions. Accordingly, it is considered a separate operating segment. The management of our four Century Communities geographic regions and Century Complete reports to our chief operating decision makers (which we refer to as “CODMs”), the Co-Chief Executive Officers of our Company. The CODMs review the results of our operations, including total revenue and income before income tax expense to determine profitability and to allocate resources. Accordingly, we have presented our homebuilding operations as the following five reportable segments: West (California and Washington) Mountain (Arizona, Colorado, Nevada, and Utah) Texas Southeast (Georgia, North Carolina, South Carolina and Tennessee) Century Complete (Alabama, Arizona, Florida, Georgia, Indiana, Iowa, Michigan, North Carolina, Ohio, South Carolina, and Texas) We have also identified our Financial Services operations, which provide mortgage, title, and insurance services to our homebuyers, as a sixth reportable segment. Our Corporate operations are a non-operating segment, as they serve to support our homebuilding, and to a lesser extent our financial services operations, through functions, such as our executive, finance, treasury, human resources, accounting and legal departments. The following table summarizes total revenue and income before income tax expense by segment (in thousands ): Three Months Ended March 31, 2021 2020 Revenue: West $ 185,826 $ 131,887 Mountain 305,313 171,152 Texas 87,735 60,164 Southeast 220,406 131,502 Century Complete 175,669 98,109 Financial Services 33,620 9,795 Corporate — — Total revenue $ 1,008,569 $ 602,609 Income (loss) before income tax expense: West $ 27,461 $ 15,341 Mountain 51,980 18,498 Texas 8,531 5,484 Southeast 23,440 8,308 Century Complete 21,730 780 Financial Services 15,319 209 Corporate ( 17,412 ) ( 14,532 ) Total income before income tax expense $ 131,049 $ 34,088 The following table summarizes total assets by segment (in thousands): March 31, December 31, 2021 2020 West $ 543,938 $ 536,907 Mountain 801,217 778,198 Texas 226,367 207,746 Southeast 356,600 329,930 Century Complete 236,707 218,604 Financial Services 447,182 421,153 Corporate 339,673 352,555 Total assets $ 2,951,684 $ 2,845,093 Corporate assets primarily include certain cash and cash equivalents, certain property and equipment, prepaid insurance, and deferred financing costs on our revolving line of credit. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventories [Abstract] | |
Inventories | 3. Inventories Inventories included the following (in thousands): March 31, December 31, 2021 2020 Homes under construction $ 1,028,488 $ 1,040,584 Land and land development 767,202 828,242 Capitalized interest 57,509 60,838 Total inventories $ 1,853,199 $ 1,929,664 |
Financial Services
Financial Services | 3 Months Ended |
Mar. 31, 2021 | |
Financial Services [Abstract] | |
Financial Services | 4. Financial Services Our Financial Services are principally comprised of our mortgage lending operations, Inspire Home Loans, Inc. (which we refer to as “Inspire”). Inspire is a full-service mortgage lender and primarily originates mortgage loans for our homebuyers. Inspire sells substantially all of the loans it originates either as whole loans, or with servicing rights retained, in the secondary mortgage market within a short period of time after origination, generally within 30 days. Inspire primarily finances these loans using its mortgage repurchase facilities. Mortgage loans in process for which interest rates were committed to borrowers totaled approximately $ 219.6 million and $ 172.3 million at March 31, 2021 and December 31, 2020, respectively, and carried a weighted average interest rate of approximately 3.2 % and 2.8 %, respectively . As of March 31, 2021 and December 31, 2020, Inspire had mortgage loans held for sale with an aggregate fair value of $ 303.4 million and $ 282.6 million, respectively, and an aggregate outstanding principal balance of $ 295.2 million and $ 269.6 million, respectively. Our net gains on the sale of mortgage loans were $ 22.9 million and $ 11.6 million for the three months ended March 31, 2021 and 2020, respectively, and are included in the financial services revenue on the condensed consolidated statements of operations. Interest rate risks related to these obligations are typically mitigated by the preselling of loans to investors or through our interest rate hedging program. Mortgage loans in process for which interest rates were committed to borrowers, mortgage loans held-for-sale, including the rights to service the mortgage loans, as well as the derivative instrument used to economically hedge our interest rate risk, which are typically forward commitments on mortgage backed securities, are carried at fair value and changes in fair value are reflected in financial services revenue on the condensed consolidated statements of operations. Management believes carrying loans held-for-sale and the derivative instruments used to economically hedge them at fair value improves financial reporting by more accurately reflecting the underlying transaction. Refer to Note 11 – Fair Value Disclosures for further information regarding our derivative instruments . |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expenses and Other Assets [Abstract] | |
Prepaid Expenses and Other Assets | 5. Prepaid Expenses and Other Assets Prepaid expenses and other assets included the following (in thousands): March 31, December 31, 2021 2020 Prepaid insurance $ 18,698 $ 18,699 Lot option and escrow deposits 47,017 39,985 Performance deposits 9,594 9,372 Deferred financing costs on revolving line of credit, net 2,862 3,206 Restricted cash (1) 4,724 4,080 Secured note receivable 2,407 2,434 Right of use assets 15,169 16,175 Other assets and prepaid expenses 12,029 8,082 Mortgage loans held for investment 10,078 8,727 Derivative assets and mortgage servicing rights 16,722 11,870 Total prepaid expenses and other assets $ 139,300 $ 122,630 (1) Restricted cash consists of earnest money deposits for home sale contracts held by third parties as required by various jurisdictions, and certain pledge balances associated with our mortgage repurchase facilities. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | 6. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities included the following (in thousands): March 31, December 31, 2021 2020 Earnest money deposits $ 39,053 $ 30,578 Warranty reserve 13,480 13,824 Accrued compensation costs 39,671 60,692 Land development and home construction accruals 80,711 80,088 Liability for product financing arrangements 48,597 62,084 Accrued interest 16,211 13,649 Lease liabilities - operating leases 15,673 16,801 Income taxes payable 35,137 3,118 Derivative liability — 3,807 Other accrued liabilities 22,975 18,110 Total accrued expenses and other liabilities $ 311,508 $ 302,751 |
Warranties
Warranties | 3 Months Ended |
Mar. 31, 2021 | |
Warranties [Abstract] | |
Warranties | 7. 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 condensed consolidated balance sheets, are based upon historical experience rates. We subsequently assess the adequacy of our warranty accrual on a quarterly basis through a model that incorporates historical payment trends and adjust the amounts recorded, if necessary. Based on warranty payment trends relative to our estimates at the time of home closing, we reduced our warranty reserve by $ 1.8 million and $ 1.1 million during the three months ended March 31, 2021 and 2020, respectively. These adjustments are included in cost of home sales revenues on our condensed consolidated statements of operations. Changes in our warranty accrual for the three months ended March 31, 2021 and 2020 are detailed in the table below (in thousands) : Three Months Ended March 31, 2021 2020 Beginning balance $ 13,824 $ 9,731 Warranty expense provisions 2,298 1,777 Payments ( 839 ) ( 689 ) Warranty adjustment ( 1,803 ) ( 1,092 ) Ending balance $ 13,480 $ 9,727 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt [Abstract] | |
Debt | 8. Debt Our outstanding debt obligations included the following as of March 31, 2021 and December 31, 2020 (in thousands): March 31, December 31, 2021 2020 6.750 % senior notes, due May 2027 (1) $ 494,972 $ 494,768 5.875 % senior notes, due July 2025 (1) 396,997 396,821 Other financing obligations 5,809 3,286 Notes payable 897,778 894,875 Revolving line of credit, due April 2023 — — Mortgage repurchase facilities 285,050 259,050 Total debt $ 1,182,828 $ 1,153,925 (1) The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest expense over the respective terms of the senior notes. Revolving Line of Credit We are party to an Amended and Restated Credit Agreement with Texas Capital Bank, National Association, as Administrative Agent and L/C Issuer, the lenders party thereto and certain of our subsidiaries (which we refer to as the “Amended and Restated Credit Agreement”), which, as amended most recently on December 13, 2019, provides us with a revolving line of credit of up to $ 640.0 million, and unless terminated earlier, will mature on April 30, 2023 . Our obligations under the Amended and Restated Credit Agreement are guaranteed by certain of our subsidiaries. The Amended and Restated 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. These covenants are measured as defined in the Amended and Restated Credit Agreement and are reported to the lenders quarterly. Borrowings under the Amended and Restated Credit Agreement bear interest at a floating rate equal to the adjusted Eurodollar Rate plus an applicable margin between 2.60 % and 3.10 % per annum, or, in the Administrative Agent’s discretion, a base rate plus an applicable margin between 1.60 % and 2.10 % per annum. As of March 31, 2021 and December 31, 2020, no amounts were outstanding under the credit facility and we were in compliance with all covenants. Mortgage Repurchase Facilities – Financial Services On May 4, 2018, September 14, 2018, and August 1, 2019, Inspire entered into mortgage warehouse facilities, with Comerica Bank, J.P. Morgan, and Wells Fargo, respectively. The mortgage warehouse lines of credit (which we refer to as the “repurchase facilities”), which were increased in 2020, provide Inspire with uncommitted repurchase facilities of up to $ 350 million as of March 31, 2021, secured by the mortgage loans financed thereunder. The repurchase facilities have varying short term maturity dates through December 31, 2021 and bear a weighted average interest rate of 2.68 %. Amounts outstanding under the repurchase facilities are not guaranteed by us or any of our subsidiaries and the agreements contain various affirmative and negative covenants applicable to Inspire that are customary for arrangements of this type. As of March 31, 2021 and December 31, 2020, we had $ 285.1 million and $ 259.1 million outstanding under these repurchase facilities, respectively, and were in compliance with all covenants thereunder. During the three months ended March 31, 2021 and 2020, we incurred interest expense on the repurchase facilities of $ 0.8 million and $ 0.7 million, respectively, which are included in financial services costs on our condensed consolidated statements of operations. |
Interest
Interest | 3 Months Ended |
Mar. 31, 2021 | |
Interest [Abstract] | |
Interest | 9. Interest Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. As our qualifying assets exceeded our outstanding debt during the three months ended March 31, 2021 and 2020, we capitalized all interest costs incurred during these periods, except for interest incurred on our mortgage repurchase facilities. Our interest costs are as follows (in thousands): Three Months Ended March 31, 2021 2020 Interest capitalized beginning of period $ 60,838 $ 67,069 Interest capitalized during period 15,048 17,453 Less: capitalized interest in cost of sales ( 18,377 ) ( 13,685 ) Interest capitalized end of period $ 57,509 $ 70,837 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 10 . Income Taxes At the end of each interim period we are required to estimate our annual effective tax rate for the fiscal year, and to use that rate to provide for income taxes for the current year-to-date reporting period. Our 2021 estimated annual effective tax rate of 23.6 % is driven by our blended federal and state statutory rate of 24.7 %, and certain other permanent differences between GAAP and tax which decreased our rate by 1.1 %. For the three months ended March 31, 2021, our estimated annual rate of 23.6 % was impacted by discrete items which had a net impact of decreasing our rate by 1.2 %, including excess tax benefits for vested stock-based compensation. For the three months ended March 31, 2021 and 2020, we recorded income tax expense of $ 29.4 million and $ 8.0 million, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 11. Fair Value Disclosures Fair value measurements are used for the Company’s mortgage loans held for sale, mortgage loans held for investment, mortgage servicing rights, interest rate lock commitments and other derivative instruments on a recurring basis. We also utilize fair value measurements on a non-recurring basis for inventories, and intangible assets when events and circumstances indicate that the carrying value is not recoverable. The fair value hierarchy and its application to the Company’s assets and liabilities is as follows: 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. Mortgage loans held for sale – Fair value is based on quoted market prices for committed mortgage loans. Derivative assets and liabilities – Derivative assets and liabilities are related to our financial services segment and f air value is based on market prices for similar instruments. Level 3 – Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date. Mortgage servicing rights - The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates. Mortgage loans held for investment – The fair value of mortgage loans held for investment is calculated based on Level 3 analysis which incorporates information including the value of underlying collateral, from markets where there is little observable trading activity. The following outlines the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, and the changes in the fair value of the Level 3 assets during the three months ended March 31, 2021 and 2020, respectively: March 31, December 31, Balance Sheet Classification Hierarchy 2021 2020 Mortgage loans held for sale Mortgage loans held for sale Level 2 $ 303,414 $ 282,639 Mortgage loans held for investment Prepaid expenses and other assets Level 3 $ 10,078 $ 8,727 Derivative assets Prepaid expenses and other assets Level 2 $ 8,473 $ 7,755 Mortgage servicing rights (1) Prepaid expenses and other assets Level 3 $ 8,249 $ 4,115 Derivative liabilities Accrued expenses and other liabilities Level 2 $ — $ 3,807 (1) The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates, which were 8.0 %, 9.8 %, and 0.4 %, respectively. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended March, 31 Mortgage servicing rights: 2021 2020 Beginning of year $ 4,115 $ — Originations 3,882 — Disposals/settlements ( 126 ) — Changes in fair value 378 — End of year $ 8,249 $ — Three Months Ended March, 31 Mortgage loans held-for-investment 2021 2020 Beginning of year $ 8,727 $ 3,385 Originations 1,400 3,437 Disposals/settlements — ( 419 ) Reduction in unpaid principal balance ( 49 ) ( 16 ) Changes in fair value — — End of year $ 10,078 $ 6,387 For the financial assets and liabilities that the Company does not reflect at fair value, the following present both their respective carrying value and fair value at March 31, 2021 and December 31, 2020, respectively. March 31, 2021 December 31, 2020 Hierarchy Carrying Fair Value Carrying Fair Value Cash and cash equivalents Level 1 $ 502,906 $ 502,906 $ 394,001 $ 394,001 Secured notes receivable (1) Level 2 $ 2,407 $ 2,418 $ 2,434 $ 2,448 5.875 % senior notes (2)(3) Level 2 $ 396,997 $ 414,000 $ 396,821 $ 417,500 6.750 % senior notes (2)(3) Level 2 $ 494,972 $ 530,000 $ 494,768 $ 533,750 Revolving line of credit (4) Level 2 $ — $ — $ — $ — Other financing obligations (4)(5) Level 3 $ 5,809 $ 5,809 $ 3,286 $ 3,286 Mortgage repurchase facilities (4) Level 2 $ 285,050 $ 285,050 $ 259,050 $ 259,050 (1) Estimated fair value of the secured notes receivable was based on cash flow models discounted at market interest rates which considered the underlying risks of the note. In May 2020, the maturity of the secured note receivable was extended by one year to May of 2021. (2) Estimated fair value of the senior notes is based on recent trading activity in inactive markets. (3) Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of March 31, 2021, these amounts totaled $ 5.0 million and $ 3.0 million for the 6.750 % senior notes and 5.875 % senior notes, respectively. As of December 31, 2020, these amounts totaled $ 5.2 million and $ 3.2 million for the 6.750 % senior notes and 5.875 % senior notes, respectively. (4) Carrying amount approximates fair value due to short-term nature and interest rate terms. (5) Insurance premium notes included in other financing obligations bore interest rates ranging from 3.200 % to 3.240 % during the period ended March 31, 2021 and during the period ended December 31, 2020. Non-financial assets and liabilities include items such as inventory and property and equipment that are measured at fair value when acquired and as a result of impairments, if deemed necessary. No impairment charges were recorded in the three months ended March 31, 2021. During the three months ended March 31, 2020, we determined that inventory with a carrying value before impairment of $ 2.3 million within one community was not recoverable. Accordingly, we recognized an impairment charge of $ 0.8 million to reflect the estimated fair value of the community of $ 1.5 million. The estimated fair value of the community was determined through a discounted cash flow approach utilizing Level 3 inputs. This inventory impairment was incurred in the Century Complete segment. The estimated fair value of communities are determined through a discounted cash flow approach utilizing Level 3 inputs. Changes in our cash flow projections in future periods related to these communities may change our conclusions on the recoverability of inventory in the future. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. Stock-Based Compensation During the three months ended March 31, 2021 and 2020, we granted restricted stock units (which we refer to as “RSUs”) covering 0.2 million and 0.3 million shares of common stock, respectively, with a grant date fair value of $ 52.74 per share and $ 31.19 per share, respectively, that vest over a three year period. During the three months ended March 31, 2021 we also granted performance share units (which we refer to as “PSUs”) covering up to 0.2 million shares of common stock, assuming maximum level of performance, with a grant date fair value of $ 58.28 per share. We did not grant any PSUs during the three months ended March 31, 2020. Granted PSUs are subject to both service and performance vesting conditions. The quantity of shares that will ultimately vest for the PSUs ranges from 0 % to 250 % of a targeted number of shares for each participant and will be determined based on an achievement of a three year pre-tax income performance goal. Approximately 0.8 million shares will vest if the defined maximum performance targets are met, and no shares will vest if the defined minimum performance targets are not met. A summary of our outstanding RSUs and PSUs, assuming current estimated level of performance achievement, are as follows (in thousands, except years): As of March 31, 2021 Unvested units 1,191 Unrecognized compensation cost $ 27,208 Remaining period to recognize compensation cost 2.24 years During the three months ended March 31, 2021 and 2020, we recognized stock-based compensation expense of $ 3.0 million and $ 1.7 million, respectively. Stock-based compensation expense is included in selling, general, and administrative expense on our condensed consolidated statements of operations. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 13. Stockholders’ Equity Our authorized capital stock consists of 100.0 million shares of common stock, par value $ 0.01 per share, and 50.0 million shares of preferred stock, par value $ 0.01 per share. As of March 31, 2021, and December 31, 2020 there were 33.7 million and 33.4 million shares of common stock issued and outstanding, respectively, and no shares of preferred stock outstanding. On May 10, 2017, our stockholders approved the adoption of the Century Communities, Inc. 2017 Omnibus Incentive Plan (which we refer to as our “2017 Incentive Plan”), which replaced our First Amended & Restated 2013 Long-Term Incentive Plan. We had reserved a total of 1.8 million shares of our common stock for issuance under our First Amended & Restated 2013 Long-Term Incentive Plan, of which approximately 0.6 million shares rolled over into the 2017 Incentive Plan when it became effective. On May 8, 2019, our stockholders approved the Century Communities, Inc. Amended and Restated 2017 Omnibus Incentive Plan (which we refer to as our “Amended 2017 Incentive Plan”), which increased the number of shares of our common stock authorized for issuance under the 2017 Incentive Plan by an additional 1.631 million shares. We issued 0.6 million and 0.4 million shares of common stock related to the vesting of RSUs during the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, approximately 0.7 million shares of common stock remained available for issuance under the Amended 2017 Incentive Plan. On November 27, 2019, we entered into a Distribution Agreement with J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., and Fifth Third Securities, Inc. (which we refer to as the “Distribution Agreement”), as sales agents pursuant to which we may offer and sell shares of our common stock having an aggregate offering price of up to $ 100.0 million from time to time through any of the sales agents party thereto in “at-the-market” offerings, in accordance with the terms and conditions set forth in the Distribution Agreement. This Distribution Agreement, which superseded and replaced a prior similar distribution agreement, had all $ 100.0 million available for sale as of March 31, 2021. We did no t sell or issue any shares of our common stock during the three months ended March 31, 2021 and 2020, respectively. The Distribution Agreement will remain in full force and effect until terminated by either party pursuant to the terms of the agreement or such date that the maximum offering amount has been sold in accordance with the terms of the agreement . On November 6, 2018, we authorized a stock repurchase program, under which we may repurchase up to 4,500,000 shares of our outstanding common stock. During the three months ended March 31, 2021 and 2020, we did not repurchase any shares of common stock. The maximum number of shares available to be purchased under the stock repurchase program as of March 31, 2021 was 3,812,939 shares. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. Earnings Per Share We use the treasury stock method to calculate earnings per share as our currently issued non-vested RSUs and PSUs do not have participating rights. The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2021 and 2020 (in thousands, except share and per share information): Three Months Ended March 31, 2021 2020 Numerator Net income $ 101,652 $ 26,126 Denominator Weighted average common shares outstanding - basic 33,563,903 33,207,928 Dilutive effect of restricted stock units 320,372 268,516 Weighted average common shares outstanding - diluted 33,884,275 33,476,444 Earnings per share: Basic $ 3.03 $ 0.79 Diluted $ 3.00 $ 0.78 Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 0.8 million and 0.6 million common stock unit equivalents from diluted earnings per share during the three months ended March 31, 2021 and 2020, respectively, related to the PSUs for which performance conditions remained unsatisfied. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Letters of Credit and Performance Bonds In the normal course of business, we post letters of credit and performance bonds related to our land development performance obligations with local municipalities. As of March 31, 2021, and December 31, 2020, we had $ 441.2 million and $ 402.7 million, respectively, in letters of credit and performance bonds issued and outstanding. Legal Proceedings We are subject to claims and lawsuits that arise primarily in the ordinary course of business, which consist primarily of construction claims. It is the opinion of our management that if the claims have merit, parties other than the Company would be, at least in part, liable for the claims, and the 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 expense on our condensed consolidated statements of operations for our estimated loss. Under various insurance policies, we have the ability to recoup costs in excess of applicable self-insured retentions. Estimates of such amounts are recorded in other assets on our condensed consolidated balance sheet when recovery is probable. 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 flows. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Century Communities, Inc. (which we refer to as “we,” “CCS,” or the “Company”), together with its subsidiaries, is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 17 states. In many of our projects, in addition to building homes, we are responsible for the entitlement and development of the underlying land. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand targets a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade opportunities. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and provides no option or upgrade opportunities. Our homebuilding operations are organized into the following five reportable segments: West, Mountain, Texas, Southeast, and Century Complete. Additionally, our indirect wholly-owned subsidiaries, Inspire Home Loans, Inc., Parkway Title, LLC, and IHL Home Insurance Agency, LLC, which provide mortgage, title, and insurance services, respectively, primarily to our homebuyers, have been identified as our Financial Services segment. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (which we refer to as “GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (which we refer to as the “SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of our financial position and results of operations for the periods presented. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year, particularly in light of the novel coronavirus (COVID-19) pandemic and measures intended to mitigate the spread. The financial statements and related notes do not include all information and footnotes required by GAAP and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2020, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 that was filed with the SEC on February 5, 2021. The COVID-19 pandemic has led to adverse impacts on the U.S. and global economies and initially created uncertainty regarding potential impacts to our operations and customer demand. Commencing in March 2020, numerous state and local municipalities issued public health orders with varying expiration dates requiring the closure of nonessential businesses, as well as ordering individuals to stay at home and/or shelter in place whenever possible. These public health orders generally exempted the sale and construction of new homes, other than a small portion of our operations, which had to cease operations in early April 2020. During the latter half of the second quarter of 2020, state and local municipalities in the majority of our markets began to lift the most stringent of the public health restrictions and numerous nonessential businesses were allowed to reopen. As of the date of this filing and throughout the first quarter of 2021, we are and were able to build and sell homes in all of our markets . |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company, as well as all subsidiaries in which we have a controlling interest, and variable interest entities for which the Company is deemed to be the primary beneficiary. We currently do not have any variable interest entities in which we are deemed the primary beneficiary. All intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates, particularly given the uncertainties associated with the ongoing COVID-19 pandemic. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “ Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The standard simplifies the accounting for income taxes, eliminates certain exceptions, and clarifies certain aspects of ASC 740 to promote consistency among reporting entities. We adopted this standard on January 1, 2021 with no material effect on the condensed consolidated financial statements and related disclosures. |
Reporting Segments (Tables)
Reporting Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Reporting Segments [Abstract] | |
Schedule of Total Revenue and Pretax Income by Segment | Three Months Ended March 31, 2021 2020 Revenue: West $ 185,826 $ 131,887 Mountain 305,313 171,152 Texas 87,735 60,164 Southeast 220,406 131,502 Century Complete 175,669 98,109 Financial Services 33,620 9,795 Corporate — — Total revenue $ 1,008,569 $ 602,609 Income (loss) before income tax expense: West $ 27,461 $ 15,341 Mountain 51,980 18,498 Texas 8,531 5,484 Southeast 23,440 8,308 Century Complete 21,730 780 Financial Services 15,319 209 Corporate ( 17,412 ) ( 14,532 ) Total income before income tax expense $ 131,049 $ 34,088 |
Schedule of Total Assets by Segment | March 31, December 31, 2021 2020 West $ 543,938 $ 536,907 Mountain 801,217 778,198 Texas 226,367 207,746 Southeast 356,600 329,930 Century Complete 236,707 218,604 Financial Services 447,182 421,153 Corporate 339,673 352,555 Total assets $ 2,951,684 $ 2,845,093 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventories [Abstract] | |
Schedule of Inventories | March 31, December 31, 2021 2020 Homes under construction $ 1,028,488 $ 1,040,584 Land and land development 767,202 828,242 Capitalized interest 57,509 60,838 Total inventories $ 1,853,199 $ 1,929,664 |
Prepaid Expenses and Other As_2
Prepaid Expenses and Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expenses and Other Assets [Abstract] | |
Schedule of Prepaid Expenses and Other Assets | March 31, December 31, 2021 2020 Prepaid insurance $ 18,698 $ 18,699 Lot option and escrow deposits 47,017 39,985 Performance deposits 9,594 9,372 Deferred financing costs on revolving line of credit, net 2,862 3,206 Restricted cash (1) 4,724 4,080 Secured note receivable 2,407 2,434 Right of use assets 15,169 16,175 Other assets and prepaid expenses 12,029 8,082 Mortgage loans held for investment 10,078 8,727 Derivative assets and mortgage servicing rights 16,722 11,870 Total prepaid expenses and other assets $ 139,300 $ 122,630 (1) Restricted cash consists of earnest money deposits for home sale contracts held by third parties as required by various jurisdictions, and certain pledge balances associated with our mortgage repurchase facilities. |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | March 31, December 31, 2021 2020 Earnest money deposits $ 39,053 $ 30,578 Warranty reserve 13,480 13,824 Accrued compensation costs 39,671 60,692 Land development and home construction accruals 80,711 80,088 Liability for product financing arrangements 48,597 62,084 Accrued interest 16,211 13,649 Lease liabilities - operating leases 15,673 16,801 Income taxes payable 35,137 3,118 Derivative liability — 3,807 Other accrued liabilities 22,975 18,110 Total accrued expenses and other liabilities $ 311,508 $ 302,751 |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Warranties [Abstract] | |
Schedule of Changes in Warranty Accrual | Three Months Ended March 31, 2021 2020 Beginning balance $ 13,824 $ 9,731 Warranty expense provisions 2,298 1,777 Payments ( 839 ) ( 689 ) Warranty adjustment ( 1,803 ) ( 1,092 ) Ending balance $ 13,480 $ 9,727 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt [Abstract] | |
Schedule of Outstanding Debt Obligations | March 31, December 31, 2021 2020 6.750 % senior notes, due May 2027 (1) $ 494,972 $ 494,768 5.875 % senior notes, due July 2025 (1) 396,997 396,821 Other financing obligations 5,809 3,286 Notes payable 897,778 894,875 Revolving line of credit, due April 2023 — — Mortgage repurchase facilities 285,050 259,050 Total debt $ 1,182,828 $ 1,153,925 (1) The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest expense over the respective terms of the senior notes. |
Interest (Tables)
Interest (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Interest [Abstract] | |
Schedule of Capitalized Interest Costs | Three Months Ended March 31, 2021 2020 Interest capitalized beginning of period $ 60,838 $ 67,069 Interest capitalized during period 15,048 17,453 Less: capitalized interest in cost of sales ( 18,377 ) ( 13,685 ) Interest capitalized end of period $ 57,509 $ 70,837 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | March 31, December 31, Balance Sheet Classification Hierarchy 2021 2020 Mortgage loans held for sale Mortgage loans held for sale Level 2 $ 303,414 $ 282,639 Mortgage loans held for investment Prepaid expenses and other assets Level 3 $ 10,078 $ 8,727 Derivative assets Prepaid expenses and other assets Level 2 $ 8,473 $ 7,755 Mortgage servicing rights (1) Prepaid expenses and other assets Level 3 $ 8,249 $ 4,115 Derivative liabilities Accrued expenses and other liabilities Level 2 $ — $ 3,807 (1) The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates, which were 8.0 %, 9.8 %, and 0.4 %, respectively. |
Schedule of Reconciliation of Level 3 Recurring at Fair Value | Three Months Ended March, 31 Mortgage servicing rights: 2021 2020 Beginning of year $ 4,115 $ — Originations 3,882 — Disposals/settlements ( 126 ) — Changes in fair value 378 — End of year $ 8,249 $ — Three Months Ended March, 31 Mortgage loans held-for-investment 2021 2020 Beginning of year $ 8,727 $ 3,385 Originations 1,400 3,437 Disposals/settlements — ( 419 ) Reduction in unpaid principal balance ( 49 ) ( 16 ) Changes in fair value — — End of year $ 10,078 $ 6,387 |
Schedule of Carrying Values and Fair Values of Financial Instruments | March 31, 2021 December 31, 2020 Hierarchy Carrying Fair Value Carrying Fair Value Cash and cash equivalents Level 1 $ 502,906 $ 502,906 $ 394,001 $ 394,001 Secured notes receivable (1) Level 2 $ 2,407 $ 2,418 $ 2,434 $ 2,448 5.875 % senior notes (2)(3) Level 2 $ 396,997 $ 414,000 $ 396,821 $ 417,500 6.750 % senior notes (2)(3) Level 2 $ 494,972 $ 530,000 $ 494,768 $ 533,750 Revolving line of credit (4) Level 2 $ — $ — $ — $ — Other financing obligations (4)(5) Level 3 $ 5,809 $ 5,809 $ 3,286 $ 3,286 Mortgage repurchase facilities (4) Level 2 $ 285,050 $ 285,050 $ 259,050 $ 259,050 (1) Estimated fair value of the secured notes receivable was based on cash flow models discounted at market interest rates which considered the underlying risks of the note. In May 2020, the maturity of the secured note receivable was extended by one year to May of 2021. (2) Estimated fair value of the senior notes is based on recent trading activity in inactive markets. (3) Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of March 31, 2021, these amounts totaled $ 5.0 million and $ 3.0 million for the 6.750 % senior notes and 5.875 % senior notes, respectively. As of December 31, 2020, these amounts totaled $ 5.2 million and $ 3.2 million for the 6.750 % senior notes and 5.875 % senior notes, respectively. (4) Carrying amount approximates fair value due to short-term nature and interest rate terms. (5) Insurance premium notes included in other financing obligations bore interest rates ranging from 3.200 % to 3.240 % during the period ended March 31, 2021 and during the period ended December 31, 2020. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Summary of Outstanding RSUs and PSUs | As of March 31, 2021 Unvested units 1,191 Unrecognized compensation cost $ 27,208 Remaining period to recognize compensation cost 2.24 years |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended March 31, 2021 2020 Numerator Net income $ 101,652 $ 26,126 Denominator Weighted average common shares outstanding - basic 33,563,903 33,207,928 Dilutive effect of restricted stock units 320,372 268,516 Weighted average common shares outstanding - diluted 33,884,275 33,476,444 Earnings per share: Basic $ 3.03 $ 0.79 Diluted $ 3.00 $ 0.78 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021segmentstate | |
Basis of Presentation [Abstract] | |
Number of operating states | state | 17 |
Number of reportable segments | segment | 5 |
Reporting Segments (Narrative)
Reporting Segments (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021segmentregionstate | |
Segment Reporting Information [Line Items] | |
Number of operating states | 17 |
Number of reportable segments | segment | 5 |
Century Complete [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating states | 11 |
Number of operating regions | region | 4 |
Reporting Segments (Schedule of
Reporting Segments (Schedule of Total Revenue and Pretax Income by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 1,008,569 | $ 602,609 |
Total income before income tax expense | 131,049 | 34,088 |
West [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 185,826 | 131,887 |
Total income before income tax expense | 27,461 | 15,341 |
Mountain [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 305,313 | 171,152 |
Total income before income tax expense | 51,980 | 18,498 |
Texas [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 87,735 | 60,164 |
Total income before income tax expense | 8,531 | 5,484 |
Southeast [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 220,406 | 131,502 |
Total income before income tax expense | 23,440 | 8,308 |
Century Complete [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 175,669 | 98,109 |
Total income before income tax expense | 21,730 | 780 |
Financial Services [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 33,620 | 9,795 |
Total income before income tax expense | 15,319 | 209 |
Corporate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total income before income tax expense | $ (17,412) | $ (14,532) |
Reporting Segments (Schedule _2
Reporting Segments (Schedule of Total Assets by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,951,684 | $ 2,845,093 |
West [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 543,938 | 536,907 |
Mountain [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 801,217 | 778,198 |
Texas [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 226,367 | 207,746 |
Southeast [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 356,600 | 329,930 |
Century Complete [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 236,707 | 218,604 |
Financial Services [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 447,182 | 421,153 |
Corporate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 339,673 | $ 352,555 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||||
Homes under construction | $ 1,028,488 | $ 1,040,584 | ||
Land and land development | 767,202 | 828,242 | ||
Capitalized interest | 57,509 | 60,838 | $ 70,837 | $ 67,069 |
Total inventories | $ 1,853,199 | $ 1,929,664 |
Financial Services (Narrative)
Financial Services (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Financial Services [Line Items] | |||
Mortgage loans in process | $ 219,600 | $ 172,300 | |
Mortgage loans held for sale | 303,414 | 282,639 | |
Mortgage loans held for sale aggregate outstanding principal balance | 295,200 | $ 269,600 | |
Realized net gains from the sale of mortgages | $ 22,900 | $ 11,600 | |
Weighted Average [Member] | |||
Financial Services [Line Items] | |||
Interest rate | 3.20% | 2.80% |
Prepaid Expenses and Other As_3
Prepaid Expenses and Other Assets (Schedule of Prepaid Expenses and Other Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid Expenses and Other Assets [Abstract] | ||
Prepaid insurance | $ 18,698 | $ 18,699 |
Lot option and escrow deposits | 47,017 | 39,985 |
Performance deposits | 9,594 | 9,372 |
Deferred financing costs on revolving line of credit, net | 2,862 | 3,206 |
Restricted cash | 4,724 | 4,080 |
Secured note receivable | 2,407 | 2,434 |
Right of use assets | 15,169 | 16,175 |
Other assets and prepaid expenses | 12,029 | 8,082 |
Mortgage loans held for investment | 10,078 | 8,727 |
Derivative assets and mortgage servicing rights | 16,722 | 11,870 |
Total prepaid expenses and other assets | $ 139,300 | $ 122,630 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses and Other Liabilities [Abstract] | ||||
Earnest money deposits | $ 39,053 | $ 30,578 | ||
Warranty reserve | 13,480 | 13,824 | $ 9,727 | $ 9,731 |
Accrued compensation costs | 39,671 | 60,692 | ||
Land development and home construction accruals | 80,711 | 80,088 | ||
Liability for product financing arrangements | 48,597 | 62,084 | ||
Accrued interest | 16,211 | 13,649 | ||
Lease liabilities - operating leases | 15,673 | 16,801 | ||
Income taxes payable | 35,137 | 3,118 | ||
Derivative liability | 3,807 | |||
Other accrued liabilities | 22,975 | 18,110 | ||
Total accrued expenses and other liabilities | $ 311,508 | $ 302,751 |
Warranties (Narrative) (Details
Warranties (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Warranties [Abstract] | ||
Warranty reserve adjustment | $ (1,803) | $ (1,092) |
Warranties (Schedule of Changes
Warranties (Schedule of Changes in Warranty Accrual) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Warranties [Abstract] | ||
Beginning balance | $ 13,824 | $ 9,731 |
Warranty expense provisions | 2,298 | 1,777 |
Payments | (839) | (689) |
Warranty adjustment | (1,803) | (1,092) |
Ending balance | $ 13,480 | $ 9,727 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Dec. 13, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Line of credit facility, outstanding amount | ||||
Mortgage repurchase facilities | 285,050,000 | 259,050,000 | ||
Mortgage Repurchase Facilities - Financial Services [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage repurchase facilities | 285,100,000 | 259,100,000 | ||
Incurred interest expense | 800,000 | $ 700,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, outstanding amount | $ 0 | $ 0 | ||
Inspire [Member] | Mortgage Repurchase Facilities - Financial Services [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 2.68% | |||
Maximum [Member] | Inspire [Member] | Mortgage Repurchase Facilities - Financial Services [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Dec. 31, 2021 | |||
Line of credit facility. maximum borrowing capacity | $ 350,000,000 | |||
Base Rate [Member] | Minimum [Member] | Texas Capital Bank [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.60% | |||
Base Rate [Member] | Maximum [Member] | Texas Capital Bank [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.10% | |||
Amended And Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Apr. 30, 2023 | |||
Line of credit facility. maximum borrowing capacity | $ 640,000,000 | |||
Amended And Restated Credit Agreement [Member] | Eurodollar Rate [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.60% | |||
Amended And Restated Credit Agreement [Member] | Eurodollar Rate [Member] | Maximum [Member] | Texas Capital Bank [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.10% |
Debt (Schedule of Outstanding D
Debt (Schedule of Outstanding Debt Obligations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 897,778 | $ 894,875 |
Revolving line of credit | ||
Mortgage repurchase facilities | 285,050 | 259,050 |
Total debt | 1,182,828 | 1,153,925 |
Senior Notes 6.750% Due May 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 494,972 | 494,768 |
Interest rate | 6.75% | |
Maturity date | 2027-05 | |
Senior Notes 5.875% Due July 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 396,997 | 396,821 |
Interest rate | 5.875% | |
Maturity date | 2025-07 | |
Other Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 5,809 | $ 3,286 |
Revolving Line Of Credit Due April 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 2023-04 |
Interest (Schedule of Capitaliz
Interest (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest [Abstract] | ||
Interest capitalized beginning of period | $ 60,838 | $ 67,069 |
Interest capitalized during period | 15,048 | 17,453 |
Less: capitalized interest in cost of sales | (18,377) | (13,685) |
Interest capitalized end of period | $ 57,509 | $ 70,837 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | |
Income Tax Examination [Line Items] | |||
Effective tax rate | 23.60% | ||
Percentage of decrease related to rate impacted by discrete items | 1.20% | ||
Income tax expense | $ 29,397 | $ 7,962 | |
Forecast [Member] | |||
Income Tax Examination [Line Items] | |||
Effective tax rate | 23.60% | ||
Blended federal and state statutary rate | 24.70% | ||
Decreased to effective tax rate | 1.10% |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Inventory before impairment | $ 2,300 | |
Impairment charge | 781 | |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Inventory | $ 1,500 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule of Assets and Liabilities Measured at Fair Value) (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans held for sale | $ 303,414 | $ 282,639 |
Derivative liabilities | $ 3,807 | |
Prepayment Rate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing right rates | 8 | 8 |
Discount Rate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing right rates | 9.8 | 9.8 |
Delinquency Rate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing right rates | 0.4 | 0.4 |
Level 2 [Member] | Recurring [Member] | Mortgage Loan Held For Sale [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans held for sale | $ 303,414 | $ 282,639 |
Level 2 [Member] | Recurring [Member] | Prepaid Expenses And Other Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 8,473 | 7,755 |
Level 2 [Member] | Recurring [Member] | Accrued Expenses And Other Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 3,807 | |
Level 3 [Member] | Recurring [Member] | Prepaid Expenses And Other Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans held for investment | 10,078 | 8,727 |
Mortgage servicing rights | $ 8,249 | $ 4,115 |
Fair Value Disclosures (Sched_2
Fair Value Disclosures (Schedule of Reconciliation of Level 3 Recurring at Fair Value) (Details) - Level 3 [Member] - Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Mortgage Servicing Rights [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Beginning of year | $ 4,115 | |
Originations | 3,882 | |
Disposals/settlements | (126) | |
Changes in fair value | 378 | |
End of year | 8,249 | |
Mortgage Loans Held For Investment [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Beginning of year | 8,727 | 3,385 |
Originations | 1,400 | 3,437 |
Disposals/settlements | (419) | |
Reduction in unpaid principal balance | (49) | (16) |
Changes in fair value | ||
End of year | $ 10,078 | $ 6,387 |
Fair Value Disclosures (Sched_3
Fair Value Disclosures (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 502,906 | $ 394,001 | $ 450,973 |
Secured notes receivable | 2,407 | 2,434 | |
Senior notes | 897,778 | 894,875 | |
Revolving line of credit | |||
Mortgage repurchase facilities | 285,050 | 259,050 | |
Senior Notes 5.875% [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying amounts include unamortized deferred financing costs, premiums and discounts | $ 3,000 | $ 3,200 | |
Interest rate | 5.875% | 5.875% | |
Senior Notes 6.750% [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying amounts include unamortized deferred financing costs, premiums and discounts | $ 5,000 | $ 5,200 | |
Interest rate | 6.75% | 6.75% | |
Level 1 [Member] | Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 502,906 | $ 394,001 | |
Level 1 [Member] | Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 502,906 | 394,001 | |
Level 2 [Member] | Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured notes receivable | 2,407 | 2,434 | |
Mortgage repurchase facilities | 285,050 | 259,050 | |
Level 2 [Member] | Carrying Value [Member] | Senior Notes 5.875% [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 396,997 | 396,821 | |
Level 2 [Member] | Carrying Value [Member] | Senior Notes 6.750% [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 494,972 | 494,768 | |
Level 2 [Member] | Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured notes receivable | 2,418 | 2,448 | |
Mortgage repurchase facilities | 285,050 | 259,050 | |
Level 2 [Member] | Fair Value [Member] | Senior Notes 5.875% [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 414,000 | 417,500 | |
Level 2 [Member] | Fair Value [Member] | Senior Notes 6.750% [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 530,000 | 533,750 | |
Level 3 [Member] | Carrying Value [Member] | Other Financing Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | 5,809 | 3,286 | |
Level 3 [Member] | Fair Value [Member] | Other Financing Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes | $ 5,809 | $ 3,286 | |
Minimum [Member] | Insurance Premium Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate | 3.20% | 3.20% | |
Maximum [Member] | Insurance Premium Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate | 3.24% | 3.24% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 3 | $ 1.7 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 0.2 | 0.3 |
Shares of common stock granted | 0.2 | 0.3 |
Grant date fair value | $ 52.74 | $ 31.19 |
Awards vesting period | 3 years | 3 years |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 0.2 | |
Shares of common stock granted | 0.2 | |
Grant date fair value | $ 58.28 | |
Awards vesting period | 3 years | 3 years |
Shares will vest if defined maximum performance targets are met | 0.8 | |
Shares will vest if defined maximum performance targets are not met | 0 | |
Performance Share Units [Member] | Tranche One [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance target range | 0.00% | 0.00% |
Performance Share Units [Member] | Tranche Two [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance target range | 250.00% | 250.00% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Outstanding RSUs and PSUs) (Details) - RSUs And PSUs [Member] shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested units | shares | 1,191 |
Unrecognized compensation cost | $ | $ 27,208 |
Remaining period to recognize compensation cost | 2 years 2 months 26 days |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 27, 2019 | May 08, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Nov. 06, 2018 | May 10, 2017 |
Class of Stock [Line Items] | |||||||
Common stock shares authorized | 100,000,000 | 100,000,000 | |||||
Common stock, par value | $ 0.01 | $ 0.01 | |||||
Preferred stock shares authorized | 50,000,000 | 50,000,000 | |||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||
Common stock shares issued | 33,708,286 | 33,350,633 | |||||
Common stock shares outstanding | 33,708,286 | 33,350,633 | |||||
Preferred stock shares outstanding | 0 | 0 | |||||
Shares authorized to be repurchased | 4,500,000 | ||||||
Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares available to be purchased | 3,812,939 | ||||||
First Amended And Restated 2013 Long-Term Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock shares for stock award issuance | 1,800,000 | ||||||
2017 Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock shares rolled into plan | 600,000 | ||||||
Amended 2017 Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Additional shares authorized | 1,631,000 | ||||||
Common stock shares for stock award, available for issuance | 700,000 | ||||||
Vesting of restricted stock units, shares | 600,000 | 400,000 | |||||
Distribution Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Aggregate offering price | $ 100 | ||||||
Available for sale | $ 100 | ||||||
Common stock shares sold and issued | 0 | 0 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares related to PSU's granted | 0.8 | 0.6 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator | ||
Net income | $ 101,652 | $ 26,126 |
Denominator | ||
Weighted average common shares outstanding - basic | 33,563,903 | 33,207,928 |
Dilutive effect of restricted stock units | 320,372 | 268,516 |
Weighted average common shares outstanding - diluted | 33,884,275 | 33,476,444 |
Earnings per share: | ||
Basic | $ 3.03 | $ 0.79 |
Diluted | $ 3 | $ 0.78 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies [Abstract] | ||
Outstanding letters of credit and performance bonds | $ 441.2 | $ 402.7 |