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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2014	Mar. 09, 2015	Jun. 30, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Entity Registrant Name	LGI HOMES, INC.
Entity Central Index Key	0001580670
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		19,849,044
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 316,143,801

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 31,370,000	$ 54,069,000
Accounts receivable	7,365,000	5,402,000
Real estate inventory	367,908,000	141,983,000
Pre-acquisition costs and deposits	9,878,000	3,703,000
Deferred tax assets, net	0	288,000
Property and equipment, net	1,610,000	845,000
Other assets	7,515,000	1,992,000
Goodwill and intangible assets, net	12,481,000	12,728,000
Total assets	438,127,000	221,010,000
LIABILITIES AND EQUITY
Accounts payable	15,479,000	14,001,000
Accrued expenses and other liabilities	21,365,000	7,100,000
Deferred Tax Liabilities, Net	2,685,000	0
Notes payable	216,099,000	35,535,000
Total liabilities	255,628,000	56,636,000
COMMITMENTS AND CONTINGENCIES (Note 14)
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 20,849,044 shares issued and 19,849,044 shares outstanding as of December 31, 2014 and 20,763,449 shares issued and outstanding as of December 31, 2013	208,000	208,000
Additional paid-in capital	163,520,000	157,056,000
Retained earnings	35,321,000	7,110,000
Treasury Stock, Value	(16,550,000)	0
Total equity	182,499,000	164,374,000
Total liabilities and equity	$ 438,127,000	$ 221,010,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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 dollars per share)	250,000,000	250,000,000
Common stock shares issued (in shares)	20,849,044	20,763,449
Common stock shares outstanding (in shares)	19,849,044	20,763,449
Treasury Stock, Shares	1,000,000	0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues [Abstract]
Home sales	$ 383,268,000	$ 160,067,000	$ 73,820,000
Management and warranty fees	0	2,729,000	2,401,000
Total revenues	383,268,000	162,796,000	76,221,000
Cost of sales	280,481,000	121,326,000	54,531,000
Selling expenses	36,672,000	15,769,000	7,269,000
General and administrative	23,744,000	13,604,000	6,096,000
Income from unconsolidated LGI/GTIS Joint Ventures	0	(4,287,000)	(1,526,000)
Operating income	42,371,000	16,384,000	9,851,000
Interest expense, net	0	51,000	1,000
Gain on remeasurement of interests in LGI/GTIS Joint Ventures	0	(6,446,000)	0
Other income, net	(708,000)	(24,000)	(173,000)
Net income before income taxes	43,079,000	22,803,000	10,023,000
Income tax provision	14,868,000	1,066,000	155,000
Net income	28,211,000	21,737,000	9,868,000
(Income) loss attributable to non-controlling interests	0	590,000	(163,000)
Net income attributable to owners	$ 28,211,000	$ 22,327,000	$ 9,705,000
Earnings per share:
Earnings Per Share, Basic	$ 1.37
Diluted (in dollars per share)	$ 1.33
Weighted average shares outstanding:
Basic (in shares)	20,666,758
Diluted (in shares)	21,202,967

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Formation	Reorganization	IPO	Common Stock	Common Stock Formation	Common Stock Reorganization	Common Stock IPO	Common Stock Restricted stock units (RSUs)	Additional Paid-In Capital	Additional Paid-In Capital Formation	Additional Paid-In Capital Reorganization	Additional Paid-In Capital IPO	Additional Paid-In Capital Restricted stock units (RSUs)	Retained Earnings	Total Owners’ Equity	Total Owners’ Equity Reorganization	Non- Controlling Interests	Non- Controlling Interests Reorganization	Treasury Stock [Member]
Beginning balance (in shares) at Dec. 31, 2011					0
Beginning Balance at Dec. 31, 2011	$ 14,635,025				$ 0					$ 0					$ 0	$ 12,990,732		$ 1,644,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,868,000															9,705,129		162,969
Contributions	6,650,000															6,650,000		0
Distributions	(5,942,146)															(4,134,884)		(1,807,262)
Ending balance (in shares) at Dec. 31, 2012					0
Ending Balance at Dec. 31, 2012	25,210,977				$ 0					0					0	25,210,977		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	21,737,000
Contributions	18,332,000															2,535,000		15,797,250
Distributions	(9,111,000)															(9,111,206)		0
Issuance of shares (in shares)						1,000	10,003,358	10,350,000
Issuance of shares		$ 1,000	$ 0	$ 102,635,000		$ 10	$ 100,034	$ 103,500			$ 990	$ 48,959,116	$ 102,531,000				$ (33,851,718)		$ (15,207,432)
Issuance of restricted stock units in settlement of accrued bonuses	1,026,000									1,026,465
Compensation expense for equity awards	43,000									42,814
Issuance of shares for GTIS Acquisitions (in shares)					409,091
Issuance of shares for GTIS Acquisitions	4,500,000				$ 4,090					4,495,910
Ending balance (in shares) at Dec. 31, 2013					20,763,449
Ending Balance at Dec. 31, 2013	164,374,000				$ 208,000					157,056,000					7,110,000	$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,211,000
Issuance of shares (in shares)									85,595
Issuance of shares	(596,000)													$ (596,000)
Issuance of restricted stock units in settlement of accrued bonuses	642,000									642,000
Compensation expense for equity awards	862,000									862,000
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	356,000									356,000
Ending balance (in shares) at Dec. 31, 2014					20,849,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt	$ 5,200,000									5,200,000
Treasury Stock, Value, Acquired, Cost Method																				$ (16,550,000)
Treasury Stock, Shares, Acquired	(16,550,000)
Ending Balance at Dec. 31, 2014	$ 182,499,000				$ 208,000					$ 163,520,000					$ 35,321,000					$ (16,550,000)

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Additional Paid-In Capital
Initial public offering, underwriting fees and offering expenses		$ 11,216,000
Debt Issuance Cost	$ 297,000
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature	$ 2,971,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$ 28,211,000	$ 21,737,000	$ 9,868,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Income from unconsolidated LGI/GTIS Joint Ventures	0	(4,287,000)	(1,526,000)
Distributions from unconsolidated LGI/GTIS Joint Ventures	0	4,414,000	1,545,000
Gain on remeasurement of interests in LGI/GTIS Joint Ventures	0	(6,446,000)	0
Depreciation and amortization	825,000	292,000	185,000
Gain on settlement of participation fee obligation	0	(9,000)	0
Loss on disposal of assets	14,000	56,000	0
Settlement of accrued bonuses with restricted stock units	0	1,026,000	0
Excess Tax Benefit from Share-based Compensation, Operating Activities	(356,000)
Compensation expense for equity awards	862,000	43,000	0
Deferred income taxes	1,000	(288,000)	0
Changes in assets and liabilities:
Accounts receivable	(1,963,000)	(3,871,000)	(205,000)
Real estate inventory	(198,357,000)	(74,595,000)	(15,963,000)
Pre-acquisition costs and deposits	(6,066,000)	(2,705,000)	(426,000)
Other assets	(617,000)	286,000	(946,000)
Accounts payable	1,480,000	5,827,000	1,670,000
Accrued expenses and other liabilities	2,752,000	4,031,000	1,145,000
Net cash used in operating activities	(173,214,000)	(54,489,000)	(4,653,000)
Cash flows from investing activities:
Payment for business acquisitions, net of cash acquired	(15,169,000)	(30,139,000)	0
Purchases of property and equipment	(1,195,000)	(685,000)	(435,000)
Capital investments in unconsolidated LGI/GTIS Joint Ventures	0	(928,000)	(2,244,000)
Capital distributions from unconsolidated LGI/GTIS Joint Ventures	0	458,000	33,000
Proceeds from disposal of assets	0	35,000	1,000
Net cash used in investing activities	(16,364,000)	(31,259,000)	(2,645,000)
Cash flows from financing activities:
Proceeds from credit facilities	147,400,000	72,932,000	46,364,000
Payments on credit facilities	(43,531,000)	(52,042,000)	(37,810,000)
Proceeds from Convertible Debt	85,000,000
Payments of Debt Issuance Costs	(5,200,000)
Payments Related to Tax Withholding for Share-based Compensation	(596,000)
Payments for Repurchase of Common Stock	(16,550,000)
Excess Tax Benefit from Share-based Compensation, Financing Activities	356,000
Contributions from owners	0	2,535,000	6,650,000
Distributions to owners	0	(9,111,000)	(4,135,000)
Proceeds from sale of stock, net of offering expenses	0	102,636,000	0
Contributions from non-controlling interests	0	15,797,000	0
Distributions to non-controlling interests	0	0	(1,807,000)
Net cash provided by financing activities	166,879,000	132,747,000	9,262,000
Net increase (decrease) in cash and cash equivalents	(22,699,000)	46,999,000	1,964,000
Cash and cash equivalents, beginning of year	54,069,000	7,070,000	5,106,000
Cash and cash equivalents, end of year	$ 31,370,000	$ 54,069,000	$ 7,070,000

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 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 purposes 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, construction and sale of homes. At December 31, 2014, the Company had operations in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina 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, 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 consolidated financial statements present the historical financial statements of the Predecessor as though they were owned by LGI Homes, Inc. prior to the Reorganization Transactions.

Acquisitions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

Oakmont Acquisition

On October 2, 2014, the Company acquired certain home building assets and liabilities of Oakmont Home Builders, Inc. (“Oakmont”) and certain land positions of EST Properties, LLC, an affiliate of Oakmont (the “Oakmont Acquisition”). As a result of the Oakmont Acquisition, the Company established an immediate presence in residential homebuilding in the Charlotte, North Carolina, market acquiring 150 homes under construction and more than 1,000 owned and controlled lots. The total purchase price for the Oakmont Acquisition is approximately $17.3 million, consisting of approximately $15.2 million, in cash and a contingent earnout based on home closings through December 31, 2017. The fair value of the earnout at the acquisition date is estimated to be approximately $2.2 million.

The acquisition was accounted for in accordance with ASC Topic 805, “Business Combinations”, (“ASC 805”), and the acquired assets and assumed liabilities have been recorded at their estimated fair values at the acquisition date as noted below (amounts in thousands):



Purchase Consideration:	Total
Cash paid for net assets	$	15,169
Contingent consideration (earnout)	2,162
Total consideration	$	17,331
Assets acquired and liabilities assumed:
Real estate inventory	$	20,227
Pre-acquisition costs, deposits and other assets	177
Total Assets	$	20,404
Accounts payable and accrued liabilities	(2,682		)
Customer deposits	(391		)
Total Liabilities	(3,073		)
Net assets acquired	$	17,331

Preacquisition costs and deposits, accounts payable and accrued liabilities, and customer deposits are stated at historical carrying values given the short-term nature of these assets and liabilities. Real estate inventory was adjusted to reflect fair value. There were no significant intangible assets acquired in connection with the Oakmont Acquisition.

The Company determined the estimated fair values of the real estate inventory with the assistance of appraisals performed by independent third-party specialists, discounted cash flow analyses and estimates by management. The fair value of the earnout on the acquisition date of approximately $2.2 million was determined based on the forecasted number of home closings adjusted to reflect probability weighted absorption scenarios and a 10% discount rate. The actual amount of the earnout may be more or less than the $2.6 million undiscounted amount estimated and will be based on the actual number of homes closed from the acquired assets and the timing of the home closings. The maximum potential earnout has been estimated to be approximately $3.1 million based on the expected absorption rate for the acquired assets, including the timing of land development activities. The earnout liability is included in other liabilities on the consolidated balance sheet and will be subject to adjustment based on revisions to the forecasted absorption rate and the actual number of homes closed during the earnout period.

Significant assumptions included in our estimates of the fair value of the assets acquired and the earnout include future development costs and the timing of the completion of development activities, absorption rates, mix of products sold in each community, and the discount rate. Based on the estimated purchase consideration, management believes that the purchase price for the Oakmont Acquisition was at market value and there was no excess of purchase price over the net fair value of assets acquired and liabilities assumed.

The Company has expensed approximately $0.7 million of acquisition related costs for legal and due diligence services; these costs are included in the general and administrative expenses in the accompanying consolidated statements of operations.

During the quarter ended December 31, 2014, the Company closed 71 homes attributable to the Oakmont Acquisition resulting in a $284,000 earnout obligation payable during the first quarter of 2015.

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 began consolidating the entities. As required by ASC 805, the acquired assets and assumed liabilities have been accounted for at fair value and the Predecessor’s historical interests in the joint ventures have been 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 $2.9 million and $3.5 million of the $7.9 million fair value step-up adjustment is included in cost of sales for the years ended December 31, 2014 and 2013, respectively, related to real estate inventory and lot option contracts at November 13, 2013 that were sold during the respective periods. As of December 31, 2014, a total of $6.4 million of the step-up adjustment has been amortized to cost of sales.

In connection with the GTIS Acquisitions, certain rights to the LGI Homes trade name were reacquired. The fair value of this intangible asset was calculated based upon the forecasted revenues of the LGI/GTIS Joint Ventures using a relief-from-royalty valuation model. The intangible asset was valued at $0.7 million and is being amortized on a straight line basis over 3 years. Amortization expense related to the intangible was approximately $0.2 million and $31,000 for the years ended December 31, 2014 and 2013, respectively. Amortization expense for the remaining balance will be approximately $0.2 million and $0.2 million in 2015 and 2016, respectively.

The supplemental pro forma information presented below (in thousands) presents the home sales revenues, cost of sales, and net income before income taxes of the Company for 2013 and 2012 as if the GTIS Acquisitions date had been completed on January 1, 2012.

The pro forma adjustments are based upon available information and certain assumptions that we believe 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 our results of operations would have been had the GTIS Acquisitions actually occurred on January 1, 2012 and does not purport to project our results of operations for any future period.



	For the Year Ended December 31,
Unaudited Pro Forma Financial Information	2013		2012
Home sales revenues	$	240,963	$	143,378
Cost of sales	$	179,831	$	104,229
Net income before income taxes	$	22,922	$	18,614

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 $0.2 million each year 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).

+ References

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+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of LGI Homes, Inc. and all of its subsidiaries subsequent to November 13, 2013, the closing date for the Reorganization Transactions and the IPO. All intercompany balances and transactions have been eliminated in consolidation. For the periods prior to the Reorganization Transactions, the accompanying consolidated financial statements include the accounts of LGI Homes, Inc. and the results of operations since the date of its formation, July 9, 2013, and the Predecessor's historical combined accounts and results of operations for January 1, 2012 to November 13, 2013. All intercompany balances and transactions have been eliminated in consolidation and all intracompany balances and transactions have been eliminated in combination. 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, earnout contingent consideration, the fair value of the convertible debt, 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 and net of expected reimbursements of development costs, are capitalized to real estate inventory. Land development and other common costs that benefit the entire community, including field construction supervision and related direct overhead, are allocated to individual lots or homes, as appropriate. The costs of lots are transferred to homes in progress when home construction begins. Home construction costs and related carrying charges are allocated to the cost of individual homes using the specific identification method. Costs that are not specifically identifiable to a home are allocated on a pro rata basis using either the lot size or relative sales value. 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 ASC Topic 360, Property, Plant, and Equipment, real estate inventory is evaluated for indicators of impairment by each community during each reporting period. In conducting its review for indicators of impairment on a community level, management evaluates, among other things, the margins on homes that have been 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 undiscounted 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 cash flow model. As of December 31, 2014 and 2013, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the years ended December 31, 2014, 2013 and 2012. Capitalized Interest Interest and other financing costs are capitalized as cost of inventory during community development and home construction activities, in accordance with ASC Topic 835, Interest and expensed in cost of sales as homes in the community are 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 deposit and related pre-acquisition costs 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 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 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 December 31, 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 2 to 5 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 the remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, impairment is recognized for the excess of the carrying value over its fair value. There were no impairments of property, equipment and leasehold improvements recorded during the years ended December 31, 2014, 2013 and 2012. 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 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. In addition, the Predecessor had interests in two VIE’s (LGI Homes – Sterling Lakes, LLC and 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 these entities, the Family Principals of the Predecessor also held the general partner controlling interests in the non-managing members of the VIEs. As a result, the Predecessor combined with the Family Principals’ related party interests had the power to direct all significant activities of the VIEs, and had exposure to the risks and rewards of the VIEs, based on the division of income and loss pursuant to the joint venture agreement and the Predecessor’s ownership in the joint ventures. These two VIEs are consolidated in the accompanying consolidated financial statements. 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 during the periods presented. 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 805. 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 charges were recorded in 2014 and 2013. 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 charges were recorded in 2014 and 2013 associated with the marketing 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 generally $1,000 or less. 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, 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 sold. 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 $8.6 million, $3.3 million and $1.8 million for the years ended December 31, 2014, 2013, and 2012, respectively. Income Taxes LGI Homes, Inc. is a taxable entity. 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 federal income taxes on taxable income or losses realized by the Predecessor were the obligation of the individual members or partners. As a result of the Reorganization Transactions, the Predecessor entities are subject to federal and state income taxes. The accompanying financial statements include a provision for income taxes based on the period when the Company’s operations are taxable. 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 files income tax returns in the U.S. federal jurisdiction and in various states and does not have any unrecognized tax benefits. The Company is not presently under exam for income tax by any taxing jurisdiction, and no longer remains subject to exam for years before 2011 (2010 for Texas). Prior to the Reorganization Transactions, the Predecessor was subject to certain state taxes and fees, including the Texas margin tax, where applicable. There were no significant deferred income taxes related to state income taxes for the year ended December 31, 2012. Earnings Per Share Basic earnings per share is based on the weighted average number of shares of common stock outstanding. Diluted earnings per share is based on the weighted average number of shares of common stock and dilutive securities outstanding. Diluted earnings per share gives effect to all dilutive potential shares outstanding during the period using the treasury stock method and for the Company's 4.25% Convertible Notes due 2019 (the “Convertible Notes”) using the if-converted method. Diluted earnings per share excludes all dilutive potential shares of common stock if their effect is antidilutive. Stock-Based Compensation Compensation costs for non-performance-based restricted stock awards are measured using the closing price of our common stock on the date of grant and are expensed on a straight-line basis over the vesting period of the award. Compensation costs for performance-based restricted stock awards are also measured using the closing price of the Company's common stock on the date of grant but are expensed in accordance with ASC 718-10-25-20, Compensation - Stock Compensation, which requires an assessment of probability of attainment of the performance target. Once the performance target outcome is determined to be probable, the 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 820”), defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability. ASC 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements, and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows: Level 1 - Fair value is based on quoted prices in active markets for identical assets or liabilities. Level 2 - Fair value is determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities, or quoted prices in markets that are not active. Level 3 - Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique. The Company utilizes fair value measurements to account for certain items and account balances within its consolidated financial statements. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets. The fair value of financial instruments, including cash and cash equivalents, accounts receivable and credit facility, approximate their carrying amounts due to the short term nature of these instruments. As of December 31, 2014, the secured credit facility has a floating interest rate, which increases or decreases with market interest rates, and is subject to an interest rate floor. As described in Note 2, the assets and liabilities acquired in the Oakmont Acquisition and the GTIS Acquisitions were recorded at fair value determined based on Level 2 or Level 3 assumptions and valuation inputs. In addition the Predecessor’s historical interests in the LGI/GTIS Joint Ventures were adjusted to fair value determined using Level 3 unobservable assumptions and valuation inputs. The Convertible Notes, discussed in Note 9, have been recorded at estimated fair value determined using Level 2 measurements. No significant changes occurred and the recorded value at December 31, 2014 approximates fair value. 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 periods 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

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Real Estate Inventory

REAL ESTATE INVENTORY

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



	December 31,
	2014		2013
Land, land under development, and finished lots	$	244,658	$	82,006
Sales offices	12,110		3,784
Homes in progress	50,675		27,723
Completed homes	60,465		28,470
Total real estate inventory	$	367,908	$	141,983

Interest and financing costs incurred under the Company's debt obligations, as more fully discussed in Note 9, are capitalized to qualifying real estate projects under development and homes under construction.

Property and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

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



		December 31,
	Asset Life	2014			2013
	(years)
Computer equipment	2-5	$	738		$	499
Machinery and equipment	5	52			169
Furniture and fixtures	2-5	1,557			745
Leasehold improvements	various	230			108
Total property and equipment		2,577			1,521
Less: Accumulated depreciation		(967		)	(676		)
Property and equipment, net		$	1,610		$	845

Depreciation expense incurred for the years ended December 31, 2014, 2013 and 2012 was $0.4 million, $0.3 million and $0.2 million, respectively.

Equipment was sold to the LGI/GTIS Joint Ventures at net book value of approximately $0.03 million during the year ended December 31, 2013. A non-cash settlement of vehicle notes payable in the amount of $0.3 million was recorded for a trade or assumption by the purchaser during the year ended December 31, 2013.

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

12 Months Ended

Dec. 31, 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 joint ventures LGI/GTIS Joint Ventures, were accounted for using the equity method of accounting since the Predecessor was not deemed to be the primary beneficiary of these variable interest entities.

The LGI/GTIS Joint Ventures were each engaged in homebuilding and land development activities. GTIS Partners, LP and affiliated entities (collectively “GTIS”) were joint venture members 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 member 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 was approved by both members. The Predecessor used its 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.

During the period ended November 13, 2013, LGI-GTIS Holdings, LLC, LGI-GTIS Holdings II, LLC and LGI-GTIS Holdings III, LLC achieved the Third-Tier Return resulting in the priority allocations to the Predecessor of up to approximately 40%. As of November 13, 2013, LGI-GTIS Holdings IV, LLC had not achieved the First-Tier Return. During the period ended November 13, 2013, the Predecessor recognized $2.7 million in priority distributions from the LGI/GTIS Joint Ventures. The LGI/GTIS Joint Ventures were acquired on November 13, 2013 and as such there were no further distributions or contributions.

Summarized condensed combined financial information of the LGI/GTIS Joint Ventures accounted for using the equity method is presented below for the period through the date of the GTIS Acquisitions (in thousands):



	November 13,
Balance Sheets	2013
Assets:
Cash and cash equivalents	$	6,710
Total real estate inventory	30,989
Other assets	951
Total assets	$	38,650
Liabilities and members’ equity:
Liabilities	$	6,723
Members’ equity:
Predecessor	4,789
GTIS members	27,138
Total members’ equity	31,927
Total liabilities and members’ equity	$	38,650



	Period Ended November 13,		Year Ended December 31,
Statements of Operations	2013		2012
Home sales	$	80,896	$	69,558
Cost of sales	$	58,718	$	49,751
Net earnings of unconsolidated entities	$	10,873	$	10,176
Predecessor's share in net earnings of unconsolidated entities	$	4,287	$	1,526

Consolidated Joint Ventures

Two consolidated joint ventures, engaged in homebuilding and land development activities, were determined to be VIEs and the Predecessor was deemed to be the primary beneficiary under ASC Topic 810. LGI Fund III Holdings, LLC was formed March 31, 2013, and LGI Homes Group, LLC was the managing member; 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). LGI Homes-Sterling Lakes, LLC was formed in 2010, and LGI Homes Corporate, LLC was the managing member. LGI Homes-Sterling Lakes, LLC had income attributable to non-controlling interests of $0.2 million for the year ended December 31, 2012, and was closed out prior to December 31, 2012.

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.

Other Assets

12 Months Ended

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

OTHER ASSETS

Other assets consist of the following (in thousands):



	December 31,
	2014		2013
Deferred loan costs	$	3,732	$	—
Prepaid insurance	1,176		1,205
Prepaid expenses	1,497		292
Security deposits	1,110		468
Other assets	—		27
Total other assets	$	7,515	$	1,992

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 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):



	December 31,
	2014		2013
Inventory related obligations	$	7,275	$	—
Retentions payable	2,696		867
Accrued compensation, bonuses and benefits	2,434		2,693
Earnout liability	2,196		—
Taxes payable	1,448		1,554
Warranty reserve	900		630
Other	4,416		1,356
Total accrued expenses and other liabilities	$	21,365	$	7,100

Inventory Related 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 December 31, 2014, the Company had CDD and other utility development obligations of approximately $7.3 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 one-year warranty on the house and a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems. The Predecessor provided similar warranty services for homes sold by the LGI/GTIS Joint Ventures prior to the GTIS Acquisitions (see Note 13).

Changes to the Company's warranty accrual are as follows (in thousands):



	December 31,
	2014			2013			2012
Warranty reserves, beginning of year	$	630		$	450		$	275
Warranty provision	1,179			764			409
Warranty reserve acquired in GTIS Acquisitions	—			30			—
Warranty expenditures	(909		)	(614		)	(234		)
Warranty reserves, end of year	$	900		$	630		$	450

Notes Payable

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Notes Payable

NOTES PAYABLE

Secured Revolving Credit Agreement

In April 2014, the Company entered into a credit agreement with a syndication of lenders and Texas Capital Bank, National Association, as administrative agent and letter of credit issuer (the “Credit Agreement”). The Credit Agreement provides for a $135.0 million senior secured revolving credit facility, which was increased upon the Company's request, to $200.0 million. 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 Agreement 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 the 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. Subsequent to this date and through 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. Pre-sold homes may remain in the borrowing base for up to one year. 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 December 31, 2014, the borrowing base was $200.0 million, of which $139.4 million was outstanding and the remaining $60.6 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; 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 allowed 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 December 31, 2014, the Company was in compliance with all of the covenants contained in the Credit Agreement.

Convertible Notes

In November 2014, the Company issued $85.0 million aggregate principal amount of its 4.25% Convertible Notes due 2019. The Convertible Notes mature on November 15, 2019 and bear interest at a rate of 4.25%, payable semiannually each year, beginning on May 15, 2015. Prior to May 15, 2019, the Convertible Notes will be convertible only upon satisfaction of any of the specified conversion events. On or after May 15, 2019, note holders can convert their Convertible Notes at any time at their option.

As issued, the conversion of the Convertible Notes may only be settled in shares of the Company's common stock. Upon receipt of stockholder approval of the flexible settlement provisions of the Convertible Notes, the Convertible Notes will be convertible into cash, shares of common stock, or a combination thereof, at the Company's election. The Company has sole discretion to request stockholder approval for the flexible settlement feature, however there can be no assurance that the stockholders will approve the flexible settlement feature. The initial conversion rate of the Convertible Notes is 46.4792 shares of Company common stock for each $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $21.52 per share of Company common stock. The conversion rate is subject to adjustments upon the occurrence of specific events.

ASC Topic 470-20, Debt with Cash Conversion and Other Options, requires the issuer of convertible debt that may be settled wholly or partially in shares or cash upon conversion, such as the Convertible Notes, to separately account for the liability (debt) and equity (additional paid-in capital) components in a manner reflective of the issuers’ nonconvertible debt borrowing rate. Notes payable in our accompanying consolidated financial statements include $76.5 million which is the fair value of the $85.0 million aggregate principal amount of Convertible Notes issued; the fair value was determined using a discount rate of 6.6% based on the rate of return investors would require for a similar liability without the equity component, and reflects an $8.5 million discount. $5.5 million of the remaining proceeds was recorded to additional paid-in capital to reflect the equity component of the Convertible Notes and $3.0 million was recorded as a deferred tax liability. The carrying amount of the Convertible Notes is being accreted over the term to maturity. The net proceeds from the offering were approximately $82.0 million; of the $3.0 million of debt issuance costs, $2.7 million were allocated to the liability component and the remaining $0.3 million was allocated as an offset to the equity component of the Convertible Notes. As of December 31, 2014, the Company incurred approximately $0.2 million discount accretion, $0.4 million of coupon interest, and $0.1 million of debt issuance cost amortization. Interest and amortization of Convertible Notes discount and issuance costs are capitalized as cost of inventory: see Capitalized Interest table below.

Concurrent with the issuance of the Convertible Notes, the Company utilized, approximately $16.6 million of the net proceeds from the sale of the Convertible Notes to repurchase 1.0 million shares of Company common stock to be held as treasury stock. The remaining net proceeds from issuance of the Convertible Notes have been used for the purchase of land and lots and general corporate purposes, including repayment of borrowings under the Company’s secured revolving credit facility.

Notes payable consist of the following (in thousands):



	December 31,
	2014		2013
LGI Homes, Inc.—Notes payable to Texas Capital Bank, National Association and a syndication of lenders under the Credit Agreement ($200.0 million line at December 31, 2014) maturing through April 28, 2017; interest paid monthly at LIBOR plus 2.75%, with a LIBOR floor of 1.00%; collateralized by the Company and its subsidiaries' land, development and home construction costs (carrying value of $335.4 million at December 31, 2014)	$	139,404	$	—
LGI Homes, Inc.— 4.25% Convertible Notes due November 15, 2019; interest paid semi-annually at 4.25%; net of approximately $8.3 million in unamortized discount	76,695		—
LGI Homes Group, LLC—Notes payable to Texas Capital Bank, National Association under a credit facility ($35 million line at December 31, 2013) expiring June 30, 2015; interest at LIBOR plus 3.0%, with a LIBOR floor of 1.00%; 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, National Association under a credit facility ($2.0 million at December 31, 2013) expiring December 31, 2013; interest at LIBOR plus 3.9%, with a LIBOR floor of 0.10%; 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	$	216,099	$	35,535

At December 31, 2014 and December 31, 2013, LIBOR was 0.25% and 0.24%, respectively. Based on the terms of the variable rate notes payable, the interest rates as of December 31, 2014 and December 31, 2013, were based on the interest rate floor terms.

As of December 31, 2014, the annual aggregate maturities of our notes payable during each of the next five fiscal years are as follows (amounts in thousands):



	Amount
2015	$	67,949
2016	35,594
2017	35,861
2018	—
2019	85,000
Total notes payable	224,404
Less: Convertible Notes discount	(8,305		)
Net notes payable	$	216,099

Capitalized Interest

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



	Year Ended December 31,
	2014			2013			2012
Interest incurred	$	6,026		$	1,378		$	824
Less: Amounts capitalized	(6,026		)	(1,327		)	(823		)
Interest expense	$	—		$	51		$	1

Cash paid for interest	$	4,109		$	1,220		$	790

Included in interest incurred was $1.1 million amortization of deferred financing costs of and $0.2 million amortization of Convertible Notes discount for the year ended December 31, 2014.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

All Company operations are domestic. The provision for income taxes consisted of the following (in thousands):



	Year ended December 31,
	2014			2013			2012
Current:
Federal	$	13,266		$	841		$	—
State	1,606			513			155
Current tax provision	14,872			1,354			155
Deferred:
Federal	—			(265		)	—
State	(4		)	(23		)	—
Deferred tax benefit	(4		)	(288		)	—
Total income tax provision	$	14,868		$	1,066		$	155

Income taxes paid were $15.2 million, $0.1 million and $0.2 million for the years ended December 31, 2014, 2013, and 2012, respectively.

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. However, as a result of the Reorganization Transactions, the Predecessor entities are subsidiaries of the Company, thereby becoming subject to federal and certain state taxes beginning November 13, 2013. As a result of this tax status change, the Company recorded a net deferred tax liability and a one-time non-cash charge of $0.2 million included in the income tax provision in 2013. In addition, the remeasurement of the Predecessor’s historical interests in the LGI/GTIS Joint Ventures generated approximately $4.8 million of excess book goodwill primarily attributable to the Predecessor’s carryover basis in the joint ventures’ assets and liabilities that is not deductible for federal income tax purposes. This excess goodwill is not amortizable for tax purposes.

A reconciliation of the provision for income taxes for 2014 and 2013 and the amount computed by applying the statutory federal income tax rate of 35% to income before provision for income taxes for the years ended December 31, 2014 and 2013, and the period subsequent to the Reorganization Transactions, November 13, 2013 to December 31, 2013 follows (in thousands):



	Year Ended December 31,										November 13, 2013 - December 31, 2013
	2014					2013					November 13, 2013 - December 31, 2013
Tax at federal statutory rate	$	15,078		35.0	%	$	7,981		35.0	%	$	2,725		35.0	%
State income taxes (net of federal benefit)	1,037			2.4		439			1.9		48			0.6
Domestic production activity deduction	(1,294		)	(3.0	)	(88		)	(0.4	)	(88		)	(1.1	)
Non deductible expenses and other	47			0.1		1			0.1		1			0.1
Change in tax status of entity - deferred taxes	—			—		245			1.1		246			3.2
Non-taxable - gain on remeasurement	—			—		(2,256		)	(9.9	)	(2,256		)	(29.0	)
Income attributable to partnerships - nontaxable	—			—		(5,256		)	(23.1	)	—			—
Tax at effective rate	$	14,868		34.5	%	$	1,066		4.7	%	$	676		8.8	%

The components of net deferred tax assets and liabilities at December 31, 2014 and December 31, 2013, are as follows (in thousands):



	December 31
	2014			2013
Deferred tax assets:
Accruals and reserves	$	913		$	470
Inventory	527			—
Compensation related to RSUs	373			395
Deferred loan costs	108			—
Deferred Rent	43			—
Total deferred tax assets	1,964			865
Deferred tax liabilities:
Discount on Convertible Notes	(3,079		)	—
Prepaids	(1,018		)	—
Tax depreciation in excess of book depreciation	(350		)	(223		)
Goodwill and other assets amortized for tax	(202		)	(96		)
Inventory	—			(258		)
Total deferred tax liability	$	(4,649	)	$	(577	)
Total net deferred tax asset (liability)	$	(2,685	)	$	288

Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Equity

EQUITY

The Company is authorized to issue 250,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. On November 21, 2014, the Company purchased 1.0 million shares of the Company’s common stock at $16.55 per share; the repurchased shares are held as treasury stock. At December 31, 2014 the Company had 20,849,044 shares of common stock issued and 19,849,044 shares of common stock outstanding. At December 31, 2013 the Company had 20,763,449 shares of common stock issued and outstanding. As of December 31, 2014 and 2013, no shares of preferred stock were issued or outstanding.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the year ended December 31, 2014 and from November 13, 2013 to December 31, 2013. Earnings per share is not computed for the period prior to the closing date of the IPO because the Predecessor consisted of limited liability companies and limited partnerships and LGI Homes, Inc. did not have operations.



	For the year Ended December 31, 2014		For the Period from November 13, 2013 - December 31, 2013
Numerator:
Numerator for basic earnings per share (in thousands)	$	28,211	$	7,110
Effect of dilutive securities:
Interest expense associated with Convertible Notes, net of taxes⁽¹⁾	7		—
Numerator for diluted earnings per share	28,218		7,110
Denominator:
Basic weighted average shares outstanding	20,666,758		20,763,449
Effect of dilutive securities:
Convertible debt⁽¹⁾	432,957		—
Restricted stock units	103,252		70,675
Diluted weighted average shares outstanding	21,202,967		20,834,124

Basic earnings per share	$	1.37	$	0.34
Diluted earnings per share	$	1.33	$	0.34


(1)	In accordance with ASC 260-10, Earnings Per Share, the Company calculated the dilutive effect of convertible securities using the “if-converted” method. Reflects the shares impact based on the conversion rate and period outstanding and the interest expense reflected in net income attributable to the Convertible Notes.

3,022 non-vested restricted stock units were excluded from the computation of diluted earnings per share for the year ended December 31, 2014, because their effect was antidilutive. There were no antidilutive securities for the year ended December 31, 2013.

Predecessor's Owners' Equity

The following table reflects the activity and balances in the owners’ equity of the Predecessor prior to the Reorganization Transactions (in thousands):



	LGI Homes Group, LLC Members’ Capital			LGI Homes Corporate, LLC Members’ Capital			LGI Homes- Deer Creek, LLC Members’ Capital			Other Partnerships’ Capital			Total Owners’ Equity
BALANCE—DECEMBER 31, 2011	$	4,113		$	3,175		$	957		$	4,746		$	12,991
Net income	6,445			2,258			803			199			9,705
Contributions	6,650			—			—			—			6,650
Distributions	(53		)	(2,002		)	(1,760		)	(320		)	(4,135		)
BALANCE—DECEMBER 31, 2012	$	17,155		$	3,431		$	—		$	4,625		$	25,211
Net income	11,892			1,884			—			1,441			15,217
Contributions	—			2,500			—			35			2,535
Distributions	(6,969		)	(1,469		)	—			(673		)	(9,111		)
BALANCE—NOVEMBER 13, 2013	$	22,078		$	6,346		$	—		$	5,428		$	33,852

LGI Homes Group, LLC is a Texas limited liability company formed in March 2011. EDSS Holdings, LP, a limited partnership wholly-owned by the Family Principals, owned 50.125% of LGI Homes Group, LLC, and LGI Investment Fund II, LP, owned the remaining 49.875%. LGI Investment Fund II, LP was formed as a Texas limited partnership in June 2011. LGI Fund II GP, LLC was the 1% general partner. LGI Fund II GP, LLC is wholly-owned by Eric Lipar. The limited partners were various investors.

In March 2013, LGI Homes Group, LLC formed LGI Fund III Holdings, LLC (a joint venture consolidated in the accompanying financial statements) with LGI Investment Fund III, LP (see Note 6). LGI Homes Group, LLC was the managing member. The LGI Investment Fund III, LP was formed as a Texas limited partnership in February 2013. LGI Fund III GP, LLC was the 1% general partner. LGI Fund III GP, LLC is wholly-owned by Eric Lipar. The limited partners were various investors. In accordance with the terms of the formation of LGI Investment Fund III, LP, the limited partnership exchanged its 85% ownership in LGI Fund III Holdings, LLC for approximately 1.5 times the investment amount upon completion of the IPO and as part of the Reorganization Transactions.

LGI Homes Corporate, LLC is a Texas limited liability company formed in March 2010 and was wholly-owned and managed by the Family Principals prior to the Reorganization Transactions.

LGI Homes—Deer Creek, LLC is a Texas limited liability company formed in June 2009 and was wholly-owned and managed by the Family Principals prior to the Reorganization Transactions.

The Other Partnerships included in the accompanying consolidated financial statements and aggregated in the above table are:

•

LGI Homes II, LLC, formerly LGI Homes, Ltd. and JTM Housing, Ltd., was formed as a Texas limited partnership in December 2002, renamed as LGI Homes, Ltd. in October 2004 and LGI Homes II, LLC in November 2013. LGI GP, LLC, a wholly-owned Texas limited liability company formed in 2002 as a wholly-owned subsidiary of LGI Holdings, LLC, was the 1% general partner of LGI Homes II, LLC. The limited partner was 99% owned by the Family Principals prior to the Reorganization Transactions.


•	LGI Homes - Sunrise Meadow, LLC, formerly LGI Homes - Sunrise Meadow, Ltd. was formed as a Texas limited partnership in February 2005 and renamed as LGI Homes - Sunrise Meadow, LLC in November 2013. LGI GP, LLC, was the 1% general partner. The entity was wholly-owned and managed by the Family Principals prior to the Reorganization Transactions.


•	LGI Homes - Canyon Crossing, LLC, formerly LGI Homes - Canyon Crossing, Ltd. was formed as a Texas limited partnership in May 2005 and renamed as LGI Homes - Canyon Crossing, LLC in November 2013. LGI GP, LLC, was the 1% general partner. The entity was wholly-owned and managed by the Family Principals prior to the Reorganization Transactions.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

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

Stock-Based Compensation

STOCK-BASED COMPENSATION

2013 Stock Incentive Plan

As approved by the Company's stockholders, the Company adopted the LGI Homes, Inc. 2013 Equity Incentive Plan (the “2013 Incentive Plan”) to reward, retain and attract key personnel. At December 31, 2014, 2,000,000 shares of the Company's common stock had been reserved for issuance pursuant to the 2013 Incentive Plan.

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, 2013	—		$	—
Granted	140,222		$	11.00
Balance at December 31, 2013	140,222		$	11.00
Granted	82,441		$	16.52
Vested	(116,543	)	$	11.00
Forfeited	(3,334	)	$	11.00
Balance at December 31, 2014	102,786		$	15.43

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. The weighted average fair value on the grant date was $17.20.

In addition, during the year ended December 31, 2014, the Company issued 45,134 RSUs to certain employees, executives and non-employee directors 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 $15.97 for the year ended December 31, 2014. The Company recognized $0.5 million and $42,814 of stock-based compensation expense related to outstanding RSUs grants for the years ended December 31, 2014 and 2013, respectively. At December 31, 2014, the Company had unrecognized compensation cost of $0.6 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.6 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 December 31, 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 $0.3 million of total stock-based compensation expense related to outstanding Performance-Based RSUs grants for the year ended December 31, 2014. At December 31, 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 1.5 years.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 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 $100,000 and $17,000 for the years ended December 31, 2014 and 2013, 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 $2.6 million and $2.3 million for the years ended December 31, 2013 and 2012, respectively. The Predecessor collected a warranty fee of $250 from the LGI/GTIS Joint Ventures upon the closing of the sale of each home and 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 $0.1 million for each of the years ended December 31, 2013 and 2012. Profit Sharing Plan The Company’s employees are eligible to participate in a 401(k) savings plan established by LGI Holdings, LLC, a sister company in an unrelated business. Employees are eligible to participate after completing ninety days of service and having attained the age of 21. Salary deferrals are allowed in amounts up to 100% of an eligible employee’s salary, not to exceed the maximum allowed by law. A discretionary match may be made by the Company of up to 100% of the first 3% of an eligible employee’s deferral, not to exceed $3,000. For each of the years ended December 31, 2014, 2013 and 2012, the Company's matching contributions were $0.3 million, $0.1 million and $0.1 million, 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, based on a third party appraisal.

- 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

12 Months Ended

Dec. 31, 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 in the normal course of business. In the opinion of management, these matters will not have a material effect on the Company’s combined financial position, results of operations or cash flows.

The Company has provided unsecured environmental indemnities to certain lenders and other counterparties. 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 December 31, 2014 and 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 which are generally limited to the forfeiture of the related nonrefundable cash deposits. The following is a summary of the Company's land purchase deposits and option contracts included in pre-acquisition costs and deposits (in thousands, except for lot count):



	December 31,
	2014		2013
Land deposits and option payments	$	9,591	$	2,977
Commitments under the land purchase option and deposit agreements if the purchases are consummated	$	86,277	$	111,115
Lots under land options and land purchase contracts	3,921		8,214

As of December 31, 2014, approximately $7.4 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.

Leasing Arrangements

The Company leases office facilities and certain equipment under non-cancellable operating lease agreements. Rent escalation provisions are accounted for using the straight-line method. Rent expense includes common area maintenance costs. Rent expense totaled $0.7 million, $0.3 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Future minimum lease payments under non-cancellable operating lease agreements are as follows at December 31, 2014 (in thousands):



2015	$	605
2016	590
2017	616
2018	382
2019	14
Thereafter	—
Total	$	2,207

Bonding and Letters of Credit

The Company has outstanding performance and surety bonds and letters of credit of $7.7 million, $0.4 million and $0.2 million at December 31, 2014, 2013 and 2012, respectively, related to the Company’s obligations for site improvements at various projects. Certain 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	12 Months Ended
Segment Information	Dec. 31, 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 December 31, 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 66.6%, 83.6% and 79.4% of total home sales revenues for the year ended December 31, 2014, 2013 and 2012, respectively. In accordance with ASC Topic 280, Segment Reporting, operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-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 percentage, 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. 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

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



	First Quarter 2014		Second Quarter 2014		Third Quarter 2014		Fourth Quarter 2014
Total home sales revenues	$	75,919	$	106,412	$	92,516	$	108,420
Gross margin	19,530		28,396		25,260		29,601
Income before income taxes	7,067		13,904		10,534		11,574
Net income	4,594		9,037		7,046		7,534
Basic earnings per share	0.22		0.44		0.34		0.37
Diluted earnings per share⁽¹⁾	0.22		0.44		0.34		0.34



	First Quarter 2013		Second Quarter 2013		Third Quarter 2013		Fourth Quarter 2013
Total home sales revenues	$	21,479	$	36,519	$	37,035	$	65,034
Gross margin	5,662		10,194		9,952		12,934
Income before income taxes	2,497		5,102		5,287		9,917
Net income	2,450		5,013		5,150		9,124
Net income attributable to owners	2,450		5,158		5,588		9,131
Basic and diluted earnings per share ⁽²⁾	—		—		—		0.34

(1) Diluted earnings per share for the fourth quarter reflects the effect of the Convertible Notes using the “if converted” method.

(2) Earnings per share is presented for the period from November 13, 2013 (post Reorganization Transactions and date of closing of IPO) to December 31, 2013. See Note 11 - Equity for calculation of earnings per share.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of LGI Homes, Inc. and all of its subsidiaries subsequent to November 13, 2013, the closing date for the Reorganization Transactions and the IPO. All intercompany balances and transactions have been eliminated in consolidation. For the periods prior to the Reorganization Transactions, the accompanying consolidated financial statements include the accounts of LGI Homes, Inc. and the results of operations since the date of its formation, July 9, 2013, and the Predecessor's historical combined accounts and results of operations for January 1, 2012 to November 13, 2013. All intercompany balances and transactions have been eliminated in consolidation and all intracompany balances and transactions have been eliminated in combination.
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, earnout contingent consideration, the fair value of the convertible debt, 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 and net of expected reimbursements of development costs, are capitalized to real estate inventory. Land development and other common costs that benefit the entire community, including field construction supervision and related direct overhead, are allocated to individual lots or homes, as appropriate. The costs of lots are transferred to homes in progress when home construction begins. Home construction costs and related carrying charges are allocated to the cost of individual homes using the specific identification method. Costs that are not specifically identifiable to a home are allocated on a pro rata basis using either the lot size or relative sales value. 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 ASC Topic 360, Property, Plant, and Equipment, real estate inventory is evaluated for indicators of impairment by each community during each reporting period. In conducting its review for indicators of impairment on a community level, management evaluates, among other things, the margins on homes that have been 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 undiscounted 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 cash flow model. As of December 31, 2014 and 2013, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the years ended December 31, 2014, 2013 and 2012.
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 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 deposit and related pre-acquisition costs 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 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 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 December 31, 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 2 to 5 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 the remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, impairment is recognized for the excess of the carrying value over its fair value. There were no impairments of property, equipment and leasehold improvements recorded during the years ended December 31, 2014, 2013 and 2012.
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 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. In addition, the Predecessor had interests in two VIE’s (LGI Homes – Sterling Lakes, LLC and 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 these entities, the Family Principals of the Predecessor also held the general partner controlling interests in the non-managing members of the VIEs. As a result, the Predecessor combined with the Family Principals’ related party interests had the power to direct all significant activities of the VIEs, and had exposure to the risks and rewards of the VIEs, based on the division of income and loss pursuant to the joint venture agreement and the Predecessor’s ownership in the joint ventures. These two VIEs are consolidated in the accompanying consolidated financial statements. 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 during the periods presented.
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 805. 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 charges were recorded in 2014 and 2013. 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 charges were recorded in 2014 and 2013 associated with the marketing intangible asset.
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 generally $1,000 or less. 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, 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 sold. Other selling costs are expensed in the period incurred.
Advertising Costs	Advertising Costs Advertising and direct mail costs are expensed as incurred. Advertising and direct mail costs were $8.6 million, $3.3 million and $1.8 million for the years ended December 31, 2014, 2013, and 2012, respectively.
Income Taxes	Income Taxes LGI Homes, Inc. is a taxable entity. 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 federal income taxes on taxable income or losses realized by the Predecessor were the obligation of the individual members or partners. As a result of the Reorganization Transactions, the Predecessor entities are subject to federal and state income taxes. The accompanying financial statements include a provision for income taxes based on the period when the Company’s operations are taxable. 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 files income tax returns in the U.S. federal jurisdiction and in various states and does not have any unrecognized tax benefits. The Company is not presently under exam for income tax by any taxing jurisdiction, and no longer remains subject to exam for years before 2011 (2010 for Texas). Prior to the Reorganization Transactions, the Predecessor was subject to certain state taxes and fees, including the Texas margin tax, where applicable. There were no significant deferred income taxes related to state income taxes for the year ended December 31, 2012.
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. Diluted earnings per share gives effect to all dilutive potential shares outstanding during the period using the treasury stock method and for the Company's 4.25% Convertible Notes due 2019 (the “Convertible Notes”) using the if-converted method. Diluted earnings per share excludes all dilutive potential shares of common stock if their effect is antidilutive.
Share-Based Compensation	Stock-Based Compensation Compensation costs for non-performance-based restricted stock awards are measured using the closing price of our common stock on the date of grant and are expensed on a straight-line basis over the vesting period of the award. Compensation costs for performance-based restricted stock awards are also measured using the closing price of the Company's common stock on the date of grant but are expensed in accordance with ASC 718-10-25-20, Compensation - Stock Compensation, which requires an assessment of probability of attainment of the performance target. Once the performance target outcome is determined to be probable, the 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 820”), defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability. ASC 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements, and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows: Level 1 - Fair value is based on quoted prices in active markets for identical assets or liabilities. Level 2 - Fair value is determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities, or quoted prices in markets that are not active. Level 3 - Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique. The Company utilizes fair value measurements to account for certain items and account balances within its consolidated financial statements. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets. The fair value of financial instruments, including cash and cash equivalents, accounts receivable and credit facility, approximate their carrying amounts due to the short term nature of these instruments. As of December 31, 2014, the secured credit facility has a floating interest rate, which increases or decreases with market interest rates, and is subject to an interest rate floor. As described in Note 2, the assets and liabilities acquired in the Oakmont Acquisition and the GTIS Acquisitions were recorded at fair value determined based on Level 2 or Level 3 assumptions and valuation inputs. In addition the Predecessor’s historical interests in the LGI/GTIS Joint Ventures were adjusted to fair value determined using Level 3 unobservable assumptions and valuation inputs. The Convertible Notes, discussed in Note 9, have been recorded at estimated fair value determined using Level 2 measurements. No significant changes occurred and the recorded value at December 31, 2014 approximates fair value.
New Accounting Pronouncements, Policy [Policy Text Block]	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 periods 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.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



Purchase Consideration:	Total
Cash paid for net assets	$	15,169
Contingent consideration (earnout)	2,162
Total consideration	$	17,331
Assets acquired and liabilities assumed:
Real estate inventory	$	20,227
Pre-acquisition costs, deposits and other assets	177
Total Assets	$	20,404
Accounts payable and accrued liabilities	(2,682		)
Customer deposits	(391		)
Total Liabilities	(3,073		)
Net assets acquired	$	17,331

Schedule of Pro Forma Information



	For the Year Ended December 31,
Unaudited Pro Forma Financial Information	2013		2012
Home sales revenues	$	240,963	$	143,378
Cost of sales	$	179,831	$	104,229
Net income before income taxes	$	22,922	$	18,614

Real Estate Inventory (Tables)

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory

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



	December 31,
	2014		2013
Land, land under development, and finished lots	$	244,658	$	82,006
Sales offices	12,110		3,784
Homes in progress	50,675		27,723
Completed homes	60,465		28,470
Total real estate inventory	$	367,908	$	141,983

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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



		December 31,
	Asset Life	2014			2013
	(years)
Computer equipment	2-5	$	738		$	499
Machinery and equipment	5	52			169
Furniture and fixtures	2-5	1,557			745
Leasehold improvements	various	230			108
Total property and equipment		2,577			1,521
Less: Accumulated depreciation		(967		)	(676		)
Property and equipment, net		$	1,610		$	845

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

12 Months Ended

Dec. 31, 2014

LGI/GTIS Joint Venture

Schedule of Equity Method Investments [Line Items]

Summary of Condensed Combined Financial Information Accounted for Equity Method



	November 13,
Balance Sheets	2013
Assets:
Cash and cash equivalents	$	6,710
Total real estate inventory	30,989
Other assets	951
Total assets	$	38,650
Liabilities and members’ equity:
Liabilities	$	6,723
Members’ equity:
Predecessor	4,789
GTIS members	27,138
Total members’ equity	31,927
Total liabilities and members’ equity	$	38,650



	Period Ended November 13,		Year Ended December 31,
Statements of Operations	2013		2012
Home sales	$	80,896	$	69,558
Cost of sales	$	58,718	$	49,751
Net earnings of unconsolidated entities	$	10,873	$	10,176
Predecessor's share in net earnings of unconsolidated entities	$	4,287	$	1,526

Other Assets (Tables)

12 Months Ended

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consist of the following (in thousands):



	December 31,
	2014		2013
Deferred loan costs	$	3,732	$	—
Prepaid insurance	1,176		1,205
Prepaid expenses	1,497		292
Security deposits	1,110		468
Other assets	—		27
Total other assets	$	7,515	$	1,992

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

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



	December 31,
	2014		2013
Inventory related obligations	$	7,275	$	—
Retentions payable	2,696		867
Accrued compensation, bonuses and benefits	2,434		2,693
Earnout liability	2,196		—
Taxes payable	1,448		1,554
Warranty reserve	900		630
Other	4,416		1,356
Total accrued expenses and other liabilities	$	21,365	$	7,100

Changes in Companies' Warranty Accrual

Changes to the Company's warranty accrual are as follows (in thousands):



	December 31,
	2014			2013			2012
Warranty reserves, beginning of year	$	630		$	450		$	275
Warranty provision	1,179			764			409
Warranty reserve acquired in GTIS Acquisitions	—			30			—
Warranty expenditures	(909		)	(614		)	(234		)
Warranty reserves, end of year	$	900		$	630		$	450

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Notes Payable



	December 31,
	2014		2013
LGI Homes, Inc.—Notes payable to Texas Capital Bank, National Association and a syndication of lenders under the Credit Agreement ($200.0 million line at December 31, 2014) maturing through April 28, 2017; interest paid monthly at LIBOR plus 2.75%, with a LIBOR floor of 1.00%; collateralized by the Company and its subsidiaries' land, development and home construction costs (carrying value of $335.4 million at December 31, 2014)	$	139,404	$	—
LGI Homes, Inc.— 4.25% Convertible Notes due November 15, 2019; interest paid semi-annually at 4.25%; net of approximately $8.3 million in unamortized discount	76,695		—
LGI Homes Group, LLC—Notes payable to Texas Capital Bank, National Association under a credit facility ($35 million line at December 31, 2013) expiring June 30, 2015; interest at LIBOR plus 3.0%, with a LIBOR floor of 1.00%; 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, National Association under a credit facility ($2.0 million at December 31, 2013) expiring December 31, 2013; interest at LIBOR plus 3.9%, with a LIBOR floor of 0.10%; 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	$	216,099	$	35,535

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

As of December 31, 2014, the annual aggregate maturities of our notes payable during each of the next five fiscal years are as follows (amounts in thousands):



	Amount
2015	$	67,949
2016	35,594
2017	35,861
2018	—
2019	85,000
Total notes payable	224,404
Less: Convertible Notes discount	(8,305		)
Net notes payable	$	216,099

Schedule of Interest Activity for Notes Payable

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



	Year Ended December 31,
	2014			2013			2012
Interest incurred	$	6,026		$	1,378		$	824
Less: Amounts capitalized	(6,026		)	(1,327		)	(823		)
Interest expense	$	—		$	51		$	1

Cash paid for interest	$	4,109		$	1,220		$	790

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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



	Year ended December 31,
	2014			2013			2012
Current:
Federal	$	13,266		$	841		$	—
State	1,606			513			155
Current tax provision	14,872			1,354			155
Deferred:
Federal	—			(265		)	—
State	(4		)	(23		)	—
Deferred tax benefit	(4		)	(288		)	—
Total income tax provision	$	14,868		$	1,066		$	155

Schedule of Effective Income Tax Rate Reconciliation



	Year Ended December 31,										November 13, 2013 - December 31, 2013
	2014					2013					November 13, 2013 - December 31, 2013
Tax at federal statutory rate	$	15,078		35.0	%	$	7,981		35.0	%	$	2,725		35.0	%
State income taxes (net of federal benefit)	1,037			2.4		439			1.9		48			0.6
Domestic production activity deduction	(1,294		)	(3.0	)	(88		)	(0.4	)	(88		)	(1.1	)
Non deductible expenses and other	47			0.1		1			0.1		1			0.1
Change in tax status of entity - deferred taxes	—			—		245			1.1		246			3.2
Non-taxable - gain on remeasurement	—			—		(2,256		)	(9.9	)	(2,256		)	(29.0	)
Income attributable to partnerships - nontaxable	—			—		(5,256		)	(23.1	)	—			—
Tax at effective rate	$	14,868		34.5	%	$	1,066		4.7	%	$	676		8.8	%

Schedule of Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities at December 31, 2014 and December 31, 2013, are as follows (in thousands):



	December 31
	2014			2013
Deferred tax assets:
Accruals and reserves	$	913		$	470
Inventory	527			—
Compensation related to RSUs	373			395
Deferred loan costs	108			—
Deferred Rent	43			—
Total deferred tax assets	1,964			865
Deferred tax liabilities:
Discount on Convertible Notes	(3,079		)	—
Prepaids	(1,018		)	—
Tax depreciation in excess of book depreciation	(350		)	(223		)
Goodwill and other assets amortized for tax	(202		)	(96		)
Inventory	—			(258		)
Total deferred tax liability	$	(4,649	)	$	(577	)
Total net deferred tax asset (liability)	$	(2,685	)	$	288

Equity (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	For the year Ended December 31, 2014		For the Period from November 13, 2013 - December 31, 2013
Numerator:
Numerator for basic earnings per share (in thousands)	$	28,211	$	7,110
Effect of dilutive securities:
Interest expense associated with Convertible Notes, net of taxes⁽¹⁾	7		—
Numerator for diluted earnings per share	28,218		7,110
Denominator:
Basic weighted average shares outstanding	20,666,758		20,763,449
Effect of dilutive securities:
Convertible debt⁽¹⁾	432,957		—
Restricted stock units	103,252		70,675
Diluted weighted average shares outstanding	21,202,967		20,834,124

Basic earnings per share	$	1.37	$	0.34
Diluted earnings per share	$	1.33	$	0.34

Owners' Equity of LGI Homes Group

The following table reflects the activity and balances in the owners’ equity of the Predecessor prior to the Reorganization Transactions (in thousands):



	LGI Homes Group, LLC Members’ Capital			LGI Homes Corporate, LLC Members’ Capital			LGI Homes- Deer Creek, LLC Members’ Capital			Other Partnerships’ Capital			Total Owners’ Equity
BALANCE—DECEMBER 31, 2011	$	4,113		$	3,175		$	957		$	4,746		$	12,991
Net income	6,445			2,258			803			199			9,705
Contributions	6,650			—			—			—			6,650
Distributions	(53		)	(2,002		)	(1,760		)	(320		)	(4,135		)
BALANCE—DECEMBER 31, 2012	$	17,155		$	3,431		$	—		$	4,625		$	25,211
Net income	11,892			1,884			—			1,441			15,217
Contributions	—			2,500			—			35			2,535
Distributions	(6,969		)	(1,469		)	—			(673		)	(9,111		)
BALANCE—NOVEMBER 13, 2013	$	22,078		$	6,346		$	—		$	5,428		$	33,852

Stock-Based Compensation Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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, 2013	—		$	—
Granted	140,222		$	11.00
Balance at December 31, 2013	140,222		$	11.00
Granted	82,441		$	16.52
Vested	(116,543	)	$	11.00
Forfeited	(3,334	)	$	11.00
Balance at December 31, 2014	102,786		$	15.43

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

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

The following is a summary of the Company's land purchase deposits and option contracts included in pre-acquisition costs and deposits (in thousands, except for lot count):



	December 31,
	2014		2013
Land deposits and option payments	$	9,591	$	2,977
Commitments under the land purchase option and deposit agreements if the purchases are consummated	$	86,277	$	111,115
Lots under land options and land purchase contracts	3,921		8,214

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under non-cancellable operating lease agreements are as follows at December 31, 2014 (in thousands):



2015	$	605
2016	590
2017	616
2018	382
2019	14
Thereafter	—
Total	$	2,207

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

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



	First Quarter 2014		Second Quarter 2014		Third Quarter 2014		Fourth Quarter 2014
Total home sales revenues	$	75,919	$	106,412	$	92,516	$	108,420
Gross margin	19,530		28,396		25,260		29,601
Income before income taxes	7,067		13,904		10,534		11,574
Net income	4,594		9,037		7,046		7,534
Basic earnings per share	0.22		0.44		0.34		0.37
Diluted earnings per share⁽¹⁾	0.22		0.44		0.34		0.34



	First Quarter 2013		Second Quarter 2013		Third Quarter 2013		Fourth Quarter 2013
Total home sales revenues	$	21,479	$	36,519	$	37,035	$	65,034
Gross margin	5,662		10,194		9,952		12,934
Income before income taxes	2,497		5,102		5,287		9,917
Net income	2,450		5,013		5,150		9,124
Net income attributable to owners	2,450		5,158		5,588		9,131
Basic and diluted earnings per share ⁽²⁾	—		—		—		0.34

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

Acquisitions - Additional Information (Details)				2 Months Ended	12 Months Ended
Acquisitions - Additional Information (Details)	Oct. 02, 2014 USD ($) lot	Jul. 11, 2014 USD ($)	Nov. 13, 2013 USD ($) joint_venture shares	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		$ 15,400,000
Gain on remeasurement of interests in LGI/GTIS Joint Ventures					$ 0	$ (6,446,000)	$ 0
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Inventory Total Portion Sold Included in Cost of Goods Sold					$ 6,400,000
Net income before income taxes						22,922,000	$ 18,614,000
Oakmont Home Builders [Member]
Business Acquisition [Line Items]
Number of Homes	150
Number of Lots \| lot	1,000
Business Combination, Consideration Transferred	$ 17,331,000
Cash consideration paid	15,169,000
Business Combination, Contingent Consideration, Liability	$ 2,162,000
Fair Value Inputs, Discount Rate	10.00%
Business Combination, Liabilities Arising from Contingencies, Amount Recognized, Other than at Fair Value	$ 2,600,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	3,100,000
Business Combination, Acquisition Related Costs	$ 700,000
Number of Homes Closed					71
Business Combination, Contingent Consideration, Liability, Current					$ 284,000
LGI GTIS Joint Venture Partners' Interests
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Year Two					$ 200,000
Business Combination, Consideration Transferred			$ 41,300,000
Cash consideration paid			$ 36,848,000
Number of businesses acquired \| joint_venture			4
Equity interest issued, number of shares \| shares			409,091
Equity interest issued			$ 4,500,000
Gain on remeasurement of interests in LGI/GTIS Joint Ventures			(6,445,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets Including Goodwill			12,700,000
Intangible asset			$ 700,000
Acquired intangible assets, weighted average useful life			3 years		3 years
Amortization expense					$ 200,000	31,000
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months					200,000
Fair value step-up adjustment, inventory				$ 7,900,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory, Portion Sold Included in Cost of Goods Sold					2,900,000	$ 3,500,000
LGI GTIS Joint Venture Partners' Interests \| Amortization expense
Business Acquisition [Line Items]
Net income before income taxes					$ (200,000)

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Oct. 02, 2014	Jul. 11, 2014
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract]
Business Combination, Consideration Transferred		$ 15,400
Oakmont Home Builders [Member]
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract]
Cash consideration paid	$ 15,169
Business Combination, Contingent Consideration, Liability	2,162
Business Combination, Consideration Transferred	17,331
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Real estate inventory	20,227
Other assets	177
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	20,404
Accounts payable and accrued liabilities	(2,682)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	(391)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(3,073)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 17,331

Acquisitions - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Pro Forma Financial Information for the Company
Home sales revenues	$ 240,963	$ 143,378
Cost of sales	179,831	104,229
Net income before income taxes	$ 22,922	$ 18,614

Summary of Significant Accounting Policies - Additional Information (Detail)		10 Months Ended	12 Months Ended
	Nov. 13, 2013 USD ($)	Nov. 13, 2013 USD ($) U_lgihJoint_Venture	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Nov. 30, 2014
Real estate inventory:
Impairment of real estate inventory			$ 0	$ 0	$ 0
Property and Equipment:
Impairments of property, equipment and leasehold improvements			0	0	0
Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs):
Number of investments in VIE's	2	2
Impairment of investments			0
Goodwill and Intangible Assets:
Goodwill impairment			0
Intangible asset impairment			0
Advertising Costs:
Advertising and direct mail costs			$ 8,618,843	$ 3,298,672	$ 1,803,027
Minimum
Real estate inventory:
Life cycle of community			2 years
Property and Equipment:
Estimated useful life of asset			2 years
Maximum
Real estate inventory:
Life cycle of community			5 years
Property and Equipment:
Estimated useful life of asset			5 years
Customer deposits:
Typical customer deposits			$ 1,000
Predecessor
Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs):
Number of unconsolidated joint ventures \| U_lgihJoint_Venture		4
LGI GTIS Joint Venture Partners' Interests
Goodwill and Intangible Assets:
Goodwill	$ 12,018,000	$ 12,018,000
Intangible asset	$ 700,000	$ 700,000
Acquired intangible assets, weighted average useful life	3 years		3 years
Convertible Debt [Member]
Earnings Per Share:
Debt Instrument, Interest Rate, Stated Percentage						4.25%

Real Estate Inventory - Schedule of Real Estate Inventory (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]
Land, land under development, and finished lots	$ 244,658,000	$ 82,006,000
Sales offices	12,110,000	3,784,000
Homes in progress	50,675,000	27,723,000
Completed homes	60,465,000	28,470,000
Total real estate inventory	$ 367,908,000	$ 141,983,000

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,577,000	$ 1,521,000
Less: Accumulated depreciation	(967,000)	(676,000)
Property and equipment, net	$ 1,610,000	845,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	2 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years
Computer Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 738,000	499,000
Computer Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	2 years
Computer Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years
Machinery, equipment and vehicles
Property, Plant and Equipment [Line Items]
Property and equipment	$ 52,000	169,000
Machinery, equipment and vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	2 years
Machinery, equipment and vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,557,000	745,000
Furniture and Fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	2 years
Furniture and Fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 230,000	$ 108,000

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 400,000	$ 300,000	$ 200,000
Equipment sold to the LGI/GTIS Joint Ventures at net book value		29,000
Settlement of vehicle notes payable (through trade in or assumption by purchaser)		$ 315,000

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests - Summary of Condensed Combined Financial Information Accounted for Equity Method (Balance Sheets) (Detail) - LGI/GTIS Joint Venture - Predecessor $ in Thousands	Nov. 13, 2013 USD ($)
Assets
Cash and cash equivalents	$ 6,710
Total real estate inventory	30,989
Other assets	951
Total assets	38,650
Liabilities and members’ equity:
Liabilities	6,723
Members’ equity:
Predecessor	4,789
GTIS members	27,138
Total members’ equity	31,927
Total liabilities and members’ equity	$ 38,650

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 ($)	10 Months Ended	12 Months Ended
	Nov. 13, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statements of Operations
Predecessor's share in net earnings of unconsolidated entities		$ 0	$ 4,287,000	$ 1,526,000
LGI/GTIS Joint Venture \| Predecessor
Statements of Operations
Home sales	$ 80,895,653			69,558,302
Cost of sales	58,717,993			49,750,920
Net earnings of unconsolidated entities	10,873,404			10,176,430
Predecessor's share in net earnings of unconsolidated entities	$ 4,286,639			$ 1,526,464

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests - Additional Information (Detail)		10 Months Ended	12 Months Ended
	Nov. 13, 2013	Nov. 13, 2013 USD ($) U_lgihJoint_Venture	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Consolidated Joint Ventures				2
Priority distributions from Unconsolidated Joint Ventures			$ 0	$ 4,414,000	$ 1,545,000
Number of investments in VIE's	2	2
(Income) loss attributable to non-controlling interests			$ 0	(590,000)	$ 163,000
Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Percentage of internal rate of return	15.00%
Variable Interest Entity, Primary Beneficiary \| LGI Homes-Sterling Lakes, LLC
Schedule of Equity Method Investments [Line Items]
(Income) loss attributable to non-controlling interests				$ 200,000
Non-Managing Members \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Profit sharing percentage	85.00%
Companies \| Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Profit sharing percentage	15.00%
Companies \| Variable Interest Entity, Primary Beneficiary \| Minimum
Schedule of Equity Method Investments [Line Items]
Percentage of cash and profit distribution	20.00%	20.00%
Companies \| Variable Interest Entity, Primary Beneficiary \| Maximum
Schedule of Equity Method Investments [Line Items]
Percentage of cash and profit distribution	40.00%	40.00%
Predecessor
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures \| U_lgihJoint_Venture		4
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 capital balance		15.00%
Percentage of cash distributions		40.00%
Predecessor \| LGI/GTIS Joint Venture \| Companies \| Minimum
Schedule of Equity Method Investments [Line Items]
Percentage of cash and profit distribution	20.00%	20.00%
Predecessor \| LGI/GTIS Joint Venture \| Companies \| Maximum
Schedule of Equity Method Investments [Line Items]
Percentage of cash and profit distribution	40.00%	40.00%
Priority distributions from Unconsolidated Joint Ventures		$ 2,700,000

Other Assets - Schedule of Other Assets (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Finance Costs, Net	$ 3,732,000	$ 0
Prepaid insurance	1,176,000	1,205,000
Prepaid expenses	1,497,000	292,000
Security deposits	1,110,000	468,000
Other assets		27,000
Total other assets	$ 7,515,000	$ 1,992,000

Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Payables and Accruals [Abstract]
Inventory Related Obligations	$ 7,275,000	$ 0
Retentions payable	2,696,000	867,000
Accrued compensation, bonuses and benefits	2,434,000	2,693,000
Earnout liability	2,196,000	0
Taxes payable	1,448,000	1,554,000
Product Warranty Accrual	900,000	630,000	$ 450,000	$ 275,000
Other Liabilities	4,416,000	1,356,000
Total accrued expenses and other liabilities	$ 21,365,000	$ 7,100,000

Accrued Expenses and Other Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Product Warranty Liability [Line Items]
Inventory Related Obligation Term	30 years
Inventory Related Obligations	$ 7,275	$ 0
Community Development Districts and Other Utility Development Obligation		$ 2,700
Structural Elements
Schedule Of Product Warranty Liability [Line Items]
Limited warranty periods	10 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 ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of year	$ 630,000	$ 450,000	$ 275,000
Warranty provision	1,179,000	764,000	409,000
Warranty reserve acquired in GTIS Acquisitions	0	30,000	0
Warranty expenditures	(909,000)	(614,000)	(234,000)
Warranty reserves, end of year	$ 900,000	$ 630,000	$ 450,000

Notes Payable - Schedule of Notes Payable (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Notes payable	$ 216,099,000	$ 35,535,000
LGI Homes, Inc. [Member] \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Notes payable	139,404,000	0
LGI Homes Group, LLC \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Notes payable	0	34,078,000
LGI Homes-Sunrise Meadow, Ltd. \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Notes payable	0	$ 1,457,000
Convertible Debt [Member]
Debt Instrument [Line Items]
Notes payable	$ 76,695,000

Notes Payable - Schedule of Notes Payable Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Nov. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 8,305,000	$ (8,500,000)
LGI Homes Group, LLC \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility	$ 35,000,000
Line of credit facility, expiring date	Jun. 30, 2015
Line of credit facility, LIBOR plus	3.00%
Line of credit facility, floor rate	4.00%
Long-term Line of Credit	$ 106,100,000
LGI Homes, Inc. [Member] \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility	$ 200,000,000.0
Line of credit facility, expiring date	Apr. 28, 2017
Line of credit facility, LIBOR plus	2.75%
Line of credit facility, floor rate	1.00%
Long-term Line of Credit	$ 335,400,000
LGI Homes-Sunrise Meadow, Ltd. and LGI Holdings, LLC \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility	$ 2,000,000
Line of credit facility, expiring date	Dec. 31, 2013
Line of credit facility, LIBOR plus	3.90%
Line of credit facility, floor rate	4.00%
Long-term Line of Credit	$ 5,100,000
LGI Homes—Texas LLC \| Regions Bank \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility	$ 3,000,000
Line of credit facility, expiring date	Mar. 29, 2014
Line of credit facility, LIBOR plus	4.00%
Line of credit facility, floor rate			5.00%
Convertible Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.25%

Notes Payable - Additional Information (Detail) $ / shares in Units, shares in Millions		1 Months Ended	12 Months Ended
	Apr. 28, 2014 USD ($)	Nov. 30, 2014 USD ($) $ / shares	Dec. 31, 2014 USD ($) shares	Sep. 30, 2014	Jul. 31, 2014 USD ($)	Dec. 31, 2013
Line of Credit Facility:
Amortization of Financing Costs			$ 1,100,000
Maximum Unsecured Debt Allowed Under Debt Covenant			$ 85,000,000
Convertible Debt:
Convertible Debt		$ 85,000,000
Debt Conversion, Converted Instrument, Expiration or Due Date			Nov. 15, 2019
Debt Instrument, Convertible, Earliest Date			May 15, 2019
Debt Instrument, Convertible, Conversion Ratio			46.4792
Convertible Notes Amount In Multiples That May Be Converted			$ 1,000
Debt Instrument, Convertible, Conversion Price \| $ / shares		$ 21.52
Convertible Debt, Fair Value Disclosures		$ 76,500,000
Debt Instrument, Unamortized Discount		8,500,000	(8,305,000)
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt		5,500,000	5,200,000
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature		$ 2,971,000
Payments for Repurchase of Common Stock			$ 16,550,000
Stock Repurchased During Period, Shares \| shares			1.0
Allocation Of Debt Issuance Cost To Liability Component Of Convertible Notes Payable			$ 2,700,000
Allocation Of Debt Issuance Cost To Equity Component Of Convertible Notes Payable			300,000
Notes Payable to Banks [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility:
LIBOR rate				0.25%		0.24%
Convertible Debt [Member]
Line of Credit Facility:
Amortization of Financing Costs			100,000
Convertible Debt:
Debt Instrument, Interest Rate, Stated Percentage		4.25%
Debt Instrument, Interest Rate, Effective Percentage		6.60%
Interest Expense, Debt			400,000
Proceeds from Debt, Net of Issuance Costs			82,000,000
Debt Issuance Cost			3,000,000
Amortization of Debt Discount (Premium)			200,000
Revolving Credit Facility \| Texas Capital Bank, N.A.
Line of Credit Facility:
Line of credit facility, maximum borrowing capacity	$ 200,000,000				$ 175,000,000
Period Pre-sold Houses Remain In Borrowing Base	1 year
Maximum Period Speculative Homes Remain in Borrowing Base	18 months
Line of Credit Facility, Additional Borrowing Capacity					$ 40,000,000
Maximum Period Vacant Lots, Land, and Acquisition and Development Projects Remain In Borrowing Base	3 years
Long-term Line of Credit			139,400,000
Line of Credit Facility, Current Borrowing Capacity	$ 135,000,000
Revolving Credit Facility \| Texas Capital Bank, N.A. \| Second Amended and Restated Loan Agreement with Texas Capital Bank [Member] \| Subsidiaries [Member]
Line of Credit Facility:
Line of credit facility, maximum borrowing capacity			200,000,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 60,600,000

Notes Payable Notes Payable - Annual aggregate maturities of our notes payable (Details) - USD ($)	Dec. 31, 2014	Nov. 30, 2014	Dec. 31, 2013
Maturities of Long-term Debt [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 67,949,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	35,594,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	35,861,000
Long-term Debt, Maturities, Repayments of Principal in Year Five	85,000,000
Long-term Debt, Gross	224,404,000
Debt Instrument, Unamortized Discount	(8,305,000)	$ 8,500,000
Notes payable	$ 216,099,000		$ 35,535,000

Notes Payable - Schedule of Interest Activity for Notes Payable (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]
Interest incurred	$ 6,026,000	$ 1,378,000	$ 824,000
Less: Amounts capitalized	(6,026,000)	(1,327,000)	(823,000)
Interest expense	0	51,000	1,000
Cash paid for interest	$ 4,109,000	$ 1,220,000	$ 790,000

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal		$ 13,266	$ 841	$ 0
State		1,606	513	155
Current tax provision		14,872	1,354	155
Deferred:
Federal		0	(265)	0
State		(4)	(23)	0
Deferred tax benefit		(4)	(288)	0
Total income tax provision	$ 676	$ 14,868	$ 1,066	$ 155

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($)	2 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at federal statutory rate	$ 2,725,000	$ 15,078,000	$ 7,981,000
State income taxes (net of federal benefit)	48,000	1,037,000	439,000
Non-deductible expenses and other	1,000	47,000	1,000
Domestic production activity deduction	(2,256,000)	0	(2,256,000)
Non deductible expenses and other	(88,000)	(1,294,000)	(88,000)
Change in tax status of entity - deferred taxes	246,000	0	245,000
Non-taxable - gain on remeasurement	0	0	(5,256,000)
Total income tax provision	$ 676,000	$ 14,868,000	$ 1,066,000	$ 155,000
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at federal statutory rate	35.00%	35.00%	35.00%
State income taxes (net of federal benefit)	0.60%	2.40%	1.90%
Non-deductible expenses and other	0.10%	0.10%	0.10%
Domestic production activity deduction	(29.00%)	0.00%	(9.90%)
Non deductible expenses and other	(1.10%)	(3.00%)	(0.40%)
Change in tax status of entity - deferred taxes	3.20%	0.00%	1.10%
Non-taxable - gain on remeasurement	0.00%	0.00%	(23.10%)
Tax at effective rate	8.80%	34.50%	4.70%

Income Taxes - Narrative (Details) - USD ($)	2 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 13, 2013
Business Acquisition [Line Items]
Income taxes paid		$ 15,200,000	$ 100,000	$ 200,000
Adjustment of deferred tax (asset) liability	$ 245,513
Payments of distributions to owners		$ 0	$ 9,111,000	$ 4,135,000
Tax at federal statutory rate	35.00%	35.00%	35.00%
LGI GTIS Joint Venture Partners' Interests
Business Acquisition [Line Items]
Goodwill not tax deductible					$ 4,800,000

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Accruals and reserves	$ 373	$ 395
Inventory	913	470
Deferred Tax Assets, Inventory	527	0
Total deferred tax assets	1,964	865
Deferred tax liabilities:
Deferred Tax Liabilities, Financing Arrangements	(3,079)
Deferred Tax Liabilities, Prepaid Expenses	(1,018)
Tax depreciation in excess of book depreciation	(350)	(223)
Goodwill and other assets amortized for tax	(202)	(96)
Inventory	0	(258)
Total deferred tax liability	(4,649)	(577)
Deferred Tax Liabilities, Net	(2,685)	0
Total net deferred tax asset (liability)	0	288
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	108	0
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent	$ 43	$ 0

Equity - Additional Information (Detail) - USD ($)	12 Months Ended
Equity - Additional Information (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Feb. 28, 2013	Jun. 30, 2011	Mar. 31, 2011	May 31, 2005	Feb. 28, 2005	Dec. 31, 2002
Class of Stock [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,022
Common stock shares authorized (in dollars per share)	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.01
Stock Repurchased During Period, Shares	1,000,000
Treasury Stock Acquired, Average Cost Per Share	$ 16.55
Common stock shares issued (in shares)	20,849,044	20,763,449
Common stock shares outstanding (in shares)	19,849,044	20,763,449
Common stock issued price	$ (596,000)
Preferred Stock, Shares Issued	0
Predecessor \| E D S S Holdings L P [Member]
Class of Stock [Line Items]
Limited Partner Ownership Interest						50.125%
Predecessor \| L G I Investment Fund I I L P [Member]
Class of Stock [Line Items]
Limited Partner Ownership Interest					49.875%
Predecessor \| L G I Fund I I G P [Member]
Class of Stock [Line Items]
General Partners Ownership Interest					1.00%
Predecessor \| L G I Investment I I I L P [Member]
Class of Stock [Line Items]
Limited Partner Ownership Interest				85.00%
Percent of Investment Limited Partner Exchanged its Ownership Interest			150.00%
Predecessor \| L G I Homes Ltd [Member]
Class of Stock [Line Items]
Limited Partner Ownership Interest									99.00%
General Partners Ownership Interest									1.00%
Predecessor \| L G I Homes Sunrise Meadow Ltd [Member]
Class of Stock [Line Items]
General Partners Ownership Interest								1.00%
Predecessor \| L G I Homes Canyon Crossing Ltd [Member]
Class of Stock [Line Items]
General Partners Ownership Interest							1.00%

Equity - Schedule of Earnings Per Share (Details) - USD ($)

2 Months Ended

3 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Nov. 13, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Earnings Per Share Reconciliation [Abstract]

Net Income (Loss) Attributable to Parent

$ 9,131,000

$ 5,588,000

$ 5,158,000

$ 2,450,000

$ 28,211,000

$ 22,327,000

$ 9,705,000

Net income

$ 7,110,000

$ 7,534,000

$ 7,046,000

$ 9,037,000

$ 4,594,000

$ 9,124,000

$ 5,150,000

$ 5,013,000

$ 2,450,000

$ 14,627,000

28,211,000

21,737,000

$ 9,868,000

Interest on Convertible Debt, Net of Tax

^[1]

7,000

Net Income (Loss) Available to Common Stockholders, Diluted

$ 28,218,000

$ 7,110,000

Basic weighted average shares outstanding

20,763,449

^[2]

20,666,758

Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities

^[1]

432,957

Restricted stock units

70,675

103,252

Diluted weighted average shares outstanding

20,834,124

^[2]

21,202,967

Basic earnings per share (in dollars per share)

$ 0.34

^[2]

$ 0.37

$ 0.34

$ 0.44

$ 0.22

$ 1.37

Diluted earnings per share (in dollars per share)

$ 0.34

^[2]

$ 0.34

$ 0.44

$ 0.22

$ 1.33

[1]	(1)In accordance with ASC 260-10, Earnings Per Share, the Company calculated the dilutive effect of convertible securities using the “if-converted” method. Reflects the shares impact based on the conversion rate and period outstanding and the interest expense reflected in net income attributable to the Convertible Notes.
[2]	For the year ended December 31, 2013 earnings per share and weighted average shares outstanding are presented for the period from November 13, 2013 (post Reorganization Transactions and date of closing of IPO) to December 31, 2013. See Note 11 - Equity for calculation of earnings per share.

Equity - Predecessor's Owners' Equity (Details) - USD ($)	3 Months Ended				10 Months Ended	12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Nov. 13, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 9,131,000	$ 5,588,000	$ 5,158,000	$ 2,450,000		$ 28,211,000	$ 22,327,000	$ 9,705,000
Contributions							18,332,000	6,650,000
Distributions							(9,111,000)	(5,942,146)
Predecessor \| LGI Homes Group, LLC Members’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				17,155,000	$ 17,155,000		17,155,000	4,113,000
Net income					11,892,000			6,445,000
Contributions								6,650,000
Distributions					(6,969,000)			(53,000)
Ending balance					22,078,000			17,155,000
Predecessor \| LGI Homes Corporate, LLC Members’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				3,431,000	3,431,000		3,431,000	3,175,000
Net income					1,884,000			2,258,000
Contributions					2,500,000			0
Distributions					(1,469,000)			(2,002,000)
Ending balance					6,346,000			3,431,000
Predecessor \| LGI Homes- Deer Creek, LLC Members’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				0	0		0	957,000
Net income					0			803,000
Contributions					0			0
Distributions					0			(1,760,000)
Ending balance					0			0
Predecessor \| Other Partnerships’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				4,625,000	4,625,000		4,625,000	4,746,000
Net income					1,441,000			199,000
Contributions					35,000			0
Distributions					(673,000)			(320,000)
Ending balance					5,428,000			4,625,000
Total Owners’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions							2,535,000	6,650,000
Distributions							(9,111,206)	(4,134,884)
Total Owners’ Equity \| Predecessor
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				$ 25,211,000	25,211,000		$ 25,211,000	12,991,000
Net income					15,217,000			9,705,000
Contributions					2,535,000			6,650,000
Distributions					(9,111,000)			(4,135,000)
Ending balance					$ 33,852,000			$ 25,211,000

Stock-Based Compensation Summary of Restricted Stock Unit Activity (Details) - Restricted stock units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	102,786	140,222
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	82,441	140,222
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(116,543)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(3,334)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 15.43	$ 11.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	16.52	$ 11.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	11.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 11.00

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2014	Feb. 28, 2014	Dec. 31, 2014	Dec. 31, 2013
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]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			82,441	140,222
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 16.52	$ 11.00
Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 0.3
Compensation not yet recognized			$ 0.8
Compensation not yet recognized, period for recognition			1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Target Number of Shares		62,906
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Performance Target Period		3 years
Performance Based Restricted Stock Units [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Percent of Target Shares		0.00%
Performance Based Restricted Stock Units [Member] \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Percent of Target Shares		200.00%
2013 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance			2,000,000
2013 Incentive Plan \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 0.5	$ 0.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 15.97
Compensation not yet recognized			$ 0.6
Compensation not yet recognized, period for recognition			1 year 7 months 6 days
2013 Incentive Plan \| Restricted stock units (RSUs) \| Management Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	37,307
Compensation expense	$ 0.6
Restricted stock units, vesting period	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 17.20
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 [Member] \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			45,134

Related Party Transactions - Additional Information (Detail)			12 Months Ended
	Jul. 11, 2014 USD ($) a	Nov. 13, 2013 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Related Party Transaction [Line Items]
Consulting agreement period		3 years
Consulting agreement, amount payable per year		$ 100,000
Minimum number of days for eligibility of employees in participation of Profit Sharing Plan			90 days
Employees eligibility age for participating in Profit Sharing Plan			21 years
Maximum salary deferrals allowed on eligible employee's salary			100.00%
Percentage of first eligible employee's deferral contribution under Profit Sharing Plan			100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			3.00%
Maximum amount of salary deferral for Profit Sharing Plan			$ 3,000
Companies matching contributions			300,000	$ 100,000	$ 100,000
Related Party Business Acquisition, Land Acquired, Number of Acres \| a	1,902
Business Combination, Consideration Transferred	$ 15,400,000
Predecessor
Related Party Transaction [Line Items]
Management fees earned				2,600,000	2,300,000
Warranty fee collected upon closing sale of each home			250
Warranty fees earned under management services agreement			$ 100,000	100,000	$ 100,000
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			$ 100,000	$ 17,000

Commitments and Contingencies - Summary of Land Purchase Deposits and Option Contracts Included in Pre-Acquisition Cost and Deposits (Detail) $ in Thousands	Dec. 31, 2014 USD ($) lot	Dec. 31, 2013 USD ($) lot
Commitments and Contingencies Disclosure [Abstract]
Land deposits and option payments	$ 9,591	$ 2,977
Commitments under the land purchase option and deposit agreements if the purchases are consummated	$ 86,277	$ 111,115
Lots under land options and land purchase contracts \| lot	3,921	8,214

Commitment and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Leasing Arrangements [Line Items]
Land under Purchase Options Recorded Purchase Contracts To Deliver Finished Lots	$ 7,400,000
Outstanding performance and surety bonds	7,700,000	$ 400,000	$ 200,000
Lease Agreements
Schedule Of Leasing Arrangements [Line Items]
Rent expense	$ 700,000	$ 300,000	$ 200,000

Commitments and Contingencies - Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2014	$ 605
2015	590
2016	616
2017	382
2018	14
Thereafter	0
Total	$ 2,207

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2014 USD ($) Segment business	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of homebuilding businesses \| business	1
Number of operating segments	4
Number of reporting segments \| Segment	1
Operating Segments \| Central
Segment Reporting Information [Line Items]
Percentage of operations	66.60%	83.60%	79.40%
Intersegment Eliminations
Segment Reporting Information [Line Items]
Inter-segment sales \| $	$ 0

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)

2 Months Ended

3 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Nov. 13, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

Total home sales revenues

$ 108,420,000

$ 92,516,000

$ 106,412,000

$ 75,919,000

$ 65,034,000

$ 37,035,000

$ 36,519,000

$ 21,479,000

$ 383,268,000

$ 160,067,000

$ 73,820,000

Gross margin

29,601,000

25,260,000

28,396,000

19,530,000

12,934,000

9,952,000

10,194,000

5,662,000

Income before income taxes

11,574,000

10,534,000

13,904,000

7,067,000

9,917,000

5,287,000

5,102,000

2,497,000

43,079,000

22,803,000

10,023,000

Net income

$ 7,110,000

$ 7,534,000

$ 7,046,000

$ 9,037,000

$ 4,594,000

9,124,000

5,150,000

5,013,000

2,450,000

$ 14,627,000

28,211,000

21,737,000

9,868,000

Net Income (Loss) Attributable to Parent

$ 9,131,000

$ 5,588,000

$ 5,158,000

$ 2,450,000

$ 28,211,000

$ 22,327,000

$ 9,705,000

Earnings Per Share, Basic

$ 0.34

^[1]

$ 0.37

$ 0.34

$ 0.44

$ 0.22

$ 1.37

Diluted (in dollars per share)

0.34

^[1]

$ 0.34

$ 0.44

$ 0.22

$ 1.33

Basic and diluted earnings per share (in dollars per share)

^[2]

$ 0.34

$ 0.00

[1]	For the year ended December 31, 2013 earnings per share and weighted average shares outstanding are presented for the period from November 13, 2013 (post Reorganization Transactions and date of closing of IPO) to December 31, 2013. See Note 11 - Equity for calculation of earnings per share.
[2]	Earnings per share is presented for the period from November 13, 2013 (date of closing of IPO) to December 13, 2013. See Note 11 - Equity for calculation of earnings per share.

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Label	Element	Value
Retained Earnings [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 7,110,126
Parent [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	15,216,947
Noncontrolling Interest [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ (589,818)