0001580670-25-000016 | 10-K | XBRL Viewer

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Notes Payable - Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Nov. 21, 2023	Jun. 28, 2021
Debt Instrument [Line Items]
Senior Notes, Gross	$ 1,501,946
Notes payable	1,480,718	$ 1,248,332
8.750% Senior Notes Due 2028
Debt Instrument [Line Items]
Notes payable	$ 400,000	400,000
8.750% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Senior Notes, Gross			$ 400,000
Stated interest rate	8.75%
Notes payable	$ 400,000
4.000% Senior Notes Due 2029
Debt Instrument [Line Items]
Senior Notes, Gross	1,500,000			$ 300,000
Notes payable	$ 300,000	300,000
4.000% Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.00%
Notes payable	$ 300,000	300,000
7.000% Senior Notes Due 2032
Debt Instrument [Line Items]
Notes payable	$ 400,000	0
7.000% Senior Notes Due 2032 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	7.00%
Notes payable	$ 400,000	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Notes Payable - Revolving Credit Agreement (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 05, 2023	Apr. 29, 2022	Dec. 31, 2024	Dec. 31, 2023	Nov. 21, 2023	Jun. 28, 2021
Debt Instrument [Line Items]
Senior Notes, Gross			$ 1,501,946
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit Agreement, Gross Assets		$ 500
Fourth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Line Of Credit Facility, Maximum Increase	$ 95,000
Debt Instrument, Covenant, Commitments By Lenders, Percent	90.00%
Debt Instrument, Covenant, Commitments By Lenders	$ 1,085,000
Debt Instrument, Covenant, Commitments By Lenders Remaining, Percent	10.00%
Fourth Amended and Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,205,000		1,205,000
4.000% Senior Notes Due 2029
Debt Instrument [Line Items]
Senior Notes, Gross			$ 1,500,000			$ 300,000
4.000% Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate			4.00%
7.000% Senior Notes Due 2032 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate			7.00%
8.750% Senior Notes Due 2028
Debt Instrument [Line Items]
Letters of credit outstanding			$ 24,500	$ 28,100
8.750% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate			8.75%
Senior Notes, Gross					$ 400,000
The Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,205,000
Line of credit facility, current borrowing capacity			1,800,000
Line of credit facility, remaining borrowing capacity			$ 270,500
Basis spread on variable rate			1.85%
Variable interest rate			4.36%
Fifth Amended and Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate		0.10%
Fifth Amended and Restated Credit Agreement \| Interest Period, Period One \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Fifth Amended and Restated Credit Agreement \| Interest Period, Period Two \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.15%
Fifth Amended and Restated Credit Agreement \| Interest Period, Period Three \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Minimum \| Fifth Amended and Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.45%
Variable interest rate		0.50%	0.50%
Maximum \| Fifth Amended and Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		2.10%

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Real estate inventory development and construction payable	$	48,019	$	71,193
Taxes payable	43,076		14,694
Land banking financing arrangements	37,140		104,459
Accrued compensation, bonuses and benefits	18,653		22,550
Warranty reserve	16,100		13,600
Accrued interest	13,560		13,522
Inventory related obligations	8,779		11,924
Lease liability	6,134		4,947
Contract deposits	4,143		2,909
Other	11,713		12,074
Total accrued expenses and other liabilities	$	207,317	$	271,872

Land Banking Financing Arrangements

We have 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 one to two years.

Inventory Related Obligations

We own lots in certain communities in 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 generally provide homebuyers with a one-year warranty on the house and a limited warranty for major defects in structural elements, such as framing components and foundation systems, typically ranging from six to ten years depending on the applicable state.

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


	December 31,
	2024		2023		2022
Warranty reserves, beginning of period	$	13,600	$	10,750	$	7,850
Warranty provision	7,609		8,510		11,488
Warranty expenditures	(5,109)		(5,660)		(8,588)
Warranty reserves, end of period	$	16,100	$	13,600	$	10,750

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 53,197	$ 48,978
Accounts receivable	28,717	41,319
Real estate inventory	3,387,853	3,107,648
Pre-acquisition costs and deposits	36,049	30,354
Property and equipment, net	57,038	45,522
Other assets	174,391	113,849
Deferred tax assets, net	9,271	8,163
Goodwill	12,018	12,018
Total assets	3,758,534	3,407,851
LIABILITIES AND EQUITY
Accounts payable	33,271	31,616
Accrued expenses and other liabilities	207,317	271,872
Notes payable	1,480,718	1,248,332
Total liabilities	1,721,306	1,551,820
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 27,644,413 shares issued and 23,397,074 shares outstanding as of December 31, 2024 and 27,521,120 shares issued and 23,581,648 shares outstanding as of December 31, 2023	276	275
Additional paid-in capital	337,161	321,062
Retained earnings	2,085,787	1,889,716
Treasury stock, at cost, 4,247,339 shares and 3,939,472 shares, respectively	(385,996)	(355,022)
Total equity	2,037,228	1,856,031
Total liabilities and equity	$ 3,758,534	$ 3,407,851

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Net income	$ 196,071	$ 199,227	$ 326,567
Adjustments to reconcile net income to net cash used in operating activities:
Equity in income of unconsolidated entities	(13,302)	(12,834)	(5,507)
Distributions of earnings from unconsolidated entities	14,372	14,825	4,593
Depreciation and amortization	3,108	2,408	1,576
Gain on sale of interest rate cap	0	0	(7,055)
Gain on disposal of assets	(14,013)	(1,634)	(2,206)
Compensation expense for equity awards	10,483	8,926	9,188
Deferred income taxes	(1,108)	(1,977)	12
Changes in assets and liabilities:
Accounts receivable	12,602	(16,176)	32,766
Real estate inventory	(365,889)	(255,518)	(823,919)
Pre-acquisition costs and deposits	(5,695)	(5,322)	15,671
Other assets	3,851	23,033	8,696
Accounts payable	1,655	6,330	11,115
Accrued expenses and other liabilities	14,126	(18,256)	58,052
Net cash used in operating activities	(143,739)	(56,968)	(370,451)
Cash flows from investing activities:
Purchases of property and equipment	(1,952)	(1,443)	(1,187)
Proceeds from sale of assets held for sale	25,441	0	0
Investment in unconsolidated entities	(7,869)	(17,889)	(5,016)
Return of capital from unconsolidated entities	0	5,684	235
Net cash provided by (used in) investing activities	15,620	(13,648)	(5,968)
Cash flows from financing activities:
Proceeds from notes payable	992,313	887,283	618,910
Payments on notes payable	(760,000)	(746,000)	(308,000)
Proceeds from financing arrangements	0	50,402	149,526
Payments on financing arrangements	(67,850)	(95,027)	(8,813)
Loan issuance costs	(5,982)	(14,322)	(4,235)
Proceeds from sale of stock, net of offering expenses	4,831	5,260	5,617
Stock repurchases	(30,974)	0	(95,102)
Net cash provided by financing activities	132,338	87,596	357,903
Net increase (decrease) in cash and cash equivalents	4,219	16,980	(18,516)
Cash and cash equivalents, beginning of year	48,978	31,998	50,514
Cash and cash equivalents, end of year	$ 53,197	$ 48,978	$ 31,998

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consist of the following (in thousands):


	December 31,
	2024		2023
Notes payable under the Credit Agreement ($1.205 billion revolving credit facility at December 31, 2024) maturing in part on April 28, 2025 and in part on April 28, 2028; interest paid monthly at SOFR plus 1.85%.	$	401,946	$	569,633
8.750% Senior Notes due December 15, 2028; interest paid semi-annually at 8.750%.	400,000		400,000
4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%.	300,000		300,000
7.000% Senior Notes due November 15, 2032; interest paid semi-annually at 7.000%.	400,000		—
Net debt issuance costs	(21,228)		(21,301)
Total notes payable	$	1,480,718	$	1,248,332

Contractual Obligation, Fiscal Year Maturity Schedule

As of December 31, 2024, the annual aggregate maturities of notes payable during each of the next five fiscal years are as follows (in thousands):


	Amount
2025	$	40,028
2026	—
2027	—
2028	761,918
2029	300,000
Thereafter	400,000
Total notes payable	1,501,946
Less: Net debt issuance costs	(21,228)
Net notes payable	$	1,480,718

Schedule of Interest Activity for Notes Payable

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


	Year Ended December 31,
	2024		2023		2022
Interest incurred	$	119,009	$	87,604	$	49,281
Less: Amounts capitalized	(119,009)		(87,604)		(49,281)
Interest expense	$	—	$	—	$	—

Cash paid for interest	$	112,984	$	80,963	$	41,593

Retirement Benefits	12 Months Ended
Retirement Benefits	Dec. 31, 2024
Retirement Benefits [Abstract]
Retirement Benefits	RETIREMENT BENEFITS Our employees are eligible to participate in a 401(k) savings plan. Employees are eligible to participate beginning in the quarterly period after completing 30 days of service and attaining the age of 21. Salary deferrals are allowed in amounts up to 100% of an eligible employee’s salary, not to exceed the maximum permitted by law. We may make a discretionary match of up to 100% of the first 4% of an eligible employee’s deferral, not to exceed the maximum allowed by law. For the years ended December 31, 2024, 2023 and 2022, our matching contributions were $4.5 million, $4.4 million and $4.5 million, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Stock-Based Compensation - Schedule of Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period	133,359	146,239	117,874
Granted (in shares)	105,350	48,946	83,251
Vested	(28,100)	(53,894)	(46,981)
Forfeited	(15,656)	(7,932)	(7,905)
Balance at End of Period	194,953	133,359	146,239
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the beginning of the period, weighted average grant date fair value	$ 114.98	$ 100.93	$ 80.85
Granted, weighted average grant date fair value	104.63	109.47	110.03
Vested, weighted average grant date fair value	138.06	71.84	66.57
Forfeited, weighted average grant date fair value	108.24	115.05	101.48
Shares outstanding at the end of the period, weighted average grant date fair value	$ 106.60	$ 114.98	$ 100.93
Performance Based Shares
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period	178,906
Granted (in shares)	70,947
Vested	(43,159)
Forfeited	(9,924)
Balance at End of Period	196,770	178,906
Performance Based Shares \| 2021 Grant
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period	43,159
Vested	(43,159)
Forfeited	0
Balance at End of Period	0	43,159
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the end of the period, weighted average grant date fair value	$ 141.00
Performance Based Shares \| 2022 Grant
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period	63,304
Forfeited	(3,032)
Balance at End of Period	60,272	63,304
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the end of the period, weighted average grant date fair value	$ 118.80
Performance Based Shares \| 2023 Grant
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period	72,443
Forfeited	(3,355)
Balance at End of Period	69,088	72,443
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the end of the period, weighted average grant date fair value	$ 104.36
Performance Based Shares \| 2024 Grant
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period	0
Granted (in shares)	70,947
Vested	(3,537)
Forfeited	0
Balance at End of Period	67,410	0
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the end of the period, weighted average grant date fair value	$ 111.94

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

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


	December 31,
	2024		2023
Real estate inventory development and construction payable	$	48,019	$	71,193
Taxes payable	43,076		14,694
Land banking financing arrangements	37,140		104,459
Accrued compensation, bonuses and benefits	18,653		22,550
Warranty reserve	16,100		13,600
Accrued interest	13,560		13,522
Inventory related obligations	8,779		11,924
Lease liability	6,134		4,947
Contract deposits	4,143		2,909
Other	11,713		12,074
Total accrued expenses and other liabilities	$	207,317	$	271,872

Changes in Companies' Warranty Accrual

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


	December 31,
	2024		2023		2022
Warranty reserves, beginning of period	$	13,600	$	10,750	$	7,850
Warranty provision	7,609		8,510		11,488
Warranty expenditures	(5,109)		(5,660)		(8,588)
Warranty reserves, end of period	$	16,100	$	13,600	$	10,750

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable	$ 1,480,718	$ 1,248,332
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(21,228)	(21,301)
The Credit Agreement
Debt Instrument [Line Items]
Notes payable	401,946	569,633
Line of credit facility, maximum borrowing capacity	$ 1,205,000
Basis spread on variable rate	1.85%
The Credit Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%
7.000% Senior Notes Due 2032
Debt Instrument [Line Items]
Notes payable	$ 400,000	0
7.000% Senior Notes Due 2032 \| Senior Notes
Debt Instrument [Line Items]
Notes payable	$ 400,000	0
Stated interest rate on senior note	7.00%
4.000% Senior Notes Due 2029
Debt Instrument [Line Items]
Notes payable	$ 300,000	300,000
4.000% Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Notes payable	$ 300,000	300,000
Stated interest rate on senior note	4.00%
8.750% Senior Notes Due 2028
Debt Instrument [Line Items]
Notes payable	$ 400,000	$ 400,000
8.750% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Notes payable	$ 400,000
Stated interest rate on senior note	8.75%

Commitments and Contingencies - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Right-of-Use Asset	$ 5,600	$ 4,600
Operating Lease, Payments	$ 1,900	1,900
Operating Lease, Weighted Average Discount Rate, Percent	5.90%
Operating Lease, Weighted Average Remaining Lease Term	2 years 1 month 6 days
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2025	$ 1,892
2026	1,674
2027	1,486
2028	1,062
2029	473
Thereafter	331
Total	6,918
Lease amount representing interest	(784)
Lease liability	6,134	4,947
Rent expense	$ 2,400	$ 2,500	$ 2,100
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

Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Net income	$ 196,071	$ 199,227	$ 326,567
Basic weighted average shares outstanding	23,529,724	23,507,136	23,486,465
Stock-based compensation units	80,733	141,412	244,305
Diluted weighted average shares outstanding	23,610,457	23,648,548	23,730,770
Basic earnings per share (in dollars per share)	$ 8.33	$ 8.48	$ 13.90
Diluted earnings per share (in dollars per share)	$ 8.30	$ 8.42	$ 13.76
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	46,146	11,412	50,003

- Definition

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

+ References

+ 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.

+ References

+ 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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- Definition

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

+ References

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+ Details

Retirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Minimum service period for employees to be covered under profit sharing plan	30 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	$ 4.5	$ 4.4	$ 4.5

Real Estate Inventory

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Real Estate Inventory

REAL ESTATE INVENTORY

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


	December 31,
	2024		2023
Land, land under development, and finished lots	$	2,287,352	$	2,099,133
Information centers	57,622		47,936
Homes in progress	325,579		313,124
Completed homes	680,160		542,996
Total owned inventory	3,350,713		3,003,189
Real estate not owned	37,140		104,459
Total real estate inventory	$	3,387,853	$	3,107,648

Our real estate not owned relates to 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. See “Real Estate Inventory” under Note 2 for more information.

Commitment and Contingencies - Bonding and Letters of Credit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Letters of credit, performance and surety bonds, and other financial guarantees	$ 377,500	$ 357,000
Contributions to limited partnership	28,300	21,500
Income (Loss) from Equity Method Investments	$ 13,302	$ 12,834	$ 5,507

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

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.

Class Action Lawsuit

On May 23, 2023, a class action lawsuit was filed by Rikki McAlister, a former sales representative, on behalf of herself and all others similarly situated, in the District Court of Arapahoe County, State of Colorado, against LGI Homes Corporate,

LLC, a subsidiary of the Company, alleging violations of Colorado employment law, including failure to pay overtime compensation, failure to provide rest periods and improper deductions from wages. On November 21, 2023, the lawsuit was removed to the United States District Court for the District of Colorado, which granted the plaintiff’s motion for class certification on December 6, 2024. The plaintiff in the lawsuit is requesting as damages, on behalf of the plaintiff and all members of the class, unpaid back wages, unpaid minimum wages, unpaid overtime compensation, reimbursement for unlawfully-deducted wages, compensation for rest periods not provided, certain mandatory and additional penalties, reasonable attorney’s fees and incurred costs. We have responded to the complaint and intend to defend ourselves vigorously against the allegations.

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,
	2024		2023
Land deposits and option payments (1)	$	29,040	$	26,955
Commitments under the land purchase contracts if the purchases are consummated	$	653,861	$	513,941
Lots under land purchase contracts (1)	17,582		15,750

(1) Includes land banking financing arrangements, see Note 3 and Note 5 for more details regarding real estate not owned.

As of December 31, 2024 and 2023, approximately $10.4 million and $11.4 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 $5.6 and $4.6 million as of December 31, 2024 and 2023, respectively. Lease obligations, as included in accrued expenses and other liabilities on the consolidated balance sheets, were $6.1 million and $4.9 million as of December 31, 2024 and 2023, respectively.

Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, totaled $2.4 million, $2.5 million and $2.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating leases during the years ended December 31, 2024 and 2023 was $1.9 million and $1.9 million, respectively. As of December 31, 2024, the weighted-average discount rate was 5.9% and our weighted-average remaining life was 2.1 years. We do not have any significant lease contracts that have not yet commenced at December 31, 2024.

The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2024 (in thousands):


Year Ending December 31,	Operating leases
2025	$	1,892
2026	1,674
2027	1,486
2028	1,062
2029	473
Thereafter	331
Total	6,918
Lease amount representing interest	(784)
Present value of lease liabilities	$	6,134

Bonding and Letters of Credit

We have outstanding letters of credit and performance and surety bonds totaling $377.5 million (including $24.5 million of letters of credit issued under the Credit Agreement) and $357.0 million (including $28.1 million of letters of credit issued under the our credit agreement then in effect) at December 31, 2024 and 2023, 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

As of December 31, 2024, we had two equity-method real estate joint ventures and four additional joint ventures engaged primarily to provide services, such as mortgage and insurance, to our homebuyers. As of December 31, 2024 and 2023, we have a total of $28.3 million and $21.5 million, respectively, within other assets on the balance sheet relating to our investment in joint ventures associated with our operations. 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 was $13.3 million, $12.8 million and $5.5 million, within other income, net on the statement of operations for the years ended December 31, 2024, 2023 and 2022, respectively.

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, 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	326,567			326,567
Stock repurchase including excise tax	(95,102)				(95,102)
Restricted stock units granted for accrued annual bonuses	294		294
Compensation expense for equity awards	9,188		9,188
Stock issued under employee incentive plans (in shares)		281,363
Stock issued under employee incentive plans	5,617	$ 3	5,614
Ending balance (in shares) at Dec. 31, 2022		27,245,278
Ending Balance at Dec. 31, 2022	1,642,412	$ 272	306,673	1,690,489	(355,022)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	199,227			199,227
Restricted stock units granted for accrued annual bonuses	206		206
Compensation expense for equity awards	8,926		8,926
Stock issued under employee incentive plans (in shares)		275,842
Stock issued under employee incentive plans	5,260	$ 3	5,257
Ending balance (in shares) at Dec. 31, 2023		27,521,120
Ending Balance at Dec. 31, 2023	1,856,031	$ 275	321,062	1,889,716	(355,022)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	196,071			196,071
Stock repurchase including excise tax	(30,974)				(30,974)
Restricted stock units granted for accrued annual bonuses	786		786
Compensation expense for equity awards	10,483		10,483
Stock issued under employee incentive plans (in shares)		123,293
Stock issued under employee incentive plans	4,831	$ 1	4,830
Ending balance (in shares) at Dec. 31, 2024		27,644,413
Ending Balance at Dec. 31, 2024	$ 2,037,228	$ 276	$ 337,161	$ 2,085,787	$ (385,996)

- Definition

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

+ References

+ Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Home sales revenues	$ 2,202,598	$ 2,358,580	$ 2,304,455
Cost of sales	1,669,310	1,816,393	1,657,855
Selling expenses	199,950	191,582	144,928
General and administrative	121,192	117,350	111,565
Operating income	212,146	233,255	390,107
Other income, net	(46,767)	(28,499)	(28,009)
Net income before income taxes	258,913	261,754	418,116
Income tax provision	62,842	62,527	91,549
Net income	$ 196,071	$ 199,227	$ 326,567
Earnings per share:
Basic earnings per share (in dollars per share)	$ 8.33	$ 8.48	$ 13.90
Diluted earnings per share (in dollars per share)	$ 8.30	$ 8.42	$ 13.76
Weighted average shares outstanding:
Basic (in shares)	23,529,724	23,507,136	23,486,465
Diluted (in shares)	23,610,457	23,648,548	23,730,770

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

Non-performance Based Restricted Stock Units

A total of 2,680,172 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 194,953 restricted stock units (“RSUs”) outstanding at December 31, 2024, 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, 2021	117,874	$	80.85
Granted	83,251	$	110.03
Vested	(46,981)	$	66.57
Forfeited	(7,905)	$	101.48
Balance at December 31, 2022	146,239	$	100.93
Granted	48,946	$	109.47
Vested	(53,894)	$	71.84
Forfeited	(7,932)	$	115.05
Balance at December 31, 2023	133,359	$	114.98
Granted	105,350	$	104.63
Vested	(28,100)	$	138.06
Forfeited	(15,656)	$	108.24
Balance at December 31, 2024	194,953	$	106.60

In 2024, we issued 17,767 RSUs to senior management for the time-based portion of our 2024 long-term incentive compensation program and 30,876 RSUs for 2023 annual bonuses to managers, which generally cliff vest on the third anniversary of the grant date. In 2023, we issued 22,912 RSUs to senior management for the time-based portion of our 2023 long-term incentive compensation program and 8,256 RSUs for 2022 annual bonuses to managers, which generally cliff vest on the third anniversary of the grant date. In 2022, we issued 16,731 RSUs to senior management for the time-based portion of our 2022 long-term incentive compensation program and 10,404 RSUs for 2021 annual bonuses to managers, which generally cliff vest on the third anniversary of the grant date. In addition, during the years ended December 31, 2024, 2023 and 2022, we issued 56,707, 17,778 and 56,116 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 $5.2 million, $4.9 million, and $3.6 million of stock-based compensation expense related to outstanding RSUs for the years ended December 31, 2024, 2023 and 2022, respectively. At December 31, 2024, we had unrecognized

compensation cost of $11.0 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.1 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, 2024, there were 196,770 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.

The following table summarizes the activity of our PSUs:


Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2023	Target PSUs Granted	Target PSUs Forfeited	Target PSUs Vested	Target PSUs Outstanding at December 31, 2024	Weighted Average Grant Date Fair Value
2021	2021 - 2023	43,159	—	—	(43,159)	—	$	141.00
2022	2022 - 2024	63,304	—	(3,032)	—	60,272	$	118.80
2023	2023 - 2025	72,443	—	(3,355)	—	69,088	$	104.36
2024	2024 - 2026	—	70,947	(3,537)	—	67,410	$	111.94
Total		178,906	70,947	(9,924)	(43,159)	196,770

At December 31, 2024, management estimates that the recipients will receive approximately 100%, 73.3% and 0% of the 2024, 2023 and 2022 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 $4.3 million, $2.9 million and $4.5 million of total stock-based compensation expense related to outstanding PSUs for the years ended December 31, 2024, 2023 and 2022, respectively. The 2021 - 2023 performance period PSUs vested and issued on March 8, 2024 at 93.6% of the target number. At December 31, 2024, we had unrecognized compensation cost of $8.2 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.

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, 2024, 2023 and 2022, we issued 54,794, 53,078 and 73,461 shares of our common stock to the ESPP participants. We received net proceeds of approximately $4.8 million, $5.3 million and $5.6 million related to the ESPP for 2024, 2023 and 2022, respectively. We recognized $0.9 million, $0.9 million and $1.0 million in stock compensation expense related to the ESPP for 2024, 2023 and 2022, 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, 2024, 51,921 shares of our common stock remain available for issuance under the ESPP.

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
Proceeds from issuance of common stock under ESPP	$ 4,831	$ 5,260	$ 5,617
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)	54,794	53,078	73,461
Proceeds from issuance of common stock under ESPP	$ 4,800	$ 5,300	$ 5,600
Share-based compensation expense	$ 900	$ 900	$ 1,000
Common stock, shares authorized (in shares)	500,000
Remaining shares available for issuance	51,921

Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 2,202,598	$ 2,358,580	$ 2,304,455
Retail
Disaggregation of Revenue [Line Items]
Home sales revenues	2,038,520	2,156,237	1,963,896
Wholesale
Disaggregation of Revenue [Line Items]
Home sales revenues	164,078	202,343	340,559
Central
Disaggregation of Revenue [Line Items]
Home sales revenues	564,608	730,688	1,011,844
Southeast
Disaggregation of Revenue [Line Items]
Home sales revenues	538,170	556,808	455,340
Northwest
Disaggregation of Revenue [Line Items]
Home sales revenues	258,407	251,171	253,416
West
Disaggregation of Revenue [Line Items]
Home sales revenues	472,655	381,102	300,968
Florida
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 368,758	$ 438,811	$ 282,887

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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).

+ References

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+ Details

Accrued Expenses and Other Liabilities - Narrative (Details)	12 Months Ended
	Dec. 31, 2024
Financing Arrangement [Line Items]
Inventory Related Obligation Term	30 years
Other Construction Components
Financing Arrangement [Line Items]
Limited Warranty Period	1 year
Minimum
Financing Arrangement [Line Items]
Repurchase period related to takedowns	1 year
Minimum \| Structural Elements
Financing Arrangement [Line Items]
Limited Warranty Period	6 years
Maximum
Financing Arrangement [Line Items]
Repurchase period related to takedowns	2 years
Maximum \| Structural Elements
Financing Arrangement [Line Items]
Limited Warranty Period	10 years

Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 13,600	$ 10,750	$ 7,850
Warranty provision	7,609	8,510	11,488
Warranty expenditures	(5,109)	(5,660)	(8,588)
Warranty reserves, end of period	$ 16,100	$ 13,600	$ 10,750
Other Construction Components
Product Warranty Liability [Line Items]
Limited Warranty Period	1 year

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
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, 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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LGIH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 1.8
Entity Common Stock, Shares Outstanding		23,397,074
Documents Incorporated by Reference	Portions from the registrant’s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference (to the extent indicated) into Part III.
Entity Central Index Key	0001580670
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 196,071	$ 199,227	$ 326,567

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate inventory:
Impairment of real estate inventory	$ 0	$ 0	$ 0
Other Assets:
Prepaid insurance and prepaid expense	$ 14,100,000	6,900,000
Property and equipment:
Lessor term	1 year
Impairments of property, equipment and leasehold improvements	$ 0	0	0
Goodwill:
Goodwill	12,000,000.0
Goodwill impairment	0	0	0
Advertising costs:
Advertising and direct mail costs	$ 43,600,000	$ 33,100,000	$ 18,700,000
Rental properties
Property and equipment:
Estimated useful life of asset	27 years 6 months
Minimum
Real estate inventory:
Life cycle of community	2 years
Developed project life cycle	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
Developed project life cycle	3 years
Customer deposits:
Typical customer deposits	$ 10,000
Maximum \| Property and Equipment
Property and equipment:
Estimated useful life of asset	5 years

Fair Value Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	$ 1,480,718	$ 1,248,332
4.000% Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	300,000	300,000
Senior notes, fair value	274,692	296,381
8.750% Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	400,000	400,000
Senior notes, fair value	436,783	486,306
7.000% Senior Notes Due 2032
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	400,000	0
Senior notes, fair value	$ 421,247	$ 0

Notes Payable - Capitalized Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Interest incurred	$ 119,009	$ 87,604	$ 49,281
Less: Amounts capitalized	(119,009)	(87,604)	(49,281)
Interest expense	0	0	0
Cash paid for interest	112,984	80,963	41,593
Amortization of financing costs and discounts	$ 14,000	$ 13,600	$ 5,400

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	December 31,
	2024		2023

Rental properties	$	54,435	$	43,324
Computer software and equipment	4,937		3,946
Leasehold improvements	1,799		1,722
Furniture and fixtures	2,906		2,091
Machinery and equipment	261		231
Total property and equipment	64,338		51,314
Less: Accumulated depreciation	(7,300)		(5,792)
Property and equipment, net	$	57,038	$	45,522

Fair Value Disclosure (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measures

The following table below shows the level and measurement of liabilities at December 31, 2024 and 2023 (in thousands):


		December 31, 2024				December 31, 2023
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
2028 Senior Notes (1)	Level 2	$	400,000	$	436,783	$	400,000	$	486,306
2029 Senior Notes (1)	Level 2	$	300,000	$	274,692	$	300,000	$	296,381
2032 Senior Notes (1)	Level 2	$	400,000	$	421,247	$	—	$	—

(1)See Note 6 for more details regarding the offerings of the 2028 Senior Notes, the 2029 Senior Notes and the 2032 Senior Notes.

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2024
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, Pennsylvania, Maryland and Utah.

Equity (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022.


	For the Year Ended December 31,
	2024		2023		2022
Numerator (in thousands):
Net income (Numerator for basic and dilutive earnings per share)	$	196,071	$	199,227	$	326,567
Denominator:
Basic weighted average shares outstanding	23,529,724		23,507,136		23,486,465
Effect of dilutive securities:

Stock-based compensation units	80,733		141,412		244,305
Diluted weighted average shares outstanding	23,610,457		23,648,548		23,730,770

Basic earnings per share	$	8.33	$	8.48	$	13.90
Diluted earnings per share	$	8.30	$	8.42	$	13.76
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	46,146		11,412		50,003

Fair Value Disclosure

12 Months Ended

Dec. 31, 2024

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 most significant 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, 2024, 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 each of the 2028 Senior Notes, the 2029 Senior Notes and the 2032 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, 2024 and 2023 (in thousands):


		December 31, 2024				December 31, 2023
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
2028 Senior Notes (1)	Level 2	$	400,000	$	436,783	$	400,000	$	486,306
2029 Senior Notes (1)	Level 2	$	300,000	$	274,692	$	300,000	$	296,381
2032 Senior Notes (1)	Level 2	$	400,000	$	421,247	$	—	$	—

(1)See Note 6 for more details regarding the offerings of the 2028 Senior Notes, the 2029 Senior Notes and the 2032 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Land Purchases from Affiliates We did not enter into or complete any related party transactions during the years ended December 31, 2024, 2023 and 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Revenues

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Retail home sales revenues	$	2,038,520	$	2,156,237	$	1,963,896
Wholesale home sales revenues	164,078		202,343		340,559
Total home sales revenues	$	2,202,598	$	2,358,580	$	2,304,455

The following table presents our home sales revenues disaggregated by geography, based on our determined reportable segments in Note 14 (in thousands):


	For the Year Ended December 31,
	2024		2023		2022
Central	$	564,608	$	730,688	$	1,011,844
Southeast	538,170		556,808		455,340
Northwest	258,407		251,171		253,416
West	472,655		381,102		300,968
Florida	368,758		438,811		282,887
Home sales revenues	$	2,202,598	$	2,358,580	$	2,304,455

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
-Topic 606
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-Section 50
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Year ended December 31,
	2024		2023		2022
Current:
Federal	$	53,114	$	54,013	$	77,922
State	10,836		10,492		13,615
Current tax provision	63,950		64,505		91,537
Deferred:
Federal	(931)		(1,638)		33
State	(177)		(340)		(21)
Deferred tax provision (benefit)	(1,108)		(1,978)		12
Total income tax provision	$	62,842	$	62,527	$	91,549

Income taxes paid were $35.3 million, $96.5 million and $56.9 million for the years ended December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024				2023				2022
Tax at federal statutory rate	$	54,372	21.0	%	$	54,968	21.0	%	$	87,805	21.0	%
State income taxes (net of federal benefit)	8,448		3.3		8,052		3.1		10,749		2.6

Stock-based compensation	(93)		—		(2,230)		(0.9)		(2,199)		(0.5)
Non deductible expenses and other	2,054		0.8		3,033		1.2		4,313		1.0
Change in tax rates - deferred taxes	(187)		(0.1)		(89)		—		23		—
Federal energy efficient homes tax credits	(1,752)		(0.7)		(1,207)		(0.5)		(9,142)		(2.2)

Tax at effective rate	$	62,842	24.3	%	$	62,527	23.9	%	$	91,549	21.9	%

The 2024 effective tax rate differs from the federal statutory rate primarily due to state income tax expense on current year earnings and non-deductible salaries related to Section 162(m) of the U.S. Internal Revenue Code, as amended (the “Code”), partially offset by benefits associated with the federal energy efficient homes tax credits (the “45L Tax Credits”). The 2023 effective tax rate differs from the federal statutory rate primarily due to state income tax expense on current year earnings and non-deductible salaries related to Section 162(m) of the Code, partially offset by the windfalls for share-based payments and benefits associated with the 45L Tax Credits. The 2022 effective tax rate differs from the federal statutory rate primarily due to state income tax expense on current year earnings and non-deductible salaries related to Section 162(m) of the Code, partially offset by benefits associated with the 45L Tax Credits and the windfalls for share-based payments.

Income tax expense for 2024, 2023 and 2022 includes a benefit of $1.8 million, $1.2 million and $9.1 million, respectively, associated with the 45L Tax Credits. The 45L Tax Credits provision applies to qualifying homes closed through December 31, 2024.

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, 2024 and 2023 are as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Accruals and reserves	$	5,752	$	6,222
Stock-based compensation	3,136		2,271
Inventory	1,531		1,197
Leases	1,181		891

Other	2,938		2,381
Total deferred tax assets	14,538		12,962
Deferred tax liabilities:
Prepaids	(1,075)		(1,242)
Leases	(1,305)		(1,076)
Goodwill and other assets amortized for tax	(1,258)		(1,126)
Tax depreciation in excess of book depreciation	(885)		(827)
Other	(744)		(528)
Total deferred tax liabilities	(5,267)		(4,799)
Total net deferred tax assets	$	9,271	$	8,163

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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 53,114	$ 54,013	$ 77,922
State	10,836	10,492	13,615
Current tax provision	63,950	64,505	91,537
Deferred:
Federal	(931)	(1,638)	33
State	(177)	(340)	(21)
Deferred tax provision (benefit)	(1,108)	(1,978)	12
Tax at effective rate	62,842	62,527	91,549
Income taxes paid	$ 35,300	$ 96,500	$ 56,900

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended		34 Months Ended
	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Feb. 28, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	250,000,000		250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 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)	27,644,413		27,644,413	27,521,120
Common stock, shares outstanding (in shares)	23,397,074		23,397,074	23,581,648
Stock repurchase program, additional amount authorized					$ 200,000
Stock repurchase program, authorized amount					$ 550,000
Stock repurchase program, value repurchased, excluding excise tax	$ 30,800
Treasury stock acquired (in shares)	307,867	892,916	3,247,339
Stock repurchase	$ 30,974	$ 95,102
Stock repurchase program, remaining authorized repurchase amount	$ 180,700		$ 180,700

Notes Payable

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Notes Payable

NOTES PAYABLE

Revolving Credit Agreement

On October 9, 2024, we entered into a Fifth Amendment to Fifth Amended and Restated Credit Agreement with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent (the “Fifth Amendment”), which amended the 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 (as amended to date,including the Fifth Amendment, the “Credit Agreement”). The Credit Agreement provides for a $1.205 billion revolving credit facility, which can be increased at the request of the Company by up to $95.0 million, subject to the terms and conditions of the Credit Agreement. The Credit Agreement matures on April 28, 2028 with respect to $1.085 billion, or 90.0%, of the $1.205 billion of commitments thereunder and on April 28, 2025 with respect to 10.0% of the commitments thereunder.

Before each anniversary of the Credit Agreement, we may request a one-year extension of its maturity date. The Credit Agreement is guaranteed by, among others, each of our subsidiaries that have gross assets of at least $0.5 million, other than subsidiaries whose sole purpose is to own and operate single-family rental homes.

The borrowings and letters of credit outstanding under the Credit Agreement, together with the outstanding principal balance of our 8.750% Senior Notes due 2028 (the “2028 Senior Notes”), our 4.000% Senior Notes due 2029 (the “2029 Senior Notes”) and our 7.000% Senior Notes due 2032 (the “2032 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 December 31, 2024, the borrowing base under the Credit Agreement was $1.205 billion, of which the maximum available to borrow was $1.8 billion. As of December 31, 2024, borrowings under the Credit Agreement and the outstanding principal amount of the 2028 Senior Notes, the 2029 Senior Notes and the 2032 Senior Notes totaled approximately $1.5 billion, $24.5 million of letters of credit were outstanding and $270.5 million was available to borrow under the Credit Agreement.

Borrowings under the Credit Agreement bear interest, payable monthly in arrears, at the Company’s option, at either (1) the Adjusted Term SOFR (defined as a term SOFR that is based on a fixed 1, 3 or 6 month interest period, 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, or (2) the Base Rate (defined as a term SOFR that is based on a daily variable 1 month interest period plus a 10 basis point adjustment), subject to a 50 basis point floor, plus the Applicable Margin. At December 31, 2024, the Applicable Margin was 1.85%, and SOFR was 4.36%, 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 December 31, 2024, we were in compliance with all of the covenants contained in the Credit Agreement.

Senior Notes Offering

On November 15, 2024, we issued $400.0 million aggregate principal amount of the 2032 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 2032 Senior Notes accrues at a rate of 7.000% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2025. The 2032 Senior Notes mature on November 15, 2032. The terms of the 2032 Senior Notes are governed by an Indenture, dated as of July 6, 2018, and Fifth Supplemental Indenture thereto, dated as of November 15, 2024, as may be supplemented from time to time, among us, our subsidiaries that guarantee our obligations under the Credit Agreement and Regions Bank, as trustee.

On November 21, 2023, we issued $400.0 million aggregate principal amount of the 2028 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. Interest on the 2028 Senior Notes accrues at a rate of 8.750% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2024. The 2028 Senior Notes mature on December 15, 2028. The terms of the 2028 Senior Notes are governed by an Indenture, dated as of July 6, 2018, and Fourth Supplemental Indenture thereto, dated as of November 21, 2023, as may be supplemented from time to time, among us, our subsidiaries that guarantee our obligations under the Credit Agreement and Regions Bank, as trustee.

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 and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S. 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):


	December 31,
	2024		2023
Notes payable under the Credit Agreement ($1.205 billion revolving credit facility at December 31, 2024) maturing in part on April 28, 2025 and in part on April 28, 2028; interest paid monthly at SOFR plus 1.85%.	$	401,946	$	569,633
8.750% Senior Notes due December 15, 2028; interest paid semi-annually at 8.750%.	400,000		400,000
4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000%.	300,000		300,000
7.000% Senior Notes due November 15, 2032; interest paid semi-annually at 7.000%.	400,000		—
Net debt issuance costs	(21,228)		(21,301)
Total notes payable	$	1,480,718	$	1,248,332

As of December 31, 2024, the annual aggregate maturities of notes payable during each of the next five fiscal years are as follows (in thousands):


	Amount
2025	$	40,028
2026	—
2027	—
2028	761,918
2029	300,000
Thereafter	400,000
Total notes payable	1,501,946
Less: Net debt issuance costs	(21,228)
Net notes payable	$	1,480,718

Capitalized Interest

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


	Year Ended December 31,
	2024		2023		2022
Interest incurred	$	119,009	$	87,604	$	49,281
Less: Amounts capitalized	(119,009)		(87,604)		(49,281)
Interest expense	$	—	$	—	$	—

Cash paid for interest	$	112,984	$	80,963	$	41,593

Included in interest incurred was amortization of deferred financing costs and applicable discounts for notes payable and financing arrangements of $14.0 million, $13.6 million and $5.4 million for the years ended December 31, 2024, 2023 and 2022, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	7
Number of reporting segments \| Segment	5
Home sales revenues	$ 2,202,598	$ 2,358,580	$ 2,304,455
Cost of sales:	1,669,310	1,816,393	1,657,855
Segment Reporting, Other Segment Item, Amount	274,375	280,433	228,484
Net income (loss) before income taxes:	258,913	261,754	418,116
Gain on sale of interest rate cap	0	0	7,055
Assets	3,758,534	3,407,851
Central
Segment Reporting Information [Line Items]
Home sales revenues	564,608	730,688	1,011,844
Cost of sales:	433,932	556,664	716,485
Segment Reporting, Other Segment Item, Amount	63,988	87,728	83,563
Net income (loss) before income taxes:	66,688	86,296	211,796
Assets	1,096,500	1,026,303
Southeast
Segment Reporting Information [Line Items]
Home sales revenues	538,170	556,808	455,340
Cost of sales:	389,626	416,579	318,508
Segment Reporting, Other Segment Item, Amount	63,265	61,235	49,065
Net income (loss) before income taxes:	85,279	78,994	87,767
Assets	733,339	664,877
Northwest
Segment Reporting Information [Line Items]
Home sales revenues	258,407	251,171	253,416
Cost of sales:	199,217	197,637	175,671
Segment Reporting, Other Segment Item, Amount	33,277	29,850	26,959
Net income (loss) before income taxes:	25,913	23,684	50,786
Assets	567,088	528,319
West
Segment Reporting Information [Line Items]
Home sales revenues	472,655	381,102	300,968
Cost of sales:	359,406	304,550	236,673
Segment Reporting, Other Segment Item, Amount	61,036	47,429	37,981
Net income (loss) before income taxes:	52,213	29,123	26,314
Assets	759,042	671,558
Florida
Segment Reporting Information [Line Items]
Home sales revenues	368,758	438,811	282,887
Cost of sales:	287,129	340,963	210,518
Segment Reporting, Other Segment Item, Amount	51,274	49,524	34,964
Net income (loss) before income taxes:	30,355	48,324	37,405
Assets	480,921	420,286
Corporate Segment
Segment Reporting Information [Line Items]
Segment Reporting, Other Segment Item, Amount	1,535	4,667	(4,048)
Net income (loss) before income taxes:	(1,535)	(4,667)	$ 4,048
Assets	$ 121,644	$ 96,508

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
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, completed homes and real estate not owned. 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. We purchase both finished lots and land to be developed. Generally, the life cycle of a community ranges from two to five years. For projects we develop, the period between the acquisition of a raw piece of land and completion of the development of that land generally ranges from two to three years. During the life of a project, a constructed home is used as the community information center 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. We have 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 as real estate not owned within our inventory as shown in tabular form in Note 3 and have a corresponding obligation within our accrued liabilities as more fully discussed in Note 5 to recognize this relationship. While we are not legally obligated to repurchase the balance of the lots, we are 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 that we have sold to the land banker and we do not guarantee any of the land banker’s liabilities. Interest and financing costs incurred under our debt obligations and financing arrangements, as more fully discussed in Note 6 and Note 5, respectively, are capitalized to qualifying real estate projects under development and homes under construction. In accordance with Accounting Standards Codification (“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, 2024 and 2023, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the years ended December 31, 2024, 2023 and 2022.
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, 2024 and 2023, 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 land held for sale, municipal utility district reimbursements, prepaid insurance, prepaid expenses, financing arrangement commitment fees, right-of-use (“ROU”) assets, investments in unconsolidated entities, forward commitments and other receivables. Prepaid insurance and prepaid expenses were $14.1 million and $6.9 million as of December 31, 2024 and 2023, respectively.
Investments in Unconsolidated Entities Policy	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. 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 and in other income, net for rental properties. 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 27.5 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. We are lessors of the homes representing rental properties. Our leasing contracts are typically for terms of one year. 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, 2024, 2023 and 2022.
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 2024, 2023 and 2022.
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 $10,000. 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 $43.6 million, $33.1 million and $18.7 million for the years ended December 31, 2024, 2023 and 2022, 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 rates 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. 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.
New Accounting Pronouncements Policy	Recently Adopted Accounting Pronouncement In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting - (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The standard is effective for the Company’s annual periods beginning in fiscal year 2024 and interim periods beginning in the first quarter of fiscal year 2025 on a retrospective basis to all periods presented. We applied the amendment retrospectively to all periods presented. The adoption of ASU 2023-07 impacted the presentation of the performance measures in the tables in “Segment Information” under Note 14. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the impact that this standard will have on our financial statements. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. The amendments in this update are to be applied on a prospective basis, with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our disclosures.

Accrued Expenses and Other Liabilites (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Land banking financing arrangements	$ 37,140	$ 104,459
Real estate inventory development and construction payable	48,019	71,193
Accrued compensation, bonuses and benefits	18,653	22,550
Taxes payable	43,076	14,694
Warranty reserve	16,100	13,600	$ 10,750	$ 7,850
Accrued interest	13,560	13,522
Inventory related obligations	8,779	11,924
Lease liability	6,134	4,947
Contract deposits	4,143	2,909
Other	11,713	12,074
Total accrued expenses and other liabilities	$ 207,317	$ 271,872

Schedule of Property and Equipment (Details) $ in Thousands	12 Months Ended
Schedule of Property and Equipment (Details) $ in Thousands	Dec. 31, 2024 USD ($) home	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Property and equipment	$ 64,338	$ 51,314
Less: Accumulated depreciation	(7,300)	(5,792)
Property and equipment, net	57,038	45,522
Transfer of homes from inventory to rental properties	25,100	13,500
Depreciation	$ 3,100	2,400	$ 1,600
Number Of Leased Properties Sold \| home	103
Computer software and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 4,937	3,946
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	261	231
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	2,906	2,091
Rental properties
Property, Plant and Equipment [Line Items]
Property and equipment	$ 54,435	43,324
Estimated useful life of asset	27 years 6 months
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,799	$ 1,722

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Houston, Texas

Stock-Based Compensation - Summary of Performance Based Restricted Stock Units Narrative (Details) - USD ($)		12 Months Ended
	Mar. 15, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Award [Line Items]
Shares reserved for future issuance (in shares)		2,680,172
Percentage of total units vested		100.00%
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Line Items]
Exercise price (in USD per share)		$ 0.00
Outstanding (in shares)		194,953	133,359	146,239	117,874
Granted (in shares)		105,350	48,946	83,251
Share-based compensation expense		$ 5,200,000	$ 4,900,000	$ 3,600,000
Share-based compensation not yet recognized		$ 11,000,000.0
Share-based compensation not yet recognized, period for recognition		2 years 1 month 6 days
Restricted stock units (RSUs) \| Senior Management and Other Officers
Share-based Compensation Arrangement by Award [Line Items]
Granted (in shares)		17,767	22,912	16,731
Restricted stock units (RSUs) \| Management
Share-based Compensation Arrangement by Award [Line Items]
Granted (in shares)		30,876	8,256	10,404
Restricted stock units (RSUs) \| Certain Employees And Executives
Share-based Compensation Arrangement by Award [Line Items]
Granted (in shares)		56,707	17,778	56,116
Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Exercise price (in USD per share)		$ 0.00
Performance vesting period		3 years
Outstanding (in shares)		196,770	178,906
Granted (in shares)		70,947
Share-based compensation expense		$ 4,300,000	$ 2,900,000	$ 4,500,000
Share-based compensation not yet recognized		$ 8,200,000
Share-based compensation not yet recognized, period for recognition		1 year 8 months 12 days
2024 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		100.00%
Outstanding (in shares)		67,410	0
Granted (in shares)		70,947
2023 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		73.30%
Outstanding (in shares)		69,088	72,443
2022 Grant \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		0.00%
Outstanding (in shares)		60,272	63,304
2021 - 2023 Grants \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	93.60%
Minimum \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Line Items]
Performance vesting period		1 year
Minimum \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		0.00%
Maximum \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Line Items]
Performance vesting period		3 years
Maximum \| Performance Based Shares
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested		200.00%

Real Estate Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory

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


	December 31,
	2024		2023
Land, land under development, and finished lots	$	2,287,352	$	2,099,133
Information centers	57,622		47,936
Homes in progress	325,579		313,124
Completed homes	680,160		542,996
Total owned inventory	3,350,713		3,003,189
Real estate not owned	37,140		104,459
Total real estate inventory	$	3,387,853	$	3,107,648

Equity

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, no shares of preferred stock were issued or outstanding.

At December 31, 2024, we had 27,644,413 shares of common stock issued and 23,397,074 shares of common stock outstanding, including 4,247,339 treasury shares of our common stock. At December 31, 2023, we had 27,521,120 shares of common stock issued and 23,581,648 shares of common stock outstanding, including 3,939,472 treasury shares of our common stock.

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 years ended December 31, 2024 and 2022, we repurchased 307,867 shares of our common stock for $30.8 million to be held as treasury stock, excluding the excise taxes accrued on our share repurchases as a result of the Inflation Reduction Act of 2022, and 892,916 shares of our common stock for $95.1 million to be held as treasury stock, respectively. During the year ended December 31, 2023, we did not repurchase any shares of our common stock. A total of 3,247,339 shares of our common stock has been repurchased since our stock repurchase program commenced. As of December 31, 2024, we may purchase up to $180.7 million of shares of our common stock under our stock repurchase program.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2024, 2023 and 2022.


	For the Year Ended December 31,
	2024		2023		2022
Numerator (in thousands):
Net income (Numerator for basic and dilutive earnings per share)	$	196,071	$	199,227	$	326,567
Denominator:
Basic weighted average shares outstanding	23,529,724		23,507,136		23,486,465
Effect of dilutive securities:

Stock-based compensation units	80,733		141,412		244,305
Diluted weighted average shares outstanding	23,610,457		23,648,548		23,730,770

Basic earnings per share	$	8.33	$	8.48	$	13.90
Diluted earnings per share	$	8.30	$	8.42	$	13.76
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	46,146		11,412		50,003

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

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


	December 31,
	2024		2023

Rental properties	$	54,435	$	43,324
Computer software and equipment	4,937		3,946
Leasehold improvements	1,799		1,722
Furniture and fixtures	2,906		2,091
Machinery and equipment	261		231
Total property and equipment	64,338		51,314
Less: Accumulated depreciation	(7,300)		(5,792)
Property and equipment, net	$	57,038	$	45,522

We build and lease a number of single-family homes in select, existing communities. During the years ended December 31, 2024 and 2023, we transferred $25.1 million and $13.5 million, respectively, of home assets from real estate

inventory to rental properties within property and equipment, net. During the year ended December 31, 2024, we had a bulk sale of 103 leased, single family homes and realized gains of $14.0 million included in Other income, net.

Depreciation expense incurred for the years ended December 31, 2024, 2023 and 2022 was $3.1 million, $2.4 million and $1.6 million, respectively.

Segment Information

12 Months Ended

Dec. 31, 2024

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, 2024: our Central, Southeast, Northwest, West and Florida divisions. These segments reflect the way we evaluate our business performance and manage our operations. For reporting purposes, our homebuilding operations are aggregated into five reportable segments as follows:

Central: Texas, Oklahoma, Minnesota

Southeast: Georgia, Alabama, Tennessee, North Carolina, South Carolina,

West Virginia, Maryland, Pennsylvania, Virginia

Northwest: Colorado, Washington, Oregon

West: Arizona, New Mexico, Nevada, California, Utah

Florida: Florida

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.

Our Chief Executive Officer and Chairman of the Board and our President and Chief Operating Officer have been determined to be our chief operating decision-makers (“CODMs”). The CODMs primarily evaluate the segments’ operating performance and allocate resources for all of our reportable segments based on net income before income taxes. For all of the segments, the CODMs use segment income before income tax expense in the annual budget and forecasting process. These operating results are reviewed against actual and forecasted figures, with income before income taxes being the key operating metric used to measure profit or loss.

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


	For the Year Ended December 31,
	2024		2023		2022
Revenues:
Central	$	564,608	$	730,688	$	1,011,844
Southeast	538,170		556,808		455,340
Northwest	258,407		251,171		253,416
West	472,655		381,102		300,968
Florida	368,758		438,811		282,887
Total home sales revenues	$	2,202,598	$	2,358,580	$	2,304,455

Cost of sales:
Central	$	433,932	$	556,664	$	716,485
Southeast	389,626		416,579		318,508
Northwest	199,217		197,637		175,671
West	359,406		304,550		236,673
Florida	287,129		340,963		210,518
Total cost of sales	$	1,669,310	$	1,816,393	$	1,657,855

Other segment items(1):
Central	$	63,988	$	87,728	$	83,563
Southeast	63,265		61,235		49,065
Northwest	33,277		29,850		26,959
West	61,036		47,429		37,981
Florida	51,274		49,524		34,964
Corporate (2)	1,535		4,667		(4,048)
Total other segment items	$	274,375	$	280,433	$	228,484

Net income (loss) before income taxes:
Central	$	66,688	$	86,296	$	211,796
Southeast	85,279		78,994		87,767
Northwest	25,913		23,684		50,786
West	52,213		29,123		26,314
Florida	30,355		48,324		37,405
Corporate	(1,535)		(4,667)		4,048
Total net income before income taxes	$	258,913	$	261,754	$	418,116

(1) Other segment items reflects other sources of income and expense, including selling expenses, general and administrative expenses and other income, net.

(2) The Corporate balance consists of general and administrative unallocated costs for various shared service functions and non-strategic other income. Additionally, for the year ended December 31, 2022, the Corporate balance includes the $7.1 million gain on the sale of the three-year interest rate cap of LIBOR prior to its expiration.


	December 31,
Assets:	2024		2023
Central	$	1,096,500	$	1,026,303
Southeast	733,339		664,877
Northwest	567,088		528,319
West	759,042		671,558
Florida	480,921		420,286
Corporate (1)	121,644		96,508
Total assets	$	3,758,534	$	3,407,851

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

- 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

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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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, 2021	117,874	$	80.85
Granted	83,251	$	110.03
Vested	(46,981)	$	66.57
Forfeited	(7,905)	$	101.48
Balance at December 31, 2022	146,239	$	100.93
Granted	48,946	$	109.47
Vested	(53,894)	$	71.84
Forfeited	(7,932)	$	115.05
Balance at December 31, 2023	133,359	$	114.98
Granted	105,350	$	104.63
Vested	(28,100)	$	138.06
Forfeited	(15,656)	$	108.24
Balance at December 31, 2024	194,953	$	106.60

Schedule of Performance Based Stock Activity

The following table summarizes the activity of our PSUs:


Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2023	Target PSUs Granted	Target PSUs Forfeited	Target PSUs Vested	Target PSUs Outstanding at December 31, 2024	Weighted Average Grant Date Fair Value
2021	2021 - 2023	43,159	—	—	(43,159)	—	$	141.00
2022	2022 - 2024	63,304	—	(3,032)	—	60,272	$	118.80
2023	2023 - 2025	72,443	—	(3,355)	—	69,088	$	104.36
2024	2024 - 2026	—	70,947	(3,537)	—	67,410	$	111.94
Total		178,906	70,947	(9,924)	(43,159)	196,770

Commitments and Contingencies - Land Deposits (Detail) $ in Thousands	Dec. 31, 2024 USD ($) lot	Dec. 31, 2023 USD ($) lot
Commitments and Contingencies Disclosure [Abstract]
Land deposits and option payments	$ 29,040	$ 26,955
Commitments under the land purchase contracts if the purchases are consummated	$ 653,861	$ 513,941
Lots under land purchase contracts \| lot	17,582	15,750
Refundable land deposits of purchase contracts of finished lots	$ 10,400	$ 11,400

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at federal statutory rate	$ 54,372	$ 54,968	$ 87,805
State income taxes (net of federal benefit)	8,448	8,052	10,749
Stock-based compensation	(93)	(2,230)	(2,199)
Non deductible expenses and other	2,054	3,033	4,313
Change in tax rates - deferred taxes	(187)	(89)	23
Federal energy efficient homes tax credits	(1,752)	(1,207)	(9,142)
Tax at effective rate	$ 62,842	$ 62,527	$ 91,549
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)	3.30%	3.10%	2.60%
Stock-based compensation	0.00%	(0.90%)	(0.50%)
Non deductible expenses and other	0.80%	1.20%	1.00%
Change in tax rates - deferred taxes	(0.10%)	0.00%	0.00%
Federal Efficient Homes Tax Credits	(0.70%)	(0.50%)	(2.20%)
Tax at effective rate	24.30%	23.90%	21.90%
Extension Of Federal Energy Efficient Homes Tax Credits	$ (1,800)	$ 1,200	$ 9,100

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Current:
Federal	$	53,114	$	54,013	$	77,922
State	10,836		10,492		13,615
Current tax provision	63,950		64,505		91,537
Deferred:
Federal	(931)		(1,638)		33
State	(177)		(340)		(21)
Deferred tax provision (benefit)	(1,108)		(1,978)		12
Total income tax provision	$	62,842	$	62,527	$	91,549

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
	2024				2023				2022
Tax at federal statutory rate	$	54,372	21.0	%	$	54,968	21.0	%	$	87,805	21.0	%
State income taxes (net of federal benefit)	8,448		3.3		8,052		3.1		10,749		2.6

Stock-based compensation	(93)		—		(2,230)		(0.9)		(2,199)		(0.5)
Non deductible expenses and other	2,054		0.8		3,033		1.2		4,313		1.0
Change in tax rates - deferred taxes	(187)		(0.1)		(89)		—		23		—
Federal energy efficient homes tax credits	(1,752)		(0.7)		(1,207)		(0.5)		(9,142)		(2.2)

Tax at effective rate	$	62,842	24.3	%	$	62,527	23.9	%	$	91,549	21.9	%

Schedule of Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Accruals and reserves	$	5,752	$	6,222
Stock-based compensation	3,136		2,271
Inventory	1,531		1,197
Leases	1,181		891

Other	2,938		2,381
Total deferred tax assets	14,538		12,962
Deferred tax liabilities:
Prepaids	(1,075)		(1,242)
Leases	(1,305)		(1,076)
Goodwill and other assets amortized for tax	(1,258)		(1,126)
Tax depreciation in excess of book depreciation	(885)		(827)
Other	(744)		(528)
Total deferred tax liabilities	(5,267)		(4,799)
Total net deferred tax assets	$	9,271	$	8,163

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. 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, completed homes and real estate not owned. 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. We purchase both finished lots and land to be developed. Generally, the life cycle of a community ranges from two to five years. For projects we develop, the period between the acquisition of a raw piece of land and completion of the development of that land generally ranges from two to three years. During the life of a project, a constructed home is used as the community information center 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. We have 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 as real estate not owned within our inventory as shown in tabular form in Note 3 and have a corresponding obligation within our accrued liabilities as more fully discussed in Note 5 to recognize this relationship. While we are not legally obligated to repurchase the balance of the lots, we are 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 that we have sold to the land banker and we do not guarantee any of the land banker’s liabilities. Interest and financing costs incurred under our debt obligations and financing arrangements, as more fully discussed in Note 6 and Note 5, respectively, are capitalized to qualifying real estate projects under development and homes under construction. In accordance with Accounting Standards Codification (“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, 2024 and 2023, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the years ended December 31, 2024, 2023 and 2022. 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, 2024 and 2023, 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 land held for sale, municipal utility district reimbursements, prepaid insurance, prepaid expenses, financing arrangement commitment fees, right-of-use (“ROU”) assets, investments in unconsolidated entities, forward commitments and other receivables. Prepaid insurance and prepaid expenses were $14.1 million and $6.9 million as of December 31, 2024 and 2023, respectively. 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. 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 and in other income, net for rental properties. 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 27.5 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. We are lessors of the homes representing rental properties. Our leasing contracts are typically for terms of one year. 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, 2024, 2023 and 2022. 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 2024, 2023 and 2022. 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 $10,000. 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 $43.6 million, $33.1 million and $18.7 million for the years ended December 31, 2024, 2023 and 2022, 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 rates 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. 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. Recently Adopted Accounting Pronouncement In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting - (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The standard is effective for the Company’s annual periods beginning in fiscal year 2024 and interim periods beginning in the first quarter of fiscal year 2025 on a retrospective basis to all periods presented. We applied the amendment retrospectively to all periods presented. The adoption of ASU 2023-07 impacted the presentation of the performance measures in the tables in “Segment Information” under Note 14. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the impact that this standard will have on our financial statements. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. The amendments in this update are to be applied on a prospective basis, with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our disclosures.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	27,644,413	27,521,120
Common stock, shares outstanding (in shares)	23,397,074	23,581,648
Treasury stock (in shares)	4,247,339	3,939,472

Schedule of Real Estate Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Land, land under development, and finished lots	$ 2,287,352	$ 2,099,133
Information centers	57,622	47,936
Homes in progress	325,579	313,124
Completed homes	680,160	542,996
Total real estate inventory	3,350,713	3,003,189
Real estate not owned	37,140	104,459
Total real estate inventory	$ 3,387,853	$ 3,107,648

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Revenues:
Central	$	564,608	$	730,688	$	1,011,844
Southeast	538,170		556,808		455,340
Northwest	258,407		251,171		253,416
West	472,655		381,102		300,968
Florida	368,758		438,811		282,887
Total home sales revenues	$	2,202,598	$	2,358,580	$	2,304,455

Cost of sales:
Central	$	433,932	$	556,664	$	716,485
Southeast	389,626		416,579		318,508
Northwest	199,217		197,637		175,671
West	359,406		304,550		236,673
Florida	287,129		340,963		210,518
Total cost of sales	$	1,669,310	$	1,816,393	$	1,657,855

Other segment items(1):
Central	$	63,988	$	87,728	$	83,563
Southeast	63,265		61,235		49,065
Northwest	33,277		29,850		26,959
West	61,036		47,429		37,981
Florida	51,274		49,524		34,964
Corporate (2)	1,535		4,667		(4,048)
Total other segment items	$	274,375	$	280,433	$	228,484

Net income (loss) before income taxes:
Central	$	66,688	$	86,296	$	211,796
Southeast	85,279		78,994		87,767
Northwest	25,913		23,684		50,786
West	52,213		29,123		26,314
Florida	30,355		48,324		37,405
Corporate	(1,535)		(4,667)		4,048
Total net income before income taxes	$	258,913	$	261,754	$	418,116

(1) Other segment items reflects other sources of income and expense, including selling expenses, general and administrative expenses and other income, net.


	December 31,
Assets:	2024		2023
Central	$	1,096,500	$	1,026,303
Southeast	733,339		664,877
Northwest	567,088		528,319
West	759,042		671,558
Florida	480,921		420,286
Corporate (1)	121,644		96,508
Total assets	$	3,758,534	$	3,407,851

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

Notes Payable - Annual Aggregate Maturities of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Maturities of Long-Term Debt [Abstract]
Long-term debt, maturities in next twelve months	$ 40,028
Long-term debt, maturities in year two	0
Long-term debt, maturities in year three	0
Long-term debt, maturities in year four	761,918
Long-term debt, maturities in year five	300,000
Long-term debt, maturities after year five	400,000
Total Notes Payable, Gross	1,501,946
Debt issuance costs	(21,228)
Notes payable	$ 1,480,718	$ 1,248,332

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Land deposits and option payments (1)	$	29,040	$	26,955
Commitments under the land purchase contracts if the purchases are consummated	$	653,861	$	513,941
Lots under land purchase contracts (1)	17,582		15,750

(1) Includes land banking financing arrangements, see Note 3 and Note 5 for more details regarding real estate not owned.

Schedule of Future Minimum Operating Lease Payments

The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2024 (in thousands):


Year Ending December 31,	Operating leases
2025	$	1,892
2026	1,674
2027	1,486
2028	1,062
2029	473
Thereafter	331
Total	6,918
Lease amount representing interest	(784)
Present value of lease liabilities	$	6,134

Revenues (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Retail home sales revenues	$	2,038,520	$	2,156,237	$	1,963,896
Wholesale home sales revenues	164,078		202,343		340,559
Total home sales revenues	$	2,202,598	$	2,358,580	$	2,304,455

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 14 (in thousands):


	For the Year Ended December 31,
	2024		2023		2022
Central	$	564,608	$	730,688	$	1,011,844
Southeast	538,170		556,808		455,340
Northwest	258,407		251,171		253,416
West	472,655		381,102		300,968
Florida	368,758		438,811		282,887
Home sales revenues	$	2,202,598	$	2,358,580	$	2,304,455

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accruals and reserves	$ 5,752	$ 6,222
Leases	1,181	891
Inventory	1,531	1,197
Stock-based compensation	3,136	2,271
Other	2,938	2,381
Total deferred tax assets	14,538	12,962
Deferred tax liabilities:
Prepaids	(1,075)	(1,242)
Operating Lease, Right-Of-Use Assets	(1,305)	(1,076)
Tax depreciation in excess of book depreciation	(885)	(827)
Goodwill and other assets amortized for tax	(1,258)	(1,126)
Other	(744)	(528)
Total deferred tax liabilities	(5,267)	(4,799)
Total net deferred tax assets	$ 9,271	$ 8,163