0001580670-22-000023 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 50,514	$ 35,942
Accounts receivable	57,909	115,939
Real estate inventory	2,085,904	1,569,489
Pre-acquisition costs and deposits	40,702	37,213
Property and equipment, net	16,944	3,618
Other assets	81,676	44,882
Deferred tax assets, net	6,198	6,986
Goodwill	12,018	12,018
Total assets	2,351,865	1,826,087
LIABILITIES AND EQUITY
Accounts payable	14,172	13,676
Accrued expenses and other liabilities	136,609	135,008
Notes payable	805,236	538,398
Total liabilities	956,017	687,082
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 26,963,915 shares issued and 23,917,359 shares outstanding as of December 31, 2021 and 26,741,554 shares issued and 24,983,561 shares outstanding as of December 31, 2020	269	267
Additional paid-in capital	291,577	270,598
Retained earnings	1,363,922	934,277
Treasury stock, at cost, 3,046,556 shares and 1,757,993 shares, respectively	(259,920)	(66,137)
Total equity	1,395,848	1,139,005
Total liabilities and equity	$ 2,351,865	$ 1,826,087
Treasury stock, shares (in shares)	3,046,556	1,757,993

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	26,963,915	26,741,554
Common stock, shares outstanding (in shares)	23,917,359	24,983,561
Treasury stock, shares (in shares)	3,046,556	1,757,993

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Home sales revenues	$ 3,050,149	$ 2,367,929	$ 1,838,154
Cost of sales	2,232,115	1,764,832	1,401,675
Selling expenses	170,005	148,366	131,561
General and administrative	100,331	90,021	77,380
Operating income	547,698	364,710	227,538
Loss on extinguishment of debt	13,976	0	169
Other income, net	(9,053)	(3,139)	(4,463)
Net income before income taxes	542,775	367,849	231,832
Income tax provision	113,130	43,954	53,224
Net income	$ 429,645	$ 323,895	$ 178,608
Earnings per share:
Basic earnings per share (in dollars per share)	$ 17.46	$ 12.89	$ 7.70
Diluted earnings per share (in dollars per share)	$ 17.25	$ 12.76	$ 7.02
Weighted average shares outstanding:
Basic (in shares)	24,607,231	25,135,077	23,191,595
Diluted (in shares)	24,908,991	25,380,560	25,430,841

CONSOLIDATED STATEMENTS OF EQUITY - 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	178,608			178,608
Issuance of shares in settlement of Convertible Note (in shares)		2,381,751
Issuance of shares in settlement of Convertible Notes	0	$ 24	(24)
Restricted stock units granted for accrued annual bonuses	217		217
Compensation expense for equity awards	7,539		7,539
Stock issued under employee incentive plans (in shares)		270,273
Stock issued under employee incentive plans	2,886	$ 3	2,883
Ending balance (in shares) at Dec. 31, 2019		26,398,409
Ending Balance at Dec. 31, 2019	845,193	$ 264	252,603	610,382	(18,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	323,895			323,895
Stock repurchase	(48,081)				(48,081)
Restricted stock units granted for accrued annual bonuses	222		222
Compensation expense for equity awards	13,517		13,517
Stock issued under employee incentive plans (in shares)		343,145
Stock issued under employee incentive plans	4,259	$ 3	4,256
Ending balance (in shares) at Dec. 31, 2020		26,741,554
Ending Balance at Dec. 31, 2020	1,139,005	$ 267	270,598	934,277	(66,137)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	429,645			429,645
Stock repurchase	(193,783)				(193,783)
Restricted stock units granted for accrued annual bonuses	272		272
Compensation expense for equity awards	13,595		13,595
Stock issued under employee incentive plans (in shares)		222,361
Stock issued under employee incentive plans	7,114	$ 2	7,112
Ending balance (in shares) at Dec. 31, 2021		26,963,915
Ending Balance at Dec. 31, 2021	$ 1,395,848	$ 269	$ 291,577	$ 1,363,922	$ (259,920)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Net Income (Loss) Attributable to Parent	$ 429,645	$ 323,895	$ 178,608
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,154	710	643
Loss on extinguishment of debt	13,976	0	169
Loss (gain) on disposal of assets	(717)	(4)	37
Compensation expense for equity awards	13,595	13,517	7,539
Deferred income taxes	788	(2,365)	(1,831)
Changes in assets and liabilities:
Accounts receivable	58,030	(59,549)	(13,554)
Real estate inventory	(463,643)	(70,228)	(266,651)
Pre-acquisition costs and deposits	3,238	32	8,507
Other assets	(28,689)	(25,686)	6,228
Accounts payable	(760)	1,181	3,254
Accrued expenses and other liabilities	(4,917)	20,655	35,117
Net cash provided by (used in) operating activities	21,700	202,158	(41,934)
Cash flows from investing activities:
Purchases of property and equipment	(1,729)	(2,692)	(734)
Investment in unconsolidated entities	(1,692)	(2,956)	(1,059)
Payment for business acquisitions	(66,970)	0	0
Net cash used in investing activities	(70,391)	(5,648)	(1,793)
Cash flows from financing activities:
Proceeds from notes payable	1,239,818	377,064	309,308
Payments on notes payable	(969,000)	(530,000)	(273,762)
Redemption premium	(10,314)	0	0
Loan issuance costs	(10,572)	(2,155)	(2,984)
Proceeds from sale of stock, net of offering expenses	7,114	4,259	2,886
Stock repurchases	(193,783)	(48,081)	0
Net cash provided by (used in) financing activities	63,263	(198,913)	35,448
Net increase (decrease) in cash and cash equivalents	14,572	(2,403)	(8,279)
Cash and cash equivalents, beginning of year	35,942	38,345	46,624
Cash and cash equivalents, end of year	$ 50,514	$ 35,942	$ 38,345

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	ORGANIZATION AND BUSINESS Organization and Description of the Business LGI Homes, Inc., a Delaware corporation (the “Company”, “we,” “us,” or “our”), is headquartered in The Woodlands, Texas. We engage in the development of communities and the design, construction and sale of new homes in markets 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. Acquisitions On May 6, 2021, we acquired certain real estate assets owned by KenRoe Inc. and its affiliated entities, including R Home LLC and Paxmar Land Development (collectively, “KenRoe”), and assumed certain related liabilities. As a result of the KenRoe acquisition, we expanded our Minnesota presence in the Minneapolis market. We acquired approximately 100 homes under construction and more than 3,000 owned and controlled lots. The total purchase price for the KenRoe assets, primarily consisting of inventory, was approximately $27.3 million in cash, subject to certain potential post-closing adjustments. The acquisition is accounted for in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). Our purchase accounting for KenRoe as of December 31, 2021 is preliminary and we expect to complete the working capital adjustment and valuation of the tangible assets, intangible assets and liabilities assumed as of the acquisition date within one year from the acquisition date. On July 14, 2021, we acquired the real estate assets of Buffington Homebuilding Group, Ltd. (“Buffington”) and assumed certain related liabilities. The total purchase price for the Buffington assets, primarily consisting of inventory, was approximately $39.1 million in cash, subject to certain potential post-closing adjustments. This acquisition further expands our land position in the Austin, Texas market. The acquired assets include over 100 homes under construction, and more than 500 owned and controlled lots. The acquisition is accounted for in accordance with ASC 805. Our purchase accounting for Buffington as of December 31, 2021 is preliminary and we expect to complete the working capital adjustment and valuation of the tangible assets, intangible assets and liabilities assumed as of the acquisition date within one year from the acquisition date.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and 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. The significant accounting estimates include land development cost of sales, impairment of real estate inventory, warranty reserves, loss contingencies, incentive compensation expense, and income taxes. Cash and Cash Equivalents and Concentration of Credit Risk Cash and cash equivalents are defined as cash on hand, demand deposits with financial institutions, and short-term liquid investments with an initial maturity date of less than three months. Our cash in demand deposit accounts may exceed federally insured limits and could be negatively impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or diminished access to cash in our demand deposit accounts. Accounts Receivable Accounts receivable consist primarily of proceeds due from title companies for sales closed prior to period end and are generally collected within a few days from closing. Real Estate Inventory Inventory consists of land, land under development, finished lots, information centers, homes in progress, and completed homes. 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 to five years, commencing with the acquisition of land, continuing through the land development phase, and concluding with the construction and sale of homes. A constructed home is used as the community information center during the life of the community and then sold. Actual individual community lives will vary based on the size of the community, the sales absorption rate, and whether the property was purchased as raw land or finished lots. In accordance with ASC Topic 360, Property, Plant, and Equipment, real estate inventory is evaluated for indicators of impairment by each community during each reporting period. In conducting its review for indicators of impairment on a community level, management evaluates, among other things, the margins on homes that have been closed, communities with slow moving inventory, projected margins on future home sales over the life of the community, and the estimated fair value of the land. For individual communities with indicators of impairment, additional analysis is performed to estimate the community’s undiscounted future cash flows. If the estimated undiscounted future cash flows are greater than the carrying value of the community group of assets, no impairment adjustment is required. If the undiscounted cash flows are less than the community’s carrying value, the asset group is impaired and is written down to its fair value. We estimate the fair value of communities using a discounted cash flow model. As of December 31, 2021 and 2020, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the years ended December 31, 2021, 2020 and 2019. Capitalized Interest Interest and other financing costs are capitalized as cost of inventory during community development and home construction activities, in accordance with ASC Topic 835, Interest and expensed in cost of sales as homes in the community are closed. To the extent the debt exceeds qualified assets, a portion of the interest incurred is expensed. Pre-Acquisition Costs and Deposits Amounts paid for land options, deposits on land purchase contracts, and other pre-acquisition costs are capitalized and classified as deposits to purchase. Upon execution of the purchase, these deposits are applied to the acquisition price of the land and recorded as a cost component of the land in real estate inventory. To the extent that any deposits are nonrefundable and the associated land acquisition process is terminated or no longer determined probable, the deposit and related pre-acquisition costs are charged to general and administrative expenses. Management reviews the likelihood of the acquisition of contracted lots in conjunction with its periodic real estate impairment analysis. Under ASC Topic 810, Consolidation (“ASC 810”), a nonrefundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur. Non-refundable land purchase and lot option deposits generally represent our maximum exposure if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to close. Such costs are classified as preacquisition costs, which we would have to absorb should the option not be exercised. Therefore, whenever we enter into a land option or purchase contract with an entity and make a nonrefundable deposit, we may have a variable interest in a variable interest entity (“VIE”). In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE and would consolidate the VIE if we are deemed to be the primary beneficiary. As of December 31, 2021 and 2020, we were not deemed to be the primary beneficiary for any VIEs associated with non-refundable land deposits. Deferred Loan Costs Deferred loan costs represent debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Other Assets Other assets consist primarily of municipal utility district reimbursements, income tax receivables related to the federal energy efficient homes tax credit, prepaid insurance, prepaid expenses, right-of-use (“ROU”) assets, investments in unconsolidated entities and other receivables. Our prepaid insurance and prepaid expenses were $12.0 million and $6.5 million as of December 31, 2021 and 2020, respectively. Investment in Unconsolidated Entities We have investments in unconsolidated entities with independent third parties. The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally, this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we recognize our proportionate share of the earnings and losses of this entity. In the event we buy land from this entity we intend to defer the recognition of profits from such activities until the time we ultimately sell the related land. Additionally, in 2021, we entered into a mortgage joint venture, which is engaged in mortgage activities and primarily provides services to our retail homebuyers. We evaluate our investments in unconsolidated entities for recoverability in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures. If we determine that a loss in the value of any of the investments is other than temporary, we write down the investment to its estimated fair value. Any such losses are recorded to equity in (earnings) loss of unconsolidated entities, which is reflected in other income, net. Property and Equipment, Net Property and equipment are stated at cost, less accumulated depreciation. Depreciation expense is recorded in general and administrative expenses. Upon sale or retirement, the costs and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in other income, net. Depreciation is generally computed using the straight-line method over the estimated useful lives of the assets, ranging from two to five years for property and equipment and 30 years for our rental properties. Leasehold improvements are depreciated over the shorter of the asset life or the term of the lease. Maintenance and repair costs are expensed as incurred. Impairments of long-lived assets are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on judgments as to the future undiscounted operating cash flows to be generated from these assets throughout the remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, impairment is recognized for the excess of the carrying value over its fair value. There were no impairments of property, equipment and leasehold improvements recorded during the years ended December 31, 2021, 2020 and 2019. Goodwill The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC 805, Business Combinations. Goodwill that do not have finite lives are not amortized, but are assessed for impairment at least annually or more frequently if certain impairment indicators are present. The $12.0 million of goodwill is related to the reorganization transactions completed in connection with the initial public offering of our common stock in November 2013. In applying the goodwill impairment test, we have the option to perform a qualitative test. Under the optional qualitative test, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than their carrying value. Qualitative factors may include, but are not limited to, economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting unit and other entity and reporting unit specific events. If after assessing these qualitative factors, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than the carrying value, then performing a quantitative test is necessary. Annually, we have performed a qualitative analysis and determined that it is not “more likely than not” that the fair values of the reporting units were less than their carrying amounts. No goodwill impairment charges were recorded in 2021, 2020 and 2019. Warranty Reserves Future direct warranty costs are accrued and charged to cost of sales in the period when the related home is closed. Our warranty liability is based upon historical warranty cost experience and is adjusted as appropriate to reflect qualitative risks associated with the types of homes built, the geographic areas in which they are built, and potential impacts of our continued expansion. Warranty reserves are reviewed quarterly to assess the reasonableness and adequacy and adjusted, as needed, to reflect changes in trends and historical data as information becomes available. Customer Deposits Customer deposits are received upon signing a purchase contract and are typically $1,000 to $5,000. Deposits are generally refundable if the customer is unable to obtain financing. Forfeited buyer deposits related to home sales are recognized in other income in the period in which it is determined that the buyer will not complete the purchase of the property and the deposit is nonrefundable to the buyer. Home Sales In accordance with ASC Topic 606, Revenue from Contracts with Customers, 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. Cost of Sales As discussed under “Real Estate Inventory” above, cost of sales for homes closed include the construction costs of each home and allocable land acquisition and land development costs, capitalized interest, and other related common costs (both incurred and estimated to be incurred). Selling and Commission Costs Sales commissions are paid and expensed based on homes closed. Other selling costs are expensed in the period incurred. Advertising Costs Advertising costs are expensed as incurred. Advertising costs were $7.7 million, $10.7 million and $20.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Income Taxes We are a taxable entity subject to federal and state taxes. We utilize the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Changes in tax rate are recognized in the year of enactment. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Our ability to realize deferred tax assets is assessed throughout the year and a valuation allowance is established, if required. We recognize the impact of a tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position. We recognize potential interest and penalties related to uncertain tax positions in income tax expense. Earnings Per Share Basic earnings per share is based on the weighted average number of shares of common stock outstanding. Diluted earnings per share is based on the weighted average number of shares of common stock and dilutive securities outstanding. In accordance with ASC 260-10, Earnings Per Share, we calculated the dilutive effect of our 4.25% Convertible Notes due 2019 (the “Convertible Notes”) using the treasury stock method, since we had the intent and ability to settle the principal amount of the outstanding Convertible Notes in cash. Diluted earnings per share excludes all dilutive potential shares of common stock if their effect is antidilutive. Stock-Based Compensation Compensation costs for non-performance-based restricted stock awards are measured using the closing price of our common stock on the date of grant and are expensed on a straight-line basis over the requisite service period of the award. Compensation costs for performance-based restricted stock awards also contain a market condition. These costs are measured using the derived grant date fair value, based on a third party valuation analysis, and are expensed in accordance with ASC 718-10-25-20, Compensation - Stock Compensation, which requires an assessment of probability of attainment of the performance target. Once the performance target outcome is determined to be probable, the cumulative expense is adjusted, as needed, to recognize compensation expense on a straight-line basis over the award’s requisite service period.

Revenues

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

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):


	For the Year Ended December 31,
	2021		2020		2019
Retail home sales revenues	$	2,700,866	$	2,191,301	$	1,714,277
Wholesale home sales revenues	349,283		176,628		123,877
Total home sales revenues	$	3,050,149	$	2,367,929	$	1,838,154

The following table presents our home sales revenues disaggregated by geography, based on our determined reportable segments in Note 15 (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Central	$	1,252,782	$	850,375	$	724,981
Southeast	594,742		559,226		347,817
Northwest	510,497		389,523		304,294
West	351,219		286,130		271,186
Florida	340,910		282,675		189,876
Home sales revenues	$	3,050,149	$	2,367,929	$	1,838,154

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.

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Real Estate Inventory

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Real Estate Inventory

REAL ESTATE INVENTORY

Our real estate inventory consists of the following (in thousands):


	December 31,
	2021		2020
Land, land under development, and finished lots	$	1,499,761	$	981,838
Information centers	28,665		30,201
Homes in progress	449,742		337,364
Completed homes	107,736		220,086
Total real estate inventory	$	2,085,904	$	1,569,489

See “Real Estate Inventory” under Note 2 for more information.

Interest and financing costs incurred under our debt obligations, as more fully discussed in Note 7, are capitalized to qualifying real estate projects under development and homes under construction.

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment consist of the following (in thousands):


		December 31,
	Asset Life	2021		2020
	(years)
Computer software and equipment	2-5	$	2,950	$	3,152
Machinery and equipment	5	87		147
Furniture and fixtures	2-5	979		4,290
Rental properties	30	13,390		145
Leasehold improvements	5-10	1,345		682
Total property and equipment		18,751		8,416
Less: Accumulated depreciation		(1,807)		(4,798)
Property and equipment, net		$	16,944	$	3,618

During the year ended December 31, 2021, we transferred $13.2 million of home assets from real estate inventory to rental properties within property and equipment. We are lessors of homes. Contracts are typically one year or less.

Depreciation expense incurred for the years ended December 31, 2021, 2020 and 2019 was $1.1 million, $0.7 million and $0.6 million, respectively.

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued and other liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Real estate inventory development and construction payable	48,656		29,938
Accrued compensation, bonuses and benefits	24,914		28,579
Taxes payable	11,604		26,181
Contract deposits	12,182		17,151
Accrued interest	7,431		10,853
Inventory related obligations	8,803		4,515
Lease liability	5,333		5,287
Warranty reserve	7,850		5,350
Other	9,836		7,154
Total accrued expenses and other liabilities	$	136,609	$	135,008

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):


	December 31,
	2021		2020		2019
Warranty reserves, beginning of period	$	5,350	$	3,500	$	2,950
Warranty provision	11,223		7,040		5,286
Warranty expenditures	(8,723)		(5,190)		(4,736)
Warranty reserves, end of period	$	7,850	$	5,350	$	3,500

Notes Payable

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Notes Payable

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 “Credit Agreement”), which amends and restates that certain Fourth Amended and Restated Credit Agreement, dated as of May 6, 2019 (as amended, the “2020 Credit Agreement”). The Credit Agreement (a) increases the commitments to $850.0 million, (b) allows the Company to increase the commitments by up to $100.0 million, subject to terms and conditions, (c) extends the maturity to April 28, 2025 for all lenders, (d) increases the sublimit for letters of credit to $50.0 million, (e) adds unrestricted cash in excess of $10.0 million as a component of the borrowing base and removes certain exclusions from the borrowing base, (f) reduces the applicable margin for LIBOR loans to a range of 1.45% to 2.10%, based on our leverage ratio, (g) reduces the LIBOR floor to 0.50%, (h) increases the minimum tangible net worth requirement to $850.0 million plus 75% of the net proceeds of equity issuances after December 31, 2020 and 50% of consolidated earnings for each quarter ending after March 31, 2021 and (i) provides for a “hardwired” transition from LIBOR loan pricing that is intended to be economically neutral to the Company; otherwise, the Credit Agreement is on substantially the same terms as the 2020 Credit Agreement.

As of December 31, 2021, the borrowing base under the Credit Agreement was $1.1 billion, of which borrowings, including the 2029 Senior Notes (as defined herein), of $817.4 million were outstanding, $9.1 million of letters of credit were outstanding and $321.3 million was available to borrow under the Credit Agreement.

Interest is paid monthly on borrowings at LIBOR plus 1.45%. The Credit Agreement applicable margin for LIBOR loans ranges from 1.45% to 2.10% based on our leverage ratio. At December 31, 2021, LIBOR was 0.10%; however, the 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 December 31, 2021, we were in compliance with all of the covenants contained in the Credit Agreement.

Senior Notes Offerings

On June 28, 2021, we issued $300.0 million aggregate principal amount of our 4.000% Senior Notes due 2029 (the “2029 Senior Notes”) in an offering to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A (“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 (“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.

On July 6, 2018, we issued $300.0 million aggregate principal amount of our 6.875% Senior Notes due 2026 (the “2026 Senior Notes”) in an offering to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S. On July 15, 2021, we redeemed all of the outstanding 2026 Senior Notes, which resulted in the principal payment of $300.0 million and a redemption premium of $10.3 million. Additionally, we expensed $3.0 million of deferred financing costs and discounts that were being previously amortized in association with the 2026 Senior Notes. We financed the redemption of the 2026 Senior Notes with a portion of the net proceeds from the offering of the 2029 Senior Notes, together with cash on hand.

Notes payable consist of the following (in thousands):


	December 31,
	2021		2020
Notes payable under the Credit Agreement ($850.0 million revolving credit facility at December 31, 2021) maturing on April 28, 2025; interest paid monthly at LIBOR plus 1.45%.	$	517,439	$	246,621
4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%.	300,000		—
6.875% Senior Notes due July 15, 2026; interest paid semi-annually at 6.875%.	—		300,000
Net discount and debt issuance costs	(12,203)		(8,223)
Total notes payable	$	805,236	$	538,398

As of December 31, 2021, the annual aggregate maturities of notes payable during each of the next five fiscal years are as follows (in thousands):


	Amount
2022	$	—
2023	—
2024	—
2025	517,439
2026	—
Thereafter	300,000
Total notes payable	817,439
Less: Debt issuance costs	(12,203)
Net notes payable	$	805,236

Capitalized Interest

Interest activity, including other financing costs, for notes payable for the periods presented is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Interest incurred	$	28,360	$	37,285	$	45,555
Less: Amounts capitalized	(28,360)		(37,285)		(45,555)
Interest expense	$	—	$	—	$	—

Cash paid for interest	$	28,850	$	34,924	$	42,438

Included in interest incurred was amortization of deferred financing costs and discounts for notes payable of $2.9 million for each of the years ended December 31, 2021 and 2020 and $4.1 million for the year ended December 31, 2019.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The provision for income taxes consisted of the following (in thousands):


	Year ended December 31,
	2021		2020		2019
Current:
Federal	$	95,343	$	35,207	$	47,886
State	16,999		11,112		7,169
Current tax provision	112,342		46,319		55,055
Deferred:
Federal	751		(2,136)		(1,637)
State	37		(229)		(194)
Deferred tax provision (benefit)	788		(2,365)		(1,831)
Total income tax provision	$	113,130	$	43,954	$	53,224

Income taxes paid were $127.9 million, $68.4 million and $38.0 million for the years ended December 31, 2021, 2020 and 2019, respectively.

A reconciliation of the provision for income taxes and the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	Year Ended December 31,
	2021				2020				2019
Tax at federal statutory rate	$	114,081	21.0	%	$	77,248	21.0	%	$	48,685	21.0	%
State income taxes (net of federal benefit)	13,467		2.5		8,530		2.3		5,497		2.4

Stock-based compensation	(2,243)		(0.4)		(994)		(0.3)		(1,749)		(0.8)
Non deductible expenses and other	4,343		0.8		439		0.1		771		0.4
Change in tax rates - deferred taxes	(367)		(0.1)		(78)		—		20		—
Federal energy efficient homes tax credits	(16,151)		(3.0)		(11,488)		(3.1)		—		—
Retroactive federal energy efficient homes tax credits	—		—		(29,703)		(8.1)		—		—
Tax at effective rate	$	113,130	20.8	%	$	43,954	11.9	%	$	53,224	23.0	%

The 2021 effective tax rate differs from the federal statutory rate primarily due to benefits associated with the federal energy efficient homes tax credits enacted into law in December 2019 and the deductions in excess of compensation cost (“windfalls”) for share-based payments, partially offset by state income tax expense on current year earnings and non-deductible salaries related to Section 162(m) of the Internal Revenue Code of 1986, as amended. The 2020 effective tax rate differs from the federal statutory rate primarily due to benefits associated with the federal energy efficient homes tax credits enacted into law in December 2019, partially offset by state income tax expense on current year earnings. The 2019 effective tax rate differs from the federal statutory rate primarily due to non-deductible salaries related to Section 162(m) of the Internal Revenue Code of 1986, as amended, and state income tax expense on current year earnings offset by the windfalls for share-based payments.

Income tax expense for 2021 includes a benefit of $16.2 million associated with the extension of federal energy efficient homes tax credits. Income tax expense for 2020 includes a benefit of $41.2 million associated with the extension of federal energy efficient homes tax credits, including $29.7 million related to homes closed in prior open tax years. The federal energy efficient homes tax credit provision applies to qualifying homes closed through December 31, 2021.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

The components of net deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Accruals and reserves	$	5,163	$	5,149
Leases	959		946
Inventory	470		239
Stock-based compensation	4,397		4,347

Other	310		56
Total deferred tax assets	11,299		10,737
Deferred tax liabilities:
Prepaids	(2,433)		(1,372)
Leases	(1,137)		(1,124)
Tax depreciation in excess of book depreciation	(488)		(499)
Goodwill and other assets amortized for tax	(860)		(738)
Other	(183)		(18)
Total deferred tax liabilities	(5,101)		(3,751)
Total net deferred tax assets	$	6,198	$	6,986

All Company operations are domestic. 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

EQUITY

We are authorized to issue 250,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2021 and 2020, no shares of preferred stock were issued or outstanding.

At December 31, 2021, we had 26,963,915 shares of common stock issued and 23,917,359 shares of common stock outstanding, including 3,046,556 treasury shares of our common stock. At December 31, 2020, we had 26,741,554 shares of common stock issued and 24,983,561 shares of common stock outstanding, including 1,757,993 treasury shares of our common stock.

On November 15, 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.

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. In October 2020, the Board approved an increase in our stock repurchase program by an additional $300.0 million. For the year ended December 31, 2021, we repurchased 1,288,563 shares of our common stock for $193.8 million to be held as treasury stock. For the year ended December 31, 2020, we repurchased 718,993 shares of our common stock for $48.1 million to be held as treasury stock. For the year ended December 31, 2019, we did not repurchase any shares of our common stock. A total of 2,046,556 shares of our common stock has been repurchased since our stock repurchase program commenced. As of December 31, 2021, we may purchase up to $106.6 million of shares of our common stock under our stock repurchase program. On February 11, 2022, the Board approved an increase in our stock repurchase program by an additional $200.0 million, increasing the available authorization under the program to purchase up to $306.6 million of shares of our common stock as of the date of this Annual Report on Form 10-K. 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

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2021, 2020, and 2019.


	For the Year Ended December 31,
	2021		2020		2019
Numerator (in thousands):
Net income (Numerator for basic and dilutive earnings per share)	$	429,645	$	323,895	$	178,608
Denominator:
Basic weighted average shares outstanding	24,607,231		25,135,077		23,191,595
Effect of dilutive securities:
Convertible Notes - treasury stock method	—		—		1,966,639
Stock-based compensation units	301,760		245,483		272,607
Diluted weighted average shares outstanding	24,908,991		25,380,560		25,430,841

Basic earnings per share	$	17.46	$	12.89	$	7.70
Diluted earnings per share	$	17.25	$	12.76	$	7.02
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	5,970		9,482		14,211

In accordance with ASC 260-10, Earnings Per Share, we calculated the dilutive effect of the Convertible Notes using the treasury stock method, since we had the intent and ability to settle the principal amount of the outstanding Convertible Notes in cash. The Convertible Notes matured and were repaid in full on November 15, 2019. Prior to the maturity of the Convertible Notes, we included the effect of the additional potential dilutive shares if our common stock price exceeded the conversion price of $21.52 per share under the treasury stock method.

Throughout 2019 to the maturity date of the Convertible Notes, the average market price of our common stock exceeded the conversion price of $21.52 per share; therefore, the calculation of diluted earnings per share for 2019 prior to the maturity date includes the effect of our common stock related to the conversion spread of the Convertible Notes.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

Non-performance Based Restricted Stock Units

A total of 3,000,000 shares of our common stock have been reserved for issuance under the LGI Homes, Inc. Amended and Restated 2013 Equity Incentive Plan (the “2013 Incentive Plan”). There were 117,874 restricted stock units (“RSUs”) outstanding at December 31, 2021, issued at a $0.00 exercise price.

The following table summarizes the activity of our time-vested RSUs:


	Shares	Weighted Average Grant Date Fair Value
Balance at December 31, 2018	171,055	$	39.04
Granted	62,512	$	60.72
Vested	(55,230)	$	26.47
Forfeited	(15,651)	$	47.73
Balance at December 31, 2019	162,686	$	50.84
Granted	56,735	$	67.63
Vested	(73,360)	$	40.77
Forfeited	(3,323)	$	57.26
Balance at December 31, 2020	142,738	$	62.54
Granted	29,664	$	144.17
Vested	(47,213)	$	65.99
Forfeited	(7,315)	$	76.15
Balance at December 31, 2021	117,874	$	80.85

In 2021, we issued 11,511 RSUs to senior management for the time-based portion of our 2021 long-term incentive compensation program and 8,094 RSUs for 2020 annual bonuses to managers, which generally cliff vest on the third anniversary of the grant date. In 2020, we issued 22,141 RSUs to senior management for the time-based portion of our 2020 long-term incentive compensation program and 15,585 RSUs for 2019 annual bonuses to managers, which generally cliff vest on the third anniversary of the grant date. In 2019, we issued 20,847 RSUs to senior management for the time-based portion of our 2019 long-term incentive compensation program and 16,159 RSUs for 2018 annual bonuses to managers, which generally cliff vest on the third anniversary of the grant date. In addition, during the years ended December 31, 2021, 2020 and 2019, we issued 10,059, 19,009 and 25,506 RSUs, respectively, to certain employees, executives and non-employee directors, which vest over periods ranging from one to three years. Under the terms of the grant award agreements, all of the RSUs may only be settled in shares of our common stock.

We recognized $3.3 million, $3.5 million, and $2.2 million of stock-based compensation expense related to RSUs for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, we had unrecognized compensation cost of $4.3 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.7 years.

Performance-Based Restricted Stock Units

The Compensation Committee of the Board has granted awards of performance-based RSUs (“PSUs”) under the 2013 Incentive Plan to certain members of senior management based on three-year performance cycles. At December 31, 2021, there were 215,807 PSUs outstanding that have been granted to certain members of management at a $0.00 exercise price. 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.


Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2020	Target PSUs Granted	Target PSUs Vested	Target PSUs Forfeited	Target PSUs Outstanding at December 31, 2021	Weighted Average Grant Date Fair Value
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
2021	2021 - 2023	—	46,027	—	—	46,027	141.00
Total		229,820	46,027	(60,040)	—	215,807

At December 31, 2021, management estimates that the recipients will receive approximately 200% of the 2021, 2020, and 2019 target number of PSUs at the end of the applicable three-year performance cycle based on projected performance compared to the target performance metrics. We recognized $9.0 million, $9.2 million, and $4.8 million of total stock-based compensation expense related to PSUs for the years ended December 31, 2021, 2020 and 2019, respectively. The 2018 - 2020 performance period PSUs vested and issued on March 15, 2021 at 200% of the target number. At December 31, 2021, we had unrecognized compensation cost of $12.1 million, based on the probable amount, related to unvested PSUs, which is expected to be recognized over a weighted average period of 1.9 years.

Employee Stock Purchase Plan

The LGI Homes, Inc. Employee Stock Purchase Plan (the “ESPP”) provides for employees to make quarterly elections for payroll withholdings to purchase shares of our common stock at a 15% discount from the closing price of our common stock on the purchase date, which is the last business day of each calendar quarter. During the years ended December 31, 2021, 2020 and 2019, we issued 55,068, 60,918, and 47,731 shares of our common stock to the ESPP participants. We received net proceeds of approximately $7.1 million, $4.3 million and $2.9 million related to the ESPP for 2021, 2020, and 2019, respectively. We recognized $1.3 million, $0.8 million, and $0.5 million in stock compensation expense related to the ESPP for 2021, 2020, and 2019, respectively. The ESPP contributions are not refundable (other than in the case of termination of employment) and, therefore, the shares purchasable with the amounts withheld are included in weighted-average shares outstanding for both basic and diluted earnings per share. The maximum aggregate number of shares of our common stock which may be issued pursuant to the ESPP is 500,000 shares, and as of December 31, 2021, 233,254 shares of our common stock remain available for issuance under the ESPP.

Fair Value Disclosure

12 Months Ended

Dec. 31, 2021

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 December 31, 2021, 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 2029 Senior Notes and the 2026 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 December 31, 2021 and 2020 (in thousands):


		December 31, 2021				December 31, 2020
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
2029 Senior Notes (1)	Level 2	$	300,000	$	299,302	$	—	$	—
2026 Senior Notes (2)	Level 2	$	—	$	—	$	300,000	$	340,388

(1)On June 28, 2021, we completed an offering of $300.0 million aggregate principal amount of the 2029 Senior Notes. See Note 7 for more details regarding this offering.

(2)On July 15, 2021, we redeemed all of the outstanding 2026 Senior Notes. See Note 7 for more details regarding the redemption.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Land Purchases from Affiliates For the year ended December 31, 2021, we completed 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 were purchased in takedowns, subject to a maximum price escalation of 6% per annum, and provide for additional payments to the seller at the time of sale to the homebuyer. 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. In April 2021, we purchased the remaining land in a takedown of 52 lots under the Pasco County contract for a base purchase price of approximately $1.9 million. For the year ended December 31, 2021, we completed 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. For the year ended December 31, 2020, we purchased in three separate transactions a total of 55 finished lots in Montgomery County and Travis County, Texas from an affiliate of a family member of our chief executive officer for a total base purchase price of approximately $4.7 million.

Retirement Benefits	12 Months Ended
Retirement Benefits	Dec. 31, 2021
Retirement Benefits [Abstract]
Retirement Benefits	RETIREMENT BENEFITSOur employees are eligible to participate in a 401(k) savings plan. Employees are eligible to participate after completing 90 days of service and having attained the age of 21. Salary deferrals are allowed in amounts up to 100% of an eligible employee’s salary, not to exceed the maximum allowed by law. A discretionary match may be made by us of up to 100% of the first 4% of an eligible employee’s deferral, not to exceed the maximum allowed by law. For each of the years ended December 31, 2021, 2020 and 2019, our matching contributions were $4.6 million, $4.0 million and $2.9 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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):


	December 31,
	2021		2020
Land deposits and option payments	$	37,499	$	34,097
Commitments under the land purchase contracts if the purchases are consummated	$	921,345	$	663,006
Lots under land purchase contracts	36,978		26,236

As of December 31, 2021 and 2020, approximately $19.3 million and $24.0 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 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 and $4.9 million as of December 31, 2021 and 2020, respectively. Lease obligations, as included in accrued expenses and other liabilities on the consolidated balance sheets, were $5.3 million as of December 31, 2021 and 2020.

Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, totaled $1.7 million, $1.6 million and $1.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating leases during the years ended December 31, 2021 and 2020 was $1.6 million and $1.4 million, respectively. As of December 31, 2021, the weighted-average discount rate was 4.93% and our weighted-average remaining life was 3.9 years. We do not have any significant lease contracts that have not yet commenced at December 31, 2021.

The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2021 (in thousands):


Year Ending December 31,	Operating leases
2022	$	1,423
2023	1,263
2024	1,035
2025	753
2026	658
Thereafter	1,004
Total	6,136
Lease amount representing interest	(803)
Present value of lease liabilities	$	5,333

Bonding and Letters of Credit

We have outstanding letters of credit and performance and surety bonds totaling $206.8 million (including $9.1 million of letters of credit issued under the Credit Agreement) and $143.8 million (including $10.5 million of letters of credit issued under the Credit Agreement) at December 31, 2021 and 2020, 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

In 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 additional years. Additionally, during 2021, we entered into a joint venture with a mortgage lender. As of December 31, 2021 and 2020, we have a total of $5.6 million and $3.9 million, respectively, within other assets on the balance sheet relating to our investment in the real estate investment fund and the mortgage joint venture. Contributions into these unconsolidated entities are used by the entities to invest in certain real estate transactions and to provide residential mortgage services, respectively.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

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 December 31, 2021: 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 41.1%, 35.9% and 39.4% of total home sales revenues for the years ended December 31, 2021, 2020 and 2019, respectively.

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):


	For the Year Ended December 31,
	2021		2020		2019
Revenues:
Central	$	1,252,782	$	850,375	$	724,981
Southeast	594,742		559,226		347,817
Northwest	510,497		389,523		304,294
West	351,219		286,130		271,186
Florida	340,910		282,675		189,876
Total home sales revenues	$	3,050,149	$	2,367,929	$	1,838,154

Net income (loss) before income taxes:
Central	$	242,615	$	154,772	$	117,350
Southeast	105,572		79,394		30,316
Northwest	115,002		71,256		46,863
West	50,809		35,847		28,504
Florida	49,927		32,550		16,012
Corporate (1)	(21,150)		(5,970)		(7,213)
Total net income before income taxes	$	542,775	$	367,849	$	231,832

(1) The Corporate balance consists primarily of general and administration unallocated costs for various shared service functions, as well as our warranty reserve and loss on extinguishment of debt. Actual warranty expenses are reflected within the reportable segments.


	December 31,
Assets:	2021		2020
Central	$	857,174	$	708,087
Southeast	438,423		401,725
Northwest	349,752		252,098
West	384,548		228,186
Florida	221,763		157,169
Corporate (1)	100,205		78,822
Total assets	$	2,351,865	$	1,826,087

(1) The Corporate balance consists primarily of cash, prepaid insurance, ROU assets, prepaid expenses, investments in unconsolidated entities and income tax receivables related to the federal energy efficient homes tax credit

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Quarterly results are as follows (in thousands, except per share data):


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	2021		2021		2021		2021
Total home sales revenues	$	705,953	$	791,512	$	751,608	$	801,076
Gross margin	189,949		214,079		202,289		211,717
Income before income taxes	123,276		149,121		126,994		143,384
Net income	99,658		118,134		100,550		111,303
Basic earnings per share (1)	3.99		4.75		4.10		4.61
Diluted earnings per share (1)	3.95		4.71		4.05		4.53


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	2020		2020		2020		2020
Total home sales revenues	$	454,727	$	481,602	$	534,202	$	897,398
Gross margin	106,564		117,973		135,231		243,329
Income before income taxes	54,889		68,597		77,815		166,548
Net income	42,839		55,624		89,004		136,428
Basic earnings per share (1)	1.69		2.22		3.55		5.45
Diluted earnings per share (1)	1.67		2.21		3.52		5.34

(1) Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation Policy	Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates Policy	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. The significant accounting estimates include land development cost of sales, impairment of real estate inventory, warranty reserves, loss contingencies, incentive compensation expense, and income taxes.
Cash and Cash Equivalents and Concentration of Credit Risk Policy	Cash and Cash Equivalents and Concentration of Credit Risk Cash and cash equivalents are defined as cash on hand, demand deposits with financial institutions, and short-term liquid investments with an initial maturity date of less than three months. Our cash in demand deposit accounts may exceed federally insured limits and could be negatively impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or diminished access to cash in our demand deposit accounts.
Accounts Receivable Policy	Accounts Receivable Accounts receivable consist primarily of proceeds due from title companies for sales closed prior to period end and are generally collected within a few days from closing.
Real Estate Inventory Policy	Real Estate Inventory Inventory consists of land, land under development, finished lots, information centers, homes in progress, and completed homes. 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 to five years, commencing with the acquisition of land, continuing through the land development phase, and concluding with the construction and sale of homes. A constructed home is used as the community information center during the life of the community and then sold. Actual individual community lives will vary based on the size of the community, the sales absorption rate, and whether the property was purchased as raw land or finished lots. In accordance with ASC Topic 360, Property, Plant, and Equipment, real estate inventory is evaluated for indicators of impairment by each community during each reporting period. In conducting its review for indicators of impairment on a community level, management evaluates, among other things, the margins on homes that have been closed, communities with slow moving inventory, projected margins on future home sales over the life of the community, and the estimated fair value of the land. For individual communities with indicators of impairment, additional analysis is performed to estimate the community’s undiscounted future cash flows. If the estimated undiscounted future cash flows are greater than the carrying value of the community group of assets, no impairment adjustment is required. If the undiscounted cash flows are less than the community’s carrying value, the asset group is impaired and is written down to its fair value. We estimate the fair value of communities using a discounted cash flow model. As of December 31, 2021 and 2020, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the years ended December 31, 2021, 2020 and 2019.
Capitalized Interest Policy	Capitalized Interest Interest and other financing costs are capitalized as cost of inventory during community development and home construction activities, in accordance with ASC Topic 835, Interest and expensed in cost of sales as homes in the community are closed. To the extent the debt exceeds qualified assets, a portion of the interest incurred is expensed.
Pre-Acquisition Costs and Deposits Policy	Pre-Acquisition Costs and Deposits Amounts paid for land options, deposits on land purchase contracts, and other pre-acquisition costs are capitalized and classified as deposits to purchase. Upon execution of the purchase, these deposits are applied to the acquisition price of the land and recorded as a cost component of the land in real estate inventory. To the extent that any deposits are nonrefundable and the associated land acquisition process is terminated or no longer determined probable, the deposit and related pre-acquisition costs are charged to general and administrative expenses. Management reviews the likelihood of the acquisition of contracted lots in conjunction with its periodic real estate impairment analysis. Under ASC Topic 810, Consolidation (“ASC 810”), a nonrefundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur. Non-refundable land purchase and lot option deposits generally represent our maximum exposure if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to close. Such costs are classified as preacquisition costs, which we would have to absorb should the option not be exercised. Therefore, whenever we enter into a land option or purchase contract with an entity and make a nonrefundable deposit, we may have a variable interest in a variable interest entity (“VIE”). In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE and would consolidate the VIE if we are deemed to be the primary beneficiary. As of December 31, 2021 and 2020, we were not deemed to be the primary beneficiary for any VIEs associated with non-refundable land deposits.
Deferred Loan Costs Policy	Deferred Loan Costs Deferred loan costs represent debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability.
Other Assets Policy	Other Assets Other assets consist primarily of municipal utility district reimbursements, income tax receivables related to the federal energy efficient homes tax credit, prepaid insurance, prepaid expenses, right-of-use (“ROU”) assets, investments in unconsolidated entities and other receivables. Our prepaid insurance and prepaid expenses were $12.0 million and $6.5 million as of December 31, 2021 and 2020, respectively.
Investments in Unconsolidated Entities Policy	Investment in Unconsolidated Entities We have investments in unconsolidated entities with independent third parties. The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally, this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we recognize our proportionate share of the earnings and losses of this entity. In the event we buy land from this entity we intend to defer the recognition of profits from such activities until the time we ultimately sell the related land. Additionally, in 2021, we entered into a mortgage joint venture, which is engaged in mortgage activities and primarily provides services to our retail homebuyers. We evaluate our investments in unconsolidated entities for recoverability in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures. If we determine that a loss in the value of any of the investments is other than temporary, we write down the investment to its estimated fair value. Any such losses are recorded to equity in (earnings) loss of unconsolidated entities, which is reflected in other income, net.
Property and Equipment Policy	Property and Equipment, Net Property and equipment are stated at cost, less accumulated depreciation. Depreciation expense is recorded in general and administrative expenses. Upon sale or retirement, the costs and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in other income, net. Depreciation is generally computed using the straight-line method over the estimated useful lives of the assets, ranging from two to five years for property and equipment and 30 years for our rental properties. Leasehold improvements are depreciated over the shorter of the asset life or the term of the lease. Maintenance and repair costs are expensed as incurred. Impairments of long-lived assets are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on judgments as to the future undiscounted operating cash flows to be generated from these assets throughout the remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, impairment is recognized for the excess of the carrying value over its fair value. There were no impairments of property, equipment and leasehold improvements recorded during the years ended December 31, 2021, 2020 and 2019.
Goodwill and Intangible Assets Policy	Goodwill The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC 805, Business Combinations. Goodwill that do not have finite lives are not amortized, but are assessed for impairment at least annually or more frequently if certain impairment indicators are present. The $12.0 million of goodwill is related to the reorganization transactions completed in connection with the initial public offering of our common stock in November 2013. In applying the goodwill impairment test, we have the option to perform a qualitative test. Under the optional qualitative test, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than their carrying value. Qualitative factors may include, but are not limited to, economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting unit and other entity and reporting unit specific events. If after assessing these qualitative factors, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than the carrying value, then performing a quantitative test is necessary. Annually, we have performed a qualitative analysis and determined that it is not “more likely than not” that the fair values of the reporting units were less than their carrying amounts. No goodwill impairment charges were recorded in 2021, 2020 and 2019.
Warranty Reserves Policy	Warranty Reserves Future direct warranty costs are accrued and charged to cost of sales in the period when the related home is closed. Our warranty liability is based upon historical warranty cost experience and is adjusted as appropriate to reflect qualitative risks associated with the types of homes built, the geographic areas in which they are built, and potential impacts of our continued expansion. Warranty reserves are reviewed quarterly to assess the reasonableness and adequacy and adjusted, as needed, to reflect changes in trends and historical data as information becomes available.
Customer Deposits Policy	Customer Deposits Customer deposits are received upon signing a purchase contract and are typically $1,000 to $5,000. Deposits are generally refundable if the customer is unable to obtain financing. Forfeited buyer deposits related to home sales are recognized in other income in the period in which it is determined that the buyer will not complete the purchase of the property and the deposit is nonrefundable to the buyer.
Revenue	Home Sales In accordance with ASC Topic 606, Revenue from Contracts with Customers, 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.
Cost of Sales Policy	Cost of Sales As discussed under “Real Estate Inventory” above, cost of sales for homes closed include the construction costs of each home and allocable land acquisition and land development costs, capitalized interest, and other related common costs (both incurred and estimated to be incurred).
Selling and Commission Costs Policy	Selling and Commission Costs Sales commissions are paid and expensed based on homes closed. Other selling costs are expensed in the period incurred.
Advertising Costs Policy	Advertising Costs Advertising costs are expensed as incurred. Advertising costs were $7.7 million, $10.7 million and $20.2 million for the years ended December 31, 2021, 2020, and 2019, respectively.
Income Taxes Policy	Income Taxes We are a taxable entity subject to federal and state taxes. We utilize the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Changes in tax rate are recognized in the year of enactment. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Our ability to realize deferred tax assets is assessed throughout the year and a valuation allowance is established, if required. We recognize the impact of a tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position. We recognize potential interest and penalties related to uncertain tax positions in income tax expense.
Earnings Per Share Policy	Earnings Per Share Basic earnings per share is based on the weighted average number of shares of common stock outstanding. Diluted earnings per share is based on the weighted average number of shares of common stock and dilutive securities outstanding. In accordance with ASC 260-10, Earnings Per Share, we calculated the dilutive effect of our 4.25% Convertible Notes due 2019 (the “Convertible Notes”) using the treasury stock method, since we had the intent and ability to settle the principal amount of the outstanding Convertible Notes in cash. Diluted earnings per share excludes all dilutive potential shares of common stock if their effect is antidilutive.
Share-Based Compensation Policy	Stock-Based Compensation Compensation costs for non-performance-based restricted stock awards are measured using the closing price of our common stock on the date of grant and are expensed on a straight-line basis over the requisite service period of the award. Compensation costs for performance-based restricted stock awards also contain a market condition. These costs are measured using the derived grant date fair value, based on a third party valuation analysis, and are expensed in accordance with ASC 718-10-25-20, Compensation - Stock Compensation, which requires an assessment of probability of attainment of the performance target. Once the performance target outcome is determined to be probable, the cumulative expense is adjusted, as needed, to recognize compensation expense on a straight-line basis over the award’s requisite service period.

Revenues (Tables)

12 Months Ended

Dec. 31, 2021

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):


	For the Year Ended December 31,
	2021		2020		2019
Retail home sales revenues	$	2,700,866	$	2,191,301	$	1,714,277
Wholesale home sales revenues	349,283		176,628		123,877
Total home sales revenues	$	3,050,149	$	2,367,929	$	1,838,154

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 15 (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Central	$	1,252,782	$	850,375	$	724,981
Southeast	594,742		559,226		347,817
Northwest	510,497		389,523		304,294
West	351,219		286,130		271,186
Florida	340,910		282,675		189,876
Home sales revenues	$	3,050,149	$	2,367,929	$	1,838,154

Real Estate Inventory (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory

Our real estate inventory consists of the following (in thousands):


	December 31,
	2021		2020
Land, land under development, and finished lots	$	1,499,761	$	981,838
Information centers	28,665		30,201
Homes in progress	449,742		337,364
Completed homes	107,736		220,086
Total real estate inventory	$	2,085,904	$	1,569,489

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):


		December 31,
	Asset Life	2021		2020
	(years)
Computer software and equipment	2-5	$	2,950	$	3,152
Machinery and equipment	5	87		147
Furniture and fixtures	2-5	979		4,290
Rental properties	30	13,390		145
Leasehold improvements	5-10	1,345		682
Total property and equipment		18,751		8,416
Less: Accumulated depreciation		(1,807)		(4,798)
Property and equipment, net		$	16,944	$	3,618

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Accrued and other liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Real estate inventory development and construction payable	48,656		29,938
Accrued compensation, bonuses and benefits	24,914		28,579
Taxes payable	11,604		26,181
Contract deposits	12,182		17,151
Accrued interest	7,431		10,853
Inventory related obligations	8,803		4,515
Lease liability	5,333		5,287
Warranty reserve	7,850		5,350
Other	9,836		7,154
Total accrued expenses and other liabilities	$	136,609	$	135,008

Changes in Companies' Warranty Accrual

Changes to our warranty accrual are as follows (in thousands):


	December 31,
	2021		2020		2019
Warranty reserves, beginning of period	$	5,350	$	3,500	$	2,950
Warranty provision	11,223		7,040		5,286
Warranty expenditures	(8,723)		(5,190)		(4,736)
Warranty reserves, end of period	$	7,850	$	5,350	$	3,500

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consist of the following (in thousands):


	December 31,
	2021		2020
Notes payable under the Credit Agreement ($850.0 million revolving credit facility at December 31, 2021) maturing on April 28, 2025; interest paid monthly at LIBOR plus 1.45%.	$	517,439	$	246,621
4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%.	300,000		—
6.875% Senior Notes due July 15, 2026; interest paid semi-annually at 6.875%.	—		300,000
Net discount and debt issuance costs	(12,203)		(8,223)
Total notes payable	$	805,236	$	538,398

Contractual Obligation, Fiscal Year Maturity Schedule

As of December 31, 2021, the annual aggregate maturities of notes payable during each of the next five fiscal years are as follows (in thousands):


	Amount
2022	$	—
2023	—
2024	—
2025	517,439
2026	—
Thereafter	300,000
Total notes payable	817,439
Less: Debt issuance costs	(12,203)
Net notes payable	$	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):


	Year Ended December 31,
	2021		2020		2019
Interest incurred	$	28,360	$	37,285	$	45,555
Less: Amounts capitalized	(28,360)		(37,285)		(45,555)
Interest expense	$	—	$	—	$	—

Cash paid for interest	$	28,850	$	34,924	$	42,438

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The provision for income taxes consisted of the following (in thousands):


	Year ended December 31,
	2021		2020		2019
Current:
Federal	$	95,343	$	35,207	$	47,886
State	16,999		11,112		7,169
Current tax provision	112,342		46,319		55,055
Deferred:
Federal	751		(2,136)		(1,637)
State	37		(229)		(194)
Deferred tax provision (benefit)	788		(2,365)		(1,831)
Total income tax provision	$	113,130	$	43,954	$	53,224

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
	2021				2020				2019
Tax at federal statutory rate	$	114,081	21.0	%	$	77,248	21.0	%	$	48,685	21.0	%
State income taxes (net of federal benefit)	13,467		2.5		8,530		2.3		5,497		2.4

Stock-based compensation	(2,243)		(0.4)		(994)		(0.3)		(1,749)		(0.8)
Non deductible expenses and other	4,343		0.8		439		0.1		771		0.4
Change in tax rates - deferred taxes	(367)		(0.1)		(78)		—		20		—
Federal energy efficient homes tax credits	(16,151)		(3.0)		(11,488)		(3.1)		—		—
Retroactive federal energy efficient homes tax credits	—		—		(29,703)		(8.1)		—		—
Tax at effective rate	$	113,130	20.8	%	$	43,954	11.9	%	$	53,224	23.0	%

Schedule of Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Accruals and reserves	$	5,163	$	5,149
Leases	959		946
Inventory	470		239
Stock-based compensation	4,397		4,347

Other	310		56
Total deferred tax assets	11,299		10,737
Deferred tax liabilities:
Prepaids	(2,433)		(1,372)
Leases	(1,137)		(1,124)
Tax depreciation in excess of book depreciation	(488)		(499)
Goodwill and other assets amortized for tax	(860)		(738)
Other	(183)		(18)
Total deferred tax liabilities	(5,101)		(3,751)
Total net deferred tax assets	$	6,198	$	6,986

Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [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 years ended December 31, 2021, 2020, and 2019.


	For the Year Ended December 31,
	2021		2020		2019
Numerator (in thousands):
Net income (Numerator for basic and dilutive earnings per share)	$	429,645	$	323,895	$	178,608
Denominator:
Basic weighted average shares outstanding	24,607,231		25,135,077		23,191,595
Effect of dilutive securities:
Convertible Notes - treasury stock method	—		—		1,966,639
Stock-based compensation units	301,760		245,483		272,607
Diluted weighted average shares outstanding	24,908,991		25,380,560		25,430,841

Basic earnings per share	$	17.46	$	12.89	$	7.70
Diluted earnings per share	$	17.25	$	12.76	$	7.02
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	5,970		9,482		14,211

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit Activity

The following table summarizes the activity of our time-vested RSUs:


	Shares	Weighted Average Grant Date Fair Value
Balance at December 31, 2018	171,055	$	39.04
Granted	62,512	$	60.72
Vested	(55,230)	$	26.47
Forfeited	(15,651)	$	47.73
Balance at December 31, 2019	162,686	$	50.84
Granted	56,735	$	67.63
Vested	(73,360)	$	40.77
Forfeited	(3,323)	$	57.26
Balance at December 31, 2020	142,738	$	62.54
Granted	29,664	$	144.17
Vested	(47,213)	$	65.99
Forfeited	(7,315)	$	76.15
Balance at December 31, 2021	117,874	$	80.85

Schedule of Performance Based Stock Activity


Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2020	Target PSUs Granted	Target PSUs Vested	Target PSUs Forfeited	Target PSUs Outstanding at December 31, 2021	Weighted Average Grant Date Fair Value
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
2021	2021 - 2023	—	46,027	—	—	46,027	141.00
Total		229,820	46,027	(60,040)	—	215,807

Fair Value Disclosure (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measures

The following table below shows the level and measurement of liabilities at December 31, 2021 and 2020 (in thousands):


		December 31, 2021				December 31, 2020
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
2029 Senior Notes (1)	Level 2	$	300,000	$	299,302	$	—	$	—
2026 Senior Notes (2)	Level 2	$	—	$	—	$	300,000	$	340,388

(1)On June 28, 2021, we completed an offering of $300.0 million aggregate principal amount of the 2029 Senior Notes. See Note 7 for more details regarding this offering.

(2)On July 15, 2021, we redeemed all of the outstanding 2026 Senior Notes. See Note 7 for more details regarding the redemption.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

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):


	December 31,
	2021		2020
Land deposits and option payments	$	37,499	$	34,097
Commitments under the land purchase contracts if the purchases are consummated	$	921,345	$	663,006
Lots under land purchase contracts	36,978		26,236

Schedule of Future Minimum Operating Lease Payments

December 31, 2021 (in thousands):


Year Ending December 31,	Operating leases
2022	$	1,423
2023	1,263
2024	1,035
2025	753
2026	658
Thereafter	1,004
Total	6,136
Lease amount representing interest	(803)
Present value of lease liabilities	$	5,333

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information relating to our reportable segments was as follows (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Revenues:
Central	$	1,252,782	$	850,375	$	724,981
Southeast	594,742		559,226		347,817
Northwest	510,497		389,523		304,294
West	351,219		286,130		271,186
Florida	340,910		282,675		189,876
Total home sales revenues	$	3,050,149	$	2,367,929	$	1,838,154

Net income (loss) before income taxes:
Central	$	242,615	$	154,772	$	117,350
Southeast	105,572		79,394		30,316
Northwest	115,002		71,256		46,863
West	50,809		35,847		28,504
Florida	49,927		32,550		16,012
Corporate (1)	(21,150)		(5,970)		(7,213)
Total net income before income taxes	$	542,775	$	367,849	$	231,832


	December 31,
Assets:	2021		2020
Central	$	857,174	$	708,087
Southeast	438,423		401,725
Northwest	349,752		252,098
West	384,548		228,186
Florida	221,763		157,169
Corporate (1)	100,205		78,822
Total assets	$	2,351,865	$	1,826,087

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Quarterly results are as follows (in thousands, except per share data):


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	2021		2021		2021		2021
Total home sales revenues	$	705,953	$	791,512	$	751,608	$	801,076
Gross margin	189,949		214,079		202,289		211,717
Income before income taxes	123,276		149,121		126,994		143,384
Net income	99,658		118,134		100,550		111,303
Basic earnings per share (1)	3.99		4.75		4.10		4.61
Diluted earnings per share (1)	3.95		4.71		4.05		4.53


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	2020		2020		2020		2020
Total home sales revenues	$	454,727	$	481,602	$	534,202	$	897,398
Gross margin	106,564		117,973		135,231		243,329
Income before income taxes	54,889		68,597		77,815		166,548
Net income	42,839		55,624		89,004		136,428
Basic earnings per share (1)	1.69		2.22		3.55		5.45
Diluted earnings per share (1)	1.67		2.21		3.52		5.34

(1) Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year.

Organization and Business Organization and Business (Details) $ in Thousands			12 Months Ended
	Jul. 14, 2021 USD ($) home	May 06, 2021 USD ($) home	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Combination, Number of Homes under Construction \| home	100	100
Number of owned and controlled lots in a business combination \| home	500	3,000
Asset Acquisition, Consideration Transferred \| $		$ 27,300
Payments to Acquire Businesses, Gross \| $	$ 39,100		$ 66,970	$ 0	$ 0

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 15, 2019
Real estate inventory:
Impairment of real estate inventory	$ 0	$ 0	$ 0
Other Assets:
Prepaid insurance and prepaid expense	12,000,000	6,500,000
Property and equipment:
Impairments of property, equipment and leasehold improvements	0	0	0
Goodwill:
Goodwill	12,000,000
Goodwill impairment	0	0	0
Advertising costs:
Advertising and direct mail costs	$ 7,700,000	$ 10,700,000	$ 20,200,000
Convertible Debt \| 4.25% Convertible Notes due 2019
Summary of Accounting Policies [Line Items]
Interest rate	4.25%
Convertible notes, conversion price				$ 21.52
Rental properties
Property and equipment:
Estimated useful life of asset	30 years
Minimum
Real estate inventory:
Life cycle of community	2 years
Customer deposits:
Typical customer deposits	$ 1,000
Minimum \| Property and Equipment
Property and equipment:
Estimated useful life of asset	2 years
Maximum
Real estate inventory:
Life cycle of community	5 years
Customer deposits:
Typical customer deposits	$ 5,000
Maximum \| Property and Equipment
Property and equipment:
Estimated useful life of asset	5 years

Business Acquisition (Details) - home	Jul. 14, 2021	May 06, 2021
Business Combinations [Abstract]
Number of homes under construction in a business combination	100	100
Number of owned and controlled lots in a business combination	500	3,000

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 801,076	$ 751,608	$ 791,512	$ 705,953	$ 897,398	$ 534,202	$ 481,602	$ 454,727	$ 3,050,149	$ 2,367,929	$ 1,838,154
Retail
Disaggregation of Revenue [Line Items]
Home sales revenues									2,700,866	2,191,301	1,714,277
Wholesale
Disaggregation of Revenue [Line Items]
Home sales revenues									349,283	176,628	123,877
Central
Disaggregation of Revenue [Line Items]
Home sales revenues									1,252,782	850,375	724,981
Southeast
Disaggregation of Revenue [Line Items]
Home sales revenues									594,742	559,226	347,817
Northwest
Disaggregation of Revenue [Line Items]
Home sales revenues									510,497	389,523	304,294
West
Disaggregation of Revenue [Line Items]
Home sales revenues									351,219	286,130	271,186
Florida
Disaggregation of Revenue [Line Items]
Home sales revenues									$ 340,910	$ 282,675	$ 189,876

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Schedule of Real Estate Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Land, land under development, and finished lots	$ 1,499,761	$ 981,838
Information centers	28,665	30,201
Homes in progress	449,742	337,364
Completed homes	107,736	220,086
Total real estate inventory	$ 2,085,904	$ 1,569,489

Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment	$ 18,751	$ 8,416
Less: Accumulated depreciation	(1,807)	(4,798)
Property and equipment, net	16,944	3,618
Depreciation	1,100	700	$ 600
Property, Plant and Equipment, Transfers and Changes	13,200
Computer software and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	2,950	3,152
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 87	147
Estimated useful life of asset	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	$ 979	4,290
Rental properties
Property, Plant and Equipment [Line Items]
Property and equipment	$ 13,390	145
Estimated useful life of asset	30 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,345	$ 682
Minimum \| Computer software and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	2 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	2 years
Minimum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years
Maximum \| Computer software and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years
Maximum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	10 years

Accrued Expenses and Other Liabilites (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Real estate inventory development and construction payable	$ 48,656	$ 29,938
Accrued compensation, bonuses and benefits	24,914	28,579
Taxes payable	11,604	26,181
Contract deposits	12,182	17,151
Accrued interest	7,431	10,853
Inventory related obligations	8,803	4,515
Lease liability	5,333	5,287
Warranty reserve	7,850	5,350	$ 3,500	$ 2,950
Other	9,836	7,154
Total accrued expenses and other liabilities	$ 136,609	$ 135,008
Inventory Related Obligation Term	30 years
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total accrued expenses and other liabilities	Total accrued expenses and other liabilities

Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 5,350	$ 3,500	$ 2,950
Warranty provision	11,223	7,040	5,286
Warranty expenditures	(8,723)	(5,190)	(4,736)
Warranty reserves, end of period	$ 7,850	$ 5,350	$ 3,500
Other Construction Components
Limited Warranty Period	1 year
Structural Elements
Limited Warranty Period	10 years

Notes Payable - Revolving Credit Agreement (Details) - USD ($)		12 Months Ended
	Apr. 28, 2021	Dec. 31, 2021	Jun. 28, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior Notes, Gross		$ 817,439,000
Fifth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, Maximum Borrowing Capacity before Accordion	$ 850,000,000
Line of Credit Facility, Additional Borrowing Capacity	100,000,000
Letters Of Credit, Sublimit, Maximum	50,000,000
Letters Of Credit, Borrowing Base	10,000,000
Letters Of Credit, Net Worth Requirement	$ 850,000,000
Letters Of Credit, Net Worth Requirement, Percent Of Equity Issuance	75.00%
Letters Of Credit, Net Worth Requirement, Percent Of Consolidated Earnings Each Quarter	50.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding		9,100,000		$ 10,500,000
Line of credit facility, remaining borrowing capacity		321,300,000
Line of credit facility, current borrowing capacity		1,100,000,000
Four Point Zero Zero Zero Senior Notes due Twenty Twenty Nine
Debt Instrument [Line Items]
Senior Notes, Gross		$ 817,400,000	$ 300,000,000
Minimum \| Fifth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
Maximum \| Fifth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%
London Interbank Offered Rate (LIBOR) \| Fifth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Variable interest rate	0.50%
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.45%
Variable interest rate		0.10%
London Interbank Offered Rate (LIBOR) \| Second Amendment
Debt Instrument [Line Items]
Variable interest rate		0.50%
London Interbank Offered Rate (LIBOR) \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.45%
London Interbank Offered Rate (LIBOR) \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		2.10%

Notes Payable - Senior Notes (Details) - USD ($)		12 Months Ended
Notes Payable - Senior Notes (Details) - USD ($)	Jul. 15, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 28, 2021	Jul. 06, 2018
Debt Instrument [Line Items]
Senior Notes, Gross		$ 817,439,000
Redemption premium		10,314,000	$ 0	$ 0
Four Point Zero Zero Zero Senior Notes due Twenty Twenty Nine
Debt Instrument [Line Items]
Senior Notes, Gross		$ 817,400,000			$ 300,000,000
Four Point Zero Zero Zero Senior Notes due Twenty Twenty Nine \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate on senior note		4.00%
Six Point Eight Seven Five Senior Notes Due Twenty Twenty Six \| Senior Notes
Debt Instrument [Line Items]
Senior Notes, Gross						$ 300,000,000
Stated interest rate on senior note		6.875%
Repayments of Long-term Debt	$ 300,000,000
Redemption premium	10,300,000
Payments of Financing Costs	$ 3,000,000

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Notes payable	$ 805,236	$ 538,398
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(12,203)	(8,223)
Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	517,439	246,621
Line of credit facility, maximum borrowing capacity	850,000
Four Point Zero Zero Zero Senior Notes due Twenty Twenty Nine \| Senior Notes
Debt Instrument [Line Items]
Notes payable	$ 300,000	0
Stated interest rate on senior note	4.00%
Six Point Eight Seven Five Senior Notes Due Twenty Twenty Six \| Senior Notes
Debt Instrument [Line Items]
Notes payable	$ 0	$ 300,000
Stated interest rate on senior note	6.875%

Notes Payable - Annual Aggregate Maturities of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Maturities of Long-term Debt [Abstract]
Long-term debt, maturities in next twelve months	$ 0
Long-term debt, maturities in year two	0
Long-term debt, maturities in year three	0
Long-term debt, maturities in year four	517,439
Long-term debt, maturities in year five	0
Long-term debt, maturities after year five	300,000
Total Notes Payable, Gross	817,439
Debt issuance costs	(12,203)
Notes payable	$ 805,236	$ 538,398

Notes Payable - Capitalized Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Interest incurred	$ 28,360	$ 37,285	$ 45,555
Less: Amounts capitalized	(28,360)	(37,285)	(45,555)
Interest expense	0	0	0
Cash paid for interest	28,850	34,924	42,438
Amortization of financing costs and discounts	$ 2,900	$ 2,900	$ 4,100

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 95,343	$ 35,207	$ 47,886
State	16,999	11,112	7,169
Current tax provision	112,342	46,319	55,055
Deferred:
Federal	751	(2,136)	(1,637)
State	37	(229)	(194)
Deferred tax provision (benefit)	788	(2,365)	(1,831)
Tax at effective rate	113,130	43,954	53,224
Income taxes paid	$ 127,900	$ 68,400	$ 38,000

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at federal statutory rate	$ 114,081	$ 77,248	$ 48,685
State income taxes (net of federal benefit)	13,467	8,530	5,497
Stock-based compensation	(2,243)	(994)	(1,749)
Non deductible expenses and other	4,343	439	771
Change in tax rates - deferred taxes	(367)	(78)	20
Federal energy efficient homes tax credits	(16,151)	(11,488)	0
Retroactive federal energy efficient homes tax credits	0	(29,703)	0
Tax at effective rate	$ 113,130	$ 43,954	$ 53,224
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at federal statutory rate	21.00%	21.00%	21.00%
State income taxes (net of federal benefit)	2.50%	2.30%	2.40%
Stock-based compensation	0.40%	0.30%	0.80%
Non deductible expenses and other	0.80%	0.10%	0.40%
Change in tax rates - deferred taxes	(0.10%)	0.00%	0.00%
Federal Efficient Homes Tax Credits	(3.00%)	(3.10%)	0.00%
Retroactive federal energy efficient homes tax credits	0.00%	(8.10%)	0.00%
Tax at effective rate	20.80%	11.90%	23.00%
Extension Of Federal Energy Efficient Homes Tax Credits	$ 16,200	$ 41,200

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accruals and reserves	$ 5,163	$ 5,149
Leases	959	946
Inventory	470	239
Stock-based compensation	4,397	4,347
Other	310	56
Total deferred tax assets	11,299	10,737
Deferred tax liabilities:
Prepaids	(2,433)	(1,372)
Operating Lease, Right-Of-Use Assets	(1,137)	(1,124)
Tax depreciation in excess of book depreciation	(488)	(499)
Goodwill and other assets amortized for tax	(860)	(738)
Other	(183)	(18)
Total deferred tax liabilities	(5,101)	(3,751)
Total net deferred tax assets	$ 6,198	$ 6,986

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended			38 Months Ended
	Nov. 15, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Feb. 11, 2022	Oct. 30, 2020	Nov. 30, 2018
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		250,000,000	250,000,000		250,000,000
Common stock, par value		$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares authorized		5,000,000			5,000,000
Preferred stock, par value per share		$ 0.01			$ 0.01
Common stock, shares issued (in shares)		26,963,915	26,741,554		26,963,915
Common stock, shares outstanding (in shares)		23,917,359	24,983,561		23,917,359
Treasury stock, shares (in shares)		3,046,556	1,757,993		3,046,556
Repayments of Convertible Debt	$ 70,000
Stock Repurchased During Period, Shares			718,993
Stock Repurchased During Period, Value		$ 193,783	$ 48,081
Treasury stock acquired (in shares)		1,288,563			2,046,556
Stock Repurchase Program, Additional Amount Authorized							$ 300,000
Stock Repurchase Program, Authorized Amount		$ 106,600			$ 106,600			$ 50,000
Subsequent Event
Class of Stock [Line Items]
Stock Repurchase Program, Additional Amount Authorized						$ 200,000
Stock Repurchase Program, Authorized Amount						$ 306,600
Common Stock
Class of Stock [Line Items]
Issuance of shares in settlement of Convertible Note (in shares)				2,381,751

Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 15, 2019
Net income	$ 111,303	$ 100,550	$ 118,134	$ 99,658	$ 136,428	$ 89,004	$ 55,624	$ 42,839	$ 429,645	$ 323,895	$ 178,608
Basic weighted average shares outstanding									24,607,231	25,135,077	23,191,595
Convertible Notes - treasury stock method									0	0	1,966,639
Stock-based compensation units									301,760	245,483	272,607
Diluted weighted average shares outstanding									24,908,991	25,380,560	25,430,841
Basic earnings per share (in dollars per share)	$ 4.61	$ 4.10	$ 4.75	$ 3.99	$ 5.45	$ 3.55	$ 2.22	$ 1.69	$ 17.46	$ 12.89	$ 7.70
Diluted earnings per share (in dollars per share)	$ 4.53	$ 4.05	$ 4.71	$ 3.95	$ 5.34	$ 3.52	$ 2.21	$ 1.67	$ 17.25	$ 12.76	$ 7.02
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share									5,970	9,482	14,211
Convertible Debt
Convertible notes, conversion price												$ 21.52

Summary of Performance Based Restricted Stock Units (Details) - USD ($)		12 Months Ended
	Mar. 15, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Award [Line Items]
Shares reserved for future issuance		3,000,000
Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Exercise price		$ 0.00
Performance vesting period		3 years
Balance at Beginning of Period		229,820
Granted		46,027
Vested		(60,040)
Forfeited		0
Balance at End of Period		215,807	229,820
Share-based compensation expense		$ 9,000,000	$ 9,200,000	$ 4,800,000
Share-based compensation not yet recognized		$ 12,100,000
Share-based compensation not yet recognized, period for recognition		1 year 10 months 24 days
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Line Items]
Exercise price		$ 0.00
Balance at Beginning of Period		142,738	162,686	171,055
Granted		29,664	56,735	62,512
Vested		(47,213)	(73,360)	(55,230)
Forfeited		(7,315)	(3,323)	(15,651)
Balance at End of Period		117,874	142,738	162,686
Weighted average grant date fair value		$ 80.85	$ 62.54	$ 50.84	$ 39.04
Share-based compensation expense		$ 3,300,000	$ 3,500,000	$ 2,200,000
Share-based compensation not yet recognized		$ 4,300,000
Share-based compensation not yet recognized, period for recognition		1 year 8 months 12 days
2018 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	200.00%
Balance at Beginning of Period		60,040
Vested		(60,040)
Balance at End of Period		0	60,040
Weighted average grant date fair value		$ 64.60
2019 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period		81,242
Forfeited		0
Balance at End of Period		81,242	81,242
Weighted average grant date fair value		$ 56.49
2020 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period		88,538
Forfeited		0
Balance at End of Period		88,538	88,538
Weighted average grant date fair value		$ 59.81
2021 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period		0
Granted		46,027
Forfeited		0
Balance at End of Period		46,027	0
Weighted average grant date fair value		$ 141.00
2019 - 2021 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		200.00%
Minimum \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		0.00%
Minimum \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Line Items]
Performance vesting period		1 year
Maximum \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		200.00%
Maximum \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Line Items]
Performance vesting period		3 years

Summary of Non-Performance Based Restricted Stock Units (Details) - Restricted stock units (RSUs) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Award [Line Items]
Exercise price	$ 0.00
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period	142,738	162,686	171,055
Granted	29,664	56,735	62,512
Vested	(47,213)	(73,360)	(55,230)
Forfeited	(7,315)	(3,323)	(15,651)
Balance at End of Period	117,874	142,738	162,686
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the beginning of the period, weighted average grant date fair value	$ 62.54	$ 50.84	$ 39.04
Granted, weighted average grant date fair value	144.17	67.63	60.72
Vested, weighted average grant date fair value	65.99	40.77	26.47
Forfeited, weighted average grant date fair value	76.15	57.26	47.73
Shares outstanding at the end of the period, weighted average grant date fair value	$ 80.85	$ 62.54	$ 50.84
Senior Management and Other Officers
Share-based Compensation Arrangement by Award [Abstract]
Granted	11,511	22,141	20,847
Management
Share-based Compensation Arrangement by Award [Abstract]
Granted	8,094	15,585	16,159
Certain Employees And Executives
Share-based Compensation Arrangement by Award [Abstract]
Granted	10,059	19,009	25,506

Employee's Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
Proceeds from issuance of common stock under ESPP	$ 7,114	$ 4,259	$ 2,886
Common stock, shares authorized (in shares)	250,000,000	250,000,000
EmployeeStockPurchasePlan
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
ESPP discount on shares of common stock	15.00%
Issuance of shares (in shares)	55,068	60,918	47,731
Proceeds from issuance of common stock under ESPP	$ 7,100	$ 4,300	$ 2,900
Share-based compensation expense	$ 1,300	$ 800	$ 500
Common stock, shares authorized (in shares)	500,000
Remaining shares available for issuance	233,254

Fair Value Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 28, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	$ 805,236		$ 538,398
Twenty Twenty Nine Senior Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	300,000	$ 300,000	0
Senior notes, fair value	299,302		0
Twenty Twenty Six Senior Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	0		300,000
Senior notes, fair value	$ 0		$ 340,388

Related Party Transactions - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) lot	Apr. 30, 2021 USD ($) lot	Dec. 31, 2020 USD ($) lot	Aug. 31, 2019 USD ($) lot
Related Party Transaction [Line Items]
Total lots under option contract to purchase	36,978		26,236
FLORIDA \| Affiliated Entity
Related Party Transaction [Line Items]
Total lots under option contract to purchase	110
Total purchase price for lots under option contract \| $	$ 4.0
Purchased Lots Previously Under Purchase Options		52		58
Land under Purchase Options Purchase Price \| $		$ 1.9		$ 2.1
FLORIDA \| Maximum \| Affiliated Entity
Related Party Transaction [Line Items]
Annual price escalation rate	6.00%
Central \| Affiliated Entity
Related Party Transaction [Line Items]
Total lots under option contract to purchase	25
Total purchase price for lots under option contract \| $	$ 2.5
Central \| Affiliated Entity \| Purchase Two
Related Party Transaction [Line Items]
Total lots under option contract to purchase			55
Total purchase price for lots under option contract \| $			$ 4.7

Retirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Minimum service period for employees to be covered under profit sharing plan	90 days
Employees eligibility age for participating in profit sharing plan	21 years
Maximum percentage of employees' gross pay eligible	100.00%
Maximum employer annual contribution percentage per employee	100.00%
Maximum employer matching contribution percentage of eligible employee contribution	4.00%
Employer contribution amount	$ 4.6	$ 4.0	$ 2.9

Commitments and Contingencies - Land Deposits (Detail) $ in Thousands	Dec. 31, 2021 USD ($) lot	Dec. 31, 2020 USD ($) lot
Commitments and Contingencies Disclosure [Abstract]
Land deposits and option payments	$ 37,499	$ 34,097
Commitments under the land purchase contracts if the purchases are consummated	$ 921,345	$ 663,006
Lots under land purchase contracts \| lot	36,978	26,236
Refundable land deposits of purchase contracts of finished lots	$ 19,300	$ 24,000

Commitments and Contingencies - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Right-of-Use Asset	$ 5,100	$ 4,900
Operating Lease, Payments	$ 1,600	1,400
Operating Lease, Weighted Average Discount Rate, Percent	4.93%
Operating Lease, Weighted Average Remaining Lease Term	3 years 10 months 24 days
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 1,423
Lessee, Operating Lease, Liability, Payments, Due Year Two	1,263
Lessee, Operating Lease, Liability, Payments, Due Year Three	1,035
Lessee, Operating Lease, Liability, Payments, Due Year Four	753
Lessee, Operating Lease, Liability, Payments, Due Year Five	658
Thereafter	1,004
Total	6,136
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(803)
Lease liability	5,333	5,287
Rent expense	$ 1,700	$ 1,600	$ 1,300
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued expenses and other liabilities	Accrued expenses and other liabilities

Commitment and Contingencies - Bonding and Letters of Credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Letters of credit, performance and surety bonds, and other financial guarantees	$ 206.8	$ 143.8
Contributions to limited partnership	5.6	3.9
Variable Interest Entity, Not Primary Beneficiary [Member]
Other Commitments [Line Items]
Limited partnership, maximum commitment			$ 30.0
Limited partnership, term			8 years
Limited partnership, renewal term			2 years
Revolving Credit Facility
Other Commitments [Line Items]
Letters of credit outstanding	$ 9.1	$ 10.5

Segment Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment									7
Number of reporting segments \| Segment									5
Pre-acquisition costs and deposits	$ 40,702				$ 37,213				$ 40,702	$ 37,213
Home sales revenues	801,076	$ 751,608	$ 791,512	$ 705,953	897,398	$ 534,202	$ 481,602	$ 454,727	3,050,149	2,367,929	$ 1,838,154
Income before income taxes	143,384	$ 126,994	$ 149,121	$ 123,276	166,548	$ 77,815	$ 68,597	$ 54,889	542,775	367,849	231,832
Assets	2,351,865				1,826,087				2,351,865	1,826,087
Central
Segment Reporting Information [Line Items]
Home sales revenues									1,252,782	850,375	724,981
Income before income taxes									242,615	154,772	$ 117,350
Assets	857,174				708,087				$ 857,174	$ 708,087
Central \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Percentage of operations									41.10%	35.90%	39.40%
Southeast
Segment Reporting Information [Line Items]
Home sales revenues									$ 594,742	$ 559,226	$ 347,817
Income before income taxes									105,572	79,394	30,316
Assets	438,423				401,725				438,423	401,725
Northwest
Segment Reporting Information [Line Items]
Home sales revenues									510,497	389,523	304,294
Income before income taxes									115,002	71,256	46,863
Assets	349,752				252,098				349,752	252,098
West
Segment Reporting Information [Line Items]
Home sales revenues									351,219	286,130	271,186
Income before income taxes									50,809	35,847	28,504
Assets	384,548				228,186				384,548	228,186
Florida
Segment Reporting Information [Line Items]
Home sales revenues									340,910	282,675	189,876
Income before income taxes									49,927	32,550	16,012
Assets	221,763				157,169				221,763	157,169
Corporate Segment
Segment Reporting Information [Line Items]
Income before income taxes									(21,150)	(5,970)	$ (7,213)
Assets	$ 100,205				$ 78,822				$ 100,205	$ 78,822

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Home sales revenues	$ 801,076	$ 751,608	$ 791,512	$ 705,953	$ 897,398	$ 534,202	$ 481,602	$ 454,727	$ 3,050,149	$ 2,367,929	$ 1,838,154
Gross margin	211,717	202,289	214,079	189,949	243,329	135,231	117,973	106,564
Income before income taxes	143,384	126,994	149,121	123,276	166,548	77,815	68,597	54,889	542,775	367,849	231,832
Net income	$ 111,303	$ 100,550	$ 118,134	$ 99,658	$ 136,428	$ 89,004	$ 55,624	$ 42,839	$ 429,645	$ 323,895	$ 178,608
Basic earnings per share (in dollars per share)	$ 4.61	$ 4.10	$ 4.75	$ 3.99	$ 5.45	$ 3.55	$ 2.22	$ 1.69	$ 17.46	$ 12.89	$ 7.70
Diluted earnings per share (in dollars per share)	$ 4.53	$ 4.05	$ 4.71	$ 3.95	$ 5.34	$ 3.52	$ 2.21	$ 1.67	$ 17.25	$ 12.76	$ 7.02

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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