Century Communities (CCS) 10-Q 25 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 20, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Period End Date	Sep. 30, 2023
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		31,774,615
Entity Central Index Key	0001576940

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 193,111	$ 296,724
Cash held in escrow	52,488	56,569
Accounts receivable	53,878	52,797
Inventories	3,058,317	2,830,645
Mortgage loans held for sale	162,742	203,558
Prepaid expenses and other assets	345,637	250,535
Property and equipment, net	34,044	31,688
Deferred tax assets, net	18,778	20,856
Goodwill	30,395	30,395
Total assets	3,949,390	3,773,767
Liabilities:
Accounts payable	161,054	106,926
Accrued expenses and other liabilities	282,283	299,588
Notes payable	1,051,294	1,019,412
Revolving line of credit
Mortgage repurchase facilities	162,094	197,626
Total liabilities	1,656,725	1,623,552
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, 31,773,033 and 31,772,791 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	318	318
Additional paid-in capital	582,334	584,803
Retained earnings	1,710,013	1,565,094
Total stockholders' equity	2,292,665	2,150,215
Total liabilities and stockholders' equity	$ 3,949,390	$ 3,773,767

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	31,773,033	31,772,791
Common stock shares outstanding	31,773,033	31,772,791

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total revenues	$ 889,423	$ 1,144,291	$ 2,486,604	$ 3,326,782
Selling, general and administrative	(111,918)	(110,687)	(315,351)	(321,484)
Other income (expense)	(1,663)	(5,651)	(1,509)	(12,754)
Income before income tax expense	111,999	172,074	224,756	574,498
Income tax expense	(28,849)	(27,601)	(56,850)	(128,861)
Net income	$ 83,150	$ 144,473	$ 167,906	$ 445,637
Earnings per share:
Basic	$ 2.60	$ 4.49	$ 5.25	$ 13.57
Diluted	$ 2.58	$ 4.44	$ 5.21	$ 13.41
Weighted average common shares outstanding:
Basic	31,962,884	32,196,589	31,967,672	32,850,647
Diluted	32,237,022	32,570,335	32,200,677	33,241,764
Homebuilding [Member]
Revenues
Total revenues	$ 865,787	$ 1,121,020	$ 2,422,836	$ 3,254,409
Cost of revenues	(652,411)	(841,957)	(1,911,005)	(2,374,784)
Home Sales [Member]
Revenues
Total revenues	865,065	1,118,588	2,419,025	3,241,537
Cost of revenues	(652,411)	(841,665)	(1,910,630)	(2,365,633)
Land Sales And Other [Member]
Revenues
Total revenues	722	2,432	3,811	12,872
Cost of revenues		(292)	(375)	(9,151)
Financial Services [Member]
Revenues
Total revenues	23,636	23,271	63,768	72,373
Cost of revenues	$ (11,432)	$ (13,922)	$ (33,983)	$ (43,262)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 167,906	$ 445,637
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	11,019	8,207
Stock-based compensation expense	26,517	14,950
Fair value of mortgage loans held for sale and other	(2,269)	12,174
Abandonment of lot option contracts	3,021	7,389
Deferred income taxes	2,078	(12,634)
Loss on disposition of assets	1,062	1,504
Changes in assets and liabilities:
Cash held in escrow	4,081	(31,655)
Accounts receivable	(1,081)	(24)
Inventories	(225,587)	(649,038)
Mortgage loans held for sale	36,343	142,283
Prepaid expenses and other assets	(21,179)	(33,129)
Accounts payable	54,126	9,374
Accrued expenses and other liabilities	(23,029)	17,855
Net cash provided by (used in) operating activities	33,008	(67,107)
Investing activities
Purchases of property and equipment	(14,438)	(15,395)
Expenditures related to development of rental properties	(59,812)	(18,082)
Other investing activities	(346)	(3,853)
Net cash used in investing activities	(74,596)	(37,330)
Financing activities
Borrowings under revolving credit facilities	25,000	968,000
Payments on revolving credit facilities	(25,000)	(803,000)
Borrowing under construction loan agreements	21,453
Proceeds from issuance of insurance premium notes and other	26,511	25,070
Principal payments on insurance premium notes and other	(17,273)	(11,627)
Net payments for mortgage repurchase facilities	(35,532)	(136,829)
Withholding of common stock upon vesting of stock-based compensation awards	(10,672)	(12,735)
Repurchases of common stock under stock repurchase program	(19,227)	(120,646)
Dividend payments	(22,074)	(19,680)
Other financing activities		2,941
Net cash used in financing activities	(56,814)	(108,506)
Net decrease	(98,402)	(212,943)
Cash and cash equivalents and Restricted cash, Beginning of period	308,492	322,241
Cash and cash equivalents and Restricted cash, End of period	210,090	109,298
Supplemental cash flow disclosure
Cash paid for income taxes	41,358	151,079
Cash and cash equivalents and Restricted cash
Cash and cash equivalents	193,111	98,203
Restricted cash (Note 5)	16,979	11,095
Cash and cash equivalents and Restricted cash	$ 210,090	$ 109,298

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, 2021	$ 338	$ 697,845	$ 1,066,325	$ 1,764,508
Beginning balance, shares at Dec. 31, 2021	33,761
Vesting of stock-based compensation awards	$ 5	(5)
Vesting of stock-based compensation awards, shares	516
Withholding of common stock upon vesting of stock-based compensation awards	$ (2)	(12,733)		(12,735)
Withholding of common stock upon vesting of stock-based compensation awards, shares	(200)
Repurchases of common stock	$ (23)	(120,623)		(120,646)
Repurchases of common stock, shares	(2,305)
Stock-based compensation expense		14,950		14,950
Cash dividends declared and dividend equivalents		297	(19,977)	(19,680)
Other		(34)		(34)
Net income			445,637	445,637
Ending balance at Sep. 30, 2022	$ 318	579,697	1,491,985	2,072,000
Ending balance, shares at Sep. 30, 2022	31,772
Beginning balance at Jun. 30, 2022	$ 323	596,727	1,354,114	1,951,164
Beginning balance, shares at Jun. 30, 2022	32,273
Repurchases of common stock	$ (5)	(22,336)		(22,341)
Repurchases of common stock, shares	(501)
Stock-based compensation expense		5,159		5,159
Cash dividends declared and dividend equivalents		147	(6,602)	(6,455)
Net income			144,473	144,473
Ending balance at Sep. 30, 2022	$ 318	579,697	1,491,985	2,072,000
Ending balance, shares at Sep. 30, 2022	31,772
Beginning balance at Dec. 31, 2022	$ 318	584,803	1,565,094	2,150,215
Beginning balance, shares at Dec. 31, 2022	31,773
Vesting of stock-based compensation awards	$ 4	(4)
Vesting of stock-based compensation awards, shares	448
Withholding of common stock upon vesting of stock-based compensation awards	$ (2)	(10,670)		(10,672)
Withholding of common stock upon vesting of stock-based compensation awards, shares	(170)
Repurchases of common stock	$ (2)	(19,225)		(19,227)
Repurchases of common stock, shares	(278)
Stock-based compensation expense		26,517		26,517
Cash dividends declared and dividend equivalents		913	(22,987)	(22,074)
Net income			167,906	167,906
Ending balance at Sep. 30, 2023	$ 318	582,334	1,710,013	2,292,665
Ending balance, shares at Sep. 30, 2023	31,773
Beginning balance at Jun. 30, 2023	$ 320	586,856	1,634,741	2,221,917
Beginning balance, shares at Jun. 30, 2023	32,020
Vesting of stock-based compensation awards, shares	1
Withholding of common stock upon vesting of stock-based compensation awards		(29)		(29)
Repurchases of common stock	$ (2)	(17,256)		(17,258)
Repurchases of common stock, shares	(248)
Stock-based compensation expense		12,226		12,226
Cash dividends declared and dividend equivalents		537	(7,878)	(7,341)
Net income			83,150	83,150
Ending balance at Sep. 30, 2023	$ 318	$ 582,334	$ 1,710,013	$ 2,292,665
Ending balance, shares at Sep. 30, 2023	31,773

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
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 18 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 generally provides no option or upgrade opportunities. Our homebuilding operations are organized into the following five reportable segments: West, Mountain, Texas, Southeast, and Century Complete. 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. Additionally, our wholly owned subsidiary, Century Living, LLC, is engaged in the development, construction and management of multi-family rental properties, currently all located in Colorado. Century Living, LLC is included in our Corporate 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. 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, 2022, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 that was filed with the SEC on February 2, 2023. 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 do not have any variable interest entities in which we are deemed the primary beneficiary. 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. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. Recently Issued Accounting Standards There are no recent accounting standards that are expected to have a material impact on our consolidated financial statements.

Reporting Segments

Reporting Segments	9 Months Ended
	Sep. 30, 2023
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 18 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 offers 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 generally provides no option or upgrade selections. Our Century Complete brand currently has operations in 11 states and 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 (Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee)  Century Complete (Alabama, Arizona, Florida, Georgia, Indiana, Kentucky, Louisiana, Michigan, North Carolina, Ohio, South Carolina) Commencing in the first quarter of 2023, our Century Complete operations in Texas were realigned and are now managed under our Texas segment. Accordingly, we have presented segment information under this new basis as of and for the three and nine months ended September 30, 2023, and we have restated the corresponding segment information for those segments as of December 31, 2022 and for the three and nine months ended September 30, 2022 . We have 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 our Corporate operations 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. Additionally, our wholly owned subsidiary, Century Living, LLC, is engaged in the development, construction and management of multi-family rental properties, currently all located in Colorado. Century Living, LLC is included in our Corporate segment. The following table summarizes total revenue and income (loss) before income tax expense by segment (in thousands ): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue: West $ 167,708 $ 255,413 $ 436,081 $ 811,961 Mountain 207,054 288,620 683,432 852,981 Texas 111,694 132,940 327,844 424,893 Southeast 164,968 196,787 369,414 526,944 Century Complete 214,363 247,260 606,065 637,630 Financial Services 23,636 23,271 63,768 72,373 Corporate — — — — Total revenue $ 889,423 $ 1,144,291 $ 2,486,604 $ 3,326,782 Income (loss) before income tax expense: West $ 31,419 $ 51,036 $ 54,358 $ 200,213 Mountain 25,449 51,058 77,946 159,559 Texas 16,377 20,084 31,502 73,579 Southeast 33,717 38,400 63,675 108,053 Century Complete 30,873 33,939 61,171 91,168 Financial Services 12,204 9,349 29,785 29,111 Corporate ( 38,040 ) ( 31,792 ) ( 93,681 ) ( 87,185 ) Total income before income tax expense $ 111,999 $ 172,074 $ 224,756 $ 574,498 The following table summarizes total assets by segment (in thousands): September 30, December 31, 2023 2022 West $ 732,859 $ 665,827 Mountain 1,076,810 1,122,892 Texas 573,187 508,862 Southeast 506,659 415,887 Century Complete 401,238 376,131 Financial Services 347,896 372,284 Corporate 310,741 311,884 Total assets $ 3,949,390 $ 3,773,767 Corporate assets primarily include certain cash and cash equivalents, capitalized interest, costs associated with development of multi-family rental properties, certain property and equipment, prepaid insurance, and deferred financing costs on our revolving line of credit.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventories [Abstract]
Inventories	3. Inventories Inventories included the following (in thousands): September 30, December 31, 2023 2022 Homes under construction $ 1,507,186 $ 1,213,919 Land and land development 1,477,804 1,554,951 Capitalized interest 73,327 61,775 Total inventories $ 3,058,317 $ 2,830,645

Financial Services

Financial Services	9 Months Ended
	Sep. 30, 2023
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 loans with servicing rights released, 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 held for sale and mortgage servicing rights are carried at fair value, with gains and losses from the changes in fair value reflected in financial services revenue on the consolidated statements of operations. Management believes carrying mortgage loans held for sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them. Net gains and losses from the sale of mortgage loans held for sale, which are recognized based upon the difference between the sales proceeds and carrying value of the related loans upon sale, are also included in financial services revenue on the consolidated statements of operations. Financial services revenue also includes fees earned from originating mortgage loans which are recognized at the time the mortgage loans are funded, including origination fees, discount points to reduce interest rates and fees earned from forward commitment agreements entered into between our homebuilding segments and Financial Services. As of September 30, 2023 and December 31, 2022, Inspire had mortgage loans held for sale with an aggregate fair value of $ 162.7 million and $ 203.6 million, respectively, and an aggregate outstanding principal balance of $ 165.7 million and $ 202.0 million, respectively. Net losses on the sale of mortgage loans were $ 6.9 million and $ 3.4 million for the three and nine months ended September 30, 2023, respectively, and net gains on the sale of mortgage loans were $ 4.5 million and $ 15.3 million for the three and nine months ended September 30, 2022, respectively. Losses from the change in fair value for mortgage loans held for sale were $ 2.9 million and $ 4.9 million for the three and nine months ended September 30, 2023, respectively, and were $ 8.1 million and $ 16.7 million for the three and nine months ended September 30, 2022, respectively. Mortgage loans in process for which interest rates were locked by borrowers, or interest rate lock commitments, totaled approximately $ 138.9 million and $ 68.1 million at September 30, 2023 and December 31, 2022, respectively, and carried a weighted average interest rate of approximately 6.0 % and 6.1 %, respectively . Interest rate risks related to these obligations are typically mitigated by the preselling of loans to investors or through our interest rate hedging program. Derivative instruments used to economically hedge our market and interest rate risk are carried at fair value. Derivative instruments typically include interest rate lock commitments and forward commitments on mortgage-backed securities. Changes in fair value of these derivatives as well as any gains or losses upon settlement are reflected in financial services revenue on our condensed consolidated statements of operations. Refer to Note 12 – Fair Value Disclosures for further information regarding our derivative instruments.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets	9 Months Ended
	Sep. 30, 2023
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): September 30, December 31, 2023 2022 Prepaid insurance $ 44,234 $ 31,716 Lot option and escrow deposits 46,752 48,354 Performance deposits 12,077 12,626 Restricted cash (1) 16,979 11,768 Multi-family rental properties under construction 119,206 56,615 Mortgage loans held for investment at fair value 21,367 18,875 Mortgage loans held for investment at amortized cost 6,927 6,574 Mortgage servicing rights 30,493 24,164 Derivative assets 5,458 1,958 Other assets and prepaid expenses 42,144 37,885 Total prepaid expenses and other assets $ 345,637 $ 250,535 (1) Restricted cash consists of restricted cash related to land development, earnest money deposits for home sale contracts held by third parties as required by various jurisdictions, and certain compensating balances associated with our mortgage repurchase facilities and other financing obligations.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2023
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): September 30, December 31, 2023 2022 Earnest money deposits $ 15,805 $ 17,903 Warranty reserve 12,789 13,136 Self-insurance reserve 20,495 16,998 Accrued compensation costs 61,026 80,415 Land development and home construction accruals 118,352 128,483 Accrued interest 13,841 10,670 Derivative liabilities — 1,526 Other accrued liabilities 39,975 30,457 Total accrued expenses and other liabilities $ 282,283 $ 299,588

Warranties

Warranties	9 Months Ended
	Sep. 30, 2023
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 $ 0.5 million and $ 0.1 million during the three months ended September 30, 2023 and 2022, respectively, and we reduced our warranty reserve by $ 1.2 million and $ 0.6 million during the nine months ended September 30, 2023 and 2022, 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 and nine months ended September 30, 2023 and 2022 are detailed in the table below (in thousands) : Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 12,984 $ 14,127 $ 13,136 $ 13,343 Warranty expense provisions 2,199 3,498 6,500 7,645 Payments ( 1,874 ) ( 2,179 ) ( 5,643 ) ( 5,046 ) Warranty adjustment ( 520 ) ( 110 ) ( 1,204 ) ( 606 ) Ending balance $ 12,789 $ 15,336 $ 12,789 $ 15,336

Self-Insurance Reserve

Self-Insurance Reserve	9 Months Ended
	Sep. 30, 2023
Self-Insurance Reserve [Abstract]
Self-Insurance Reserve	8. Self-Insurance Reserve We maintain general liability insurance coverage, including coverage for certain construction defects after homes have closed and premise operations during construction. These insurance policies protect us against a portion of the risk of loss from claims, subject to certain self-insured per occurrence and aggregate retentions, deductibles, and available policy limits. In circumstances where we have elected to retain a higher portion of the overall risk for construction defect claims in return for a lower initial premium, we reserve for the estimated self-insured retention costs that we will incur that are above our coverage limits or that are not covered by our insurance policies. The reserve is recorded on an undiscounted basis at the time revenue is recognized for each home closing. Amounts accrued, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets, are based on third party actuarial analyses that are primarily based on industry data and partially on our historical claims, which include estimates of claims incurred but not yet reported. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. Our self-insurance liability is presented on a gross basis without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimates of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any, are recorded as receivables when such recoveries are considered probable. Based on our third-party actuarial analysis, we reduced our self-insurance reserve by $ 3.4 million during the three and nine months ended September 30, 2023, and we increased our self-insurance reserve by $ 0.9 million during the three and nine months ended September 30, 2022. Any adjustments are included in cost of home sales revenues on our condensed consolidated statements of operations. Changes in our self-insurance reserve for incurred but not reported construction defect claims for the three and nine months ended September 30, 2023 and 2022 are detailed in the table below (in thousands) : Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 21,477 $ 10,153 $ 16,998 $ 5,103 Self-insurance expense provisions 2,470 2,861 7,029 7,911 Payments ( 16 ) — ( 96 ) — Self-insurance adjustment ( 3,436 ) 850 ( 3,436 ) 850 Ending balance $ 20,495 $ 13,864 $ 20,495 $ 13,864

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt [Abstract]
Debt	9. Debt Our outstanding debt obligations included the following as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 3.875 % senior notes, due August 2029 (1) $ 495,463 $ 494,884 6.750 % senior notes, due June 2027 (1) 497,006 496,394 Other financing obligations (2) 58,825 28,134 Notes payable 1,051,294 1,019,412 Revolving line of credit — — Mortgage repurchase facilities 162,094 197,626 Total debt $ 1,213,388 $ 1,217,038 (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. (2) As of September 30, 2023, other financing obligations included $ 30.0 million related to insurance premium notes and certain secured borrowings, as well as $ 28.8 million outstanding under construction loan agreements. As of December 31, 2022, other financing obligations included $ 20.7 million related to insurance premium notes and certain secured borrowings, as well as $ 7.4 million outstanding under construction loan agreements. Construction Loan Agreements Certain wholly owned subsidiaries of Century Living, LLC, are parties to construction loan agreements entered into during 2022 and the first quarter of 2023 with various banks, (which we collectively refer to as “the lenders”). The three construction loan agreements collectively provide that we may borrow up to an aggregate of $ 187.6 million from the lenders for purposes of construction of multi-family projects in Colorado, with advances made by the lenders upon the satisfaction of certain conditions. Borrowings under the construction loan agreements bear interest at various rates, including a fixed rate, and floating interest rates per annum equal to the Secured Overnight Financing Rate (which we refer to as “SOFR”) and the Bloomberg Short-term Bank Yield Index, plus an applicable margin. The outstanding principal balances and all accrued and unpaid interest is due on varying maturity dates through March 17, 2028 , with certain of the construction loan agreements allowing for the option to extend the maturity dates for a period of 12 months if certain conditions are satisfied. The construction loan agreements contain customary affirmative and negative covenants (including covenants related to construction completion, and limitations on the use of loan proceeds, transfers of land, equipment, and improvements), as well as customary events of default. Interest on our construction loan agreements is capitalized to the multi-family properties assets included in prepaid expenses and other assets on the condensed consolidated balance sheets while the related multi-family rental properties are being actively developed . As of September 30, 2023, $ 28.8 million was outstanding under the construction loan agreements, with borrowings that bore a weighted average interest rate of 7.2 % during the nine months ended September 30, 2023, and we were in compliance with all covenants thereunder. Revolving Line of Credit In 2021, we entered into a Second Amended and Restated Credit Agreement (which we refer to as the “Second A&R Credit Agreement”) with Texas Capital Bank, National Association, as Administrative Agent and L/C Issuer, and the lenders party thereto. The Second A&R Credit Agreement, which amended and restated our prior Amended and Restated Credit Agreement , provides us with a senior unsecured revolving line of credit (which we refer to as the “revolving line of credit”) of up to $ 800.0 million, and unless terminated earlier, will mature on April 30, 2026 . The revolving line of credit includes a $ 250.0 million sublimit for standby letters of credit. Under the terms of the Second A&R Credit Agreement, the Company is entitled to request an increase in the size of the revolving line of credit by an amount not exceeding $ 200.0 million. Our obligations under the Second A&R Credit Agreement are guaranteed by certain of our subsidiaries. The Second A&R 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. On December 21, 2022, we entered into a First Modification Agreement with Texas Capital Bank (formerly known as Texas Capital Bank, National Association), as Administrative Agent, amending the Second A&R Credit Agreement pursuant to which, effective January 3, 2023, all existing borrowings using an interest rate based on a LIBOR reference rate had the interest rate replaced with one based on an adjusted term SOFR reference rate, which equals the greater of (i) 0.50 % or (ii) the one-month quotation of the secured overnight financing rate administered by the Federal Reserve Bank of New York, plus 0.10 %. As of September 30, 2023 and December 31, 2022, no amounts were outstanding under the revolving line of credit, respectively, and we were in compliance with all covenants under the Second A&R Credit Agreement. Mortgage Repurchase Facilities – Financial Services Inspire is a party to a mortgage warehouse facility with J.P. Morgan, which provides Inspire with uncommitted repurchase facilities of up to an aggregate of $ 200.0 million as of September 30, 2023, secured by the mortgage loans financed thereunder, and a maturity date through January 19, 2024 . During the three months ended September 30, 2023, we terminated our mortgage warehouse facility agreement with Comerica, which provided uncommitted repurchase facilities of up to an aggregate of $ 75.0 million , with outstanding principal and interest due on December 29, 2023. The repurchase facilities bore a weighted average interest rate of 6.80 % during the nine months ended September 30, 2023. 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 September 30, 2023 and December 31, 2022, we had $ 162.1 million and $ 197.6 million outstanding under the repurchase facilities, respectively, and were in compliance with all covenants thereunder.

Interest on Senior Notes and Re

Interest on Senior Notes and Revolving Line of Credit	9 Months Ended
	Sep. 30, 2023
Interest on Senior Notes and Revolving Line of Credit [Abstract]
Interest on Senior Notes and Revolving Line of Credit	10. Interest on Senior Notes and Revolving Line of Credit Interest on our senior notes and revolving line of credit, if applicable, 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 and nine months ended September 30, 2023 and 2022, we capitalized all interest costs incurred on these facilities during these periods. Our interest costs were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest capitalized beginning of period $ 69,745 $ 57,124 $ 61,775 $ 53,379 Interest capitalized during period 14,234 17,281 42,281 46,645 Less: capitalized interest in cost of sales ( 10,652 ) ( 13,726 ) ( 30,729 ) ( 39,345 ) Interest capitalized end of period $ 73,327 $ 60,679 $ 73,327 $ 60,679

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Taxes [Abstract]
Income Taxes	11 . 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 2023 estimated annual effective tax rate, before discrete items of 26.4 %, is driven by our blended federal and state statutory rate of 24.8 %, and certain permanent differences between GAAP and tax, including disallowed deductions for executive compensation offset by estimated federal energy home credits for current year home deliveries, which combined resulted in a net increase of 1.6 %. For the nine months ended September 30, 2023, our estimated annual rate of 26.4 % was benefitted by discrete items which had a net impact of decreasing our rate by 1.1 %, including federal energy home tax credits claimed for prior year home deliveries in excess of previous estimates and the impact of excess tax benefits for vested stock-based compensation. For the three months ended September 30, 2023 and 2022, we recorded income tax expense of $ 28.8 million and $ 27.6 million, respectively . For the nine months ended September 30, 2023 and 2022, we recorded income tax expense of $ 56.9 million and $ 128.9 million, respectively.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosures	12. 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 the measurement date.  Mortgage loans held for sale – Fair value is based on quoted market prices for committed and uncommitted mortgage loans.  Derivative assets and liabilities – Derivative assets are associated with interest rate lock commitments and investor commitments on loans and may also be associated with forward mortgage-backed securities contracts. Derivative liabilities are associated with forward mortgage-backed securities contracts. Fair 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 the 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 cost to service.  Mortgage loans held for investment at fair value – The fair value of mortgage loans held for investment at fair value 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 September 30, 2023 and December 31, 2022, respectively (in thousands): September 30, December 31, Balance Sheet Classification Hierarchy 2023 2022 Mortgage loans held for sale Mortgage loans held for sale Level 2 $ 162,742 $ 203,558 Mortgage loans held for investment at fair value (1) Prepaid expenses and other assets Level 3 $ 21,367 $ 18,875 Derivative assets Prepaid expenses and other assets Level 2 $ 5,458 $ 1,958 Mortgage servicing rights (2) Prepaid expenses and other assets Level 3 $ 30,493 $ 24,164 Derivative liabilities Accrued expenses and other liabilities Level 2 $ — $ 1,526 (1) The unobservable inputs used in the valuation of the mortgage loans held for investment at fair value include, among other items, the value of underlying collateral, from markets where there is little observable trading activity. (2) The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and cost to service, which were 9.0 %, 10.2 %, and $ 0.071 per year per loan, respectively, as of September 30, 2023, and 7.6 %, 9.0 %, and $ 0.072 per year per loan, respectively, as of December 31, 2022. The high and low end of the range of unobservable inputs used in the valuation did not result in a significant change to the fair value measurement. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements, with gains and losses from the changes in fair value reflected in financial services revenue on our condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Mortgage servicing rights 2023 2022 2023 2022 Beginning of period $ 26,631 $ 20,196 $ 24,164 $ 13,701 Originations 3,017 1,232 5,121 6,605 Settlements ( 428 ) ( 166 ) ( 989 ) ( 701 ) Changes in fair value 1,273 532 2,197 2,189 End of period $ 30,493 $ 21,794 $ 30,493 $ 21,794 Three Months Ended September 30, Nine Months Ended September 30, Mortgage loans held-for-investment at fair value 2023 2022 2023 2022 Beginning of period $ 20,559 $ 14,509 $ 18,875 $ 10,631 Transfers from loans held for sale 1,268 1,904 4,432 7,046 Settlements ( 316 ) — ( 997 ) ( 1,121 ) Reduction in unpaid principal balance ( 120 ) ( 89 ) ( 753 ) ( 213 ) Changes in fair value ( 24 ) ( 39 ) ( 190 ) ( 58 ) End of period $ 21,367 $ 16,285 $ 21,367 $ 16,285 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 September 30, 2023 and December 31, 2022, respectively (in thousands). September 30, 2023 December 31, 2022 Hierarchy Carrying Fair Value Carrying Fair Value Cash and cash equivalents Level 1 $ 193,111 $ 193,111 $ 296,724 $ 296,724 3.875 % senior notes (1)(2) Level 2 $ 495,463 $ 412,500 $ 494,884 $ 395,000 6.750 % senior notes (1)(2) Level 2 $ 497,006 $ 490,000 $ 496,394 $ 477,500 Revolving line of credit (3) Level 2 $ — $ — $ — $ — Other financing obligations (3)(4) Level 3 $ 58,825 $ 58,825 $ 28,134 $ 28,134 Mortgage repurchase facilities (3) Level 2 $ 162,094 $ 162,094 $ 197,626 $ 197,626 (1) Estimated fair value of the senior notes is based on recent trading activity in inactive markets. (2) Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of September 30, 2023, these amounts totaled $ 4.5 million and $ 3.0 million for the 3.875 % senior notes and 6.750 % senior notes, respectively. As of December 31, 2022, these amounts totaled $ 5.1 million and $ 3.6 million for the 3.875 % senior notes and 6.750 % senior notes, respectively. (3) Carrying amount approximates fair value due to short-term nature and/or interest rate terms. (4) During the period ended September 30, 2023, other financing obligations included $ 30.0 million related to insurance premium notes and certain secured borrowings that generally bore interest rates ranging from 2.40 % to 7.70 %, and $ 28.8 million related to outstanding borrowings on the construction loan agreements that bore a weighted average interest rate of 7.2 %. During the period ended December 31, 2022, other financing obligations included $ 20.7 million related to insurance premium notes and certain secured borrowings that generally bore interest rates ranging from 2.40 % to 5.84 %, and $ 7.4 million related to outstanding borrowings on the construction loan agreements that bore a weighted average interest rate of 5.6 %. 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 and nine months ended September 30, 2023 and 2022. When impairment charges are recognized, 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	9 Months Ended
	Sep. 30, 2023
Stock-Based Compensation [Abstract]
Stock-Based Compensation	13. Stock-Based Compensation During the nine months ended September 30, 2023 and 2022, we granted restricted stock units (which we refer to as “RSUs”) covering 0.2 million and 0.2 million shares of common stock, respectively, with a grant date fair value of $ 62.68 and $ 63.26 per share, respectively, that primarily vest over a three year period. During the nine months ended September 30, 2023 and 2022, we granted 11.0 thousand and 11.0 thousand shares of common stock, respectively, on an unrestricted basis (which we refer to as “stock awards”) with a grant date fair value of $ 65.77 and $ 54.46 per share, respectively, to our non-employee directors. During the nine months ended September 30, 2023 and 2022, we granted performance share units (which we refer to as “PSUs”) covering up to 0.5 million and 0.5 million shares of common stock, respectively, assuming maximum level of performance, with a grant date fair value of $ 60.05 and $ 55.93 per share, respectively, that are subject to both service and performance vesting conditions. The quantity of shares that will ultimately vest and be issued for the PSUs ranges from 0 % to up to 250 % of a targeted number of shares dependent upon the participant and will be determined based on an achievement of a three year adjusted pre-tax income performance goal. During the nine months ended September 30, 2023 and 2022, we issued 0.3 million and 0.3 million shares of common stock, respectively, upon the vesting and settlement of PSUs that were granted in previous periods. Approximately 1.1 million shares will vest from 2024 to 2026 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 PSUs, assuming the current estimated level of performance achievement, and RSUs are as follows (in thousands, except years): As of September 30, 2023 Unvested units 1,357 Unrecognized compensation cost $ 41,092 Weighted-average years to recognize compensation cost 1.91 During the three months ended September 30, 2023 and 2022, we recognized stock-based compensation expense of $ 12.2 million and $ 5.2 million, respectively. During the nine months ended September 30, 2023 and 2022, we recognized stock-based compensation expense of $ 26.5 million and $ 15.0 million, respectively. Stock-based compensation expense is included in selling, general, and administrative expense on our condensed consolidated statements of operations. D uring the three and nine months ended September 30, 2023, in accordance with ASC 718, Compensation—Stock Compensation we updated our recognition of stock-based compensation expense associated with previously granted PSU awards to reflect probable financial results as they relate to the performance goals of the awards. Accordingly, our estimate of the number of shares which will ultimately vest under our PSU awards increased by 0.4 million shares during the three months ended September 30, 2023 and 0.4 million shares during the nine months ended September 30, 2023. We recorded a cumulative catch-up adjustment to increase stock-based compensation expense of $ 7.4 million ($ 5.5 million net of tax), or $ 0.17 per share (basic and diluted), for the three months ended September 30, 2023, and $ 10.8 million ($ 8.0 million net of tax), or $ 0.25 per share (basic and diluted), for the nine months ended September 30, 2023.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity [Abstract]
Stockholders' Equity	14. 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 September 30, 2023 and December 31, 2022, there were 31.8 million and 31.8 million shares of common stock issued and outstanding, respectively, and no shares of preferred stock outstanding. On May 4, 2022, the stockholders approved the adoption of the Century Communities, Inc. 2022 Omnibus Incentive Plan (which we refer to as the “2022 Incentive Plan”), which replaced the Century Communities, Inc. Amended and Restated 2017 Omnibus Incentive Plan (which we refer to as our “2017 Incentive Plan”). Under the 2022 Incentive Plan, 3.1 million shares of common stock are available for issuance to eligible participants, plus 51.2 thousand shares of our common stock that remained available for issuance under the 2017 Incentive Plan and any shares subject to awards outstanding under the 2017 Incentive Plan that are subsequently forfeited, cancelled, expire or otherwise terminate without the issuance of such shares. During the nine months ended September 30, 2023 and 2022, we issued 0.4 million and 0.5 million shares of common stock, respectively, related to the vesting and settlement of RSUs and PSUs. As of September 30, 2023, approximately 2.5 million shares of common stock remained available for issuance under the 2022 Incentive Plan. The following table sets forth cash dividends declared by our Board of Directors to holders of record of our common stock during the nine months ended September 30, 2023 and 2022, respectively (in thousands, except per share information): Nine Months Ended September 30, 2023 Cash Dividends Declared and Paid Declaration Date Record Date Paid Date Per Share Amount February 8, 2023 March 1, 2023 March 15, 2023 $ 0.23 $ 7,365 May 17, 2023 May 31, 2023 June 14, 2023 $ 0.23 $ 7,368 August 16, 2023 August 30, 2023 September 13, 2023 $ 0.23 $ 7,341 Nine Months Ended September 30, 2022 Cash Dividends Declared and Paid Declaration Date Record Date Paid Date Per Share Amount February 16, 2022 March 2, 2022 March 16, 2022 $ 0.20 $ 6,657 May 18, 2022 June 1, 2022 June 15, 2022 $ 0.20 $ 6,568 August 17, 2022 August 31, 2022 September 14, 2022 $ 0.20 $ 6,455 Under the 2022 Incentive Plan and the previous 2017 Incentive Plan, at the discretion of the Compensation Committee of the Board of Directors, RSUs and PSUs granted under the plan have the right to earn dividend equivalents, which entitles the holders of such RSUs and PSUs to additional RSUs and PSUs equal to the same dividend value per share as holders of common stock. Dividend equivalents are subject to the same vesting and other terms and conditions as the underlying RSUs and PSUs. We are party to a Distribution Agreement with J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, 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. 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. We did no t sell or issue any shares of our common stock during the three and nine months ended September 30, 2023 and 2022, and as of September 30, 2023, all $ 100.0 million remained available for sale. We authorized a stock repurchase program in 2018, under which we may repurchase up to 4.5 million shares of our outstanding common stock. During the three and nine months ended September 30, 2023, an aggregate of 247.8 thousand and 278.2 thousand shares, respectively, were repurchased for a total purchase price of approximately $ 17.3 million and $ 19.2 million, respectively, and a weighted average price of $ 69.61 and $ 69.09 per share, respectively. During the three and nine months ended September 30, 2022, an aggregate of 0.5 million and 2.3 million shares, respectively, were repurchased for a total purchase price of approximately $ 22.3 million and $ 120.6 million, respectively, and a weighted average price of $ 44.58 and $ 52.32 per share, respectively. The maximum number of shares available to be repurchased under the stock repurchase program as of September 30, 2023 was 1,230,010 shares. During the nine months ended September 30, 2023 and 2022, shares of common stock at a total cost of $ 10.7 million and $ 12.7 million, respectively, were netted and surrendered as payment for minimum statutory withholding obligations in connection with the vesting of outstanding stock-based compensation awards. Shares surrendered by the participants in accordance with the applicable award agreements and plan are deemed repurchased and retired by us but are not part of our publicly announced share repurchase programs.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	15. 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 and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share information): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net income $ 83,150 $ 144,473 $ 167,906 $ 445,637 Denominator Weighted average common shares outstanding - basic 31,962,884 32,196,589 31,967,672 32,850,647 Dilutive effect of stock-based compensation awards 274,138 373,746 233,005 391,117 Weighted average common shares outstanding - diluted 32,237,022 32,570,335 32,200,677 33,241,764 Earnings per share: Basic $ 2.60 $ 4.49 $ 5.25 $ 13.57 Diluted $ 2.58 $ 4.44 $ 5.21 $ 13.41 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 0.9 million and 0.5 million common stock unit equivalents from diluted earnings per share during the three months ended September 30, 2023 and 2022, respectively, and we excluded 0.8 million and 0.5 million common stock unit equivalents from diluted earnings per share during the nine months ended September 30, 2023 and 2022, respectively, related to the PSUs for which performance conditions remained unsatisfied .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Letters of Credit and Performance Bonds In the normal course of business, we post letters of credit and performance and other bonds primarily related to our land development performance obligations with local municipalities. As of September 30, 2023 and December 31, 2022, we had $ 513.9 million and $ 574.8 million, respectively, in letters of credit and performance and other 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 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)	9 Months Ended
	Sep. 30, 2023
Basis of Presentation [Abstract]
Basis of Accounting	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 18 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 generally provides no option or upgrade opportunities. Our homebuilding operations are organized into the following five reportable segments: West, Mountain, Texas, Southeast, and Century Complete. 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. Additionally, our wholly owned subsidiary, Century Living, LLC, is engaged in the development, construction and management of multi-family rental properties, currently all located in Colorado. Century Living, LLC is included in our Corporate 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. 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, 2022, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 that was filed with the SEC on February 2, 2023.
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 do not have any variable interest entities in which we are deemed the primary beneficiary.
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.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation.
Recently Issued Accounting Standards	Recently Issued Accounting Standards There are no recent accounting standards that are expected to have a material impact on our consolidated financial statements.

Reporting Segments (Tables)

Reporting Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Reporting Segments [Abstract]
Schedule of Total Revenue and Pretax Income (loss) by Segment	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue: West $ 167,708 $ 255,413 $ 436,081 $ 811,961 Mountain 207,054 288,620 683,432 852,981 Texas 111,694 132,940 327,844 424,893 Southeast 164,968 196,787 369,414 526,944 Century Complete 214,363 247,260 606,065 637,630 Financial Services 23,636 23,271 63,768 72,373 Corporate — — — — Total revenue $ 889,423 $ 1,144,291 $ 2,486,604 $ 3,326,782 Income (loss) before income tax expense: West $ 31,419 $ 51,036 $ 54,358 $ 200,213 Mountain 25,449 51,058 77,946 159,559 Texas 16,377 20,084 31,502 73,579 Southeast 33,717 38,400 63,675 108,053 Century Complete 30,873 33,939 61,171 91,168 Financial Services 12,204 9,349 29,785 29,111 Corporate ( 38,040 ) ( 31,792 ) ( 93,681 ) ( 87,185 ) Total income before income tax expense $ 111,999 $ 172,074 $ 224,756 $ 574,498
Schedule of Total Assets by Segment	September 30, December 31, 2023 2022 West $ 732,859 $ 665,827 Mountain 1,076,810 1,122,892 Texas 573,187 508,862 Southeast 506,659 415,887 Century Complete 401,238 376,131 Financial Services 347,896 372,284 Corporate 310,741 311,884 Total assets $ 3,949,390 $ 3,773,767

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventories [Abstract]
Schedule of Inventory	September 30, December 31, 2023 2022 Homes under construction $ 1,507,186 $ 1,213,919 Land and land development 1,477,804 1,554,951 Capitalized interest 73,327 61,775 Total inventories $ 3,058,317 $ 2,830,645

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Prepaid Expenses and Other Assets [Abstract]
Schedule of Prepaid Expenses and Other Assets	September 30, December 31, 2023 2022 Prepaid insurance $ 44,234 $ 31,716 Lot option and escrow deposits 46,752 48,354 Performance deposits 12,077 12,626 Restricted cash (1) 16,979 11,768 Multi-family rental properties under construction 119,206 56,615 Mortgage loans held for investment at fair value 21,367 18,875 Mortgage loans held for investment at amortized cost 6,927 6,574 Mortgage servicing rights 30,493 24,164 Derivative assets 5,458 1,958 Other assets and prepaid expenses 42,144 37,885 Total prepaid expenses and other assets $ 345,637 $ 250,535 (1) Restricted cash consists of restricted cash related to land development, earnest money deposits for home sale contracts held by third parties as required by various jurisdictions, and certain compensating balances associated with our mortgage repurchase facilities and other financing obligations.

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Expenses and Other Liabilities [Abstract]
Schedule of Accrued Expenses and Other Liabilities	September 30, December 31, 2023 2022 Earnest money deposits $ 15,805 $ 17,903 Warranty reserve 12,789 13,136 Self-insurance reserve 20,495 16,998 Accrued compensation costs 61,026 80,415 Land development and home construction accruals 118,352 128,483 Accrued interest 13,841 10,670 Derivative liabilities — 1,526 Other accrued liabilities 39,975 30,457 Total accrued expenses and other liabilities $ 282,283 $ 299,588

Warranties (Tables)

Warranties (Tables)	9 Months Ended
	Sep. 30, 2023
Warranties [Abstract]
Schedule of Changes in Warranty Accrual	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 12,984 $ 14,127 $ 13,136 $ 13,343 Warranty expense provisions 2,199 3,498 6,500 7,645 Payments ( 1,874 ) ( 2,179 ) ( 5,643 ) ( 5,046 ) Warranty adjustment ( 520 ) ( 110 ) ( 1,204 ) ( 606 ) Ending balance $ 12,789 $ 15,336 $ 12,789 $ 15,336

Self-Insurance Reserve (Tables)

Self-Insurance Reserve (Tables)	9 Months Ended
	Sep. 30, 2023
Self-Insurance Reserve [Abstract]
Changes In Self Insurance Reserve	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 21,477 $ 10,153 $ 16,998 $ 5,103 Self-insurance expense provisions 2,470 2,861 7,029 7,911 Payments ( 16 ) — ( 96 ) — Self-insurance adjustment ( 3,436 ) 850 ( 3,436 ) 850 Ending balance $ 20,495 $ 13,864 $ 20,495 $ 13,864

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt [Abstract]
Schedule of Outstanding Debt Obligations	September 30, December 31, 2023 2022 3.875 % senior notes, due August 2029 (1) $ 495,463 $ 494,884 6.750 % senior notes, due June 2027 (1) 497,006 496,394 Other financing obligations (2) 58,825 28,134 Notes payable 1,051,294 1,019,412 Revolving line of credit — — Mortgage repurchase facilities 162,094 197,626 Total debt $ 1,213,388 $ 1,217,038 (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. (2) As of September 30, 2023, other financing obligations included $ 30.0 million related to insurance premium notes and certain secured borrowings, as well as $ 28.8 million outstanding under construction loan agreements. As of December 31, 2022, other financing obligations included $ 20.7 million related to insurance premium notes and certain secured borrowings, as well as $ 7.4 million outstanding under construction loan agreements.

Interest on Senior Notes and _2

Interest on Senior Notes and Revolving Line of Credit (Tables)	9 Months Ended
	Sep. 30, 2023
Interest on Senior Notes and Revolving Line of Credit [Abstract]
Schedule of Capitalized Interest Costs	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest capitalized beginning of period $ 69,745 $ 57,124 $ 61,775 $ 53,379 Interest capitalized during period 14,234 17,281 42,281 46,645 Less: capitalized interest in cost of sales ( 10,652 ) ( 13,726 ) ( 30,729 ) ( 39,345 ) Interest capitalized end of period $ 73,327 $ 60,679 $ 73,327 $ 60,679

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	September 30, December 31, Balance Sheet Classification Hierarchy 2023 2022 Mortgage loans held for sale Mortgage loans held for sale Level 2 $ 162,742 $ 203,558 Mortgage loans held for investment at fair value (1) Prepaid expenses and other assets Level 3 $ 21,367 $ 18,875 Derivative assets Prepaid expenses and other assets Level 2 $ 5,458 $ 1,958 Mortgage servicing rights (2) Prepaid expenses and other assets Level 3 $ 30,493 $ 24,164 Derivative liabilities Accrued expenses and other liabilities Level 2 $ — $ 1,526 (1) The unobservable inputs used in the valuation of the mortgage loans held for investment at fair value include, among other items, the value of underlying collateral, from markets where there is little observable trading activity. (2) The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and cost to service, which were 9.0 %, 10.2 %, and $ 0.071 per year per loan, respectively, as of September 30, 2023, and 7.6 %, 9.0 %, and $ 0.072 per year per loan, respectively, as of December 31, 2022. The high and low end of the range of unobservable inputs used in the valuation did not result in a significant change to the fair value measurement.
Schedule of Reconciliation of Level 3 Recurring at Fair Value	Three Months Ended September 30, Nine Months Ended September 30, Mortgage servicing rights 2023 2022 2023 2022 Beginning of period $ 26,631 $ 20,196 $ 24,164 $ 13,701 Originations 3,017 1,232 5,121 6,605 Settlements ( 428 ) ( 166 ) ( 989 ) ( 701 ) Changes in fair value 1,273 532 2,197 2,189 End of period $ 30,493 $ 21,794 $ 30,493 $ 21,794 Three Months Ended September 30, Nine Months Ended September 30, Mortgage loans held-for-investment at fair value 2023 2022 2023 2022 Beginning of period $ 20,559 $ 14,509 $ 18,875 $ 10,631 Transfers from loans held for sale 1,268 1,904 4,432 7,046 Settlements ( 316 ) — ( 997 ) ( 1,121 ) Reduction in unpaid principal balance ( 120 ) ( 89 ) ( 753 ) ( 213 ) Changes in fair value ( 24 ) ( 39 ) ( 190 ) ( 58 ) End of period $ 21,367 $ 16,285 $ 21,367 $ 16,285
Schedule of Carrying Values and Fair Values of Financial Instruments	September 30, 2023 December 31, 2022 Hierarchy Carrying Fair Value Carrying Fair Value Cash and cash equivalents Level 1 $ 193,111 $ 193,111 $ 296,724 $ 296,724 3.875 % senior notes (1)(2) Level 2 $ 495,463 $ 412,500 $ 494,884 $ 395,000 6.750 % senior notes (1)(2) Level 2 $ 497,006 $ 490,000 $ 496,394 $ 477,500 Revolving line of credit (3) Level 2 $ — $ — $ — $ — Other financing obligations (3)(4) Level 3 $ 58,825 $ 58,825 $ 28,134 $ 28,134 Mortgage repurchase facilities (3) Level 2 $ 162,094 $ 162,094 $ 197,626 $ 197,626 (1) Estimated fair value of the senior notes is based on recent trading activity in inactive markets. (2) Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of September 30, 2023, these amounts totaled $ 4.5 million and $ 3.0 million for the 3.875 % senior notes and 6.750 % senior notes, respectively. As of December 31, 2022, these amounts totaled $ 5.1 million and $ 3.6 million for the 3.875 % senior notes and 6.750 % senior notes, respectively. (3) Carrying amount approximates fair value due to short-term nature and/or interest rate terms. (4) During the period ended September 30, 2023, other financing obligations included $ 30.0 million related to insurance premium notes and certain secured borrowings that generally bore interest rates ranging from 2.40 % to 7.70 %, and $ 28.8 million related to outstanding borrowings on the construction loan agreements that bore a weighted average interest rate of 7.2 %. During the period ended December 31, 2022, other financing obligations included $ 20.7 million related to insurance premium notes and certain secured borrowings that generally bore interest rates ranging from 2.40 % to 5.84 %, and $ 7.4 million related to outstanding borrowings on the construction loan agreements that bore a weighted average interest rate of 5.6 %.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Stock-Based Compensation [Abstract]
Summary of Outstanding RSUs and PSUs	As of September 30, 2023 Unvested units 1,357 Unrecognized compensation cost $ 41,092 Weighted-average years to recognize compensation cost 1.91

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity [Abstract]
Schedule of Dividends Declared	Nine Months Ended September 30, 2023 Cash Dividends Declared and Paid Declaration Date Record Date Paid Date Per Share Amount February 8, 2023 March 1, 2023 March 15, 2023 $ 0.23 $ 7,365 May 17, 2023 May 31, 2023 June 14, 2023 $ 0.23 $ 7,368 August 16, 2023 August 30, 2023 September 13, 2023 $ 0.23 $ 7,341 Nine Months Ended September 30, 2022 Cash Dividends Declared and Paid Declaration Date Record Date Paid Date Per Share Amount February 16, 2022 March 2, 2022 March 16, 2022 $ 0.20 $ 6,657 May 18, 2022 June 1, 2022 June 15, 2022 $ 0.20 $ 6,568 August 17, 2022 August 31, 2022 September 14, 2022 $ 0.20 $ 6,455

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net income $ 83,150 $ 144,473 $ 167,906 $ 445,637 Denominator Weighted average common shares outstanding - basic 31,962,884 32,196,589 31,967,672 32,850,647 Dilutive effect of stock-based compensation awards 274,138 373,746 233,005 391,117 Weighted average common shares outstanding - diluted 32,237,022 32,570,335 32,200,677 33,241,764 Earnings per share: Basic $ 2.60 $ 4.49 $ 5.25 $ 13.57 Diluted $ 2.58 $ 4.44 $ 5.21 $ 13.41

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details)	9 Months Ended
	Sep. 30, 2023 segment state
Basis of Presentation [Abstract]
Number of operating states | state	18
Number of reportable segments | segment	5

Reporting Segments (Narrative)

Reporting Segments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2023 region segment state
Segment Reporting Information [Line Items]
Number of operating states	18
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 (loss) by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 889,423	$ 1,144,291	$ 2,486,604	$ 3,326,782
Total income before income tax expense	111,999	172,074	224,756	574,498
West [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	167,708	255,413	436,081	811,961
Total income before income tax expense	31,419	51,036	54,358	200,213
Mountain [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	207,054	288,620	683,432	852,981
Total income before income tax expense	25,449	51,058	77,946	159,559
Texas [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	111,694	132,940	327,844	424,893
Total income before income tax expense	16,377	20,084	31,502	73,579
Southeast [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	164,968	196,787	369,414	526,944
Total income before income tax expense	33,717	38,400	63,675	108,053
Century Complete [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	214,363	247,260	606,065	637,630
Total income before income tax expense	30,873	33,939	61,171	91,168
Financial Services [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	23,636	23,271	63,768	72,373
Total income before income tax expense	12,204	9,349	29,785	29,111
Corporate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue
Total income before income tax expense	$ (38,040)	$ (31,792)	$ (93,681)	$ (87,185)

Reporting Segments (Schedule _2

Reporting Segments (Schedule of Total Assets by Segment) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 3,949,390	$ 3,773,767
West [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	732,859	665,827
Mountain [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	1,076,810	1,122,892
Texas [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	573,187	508,862
Southeast [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	506,659	415,887
Century Complete [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	401,238	376,131
Financial Services [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	347,896	372,284
Corporate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 310,741	$ 311,884

Inventories (Schedule of Invent

Inventories (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Inventories [Abstract]
Homes under construction	$ 1,507,186		$ 1,213,919
Land and land development	1,477,804		1,554,951
Capitalized interest	73,327	$ 69,745	61,775	$ 60,679	$ 57,124	$ 53,379
Total inventories	$ 3,058,317		$ 2,830,645

Financial Services (Narrative)

Financial Services (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Financial Services [Line Items]
Mortgage loans in process	$ 138,900		$ 138,900		$ 68,100
Mortgage loans held for sale	162,742		162,742		203,558
Mortgage loans held for sale aggregate outstanding principal balance	165,700		165,700		$ 202,000
Net gains (losses) on the sale of mortgage loans	6,900	$ 4,500	3,400	$ 15,300
Increase (decrease) in fair value for loans held-for-sale	(2,900)	(8,100)	(4,900)	(16,700)
Revenues	$ 889,423	$ 1,144,291	$ 2,486,604	$ 3,326,782
Weighted Average [Member]
Financial Services [Line Items]
Interest rate	6%		6%		6.10%

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets (Schedule of Prepaid Expenses and Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid Expenses and Other Assets [Abstract]
Prepaid insurance	$ 44,234	$ 31,716
Lot option and escrow deposits	46,752	48,354
Performance deposits	12,077	12,626
Restricted cash	16,979	11,768
Multi-family rental properties under construction	119,206	56,615
Mortgage loans held for investment at fair value	21,367	18,875
Mortgage loans held for investment at amortized cost	6,927	6,574
Mortgage servicing rights	30,493	24,164
Derivative assets	5,458	1,958
Other assets and prepaid expenses	42,144	37,885
Total prepaid expenses and other assets	$ 345,637	$ 250,535

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses and Other Liabilities [Abstract]
Earnest money deposits	$ 15,805		$ 17,903
Warranty reserve	12,789	$ 12,984	13,136	$ 15,336	$ 14,127	$ 13,343
Self-insurance reserve	20,495	$ 21,477	16,998	$ 13,864	$ 10,153	$ 5,103
Accrued compensation costs	61,026		80,415
Land development and home construction accruals	118,352		128,483
Accrued interest	$ 13,841		10,670
Derivative liabilities			$ 1,526
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other liabilities		Total accrued expenses and other liabilities
Other accrued liabilities	$ 39,975		$ 30,457
Total accrued expenses and other liabilities	$ 282,283		$ 299,588

Warranties (Narrative) (Details

Warranties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Warranties [Abstract]
Warranty reserve adjustment	$ (520)	$ (110)	$ (1,204)	$ (606)

Warranties (Schedule of Changes

Warranties (Schedule of Changes in Warranty Accrual) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Warranties [Abstract]
Beginning balance	$ 12,984	$ 14,127	$ 13,136	$ 13,343
Warranty expense provisions	2,199	3,498	6,500	7,645
Payments	(1,874)	(2,179)	(5,643)	(5,046)
Warranty adjustment	(520)	(110)	(1,204)	(606)
Ending balance	$ 12,789	$ 15,336	$ 12,789	$ 15,336

Self-Insurance Reserve (Narrati

Self-Insurance Reserve (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Self-Insurance Reserve [Abstract]
Self-insurance adjustment	$ (3,436)	$ 850	$ (3,436)	$ 850

Self-Insurance Reserve (Changes

Self-Insurance Reserve (Changes In Self Insurance Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Self-Insurance Reserve [Abstract]
Beginning balance	$ 21,477	$ 10,153	$ 16,998	$ 5,103
Self-insurance expense provisions	2,470	2,861	7,029	7,911
Payments	(16)		(96)
Self-insurance adjustment	(3,436)	850	(3,436)	850
Ending balance	$ 20,495	$ 13,864	$ 20,495	$ 13,864

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in Thousands		9 Months Ended
	May 21, 2021 USD ($)	Sep. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Notes payable		$ 1,051,294	$ 1,019,412
Line of credit facility, outstanding amount
Mortgage repurchase facilities		162,094	197,626
Mortgage Repurchase Facilities - Financial Services [Member]
Debt Instrument [Line Items]
Mortgage repurchase facilities		162,100	197,600
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, outstanding amount		0	0
Comerica Bank [Member]
Debt Instrument [Line Items]
Line of credit facility. maximum borrowing capacity		$ 75,000
Inspire [Member] | Mortgage Repurchase Facilities - Financial Services [Member]
Debt Instrument [Line Items]
Weighted average interest rate		6.80%
Maximum [Member] | Inspire [Member] | Mortgage Repurchase Facilities - Financial Services [Member]
Debt Instrument [Line Items]
Maturity date		Jan. 19, 2024
Line of credit facility. maximum borrowing capacity		$ 200,000
Second Amended And Restated Credit Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date	Apr. 30, 2026
Line of credit facility. maximum borrowing capacity	$ 800,000
Letter of credit sublimit	250,000
Second Amended And Restated Credit Agreement [Member] | Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, increased amount	$ 200,000
Second Amended And Restated Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Second Amended And Restated Credit Agreement [Member] | SOFR Administred By FRB Of NY [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Construction Loan Agreement [Member]
Debt Instrument [Line Items]
Number of construction loan agreements | item		3
Principal amount		$ 187,600
Weighted average interest rate		7.20%
Maturity date		Mar. 17, 2028
Notes payable		$ 28,800
Debt instrument, option to extend maturity, term		12 months
Senior Note 3.875% Due August 2029 [Member]
Debt Instrument [Line Items]
Interest rate		3.875%
Notes payable		$ 495,463	$ 494,884

Debt (Schedule of Outstanding D

Debt (Schedule of Outstanding Debt Obligations) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable	$ 1,051,294	$ 1,019,412
Revolving line of credit
Mortgage repurchase facilities	162,094	197,626
Total debt	1,213,388	1,217,038
Senior Note 3.875% Due August 2029 [Member]
Debt Instrument [Line Items]
Notes payable	$ 495,463	494,884
Interest rate	3.875%
Maturity date	2029-08
Senior Notes 6.750% Due May 2027 [Member]
Debt Instrument [Line Items]
Notes payable	$ 497,006	496,394
Interest rate	6.75%
Maturity date	2027-06
Construction Loan Agreement [Member]
Debt Instrument [Line Items]
Notes payable	$ 28,800	7,400
Other Financing Obligations [Member]
Debt Instrument [Line Items]
Notes payable	58,825	28,134
Other Financing Obligations [Member] | Insurance Premium Notes And Certain Secured Borrowings [Member]
Debt Instrument [Line Items]
Notes payable	$ 30,000	$ 20,700

Interest on Senior Notes and _3

Interest on Senior Notes and Revolving Line of Credit (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest on Senior Notes and Revolving Line of Credit [Abstract]
Interest capitalized beginning of period	$ 69,745	$ 57,124	$ 61,775	$ 53,379
Interest capitalized during period	14,234	17,281	42,281	46,645
Less: capitalized interest in cost of sales	(10,652)	(13,726)	(30,729)	(39,345)
Interest capitalized end of period	$ 73,327	$ 60,679	$ 73,327	$ 60,679

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023
Income Tax Examination [Line Items]
Effective tax rate			26.40%
Increase (decrease) to effective tax rate			(1.10%)
Income tax expense	$ 28,849	$ 27,601	$ 56,850	$ 128,861
Forecast [Member]
Income Tax Examination [Line Items]
Effective tax rate					26.40%
Blended federal and state statutory rate					24.80%
Increase (decrease) to effective tax rate					1.60%

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Impairment charge	$ 0	$ 0	$ 0	$ 0

Fair Value Disclosures (Schedul

Fair Value Disclosures (Schedule of Assets and Liabilities Measured at Fair Value) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / item	Dec. 31, 2022 USD ($) $ / item
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale	$ 162,742	$ 203,558
Mortgage loans held for investment at fair value	21,367	18,875
Derivative assets	$ 5,458	$ 1,958
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets	Prepaid Expense and Other Assets
Derivative liabilities		$ 1,526
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Mortgage servicing rights, cost to service per year per loan | $ / item	0.071	0.072
Prepayment Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage servicing rights rates	9	7.6
Discount Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage servicing rights rates	10.2	9
Level 2 [Member] | Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale	$ 162,742	$ 203,558
Derivative assets	5,458	1,958
Derivative liabilities		1,526
Level 3 [Member] | Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for investment at fair value	21,367	18,875
Mortgage servicing rights	$ 30,493	$ 24,164

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of period			$ 24,164
End of period	$ 30,493		30,493
Mortgage Servicing Rights [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of period	26,631	$ 20,196	24,164	$ 13,701
Originations	3,017	1,232	5,121	6,605
Settlements	(428)	(166)	(989)	(701)
Changes in fair value	1,273	532	2,197	2,189
End of period	30,493	21,794	30,493	21,794
Mortgage Loans Held-For-Investment At Fair Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of period	20,559	14,509	18,875	10,631
Transfers from loans held for sale	1,268	1,904	4,432	7,046
Settlements	(316)		(997)	(1,121)
Reduction in unpaid principal balance	(120)	(89)	(753)	(213)
Changes in fair value	(24)	(39)	(190)	(58)
End of period	$ 21,367	$ 16,285	$ 21,367	$ 16,285

Fair Value Disclosures (Sched_3

Fair Value Disclosures (Schedule of Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 193,111	$ 296,724	$ 98,203
Revolving line of credit
Mortgage repurchase facilities	162,094	197,626
Notes payable	1,051,294	1,019,412
Other Financing Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	58,825	28,134
Senior Notes 3.875% [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amounts include unamortized deferred financing costs, premiums and discounts	$ 4,500	$ 5,100
Interest rate	3.875%	3.875%
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	$ 3,000	$ 3,600
Interest rate	6.75%	6.75%
Construction Loan Agreement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 28,800	$ 7,400
Debt, Weighted Average Interest Rate	7.20%	5.60%
Insurance Premium Notes And Certain Secured Borrowings [Member] | Other Financing Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 30,000	$ 20,700
Level 1 [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	193,111	296,724
Level 1 [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	193,111	296,724
Level 2 [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Revolving line of credit
Mortgage repurchase facilities	162,094	197,626
Level 2 [Member] | Carrying Value [Member] | Senior Notes 3.875% [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	495,463	494,884
Level 2 [Member] | Carrying Value [Member] | Senior Notes 6.750% [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	497,006	496,394
Level 2 [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Revolving line of credit
Mortgage repurchase facilities	162,094	197,626
Level 2 [Member] | Fair Value [Member] | Senior Notes 3.875% [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	412,500	395,000
Level 2 [Member] | Fair Value [Member] | Senior Notes 6.750% [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	490,000	477,500
Level 3 [Member] | Carrying Value [Member] | Other Financing Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	58,825	28,134
Level 3 [Member] | Fair Value [Member] | Other Financing Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 58,825	$ 28,134
Minimum [Member] | Insurance Premium Notes And Certain Secured Borrowings [Member] | Other Financing Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	2.40%	2.40%
Maximum [Member] | Insurance Premium Notes And Certain Secured Borrowings [Member] | Other Financing Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	7.70%	5.84%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 12.2	$ 5.2	$ 26.5	$ 15
Basic earnings per share	$ 2.60	$ 4.49	$ 5.25	$ 13.57
Diluted earnings per share	$ 2.58	$ 4.44	$ 5.21	$ 13.41
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted			200,000	200,000
Grant date fair value			$ 62.68	$ 63.26
Awards vesting period			3 years
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested			300,000	300,000
Shares granted			500,000	500,000
Grant date fair value			$ 60.05	$ 55.93
Awards vesting period			3 years
Shares will vest if defined maximum performance targets are met			1,100,000
Shares will vest if defined maximum performance targets are not met			0
Shares increased	400,000		400,000
Cumulative catch-up adjustment	$ 7.4		$ 10.8
Cumulative catch-up adjustment, net of tax	$ 5.5		$ 8
Basic earnings per share	$ 0.17		$ 0.25
Diluted earnings per share	$ 0.17		$ 0.25
Performance Share Units [Member] | Tranche One [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target range			0%
Performance Share Units [Member] | Tranche Two [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target range			250%
Non-Employee Directors [Member] | Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted			11,000	11,000
Grant date fair value			$ 65.77	$ 54.46

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Outstanding RSUs and PSUs) (Details) - RSUs And PSUs [Member] shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested units | shares	1,357
Unrecognized compensation cost | $	$ 41,092
Weighted-average years to recognize compensation cost	1 year 10 months 28 days

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	May 04, 2022	Nov. 06, 2018
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		$ 0.01
Preferred stock shares authorized	50,000,000		50,000,000		50,000,000
Preferred stock, par value	$ 0.01		$ 0.01		$ 0.01
Common stock shares issued	31,773,033		31,773,033		31,772,791
Common stock shares outstanding	31,773,033		31,773,033		31,772,791
Preferred stock shares outstanding	0		0		0
Shares authorized to be repurchased							4,500,000
Shares Acquired, Average Cost Per Share	$ 69.61	$ 44.58	$ 69.09	$ 52.32
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation			$ 10.7	$ 12.7
Common stock repurchased	247,800	500,000	278,200	2,300,000
Common stock repurchased, amount	$ 17.3	$ 22.3	$ 19.2	$ 120.6
Maximum [Member]
Class of Stock [Line Items]
Shares available to be purchased	1,230,010		1,230,010
Omnibus 2022 Incentive Plan [Member]
Class of Stock [Line Items]
Vesting of stock-based compensation awards, shares			400,000	500,000
Common stock shares for stock award issuance	2,500,000		2,500,000			3,100,000
2017 Incentive Plan [Member]
Class of Stock [Line Items]
Common stock shares for stock award issuance						51,200
Distribution Agreement [Member]
Class of Stock [Line Items]
Aggregate offering price			$ 100
Available for sale, common stock	$ 100		$ 100
Common stock shares sold and issued		0		0

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Quarterly Dividend Q1 [Member]
Dividends Payable [Line Items]
Declaration Date	Feb. 08, 2023	Feb. 16, 2022
Record Date	Mar. 01, 2023	Mar. 02, 2022
Paid Date	Mar. 15, 2023	Mar. 16, 2022
Cash Dividends Declared and Paid, Per Share	$ 0.23	$ 0.20
Cash Dividends Declared and Paid, Amount	$ 7,365	$ 6,657
Quarterly Dividend Q2 [Member]
Dividends Payable [Line Items]
Declaration Date	May 17, 2023	May 18, 2022
Record Date	May 31, 2023	Jun. 01, 2022
Paid Date	Jun. 14, 2023	Jun. 15, 2022
Cash Dividends Declared and Paid, Per Share	$ 0.23	$ 0.20
Cash Dividends Declared and Paid, Amount	$ 7,368	$ 6,568
Quarterly Dividend Q3 [Member]
Dividends Payable [Line Items]
Declaration Date	Aug. 16, 2023	Aug. 17, 2022
Record Date	Aug. 30, 2023	Aug. 31, 2022
Paid Date	Sep. 13, 2023	Sep. 14, 2022
Cash Dividends Declared and Paid, Per Share	$ 0.23	$ 0.20
Cash Dividends Declared and Paid, Amount	$ 7,341	$ 6,455

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares related to PSU's granted	0.9	0.5	0.8	0.5

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income	$ 83,150	$ 144,473	$ 167,906	$ 445,637
Denominator
Weighted average common shares outstanding - basic	31,962,884	32,196,589	31,967,672	32,850,647
Dilutive effect of stock-based compensation awards	274,138	373,746	233,005	391,117
Weighted average common shares outstanding - diluted	32,237,022	32,570,335	32,200,677	33,241,764
Earnings per share:
Basic	$ 2.60	$ 4.49	$ 5.25	$ 13.57
Diluted	$ 2.58	$ 4.44	$ 5.21	$ 13.41

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies [Abstract]
Outstanding letters of credit and performance bonds	$ 513.9	$ 574.8

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure [Line Items]
Net income	$ 83,150	$ 144,473	$ 167,906	$ 445,637

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false