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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Nov. 10, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Entity Registrant Name	LGI Homes, Inc.
Entity Central Index Key	0001580670
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		20,763,449

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 46,161	$ 54,069
Accounts receivable	9,713	5,402
Real estate inventory	291,988	141,983
Pre-acquisition costs and deposits	12,729	3,703
Deferred taxes, net	467	288
Property and equipment, net	1,373	845
Other assets	4,730	1,992
Goodwill and intangible assets, net	12,543	12,728
Total assets	379,704	221,010
LIABILITIES AND EQUITY
Accounts payable	15,449	14,001
Accrued expenses and other liabilities	17,747	7,100
Notes payable	160,188	35,535
Total liabilities	193,384	56,636
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 20,763,449 issued and outstanding	208	208
Additional paid-in capital	158,325	157,056
Retained earnings	27,787	7,110
Total equity	186,320	164,374
Total liabilities and equity	$ 379,704	$ 221,010

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2014	Dec. 31, 2013
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)	20,763,449	20,763,449
Common stock shares outstanding (in shares)	20,763,449	20,763,449

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Home sales	$ 92,516	$ 37,035	$ 274,848	$ 95,033
Management and warranty fees	0	1,007	0	2,309
Total revenues	92,516	38,042	274,848	97,342
Cost of sales	67,256	27,083	201,661	69,225
Selling expenses	9,239	3,589	25,788	9,082
General and administrative	6,115	4,052	16,557	9,078
Income from unconsolidated LGI/GTIS Joint Ventures	0	(1,976)	0	(2,920)
Operating income	9,906	5,294	30,842	12,877
Interest expense, net	0	(41)	0	(47)
Other income, net	628	34	663	56
Net income before income taxes	10,534	5,287	31,505	12,886
Income tax provision	(3,488)	(137)	(10,828)	(273)
Net income	7,046	5,150	20,677	12,613
Loss attributable to non-controlling interests	0	437	0	583
Net income attributable to owners	$ 7,046	$ 5,587	$ 20,677	$ 13,196
Basic and diluted earnings per share data:
Basic (in dollars per share)	$ 0.34		$ 1.00
Diluted (in dollars per share)	$ 0.34		$ 0.99
Weighted average number of shares of common stock:
Basic (in shares)	20,763,449		20,763,449
Diluted (in shares)	20,881,827		20,871,757

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 9 months ended Sep. 30, 2014 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2013		20,763,449
Beginning Balance at Dec. 31, 2013	$ 164,374	$ 208	$ 157,056	$ 7,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,677			20,677
Issuance of restricted stock units in settlement of accrued bonuses	642		642
Compensation expense for equity awards	627		627
Ending balance (in shares) at Sep. 30, 2014		20,763,449
Ending Balance at Sep. 30, 2014	$ 186,320	$ 208	$ 158,325	$ 27,787

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income	$ 20,677	$ 12,613
Adjustments to reconcile net income to net cash used in operating activities:
Income from unconsolidated LGI/GTIS Joint Ventures	0	(2,920)
Distributions from unconsolidated LGI/GTIS Joint Ventures	0	3,027
Depreciation and amortization	471	199
Gain on settlement of participation fee obligation	0	(9)
Loss on disposal of assets	14	61
Compensation expense for equity awards	627	0
Deferred income taxes	(179)	0
Changes in assets and liabilities:
Accounts receivable	(4,312)	(682)
Real estate inventory	(143,534)	(38,311)
Pre-acquisition costs and deposits	(9,026)	(2,674)
Other assets	(589)	(1,843)
Accounts payable	1,449	3,257
Accrued expenses and other liabilities	4,817	3,001
Net cash used in operating activities	(129,585)	(24,281)
Cash flows from investing activities:
Capital investments in unconsolidated LGI/GTIS Joint Ventures	0	(928)
Capital distributions from unconsolidated LGI/GTIS Joint Ventures	0	148
Proceeds from disposal of assets	0	35
Purchases of property and equipment	(828)	(533)
Net cash used in investing activities	(828)	(1,278)
Cash flows from financing activities:
Proceeds from notes payable	127,528	64,151
Payments on notes payable	(2,875)	(51,362)
Loan issuance costs	(2,148)	0
Contributions from owners	0	2,535
Distributions to owners	0	(3,240)
Contributions from non-controlling interests	0	15,797
Net cash provided by financing activities	122,505	27,881
Net increase (decrease) in cash and cash equivalents	(7,908)	2,322
Cash and cash equivalents, beginning of period	54,069	7,069
Cash and cash equivalents, end of period	$ 46,161	$ 9,391

Organization and Business	9 Months Ended
Organization and Business	Sep. 30, 2014
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''), was organized on July 9, 2013 as a holding company for the purpose of facilitating the initial public offering (the "IPO") of its common stock in November 2013. The Company's principal business is the development of communities and the design and construction of homes. At September 30, 2014, the Company had operations in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, and South Carolina. Initial Public Offering and Reorganization Transactions On November 13, 2013, the Company completed the IPO and received net proceeds of $102.6 million. In conjunction with the IPO, the Company completed the reorganization of LGI Homes Group, LLC and LGI Homes Corporate, LLC and their consolidated subsidiaries and variable interest entities, as well as LGI Homes II, LLC, LGI Homes - Sunrise Meadow, LLC, LGI Homes - Canyon Crossing, LLC, and LGI Homes - Deer Creek, LLC, (collectively, the "Predecessor") into LGI Homes, Inc. (the "Reorganization Transactions"). Immediate family members, a father and son (the "Family Principals"), individually or jointly owned more than 50% of the voting ownership interest of each entity comprising the Predecessor. The Predecessor entities and the Company were under common management, operated in the same business, and were controlled by the Family Principals immediately before and after the Reorganization Transactions. Following the Reorganization Transactions, the entities that comprised the Predecessor are wholly-owned subsidiaries of the Company. The Reorganization Transactions were accounted for at the transaction date as a consolidation of entities under common control. In addition, since the Predecessor controlled LGI Fund III Holdings, LLC before and after the IPO, the Company accounted for the acquisition of the non-controlling interests as an equity transaction. The accompanying unaudited statements of operations for the three and nine months ended September 30, 2013 and the statement of cash flows for the nine months ended September 30, 2013 present the historical combined financial statements of the Predecessor.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Acquisition of LGI/GTIS Joint Venture Partners' Interests

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquisition of LGI/GTIS Joint Venture Partners' Interests

ACQUISITION OF LGI/GTIS JOINT VENTURE PARTNERS' INTERESTS

Concurrent with the IPO, the Company acquired from GTIS Partners, LP and its affiliated entities (''GTIS'') all of GTIS’ equity interests in four unconsolidated joint ventures with the Predecessor, namely LGI-JV Holdings, LLC (formerly LGI-GTIS Holdings, LLC), LGI-JV Holdings II, LLC (formerly LGI-GTIS Holdings II, LLC), LGI-JV Holdings III, LLC (formerly LGI-GTIS Holdings III, LLC) and LGI-JV Holdings IV, LLC (formerly LGI-GTIS Holdings IV, LLC) (collectively, the ''LGI/GTIS Joint Ventures''), in exchange for aggregate consideration of $41.3 million, consisting of cash of approximately $36.8 million and 409,091 shares of the Company’s common stock valued at $4.5 million on the IPO date (the "GTIS Acquisitions"). As discussed at Note 6, the LGI/GTIS Joint Ventures were historically accounted for as unconsolidated joint ventures under the equity method of accounting. As a result of the GTIS Acquisitions, the Company consolidated these entities. As required by ASC Topic 805, Business Combinations ("ASC Topic 805"), the acquired assets and assumed liabilities were accounted for at fair value and the Predecessor’s historical interests in the joint ventures were remeasured at fair value.

In connection with the purchase accounting, the Company recorded a gain of $6.4 million on the re-measurement of the Predecessor’s equity interest in the LGI/GTIS Joint Ventures and $12.7 million of goodwill and other intangibles. In addition, there was a $7.9 million step-up adjustment to record the acquisition date real estate inventory and lot option contracts at fair value. Approximately $0.4 million and $2.4 million of the $7.9 million fair value step-up adjustment is included in cost of sales for the three and nine month periods ended September 30, 2014, respectively, related to real estate inventory and lot option contracts at November 13, 2013 that were sold during the respective periods. As of September 30, 2014, a total of $5.8 million of the step-up adjustment has been amortized to cost of sales.

Supplemental Pro-Forma Information

The supplemental pro forma information presented below presents the home sales revenues, cost of sales, and net income before income taxes of the Company as if the GTIS Acquisitions had been completed on January 1, 2012.

The pro forma adjustments are based upon available information and certain assumptions that the Company believes are reasonable under the circumstances. The pro forma consolidated financial data is presented for informational purposes only. The pro forma consolidated financial data does not purport to represent what the Company's results of operations would have been had the GTIS Acquisitions actually occurred on January 1, 2012 and does not purport to project the Company's results of operations for any future period.



	Three Months Ended September 30,		Nine Months Ended September 30,
Pro Forma Financial Information	2013		2013
	(in thousands)
Home sales revenues	$	67,997	$	163,966
Cost of sales	$	49,429	$	118,856
Net income before income taxes	$	7,996	$	19,450

The pro forma results have been adjusted to reflect the elimination of the Predecessor's equity in earnings of the LGI/GTIS Joint Ventures. The pro forma results also reflect $0.1 million and $0.2 million for the three and nine months ended September 30, 2013, respectively for the amortization expense related to the marketing intangible asset. The pro forma financial information excludes the impact of the gain on re-measurement and the incremental impact of the fair value step-up adjustment of real estate inventory and lot option contracts as these are considered to be non-recurring items.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The accompanying unaudited consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of the Company’s results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. The accompanying unaudited financial statements as of and for the three and nine months ended September 30, 2014 include the accounts of LGI Homes, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited financial statements for the three and nine months ended September 30, 2013 include the Predecessor's historical combined accounts and results of operations. All intercompany and intracompany balances and transactions have been eliminated. 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 period. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements. The significant accounting estimates include real estate inventory and cost of sales, impairment of real estate inventory and property and equipment, warranty reserves and loss contingencies. 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. The Company’s 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, the Company has experienced no loss or diminished access to cash in their 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, sales offices, homes in progress, and completed homes. Inventory is stated at cost unless the carrying amount is determined not to be recoverable, in which case the affected inventory is written down to fair value. Land, development and other project costs, including interest and property taxes incurred during development and home construction, 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 (principally capitalized interest and property taxes) 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 using the total number of lots in the community. Management believes the allocation of land development costs on a pro rata basis approximates an allocation using a relative sales value method. Inventory costs for completed homes are expensed to cost of sales as homes are sold. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining unsold lots and homes in the community on a pro rata basis. The life cycle of a community generally ranges from two to five years, commencing with the acquisition of land, continuing through the land development phase, and concluding with the construction and sale of homes. A constructed home is used as the community sales office during the life of the community and then sold. Actual individual community lives will vary based on the size of the community, the sales absorption rate, and whether the property was purchased as raw land or finished lots. In accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment ("ASC Topic 360"), 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 sold, 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 estimated undiscounted future cash flows are less than the community’s carrying value, the asset group is impaired and is written down to its fair value. The Company estimates the fair value of communities using a discounted future cash flow model. As of September 30, 2014 and December 31, 2013, the real estate inventory is stated at cost; there were no inventory impairment indicators noted for the nine months ended September 30, 2014 and 2013. 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 (''ASC Topic 835'') and expensed in cost of sales as homes in the community are sold. 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 related deposits are charged to general and administrative expense. 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 Topic 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 the Company's maximum exposure if it elects not to purchase the optioned property. In some instances, the Company 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 the Company would have to absorb should the option not be exercised. Therefore, whenever the Company enters into a land option or purchase contract with an entity and makes a nonrefundable deposit, it may have a variable interest in a variable interest entity ("VIE"). In accordance with ASC Topic 810, the Company performs ongoing reassessments of whether it is the primary beneficiary of a VIE and would consolidate the VIE if the Company is deemed to be the primary beneficiary. As of September 30, 2014 and December 31, 2013, the Company was not deemed to be the primary beneficiary for any VIEs associated with non-refundable land deposit and option contracts. Deferred Loan Costs Deferred loan costs represent debt issuance costs and, depending on the nature and purpose of the loan, are capitalized to real estate inventory or amortized to interest expense using the straight-line method which approximates the effective interest method. Property and Equipment Property, equipment and leasehold improvements are stated at cost, less accumulated depreciation. Depreciation expense is recorded in general and administrative expenses. Upon sale or retirement, the costs and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in other income, net. Depreciation is generally computed using the straight-line method over the estimated useful lives of the assets, ranging from 3 to 7 years for property and equipment. Leasehold improvements are depreciated over the shorter of the asset life or the term of the lease. Maintenance and repair costs are expensed as incurred. Impairments of long-lived assets are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their 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 indicators of impairments noted for property, equipment and leasehold improvements for the nine months ended September 30, 2014 and 2013. Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs) The Predecessor functioned as the managing member of several joint ventures conducting homebuilding activities; these joint ventures became wholly-owned subsidiaries of the Company as a result of the Reorganization Transactions and the GTIS Acquisitions. In accordance with ASC Topic 810, management had assessed whether these entities were VIEs. The Predecessor had variable interests in the joint venture arrangements that it managed, and these joint ventures were determined to be VIEs because the members of the joint ventures, as a group, had insufficient equity at risk without further capital contributions. The Predecessor’s rights as well as the rights held by the other joint venture members had been evaluated to determine the primary beneficiary of the VIE, including the extent of substantive participating rights and control of activities that most significantly affected its economic performance. Such activities included, but were not limited to, the ability to determine the budget and scope of land development work, if any; the ability to control financing decisions for the VIE; and the ability to acquire additional land into the VIE. If the Predecessor was not able to control the significant decisions, the Predecessor was not considered the primary beneficiary of the VIE. If the Predecessor was determined to be the primary beneficiary of the VIE, the entity was consolidated in the Predecessor's financial statements. The Predecessor had investments in four joint ventures where the Predecessor and the other joint venture members were deemed to have joint control and the Predecessor was not the primary beneficiary since all major decisions required both parties’ consent. Accordingly, the Predecessor’s interests in these joint ventures were accounted for using the equity method and its share of the joint ventures’ net earnings was included in income from unconsolidated joint ventures and investments in unconsolidated joint ventures. Distributions received were credited against the related investment in the joint venture. During the nine months ended September 30, 2013, the Predecessor formed one VIE, LGI Fund III Holdings, LLC, where it had been determined that the Predecessor was the primary beneficiary. In addition to the Predecessor serving as the managing member of this entity, a Family Principal of the Predecessor also held the general partner controlling interest in the non-managing member of the VIE. As a result, the Predecessor combined with the Family Principal’s related party interest had the power to direct all significant activities of the VIE, and had exposure to the risks and rewards of the VIE, based on the division of income and loss pursuant to the joint venture agreement and the Predecessor’s ownership in the joint venture. This VIE is consolidated in the accompanying unaudited financial statements for the three and nine months ended September 30, 2013. Management evaluated the Company’s investments in unconsolidated entities for indicators of impairment during each reporting period. No impairment charges were recorded related to investments in unconsolidated entities as of September 30, 2013. Goodwill and Intangible Assets 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 Topic 805. ASC Topic 805 requires that goodwill and intangible assets 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 Company recorded $12.0 million of goodwill related to the GTIS Acquisitions. No goodwill impairment indicators were noted for the nine months ended September 30, 2014. The cost of a marketing intangible asset acquired valued at $0.7 million related to the GTIS Acquisitions is being amortized over its estimated useful life of 3 years. When certain events or changes in operating conditions occur, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if an impairment of such asset is necessary. For intangible assets that are amortized, a review is performed of their estimated useful lives to evaluate whether events and circumstances warrant a revision to the remaining useful life. No impairment indicators were present during the nine months ended September 30, 2014 associated with this intangible asset. Warranty Reserves Future direct warranty costs are accrued and charged to cost of sales in the period when the related home is sold. The Company’s 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 the Company's continued expansion. Warranty reserves are reviewed quarterly to assess the reasonableness and adequacy and to make adjustments to the balance of the pre-existing reserves, 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 $500 - $1,000. 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 360 – 20, Real Estate Sales ("ASC Topic 360 – 20"), revenues from home sales are recorded at the time each home sale is closed, title and possession are transferred to the buyer, and the Company has no significant continuing involvement with the home. Home sales proceeds are generally received from the title company within a few days after closing. Home sales are reported net of sales discounts and incentives granted to home buyers, which are primarily seller-paid closing costs. 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 and direct mail costs are expensed as incurred. Advertising and direct mail costs were $2.3 million and $0.8 million for the three months ended September 30, 2014 and 2013, respectively. Advertising and direct mail costs were $6.0 million and $1.9 million for the nine months ended September 30, 2014 and 2013, respectively. Income Taxes The Company utilizes 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. 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. The Company’s ability to realize deferred tax assets is assessed throughout the year and a valuation allowance is established, if required. The Company recognizes 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. The Company recognizes potential interest and penalties related to uncertain tax positions in income tax expense. The Company's effective tax rate of 34.4% is lower than the statutory rate primarily as a result of a decrease in the rate for the federal Domestic Production Activity Deduction offset by an increase in rate for state income taxes, net of the federal benefit. The current year rate of 34.4% is greater than the prior year rate of 2.1% because prior to the Reorganization Transactions, the Predecessor consisted of limited liability companies and limited partnerships, all of which were treated as partnerships for income tax purposes and as such, the federal income taxes were the obligation of the individual members or partners. Federal and state income taxes of approximately $3.8 million and $0.1 million were paid during the three months ended September 30, 2014 and 2013, respectively. Federal and state income taxes of approximately $12.0 million and $0.3 million were paid during the nine months ended September 30, 2014 and 2013, respectively. 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. Non-vested grants of restricted stock awards were the only potentially dilutive share equivalents the Company had outstanding at September 30, 2014. Stock-Based Compensation Compensation costs for non-performance-based restricted stock awards are measured using the closing price on the date of grant and are expensed on a straight-line basis over the vesting period of the award. Compensation costs for performance-based restricted stock awards are also measured using the closing price on the date of grant but are expensed in accordance with ASC 718-10-25-20, Compensation - Stock Compensation ("ASC 718-10-25-20"), which requires an assessment of probability of attainment of the performance target. Once the performance target outcome is determined to be probable, the year-to-date expense is recorded and the remaining expense is recorded on a straight-line basis through the end of the award's vesting period. Fair Value Measurement of Financial Instruments ASC Topic 820, Fair Value Measurements (“ASC Topic 820”), defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability. ASC Topic 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. The fair value of financial instruments, including cash and cash equivalents, accounts receivable and notes payable, approximate their carrying amounts due to the short term nature of these instruments. In addition, the notes payable have a floating interest rate, which increases or decreases with market interest rates, and are subject to an interest rate floor. Fair value measurements may be utilized on a nonrecurring basis, such as for the impairment of long-lived assets. As described in Note 2, the Predecessor’s historical interests in the LGI/GTIS Joint Ventures were adjusted to fair value at November 13, 2013. The assets and liabilities of the LGI/GTIS Joint Ventures were recorded at fair value based on Level 2 or Level 3 assumptions and valuation inputs. Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. This ASU applies to all entities and is effective for period ending after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements or disclosures. In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification Topic No. 718, “Compensation - Stock Compensation” (“ASC Topic 718”), as it relates to awards with performance conditions that affect vesting to account for such awards. ASU 2014-12 is effective for periods beginning after December 15, 2015. The adoption of ASU 2014-12 is not expected to have a material effect on the Company’s consolidated financial statements or disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” ASU 2014-09’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for the Company beginning January 1, 2017 and, at that time, the Company may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption of this ASU is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company's consolidated financial statements and disclosures.

Real Estate Inventory

9 Months Ended

Sep. 30, 2014

Inventory Disclosure [Abstract]

Real Estate Inventory

REAL ESTATE INVENTORY

The Company's real estate inventory consists of the following (in thousands):



	September 30,		December 31,
	2014		2013
Land, land under development, and finished lots	$	190,738	$	82,006
Sales offices	8,110		3,784
Homes in progress	34,322		27,723
Completed homes	58,818		28,470
Total real estate inventory	$	291,988	$	141,983

Interest and financing costs incurred under the Company's debt obligations, as more fully discussed in Note 8, are capitalized to qualifying real estate projects under development and homes in progress.

Property and Equipment

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

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



		September 30,			December 31,
	Asset Life	2014			2013
	(years)
Computer equipment	3-5	$	677		$	499
Machinery and equipment	4-5	49			169
Furniture and fixtures	5-7	1,358			745
Leasehold improvements	various	124			108
Total property and equipment		2,208			1,521
Less: Accumulated depreciation		(835		)	(676		)
Property and equipment, net		$	1,373		$	845

Depreciation expense was $0.1 million for each of the three months ended September 30, 2014 and 2013 and $0.3 million and $0.2 million for the nine months ended September 30, 2014 and 2013, respectively. Equipment was sold to the LGI/GTIS Joint Ventures at net book value of approximately $0 and $0.03 million during the three and nine months ended September 30, 2013, respectively.

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests

9 Months Ended

Sep. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests

INVESTMENTS IN JOINT VENTURES, VARIABLE INTEREST ENTITIES AND NON-CONTROLLING INTERESTS

Unconsolidated Joint Ventures

Prior to the GTIS Acquisitions, the Predecessor's interests in four LGI/GTIS Joint Ventures were accounted for using the equity method of accounting since the Predecessor was not deemed to be the primary beneficiaries of these variable interest entities.

The LGI/GTIS Joint Ventures were each engaged in homebuilding and land development activities. GTIS was the joint venture member in these entities. Management of each of the LGI/GTIS Joint Ventures was vested in the members, being the Predecessor and GTIS. The Predecessor was considered the managing members of these entities. The managing member had the responsibility and authority to operate the LGI/GTIS Joint Ventures on a day-to-day basis subject to the operating budget and business plan, which were approved by both members. The Predecessor used their sales, development and operations teams to support operations and had significant influence even though the respective joint venture members had been deemed to have joint control under ASC Topic 810. All major decisions required both members’ consent. Major decisions included, but were not limited to: the acquisition or disposition of a project; capital contributions; and changes, and updates or amendments to the operating budget or business plan. Generally, the LGI/GTIS Joint Ventures did not obtain construction financing from outside lenders, but financed their activities primarily through equity contributions from each of the joint venture members.

Profits were allocated to the members of the LGI/GTIS Joint Ventures based on the predetermined formulas specified in the joint venture agreements for the allocation of distributable cash. The GTIS member and the Predecessor were allocated 85% and 15% of the profits, respectively, (the “Sharing Percentages”) until such time as the members received cash distributions equal to their initial capital investment plus, generally, a 15% internal rate of return (“First Tier Return”). Subsequent allocations of distributable cash and profits included a priority allocation of approximately 20% to 40% to the Predecessor, depending on the amount of cash distributions achieved over the life of the joint venture.

Since the internal rates of return necessary to receive a higher proportion of distributions were calculated over the life of each LGI/GTIS Joint Venture and both the timing and amount of future contributions and distributions would affect the Predecessor’s share of distributions, there was no certainty that the Predecessor would receive greater than 15% of the LGI/GTIS Joint Ventures’ distributions. Therefore, the Predecessor recorded its investments in the LGI/GTIS Joint Ventures at 15% of each venture’s capital balance and recognized the incremental amounts due to the Predecessor as a result of reaching the higher distribution tiers only when received.

As of September 30, 2013, three of the four joint ventures had yet to achieve the First-Tier Return; the fourth joint venture was paying a 30% priority allocation to the Predecessor’s member. During the three and nine months ended September 30, 2013, the Predecessor recognized $1.3 million and $1.5 million in priority distributions from the LGI/GTIS Joint Ventures. GTIS' interests in the LGI/GTIS Joint Ventures were acquired on November 13, 2013, and as a result, the LGI/GTIS Joint Ventures became wholly-owned subsidiaries of the Company.

Summarized condensed combined financial information of the LGI/GTIS Joint Ventures accounted for using the equity method is presented below for the three and nine months ended September 30, 2013 (in thousands):



	Three Months Ended September 30,		Nine Months Ended September 30,
	2013		2013
Home sales	$	30,962	$	68,933
Cost of sales	$	22,415	$	49,805
Net earnings of unconsolidated entities	$	4,674	$	9,502
Predecessor's share in net earnings of unconsolidated entities	$	1,976	$	2,920

Consolidated Joint Venture

LGI Fund III Holdings, LLC, a consolidated joint venture, was formed March 31, 2013, and LGI Homes Group, LLC was the managing member of this VIE; this entity became a wholly-owned subsidiary of the Company on November 13, 2013, as a result of the Company’s acquisition of the non-controlling interests in the joint venture as part of the Reorganization Transactions (See Note 1).

Historically, profits were allocated to the members of the consolidated joint ventures based on the predetermined formulas specified in the joint venture agreements for the allocation of distributable cash. The non-managing members and the Predecessor were allocated 85% and 15% of the profits, respectively, (the “Sharing Percentages”) until such time as the members received cash distributions equal to their initial capital investment plus, generally, a 15% internal rate of return (“First Tier Return”). Subsequent allocations of distributable cash and profits included a priority allocation of approximately 20% to 40% to the Predecessor’s member, depending on the amount of cash distributions achieved over the life of the joint venture.

Accrued Expenses and Other Liabilities

9 Months Ended

Sep. 30, 2014

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

ACCRUED EXPENSES AND OTHER LIABILITIES

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



	September 30,		December 31,
	2014		2013
Inventory related obligations	$	6,471	$	—
Retentions payable	2,292		867
Accrued compensation, bonuses and benefits	3,394		2,693
Taxes payable	1,187		1,554
Other	4,403		1,986
Total accrued expenses and other liabilities	$	17,747	$	7,100

Community Development and other Utility Development District Obligations

The Company owns lots in certain communities that have Community Development Districts ("CDD") 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, is typically payable over a 30 year period, and is ultimately assumed by the homebuyer when home sales are closed. Such obligations represent a non-cash cost of the lots.

At September 30, 2014, the Company had CDD and other utility development obligations of approximately $6.5 million. Approximately $2.7 million of CDD and other utility development costs and the related increase to finished lots should have been recognized in the Company's balance sheets as of December 31, 2013; the Company believes these obligations are not significant to its consolidated balance sheet as of December 31, 2013.

Estimated Warranty Reserve

The Company typically provides homebuyers with a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems, a two-year limited warranty on major mechanical systems, and a one-year limited warranty on other construction components. The Predecessor provided similar warranty services for homes sold by the LGI/GTIS Joint Ventures prior to the GTIS Acquisitions (see Note 11).

Changes to the Company's warranty accrual (included in Accrued expenses and other liabilities) are as follows (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Warranty reserves, beginning of period	$	825		$	475		$	630		$	450
Warranty provision	329			357			685			475
Warranty expenditures	(279		)	(282		)	(440		)	(375		)
Warranty reserves, end of period	$	875		$	550		$	875		$	550

Notes Payable

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Notes Payable

NOTES PAYABLE

Secured Revolving Credit Agreement

On April 28, 2014, the Company entered into a credit agreement with Texas Capital Bank, N.A. and a syndication of lenders (the “Credit Agreement”) to provide a $135.0 million senior secured revolving credit facility, which could be increased by request of the Company, to $200.0 million, subject to the terms and provisions of the Credit Agreement. On July 31, 2014, amounts available to the Company under the Credit Agreement were increased by $40.0 million to $175.0 million, and on September 30, 2014, amounts available to the Company under the Credit Agreement were increased from $175.0 million to $200.0 million, in each case, in accordance with the accordion feature of the Credit Agreement.

The Credit Agreement matures on April 28, 2017. Borrowings under the credit facility are limited to the borrowing base, which is based on the loan value of the pool of collateral in which the lenders have a security interest. The Company may add houses, vacant lots, land, and acquisition and development projects to its pool of collateral through April 28, 2015. The loan value of speculative houses, pre-sold houses, model houses, vacant lots, land, and acquisition and development projects is adjusted based on formulas with respect to each of those categories of collateral; the loan value of the collateral decreases based on the amount of time such collateral is in the borrowing base. During the period May 1, 2015 to April 28, 2016, advances will continue to be made for assets previously included in the pool of collateral as they move into higher funding categories. Speculative homes may remain in the borrowing base for up to 18 months. Vacant lots, land and acquisition and development projects may remain in the borrowing base for up to three years. As of September 30, 2014, the borrowing base was $175.4 million, of which $160.2 million was outstanding and the remaining $15.2 million was available to borrow.

The Credit Agreement contains various financial covenants including a minimum EBITDA to debt service payments ratio; a debt to capitalization ratio; a leverage ratio; liquidity ratio and ratio of value of all land, lots, and acquisition and development projects to net worth; and a net worth ratio. In addition, the Credit Agreement contains various covenants that, among other restrictions, limit the amount of the Company's additional debt.

On September 30, 2014, certain provisions of the Credit Agreement were modified and supplemented. The modification of the Credit Agreement increased each of the Combined Acquisition and Development ("A&D") and Entitled Land Subfacility, the Combined A&D, Entitled Land and Lot Inventory Subfacility, and the Entitled Land Subfacility; modified certain of the Credit Agreement financial covenants, which are generally tested on a quarterly basis; and allows the Company to incur up to $85.0 million of unsecured subordinated indebtedness. In addition, the debt to capitalization ratio, leverage ratio, EBITDA ratio and liquidity rate were also modified. At September 30, 2014, the Company was in compliance with all of the covenants contained in the Credit Agreement.



	September 30,		December 31,
	2014		2013
	(in thousands)
LGI Homes, Inc.—Notes payable to Texas Capital Bank, N.A. and a syndication of lenders under the Credit Agreement ($200 million line at September 30, 2014) maturing through April 28, 2017; interest paid monthly at LIBOR plus 2.75%, with a 3.75% floor; collateralized by the Company and its subsidiaries' land, development and home construction costs	$	160,188	$	—
LGI Homes Group, LLC—Notes payable to Texas Capital Bank, N.A. under a credit facility ($35 million line at December 31, 2013) expiring June 30, 2015; interest at LIBOR plus 3.0%, with a 4.0% floor; collateralized by borrower's land, development and home construction costs (carrying value of $106.1 million at December 31, 2013); guaranteed by a Family Principal, the managing member, and non-managing members as joint and several guarantors at December 31, 2013; the credit facility was paid in full in April 2014	—		34,078
LGI Homes—Sunrise Meadow, LLC—Notes payable to Texas Capital Bank, N.A. under a credit facility ($2 million at December 31, 2013) expiring December 31, 2013; interest at LIBOR plus 3.9%, with a 4.0% floor; collateralized by borrower's land, development and home construction costs (carrying value of $5.1 million at December 31, 2013); guaranteed by a Family Principal; the credit facility was paid in full in April 2014	—		1,457
Total notes payable	$	160,188	$	35,535

At September 30, 2014 and December 31, 2013, LIBOR was 0.23% and 0.24%, respectively. Based on the terms of the variable rate notes payable, the interest rates as of September 30, 2014 and December 31, 2013, were based on the interest rate floor terms.

Capitalized Interest

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Interest incurred	$	1,586		$	385		$	3,263		$	923
Less: Amounts capitalized	(1,586		)	(344		)	$	(3,263	)	$	(876	)
Interest expense	$	—		$	41		$	—		$	47

Cash paid for interest	$	1,085		$	281		$	2,520		$	769

Included in interest incurred was amortization of deferred financing costs of $0.3 million and $0.6 million for the three and nine months ended September 30, 2014, respectively.

Earnings Per Share

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2014. Earnings per share is not computed for the three and nine months ended September 30, 2013 because the Predecessor consisted of limited liability companies and limited partnerships.



	Three Months Ended September 30,		Nine Months Ended September 30,
	2014		2014
Net income (in thousands)	$	7,046	$	20,677

Basic weighted average shares outstanding	20,763,449		20,763,449

Add: Dilutive effect of restricted stock units	118,378		108,308
Diluted weighted average shares outstanding	20,881,827		20,871,757

Basic earnings per share	$	0.34	$	1.00
Diluted earnings per share	$	0.34	$	0.99

3,030 non-vested restricted stock units were excluded from the computation of diluted earnings per share for the nine months ended September 30, 2014, because their effect was antidilutive. No shares were antidilutive for the three months ended September 30, 2014.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

Non-performance Based Restricted Stock Units

The following table summarizes the activity of the Company's restricted stock units ("RSUs"):



	Shares		Weighted Average Grant Date Fair Value
Balance at January 1, 2014	140,222		$	11.00
Granted	64,426		17.26
Vested	—		—
Forfeited	(2,806	)	11.00
Balance at September 30, 2014	201,842		$	13.00

In March 2014, the Company issued 37,307 RSUs to certain officers in settlement of approximately $0.6 million of bonuses that were earned under the 2013 performance-based cash bonus plan and accrued at December 31, 2013. The RSUs have a one-year vesting period and will be settled in shares of the Company's common stock.

In addition, during the nine months ended September 30, 2014, the Company issued 27,119 RSUs to certain employees and executives which vest over periods ranging from one to three years. The RSUs will be settled in shares of the Company’s common stock. The fair value of the RSUs was determined to be equal to the number of shares of the Company's common stock to be issued pursuant to the RSUs, multiplied by the closing price of the Company's common stock on the date the RSUs were awarded. The weighted average fair value on the grant dates was $18.99 for the three months ended September 30, 2014. The Company recognized $0.2 million and $0.4 million of stock-based compensation expense related to outstanding RSUs grants for the three and nine months ended September 30, 2014, respectively. At September 30, 2014, the Company had unrecognized compensation cost of $0.5 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.4 years.

Performance Based Restricted Stock Units

In February 2014, the Compensation Committee approved a target of 62,906 performance-based restricted stock units (“Performance-Based RSUs”) for certain members of senior management of the Company. The Performance-Based RSUs provide for shares of the Company's common stock to be issued based on the attainment of certain performance metrics of the Company over the three year period, January 1, 2014 to December 31, 2016. The number of shares of the Company's common stock that may be issued to the recipients for the Performance-Based RSUs range from 0% to 200% of the target amount depending on actual results as compared to the target performance metrics. The Performance-Based RSUs vest upon the determination date for the actual results at the end of the three-year period and require the recipients continue to be employed by the Company through the determination date. The Performance-Based RSUs will be settled in shares of the Company's common stock.

The fair value of the Performance-Based RSUs was determined to be equal to the number of shares of the Company’s common stock to be issued based on the target amount multiplied by the closing price of the Company’s common stock of $17.09 on the date the Performance-Based RSU awards were approved by the Compensation Committee. As of September 30, 2014, the target amount represents management's best estimate of the number of shares of the Company's common stock expected to be issued at the end of the three-year performance cycle. The Company recognized $0.1 million and $0.2 million of total stock-based compensation expense related to outstanding Performance-Based RSUs grants for the three and nine months ended September 30, 2014, respectively. At September 30, 2014, the Company had unrecognized compensation cost of $0.8 million, based on the target amount, related to unvested Performance-Based RSUs, which is expected to be recognized over a weighted average period of 1.6 years.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS From time to time, the Company may engage in transactions with entities that are affiliated with the Company. Transactions with related parties are in the normal course of operations. Consulting Fees Concurrent with the IPO, the Company entered into a three-year consulting agreement with a Family Principal for $100,000 per year payable on a monthly basis. Consulting fees were approximately $25,000 and $75,000 for the three and nine months ended September 30, 2014, respectively. Management and Warranty Fees The Predecessor had a Management Services Agreement with each of the LGI/GTIS Joint Ventures. The Predecessor provided administration, supervision, marketing, and various other services for the joint ventures. The Predecessor charged the joint ventures a management fee of approximately 3% of home sale revenues and 3% of construction costs for the development of land, as applicable. The management and construction fees were in addition to direct costs charged to the joint ventures. Management fees earned under the agreements were $1.0 million and $2.2 million for the three and nine months ended September 30, 2013, respectively. The Predecessor collected a warranty fee of $250 from the LGI/GTIS Joint Ventures upon the closing of the sale of each home. The Predecessor provided a Home Builder’s Limited Warranty to the buyer of each home. The Predecessor was responsible for the performance and discharge of any warranty claims asserted against the joint ventures or the GTIS member. Warranty fees earned were approximately $52,000 and $119,000 for the three and nine months ended September 30, 2013, respectively. Riverchase Acquisition On July 11, 2014, the Company acquired approximately 1,902 acres of land located in Lancaster County, South Carolina, from an entity owned and managed by a Family Principal, for an aggregate purchase price of approximately $15.4 million.

- 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 + Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Contingencies

In the ordinary course of doing business, the Company becomes subject to claims or proceedings from time to time relating to the purchase, development, and sale of real estate. Management believes that these claims include usual obligations incurred by real estate developers and home builders in the normal course of business. In the opinion of management, these matters will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

The Company has provided unsecured environmental indemnities to certain lenders. In each case, the Company has performed due diligence on the potential environmental risks including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate the Company 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, the Company may have recourse against other previous owners. Management is not aware of any environmental claims or occurrences and has recorded no reserves for environmental matters at September 30, 2014 and December 31, 2013.

Land Deposits

The Company has land purchase option contracts, generally through cash deposits, for the right to purchase land or lots at a future point in time with predetermined terms. The Company does not have title to the property and obligations with respect to the option contracts are generally limited to the forfeiture of any related nonrefundable cash deposits.

The table below presents a summary of the Company's lots under option or contract (in thousands, except for lot count):



	September 30, 2014	December 31, 2013
	September 30, 2014	December 31, 2013
Land deposits and option payments	$11,927	$2,977
Commitments under the land purchase option and deposit contracts if the purchases are consummated	$125,063	$111,115
Lots under land options and land purchase contracts	8,538	8,214

As of September 30, 2014, approximately $8.7 million of the deposits are related to purchase contracts to deliver finished lots and these deposits are refundable under certain circumstances and secured by indemnity mortgages on the related property.

Bonding

The Company has outstanding performance and surety bonds of $6.5 million and $0.4 million at September 30, 2014 and December 31, 2013, respectively, related to the Company’s obligations for site improvements at various projects. Certain of the 2013 surety bonds are guaranteed by one of the Family Principals. Management does not believe that draws upon these bonds, if any, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2014
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company operates one principal homebuilding business which is organized and reports by division. The Company has four operating segments at September 30, 2014: the Texas division, the Southwest division, the Southeast division and the Florida division. The Texas division is the largest division and it comprised approximately 70% and 86% of total home sales revenues for the nine months ended September 30, 2014, and 2013, respectively. In accordance with ASC Topic 280, Segment Reporting ("ASC Topic 280"), operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-maker ("CODM") in deciding how to allocate resources and in assessing performance. The CODM primarily evaluates performance based on the number of homes sold, gross margin and net income. The operating segments qualify for aggregation as one reporting segment. In determining the reportable segment, the Company concluded that all operating segments have similar economic and other characteristics, including similar home floor plans, average selling prices, gross margin, production construction processes, suppliers, subcontractors, regulatory environments, customer type, and underlying demand and supply. Each operating segment follows the same accounting policies as the Company and is managed by the Company’ management team. The Company has no inter-segment sales, as all sales are to external customers.

- 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

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2014
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT Oakmont Acquisition On October 2, 2014, the Company acquired certain real estate assets owned by Oakmont Home Builders, Inc. and its affiliate for a purchase price of approximately $15.0 million, subject to adjustment and, net of approximately $1.0 million of assumed liabilities. In addition, Oakmont will receive an earn-out to be paid based on home closings through December 31, 2017.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2014
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The accompanying unaudited consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of the Company’s results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. The accompanying unaudited financial statements as of and for the three and nine months ended September 30, 2014 include the accounts of LGI Homes, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited financial statements for the three and nine months ended September 30, 2013 include the Predecessor's historical combined accounts and results of operations. All intercompany and intracompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements. The significant accounting estimates include real estate inventory and cost of sales, impairment of real estate inventory and property and equipment, warranty reserves and loss contingencies.
Cash and Cash Equivalents and Concentration of Credit Risk	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. The Company’s 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, the Company has experienced no loss or diminished access to cash in their demand deposit accounts.
Accounts Receivable	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	Real Estate Inventory Inventory consists of land, land under development, finished lots, sales offices, homes in progress, and completed homes. Inventory is stated at cost unless the carrying amount is determined not to be recoverable, in which case the affected inventory is written down to fair value. Land, development and other project costs, including interest and property taxes incurred during development and home construction, 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 (principally capitalized interest and property taxes) 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 using the total number of lots in the community. Management believes the allocation of land development costs on a pro rata basis approximates an allocation using a relative sales value method. Inventory costs for completed homes are expensed to cost of sales as homes are sold. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining unsold lots and homes in the community on a pro rata basis. The life cycle of a community generally ranges from two to five years, commencing with the acquisition of land, continuing through the land development phase, and concluding with the construction and sale of homes. A constructed home is used as the community sales office during the life of the community and then sold. Actual individual community lives will vary based on the size of the community, the sales absorption rate, and whether the property was purchased as raw land or finished lots. In accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment ("ASC Topic 360"), 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 sold, 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 estimated undiscounted future cash flows are less than the community’s carrying value, the asset group is impaired and is written down to its fair value. The Company estimates the fair value of communities using a discounted future cash flow model. As of September 30, 2014 and December 31, 2013, the real estate inventory is stated at cost; there were no inventory impairment indicators noted for the nine months ended September 30, 2014 and 2013.
Capitalized Interest	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 (''ASC Topic 835'') and expensed in cost of sales as homes in the community are sold. To the extent the debt exceeds qualified assets, a portion of the interest incurred is expensed.
Pre-Acquisition Costs and Deposits	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 related deposits are charged to general and administrative expense. 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 Topic 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 the Company's maximum exposure if it elects not to purchase the optioned property. In some instances, the Company 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 the Company would have to absorb should the option not be exercised. Therefore, whenever the Company enters into a land option or purchase contract with an entity and makes a nonrefundable deposit, it may have a variable interest in a variable interest entity ("VIE"). In accordance with ASC Topic 810, the Company performs ongoing reassessments of whether it is the primary beneficiary of a VIE and would consolidate the VIE if the Company is deemed to be the primary beneficiary. As of September 30, 2014 and December 31, 2013, the Company was not deemed to be the primary beneficiary for any VIEs associated with non-refundable land deposit and option contracts.
Deferred Loan Costs	Deferred Loan Costs Deferred loan costs represent debt issuance costs and, depending on the nature and purpose of the loan, are capitalized to real estate inventory or amortized to interest expense using the straight-line method which approximates the effective interest method.
Property and Equipment	Property and Equipment Property, equipment and leasehold improvements are stated at cost, less accumulated depreciation. Depreciation expense is recorded in general and administrative expenses. Upon sale or retirement, the costs and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in other income, net. Depreciation is generally computed using the straight-line method over the estimated useful lives of the assets, ranging from 3 to 7 years for property and equipment. Leasehold improvements are depreciated over the shorter of the asset life or the term of the lease. Maintenance and repair costs are expensed as incurred. Impairments of long-lived assets are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their 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.
Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs)	Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs) The Predecessor functioned as the managing member of several joint ventures conducting homebuilding activities; these joint ventures became wholly-owned subsidiaries of the Company as a result of the Reorganization Transactions and the GTIS Acquisitions. In accordance with ASC Topic 810, management had assessed whether these entities were VIEs. The Predecessor had variable interests in the joint venture arrangements that it managed, and these joint ventures were determined to be VIEs because the members of the joint ventures, as a group, had insufficient equity at risk without further capital contributions. The Predecessor’s rights as well as the rights held by the other joint venture members had been evaluated to determine the primary beneficiary of the VIE, including the extent of substantive participating rights and control of activities that most significantly affected its economic performance. Such activities included, but were not limited to, the ability to determine the budget and scope of land development work, if any; the ability to control financing decisions for the VIE; and the ability to acquire additional land into the VIE. If the Predecessor was not able to control the significant decisions, the Predecessor was not considered the primary beneficiary of the VIE. If the Predecessor was determined to be the primary beneficiary of the VIE, the entity was consolidated in the Predecessor's financial statements. The Predecessor had investments in four joint ventures where the Predecessor and the other joint venture members were deemed to have joint control and the Predecessor was not the primary beneficiary since all major decisions required both parties’ consent. Accordingly, the Predecessor’s interests in these joint ventures were accounted for using the equity method and its share of the joint ventures’ net earnings was included in income from unconsolidated joint ventures and investments in unconsolidated joint ventures. Distributions received were credited against the related investment in the joint venture. During the nine months ended September 30, 2013, the Predecessor formed one VIE, LGI Fund III Holdings, LLC, where it had been determined that the Predecessor was the primary beneficiary. In addition to the Predecessor serving as the managing member of this entity, a Family Principal of the Predecessor also held the general partner controlling interest in the non-managing member of the VIE. As a result, the Predecessor combined with the Family Principal’s related party interest had the power to direct all significant activities of the VIE, and had exposure to the risks and rewards of the VIE, based on the division of income and loss pursuant to the joint venture agreement and the Predecessor’s ownership in the joint venture. This VIE is consolidated in the accompanying unaudited financial statements for the three and nine months ended September 30, 2013. Management evaluated the Company’s investments in unconsolidated entities for indicators of impairment during each reporting period.
Goodwill and Intangible Assets	Goodwill and Intangible Assets 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 Topic 805. ASC Topic 805 requires that goodwill and intangible assets 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 Company recorded $12.0 million of goodwill related to the GTIS Acquisitions. No goodwill impairment indicators were noted for the nine months ended September 30, 2014. The cost of a marketing intangible asset acquired valued at $0.7 million related to the GTIS Acquisitions is being amortized over its estimated useful life of 3 years. When certain events or changes in operating conditions occur, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if an impairment of such asset is necessary. For intangible assets that are amortized, a review is performed of their estimated useful lives to evaluate whether events and circumstances warrant a revision to the remaining useful life.
Warranty Reserves	Warranty Reserves Future direct warranty costs are accrued and charged to cost of sales in the period when the related home is sold. The Company’s 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 the Company's continued expansion. Warranty reserves are reviewed quarterly to assess the reasonableness and adequacy and to make adjustments to the balance of the pre-existing reserves, as needed, to reflect changes in trends and historical data as information becomes available.
Customer Deposits	Customer Deposits Customer deposits are received upon signing a purchase contract and are typically $500 - $1,000. 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	Home Sales In accordance with ASC Topic 360 – 20, Real Estate Sales ("ASC Topic 360 – 20"), revenues from home sales are recorded at the time each home sale is closed, title and possession are transferred to the buyer, and the Company has no significant continuing involvement with the home. Home sales proceeds are generally received from the title company within a few days after closing. Home sales are reported net of sales discounts and incentives granted to home buyers, which are primarily seller-paid closing costs.
Cost of Sales	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	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 Advertising and direct mail costs are expensed as incurred.
Income Taxes	Income Taxes The Company utilizes 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. 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. The Company’s ability to realize deferred tax assets is assessed throughout the year and a valuation allowance is established, if required. The Company recognizes 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. The Company recognizes potential interest and penalties related to uncertain tax positions in income tax expense. The Company's effective tax rate of 34.4% is lower than the statutory rate primarily as a result of a decrease in the rate for the federal Domestic Production Activity Deduction offset by an increase in rate for state income taxes, net of the federal benefit. The current year rate of 34.4% is greater than the prior year rate of 2.1% because prior to the Reorganization Transactions, the Predecessor consisted of limited liability companies and limited partnerships, all of which were treated as partnerships for income tax purposes and as such, the federal income taxes were the obligation of the individual members or partners.
Earnings Per Share	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. Non-vested grants of restricted stock awards were the only potentially dilutive share equivalents the Company had outstanding at September 30, 2014.
Share-Based Compensation	Stock-Based Compensation Compensation costs for non-performance-based restricted stock awards are measured using the closing price on the date of grant and are expensed on a straight-line basis over the vesting period of the award. Compensation costs for performance-based restricted stock awards are also measured using the closing price on the date of grant but are expensed in accordance with ASC 718-10-25-20, Compensation - Stock Compensation ("ASC 718-10-25-20"), which requires an assessment of probability of attainment of the performance target. Once the performance target outcome is determined to be probable, the year-to-date expense is recorded and the remaining expense is recorded on a straight-line basis through the end of the award's vesting period.
Fair Value Measurement of Financial Instruments	Fair Value Measurement of Financial Instruments ASC Topic 820, Fair Value Measurements (“ASC Topic 820”), defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability. ASC Topic 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. The fair value of financial instruments, including cash and cash equivalents, accounts receivable and notes payable, approximate their carrying amounts due to the short term nature of these instruments. In addition, the notes payable have a floating interest rate, which increases or decreases with market interest rates, and are subject to an interest rate floor. Fair value measurements may be utilized on a nonrecurring basis, such as for the impairment of long-lived assets. As described in Note 2, the Predecessor’s historical interests in the LGI/GTIS Joint Ventures were adjusted to fair value at November 13, 2013. The assets and liabilities of the LGI/GTIS Joint Ventures were recorded at fair value based on Level 2 or Level 3 assumptions and valuation inputs.
New Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. This ASU applies to all entities and is effective for period ending after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements or disclosures. In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification Topic No. 718, “Compensation - Stock Compensation” (“ASC Topic 718”), as it relates to awards with performance conditions that affect vesting to account for such awards. ASU 2014-12 is effective for periods beginning after December 15, 2015. The adoption of ASU 2014-12 is not expected to have a material effect on the Company’s consolidated financial statements or disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” ASU 2014-09’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for the Company beginning January 1, 2017 and, at that time, the Company may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption of this ASU is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company's consolidated financial statements and disclosures.

Acquisition of LGI/GTIS Joint Venture Partners' Interests (Tables)

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Schedule of Pro Forma Information



	Three Months Ended September 30,		Nine Months Ended September 30,
Pro Forma Financial Information	2013		2013
	(in thousands)
Home sales revenues	$	67,997	$	163,966
Cost of sales	$	49,429	$	118,856
Net income before income taxes	$	7,996	$	19,450

Real Estate Inventory (Tables)

9 Months Ended

Sep. 30, 2014

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory

The Company's real estate inventory consists of the following (in thousands):



	September 30,		December 31,
	2014		2013
Land, land under development, and finished lots	$	190,738	$	82,006
Sales offices	8,110		3,784
Homes in progress	34,322		27,723
Completed homes	58,818		28,470
Total real estate inventory	$	291,988	$	141,983

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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



		September 30,			December 31,
	Asset Life	2014			2013
	(years)
Computer equipment	3-5	$	677		$	499
Machinery and equipment	4-5	49			169
Furniture and fixtures	5-7	1,358			745
Leasehold improvements	various	124			108
Total property and equipment		2,208			1,521
Less: Accumulated depreciation		(835		)	(676		)
Property and equipment, net		$	1,373		$	845

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests (Tables)

9 Months Ended

Sep. 30, 2014

LGI/GTIS Joint Venture

Schedule of Equity Method Investments [Line Items]

Summary of Condensed Combined Financial Information Accounted for Equity Method



	Three Months Ended September 30,		Nine Months Ended September 30,
	2013		2013
Home sales	$	30,962	$	68,933
Cost of sales	$	22,415	$	49,805
Net earnings of unconsolidated entities	$	4,674	$	9,502
Predecessor's share in net earnings of unconsolidated entities	$	1,976	$	2,920

Accrued Expenses and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2014

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

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



	September 30,		December 31,
	2014		2013
Inventory related obligations	$	6,471	$	—
Retentions payable	2,292		867
Accrued compensation, bonuses and benefits	3,394		2,693
Taxes payable	1,187		1,554
Other	4,403		1,986
Total accrued expenses and other liabilities	$	17,747	$	7,100

Changes in Company's Warranty Accrual

Changes to the Company's warranty accrual (included in Accrued expenses and other liabilities) are as follows (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Warranty reserves, beginning of period	$	825		$	475		$	630		$	450
Warranty provision	329			357			685			475
Warranty expenditures	(279		)	(282		)	(440		)	(375		)
Warranty reserves, end of period	$	875		$	550		$	875		$	550

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of Notes Payable



	September 30,		December 31,
	2014		2013
	(in thousands)
LGI Homes, Inc.—Notes payable to Texas Capital Bank, N.A. and a syndication of lenders under the Credit Agreement ($200 million line at September 30, 2014) maturing through April 28, 2017; interest paid monthly at LIBOR plus 2.75%, with a 3.75% floor; collateralized by the Company and its subsidiaries' land, development and home construction costs	$	160,188	$	—
LGI Homes Group, LLC—Notes payable to Texas Capital Bank, N.A. under a credit facility ($35 million line at December 31, 2013) expiring June 30, 2015; interest at LIBOR plus 3.0%, with a 4.0% floor; collateralized by borrower's land, development and home construction costs (carrying value of $106.1 million at December 31, 2013); guaranteed by a Family Principal, the managing member, and non-managing members as joint and several guarantors at December 31, 2013; the credit facility was paid in full in April 2014	—		34,078
LGI Homes—Sunrise Meadow, LLC—Notes payable to Texas Capital Bank, N.A. under a credit facility ($2 million at December 31, 2013) expiring December 31, 2013; interest at LIBOR plus 3.9%, with a 4.0% floor; collateralized by borrower's land, development and home construction costs (carrying value of $5.1 million at December 31, 2013); guaranteed by a Family Principal; the credit facility was paid in full in April 2014	—		1,457
Total notes payable	$	160,188	$	35,535

Schedule of Interest Activity for Notes Payable

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Interest incurred	$	1,586		$	385		$	3,263		$	923
Less: Amounts capitalized	(1,586		)	(344		)	$	(3,263	)	$	(876	)
Interest expense	$	—		$	41		$	—		$	47

Cash paid for interest	$	1,085		$	281		$	2,520		$	769

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	Three Months Ended September 30,		Nine Months Ended September 30,
	2014		2014
Net income (in thousands)	$	7,046	$	20,677

Basic weighted average shares outstanding	20,763,449		20,763,449

Add: Dilutive effect of restricted stock units	118,378		108,308
Diluted weighted average shares outstanding	20,881,827		20,871,757

Basic earnings per share	$	0.34	$	1.00
Diluted earnings per share	$	0.34	$	0.99

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Restricted Stock Unit Activity

The following table summarizes the activity of the Company's restricted stock units ("RSUs"):



	Shares		Weighted Average Grant Date Fair Value
Balance at January 1, 2014	140,222		$	11.00
Granted	64,426		17.26
Vested	—		—
Forfeited	(2,806	)	11.00
Balance at September 30, 2014	201,842		$	13.00

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Summary of Land Purchase Deposits and Option Contracts Included Pre-Acquisition Cost and Deposits

The table below presents a summary of the Company's lots under option or contract (in thousands, except for lot count):



	September 30, 2014	December 31, 2013
	September 30, 2014	December 31, 2013
Land deposits and option payments	$11,927	$2,977
Commitments under the land purchase option and deposit contracts if the purchases are consummated	$125,063	$111,115
Lots under land options and land purchase contracts	8,538	8,214

Organization and Business (Details) $ in Millions	Nov. 13, 2013 USD ($)
Class of Stock [Line Items]
Percentage of ownership before transaction	50.00%
IPO \| Common Stock
Class of Stock [Line Items]
Proceeds from issuance initial public offering, net of issuance costs	$ 102.6

Acquisition of LGI/GTIS Joint Venture Partners' Interests - Additional Information (Details) $ in Millions			2 Months Ended	3 Months Ended		9 Months Ended	11 Months Ended
	Jul. 11, 2014 USD ($)	Nov. 13, 2013 USD ($) joint_venture shares	Dec. 31, 2013 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2014 USD ($)
Business Acquisition [Line Items]
Aggregate consideration	$ 15.4
LGI GTIS Joint Venture Partners' Interests
Business Acquisition [Line Items]
Number of businesses acquired \| joint_venture		4
Aggregate consideration		$ 41.3
Cash consideration paid to GTIS		$ 36.8
Equity interest issued, number of shares \| shares		409,091
Equity interest issued		$ 4.5
Gain on remeasurement of the Predecessor's equity interest in the LGI/GTIS Joint Ventures in connection with the GTIS Acquisitions		6.4
Goodwill and intangible assets acquired		$ 12.7
Fair value step-up adjustment, inventory			$ 7.9
LGI GTIS Joint Venture Partners' Interests \| Fair value adjustment to inventory
Business Acquisition [Line Items]
Fair value step-up adjustment, inventory, portion sold included in cost of goods sold				$ 0.4		$ 2.4	$ 5.8
LGI GTIS Joint Venture Partners' Interests \| Amortization expense
Business Acquisition [Line Items]
Pro forma expense for amortization expense related to marketing intangible assets					$ 0.1	$ 0.2

Acquisition of LGI/GTIS Joint Venture Partners' Interests - Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Pro Forma Financial Information
Home sales revenues	$ 67,997	$ 163,966
Cost of sales	49,429	118,856
Net income before income taxes	$ 7,996	$ 19,450

Summary of Significant Accounting Policies - Additional Information (Detail)		3 Months Ended		9 Months Ended		10 Months Ended
	Nov. 13, 2013 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($) joint_venture	Nov. 13, 2013 USD ($) joint_venture
Real estate inventory:
Impairment of real estate inventory				$ 0	$ 0
Property and Equipment:
Impairments of property, equipment and leasehold improvements				0	0
Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs):
Impairment of investments					0
Goodwill and Intangible Assets:
Goodwill impairment				0
Intangible asset impairment				0	0
Advertising Costs:
Advertising and direct mail costs		$ 2,300,000	$ 800,000	$ 6,000,000	$ 1,900,000
Income Taxes:
Effective tax rate				34.40%	2.10%
Income taxes paid		3,800,000	$ 100,000	$ 12,000,000	$ 300,000
Minimum
Real estate inventory:
Life cycle of community				2 years
Property and Equipment:
Estimated useful life of asset				3 years
Customer deposits:
Typical customer deposits		500		$ 500
Maximum
Real estate inventory:
Life cycle of community				5 years
Property and Equipment:
Estimated useful life of asset				7 years
Customer deposits:
Typical customer deposits		$ 1,000		$ 1,000
Predecessor
Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs):
Number of unconsolidated joint ventures \| joint_venture					4	4
LGI GTIS Joint Venture Partners' Interests
Goodwill and Intangible Assets:
Goodwill	$ 12,000,000					$ 12,000,000
Intangible asset acquired	$ 700,000					$ 700,000
Intangible asset acquired estimated useful life	3 years

Real Estate Inventory - Schedule of Real Estate Inventory (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]
Land, land under development, and finished lots	$ 190,738	$ 82,006
Sales offices	8,110	3,784
Homes in progress	34,322	27,723
Completed homes	58,818	28,470
Total real estate inventory	$ 291,988	$ 141,983

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,208	$ 1,521
Less: Accumulated depreciation	(835)	(676)
Property and equipment, net	$ 1,373	845
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	7 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 677	$ 499
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	3 years	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years	5 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 49	$ 169
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	4 years	4 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,358	$ 745
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	7 years	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 124	$ 108

Property and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 100,000	$ 100,000	$ 300,000	$ 200,000
Equipment sold to the LGI/GTIS Joint Ventures at net book value		$ 0		$ 30,000

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests - Summary of Condensed Combined Financial Information Accounted for Equity Method (Statements of Operations) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statements of Operations
Predecessor's share in net earnings of unconsolidated entities	$ 0	$ 1,976	$ 0	$ 2,920
LGI/GTIS Joint Venture \| Predecessor
Statements of Operations
Home sales		30,962		68,933
Cost of sales		22,415		49,805
Net earnings of unconsolidated entities		4,674		9,502
Predecessor's share in net earnings of unconsolidated entities		$ 1,976		$ 2,920

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended		10 Months Ended
	Sep. 30, 2013 USD ($)	Mar. 31, 2013	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($) joint_venture	Nov. 13, 2013 joint_venture
Schedule of Equity Method Investments [Line Items]
Priority distributions from Unconsolidated Joint Ventures \| $			$ 0	$ 3,027
Predecessor
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures \| joint_venture				4	4
Number of joint ventures yet to achieve First-Tier Return \| joint_venture				3
Predecessor \| LGI/GTIS Joint Venture
Schedule of Equity Method Investments [Line Items]
Percentage of internal rate of return					15.00%
Predecessor \| LGI/GTIS Joint Venture \| GTIS Members
Schedule of Equity Method Investments [Line Items]
Profit sharing percentage					85.00%
Predecessor \| LGI/GTIS Joint Venture \| Companies
Schedule of Equity Method Investments [Line Items]
Profit sharing percentage					15.00%
Percentage of cash and profit distribution	30.00%			30.00%
Percentage of capital balance					15.00%
Predecessor \| LGI/GTIS Joint Venture \| Companies \| Minimum
Schedule of Equity Method Investments [Line Items]
Percentage of cash and profit distribution					20.00%
Predecessor \| LGI/GTIS Joint Venture \| Companies \| Maximum
Schedule of Equity Method Investments [Line Items]
Percentage of cash and profit distribution					40.00%
Priority distributions from Unconsolidated Joint Ventures \| $	$ 1,300			$ 1,500
Predecessor \| LGI-GTIS Holdings III, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of internal rate of return		15.00%
Predecessor \| LGI-GTIS Holdings III, LLC \| Companies
Schedule of Equity Method Investments [Line Items]
Profit sharing percentage		15.00%
Predecessor \| LGI-GTIS Holdings III, LLC \| Companies \| Minimum
Schedule of Equity Method Investments [Line Items]
Percentage of cash and profit distribution		20.00%
Predecessor \| LGI-GTIS Holdings III, LLC \| Companies \| Maximum
Schedule of Equity Method Investments [Line Items]
Percentage of cash and profit distribution		40.00%
Predecessor \| LGI-GTIS Holdings III, LLC \| Non-managing members
Schedule of Equity Method Investments [Line Items]
Profit sharing percentage		85.00%

Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]
Inventory related obligations	$ 6,471	$ 0
Retentions payable	2,292	867
Accrued compensation, bonuses and benefits	3,394	2,693
Taxes payable	1,187	1,554
Other	4,403	1,986
Total accrued expenses and other liabilities	$ 17,747	$ 7,100

Accrued Expenses and Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Schedule Of Product Warranty Liability [Line Items]
CDD and other utility development obligations	$ 6.5	$ 2.7
Structural Elements
Schedule Of Product Warranty Liability [Line Items]
Limited warranty periods	10 years
Mechanical Systems
Schedule Of Product Warranty Liability [Line Items]
Limited warranty periods	2 years
Other Construction Components
Schedule Of Product Warranty Liability [Line Items]
Limited warranty periods	1 year

Accrued Expenses and Other Liabilities - Changes in Companies' Warranty Accrual (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 825	$ 475	$ 630	$ 450
Warranty provision	329	357	685	475
Warranty expenditures	(279)	(282)	(440)	(375)
Warranty reserves, end of period	$ 875	$ 550	$ 875	$ 550

Notes Payable - Schedule of Notes Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Notes payable	$ 160,188	$ 35,535
LGI Homes, Inc. \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Notes payable	160,188	0
LGI Homes Group, LLC \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Notes payable	0	34,078
LGI Homes-Sunrise Meadow, Ltd. \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Notes payable	$ 0	$ 1,457

Notes Payable - Schedule of Notes Payable (Parenthetical) (Detail) - Texas Capital Bank, N.A. - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
LGI Homes Group, LLC
Debt Instrument [Line Items]
Line of credit facility		$ 35,000,000
Line of credit facility, expiring date	Jun. 30, 2015
Line of credit facility, floor rate	4.00%
Line of credit facility, carrying value		106,100,000
LGI Homes-Sunrise Meadow, Ltd.
Debt Instrument [Line Items]
Line of credit facility		$ 2,000,000
Line of credit facility, expiring date	Dec. 31, 2013
Line of credit facility, floor rate		4.00%
Line of credit facility, carrying value		$ 5,100,000
LGI Homes, Inc.
Debt Instrument [Line Items]
Line of credit facility	$ 200,000,000
Line of credit facility, expiring date	Apr. 28, 2017
Line of credit facility, floor rate	3.75%
London Interbank Offered Rate (LIBOR) \| LGI Homes Group, LLC
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
London Interbank Offered Rate (LIBOR) \| LGI Homes-Sunrise Meadow, Ltd.
Debt Instrument [Line Items]
Basis spread on variable rate		3.90%
London Interbank Offered Rate (LIBOR) \| LGI Homes, Inc.
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%

Notes Payable - Schedule of Interest Activity for Notes Payable (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Debt Disclosure [Abstract]
Interest incurred	$ 1,586	$ 385	$ 3,263	$ 923
Less: Amounts capitalized	(1,586)	(344)	(3,263)	(876)
Interest expense	0	41	0	47
Cash paid for interest	$ 1,085	$ 281	$ 2,520	$ 769

Notes Payable - Additional Information (Detail) - USD ($)		3 Months Ended	9 Months Ended
	Apr. 28, 2014	Sep. 30, 2014	Sep. 30, 2014	Jul. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Amortization of deferring financing costs		$ 300,000	$ 600,000
Notes Payable to Banks \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
LIBOR rate		0.23%	0.23%		0.24%
Texas Capital Bank, N.A. \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	$ 135,000,000.0
Line of credit facility, maximum borrowing capacity	$ 200,000,000.0	$ 200,000,000.0	$ 200,000,000.0	$ 175,000,000.0
Line of credit facility, additional borrowing capacity				$ 40,000,000.0
Outstanding borrowings		160,200,000	160,200,000
Maximum period speculative homes remain in borrowing base	18 months
Maximum period vacant lots, land, and acquisition and development projects remain in borrowing base	3 years
Texas Capital Bank, N.A. \| Second Amended and Restated Loan Agreement with Texas Capital Bank \| Subsidiaries \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		175,400,000	175,400,000
Line of credit facility, amount available to borrow		15,200,000	15,200,000
Texas Capital Bank, N.A. \| Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 85,000,000.0	$ 85,000,000.0

Equity - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
RSU's excluded from computation of earnings	0
Net income	$ 7,046	$ 5,150	$ 20,677	$ 12,613
Basic weighted average shares outstanding	20,763,449		20,763,449
Add: Dilutive effect of restricted stock units	118,378		108,308
Diluted weighted average shares outstanding	20,881,827		20,871,757
Basic earnings per share (in dollars per share)	$ 0.34		$ 1.00
Diluted earnings per share (in dollars per share)	$ 0.34		$ 0.99
Restricted stock units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
RSU's excluded from computation of earnings			3,030

- 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

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Mar. 31, 2014	Feb. 28, 2014	Sep. 30, 2014	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price		$ 17.09
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted				64,426
Weighted average fair value on grant date				$ 17.26
Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 0.1	$ 0.2
Restricted stock units, vesting period		3 years
Compensation not yet recognized			0.8	$ 0.8
Compensation not yet recognized, period for recognition				1 year 7 months 6 days
Performance-based RSUs target number of shares		62,906
Performance target period		3 years		3 years
Performance Based Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target shares		0.00%
Performance Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target shares		200.00%
2013 Incentive Plan \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 0.2	$ 0.4
Weighted average fair value on grant date			$ 18.99
Compensation not yet recognized			$ 0.5	$ 0.5
Compensation not yet recognized, period for recognition				1 year 4 months 24 days
2013 Incentive Plan \| Restricted stock units (RSUs) \| Management Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	37,307
Compensation expense	$ 0.6
Restricted stock units, vesting period	1 year
2013 Incentive Plan \| Restricted stock units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, vesting period				1 year
2013 Incentive Plan \| Restricted stock units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, vesting period				3 years
Certain employees and executives \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted				27,119

Stock-Based Compensation Summary of Restricted Stock Unit Activity (Details) - Restricted stock units (RSUs)	9 Months Ended
	Sep. 30, 2014 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2014 \| shares	140,222
Granted \| shares	64,426
Vested \| shares	0
Forfeited \| shares	(2,806)
Balance at September 30, 2014 \| shares	201,842
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares outstanding at January 1, 2014, weighted average grant date fair value \| $ / shares	$ 11.00
Granted, weighted average grant date fair value \| $ / shares	17.26
Vested, weighted average grant date fair value \| $ / shares	0.00
Forfeited, weighted average grant date fair value \| $ / shares	11.00
Shares outstanding at June 30, 2014, weighted average grant date fair value \| $ / shares	$ 13.00

Related Party Transactions - Additional Information (Detail)			3 Months Ended		9 Months Ended
	Jul. 11, 2014 USD ($) a	Nov. 13, 2013 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)
Related Party Transaction [Line Items]
Consulting agreement period		3 years
Consulting agreement, amount payable per year		$ 100,000
Acres of land acquired \| a	1,902
Aggregate purchase price	$ 15,400,000
Predecessor
Related Party Transaction [Line Items]
Management fees earned				$ 1,000,000		$ 2,200,000
Warranty fee collected upon closing sale of each home						250
Warranty fees earned under management services agreement				$ 52,000		$ 119,000
Predecessor \| Percent of homes sales
Related Party Transaction [Line Items]
Percentage of management fee						3.00%
Predecessor \| Percent of construction costs
Related Party Transaction [Line Items]
Percentage of management fee						3.00%
Consulting fees
Related Party Transaction [Line Items]
Expenses from transactions with related party			$ 25,000		$ 75,000

Commitments and Contingencies - Summary of Land Purchase Deposits and Option Contracts Included in Pre-Acquisition Cost and Deposits (Detail) $ in Thousands	Sep. 30, 2014 USD ($) lot	Dec. 31, 2013 USD ($) lot
Commitments and Contingencies Disclosure [Abstract]
Land deposits and option payments	$ 11,927	$ 2,977
Commitments under the land purchase option and deposit contracts if the purchases are consummated	$ 125,063	$ 111,115
Lots under land options and land purchase contracts \| lot	8,538	8,214

Commitment and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Land deposits related to purchase contracts to deliver finished lots	$ 8.7
Outstanding performance and surety bonds	$ 6.5	$ 0.4

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2014 USD ($) business segment	Sep. 30, 2013
Segment Reporting Information [Line Items]
Number of homebuilding businesses \| business	1
Number of operating segments	4
Number of reporting segments	1
Operating Segments \| Texas Division
Segment Reporting Information [Line Items]
Percentage of operations (greater than 70% and 85%)	70.00%	86.00%
Intersegment Eliminations
Segment Reporting Information [Line Items]
Inter-segment sales \| $	$ 0

Subsequent Event (Detail) - Subsequent Event [Member] $ in Millions	Oct. 02, 2014 USD ($)
Subsequent Event [Line Items]
Purchase price	$ 15.0
Liabilities assumed in acquisition	$ 1.0