LGI Homes (LGIH) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Entity Information [Line Items]
Entity Central Index Key	0001580670
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	001-36126
Entity Registrant Name	LGI HOMES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3088013
Entity Address, Address Line One	1450 Lake Robbins Drive,
Entity Address, Address Line Two	Suite 430,
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	(281)
Local Phone Number	362-8998
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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LGIH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		25,100,426

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 46,335	$ 38,345
Accounts receivable	62,018	56,390
Real estate inventory	1,548,506	1,499,624
Pre-acquisition costs and deposits	34,945	37,244
Property and equipment, net	2,284	1,632
Other assets	51,284	16,241
Deferred tax assets, net	5,453	4,621
Goodwill	12,018	12,018
Total assets	1,762,843	1,666,115
LIABILITIES AND EQUITY
Accounts payable	31,223	12,495
Accrued expenses and other liabilities	100,272	117,868
Notes payable	618,678	690,559
Total liabilities	750,173	820,922
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 26,706,454 shares issued and 25,100,426 shares outstanding as of September 30, 2020 and 26,398,409 shares issued and 25,359,409 shares outstanding as of December 31, 2019	267	264
Additional paid-in capital	263,945	252,603
Retained earnings	797,849	610,382
Treasury stock, at cost, 1,606,028 shares and 1,039,000 shares, respectively	(49,391)	(18,056)
Total equity	1,012,670	845,193
Total liabilities and equity	$ 1,762,843	$ 1,666,115

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Shares, Issued	26,706,454	26,398,409
Common Stock, Shares, Outstanding	25,100,426	25,359,409
Treasury Stock, Shares	1,606,028	1,039,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Home sales revenues	$ 534,202	$ 483,081	$ 1,470,531	$ 1,232,505
Cost of sales	398,971	366,431	1,110,763	938,240
Selling expenses	35,470	33,485	98,193	94,166
General and administrative	22,320	19,140	62,422	56,558
Operating income	77,441	64,025	199,153	143,541
Loss on extinguishment of debt	0	0	0	169
Other income, net	(374)	(707)	(2,148)	(3,589)
Net income before income taxes	77,815	64,732	201,301	146,961
Income tax provision (benefit)	(11,189)	15,383	13,834	33,223
Net income	$ 89,004	$ 49,349	$ 187,467	$ 113,738
Earnings per share:
Basic (in dollars per share)	$ 3.55	$ 2.15	$ 7.45	$ 4.97
Diluted (in dollars per share)	$ 3.52	$ 1.93	$ 7.40	$ 4.49
Weighted average shares outstanding:
Basic (in shares)	25,089,424	22,939,907	25,162,162	22,870,948
Diluted (in shares)	25,257,053	25,521,946	25,328,555	25,329,461

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock
Beginning Balance (in shares) at Dec. 31, 2018		23,746,385
Beginning Balance at Dec. 31, 2018	$ 655,943	$ 237	$ 241,988	$ 431,774	$ (18,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,334			18,334
Issuance of restricted stock units in settlement of accrued bonuses	217		217
Compensation expense for equity awards	1,783		1,783
Stock issued under employee incentive plans (in shares)		218,345
Stock issued under employee incentive plans	649	$ 2	647
Ending Balance (in shares) at Mar. 31, 2019		23,964,730
Ending Balance at Mar. 31, 2019	676,926	$ 239	244,635	450,108	(18,056)
Beginning Balance (in shares) at Dec. 31, 2018		23,746,385
Beginning Balance at Dec. 31, 2018	655,943	$ 237	241,988	431,774	(18,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	113,738
Ending Balance (in shares) at Sep. 30, 2019		23,988,956
Ending Balance at Sep. 30, 2019	777,047	$ 240	249,351	545,512	(18,056)
Beginning Balance (in shares) at Mar. 31, 2019		23,964,730
Beginning Balance at Mar. 31, 2019	676,926	$ 239	244,635	450,108	(18,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46,055			46,055
Compensation expense for equity awards	1,639		1,639
Stock issued under employee incentive plans (in shares)		14,153
Stock issued under employee incentive plans	615	$ 1	614
Ending Balance (in shares) at Jun. 30, 2019		23,978,883
Ending Balance at Jun. 30, 2019	725,235	$ 240	246,888	496,163	(18,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49,349			49,349
Compensation expense for equity awards	1,759		1,759
Stock issued under employee incentive plans (in shares)		10,073
Stock issued under employee incentive plans	704	$ 0	704
Ending Balance (in shares) at Sep. 30, 2019		23,988,956
Ending Balance at Sep. 30, 2019	777,047	$ 240	249,351	545,512	(18,056)
Beginning Balance (in shares) at Dec. 31, 2019		26,398,409
Beginning Balance at Dec. 31, 2019	845,193	$ 264	252,603	610,382	(18,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,839			42,839
Issuance of restricted stock units in settlement of accrued bonuses	222		222
Stock Repurchased During Period, Value					(31,335)
Compensation expense for equity awards	1,853		1,853
Stock issued under employee incentive plans (in shares)		282,065
Stock issued under employee incentive plans	833	$ 2	831
Ending Balance (in shares) at Mar. 31, 2020		26,680,474
Ending Balance at Mar. 31, 2020	859,605	$ 266	255,509	653,221	(49,391)
Beginning Balance (in shares) at Dec. 31, 2019		26,398,409
Beginning Balance at Dec. 31, 2019	845,193	$ 264	252,603	610,382	(18,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	187,467
Ending Balance (in shares) at Sep. 30, 2020		26,706,454
Ending Balance at Sep. 30, 2020	1,012,670	$ 267	263,945	797,849	(49,391)
Beginning Balance (in shares) at Mar. 31, 2020		26,680,474
Beginning Balance at Mar. 31, 2020	859,605	$ 266	255,509	653,221	(49,391)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,624			55,624
Compensation expense for equity awards	2,613		2,613
Stock issued under employee incentive plans (in shares)		14,705
Stock issued under employee incentive plans	940	$ 1	939
Ending Balance (in shares) at Jun. 30, 2020		26,695,179
Ending Balance at Jun. 30, 2020	918,782	$ 267	259,061	708,845	(49,391)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	89,004			89,004
Compensation expense for equity awards	3,926		3,926
Stock issued under employee incentive plans (in shares)		11,275
Stock issued under employee incentive plans	958	$ 0	958
Ending Balance (in shares) at Sep. 30, 2020		26,706,454
Ending Balance at Sep. 30, 2020	$ 1,012,670	$ 267	$ 263,945	$ 797,849	$ (49,391)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 187,467	$ 113,738
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	509	487
Loss on extinguishment of debt	0	169
Compensation expense for equity awards	8,392	5,181
Deferred income taxes	(832)	2
Changes in assets and liabilities:
Accounts receivable	(5,627)	(2,594)
Real estate inventory	(48,781)	(249,921)
Pre-acquisition costs and deposits	2,299	5,615
Other assets	(33,917)	5,655
Accounts payable	18,727	19,763
Accrued expenses and other liabilities	(15,256)	(2,254)
Net cash provided by (used in) operating activities	112,981	(104,159)
Cash flows from investing activities:
Purchases of property and equipment	(1,161)	(541)
Investment in unconsolidated entity	(1,125)	(1,059)
Net cash used in investing activities	(2,286)	(1,600)
Cash flows from financing activities:
Proceeds from notes payable	203,056	180,067
Payments on notes payable	(275,000)	(83,800)
Loan issuance costs	(2,155)	(2,067)
Proceeds from sale of stock, net of offering expenses	2,729	1,965
Stock repurchase	(31,335)	0
Net cash provided by (used in) financing activities	(102,705)	96,165
Net increase (decrease) in cash and cash equivalents	7,990	(9,594)
Cash and cash equivalents, beginning of period	38,345	46,624
Cash and cash equivalents, end of period	$ 46,335	$ 37,030

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation Disclosures	ORGANIZATION AND BASIS OF PRESENTATION Organization and Description of the Business LGI Homes, Inc., a Delaware corporation (the “Company”, “we,” “us,” or “our”), is engaged in the development of communities and the design, construction and sale of new homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia and Virginia. Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019. The accompanying unaudited consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. The accompanying unaudited financial statements as of September 30, 2020, and for the three and nine months ended September 30, 2020 and 2019, include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 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 financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements. COVID-19 On March 11, 2020, the World Health Organization declared the current outbreak of the novel strain of coronavirus (“COVID-19”) to be a global pandemic, and on March 13, 2020, the United States declared a national emergency. In response to these declarations and the rapid spread of COVID-19, federal, state and local governments imposed varying degrees of restrictions on business and social activities to contain COVID-19, including business shutdowns and closures, travel restrictions, quarantines, curfews, shelter-in-place orders and “stay-at-home” orders in certain of our markets. State and local authorities have also implemented multi-step policies with the goal of re-opening various sectors of the economy. However, certain jurisdictions began re-opening only to return to restrictions in the face of increases in new COVID-19 cases, while other jurisdictions are continuing to re-open or have nearly completed the re-opening process despite increases in COVID-19 cases. The COVID-19 outbreak may significantly worsen in the United States during the upcoming winter months, which may cause federal, state and local governments to reconsider restrictions on business and social activities. In the event governments increase restrictions, the re-opening of the economy may be further curtailed. We have experienced some resulting disruptions to our business operations, as these restrictions have significantly impacted, and may continue to impact, many sectors of the economy, with various businesses curtailing or ceasing normal operations and subsequently attempting to resume operations. In March 2020, certain markets in which we do business temporarily stopped our construction of homes. Beginning in April 2020, we resumed construction of homes in those markets. Although we continued to build and sell homes in all of our markets, the pace of sales declined and we experienced an increase in the rate of contract cancellations. Since May 2020, the pace of sales has rebounded and we have experienced a sustained increase in demand in our markets. The ultimate impacts of COVID-19 and related mitigation efforts will depend on future developments, including, but not limited to, the duration and geographic spread of COVID-19, the impact of government actions designed to prevent the spread of COVID-19, the development and availability of effective treatments and vaccines, actions taken by customers, subcontractors, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. While we cannot reasonably estimate the length or severity of this pandemic, an extended economic slowdown in the United States could materially impact our consolidated financial statements in 2020 and beyond. Recently Adopted Accounting Standards On January 1, 2020, we adopted the Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”), which requires entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. The guidance may be applied retrospectively or prospectively to implementation costs incurred after the date of adoption. The adoption of ASU 2018-15 did not have a material effect on our consolidated financial statements or disclosures. On January 1, 2020, we adopted the FASB ASU No. 2018-13, “Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which modifies the disclosure requirements of fair value measurements. ASU 2018-13 was effective for us beginning January 1, 2020. Certain disclosures are required to be applied on a retrospective basis and others on a prospective basis. The adoption of ASU 2018-13 did not have a material effect on our consolidated financial statements or disclosures. On January 1, 2020, we adopted the FASB ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment” (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 was effective for us beginning January 1, 2020, with early adoption permitted, and applied prospectively. The adoption of ASU 2017-04 did not have a material effect on our consolidated financial statements or disclosures. On January 1, 2020, we adopted the FASB ASU No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the impairment model for most financial assets and certain other instruments from an “incurred loss” approach to a new “expected credit loss” methodology. ASU 2016-13 was effective for us beginning January 1, 2020, with early adoption permitted. The adoption of ASU 2016-13 did not have a material effect on our consolidated financial statements or disclosures.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues Disclosure	REVENUES Revenue Recognition Revenues from home sales are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenues from home sales are recorded at the time each home sale is closed, title and possession are transferred to the customer and we have no significant continuing involvement with the home. Home sales discounts and incentives granted to customers, which are related to the customers’ closing costs that we pay on the customers’ behalf , are recorded as a reduction of revenue in our consolidated financial statements of operations. The following table presents our home sales revenues disaggregated by revenue stream (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Retail home sales revenues $ 515,221 $ 457,124 $ 1,369,130 $ 1,182,039 Other 18,981 25,957 101,401 50,466 Total home sales revenues $ 534,202 $ 483,081 $ 1,470,531 $ 1,232,505 The following table presents our home sales revenues disaggregated by geography, based on our determined reportable segments in Note 13 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Central $ 186,909 $ 193,860 $ 520,608 $ 507,951 Southeast 130,131 91,452 347,155 221,686 Northwest 91,138 92,242 249,455 207,492 West 62,935 61,443 182,012 174,193 Florida 63,089 44,084 171,301 121,183 Total home sales revenues $ 534,202 $ 483,081 $ 1,470,531 $ 1,232,505 Home Sales Revenues We generate revenues primarily by delivering move-in ready entry-level and move-up spec homes sold under our LGI Homes brand and our luxury series spec homes sold under our Terrata Homes brand. Retail homes sold under both our LGI Homes brand and Terrata Homes brand focus on providing move-in ready homes with standardized features within favorable markets that meet certain demographic and economic conditions. Our LGI Homes brand primarily markets to entry-level or first-time homebuyers, while our Terrata Homes brand primarily markets to move-up homebuyers. Our other revenues are composed of our wholesale home sales under our LGI Homes brand in existing markets. Wholesale homes are primarily sold under a bulk sales agreement and focus on providing move-in ready homes with standardized features to real estate investors that will ultimately use the single-family homes as rental properties. Performance Obligations Our contracts with customers include a single performance obligation to transfer a completed home to the customer. We generally determine selling price per home on the expected cost plus margin. Our contracts contain no significant financing terms as customers who finance do so through a third party. Performance obligations are satisfied at a moment in time when the home is complete and control of the asset is transferred to the customer at closing. Home sales proceeds are generally received from the title company within a few business days after closing. Sales and broker commissions are incremental costs incurred to obtain a contract with a customer that would not have been incurred if the contract had not been obtained. Sales and broker commissions are expensed upon fulfillment of a home closing. Advertising costs are costs to obtain a contract that would have been incurred regardless of whether the contract was obtained and are recognized as an expense when incurred. Sales and broker commissions and advertising costs are recorded within sales and marketing expense presented in our consolidated statements of operations as selling expenses.

Real Estate Inventory

Real Estate Inventory	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Real Estate Inventory Disclosures	REAL ESTATE INVENTORY Our real estate inventory consists of the following (in thousands): September 30, December 31, 2020 2019 Land, land under development and finished lots $ 866,723 $ 912,651 Information centers 29,718 26,959 Homes in progress 463,968 234,470 Completed homes 188,097 325,544 Total real estate inventory $ 1,548,506 $ 1,499,624 Inventory is stated at cost unless the carrying amount is determined not to be recoverable, in which case the affected inventory is written down to fair value. Land, development and other project costs, including interest and property taxes incurred during development and home construction, net of expected reimbursable development costs, are capitalized to real estate inventory. Land development and other common costs that benefit the entire community, including field construction supervision and related direct overhead, are allocated to individual lots or homes, as appropriate. The costs of lots are transferred to homes in progress when home construction begins. Home construction costs and related carrying charges are allocated to the cost of individual homes using the specific identification method. Costs that are not specifically identifiable to a home are allocated on a pro rata basis, which we believe approximates the costs that would be determined using an allocation method based on relative sales values since the individual lots or homes within a community are similar in value. Inventory costs for completed homes are expensed to cost of sales as homes are closed. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining unsold lots and homes in the community on a pro rata basis. The life cycle of a community generally ranges from two Interest and financing costs incurred under our debt obligations, as more fully discussed in Note 5 , are capitalized to qualifying real estate projects under development and homes under construction.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities Disclosures	ACCRUED EXPENSES AND OTHER LIABILITIES Accrued and other liabilities consist of the following (in thousands): September 30, December 31, 2020 2019 Taxes payable $ 1,650 $ 28,679 Real estate inventory development and construction payable 40,492 35,870 Accrued compensation, bonuses and benefits 21,205 16,748 Accrued interest 5,624 11,361 Inventory related obligations 5,690 7,808 Lease liability 5,317 5,645 Warranty reserve 4,150 3,500 Contract deposits 8,514 2,502 Other 7,630 5,755 Total accrued expenses and other liabilities $ 100,272 $ 117,868 Inventory Related Obligations We own lots in certain communities in Arizona, Florida and Texas that have Community Development Districts or similar utility and infrastructure development special assessment programs that allocate a fixed amount of debt service associated with development activities to each lot. This obligation for infrastructure development is attached to the land, which is typically payable over a 30-year period and is ultimately assumed by the homebuyer when home sales are closed. Such obligations represent a non-cash cost of the lots. Estimated Warranty Reserve We typically provide homebuyers with a one-year warranty on the house and a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems. Changes to our warranty accrual are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Warranty reserves, beginning of period $ 3,950 $ 3,050 $ 3,500 $ 2,950 Warranty provision 1,284 1,602 4,108 3,576 Warranty expenditures (1,084) (1,452) (3,458) (3,326) Warranty reserves, end of period $ 4,150 $ 3,200 $ 4,150 $ 3,200

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable Disclosures	NOTES PAYABLE Revolving Credit Agreement On April 30, 2020, we entered into the Second Amendment to Fourth Amended and Restated Credit Agreement (the “Second Amendment”), which amends the Fourth Amended and Restated Credit Agreement, dated as of May 6, 2019 (as amended by the Lender Addition and Acknowledgement Agreement and First Amendment to Fourth Amended and Restated Credit Agreement, dated as of December 6, 2019, the “2019 Credit Agreement” and, together with the Second Amendment, the “Credit Agreement”), with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent. In the Second Amendment, certain lenders agreed to extend the maturity of their commitments, while another lender agreed to extend the maturity of its commitment subsequent to the execution of the Second Amendment. As of September 30, 2020, lenders with $566.0 million, or 87%, of the $650.0 million of commitments under the 2019 Credit Agreement agreed to extend the maturity of their commitments to May 31, 2023, with the remaining lenders retaining their existing maturity of May 31, 2022. The Second Amendment also reduced the minimum EBITDA to interest expense ratio from 2.50 to 1.75, increased the sublimit for letters of credit to $40.0 million and established a London Interbank Offered Rate (“LIBOR”) floor of 0.70%. The Credit Agreement otherwise has substantially similar terms and provisions to the 2019 Credit Agreement and continues to provide for a $650.0 million revolving credit facility, which can be increased at the request of the Company by up to $100.0 million, subject to the terms and conditions of the Credit Agreement. The Credit Agreement matures on May 31, 2023 with respect to 87% of the commitments thereunder and on May 31, 2022 with respect to 13% of the commitments thereunder. Before each anniversary of the Credit Agreement, we may request a one-year extension of its maturity date. The Credit Agreement is guaranteed by each of our subsidiaries that have gross assets equal to or greater than $0.5 million. The borrowings and letters of credit outstanding under the Credit Agreement, together with the outstanding principal balance of our 6.875% Senior Notes due 2026 (the “Senior Notes”), may not exceed the borrowing base under the Credit Agreement. As of September 30, 2020, the borrowing base under the Credit Agreement was $949.4 million, of which borrowings, including the Senior Notes, of $627.6 million were outstanding, $15.3 million of letters of credit were outstanding and $306.5 million was available to borrow under the Credit Agreement. Interest is paid monthly on borrowings under the Credit Agreement at LIBOR plus 2.35%. The Credit Agreement applicable margin for LIBOR loans ranges from 2.35% to 2.75% based on our leverage ratio. At September 30, 2020, LIBOR was 0.15%; however, the Credit Agreement has a 0.70% LIBOR floor. The Credit Agreement contains various financial covenants, including a minimum tangible net worth, a leverage ratio, a minimum liquidity amount and an EBITDA to interest expense ratio. The Credit Agreement contains various covenants that, among other restrictions, limit the amount of our additional debt and our ability to make certain investments. At September 30, 2020, we were in compliance with all of the covenants contained in the Credit Agreement. Convertible Notes On November 15, 2019, our 4.25% Convertible Notes due 2019 (the “Convertible Notes”) matured, which resulted in the principal payment of $70.0 million and the issuance of 2,381,751 shares of our common stock for the premium associated with the Convertible Notes. Senior Notes Offering On July 6, 2018, we issued $300.0 million aggregate principal amount of the Senior Notes in an offering to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. Interest on the Senior Notes accrues at a rate of 6.875% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2019, and the Senior Notes mature on July 15, 2026. Terms of the Senior Notes are governed by an Indenture and First Supplemental Indenture thereto, each dated as of July 6, 2018, and a Second Supplemental Indenture thereto, dated as of April 30, 2020, as may be supplemented from time to time, among us, our subsidiaries that guarantee our obligations under the Credit Agreement and Wilmington Trust, National Association, as trustee. Notes payable consist of the following (in thousands): September 30, 2020 December 31, 2019 Notes payable under the Credit Agreement ($650.0 million revolving credit facility at September 30, 2020) maturing in part on May 31, 2022 and in part on May 31, 2023; interest paid monthly at LIBOR plus 2.35%; net of debt issuance costs of approximately $5.5 million and $5.0 million at September 30, 2020 and December 31, 2019, respectively $ 322,158 $ 394,531 6.875% Senior Notes due July 15, 2026; interest paid semi-annually at 6.875%; net of debt issuance costs of approximately $2.0 million and $2.2 million at September 30, 2020 and December 31, 2019, respectively; and approximately $1.5 million and $1.8 million in unamortized discount at September 30, 2020 and December 31, 2019, respectively 296,520 296,028 Total notes payable $ 618,678 $ 690,559 Capitalized Interest Interest activity, including other financing costs, for notes payable for the periods presented is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest incurred $ 8,885 $ 10,600 $ 28,303 $ 34,125 Less: Amounts capitalized (8,885) (10,600) (28,303) (34,125) Interest expense $ — $ — $ — $ — Cash paid for interest $ 13,122 $ 14,673 $ 31,822 $ 35,705 Included in interest incurred was amortization of deferred financing costs and discounts for notes payable of $0.8 million and $1.1 million for the three months ended September 30, 2020 and 2019, respectively, and $2.2 million and $3.2 million for the nine months ended September 30, 2020 and 2019, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosures	INCOME TAXES We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. The statute of limitations with regards to our federal income tax filings is three years. The statute of limitations for our state tax jurisdictions is three to four years depending on the jurisdiction. In the normal course of business, we are subject to tax audits in various jurisdictions, and such jurisdictions may assess additional income taxes. We do not expect the outcome of any audit to have a material effect on our consolidated financial statements; however, audit outcomes and the timing of audit adjustments are subject to significant uncertainty. For the three and nine months ended September 30, 2020, our effective tax rates of (14.4)% and 6.9%, respectively, are lower than the Federal statutory rate primarily as a result of the retroactive extension of the federal energy efficient homes tax credit that was enacted into law in December 2019, including the application of the credits to homes closed in prior open tax years. These credits were extended to apply to homes closed through December 31, 2020. Total benefits recognized for the federal energy efficient homes tax credit were $29.4 million and $32.9 million for the three and nine months ended September 30, 2020, respectively. The impact of the federal energy efficient homes tax credit was partially offset by an increase in the rate for state income taxes, net of the federal benefit payments.

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity Disclosures	EQUITY Shelf Registration Statement We have an effective shelf registration statement on Form S-3 (Registration No. 333-227012) that was filed on August 24, 2018 with the Securities and Exchange Commission, registering the offering and sale of an indeterminate amount of debt securities, guarantees of debt securities, preferred stock, common stock, warrants, depositary shares, purchase contracts and units that include any of these securities. Stock Repurchase Program In November 2018, we announced that our Board of Directors (the “Board”) authorized a stock repurchase program, pursuant to which we may purchase up to $50.0 million of shares of our common stock through open market transactions, privately negotiated transactions or otherwise in accordance with applicable laws. We did not repurchase any shares of our common stock during the three months ended September 30, 2020. During the nine months ended September 30, 2020, we repurchased 567,028 shares of our common stock for $31.3 million to be held as treasury stock. A total of 606,028 shares of our common stock has been repurchased since our stock repurchase program commenced. As of September 30, 2020, we may purchase up to $17.2 million of shares of our common stock under our stock repurchase program. On October 30, 2020, the Board approved an increase in our stock repurchase program by an additional $300.0 million, increasing the available authorization under the program to purchase up to $317.2 million of shares of our common stock as of the date of this Quarterly Report on Form 10-Q. The timing, amount and other terms and conditions of any repurchases of shares of our common stock under our stock repurchase program will be determined by our management at its discretion based on a variety of factors, including the market price of our common stock, corporate considerations, general market and economic conditions and legal requirements. Our stock repurchase program may be modified, discontinued or suspended at any time.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share Disclosures	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator (in thousands): Net Income (Numerator for basic and dilutive earnings per share) $ 89,004 $ 49,349 $ 187,467 $ 113,738 Denominator: Basic weighted average shares outstanding 25,089,424 22,939,907 25,162,162 22,870,948 Effect of dilutive securities: Convertible Notes - treasury stock method — 2,336,017 — 2,223,443 Stock-based compensation units 167,629 246,022 166,393 235,070 Diluted weighted average shares outstanding 25,257,053 25,521,946 25,328,555 25,329,461 Basic earnings per share $ 3.55 $ 2.15 $ 7.45 $ 4.97 Diluted earnings per share $ 3.52 $ 1.93 $ 7.40 $ 4.49 Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share 131 926 1,561 3,013 In accordance with Accounting Standards Codification (“ASC”) 260-10, Earnings Per Share

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Disclosures	STOCK-BASED COMPENSATION Non-performance Based Restricted Stock Units The following table summarizes the activity of our time-vested restricted stock units (“RSUs”): Nine Months Ended September 30, 2020 2019 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Beginning balance 162,686 $ 50.84 171,055 $ 39.04 Granted 48,926 $ 61.25 49,836 $ 57.49 Vested (55,259) $ 32.51 (42,823) $ 22.27 Forfeited (3,000) $ 56.74 (12,733) $ 47.21 Ending balance 153,353 $ 60.65 165,335 $ 48.35 We recognized $0.9 million and $0.5 million of stock-based compensation expense related to outstanding RSUs for the three months ended September 30, 2020 and 2019, respectively. We recognized $2.6 million and $1.6 million of stock-based compensation expense related to outstanding RSUs for the nine months ended September 30, 2020 and 2019, respectively. Generally, the RSUs cliff vest on the third anniversary of the grant date and can only be settled in shares of our common stock. At September 30, 2020, we had unrecognized compensation cost of $4.2 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.9 years. Performance-Based Restricted Stock Units The Compensation Committee of the Board has granted awards of performance-based RSUs (“PSUs”) under the Amended and Restated LGI Homes, Inc. 2013 Equity Incentive Plan to certain members of senior management based on three-year performance cycles. The PSUs provide for shares of our common stock to be issued based on the attainment of certain performance metrics over the applicable three-year periods. The number of shares of our common stock that may be issued to the recipients for the PSUs range from 0% to 200% of the target amount depending on actual results as compared to the target performance metrics. The terms of the PSUs provide that the payouts will be capped at 100% of the target number of PSUs granted if absolute total stockholder return is negative during the performance period, regardless of EPS performance; this market condition applies for amounts recorded above target. The compensation expense associated with the PSU grants is determined using the derived grant date fair value, based on a third-party valuation analysis, and expensed over the applicable period. The PSUs vest upon the determination date for the actual results at the end of the three-year period and require that the recipients continue to be employed by us through the determination date. The PSUs can only be settled in shares of our common stock. The following table summarizes the activity of our PSUs for the nine months ended September 30, 2020: Period Granted Performance Period Target PSUs Outstanding at December 31, 2019 Target PSUs Granted Target PSUs Vested Target PSUs Forfeited Target PSUs Outstanding at September 30, 2020 Weighted Average Grant Date Fair Value 2017 2017 - 2019 104,770 — (104,770) — — $ 31.64 2018 2018 - 2020 60,040 — — — 60,040 $ 64.60 2019 2019 - 2021 81,242 — — — 81,242 $ 56.49 2020 2020 - 2022 — 88,538 — — 88,538 $ 59.81 Total 246,052 88,538 (104,770) — 229,820 At September 30, 2020, management estimates that the recipients will receive approximately 152%, 135% and 161% of the 2020, 2019 and 2018 target number of PSUs, respectively, at the end of the applicable three-year performance cycle based on projected performance compared to the target performance metrics. We recognized $1.3 million and $1.1 million of total stock-based compensation expense related to outstanding PSUs for the three months ended September 30, 2020 and 2019, respectively. We recognized $3.7 million and $3.2 million of total stock-based compensation expense related to outstanding PSUs for the nine months ended September 30, 2020 and 2019, respectively. PSUs granted in 2017 vested on March 15, 2020 at 199% of the target amount, and 208,867 shares of our common stock were issued upon such vesting. At September 30, 2020, we had unrecognized compensation cost of $9.4 million, based on the probable amount, related to unvested PSUs, which is expected to be recognized over a weighted average period of 2.0 years.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	FAIR VALUE DISCLOSURES ASC Topic 820, Fair Value Measurements (“ASC 820”) , defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability. ASC 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows: Level 1 - Fair value is based on quoted prices in active markets for identical assets or liabilities. Level 2 - Fair value is determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities, or quoted prices in markets that are not active. Level 3 - Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow or similar technique. We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets. The fair value of financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and certain accrued liabilities approximate their carrying amounts due to the short-term nature of these instruments. As of September 30, 2020, the Credit Agreement’s carrying value approximates market value since it has a floating interest rate, which increases or decreases with market interest rates and our leverage ratio. In order to determine the fair value of the Senior Notes, the future contractual cash flows are discounted at our estimate of current market rates of interest, which were determined based upon the average interest rates of similar senior notes within the homebuilding industry (Level 2 measurement). The following table below shows the level and measurement of liabilities at September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior Notes Level 2 $ 296,520 $ 335,718 $ 296,028 $ 337,853

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions Disclosures	RELATED PARTY TRANSACTIONS Land Purchases from Affiliates As of September 30, 2020, we have a land purchase contract to purchase a total of 110 finished lots in Pasco County, Florida from an affiliate of one of our directors for a total base purchase price of approximately $4.0 million. The lots will be purchased in takedowns, subject to a maximum price escalation of 6% per annum, and may provide for additional payments to the seller at the time of sale to the homebuyer. We have a $0.2 million non-refundable deposit at September 30, 2020 related to this land purchase contract. In August 2019, we purchased our first takedown of 58 lots under the Pasco County contract for a base purchase price of approximately $2.1 million. We did not complete any takedowns under this land purchase contract during the three and nine months ended September 30, 2020. During the three months ended September 30, 2020, we entered into a land purchase contract to purchase 10 finished lots in Montgomery County, Texas from an affiliate of a family member of our chief executive officer for a total base purchase price of approximately $0.8 million. That transaction closed on October 23, 2020. During the nine months ended September 30, 2020, we purchased 25 finished lots in Montgomery County, Texas from an affiliate of the same family member of our chief executive officer for a total base purchase price of approximately $2.0 million.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosures	COMMITMENTS AND CONTINGENCIES Contingencies In the ordinary course of doing business, we are subject to claims or proceedings from time to time relating to the purchase, development and sale of real estate and homes and other aspects of our homebuilding operations. Management believes that these claims include usual obligations incurred by real estate developers and residential home builders in the normal course of business. In the opinion of management, these matters will not have a material effect on our consolidated financial position, results of operations or cash flows. We have provided unsecured environmental indemnities to certain lenders and other counterparties. In each case, we have performed due diligence on the potential environmental risks including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate us to reimburse the guaranteed parties for damages related to environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, we may have recourse against other previous owners. In the ordinary course of doing business, we are subject to regulatory proceedings from time to time related to environmental and other matters. In the opinion of management, these matters will not have a material effect on our consolidated financial position, results of operations or cash flows. Land Deposits We have land purchase contracts, generally through cash deposits, for the right to purchase land or lots at a future point in time with predetermined terms. We do not have title to the property, and obligations with respect to the land purchase contracts are generally limited to the forfeiture of the related nonrefundable cash deposits. The following is a summary of our land purchase deposits included in pre-acquisition costs and deposits (in thousands, except for lot count): September 30, 2020 December 31, 2019 Land deposits and option payments $ 32,493 $ 35,111 Commitments under the land purchase contracts if the purchases are consummated $ 663,209 $ 539,122 Lots under land purchase contracts 24,557 16,205 As of September 30, 2020 and December 31, 2019, approximately $21.8 million and $26.3 million, respectively, of the land deposits are related to purchase contracts to deliver finished lots that are refundable under certain circumstances, such as feasibility or specific performance, and secured by mortgages or letters of credit or guaranteed by the seller or its affiliates. Lease Obligations We recognize lease obligations and associated right-of-use (“ROU”) assets for our existing non-cancelable leases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We have non-cancelable operating leases primarily associated with our corporate and regional office facilities. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectations regarding the terms. Variable lease costs such as common area costs and property taxes are expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets, as included in other assets on the consolidated balance sheets, were $5.0 million and $5.3 million as of September 30, 2020 and December 31, 2019, respectively. Lease obligations, as included in accrued expenses and other liabilities on the consolidated balance sheets, were $5.3 million and $5.6 million at September 30, 2020 and December 31, 2019, respectively. Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, was $0.4 million and $0.3 million for the three months ended September 30, 2020 and 2019, respectively. Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, was $1.2 million and $0.9 million for the nine months ended September 30, 2020 and 2019, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating leases during the nine months ended September 30, 2020 and 2019 was $0.7 million and $0.3 million, respectively. As of September 30, 2020, the weighted-average discount rate was 5.42% and our weighted-average remaining life was 5.6 years. We do not have any significant lease contracts that have not yet commenced at September 30, 2020. The table below shows the future minimum payments under non-cancelable operating leases at September 30, 2020 (in thousands): Year Ending December 31, Operating leases 2020 $ 304 2021 1,168 2022 1,010 2023 887 2024 744 Thereafter 2,279 Total 6,392 Lease amount representing interest (1,075) Present value of lease liabilities $ 5,317 Bonding and Letters of Credit We have outstanding letters of credit and performance and surety bonds totaling $120.4 million (including $15.3 million of letters of credit issued under the Credit Agreement) and $108.7 million at September 30, 2020 and December 31, 2019, respectively, related to our obligations for site improvements at various projects. Management does not believe that draws upon the letters of credit, surety bonds or financial guarantees if any, will have a material effect on our consolidated financial position, results of operations or cash flows. Investment in Unconsolidated Entity In July 2019, we became a limited partner in a real estate investment fund with a maximum $30.0 million commitment. The term of the commitment is eight years and includes renewals of up to two

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information Disclosures	SEGMENT INFORMATION We operate one principal homebuilding business that is organized and reports by division. We have seven operating segments (our Central, Midwest, Southeast, Mid-Atlantic, Northwest, West, and Florida divisions) that we aggregate into five reportable segments at September 30, 2020: our Central, Southeast, Northwest, West, and Florida divisions. These segments reflect the way the Company evaluates its business performance and manages its operations. The Central division is our largest division and comprised approximately 35% and 41% of total home sales revenues for the nine months ended September 30, 2020 and 2019, respectively. In accordance with ASC Topic 280, Segment Reporting , operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-makers (“CODMs”) in deciding how to allocate resources and in assessing performance. The CODMs primarily evaluate performance based on the number of homes closed, gross margin and average sales price per home closed. The seven operating segments qualify as our five reportable segments. In determining the most appropriate reportable segments, we consider operating segments’ economic and other characteristics, including home floor plans, average selling prices, gross margin percentage, geographical proximity, production construction processes, suppliers, subcontractors, regulatory environments, customer type and underlying demand and supply. Each operating segment follows the same accounting policies and is managed by our management team. We have no inter-segment sales, as all sales are to external customers. Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented. Financial information relating to our reportable segments was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: Central $ 186,909 $ 193,860 $ 520,608 $ 507,951 Southeast 130,131 91,452 347,155 221,686 Northwest 91,138 92,242 249,455 207,492 West 62,935 61,443 182,012 174,193 Florida 63,089 44,084 171,301 121,183 Total home sales revenues $ 534,202 $ 483,081 $ 1,470,531 $ 1,232,505 Net income (loss) before income taxes: Central $ 32,845 $ 33,134 $ 86,694 $ 80,374 Southeast 17,280 8,710 42,063 14,870 Northwest 15,940 15,064 40,945 30,293 West 6,883 6,542 19,101 16,879 Florida 6,608 3,161 17,001 8,928 Corporate (1) (1,741) (1,879) (4,503) (4,383) Total net income (loss) before income taxes $ 77,815 $ 64,732 $ 201,301 $ 146,961 (1) The Corporate balance consists primarily of general and administration unallocated costs for various shared service functions, as well as our warranty reserve. Actual warranty expenses are reflected within the reportable segments. September 30, 2020 December 31, 2019 Assets: Central $ 678,226 $ 637,083 Southeast 410,697 410,944 Northwest 237,736 221,132 West 194,805 193,545 Florida 148,228 149,877 Corporate (1) 93,151 53,534 Total assets $ 1,762,843 $ 1,666,115

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTOn October 30, 2020, the Board approved an increase in our stock repurchase program by an additional $300.0 million, increasing the available authorization under the program to purchase up to $317.2 million of shares of our common stock as of the date of this Quarterly Report on Form 10-Q.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Products	The following table presents our home sales revenues disaggregated by revenue stream (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Retail home sales revenues $ 515,221 $ 457,124 $ 1,369,130 $ 1,182,039 Other 18,981 25,957 101,401 50,466 Total home sales revenues $ 534,202 $ 483,081 $ 1,470,531 $ 1,232,505
Revenue from External Customers by Geographic Areas	The following table presents our home sales revenues disaggregated by geography, based on our determined reportable segments in Note 13 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Central $ 186,909 $ 193,860 $ 520,608 $ 507,951 Southeast 130,131 91,452 347,155 221,686 Northwest 91,138 92,242 249,455 207,492 West 62,935 61,443 182,012 174,193 Florida 63,089 44,084 171,301 121,183 Total home sales revenues $ 534,202 $ 483,081 $ 1,470,531 $ 1,232,505

Real Estate Inventory (Tables)

Real Estate Inventory (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Real Estate Inventory	Our real estate inventory consists of the following (in thousands): September 30, December 31, 2020 2019 Land, land under development and finished lots $ 866,723 $ 912,651 Information centers 29,718 26,959 Homes in progress 463,968 234,470 Completed homes 188,097 325,544 Total real estate inventory $ 1,548,506 $ 1,499,624

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Accrued and Other Current Liabilities	Accrued and other liabilities consist of the following (in thousands): September 30, December 31, 2020 2019 Taxes payable $ 1,650 $ 28,679 Real estate inventory development and construction payable 40,492 35,870 Accrued compensation, bonuses and benefits 21,205 16,748 Accrued interest 5,624 11,361 Inventory related obligations 5,690 7,808 Lease liability 5,317 5,645 Warranty reserve 4,150 3,500 Contract deposits 8,514 2,502 Other 7,630 5,755 Total accrued expenses and other liabilities $ 100,272 $ 117,868
Changes in Company's Warranty Accrual	Changes to our warranty accrual are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Warranty reserves, beginning of period $ 3,950 $ 3,050 $ 3,500 $ 2,950 Warranty provision 1,284 1,602 4,108 3,576 Warranty expenditures (1,084) (1,452) (3,458) (3,326) Warranty reserves, end of period $ 4,150 $ 3,200 $ 4,150 $ 3,200

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consist of the following (in thousands): September 30, 2020 December 31, 2019 Notes payable under the Credit Agreement ($650.0 million revolving credit facility at September 30, 2020) maturing in part on May 31, 2022 and in part on May 31, 2023; interest paid monthly at LIBOR plus 2.35%; net of debt issuance costs of approximately $5.5 million and $5.0 million at September 30, 2020 and December 31, 2019, respectively $ 322,158 $ 394,531 6.875% Senior Notes due July 15, 2026; interest paid semi-annually at 6.875%; net of debt issuance costs of approximately $2.0 million and $2.2 million at September 30, 2020 and December 31, 2019, respectively; and approximately $1.5 million and $1.8 million in unamortized discount at September 30, 2020 and December 31, 2019, respectively 296,520 296,028 Total notes payable $ 618,678 $ 690,559
Schedule of Interest Activity for Notes Payable	Interest activity, including other financing costs, for notes payable for the periods presented is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest incurred $ 8,885 $ 10,600 $ 28,303 $ 34,125 Less: Amounts capitalized (8,885) (10,600) (28,303) (34,125) Interest expense $ — $ — $ — $ — Cash paid for interest $ 13,122 $ 14,673 $ 31,822 $ 35,705

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator (in thousands): Net Income (Numerator for basic and dilutive earnings per share) $ 89,004 $ 49,349 $ 187,467 $ 113,738 Denominator: Basic weighted average shares outstanding 25,089,424 22,939,907 25,162,162 22,870,948 Effect of dilutive securities: Convertible Notes - treasury stock method — 2,336,017 — 2,223,443 Stock-based compensation units 167,629 246,022 166,393 235,070 Diluted weighted average shares outstanding 25,257,053 25,521,946 25,328,555 25,329,461 Basic earnings per share $ 3.55 $ 2.15 $ 7.45 $ 4.97 Diluted earnings per share $ 3.52 $ 1.93 $ 7.40 $ 4.49 Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share 131 926 1,561 3,013

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Unit Activity	The following table summarizes the activity of our time-vested restricted stock units (“RSUs”): Nine Months Ended September 30, 2020 2019 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Beginning balance 162,686 $ 50.84 171,055 $ 39.04 Granted 48,926 $ 61.25 49,836 $ 57.49 Vested (55,259) $ 32.51 (42,823) $ 22.27 Forfeited (3,000) $ 56.74 (12,733) $ 47.21 Ending balance 153,353 $ 60.65 165,335 $ 48.35
Schedule of Performance Based Stock Activity	The following table summarizes the activity of our PSUs for the nine months ended September 30, 2020: Period Granted Performance Period Target PSUs Outstanding at December 31, 2019 Target PSUs Granted Target PSUs Vested Target PSUs Forfeited Target PSUs Outstanding at September 30, 2020 Weighted Average Grant Date Fair Value 2017 2017 - 2019 104,770 — (104,770) — — $ 31.64 2018 2018 - 2020 60,040 — — — 60,040 $ 64.60 2019 2019 - 2021 81,242 — — — 81,242 $ 56.49 2020 2020 - 2022 — 88,538 — — 88,538 $ 59.81 Total 246,052 88,538 (104,770) — 229,820

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	The following table below shows the level and measurement of liabilities at September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior Notes Level 2 $ 296,520 $ 335,718 $ 296,028 $ 337,853

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Maturity	The table below shows the future minimum payments under non-cancelable operating leases at September 30, 2020 (in thousands): Year Ending December 31, Operating leases 2020 $ 304 2021 1,168 2022 1,010 2023 887 2024 744 Thereafter 2,279 Total 6,392 Lease amount representing interest (1,075) Present value of lease liabilities $ 5,317
Summary of Lots Under Option or Contract	The following is a summary of our land purchase deposits included in pre-acquisition costs and deposits (in thousands, except for lot count): September 30, 2020 December 31, 2019 Land deposits and option payments $ 32,493 $ 35,111 Commitments under the land purchase contracts if the purchases are consummated $ 663,209 $ 539,122 Lots under land purchase contracts 24,557 16,205

Segment (Tables)

Segment (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment	Financial information relating to our reportable segments was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: Central $ 186,909 $ 193,860 $ 520,608 $ 507,951 Southeast 130,131 91,452 347,155 221,686 Northwest 91,138 92,242 249,455 207,492 West 62,935 61,443 182,012 174,193 Florida 63,089 44,084 171,301 121,183 Total home sales revenues $ 534,202 $ 483,081 $ 1,470,531 $ 1,232,505 Net income (loss) before income taxes: Central $ 32,845 $ 33,134 $ 86,694 $ 80,374 Southeast 17,280 8,710 42,063 14,870 Northwest 15,940 15,064 40,945 30,293 West 6,883 6,542 19,101 16,879 Florida 6,608 3,161 17,001 8,928 Corporate (1) (1,741) (1,879) (4,503) (4,383) Total net income (loss) before income taxes $ 77,815 $ 64,732 $ 201,301 $ 146,961 (1) The Corporate balance consists primarily of general and administration unallocated costs for various shared service functions, as well as our warranty reserve. Actual warranty expenses are reflected within the reportable segments. September 30, 2020 December 31, 2019 Assets: Central $ 678,226 $ 637,083 Southeast 410,697 410,944 Northwest 237,736 221,132 West 194,805 193,545 Florida 148,228 149,877 Corporate (1) 93,151 53,534 Total assets $ 1,762,843 $ 1,666,115

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 534,202	$ 483,081	$ 1,470,531	$ 1,232,505
Retail
Disaggregation of Revenue [Line Items]
Home sales revenues	515,221	457,124	1,369,130	1,182,039
Wholesale
Disaggregation of Revenue [Line Items]
Home sales revenues	18,981	25,957	101,401	50,466
Central
Disaggregation of Revenue [Line Items]
Home sales revenues	186,909	193,860	520,608	507,951
Southeast
Disaggregation of Revenue [Line Items]
Home sales revenues	130,131	91,452	347,155	221,686
Northwest
Disaggregation of Revenue [Line Items]
Home sales revenues	91,138	92,242	249,455	207,492
West
Disaggregation of Revenue [Line Items]
Home sales revenues	62,935	61,443	182,012	174,193
Florida
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 63,089	$ 44,084	$ 171,301	$ 121,183

Schedule of Real Estate Invento

Schedule of Real Estate Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
Land, land under development and finished lots	$ 866,723	$ 912,651
Information centers	29,718	26,959
Homes in progress	463,968	234,470
Completed homes	188,097	325,544
Total real estate inventory	$ 1,548,506	$ 1,499,624
Minimum
Inventory [Line Items]
Community life cycle	2 years
Maximum
Inventory [Line Items]
Community life cycle	5 years

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Taxes payable	$ 1,650		$ 28,679
Real estate inventory development and construction payable	40,492		35,870
Accrued compensation, bonuses and benefits	21,205		16,748
Accrued interest	5,624		11,361
Inventory related obligations	5,690		7,808
Operating Lease, Liability	5,317		5,645
Warranty reserve	4,150	$ 3,950	3,500	$ 3,200	$ 3,050	$ 2,950
Contract deposits	8,514		2,502
Other	7,630		5,755
Total accrued expenses and other liabilities	$ 100,272		$ 117,868

Accrued Expenses and Other Li_4

Accrued Expenses and Other Liabilities - Narrative (Details)	9 Months Ended
	Sep. 30, 2020
Product Warranty Liability [Line Items]
Inventory related obligation term	30 years
Other Construction Components
Product Warranty Liability [Line Items]
Limited warranty period	1 year
Structural Elements
Product Warranty Liability [Line Items]
Limited warranty period	10 years

Changes in Warranty Reserve (De

Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 3,950	$ 3,050	$ 3,500	$ 2,950
Warranty provision	1,284	1,602	4,108	3,576
Warranty expenditures	(1,084)	(1,452)	(3,458)	(3,326)
Warranty reserves, end of period	$ 4,150	$ 3,200	$ 4,150	$ 3,200
Other Construction Components
Product Warranty Liability [Line Items]
Limited warranty period			1 year
Structural Elements
Product Warranty Liability [Line Items]
Limited warranty period			10 years

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Apr. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Assets	$ 1,762,843,000		$ 1,666,115,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility	650,000,000
Line of credit facility, current borrowing capacity	$ 949,400,000
Line of credit facility, expiration date	May 31, 2023
Line of credit, amount outstanding	$ 627,600,000
Letters of credit outstanding	15,300,000
Line of credit facility, remaining borrowing capacity	$ 306,500,000
Base spread on variable rate	2.35%
Percent of total to expire in period one	87.00%
Percent of total to expire in period two	13.00%
Revolving Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Variable interest rate	0.15%
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Base spread on variable rate	2.35%
Revolving Credit Facility | Minimum | Guarantor Subsidiaries
Line of Credit Facility [Line Items]
Assets	$ 500,000
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Base spread on variable rate	2.75%
Second Amendment
Line of Credit Facility [Line Items]
Line of credit facility		$ 650,000,000
Line of credit facility, additional borrowing capacity		100,000,000
Letters of credit outstanding		566,000,000
Sublimit		$ 40,000,000
Percent of total		87.00%
Second Amendment | LIBOR
Line of Credit Facility [Line Items]
Variable interest rate		0.70%

Schedule of Notes Payable (Deta

Schedule of Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes payable	$ 618,678,000	$ 690,559,000
LIBOR
Debt Instrument [Line Items]
Interest rate	2.35%
Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	$ 322,158,000	394,531,000
Line of credit facility	650,000,000
Debt issuance costs	5,500,000	5,000,000
Senior Notes
Debt Instrument [Line Items]
Notes payable	296,520,000	296,028,000
Debt issuance costs	2,000,000	2,200,000
Unamortized discount	$ 1,500,000	$ 1,800,000

Convertible Notes (Details)

Convertible Notes (Details) - Convertible Debt $ in Millions	Nov. 15, 2019USD ($)shares
Debt Instrument [Line Items]
Stated interest rate on note	4.25%
Repayments of Convertible Debt | $	$ 70
Issuance of shares in settlement of Convertible Notes (in shares) | shares	2,381,751

Senior Notes (Details)

Senior Notes (Details) - Senior Notes $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Senior Notes, Gross	$ 300
Stated interest rate on note	6.875%
Senior Notes maturity date	Jul. 15, 2026

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Disclosure [Abstract]
Interest incurred	$ 8,885	$ 10,600	$ 28,303	$ 34,125
Less: Amounts capitalized	(8,885)	(10,600)	(28,303)	(34,125)
Interest expense	0	0	0	0
Cash paid for interest	13,122	14,673	31,822	35,705
Amortization of Debt Issuance Costs and Discounts	$ 800	$ 1,100	$ 2,200	$ 3,200

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	(14.40%)		6.90%
Income taxes paid	$ 46.6	$ 14.7	$ 65.5	$ 36.3
Effective income tax rate reconciliation, benefit recognized	$ 29.4		$ 32.9

Equity (Details)

Equity (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	23 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2020	Oct. 30, 2020	Dec. 31, 2019
Equity [Line Items]
Treasury Stock, Shares	1,606,028	1,606,028	1,606,028		1,039,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	50,000,000	50,000,000	50,000,000
Treasury Stock, Shares, Acquired	0	567,028	606,028
Treasury Stock, Value, Acquired, Cost Method		$ 31.3
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	17,200,000	17,200,000	17,200,000
Subsequent Event
Equity [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				300,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased				317,200,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income	$ 89,004	$ 55,624	$ 42,839	$ 49,349	$ 46,055	$ 18,334	$ 187,467	$ 113,738
Basic weighted average shares outstanding	25,089,424			22,939,907			25,162,162	22,870,948
Convertible Notes - treasury stock method	0			2,336,017			0	2,223,443
Stock-based compensation units	167,629			246,022			166,393	235,070
Diluted weighted average shares outstanding	25,257,053			25,521,946			25,328,555	25,329,461
Basic earnings per share (in dollars per share)	$ 3.55			$ 2.15			$ 7.45	$ 4.97
Diluted earnings per share (in dollars per share)	$ 3.52			$ 1.93			$ 7.40	$ 4.49
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	131			926			1,561	3,013
Convertible Debt
Convertible notes, conversion price				$ 21.52				$ 21.52

Summary of Non-Perfomance Based

Summary of Non-Perfomance Based Restricted Stock Units (Details) - Restricted stock units (RSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period (in shares)			162,686	171,055
Granted (in shares)			48,926	49,836
Vested (in shares)			(55,259)	(42,823)
Forfeited (in shares)			(3,000)	(12,733)
Balance at End of Period (in shares)	153,353	165,335	153,353	165,335
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the beginning of the period, weighted average grant date fair value (in dollars per share)			$ 50.84	$ 39.04
Granted, weighted average grant date fair value (in dollars per share)			61.25	57.49
Vested, weighted average grant date fair value (in dollars per share)			32.51	22.27
Forfeited, weighted average grant date fair value (in dollars per share)			56.74	47.21
Shares outstanding at the end of the period, weighted average grant date fair value (in dollars per share)	$ 60.65	$ 48.35	$ 60.65	$ 48.35
Share-based compensation expense	$ 0.9	$ 0.5	$ 2.6	$ 1.6
Share-based compensation not yet recognized	$ 4.2		$ 4.2
Share-based compensation not yet recognized, period for recognition			1 year 10 months 24 days

Summary of Performance Based Re

Summary of Performance Based Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested			100.00%
Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Performance vesting period			3 years
Balance at Beginning of Period (in shares)			246,052
Granted (in shares)			88,538
Vested (in shares)			(104,770)
Forfeited (in shares)			0
Balance at End of Period (in shares)	229,820		229,820
Share-based compensation expense	$ 1.3	$ 1.1	$ 3.7	$ 3.2
Share-based compensation not yet recognized	$ 9.4		$ 9.4
Share-based compensation not yet recognized, period for recognition			2 years
2017 Grant | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested			199.00%
Balance at Beginning of Period (in shares)			104,770
Vested (in shares)			(104,770)
Balance at End of Period (in shares)	0		0
Weighted average grant date fair value (in dollars per share)	$ 31.64		$ 31.64
2018 Grant | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested			161.00%
Balance at Beginning of Period (in shares)			60,040
Balance at End of Period (in shares)	60,040		60,040
Weighted average grant date fair value (in dollars per share)	$ 64.60		$ 64.60
2019 Grant | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested			135.00%
Balance at Beginning of Period (in shares)			81,242
Balance at End of Period (in shares)	81,242		81,242
Weighted average grant date fair value (in dollars per share)	$ 56.49		$ 56.49
2020 Grant | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested			152.00%
Granted (in shares)			88,538
Balance at End of Period (in shares)	88,538		88,538
Weighted average grant date fair value (in dollars per share)	$ 59.81		$ 59.81
Minimum | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested			0.00%
Maximum | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested			200.00%
Maximum | 2017 Grant | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Vested (in shares)			(208,867)

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Line Items]
Notes payable, carrying value	$ 618,678	$ 690,559
Senior Notes
Fair Value Disclosures [Line Items]
Notes payable, carrying value	296,520	296,028
Senior notes, fair value	$ 335,718	$ 337,853

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)lot	Dec. 31, 2019
Related Party Transaction [Line Items]
Total lots under option contract to purchase	24,557	16,205
FLORIDA | Affiliated Entity
Related Party Transaction [Line Items]
Total lots under option contract to purchase | lot	110
Total purchase price for lots under option contract	$ 4
Non-refundable deposit related to option contract	$ 0.2
lgih_PurchasedLotsPreviouslyUnderPurchaseOptions | lot	58
lgih_LandunderPurchaseOptionsPurchasePrice	$ 2.1
Central | Affiliated Entity | Purchase One
Related Party Transaction [Line Items]
Total lots under option contract to purchase | lot	10
Total purchase price for lots under option contract	$ 0.8
Central | Affiliated Entity | Purchase Two
Related Party Transaction [Line Items]
Total lots under option contract to purchase | lot	25
Total purchase price for lots under option contract	$ 2
Maximum | FLORIDA | Affiliated Entity
Related Party Transaction [Line Items]
Annual price escalation rate	6.00%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended		14 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)
Other Commitments [Line Items]
Land deposits and option payments	$ 32,493		$ 35,111	$ 32,493		$ 32,493
Commitments under the land purchase contracts if the purchases are consummated	$ 663,209		$ 539,122	$ 663,209		$ 663,209
Lots under land purchase contracts	24,557		16,205	24,557		24,557
Refundable land deposits of purchase contracts of finished lots	$ 21,800		$ 26,300	$ 21,800		$ 21,800
Operating Lease, Right-of-Use Asset	5,000		5,300	5,000		5,000
Present value of operating lease liabilities	5,317		5,645	5,317		$ 5,317
Operating Lease, Cost	$ 400	$ 300		1,200	$ 900
Operating Lease, Payments				$ 700	$ 300
Operating lease, weighted average discount rate	5.42%			5.42%		5.42%
Operating lease, weighted average remaining lease term	5 years 7 months 6 days			5 years 7 months 6 days		5 years 7 months 6 days
Letters of credit, surety bonds, and other financials guarantees	$ 120,400		108,700	$ 120,400		$ 120,400
Contributions to limited partnership			$ 1,100			2,100
Not Primary Beneficiary
Other Commitments [Line Items]
Limited partnership, maximum commitment	$ 30,000			30,000		30,000
Limited partnership, term	8 years
Limited partnership, renewal term	2 years
Revolving Credit Facility
Other Commitments [Line Items]
Letters of credit outstanding under revolving credit facility	$ 15,300			$ 15,300		$ 15,300

Commitments and Contingencies F

Commitments and Contingencies Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
2020	$ 304
2021	1,168
2022	1,010
2023	887
2024	744
Thereafter	2,279
Total	6,392
Lease amount representing interest	(1,075)
Operating Lease, Liability	$ 5,317	$ 5,645

Segment Information (Details)

Segment Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)business	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Assets	$ 1,762,843,000		$ 1,762,843,000		$ 1,666,115,000
Home sales revenues	534,202,000	$ 483,081,000	$ 1,470,531,000	$ 1,232,505,000
Number of reporting segments | business			5
Number of operating segments | business			7
Net income before income taxes	77,815,000	64,732,000	$ 201,301,000	146,961,000
Pre-acquisition costs and deposits	34,945,000		34,945,000		37,244,000
Central
Segment Reporting Information [Line Items]
Assets	678,226,000		678,226,000		637,083,000
Home sales revenues	186,909,000	193,860,000	520,608,000	507,951,000
Net income before income taxes	32,845,000	33,134,000	86,694,000	80,374,000
Southeast
Segment Reporting Information [Line Items]
Assets	410,697,000		410,697,000		410,944,000
Home sales revenues	130,131,000	91,452,000	347,155,000	221,686,000
Net income before income taxes	17,280,000	8,710,000	42,063,000	14,870,000
Northwest
Segment Reporting Information [Line Items]
Assets	237,736,000		237,736,000		221,132,000
Home sales revenues	91,138,000	92,242,000	249,455,000	207,492,000
Net income before income taxes	15,940,000	15,064,000	40,945,000	30,293,000
West
Segment Reporting Information [Line Items]
Assets	194,805,000		194,805,000		193,545,000
Home sales revenues	62,935,000	61,443,000	182,012,000	174,193,000
Net income before income taxes	6,883,000	6,542,000	19,101,000	16,879,000
Florida
Segment Reporting Information [Line Items]
Assets	148,228,000		148,228,000		149,877,000
Home sales revenues	63,089,000	44,084,000	171,301,000	121,183,000
Net income before income taxes	6,608,000	3,161,000	17,001,000	8,928,000
Corporate
Segment Reporting Information [Line Items]
Assets	93,151,000		93,151,000		$ 53,534,000
Net income before income taxes	$ (1,741,000)	$ (1,879,000)	$ (4,503,000)	$ (4,383,000)
Operating Segments | Central
Segment Reporting Information [Line Items]
Percentage of operations			35.00%	41.00%
Intersegment Eliminations
Segment Reporting Information [Line Items]
Home sales revenues			$ 0

Subsequent Events (Details)

Subsequent Events (Details) - shares shares in Millions	Oct. 30, 2020	Sep. 30, 2020
Subsequent Event [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		50
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		17.2
Subsequent Event
Subsequent Event [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	300
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	317.2