0001580670-22-000081 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-36126
Entity Registrant Name	LGI HOMES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3088013
Entity Address, Address Line One	1450 Lake Robbins Drive,
Entity Address, Address Line Two	Suite 430,
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	(281)
Local Phone Number	362-8998
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,290,286
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LGIH
Security Exchange Name	NASDAQ
Entity Central Index Key	0001580670
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 52,660	$ 50,514
Accounts receivable	37,450	57,909
Real estate inventory	2,871,900	2,085,904
Pre-acquisition costs and deposits	32,109	40,702
Property and equipment, net	26,051	16,944
Other assets	72,976	81,676
Deferred tax assets, net	7,636	6,198
Goodwill	12,018	12,018
Total assets	3,112,800	2,351,865
LIABILITIES AND EQUITY
Accounts payable	55,242	14,172
Accrued expenses and other liabilities	220,476	136,609
Notes payable	1,230,101	805,236
Total liabilities	1,505,819	956,017
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 27,229,758 shares issued and 23,290,286 shares outstanding as of September 30, 2022 and 26,963,915 shares issued and 23,917,359 shares outstanding as of December 31, 2021	272	269
Additional paid-in capital	305,357	291,577
Retained earnings	1,656,374	1,363,922
Treasury stock, at cost, 3,939,472 shares and 3,046,556 shares, respectively	(355,022)	(259,920)
Total equity	1,606,981	1,395,848
Total liabilities and equity	$ 3,112,800	$ 2,351,865

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Shares, Issued	27,229,758	26,963,915
Common Stock, Shares, Outstanding	23,290,286	23,917,359
Treasury Stock, Shares	3,939,472	3,046,556

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Home sales revenues	$ 547,074	$ 751,608	$ 1,816,193	$ 2,249,073
Cost of sales	391,275	549,319	1,270,628	1,642,756
Selling expenses	33,938	39,871	111,605	127,450
General and administrative	27,284	24,480	84,657	72,479
Operating income	94,577	137,938	349,303	406,388
Loss on extinguishment of debt	0	13,314	0	13,976
Other income, net	(14,124)	(2,370)	(21,960)	(6,979)
Net income before income taxes	108,701	126,994	371,263	399,391
Income tax provision	18,311	26,444	78,811	81,049
Net income	$ 90,390	$ 100,550	$ 292,452	$ 318,342
Earnings per share:
Basic (in dollars per share)	$ 3.88	$ 4.10	$ 12.42	$ 12.85
Diluted (in dollars per share)	$ 3.85	$ 4.05	$ 12.29	$ 12.72
Weighted average shares outstanding:
Basic (in shares)	23,272,811	24,508,134	23,552,211	24,766,260
Diluted (in shares)	23,488,325	24,824,320	23,805,086	25,030,161

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock
Beginning Balance (in shares) at Dec. 31, 2020		26,741,554
Beginning Balance at Dec. 31, 2020	$ 1,139,005	$ 267	$ 270,598	$ 934,277	$ (66,137)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	99,658			99,658
Restricted stock units granted for accrued annual bonuses	272		272
Stock Repurchased During Period, Value	(25,827)				(25,827)
Compensation expense for equity awards	3,422		3,422
Stock issued under employee incentive plans (in shares)		167,089
Stock issued under employee incentive plans	2,108	$ 2	2,106
Ending Balance (in shares) at Mar. 31, 2021		26,908,643
Ending Balance at Mar. 31, 2021	1,218,638	$ 269	276,398	1,033,935	(91,964)
Beginning Balance (in shares) at Dec. 31, 2020		26,741,554
Beginning Balance at Dec. 31, 2020	1,139,005	$ 267	270,598	934,277	(66,137)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	318,342
Stock Repurchased During Period, Value					(137,700)
Ending Balance (in shares) at Sep. 30, 2021		26,941,222
Ending Balance at Sep. 30, 2021	1,335,774	$ 269	286,709	1,252,619	(203,823)
Beginning Balance (in shares) at Mar. 31, 2021		26,908,643
Beginning Balance at Mar. 31, 2021	1,218,638	$ 269	276,398	1,033,935	(91,964)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	118,134			118,134
Stock Repurchased During Period, Value	(55,776)				(55,776)
Compensation expense for equity awards	3,395		3,395
Stock issued under employee incentive plans (in shares)		18,050
Stock issued under employee incentive plans	2,015		2,015
Ending Balance (in shares) at Jun. 30, 2021		26,926,693
Ending Balance at Jun. 30, 2021	1,286,406	$ 269	281,808	1,152,069	(147,740)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	100,550			100,550
Stock Repurchased During Period, Value	(56,083)				(56,083)
Compensation expense for equity awards	3,352		3,352
Stock issued under employee incentive plans (in shares)		14,529
Stock issued under employee incentive plans	1,549	$ 0	1,549
Ending Balance (in shares) at Sep. 30, 2021		26,941,222
Ending Balance at Sep. 30, 2021	1,335,774	$ 269	286,709	1,252,619	(203,823)
Beginning Balance (in shares) at Dec. 31, 2021		26,963,915
Beginning Balance at Dec. 31, 2021	1,395,848	$ 269	291,577	1,363,922	(259,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	78,686			78,686
Restricted stock units granted for accrued annual bonuses	294		294
Stock Repurchased During Period, Value	(57,659)				(57,659)
Compensation expense for equity awards	3,570		3,570
Stock issued under employee incentive plans (in shares)		223,980
Stock issued under employee incentive plans	2,012	$ 2	2,010
Ending Balance (in shares) at Mar. 31, 2022		27,187,895
Ending Balance at Mar. 31, 2022	1,422,751	$ 271	297,451	1,442,608	(317,579)
Beginning Balance (in shares) at Dec. 31, 2021		26,963,915
Beginning Balance at Dec. 31, 2021	1,395,848	$ 269	291,577	1,363,922	(259,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	292,452
Stock Repurchased During Period, Value					(95,100)
Ending Balance (in shares) at Sep. 30, 2022		27,229,758
Ending Balance at Sep. 30, 2022	1,606,981	$ 272	305,357	1,656,374	(355,022)
Beginning Balance (in shares) at Mar. 31, 2022		27,187,895
Beginning Balance at Mar. 31, 2022	1,422,751	$ 271	297,451	1,442,608	(317,579)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	123,376			123,376
Stock Repurchased During Period, Value	(37,443)				(37,443)
Compensation expense for equity awards	3,545		3,545
Stock issued under employee incentive plans (in shares)		24,213
Stock issued under employee incentive plans	1,692		1,692
Ending Balance (in shares) at Jun. 30, 2022		27,212,108
Ending Balance at Jun. 30, 2022	1,513,921	$ 271	302,688	1,565,984	(355,022)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	90,390
Compensation expense for equity awards	1,516		1,516
Stock issued under employee incentive plans (in shares)		17,650
Stock issued under employee incentive plans	1,154	$ 1	1,153
Ending Balance (in shares) at Sep. 30, 2022		27,229,758
Ending Balance at Sep. 30, 2022	$ 1,606,981	$ 272	$ 305,357	$ 1,656,374	$ (355,022)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 292,452	$ 318,342
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in income of unconsolidated entities	(3,990)	0
Distributions of earnings from unconsolidated entities	3,202	0
Depreciation and amortization	1,134	832
Loss on extinguishment of debt	0	13,976
Gain on sale of interest rate cap	(7,055)	0
Gain on disposal of assets	(2,206)	(880)
Compensation expense for equity awards	8,631	10,169
Deferred income taxes	(1,439)	(627)
Changes in assets and liabilities:
Accounts receivable	20,459	66,768
Real estate inventory	(791,682)	(286,619)
Pre-acquisition costs and deposits	8,592	(6,328)
Other assets	27,456	(10,702)
Accounts payable	41,070	20,556
Accrued expenses and other liabilities	43,824	(24,400)
Net cash provided by (used in) operating activities	(359,552)	101,087
Cash flows from investing activities:
Purchases of property and equipment	(1,057)	(1,641)
Investment in unconsolidated entities	(1,284)	(3,984)
Return of capital from unconsolidated entities	235	2,660
Payment for business acquisition	0	(66,864)
Net cash used in investing activities	(2,106)	(69,829)
Cash flows from financing activities:
Proceeds from notes payable	534,876	1,076,419
Payments on notes payable	(110,000)	(944,000)
Proceeds from financing arrangements	35,858		$ 0
Payments on financing arrangements	(4,119)		0
Redemption premium	0	(10,314)
Loan issuance costs	(2,567)	(10,572)
Proceeds from sale of stock, net of offering expenses	4,858	5,670
Stock repurchase	(95,102)	(137,686)
Net cash provided by (used in) financing activities	363,804	(20,483)
Net increase in cash and cash equivalents	2,146	10,775
Cash and cash equivalents, beginning of period	50,514	35,942	35,942
Cash and cash equivalents, end of period	$ 52,660	$ 46,717	$ 50,514

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation Disclosures	ORGANIZATION AND BASIS OF PRESENTATION Organization and Description of the Business LGI Homes, Inc., a Delaware corporation (the “Company”, “we,” “us,” or “our”), is engaged in the development of communities and the design, construction and sale of new homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia, Pennsylvania and Maryland. Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The accompanying unaudited consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. The accompanying unaudited financial statements as of September 30, 2022, and for the three and nine months ended September 30, 2022 and 2021, include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements. Recent Accounting Pronouncements Effective April 28, 2022, we adopted the Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued because of reference rate reform. Effective April 28, 2022, we adopted FASB ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. The adoption of both ASU 2020-04 and ASU 2021-01 replaced LIBOR as the benchmark interest rate with the Secured Overnight Financing Rate (“SOFR”) and did not have a material effect on our consolidated financial statements or related disclosures.

Real Estate Inventory

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Real Estate Inventory Disclosures

REAL ESTATE INVENTORY

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


	September 30,		December 31,
	2022		2021
Land, land under development and finished lots	$	1,882,335	$	1,499,761
Information centers	33,417		28,665
Homes in progress	542,741		449,742
Completed homes	377,549		107,736
Total owned inventory	2,836,042		2,085,904
Real estate not owned	35,858		—
Total real estate inventory	$	2,871,900	$	2,085,904

Inventory is stated at cost unless the carrying amount is determined not to be recoverable, in which case the affected inventory is written down to fair value.

Land, development and other project costs, including interest and property taxes incurred during development and home construction, net of expected reimbursable development costs, are capitalized to real estate inventory. Land development and other common costs that benefit the entire community, including field construction supervision and related direct overhead, are allocated to individual lots or homes, as appropriate. The costs of lots are transferred to homes in progress when home construction begins. Home construction costs and related carrying charges are allocated to the cost of individual homes using the specific identification method. Costs that are not specifically identifiable to a home are allocated on a pro rata basis, which we believe approximates the costs that would be determined using an allocation method based on relative sales values since the individual lots or homes within a community are similar in value. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining unsold lots and homes in the community on a pro rata basis. Inventory costs for completed homes are expensed to cost of sales as homes are closed.

The life cycle of a community generally ranges from two 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.

Interest and financing costs incurred under our debt obligations, as more fully discussed in Note 4, are capitalized to qualifying real estate projects under development and homes under construction.

During the three months ended September 30, 2022, we have entered into several land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources. In consideration for this repurchase option, we paid a non-refundable commitment fee. Based on our right to control the ultimate economic outcome of these finished lots, these assets will continue to be held within our inventory and a corresponding obligation was established within our accrued liabilities as more fully discussed in Note 3 to recognize this relationship. While we are not legally obligated to purchase the balance of the lots, we will be subject to certain performance obligations, financial and other penalties if the lots are not purchased. We do not have any ownership interest or title to the assets of the land banker and do not guarantee their liabilities.

Accrued Expenses and Other Liabilities

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities Disclosures

ACCRUED EXPENSES AND OTHER LIABILITIES

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


	September 30,		December 31,
	2022		2021
Real estate inventory development and construction payable	$	68,881	$	48,656
Land banking financing arrangements	35,858		—
Accrued compensation, bonuses and benefits	11,792		24,914
Taxes payable	35,490		11,604
Contract deposits	12,012		12,182
Inventory related obligations	13,283		8,803
Warranty reserve	10,050		7,850
Accrued interest	6,924		7,431
Lease liability	5,402		5,333
Other	20,784		9,836
Total accrued expenses and other liabilities	$	220,476	$	136,609

Land Banking Financing Arrangements

We have entered into several land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns. Principal payments on these financing arrangements will generally coincide with the repurchase of lot takedowns from the land banker. We expect to complete the repurchase of all lots via takedowns associated with these transactions over the course of approximately two years.

Inventory Related Obligations

We own lots in certain communities in Arizona, Florida and Texas that have Community Development Districts or similar utility and infrastructure development special assessment programs that allocate a fixed amount of debt service associated with development activities to each lot. This obligation for infrastructure development is attached to the land, which is typically payable over a 30-year period and is ultimately assumed by the homebuyer when home sales are closed. The obligations assumed by the homebuyer represent a non-cash cost of the lots.

Estimated Warranty Reserve

We typically provide homebuyers with a one-year warranty on the house and a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Warranty reserves, beginning of period	$	9,350	$	6,550	$	7,850	$	5,350
Warranty provision	2,985		2,424		8,092		8,409
Warranty expenditures	(2,285)		(1,824)		(5,892)		(6,609)
Warranty reserves, end of period	$	10,050	$	7,150	$	10,050	$	7,150

Notes Payable

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Notes Payable Disclosures

NOTES PAYABLE

Revolving Credit Agreement

On April 29, 2022, we entered into that certain Lender Addition and Acknowledgement Agreement and Second Amendment to Fifth Amended and Restated Credit Agreement with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent (the “Second Amendment” and, as so amended, “the Credit Agreement”), which amended that certain Fifth Amended and Restated Credit Agreement, dated as of April 28, 2021, with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent (the “2021 Credit Agreement”). The Second Amendment, among other things, (a) increased the commitments under the 2021 Credit Agreement by an additional $250.0 million, bringing the total commitments under the Credit Agreement to $1.1 billion, and (b) replaced LIBOR as the benchmark interest rate with SOFR.

Borrowings under the Credit Agreement bear interest, payable monthly in arrears, at the Company’s option, at either (1) term SOFR (based on 1, 3 or 6 month interest periods, as selected by the Company) plus a 10, 15 or 25 basis point adjustment, respectively, which rate is subject to a 50 basis point floor, plus an applicable margin (ranging from 145 basis points to 210 basis points (the “Applicable Margin”)) based on the Company’s leverage ratio as determined in accordance with a pricing grid, and (2) term SOFR based on a 1 month interest period plus a 10 basis point adjustment, subject to a 50 basis point floor, plus the Applicable Margin.

The Credit Agreement matures on April 28, 2025. Before each anniversary of the Credit Agreement, we may request a one-year extension of its maturity date. The Credit Agreement is guaranteed by, among others, each of our subsidiaries that have gross assets of at least $0.5 million.

The borrowings and letters of credit outstanding under the Credit Agreement, together with the outstanding principal balance of our 4.000% Senior Notes due 2029 (the “2029 Senior Notes”), may not exceed the borrowing base under the Credit Agreement. The borrowing base primarily consists of a percentage of commercial land, land held for development, lots under development and finished lots held by the Company and its subsidiaries that guarantee the obligations under the Credit Agreement. As of September 30, 2022, the borrowing base under the Credit Agreement was $1.4 billion, of which borrowings, including the 2029 Senior Notes, of $1.2 billion were outstanding, $29.8 million of letters of credit were outstanding and $127.3 million was available to borrow under the Credit Agreement.

Interest is paid monthly on borrowings under the Credit Agreement at SOFR plus 1.85%. The Credit Agreement applicable margin for SOFR loans ranges from 1.45% to 2.10% based on our leverage ratio. At September 30, 2022, SOFR was 3.03%, subject to the 0.50% SOFR floor as included in the Credit Agreement.

The Credit Agreement contains various financial covenants, including a minimum tangible net worth, a leverage ratio, a minimum liquidity amount and an EBITDA to interest expense ratio. The Credit Agreement contains various covenants that, among other restrictions, limit the amount of our additional debt and our ability to make certain investments. At September 30, 2022, we were in compliance with all of the covenants contained in the Credit Agreement.

Senior Notes Offering

On June 28, 2021, we issued $300.0 million aggregate principal amount of the 2029 Senior Notes in an offering to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. Interest on the 2029 Senior Notes accrues at a rate of 4.000% per annum, payable semi-annually in arrears on January 15 and July 15 of each year. The 2029 Senior Notes mature on July 15, 2029. The terms of the 2029 Senior Notes are governed by an Indenture, dated as of July 6, 2018, and Third Supplemental Indenture thereto, dated as of June 28, 2021, as may be supplemented from time to time, among us, our subsidiaries that guarantee our obligations under the Credit Agreement and Wilmington Trust, National Association, as trustee.

Notes payable consist of the following (in thousands):


	September 30, 2022		December 31, 2021
Notes payable under the Credit Agreement ($1.1 billion revolving credit facility at September 30, 2022) maturing on April 28, 2025; interest paid monthly at SOFR plus 1.85%.	$	942,316	$	517,439
4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%.	300,000		300,000
Net debt issuance costs	(12,215)		(12,203)
Total notes payable	$	1,230,101	$	805,236

Capitalized Interest

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Interest incurred	$	14,583	$	6,091	$	31,048	$	21,863
Less: Amounts capitalized	(14,583)		(6,091)		(31,048)		(21,863)
Interest expense	$	—	$	—	$	—	$	—

Cash paid for interest	$	14,874	$	11,772	$	29,080	$	26,264

Included in interest incurred was amortization of deferred financing costs and discounts for notes payable of $0.9 million and $0.8 million for the three months ended September 30, 2022 and 2021, respectively, and $2.5 million and $2.2 million for the nine months ended September 30, 2022 and 2021, respectively.

- 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.

+ References

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax Disclosures	INCOME TAXES We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. The statute of limitations with regards to our federal income tax filings is three years. The statute of limitations for our state tax jurisdictions is three to four years depending on the jurisdiction. In the normal course of business, we are subject to tax audits in various jurisdictions, and such jurisdictions may assess additional income taxes. We do not expect the outcome of any audit to have a material effect on our consolidated financial statements; however, audit outcomes and the timing of audit adjustments are subject to significant uncertainty. For the three months ended September 30, 2022, our effective tax rate of 16.8% is lower than the Federal statutory rate primarily as a result of the retroactive extension of the 45L tax credit and the deductions in excess of compensation cost for share-based payments, offset by an increase in the rate for the compensation limitation under Section 162(m) of the Internal Revenue Code, as amended, and for state income taxes, net of the federal benefit. For the nine months ended September 30, 2022, our effective rate of 21.2% is slightly higher than the Federal statutory rate primarily as a result of an increase in the rate for the state income taxes, net of the federal benefit, and the compensation limitation under Section 162(m) of the Internal Revenue Code, as amended, offset by the retroactive extension of the 45L tax credit and the deductions in excess of compensation cost for share-based payments. Income taxes paid were $3.8 million and $36.0 million for the three months ended September 30, 2022 and 2021, respectively. Income taxes paid were $56.2 million and $99.7 million for the nine months ended September 30, 2022 and 2021, respectively.

- 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	9 Months Ended
Equity	Sep. 30, 2022
Equity [Abstract]
Equity Disclosures	EQUITY Stock Repurchase Program In February 2022, our Board of Directors (the “Board”) approved a $200.0 million increase to our previously authorized stock repurchase program, pursuant to which we may purchase up to $550.0 million of shares of our common stock through open market transactions, privately negotiated transactions or otherwise in accordance with applicable laws. During the three months ended September 30, 2022, we did not repurchase any shares of our common stock. During the nine months ended September 30, 2022, we repurchased 892,916 shares of our common stock for $95.1 million to be held as treasury stock. During the three months ended September 30, 2021, we repurchased 358,817 shares of our common stock for $56.1 million to be held as treasury stock. During the nine months ended September 30, 2021, we repurchased 910,038 shares of our common stock for $137.7 million to be held as treasury stock. A total of 2,939,472 shares of our common stock has been repurchased since our stock repurchase program commenced. As of September 30, 2022, we may purchase up to $211.5 million of shares of our common stock under our stock repurchase program. 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.

- 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

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share Disclosures

EARNINGS PER SHAREThe following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator (in thousands):
Net income (Numerator for basic and dilutive earnings per share)	$	90,390	$	100,550	$	292,452	$	318,342
Denominator:
Basic weighted average shares outstanding	23,272,811		24,508,134		23,552,211		24,766,260
Effect of dilutive securities:
Stock-based compensation units	215,514		316,186		252,875		263,901
Diluted weighted average shares outstanding	23,488,325		24,824,320		23,805,086		25,030,161

Basic earnings per share	$	3.88	$	4.10	$	12.42	$	12.85
Diluted earnings per share	$	3.85	$	4.05	$	12.29	$	12.72
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	2,396		553		10,797		3,629

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Disclosures

STOCK-BASED COMPENSATION

Non-performance Based Restricted Stock Units

The following table summarizes the activity of our time-vested restricted stock units (“RSUs”):


	Nine Months Ended September 30,
	2022			2021
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Beginning balance	113,782	$	101.42	142,738	$	62.54
Granted	1,664	$	84.39	25,124	$	141.96
Vested	(1,006)	$	79.84	(35,503)	$	63.23
Forfeited	(1,353)	$	92.64	(6,205)	$	73.62
Ending balance	113,087	$	101.47	126,154	$	77.61

We recognized $0.9 million and $0.8 million of stock-based compensation expense related to outstanding RSUs for the three months ended September 30, 2022 and 2021, respectively. We recognized $2.8 million and $2.5 million of stock-based compensation expense related to outstanding RSUs for the nine months ended September 30, 2022 and 2021, respectively. Generally, the RSUs cliff vest on the third anniversary of the grant date and can only be settled in shares of our common stock. At September 30, 2022, we had unrecognized compensation cost of $5.4 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.9 years.

Performance-Based Restricted Stock Units

The Compensation Committee of the Board has granted awards of performance-based RSUs (“PSUs”) under the Amended and Restated LGI Homes, Inc. 2013 Equity Incentive Plan to certain members of senior management based on three-year performance cycles. The PSUs provide for shares of our common stock to be issued based on the attainment of certain performance metrics over the applicable three-year periods. The number of shares of our common stock that may be issued to the recipients for the PSUs range from 0% to 200% of the target amount depending on actual results as compared to the target performance metrics. The terms of the PSUs provide that the payouts will be capped at 100% of the target number of PSUs granted if absolute total stockholder return is negative during the performance period, regardless of EPS performance; this market condition applies for amounts recorded above target. The compensation expense associated with the PSU grants is determined using the derived grant date fair value, based on a third-party valuation analysis, and expensed over the applicable period. The PSUs vest upon the determination date for the actual results at the end of the three-year period and require that the recipients continue to be employed by us through the determination date. The PSUs can only be settled in shares of our common stock.

The following table summarizes the activity of our PSUs for the nine months ended September 30, 2022:


Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2021	Target PSUs Granted	Target PSUs Forfeited	Target PSUs Vested	Target PSUs Outstanding at September 30, 2022	Weighted Average Grant Date Fair Value
2019	2019 - 2021	81,242	—	(767)	(80,475)	—	$	56.49
2020	2020 - 2022	88,538	—	(1,494)	—	87,044	$	59.81
2021	2021 - 2023	46,027	—	—	—	46,027	$	141.00
2022	2022 - 2024	—	66,909	—	—	66,909	$	118.80
Total		215,807	66,909	(2,261)	(80,475)	199,980

At September 30, 2022, management estimates that the recipients will receive approximately 50%, 153% and 200% of the 2022, 2021 and 2020 target number of PSUs, respectively, at the end of the applicable three-year performance cycle based on projected performance compared to the target performance metrics. We recognized $0.4 million and $2.3 million of total stock-based compensation expense related to outstanding PSUs for the three months ended September 30, 2022 and 2021, respectively. We recognized $4.9 million and $6.7 million of total stock-based compensation expense related to outstanding PSUs for the nine months ended September 30, 2022 and 2021, respectively. The 2019 - 2021 performance period PSUs vested and issued on March 15, 2022 at 200% of the target number. At September 30, 2022, we had unrecognized compensation cost

of $9.0 million, based on the probable amount, related to unvested PSUs, which is expected to be recognized over a weighted average period of 1.7 years.

Fair Value Disclosures

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE DISCLOSURES

Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements (“ASC 820”), defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability.

ASC 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows:

Level 1 - Fair value is based on quoted prices in active markets for identical assets or liabilities.

Level 2 - Fair value is determined using significant observable inputs, generally either quoted prices in active markets for

similar assets or liabilities, or quoted prices in markets that are not active.

Level 3 - Fair value is determined using one or more significant inputs that are unobservable in active markets at the

measurement date, such as a pricing model, discounted cash flow or similar technique.

We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets. The fair value of financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and certain accrued liabilities approximate their carrying amounts due to the short-term nature of these instruments. As of September 30, 2022, 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, the future contractual cash flows are discounted at our estimate of current market rates of interest, which were determined based upon the average interest rates of similar senior notes within the homebuilding industry (Level 2 measurement).

The following table below shows the level and measurement of liabilities at September 30, 2022 and December 31, 2021 (in thousands):


		September 30, 2022				December 31, 2021
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
2029 Senior Notes (1)	Level 2	$	300,000	$	226,420	$	300,000	$	299,302

(1)See Note 4 for more details regarding the offering of the 2029 Senior Notes.

- 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	9 Months Ended
Related Party Transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions Disclosures	RELATED PARTY TRANSACTIONS Land Purchases from Affiliates We did not enter into or complete any land purchase contracts with affiliates during the nine months ended September 30, 2022. During the nine months ended September 30, 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. Also during the nine months ended September 30, 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.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosures

COMMITMENTS AND CONTINGENCIES

Contingencies

In the ordinary course of doing business, we are subject to claims or proceedings from time to time relating to the purchase, development and sale of real estate and homes and other aspects of our homebuilding operations. Management believes that these claims include usual obligations incurred by real estate developers and residential home builders in the

normal course of business. In the opinion of management, these matters will not have a material effect on our consolidated financial position, results of operations or cash flows.

We have provided unsecured environmental indemnities to certain lenders and other counterparties. In each case, we have performed due diligence on the potential environmental risks including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate us to reimburse the guaranteed parties for damages related to environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, we may have recourse against other previous owners. In the ordinary course of doing business, we are subject to regulatory proceedings from time to time related to environmental and other matters. In the opinion of management, these matters will not have a material effect on our consolidated financial position, results of operations or cash flows.

Land Deposits

We have land purchase contracts, generally through cash deposits, for the right to purchase land or lots at a future point in time with predetermined terms. We do not have title to the property, and obligations with respect to the land purchase contracts are generally limited to the forfeiture of the related nonrefundable cash deposits. The following is a summary of our land purchase deposits included in pre-acquisition costs and deposits (in thousands, except for lot count):


	September 30, 2022		December 31, 2021
Land deposits and option payments (1)	$	32,266	$	37,499
Commitments under the land purchase contracts if the purchases are consummated (1)	$	433,934	$	921,345
Lots under land purchase contracts (1)	15,826		36,978

(1)Includes land banking financing arrangements, see Notes 2 and 3 for more details regarding real estate not owned.

As of September 30, 2022 and December 31, 2021, approximately $16.6 million and $19.3 million, respectively, of the land deposits are related to purchase contracts to deliver finished lots that are refundable under certain circumstances, such as feasibility or specific performance, and secured by mortgages or letters of credit or guaranteed by the seller or its affiliates.

Lease Obligations

We recognize lease obligations and associated right-of-use (“ROU”) assets for our existing non-cancelable leases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We have non-cancelable operating leases primarily associated with our corporate and regional office facilities. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectations regarding the terms. Variable lease costs such as common area costs and property taxes are expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets, as included in other assets on the consolidated balance sheets, were $5.0 million and $5.1 million at September 30, 2022 and December 31, 2021, respectively. Lease obligations, as included in accrued expenses and other liabilities on the consolidated balance sheets, were $5.4 million and $5.3 million at September 30, 2022 and December 31, 2021, respectively.

Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, was $0.5 million for each of the three months ended September 30, 2022 and 2021. Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, was $1.6 million and $1.3 million for the nine months ended September 30, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating leases during the nine months ended September 30, 2022 and 2021 was $1.3 million and $1.2 million, respectively. As of September 30, 2022, the weighted-average discount rate was 5.3% and our weighted-average remaining life was 3.0 years. We do not have any significant lease contracts that have not yet commenced at September 30, 2022.

The table below shows the future minimum payments under non-cancelable operating leases at September 30, 2022 (in thousands):


Year Ending December 31,	Operating leases
2022	383
2023	1,438
2024	1,171
2025	936
2026	799
Thereafter	1,055
Total	5,782
Lease amount representing interest	(380)
Present value of lease liabilities	$	5,402

Bonding and Letters of Credit

We have outstanding letters of credit and performance and surety bonds totaling $338.7 million (including $29.8 million of letters of credit issued under the Credit Agreement) and $206.8 million at September 30, 2022 and December 31, 2021, respectively, related to our obligations for site improvements at various projects. Management does not believe that draws upon the letters of credit, surety bonds or financial guarantees if any, will have a material effect on our consolidated financial position, results of operations or cash flows.

Investment in Unconsolidated Entities

In 2019, we entered as a limited partner into 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, in 2021, we entered into a joint venture with a mortgage lender. As of September 30, 2022 and December 31, 2021, we have a total of $6.9 million and $5.6 million, respectively, within other assets on the balance sheet relating to our investment in this real estate investment fund and the mortgage joint venture. Contributions into the unconsolidated entities are for the use of investing in certain real estate transactions and residential mortgage services, respectively. Income associated with our investment in unconsolidated entities during the three and nine months ended September 30, 2022, was $2.2 million and $4.0 million, respectively. We did not have any income recognized for our investment in unconsolidated entities during each of the three and nine months ended September 30, 2021.

Revenues

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues Disclosure

REVENUES

Home Sales Revenues

We generate revenues primarily by delivering move-in ready entry-level and move-up spec homes sold under our LGI Homes brand and our luxury series spec homes sold under our Terrata Homes brand.

The following table presents our home sales revenues disaggregated by revenue stream (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Retail home sales revenues	$	419,213	$	650,041	$	1,599,570	$	1,990,439
Wholesale home sales revenues	127,861		101,567		216,623		258,634
Total home sales revenues	$	547,074	$	751,608	$	1,816,193	$	2,249,073

Our home sales revenues are disaggregated by geography, based on our determined reportable segments. See Note 13 for tabular presentation of this information.

- 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
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information Disclosures

SEGMENT INFORMATIONWe 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 September 30, 2022: our Central, Southeast, Northwest, West, and Florida divisions. These segments reflect the way the Company evaluates its business performance and manages its operations.

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-makers (“CODMs”) in deciding how to allocate resources and in assessing performance. The CODMs primarily evaluate performance based on the number of homes closed, gross margin and average sales price per home closed.

In determining the most appropriate reportable segments, we consider operating segments’ economic and other characteristics, including home floor plans, average selling prices, gross margin percentage, geographical proximity, production construction processes, suppliers, subcontractors, regulatory environments, customer type and underlying demand and supply. Each operating segment follows the same accounting policies and is managed by our management team. We have no inter-segment sales, as all sales are to external customers. Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues:
Central	$	228,448	$	287,878	$	807,400	$	924,591
Southeast	138,478		146,166		328,510		442,431
Northwest	46,774		148,515		220,440		372,903
West	65,064		90,592		244,603		252,553
Florida	68,310		78,457		215,240		256,595
Total home sales revenues	$	547,074	$	751,608	$	1,816,193	$	2,249,073

Net income (loss) before income taxes:
Central	$	46,413	$	55,793	$	189,004	$	180,467
Southeast	31,593		27,142		70,358		77,644
Northwest	6,379		34,124		49,693		83,773
West	8,342		13,279		27,282		38,598
Florida	9,770		11,937		30,914		37,518
Corporate (1)	6,204		(15,281)		4,012		(18,609)
Total net income before income taxes	$	108,701	$	126,994	$	371,263	$	399,391

(1)The Corporate balance consists of general and administration unallocated costs for various shared service functions and non-strategic other income, as well as our warranty reserve. Actual warranty expenses are reflected within the reportable segments. Additionally, for the three and nine months ended September 30, 2022, the balance includes the $7.1 million gain on the sale of the three-year interest rate cap of LIBOR prior to its expiration.


	September 30, 2022		December 31, 2021
Assets:
Central	$	1,032,017	$	857,174
Southeast	632,586		438,423
Northwest	469,193		349,752
West	573,867		384,548
Florida	304,724		221,763
Corporate (1)	100,413		100,205
Total assets	$	3,112,800	$	2,351,865

(1)The Corporate balance consists primarily of cash, investments in unconsolidated entities and tax receivables.

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The accompanying unaudited consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Effective April 28, 2022, we adopted the Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued because of reference rate reform. Effective April 28, 2022, we adopted FASB ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. The adoption of both ASU 2020-04 and ASU 2021-01 replaced LIBOR as the benchmark interest rate with the Secured Overnight Financing Rate (“SOFR”) and did not have a material effect on our consolidated financial statements or related disclosures.

Real Estate Inventory (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory

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


	September 30,		December 31,
	2022		2021
Land, land under development and finished lots	$	1,882,335	$	1,499,761
Information centers	33,417		28,665
Homes in progress	542,741		449,742
Completed homes	377,549		107,736
Total owned inventory	2,836,042		2,085,904
Real estate not owned	35,858		—
Total real estate inventory	$	2,871,900	$	2,085,904

Accrued Expenses and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

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


	September 30,		December 31,
	2022		2021
Real estate inventory development and construction payable	$	68,881	$	48,656
Land banking financing arrangements	35,858		—
Accrued compensation, bonuses and benefits	11,792		24,914
Taxes payable	35,490		11,604
Contract deposits	12,012		12,182
Inventory related obligations	13,283		8,803
Warranty reserve	10,050		7,850
Accrued interest	6,924		7,431
Lease liability	5,402		5,333
Other	20,784		9,836
Total accrued expenses and other liabilities	$	220,476	$	136,609

Changes in Company's Warranty Accrual

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Warranty reserves, beginning of period	$	9,350	$	6,550	$	7,850	$	5,350
Warranty provision	2,985		2,424		8,092		8,409
Warranty expenditures	(2,285)		(1,824)		(5,892)		(6,609)
Warranty reserves, end of period	$	10,050	$	7,150	$	10,050	$	7,150

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consist of the following (in thousands):


	September 30, 2022		December 31, 2021
Notes payable under the Credit Agreement ($1.1 billion revolving credit facility at September 30, 2022) maturing on April 28, 2025; interest paid monthly at SOFR plus 1.85%.	$	942,316	$	517,439
4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%.	300,000		300,000
Net debt issuance costs	(12,215)		(12,203)
Total notes payable	$	1,230,101	$	805,236

Schedule of Interest Activity for Notes Payable

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Interest incurred	$	14,583	$	6,091	$	31,048	$	21,863
Less: Amounts capitalized	(14,583)		(6,091)		(31,048)		(21,863)
Interest expense	$	—	$	—	$	—	$	—

Cash paid for interest	$	14,874	$	11,772	$	29,080	$	26,264

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator (in thousands):
Net income (Numerator for basic and dilutive earnings per share)	$	90,390	$	100,550	$	292,452	$	318,342
Denominator:
Basic weighted average shares outstanding	23,272,811		24,508,134		23,552,211		24,766,260
Effect of dilutive securities:
Stock-based compensation units	215,514		316,186		252,875		263,901
Diluted weighted average shares outstanding	23,488,325		24,824,320		23,805,086		25,030,161

Basic earnings per share	$	3.88	$	4.10	$	12.42	$	12.85
Diluted earnings per share	$	3.85	$	4.05	$	12.29	$	12.72
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	2,396		553		10,797		3,629

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit Activity

The following table summarizes the activity of our time-vested restricted stock units (“RSUs”):


	Nine Months Ended September 30,
	2022			2021
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Beginning balance	113,782	$	101.42	142,738	$	62.54
Granted	1,664	$	84.39	25,124	$	141.96
Vested	(1,006)	$	79.84	(35,503)	$	63.23
Forfeited	(1,353)	$	92.64	(6,205)	$	73.62
Ending balance	113,087	$	101.47	126,154	$	77.61

Schedule of Performance Based Stock Activity

The following table summarizes the activity of our PSUs for the nine months ended September 30, 2022:


Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2021	Target PSUs Granted	Target PSUs Forfeited	Target PSUs Vested	Target PSUs Outstanding at September 30, 2022	Weighted Average Grant Date Fair Value
2019	2019 - 2021	81,242	—	(767)	(80,475)	—	$	56.49
2020	2020 - 2022	88,538	—	(1,494)	—	87,044	$	59.81
2021	2021 - 2023	46,027	—	—	—	46,027	$	141.00
2022	2022 - 2024	—	66,909	—	—	66,909	$	118.80
Total		215,807	66,909	(2,261)	(80,475)	199,980

Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table below shows the level and measurement of liabilities at September 30, 2022 and December 31, 2021 (in thousands):


		September 30, 2022				December 31, 2021
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
2029 Senior Notes (1)	Level 2	$	300,000	$	226,420	$	300,000	$	299,302

(1)See Note 4 for more details regarding the offering of the 2029 Senior Notes.

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

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):


	September 30, 2022		December 31, 2021
Land deposits and option payments (1)	$	32,266	$	37,499
Commitments under the land purchase contracts if the purchases are consummated (1)	$	433,934	$	921,345
Lots under land purchase contracts (1)	15,826		36,978

(1)Includes land banking financing arrangements, see Notes 2 and 3 for more details regarding real estate not owned.

Lessee, Operating Lease, Liability, Maturity

The table below shows the future minimum payments under non-cancelable operating leases at September 30, 2022 (in thousands):


Year Ending December 31,	Operating leases
2022	383
2023	1,438
2024	1,171
2025	936
2026	799
Thereafter	1,055
Total	5,782
Lease amount representing interest	(380)
Present value of lease liabilities	$	5,402

Revenues (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Products

The following table presents our home sales revenues disaggregated by revenue stream (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Retail home sales revenues	$	419,213	$	650,041	$	1,599,570	$	1,990,439
Wholesale home sales revenues	127,861		101,567		216,623		258,634
Total home sales revenues	$	547,074	$	751,608	$	1,816,193	$	2,249,073

Segment (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues:
Central	$	228,448	$	287,878	$	807,400	$	924,591
Southeast	138,478		146,166		328,510		442,431
Northwest	46,774		148,515		220,440		372,903
West	65,064		90,592		244,603		252,553
Florida	68,310		78,457		215,240		256,595
Total home sales revenues	$	547,074	$	751,608	$	1,816,193	$	2,249,073

Net income (loss) before income taxes:
Central	$	46,413	$	55,793	$	189,004	$	180,467
Southeast	31,593		27,142		70,358		77,644
Northwest	6,379		34,124		49,693		83,773
West	8,342		13,279		27,282		38,598
Florida	9,770		11,937		30,914		37,518
Corporate (1)	6,204		(15,281)		4,012		(18,609)
Total net income before income taxes	$	108,701	$	126,994	$	371,263	$	399,391


	September 30, 2022		December 31, 2021
Assets:
Central	$	1,032,017	$	857,174
Southeast	632,586		438,423
Northwest	469,193		349,752
West	573,867		384,548
Florida	304,724		221,763
Corporate (1)	100,413		100,205
Total assets	$	3,112,800	$	2,351,865

(1)The Corporate balance consists primarily of cash, investments in unconsolidated entities and tax receivables.

Schedule of Real Estate Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Land, land under development and finished lots	$ 1,882,335	$ 1,499,761
Information centers	33,417	28,665
Homes in progress	542,741	449,742
Completed homes	377,549	107,736
Total real estate inventory	2,836,042	2,085,904
Real estate not owned	35,858	0
Total real estate inventory	$ 2,871,900	$ 2,085,904
Minimum
Inventory [Line Items]
Community life cycle	2 years
Maximum
Inventory [Line Items]
Community life cycle	5 years

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Real estate inventory development and construction payable	$ 68,881		$ 48,656
Land banking financing arrangements	35,858		0
Accrued compensation, bonuses and benefits	11,792		24,914
Taxes payable	35,490		11,604
Contract deposits	12,012		12,182
Accrued interest	6,924		7,431
Inventory related obligations	13,283		8,803
Warranty reserve	10,050	$ 9,350	7,850	$ 7,150	$ 6,550	$ 5,350
Operating Lease, Liability	5,402		5,333
Other	20,784		9,836
Total accrued expenses and other liabilities	$ 220,476		$ 136,609

Accrued Expenses and Other Liabilities - Narrative (Details)	9 Months Ended
	Sep. 30, 2022
Product Warranty Liability [Line Items]
Inventory related obligation term	30 years
Other Construction Components
Product Warranty Liability [Line Items]
Limited warranty period	1 year
Structural Elements
Product Warranty Liability [Line Items]
Limited warranty period	10 years

Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 9,350	$ 6,550	$ 7,850	$ 5,350
Warranty provision	2,985	2,424	8,092	8,409
Warranty expenditures	(2,285)	(1,824)	(5,892)	(6,609)
Warranty reserves, end of period	$ 10,050	$ 7,150	$ 10,050	$ 7,150
Other Construction Components
Product Warranty Liability [Line Items]
Limited warranty period			1 year
Structural Elements
Product Warranty Liability [Line Items]
Limited warranty period			10 years

Notes Payable - Revolving Credit Agreement (Details) - USD ($)		9 Months Ended
	Apr. 29, 2022	Sep. 30, 2022
Line of Credit Facility [Line Items]
Credit agreement, gross assets	$ 500,000
SOFR
Line of Credit Facility [Line Items]
Base spread on variable rate		1.85%
Fifth Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, additional borrowing capacity	250,000,000
Line of credit facility	$ 1,100,000,000
Line of credit facility, current borrowing capacity		$ 1,400,000,000
Line of credit, amount outstanding		1,200,000,000
Letters of credit outstanding		29,800,000
Line of credit facility, remaining borrowing capacity		$ 127,300,000
Fifth Amended and Restated Credit Agreement \| One Month
Line of Credit Facility [Line Items]
Base spread on variable rate	0.10%
Fifth Amended and Restated Credit Agreement \| Three Months
Line of Credit Facility [Line Items]
Base spread on variable rate	0.15%
Fifth Amended and Restated Credit Agreement \| Six Months
Line of Credit Facility [Line Items]
Base spread on variable rate	0.25%
Fifth Amended and Restated Credit Agreement \| SOFR
Line of Credit Facility [Line Items]
Base spread on variable rate	1.85%
Variable interest rate	0.10%
Fifth Amended and Restated Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Base spread on variable rate	1.45%
Fifth Amended and Restated Credit Agreement \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Variable interest rate	0.50%	0.50%
Fifth Amended and Restated Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Base spread on variable rate	2.10%
4.000% Senior Notes Due 2029 \| Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate on note		4.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility		$ 1,100,000,000
Revolving Credit Facility \| SOFR
Line of Credit Facility [Line Items]
Variable interest rate		3.03%

Notes Payable - Schedule of Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Notes payable	$ 1,230,101,000	$ 805,236,000
Net debt issuance costs	$ (12,215,000)	(12,203,000)
SOFR
Debt Instrument [Line Items]
Base spread on variable rate	1.85%
Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	$ 942,316,000	517,439,000
Line of credit facility	$ 1,100,000,000
4.000% Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Notes payable		$ 300,000,000
Interest rate	4.00%

Notes Payable - Senior Notes (Details) - 4.000% Senior Notes Due 2029 - Senior Notes $ in Millions	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Senior Notes, Gross	$ 300.0
Stated interest rate on note	4.00%

Notes Payable - Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Interest incurred	$ 14,583	$ 6,091	$ 31,048	$ 21,863
Less: Amounts capitalized	(14,583)	(6,091)	(31,048)	(21,863)
Interest expense	0	0	0	0
Cash paid for interest	14,874	11,772	29,080	26,264
Net debt issuance costs	$ 900	$ 800	$ 2,500	$ 2,200

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	16.80%		21.20%
Income taxes paid	$ 3.8	$ 36.0	$ 56.2	$ 99.7

Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		47 Months Ended
Equity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Feb. 11, 2022
Equity [Abstract]
Stock Repurchase Program, Additional Amount Authorized										$ 200,000
Stock Repurchase Program, Authorized Amount										$ 550,000
Stock Repurchased During Period, Value		$ 37,443	$ 57,659	$ 56,083	$ 55,776	$ 25,827
Stock Repurchased During Period (in shares)	0			358,817			892,916	910,038	2,939,472
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 211,500						$ 211,500		$ 211,500

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 90,390	$ 123,376	$ 78,686	$ 100,550	$ 118,134	$ 99,658	$ 292,452	$ 318,342
Basic weighted average shares outstanding	23,272,811			24,508,134			23,552,211	24,766,260
Stock-based compensation units	215,514			316,186			252,875	263,901
Diluted weighted average shares outstanding	23,488,325			24,824,320			23,805,086	25,030,161
Basic earnings per share (in dollars per share)	$ 3.88			$ 4.10			$ 12.42	$ 12.85
Diluted earnings per share (in dollars per share)	$ 3.85			$ 4.05			$ 12.29	$ 12.72
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	2,396			553			10,797	3,629

- 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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- 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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+ Details

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Non-Perfomance Based Restricted Stock Units (Details) - Restricted stock units (RSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period (in shares)			113,782	142,738
Granted (in shares)			1,664	25,124
Vested (in shares)			(1,006)	(35,503)
Forfeited (in shares)			(1,353)	(6,205)
Balance at End of Period (in shares)	113,087	126,154	113,087	126,154
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the beginning of the period, weighted average grant date fair value (in dollars per share)			$ 101.42	$ 62.54
Granted, weighted average grant date fair value (in dollars per share)			84.39	141.96
Vested, weighted average grant date fair value (in dollars per share)			79.84	63.23
Forfeited, weighted average grant date fair value (in dollars per share)			92.64	73.62
Shares outstanding at the end of the period, weighted average grant date fair value (in dollars per share)	$ 101.47	$ 77.61	$ 101.47	$ 77.61
Share-based compensation expense	$ 0.9	$ 0.8	$ 2.8	$ 2.5
Share-based compensation not yet recognized	$ 5.4		$ 5.4
Share-based compensation not yet recognized, period for recognition			1 year 10 months 24 days

Summary of Performance Based Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Mar. 15, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested				100.00%
Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period (in shares)				215,807
Granted (in shares)				66,909
Vested (in shares)				(80,475)
Forfeited (in shares)				(2,261)
Balance at End of Period (in shares)		199,980		199,980
Share-based compensation expense		$ 0.4	$ 2.3	$ 4.9	$ 6.7
Share-based compensation not yet recognized		$ 9.0		$ 9.0
Share-based compensation not yet recognized, period for recognition				1 year 8 months 12 days
Performance vesting period				3 years
Percentage of total units vested	200.00%
2019 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period (in shares)				81,242
Vested (in shares)				(80,475)
Forfeited (in shares)				(767)
Balance at End of Period (in shares)		0		0
Weighted average grant date fair value (in dollars per share)		$ 56.49		$ 56.49
2020 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period (in shares)				88,538
Forfeited (in shares)				(1,494)
Balance at End of Period (in shares)		87,044		87,044
Weighted average grant date fair value (in dollars per share)		$ 59.81		$ 59.81
Percentage of total units vested				200.00%
2021 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period (in shares)				46,027
Balance at End of Period (in shares)		46,027		46,027
Weighted average grant date fair value (in dollars per share)		$ 141.00		$ 141.00
Percentage of total units vested				153.00%
2022 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Granted (in shares)				66,909
Balance at End of Period (in shares)		66,909		66,909
Weighted average grant date fair value (in dollars per share)		$ 118.80		$ 118.80
Percentage of total units vested				50.00%
Minimum \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested				0.00%
Maximum \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested				200.00%

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Line Items]
Notes payable, carrying value	$ 1,230,101	$ 805,236
Senior Note Due Twenty Twenty Nine
Fair Value Disclosures [Line Items]
Notes payable, carrying value	300,000	300,000
Senior notes, fair value	$ 226,420	$ 299,302

Related Party Transactions (Details) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021 USD ($) lot
Related Party Transaction [Line Items]
Total lots under option contract to purchase	15,826	36,978
TEXAS \| Affiliated Entity
Related Party Transaction [Line Items]
Total lots under option contract to purchase \| lot			25
Total purchase price for lots under option contract \| $			$ 2.5
FLORIDA \| Affiliated Entity
Related Party Transaction [Line Items]
Total lots under option contract to purchase \| lot			110
Total purchase price for lots under option contract \| $			$ 4.0

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended			9 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Land deposits and option payments (1)	$ 32,266			$ 32,266		$ 37,499
Commitments under the land purchase contracts if the purchases are consummated (1)	$ 433,934			$ 433,934		$ 921,345
Lots under land purchase contracts (1)	15,826			15,826		36,978
Refundable land deposits of purchase contracts of finished lots	$ 16,600			$ 16,600		$ 19,300
Operating Lease, Right-of-Use Asset	5,000			5,000		5,100
Present value of operating lease liabilities	5,402			5,402		5,333
Operating Lease, Cost	$ 500		$ 500	1,600	$ 1,300
Operating Lease, Payments				$ 1,300	1,200
Operating lease, weighted average discount rate	5.30%			5.30%
Operating lease, weighted average remaining lease term	3 years			3 years
Letters of credit, surety bonds, and other financials guarantees	$ 338,700			$ 338,700		$ 206,800
Contributions to limited partnership		$ 5,600		6,900
Income from unconsolidated entities	(2,200)			3,990	$ 0
Not Primary Beneficiary
Other Commitments [Line Items]
Limited partnership, maximum commitment	$ 30,000			$ 30,000
Limited partnership, term				8 years
Limited partnership, renewal term				2 years

Commitments and Contingencies Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ 383
2023	1,438
2024	1,171
2025	936
2026	799
Thereafter	1,055
Total	5,782
Lease amount representing interest	(380)
Present value of operating lease liabilities	$ 5,402	$ 5,333

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 547,074	$ 751,608	$ 1,816,193	$ 2,249,073
Retail
Disaggregation of Revenue [Line Items]
Home sales revenues	419,213	650,041	1,599,570	1,990,439
Wholesale
Disaggregation of Revenue [Line Items]
Home sales revenues	127,861	101,567	216,623	258,634
Central
Disaggregation of Revenue [Line Items]
Home sales revenues	228,448	287,878	807,400	924,591
Southeast
Disaggregation of Revenue [Line Items]
Home sales revenues	138,478	146,166	328,510	442,431
Northwest
Disaggregation of Revenue [Line Items]
Home sales revenues	46,774	148,515	220,440	372,903
West
Disaggregation of Revenue [Line Items]
Home sales revenues	65,064	90,592	244,603	252,553
Florida
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 68,310	$ 78,457	$ 215,240	$ 256,595

- 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

Segment Information (Details)	3 Months Ended		9 Months Ended
Segment Information (Details)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) business home	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| business			7
Number of reporting segments \| home			5
Home sales revenues	$ 547,074,000	$ 751,608,000	$ 1,816,193,000	$ 2,249,073,000
Net income before income taxes	108,701,000	126,994,000	371,263,000	399,391,000
Assets	3,112,800,000		3,112,800,000		$ 2,351,865,000
Central
Segment Reporting Information [Line Items]
Home sales revenues	228,448,000	287,878,000	807,400,000	924,591,000
Net income before income taxes	46,413,000	55,793,000	189,004,000	180,467,000
Assets	1,032,017,000		1,032,017,000		857,174,000
Southeast
Segment Reporting Information [Line Items]
Home sales revenues	138,478,000	146,166,000	328,510,000	442,431,000
Net income before income taxes	31,593,000	27,142,000	70,358,000	77,644,000
Assets	632,586,000		632,586,000		438,423,000
Northwest
Segment Reporting Information [Line Items]
Home sales revenues	46,774,000	148,515,000	220,440,000	372,903,000
Net income before income taxes	6,379,000	34,124,000	49,693,000	83,773,000
Assets	469,193,000		469,193,000		349,752,000
West
Segment Reporting Information [Line Items]
Home sales revenues	65,064,000	90,592,000	244,603,000	252,553,000
Net income before income taxes	8,342,000	13,279,000	27,282,000	38,598,000
Assets	573,867,000		573,867,000		384,548,000
Florida
Segment Reporting Information [Line Items]
Home sales revenues	68,310,000	78,457,000	215,240,000	256,595,000
Net income before income taxes	9,770,000	11,937,000	30,914,000	37,518,000
Assets	304,724,000		304,724,000		221,763,000
Corporate
Segment Reporting Information [Line Items]
Net income before income taxes	6,204,000	$ (15,281,000)	4,012,000	$ (18,609,000)
Assets	$ 100,413,000		100,413,000		$ 100,205,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
Home sales revenues			$ 0