LGI Homes (LGIH) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Entity Information [Line Items]
Entity Central Index Key	0001580670
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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		23,666,284

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 53,325	$ 50,514
Accounts receivable	48,489	57,909
Real estate inventory	2,335,570	2,085,904
Pre-acquisition costs and deposits	39,171	40,702
Property and equipment, net	19,420	16,944
Other assets	83,307	81,676
Deferred tax assets, net	2,933	6,198
Goodwill	12,018	12,018
Total assets	2,594,233	2,351,865
LIABILITIES AND EQUITY
Accounts payable	21,965	14,172
Accrued expenses and other liabilities	145,921	136,609
Notes payable	1,003,596	805,236
Total liabilities	1,171,482	956,017
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 27,187,895 shares issued and 23,666,284 shares outstanding as of March 31, 2022 and 26,963,915 shares issued and 23,917,359 shares outstanding as of December 31, 2021	271	269
Additional paid-in capital	297,451	291,577
Retained earnings	1,442,608	1,363,922
Treasury stock, at cost, 3,521,611 shares and 3,046,556 shares, respectively	(317,579)	(259,920)
Total equity	1,422,751	1,395,848
Total liabilities and equity	$ 2,594,233	$ 2,351,865

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	27,187,895	26,963,915
Common Stock, Shares, Outstanding	23,666,284	23,917,359
Treasury Stock, Shares	3,521,611	3,046,556

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Home sales revenues	$ 546,050	$ 705,953
Cost of sales	387,643	516,004
Selling expenses	34,398	42,783
General and administrative	28,289	24,723
Operating income	95,720	122,443
Other income, net	(3,830)	(833)
Net income before income taxes	99,550	123,276
Income tax provision	20,864	23,618
Net income	$ 78,686	$ 99,658
Earnings per share:
Basic (in dollars per share)	$ 3.30	$ 3.99
Diluted (in dollars per share)	$ 3.25	$ 3.95
Weighted average shares outstanding:
Basic (in shares)	23,837,170	24,950,867
Diluted (in shares)	24,194,321	25,220,872

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, 2020		26,741,554
Beginning Balance at Dec. 31, 2020	$ 1,139,005	$ 267	$ 270,598	$ 934,277	$ (66,137)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	99,658			99,658
Restricted stock units granted for accrued annual bonuses	272		272
Stock Repurchased During Period, Value	(25,827)				(25,827)
Compensation expense for equity awards	3,422		3,422
Stock issued under employee incentive plans (in shares)		167,089
Stock issued under employee incentive plans	2,108	$ 2	2,106
Ending Balance (in shares) at Mar. 31, 2021		26,908,643
Ending Balance at Mar. 31, 2021	1,218,638	$ 269	276,398	1,033,935	(91,964)
Beginning Balance (in shares) at Dec. 31, 2021		26,963,915
Beginning Balance at Dec. 31, 2021	1,395,848	$ 269	291,577	1,363,922	(259,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	78,686			78,686
Restricted stock units granted for accrued annual bonuses	294		294
Stock Repurchased During Period, Value	(57,659)				(57,659)
Compensation expense for equity awards	3,570		3,570
Stock issued under employee incentive plans (in shares)		223,980
Stock issued under employee incentive plans	2,012	$ 2	2,010
Ending Balance (in shares) at Mar. 31, 2022		27,187,895
Ending Balance at Mar. 31, 2022	$ 1,422,751	$ 271	$ 297,451	$ 1,442,608	$ (317,579)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 78,686	$ 99,658
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in income of unconsolidated entities	(178)	0
Distributions of earnings from unconsolidated entities	129	0
Depreciation and amortization	348	288
Gain on disposal of assets	(1,564)	0
Compensation expense for equity awards	3,570	3,422
Deferred income taxes	3,264	3,636
Changes in assets and liabilities:
Accounts receivable	9,420	56,710
Real estate inventory	(251,612)	(41,692)
Pre-acquisition costs and deposits	1,531	(2,276)
Other assets	362	(4,192)
Accounts payable	7,793	27,876
Accrued expenses and other liabilities	10,464	17,256
Net cash provided by (used in) operating activities	(137,787)	160,686
Cash flows from investing activities:
Purchases of property and equipment	(993)	(1,279)
Investment in unconsolidated entity	(380)	(977)
Return of capital from unconsolidated entities	0	2,660
Net cash provided by (used in) investing activities	(1,373)	404
Cash flows from financing activities:
Proceeds from notes payable	197,617	104,844
Payments on notes payable	0	(230,000)
Proceeds from sale of stock, net of offering expenses	2,013	2,108
Stock repurchase	(57,659)	(25,827)
Net cash provided by (used in) financing activities	141,971	(148,875)
Net increase in cash and cash equivalents	2,811	12,215
Cash and cash equivalents, beginning of period	50,514	35,942
Cash and cash equivalents, end of period	$ 53,325	$ 48,157

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, Virginia and Pennsylvania. 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, 2021. 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 March 31, 2022, and for the three months ended March 31, 2022 and 2021, 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. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. We expect to adopt ASU 2020-04 and ASU 2021-01 when the Second Amendment (as defined herein) replaces LIBOR as the benchmark interest rate with the Secured Overnight Financing Rate (“SOFR”). We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or related disclosures.

Real Estate Inventory

Real Estate Inventory	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Real Estate Inventory Disclosures	REAL ESTATE INVENTORY Our real estate inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Land, land under development and finished lots $ 1,625,290 $ 1,499,761 Information centers 30,449 28,665 Homes in progress 577,880 449,742 Completed homes 101,951 107,736 Total real estate inventory $ 2,335,570 $ 2,085,904 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. 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. Inventory costs for completed homes are expensed to cost of sales as homes are closed. 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 4 , are capitalized to qualifying real estate projects under development and homes under construction.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, 2022 2021 Real estate inventory development and construction payable $ 54,122 $ 48,656 Accrued compensation, bonuses and benefits 10,166 24,914 Taxes payable 28,918 11,604 Contract deposits 14,721 12,182 Accrued interest 4,047 7,431 Inventory related obligations 7,945 8,803 Warranty reserve 8,350 7,850 Lease liability 5,382 5,333 Other 12,270 9,836 Total accrued expenses and other liabilities $ 145,921 $ 136,609 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. The obligations assumed by the homebuyer 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 March 31, 2022 2021 Warranty reserves, beginning of period $ 7,850 $ 5,350 Warranty provision 2,465 2,589 Warranty expenditures (1,965) (1,989) Warranty reserves, end of period $ 8,350 $ 5,950

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Notes Payable Disclosures	NOTES PAYABLE Revolving Credit Agreement On April 28, 2021, we entered into that certain Fifth Amended and Restated Credit Agreement with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent (the “2021 Credit Agreement”), which amended and restated that certain Fourth Amended and Restated Credit Agreement, dated as of May 6, 2019. The 2021 Credit Agreement had revolving commitments of $850.0 million. On April 29, 2022, we entered into that certain Lender Addition and Acknowledgement Agreement and Second Amendment to Fifth Amended and Restated Credit Agreement with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent (the “Second Amendment”), which amends the 2021 Credit Agreement (as so amended and as otherwise amended prior to the date of the Second Amendment, the “Credit Agreement”). The Second Amendment, among other things, (a) increases the commitments under the 2021 Credit Agreement by an additional $250.0 million, bringing the total commitments under the Credit Agreement to $1.1 billion, and (b) replaces LIBOR as the benchmark interest rate with SOFR. Borrowings under the Credit Agreement will bear interest, payable monthly in arrears, at the Company’s option, at either (1) term SOFR (based on 1, 3 or 6 month interest periods, as selected by the Company) plus a 10, 15 or 25 basis point adjustment, respectively, which rate will be subject to a 50 basis point floor, plus an applicable margin (ranging from 145 basis points to 210 basis points (the “Applicable Margin”)) based on the Company’s leverage ratio as determined in accordance with a pricing grid, and (2) term SOFR based on a 1 month interest period plus a 10 basis point adjustment, subject to a 50 basis point floor, plus the Applicable Margin. The Credit Agreement matures on April 28, 2025. Before each anniversary of the Credit Agreement, we may request a one-year extension of its maturity date. The Credit Agreement is guaranteed by, among others, each of our subsidiaries that have gross assets of at least $0.5 million. The borrowings and letters of credit outstanding under the Credit Agreement, together with the outstanding principal balance of our 4.000% Senior Notes due 2029 (the “2029 Senior Notes”), may not exceed the borrowing base under the Credit Agreement. The borrowing base primarily consists of a percentage of commercial land, land held for development, lots under development and finished lots held by the Company and its subsidiaries that guarantee the obligations under the Credit Agreement. As of March 31, 2022, the borrowing base under the 2021 Credit Agreement was $1.1 billion, of which borrowings, including the 2029 Senior Notes, of $1.0 billion were outstanding, $25.0 million of letters of credit were outstanding and $108.3 million was available to borrow under the 2021 Credit Agreement. Prior to the Second Amendment, interest was paid monthly on borrowings under the 2021 Credit Agreement at LIBOR plus 1.60%. Prior to the Second Amendment, the 2021 Credit Agreement applicable margin for LIBOR loans ranged from 1.45% to 2.10% based on our leverage ratio. At March 31, 2022, LIBOR was 0.40%; however, the 2021 Credit Agreement has a 0.50% 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 March 31, 2022, we were in compliance with all of the covenants contained in the 2021 Credit Agreement. Senior Notes Offering On June 28, 2021, we issued $300.0 million aggregate principal amount of the 2029 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 2029 Senior Notes accrues at a rate of 4.000% per annum, payable semi-annually in arrears on January 15 and July 15 of each year. The 2029 Senior Notes mature on July 15, 2029. Terms of the 2029 Senior Notes are governed by an Indenture, dated as of July 6, 2018, and Third Supplemental Indenture thereto, dated as of June 28, 2021, 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): March 31, 2022 December 31, 2021 Notes payable under the 2021 Credit Agreement ($850.0 million revolving credit facility at March 31, 2022) maturing on April 28, 2025; interest paid monthly at LIBOR plus 1.60%. $ 715,057 $ 517,439 4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%. 300,000 300,000 Net debt issuance costs (11,461) (12,203) Total notes payable $ 1,003,596 $ 805,236 Capitalized Interest Interest activity, including other financing costs, for notes payable for the periods presented is as follows (in thousands): Three Months Ended March 31, 2022 2021 Interest incurred $ 7,027 $ 7,732 Less: Amounts capitalized (7,027) (7,732) Interest expense $ — $ — Cash paid for interest $ 9,668 $ 12,633 Included in interest incurred was amortization of deferred financing costs and discounts for notes payable of $0.7 million for each of the three months ended March 31, 2022 and 2021.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022, our effective tax rate of 21.0% is equal to the Federal statutory rate primarily as a result of the deductions in excess of compensation cost for share-based payments, offset by an increase in the rate for the compensation limitation under Section 162(m) of the Internal Revenue Code, as amended, and for state income taxes, net of the federal benefit payments.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity Disclosures	EQUITY Stock Repurchase Program In February 2022, our Board of Directors (the “Board”) approved a $200.0 million increase to our previously authorized stock repurchase program, pursuant to which we may purchase up to $550.0 million of shares of our common stock through open market transactions, privately negotiated transactions or otherwise in accordance with applicable laws. During the three months ended March 31, 2022, we repurchased 475,055 shares of our common stock for $57.7 million to be held as treasury

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Numerator (in thousands): Net income (Numerator for basic and dilutive earnings per share) $ 78,686 $ 99,658 Denominator: Basic weighted average shares outstanding 23,837,170 24,950,867 Effect of dilutive securities: Stock-based compensation units 357,151 270,005 Diluted weighted average shares outstanding 24,194,321 25,220,872 Basic earnings per share $ 3.30 $ 3.99 Diluted earnings per share $ 3.25 $ 3.95 Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share 27,001 21,510

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
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”): Three Months Ended March 31, 2022 2021 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Beginning balance 117,874 $ 80.85 142,738 $ 62.54 Granted 36,675 $ 118.80 23,366 $ 141.00 Vested (38,791) $ 56.49 (30,407) $ 64.44 Forfeited (1,151) $ 87.20 (1,627) $ 61.58 Ending balance 114,607 $ 101.18 134,070 $ 75.79 We recognized $0.8 million of stock-based compensation expense related to outstanding RSUs for each of the three months ended March 31, 2022 and 2021. 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 March 31, 2022, we had unrecognized compensation cost of $7.4 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.2 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 three months ended March 31, 2022: Period Granted Performance Period Target PSUs Outstanding at December 31, 2021 Target PSUs Granted Target PSUs Forfeited Target PSUs Vested Target PSUs Outstanding at March 31, 2022 Weighted Average Grant Date Fair Value 2019 2019 - 2021 81,242 — (767) (80,475) — $ 56.49 2020 2020 - 2022 88,538 — (1,494) — 87,044 $ 59.81 2021 2021 - 2023 46,027 — — — 46,027 $ 141.00 2022 2022 - 2024 — 66,909 — — 66,909 $ 118.80 Total 215,807 66,909 (2,261) (80,475) 199,980 At March 31, 2022, management estimates that the recipients will receive approximately 100%, 200% and 200% of the 2022, 2021 and 2020 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 $2.3 million and $2.2 million of total stock-based compensation expense related to outstanding PSUs for the three months ended March 31, 2022 and 2021, respectively. The 2019 - 2021 performance period PSUs vested and issued on March 15, 2022 at 200% of the target number. At March 31, 2022, we had unrecognized compensation cost of $17.6 million, based on the probable amount, related to unvested PSUs, which is expected to be recognized over a weighted average period of 2.3 years.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the 2021 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 2029 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 March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 2029 Senior Notes (1) Level 2 $ 300,000 $ 269,352 $ 300,000 $ 299,302 (1) See Note 4

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Land deposits and option payments $ 34,905 $ 37,499 Commitments under the land purchase contracts if the purchases are consummated $ 837,001 $ 921,345 Lots under land purchase contracts 34,191 36,978 As of March 31, 2022 and December 31, 2021, approximately $19.4 million and $19.3 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 $5.1 million as of each of March 31, 2022 and December 31, 2021. Lease obligations, as included in accrued expenses and other liabilities on the consolidated balance sheets, were $5.4 million and $5.3 million at March 31, 2022 and December 31, 2021, respectively. Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, was $0.5 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating leases during the three months ended March 31, 2022 and 2021 was $0.4 million and $0.2 million, respectively. As of March 31, 2022, the weighted-average discount rate was 5.2% and our weighted-average remaining life was 3.1 years. We do not have any significant lease contracts that have not yet commenced at March 31, 2022. The table below shows the future minimum payments under non-cancelable operating leases at March 31, 2022 (in thousands): Year Ending December 31, Operating leases 2022 1,133 2023 1,335 2024 1,067 2025 884 2026 776 Thereafter 1,054 Total 6,249 Lease amount representing interest (867) Present value of lease liabilities $ 5,382 Bonding and Letters of Credit We have outstanding letters of credit and performance and surety bonds totaling $268.8 million (including $25.0 million of letters of credit issued under the 2021 Credit Agreement) and $206.8 million at March 31, 2022 and December 31, 2021, 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 Entities two

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions Disclosures	RELATED PARTY TRANSACTIONS Land Purchases from Affiliates We did not enter into or complete any land purchase contracts with affiliates during the three months ended March 31, 2022. As of March 31, 2021, we had a land purchase contract to purchase a total of 25 finished lots in Burnet County, Texas from an affiliate of a family member of our chief executive officer for a total base purchase price of approximately $2.5 million. Additionally, we had 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. As of December 31, 2021, we completed both the land purchase contracts in Burnet County and Pasco County.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues Disclosure	REVENUES 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. The following table presents our home sales revenues disaggregated by revenue stream (in thousands): Three Months Ended March 31, 2022 2021 Retail home sales revenues $ 494,206 $ 643,572 Wholesale home sales revenues 51,844 62,381 Total home sales revenues $ 546,050 $ 705,953 Our home sales revenues are disaggregated by geography, based on our determined reportable segments. See Note 13 for tabular presentation of this information.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
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 qualifying reportable segments at March 31, 2022: our Central, Southeast, Northwest, West, and Florida divisions. These segments reflect the way the Company evaluates its business performance and manages its operations. In accordance with ASC 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. 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 March 31, 2022 2021 Revenues: Central $ 262,298 $ 288,750 Southeast 72,463 136,551 Northwest 102,874 118,191 West 55,583 81,148 Florida 52,832 81,313 Total home sales revenues $ 546,050 $ 705,953 Net income (loss) before income taxes: Central $ 57,740 $ 55,634 Southeast 10,129 19,831 Northwest 27,584 25,994 West (231) 12,611 Florida 5,360 10,816 Corporate (1) (1,032) (1,610) Total net income before income taxes $ 99,550 $ 123,276 (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. March 31, 2022 December 31, 2021 Assets: Central $ 894,491 $ 857,174 Southeast 501,937 438,423 Northwest 402,697 349,752 West 460,402 384,548 Florida 236,118 221,763 Corporate (1) 98,588 100,205 Total assets $ 2,594,233 $ 2,351,865

Real Estate Inventory (Tables)

Real Estate Inventory (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Real Estate Inventory	Our real estate inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Land, land under development and finished lots $ 1,625,290 $ 1,499,761 Information centers 30,449 28,665 Homes in progress 577,880 449,742 Completed homes 101,951 107,736 Total real estate inventory $ 2,335,570 $ 2,085,904

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued and Other Current Liabilities	Accrued and other liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Real estate inventory development and construction payable $ 54,122 $ 48,656 Accrued compensation, bonuses and benefits 10,166 24,914 Taxes payable 28,918 11,604 Contract deposits 14,721 12,182 Accrued interest 4,047 7,431 Inventory related obligations 7,945 8,803 Warranty reserve 8,350 7,850 Lease liability 5,382 5,333 Other 12,270 9,836 Total accrued expenses and other liabilities $ 145,921 $ 136,609
Changes in Company's Warranty Accrual	Changes to our warranty accrual are as follows (in thousands): Three Months Ended March 31, 2022 2021 Warranty reserves, beginning of period $ 7,850 $ 5,350 Warranty provision 2,465 2,589 Warranty expenditures (1,965) (1,989) Warranty reserves, end of period $ 8,350 $ 5,950

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consist of the following (in thousands): March 31, 2022 December 31, 2021 Notes payable under the 2021 Credit Agreement ($850.0 million revolving credit facility at March 31, 2022) maturing on April 28, 2025; interest paid monthly at LIBOR plus 1.60%. $ 715,057 $ 517,439 4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%. 300,000 300,000 Net debt issuance costs (11,461) (12,203) Total notes payable $ 1,003,596 $ 805,236
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 March 31, 2022 2021 Interest incurred $ 7,027 $ 7,732 Less: Amounts capitalized (7,027) (7,732) Interest expense $ — $ — Cash paid for interest $ 9,668 $ 12,633

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Numerator (in thousands): Net income (Numerator for basic and dilutive earnings per share) $ 78,686 $ 99,658 Denominator: Basic weighted average shares outstanding 23,837,170 24,950,867 Effect of dilutive securities: Stock-based compensation units 357,151 270,005 Diluted weighted average shares outstanding 24,194,321 25,220,872 Basic earnings per share $ 3.30 $ 3.99 Diluted earnings per share $ 3.25 $ 3.95 Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share 27,001 21,510

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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”): Three Months Ended March 31, 2022 2021 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Beginning balance 117,874 $ 80.85 142,738 $ 62.54 Granted 36,675 $ 118.80 23,366 $ 141.00 Vested (38,791) $ 56.49 (30,407) $ 64.44 Forfeited (1,151) $ 87.20 (1,627) $ 61.58 Ending balance 114,607 $ 101.18 134,070 $ 75.79
Schedule of Performance Based Stock Activity	The following table summarizes the activity of our PSUs for the three months ended March 31, 2022: Period Granted Performance Period Target PSUs Outstanding at December 31, 2021 Target PSUs Granted Target PSUs Forfeited Target PSUs Vested Target PSUs Outstanding at March 31, 2022 Weighted Average Grant Date Fair Value 2019 2019 - 2021 81,242 — (767) (80,475) — $ 56.49 2020 2020 - 2022 88,538 — (1,494) — 87,044 $ 59.81 2021 2021 - 2023 46,027 — — — 46,027 $ 141.00 2022 2022 - 2024 — 66,909 — — 66,909 $ 118.80 Total 215,807 66,909 (2,261) (80,475) 199,980

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	The following table below shows the level and measurement of liabilities at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 2029 Senior Notes (1) Level 2 $ 300,000 $ 269,352 $ 300,000 $ 299,302 (1) See Note 4

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Maturity	The table below shows the future minimum payments under non-cancelable operating leases at March 31, 2022 (in thousands): Year Ending December 31, Operating leases 2022 1,133 2023 1,335 2024 1,067 2025 884 2026 776 Thereafter 1,054 Total 6,249 Lease amount representing interest (867) Present value of lease liabilities $ 5,382
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): March 31, 2022 December 31, 2021 Land deposits and option payments $ 34,905 $ 37,499 Commitments under the land purchase contracts if the purchases are consummated $ 837,001 $ 921,345 Lots under land purchase contracts 34,191 36,978

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Products	The following table presents our home sales revenues disaggregated by revenue stream (in thousands): Three Months Ended March 31, 2022 2021 Retail home sales revenues $ 494,206 $ 643,572 Wholesale home sales revenues 51,844 62,381 Total home sales revenues $ 546,050 $ 705,953

Segment (Tables)

Segment (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information relating to our reportable segments was as follows (in thousands): Three Months Ended March 31, 2022 2021 Revenues: Central $ 262,298 $ 288,750 Southeast 72,463 136,551 Northwest 102,874 118,191 West 55,583 81,148 Florida 52,832 81,313 Total home sales revenues $ 546,050 $ 705,953 Net income (loss) before income taxes: Central $ 57,740 $ 55,634 Southeast 10,129 19,831 Northwest 27,584 25,994 West (231) 12,611 Florida 5,360 10,816 Corporate (1) (1,032) (1,610) Total net income before income taxes $ 99,550 $ 123,276 (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. March 31, 2022 December 31, 2021 Assets: Central $ 894,491 $ 857,174 Southeast 501,937 438,423 Northwest 402,697 349,752 West 460,402 384,548 Florida 236,118 221,763 Corporate (1) 98,588 100,205 Total assets $ 2,594,233 $ 2,351,865

Schedule of Real Estate Invento

Schedule of Real Estate Inventory (Details) $ in Thousands	1 Months Ended
	Jul. 31, 2021USD ($)home	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Inventory [Line Items]
Land, land under development and finished lots		$ 1,625,290	$ 1,499,761
Information centers		30,449	28,665
Homes in progress		577,880	449,742
Completed homes		101,951	107,736
Total real estate inventory		$ 2,335,570	$ 2,085,904
Number of private home builders, acquired real estate | home	2
Asset acquisition, consideration transferred	$ 67,000
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	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Real estate inventory development and construction payable	$ 54,122	$ 48,656
Accrued compensation, bonuses and benefits	10,166	24,914
Taxes payable	28,918	11,604
Contract deposits	14,721	12,182
Accrued interest	4,047	7,431
Inventory related obligations	7,945	8,803
Warranty reserve	8,350	7,850	$ 5,950	$ 5,350
Operating Lease, Liability	5,382	5,333
Other	12,270	9,836
Total accrued expenses and other liabilities	$ 145,921	$ 136,609

Accrued Expenses and Other Li_4

Accrued Expenses and Other Liabilities - Narrative (Details)	3 Months Ended
	Mar. 31, 2022
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
	Mar. 31, 2022	Mar. 31, 2021
Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 7,850	$ 5,350
Warranty provision	2,465	2,589
Warranty expenditures	(1,965)	(1,989)
Warranty reserves, end of period	$ 8,350	$ 5,950
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

Notes Payable - Revolving Credi

Notes Payable - Revolving Credit Agreement (Details) - USD ($) $ in Millions	Apr. 28, 2021	Mar. 31, 2022	Apr. 29, 2022
Line of Credit Facility [Line Items]
Credit agreement, gross assets	$ 0.5
Fifth Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility	850
Line of credit facility, current borrowing capacity		$ 1,100
Line of credit facility, additional borrowing capacity	$ 250
Line of credit, amount outstanding		1,000
Letters of credit outstanding		25
Line of credit facility, remaining borrowing capacity		$ 108.3
Fifth Amended and Restated Credit Agreement | One Month
Line of Credit Facility [Line Items]
Base spread on variable rate	0.10%
Fifth Amended and Restated Credit Agreement | Three Months
Line of Credit Facility [Line Items]
Base spread on variable rate	0.15%
Fifth Amended and Restated Credit Agreement | Six Months
Line of Credit Facility [Line Items]
Base spread on variable rate	0.25%
Fifth Amended and Restated Credit Agreement | Subsequent Event
Line of Credit Facility [Line Items]
Line of credit facility			$ 1,100
Fifth Amended and Restated Credit Agreement | LIBOR
Line of Credit Facility [Line Items]
Base spread on variable rate	1.60%	0.40%
Variable interest rate		0.50%
Fifth Amended and Restated Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Base spread on variable rate	1.45%
Fifth Amended and Restated Credit Agreement | Minimum | LIBOR
Line of Credit Facility [Line Items]
Variable interest rate	0.10%
Fifth Amended and Restated Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Base spread on variable rate	2.10%
Fifth Amended and Restated Credit Agreement | Maximum | LIBOR
Line of Credit Facility [Line Items]
Variable interest rate	0.50%
4.000% Senior Notes Due 2029 | Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate on note		4.00%

Notes Payable - Schedule of Not

Notes Payable - Schedule of Notes Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Notes payable	$ 1,003,596,000	$ 805,236,000
Debt issuance costs	$ (11,461,000)	(12,203,000)
LIBOR
Debt Instrument [Line Items]
Interest rate	1.60%
Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	$ 715,057,000	517,439,000
Line of credit facility	850,000,000
4.000% Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Notes payable	$ 300,000,000	$ 300,000,000
Interest rate	4.00%

Notes Payable - Senior Notes (D

Notes Payable - Senior Notes (Details) - 4.000% Senior Notes Due 2029 - Senior Notes $ in Millions	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Senior Notes, Gross	$ 300
Stated interest rate on note	4.00%

Notes Payable - Capitalized Int

Notes Payable - Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Interest incurred	$ 7,027	$ 7,732
Less: Amounts capitalized	(7,027)	(7,732)
Interest expense	0	0
Cash paid for interest	9,668	12,633
Net debt issuance costs	$ 700	$ 700

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	21.00%
Income taxes paid	$ 0.4	$ 0.2

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		41 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Feb. 11, 2022
Equity [Abstract]
Stock Repurchase Program, Authorized Amount				$ 550,000
Stock Repurchased During Period, Shares	475,055	216,221	2,521,611
Stock Repurchased During Period, Value	$ 57,659	$ 25,827
Payments for Repurchase of Common Stock	(57,659)	$ (25,827)
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 249,000		$ 249,000
Stock Repurchase Program, Additional Amount Authorized				$ 200,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 78,686	$ 99,658
Basic weighted average shares outstanding	23,837,170	24,950,867
Stock-based compensation units	357,151	270,005
Diluted weighted average shares outstanding	24,194,321	25,220,872
Basic earnings per share (in dollars per share)	$ 3.30	$ 3.99
Diluted earnings per share (in dollars per share)	$ 3.25	$ 3.95
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	27,001	21,510

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
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period (in shares)	117,874	142,738
Granted (in shares)	36,675	23,366
Vested (in shares)	(38,791)	(30,407)
Forfeited (in shares)	(1,151)	(1,627)
Balance at End of Period (in shares)	114,607	134,070
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)	$ 80.85	$ 62.54
Granted, weighted average grant date fair value (in dollars per share)	118.80	141
Vested, weighted average grant date fair value (in dollars per share)	56.49	64.44
Forfeited, weighted average grant date fair value (in dollars per share)	87.20	61.58
Shares outstanding at the end of the period, weighted average grant date fair value (in dollars per share)	$ 101.18	$ 75.79
Share-based compensation expense	$ 0.8
Share-based compensation not yet recognized	$ 7.4
Share-based compensation not yet recognized, period for recognition	2 years 2 months 12 days

Summary of Performance Based Re

Summary of Performance Based Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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
Percentage of total units vested	200.00%
Balance at Beginning of Period (in shares)	215,807
Granted (in shares)	66,909
Vested (in shares)	(80,475)
Forfeited (in shares)	(2,261)
Balance at End of Period (in shares)	199,980
Share-based compensation expense	$ 2.3	$ 2.2
Share-based compensation not yet recognized	$ 17.6
Share-based compensation not yet recognized, period for recognition	2 years 3 months 18 days
2019 Grant | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period (in shares)	81,242
Vested (in shares)	(80,475)
Forfeited (in shares)	(767)
Balance at End of Period (in shares)	0
Weighted average grant date fair value (in dollars per share)	$ 56.49
2020 Grant | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	200.00%
Balance at Beginning of Period (in shares)	88,538
Forfeited (in shares)	(1,494)
Balance at End of Period (in shares)	87,044
Weighted average grant date fair value (in dollars per share)	$ 59.81
2021 Grant | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	200.00%
Balance at Beginning of Period (in shares)	46,027
Balance at End of Period (in shares)	46,027
Weighted average grant date fair value (in dollars per share)	$ 141
2022 Grant | Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	100.00%
Granted (in shares)	66,909
Balance at End of Period (in shares)	66,909
Weighted average grant date fair value (in dollars per share)	$ 118.80
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%

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Line Items]
Notes payable, carrying value	$ 1,003,596	$ 805,236
Senior Note Due Twenty Twenty Nine
Fair Value Disclosures [Line Items]
Notes payable, carrying value		300,000
Senior notes, fair value	$ 269,352	$ 299,302

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Other Commitments [Line Items]
Land deposits and option payments	$ 34,905		$ 37,499
Commitments under the land purchase contracts if the purchases are consummated	$ 837,001		$ 921,345
Lots under land purchase contracts	34,191		36,978
Refundable land deposits of purchase contracts of finished lots	$ 19,400		$ 19,300
Operating Lease, Right-of-Use Asset			5,100
Present value of operating lease liabilities	5,382		5,333
Operating Lease, Cost	500	$ 400
Operating Lease, Payments	$ 400	$ 200
Operating lease, weighted average discount rate	5.20%
Operating lease, weighted average remaining lease term	3 years 1 month 6 days
Letters of credit, surety bonds, and other financials guarantees	$ 268,800		206,800
Contributions to limited partnership	6,000		$ 5,600
Not Primary Beneficiary
Other Commitments [Line Items]
Limited partnership, maximum commitment	$ 30,000
Limited partnership, term	8 years
Limited partnership, renewal term	2 years

Commitments and Contingencies F

Commitments and Contingencies Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,133
2023	1,335
2024	1,067
2025	884
2026	776
Thereafter	1,054
Total	6,249
Lease amount representing interest	(867)
Present value of operating lease liabilities	$ 5,382	$ 5,333

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021USD ($)lot
Related Party Transaction [Line Items]
Total lots under option contract to purchase	34,191	36,978
TEXAS | Affiliated Entity
Related Party Transaction [Line Items]
Total lots under option contract to purchase | lot			25
Total purchase price for lots under option contract | $			$ 2.5
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

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 546,050	$ 705,953
Retail
Disaggregation of Revenue [Line Items]
Home sales revenues	494,206	643,572
Wholesale
Disaggregation of Revenue [Line Items]
Home sales revenues	51,844	62,381
Central
Disaggregation of Revenue [Line Items]
Home sales revenues	262,298	288,750
Southeast
Disaggregation of Revenue [Line Items]
Home sales revenues	72,463	136,551
Northwest
Disaggregation of Revenue [Line Items]
Home sales revenues	102,874	118,191
West
Disaggregation of Revenue [Line Items]
Home sales revenues	55,583	81,148
Florida
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 52,832	$ 81,313

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)businesshome	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | business	7
Number of reporting segments | home	5
Home sales revenues	$ 546,050,000	$ 705,953,000
Net income before income taxes	99,550,000	123,276,000
Assets	2,594,233,000		$ 2,351,865,000
Central
Segment Reporting Information [Line Items]
Home sales revenues	262,298,000	288,750,000
Net income before income taxes	57,740,000	55,634,000
Assets	894,491,000		857,174,000
Southeast
Segment Reporting Information [Line Items]
Home sales revenues	72,463,000	136,551,000
Net income before income taxes	10,129,000	19,831,000
Assets	501,937,000		438,423,000
Northwest
Segment Reporting Information [Line Items]
Home sales revenues	102,874,000	118,191,000
Net income before income taxes	27,584,000	25,994,000
Assets	402,697,000		349,752,000
West
Segment Reporting Information [Line Items]
Home sales revenues	55,583,000	81,148,000
Net income before income taxes	(231,000)	12,611,000
Assets	460,402,000		384,548,000
Florida
Segment Reporting Information [Line Items]
Home sales revenues	52,832,000	81,313,000
Net income before income taxes	5,360,000	10,816,000
Assets	236,118,000		221,763,000
Corporate
Segment Reporting Information [Line Items]
Net income before income taxes	(1,032,000)	$ (1,610,000)
Assets	98,588,000		$ 100,205,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
Home sales revenues	$ 0