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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2015	May 06, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
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		19,908,482

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 39,008	$ 31,370
Accounts receivable	12,983	7,365
Real estate inventory	387,059	367,908
Pre-acquisition costs and deposits	7,070	9,878
Property and equipment, net	1,663	1,610
Other assets	6,257	7,515
Goodwill and intangible assets, net	12,419	12,481
Total assets	466,459	438,127
LIABILITIES AND EQUITY
Accounts payable	17,556	15,479
Accrued expenses and other liabilities	25,216	21,365
Deferred Tax Liabilities, Net	2,930	2,685
Notes payable	229,983	216,099
Total liabilities	275,685	255,628
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized 20,908,482 shares issued and 19,908,482 shares outstanding as of March 31, 2015 and 20,849,044 shares issued and 19,849,044 shares outstanding as of December 31, 2014	209	208
Additional paid-in capital	164,092	163,520
Retained earnings	43,023	35,321
Treasury Stock, Value	(16,550)	(16,550)
Total equity	190,774	182,499
Total liabilities and equity	$ 466,459	$ 438,127

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	250,000,000	250,000,000
Common stock shares issued (in shares)	20,908,482	20,849,044
Common stock shares outstanding (in shares)	19,908,482	19,849,044
Treasury Stock, Shares	1,000,000	1,000,000

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenues	$ 120,690	$ 75,919
Cost of sales	89,228	56,389
Selling expenses	11,582	7,362
General and administrative	8,205	5,105
Operating income	11,675	7,063
Other income, net	46	4
Net income before income taxes	11,721	7,067
Income tax provision	(4,019)	(2,473)
Net income attributable to owners	$ 7,702	$ 4,594
Basic and diluted earnings per share data:
Basic (in dollars per share)	$ 0.39	$ 0.22
Diluted (in dollars per share)	$ 0.33	$ 0.22
Weighted average number of shares of common stock:
Basic (in shares)	19,851,686	20,763,449
Diluted (in shares)	23,808,813	20,862,701

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 3 months ended Mar. 31, 2015 - USD ($)	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock [Member]	Restricted stock units (RSUs) Common Stock
Beginning balance (in shares) at Dec. 31, 2014		20,849,044
Beginning Balance at Dec. 31, 2014	$ 182,499,000	$ 208,000	$ 163,520,000	$ 35,321,000	$ (16,550,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	7,702,000
Issuance of restricted stock units in settlement of accrued bonuses	238,000		238,000
Compensation expense for equity awards	335,000		335,000
Stock Issued During Period, Shares, New Issues						59,438
Stock Issued During Period, Value, New Issues			(1,000)			$ (1,000)
Ending balance (in shares) at Mar. 31, 2015		20,908,482
Ending Balance at Mar. 31, 2015	$ 190,774,000	$ 209,000	$ 164,092,000	$ 43,023,000	$ (16,550,000)

- Definition

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

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Cash Flows [Abstract]
Net Income (Loss) Attributable to Parent	$ 7,702	$ 4,594
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	206	144
Loss on disposal of assets	0	10
Compensation expense for equity awards	335	125
Deferred income taxes	245	(98)
Changes in assets and liabilities:
Accounts receivable	(5,618)	(139)
Real estate inventory	(14,543)	(35,556)
Pre-acquisition costs and deposits	2,808	(10,353)
Other assets	1,257	(681)
Accounts payable	2,352	(631)
Accrued expenses and other liabilities	(152)	1,187
Net cash used in operating activities	(5,408)	(41,398)
Cash flows from investing activities:
Purchases of property and equipment	(189)	(298)
Payments for (Proceeds from) Other Investing Activities	(284)
Net cash used in investing activities	(473)	(298)
Cash flows from financing activities:
Proceeds from notes payable	14,099	15,000
Payments on notes payable	(580)	(1,715)
Net cash provided by financing activities	13,519	13,285
Net increase (decrease) in cash and cash equivalents	7,638	(28,411)
Cash and cash equivalents, beginning of period	31,370	54,069
Cash and cash equivalents, end of period	$ 39,008	$ 25,658

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION Organization and Description of the Business LGI Homes, Inc., a Delaware corporation (the “Company”, “us,” “we,” or “our,”), is engaged in the development of communities and design, construction, marketing and sale of new homes. At March 31, 2015, we had operations in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina and South Carolina. Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The accompanying unaudited consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. The accompanying unaudited financial statements as of and for the three months ended March 31, 2015, include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires us 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 liability for a completed homebuilder acquisition and loss contingencies. Recently Issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”) as part of its initiative to reduce complexity in accounting standards (the “Simplification Initiative”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We are currently evaluating the method and impact the adoption of ASU 2015-03 will have on our consolidated financial statements and disclosures. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which amends the consolidation requirements in ASC 810, primarily related to limited partnerships and variable interest entities (“VIEs”). ASU 2015-02 will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2015-02 is not expected to have a material effect on our consolidated financial statements and disclosures. 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 any effect on our 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 us beginning January 1, 2017 and, at that time, we may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption of this ASU is not permitted. We are currently evaluating the method and impact the adoption of ASU 2014-09 will have on our consolidated financial statements and disclosures.

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2015
Business Combinations [Abstract]
Acquisition of LGI/GTIS Joint Venture Partners' Interests	ACQUISITION Oakmont Acquisition On October 2, 2014, we 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, we 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 was approximately $17.3 million, consisting of approximately $15.2 million in cash and a contingent earnout based on home closings through December 31, 2017. During the three months ended March 31, 2015, we closed 81 homes attributable to the Oakmont Acquisition resulting in a $324,000 earnout obligation to be paid during the second quarter of 2015. 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.

- 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

Real Estate Inventory

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Real Estate Inventory

REAL ESTATE INVENTORY

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



	March 31,		December 31,
	2015		2014
Land, land under development, and finished lots	$	267,134	$	244,658
Sales offices	13,460		12,110
Homes in progress	57,980		50,675
Completed homes	48,485		60,465
Total real estate inventory	$	387,059	$	367,908

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.

Interest and financing costs incurred under our debt obligations, as more fully discussed in Note 5, are capitalized to qualifying real estate projects under development and homes in progress.

Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2015

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):



	March 31,		December 31,
	2015		2014
Inventory related obligations	$	11,516	$	7,275
Retentions payable	1,678		2,696
Accrued compensation, bonuses and benefits	2,537		2,434
Earnout liability	2,109		2,196
Taxes payable	1,445		1,448
Warranty reserve	900		900
Other	5,031		4,416
Total accrued expenses and other liabilities	$	25,216	$	21,365

Inventory Related Obligations

We own 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.

Estimated Warranty Reserve

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

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



	Three Months Ended March 31,
	2015			2014
Warranty reserves, beginning of period	$	900		$	630
Warranty provision	387			172
Warranty expenditures	(387		)	(102		)
Warranty reserves, end of period	$	900		$	700

Notes Payable

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Notes Payable

NOTES PAYABLE

Secured Revolving Credit Agreement

In April 2014, we 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 $200.0 million senior secured revolving credit facility which 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. We 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 April 28, 2015 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 March 31, 2015, the borrowing base was $200.0 million, of which $152.9 million was outstanding and $46.5 million was available to borrow, net of $0.6 million for letter of credit assurances.

Interest on borrowings under the Credit Agreement is paid monthly at LIBOR plus 2.75%, with a LIBOR floor of 1.00%. At March 31, 2015 and December 31, 2014, LIBOR was 0.27% and 0.25%, respectively. As per the terms of the variable rate notes payable, the interest rates at March 31, 2015 and December 31, 2014, were based on the interest rate floor terms.

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 our additional debt. At March 31, 2015, we were in compliance with all of the covenants contained in the Credit Agreement.

Convertible Notes

In November 2014, we issued $85.0 million aggregate principal amount of our 4.25% Convertible Notes due 2019 (the “Convertible Notes”). 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 our 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 our common stock, or a combination thereof, at our election. The initial conversion rate of the Convertible Notes is 46.4792 shares of our common stock for each $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $21.52 per share of our common stock. The conversion rate is subject to adjustments upon the occurrence of specific events.

When the Convertible Notes were issued, the fair value of $76.5 million was recorded to notes payable. $5.5 million of the remaining proceeds was recorded to additional paid in capital to reflect the equity component and the remaining $3.0 million of debt issuance cost was recorded as a deferred tax liability. The carrying amount of the Convertible Notes is being accreted to face value over the term to maturity.

As of March 31, 2015, we incurred approximately $0.4 million discount accretion, $0.9 million of coupon interest, and $0.1 million of debt issuance cost amortization. Interest and amortization of Convertible Notes discount and issuance costs have been capitalized as a cost of inventory in the table below.

Notes payable consist of the following (in thousands):



	March 31, 2015		December 31, 2014
	March 31, 2015		December 31, 2014
LGI Homes, Inc.—Notes payable to Texas Capital Bank, National Association and a syndication of lenders under the Credit Agreement ($200.0 million line) maturing through April 28, 2017; interest paid monthly at LIBOR plus 2.75%, with a LIBOR floor of 1.00%; collateralized by us and our subsidiaries' land, development and home construction costs (carrying value of $366.0 million at March 31, 2015)	$	152,923	$	139,404
LGI Homes, Inc.— 4.25% Convertible Notes due November 15, 2019; interest paid semi-annually at 4.25%; net of approximately $7.9 million and $8.3 million in unamortized discount at March 31, 2015 and December 31, 2014, respectively	77,060		76,695
Total notes payable	$	229,983	$	216,099

Capitalized Interest

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



	Three Months Ended March 31,
	2015			2014
Interest incurred	$	3,360		$	599
Less: Amounts capitalized	(3,360		)	(599		)
Interest expense	—			—

Cash paid for interest	$	1,378		$	665

Included in interest incurred was amortization of deferred financing costs of $0.5 million and $0.4 million amortization of Convertible Notes discount for the three months ended March 31, 2015.

Income Taxes Income Taxes	3 Months Ended
Income Taxes Income Taxes	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES We utilize the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Our ability to realize deferred tax assets is assessed throughout the year and a valuation allowance is established, if required. We recognize the impact of a tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position. We recognize potential interest and penalties related to uncertain tax positions in income tax expense. We file U.S. federal income tax returns as well as income tax returns in various states. As of March 31, 2015 we have no unrecognized tax benefits. We are not presently under exam for income tax by any taxing jurisdiction, and no longer remain subject to exam for years before 2012 (2011 for Texas). Our effective tax rate of 34.3% is lower than the statutory rate primarily as a result of a decrease in the rate for the federal Domestic Production Activity Deduction offset by an increase in rate for state income taxes, net of the federal benefit. Income taxes paid were $4.0 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively.

Earnings Per Share

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2015 and 2014:



	Three Months Ended March 31,
	2015		2014
Numerator (in thousands):
Numerator for basic earnings per share	$	7,702	$	4,594
Effect of dilutive securities:
Interest expense associated with Convertible Notes, net of taxes⁽¹⁾	151		—
Numerator for diluted earnings per share	$	7,853	$	4,594
Denominator:
Basic weighted average shares outstanding	19,851,686		20,763,449
Effect of dilutive securities:
Convertible Notes⁽¹⁾	3,950,732		—
Restricted stock units	6,395		99,252
Diluted weighted average shares outstanding	$	23,808,813	$	20,862,701

Basic earnings per share	$	0.39	$	0.22
Diluted earnings per share	$	0.33	$	0.22


(1)	In accordance with ASC 260-10, Earnings Per Share, we calculated the dilutive effect of the Convertible Notes 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. These amounts are considered in cost of sales.

120,452 non-vested restricted stock units were excluded from the computation of diluted earnings per share for the three months ended March 31, 2015, because their effect was antidilutive. No shares were antidilutive for the three months ended March 31, 2014.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

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

Stock-Based Compensation

STOCK-BASED COMPENSATION

Non-performance Based Restricted Stock Units

The following table summarizes the activity of our restricted stock units ("RSUs"):



	Three Months ended March 31,
	2015				2014
	Shares		Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Beginning balance	102,786		$	15.43	140,222	$	11.00
Granted	58,723		$	14.69	61,396	$	17.20
Vested	(59,438	)	$	17.20	—	$	—
Forfeited	(150	)	$	11.00	—	$	—
Ending balance	101,921		$	13.98	201,618	$	12.89

In March 2015, we issued 56,611 RSUs for 2014 bonuses to certain officers and managers under the Annual Bonus Plan. Approximately $0.2 million of bonuses were earned and accrued under the 2014 Annual Bonus Plan through March 15, 2015. The RSUs vest over three years and will be settled in shares of our common stock. We recognized $0.2 million and $0.1 million of stock-based compensation expense related to outstanding RSUs grants for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015, we had unrecognized compensation cost of $1.1 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.8 years.

Performance Based Restricted Stock Units

The Compensation Committee of our Board of Directors has granted awards of Performance-Based RSUs ("PSUs") under the LGI Homes, Inc. Equity Incentive Plan to certain members of senior management for each of the three-year performance cycles: 2014 - 2016 and 2015 - 2017. The PSUs provides for shares of our common stock to be issued based on the attainment of certain performance metrics over a three-year period. The number of shares of our common stock that may be issued to the recipients for the PSUs range from 0% to 200% of the target amount depending on actual results as compared to the target performance metrics. The PSUs 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 us through the determination date. The PSUs will be settled in shares of our common stock.

The following table summarizes the activity of our PSUs:



Period Granted	Target PSUs Outstanding December 31, 2014	Target PSUs Granted	Target PSUs Vested	Target PSUs Forfeited	Target PSUs Outstanding at March 31, 2015	Weighted Average Grant Date Fair Value
2014	62,906	—	—	—	62,906	$	17.09
2015	—	127,111	—	—	127,111	13.34
Total	62,906	127,111	—	—	190,017

As of March 31, 2015, the target amount represents management's best estimate of the number of shares of our common stock expected to be issued at the end of each three-year performance cycle. We recognized $0.2 million and $0.1 million of total stock-based compensation expense related to outstanding PSU grants for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015, we had unrecognized compensation cost of $2.3 million, based on the target amount, related to unvested PSUs, which is expected to be recognized over a weighted average period of 1.7 years.

Fair Value Disclosures Fair Value Disclosures	3 Months Ended
Fair Value Disclosures Fair Value Disclosures	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE DISCLOSURES ASC Topic 820, Fair Value Measurements (“ASC 820”), defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability. ASC 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements, and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows: Level 1 - Fair value is based on quoted prices in active markets for identical assets or liabilities. Level 2 - Fair value is determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities, or quoted prices in markets that are not active. Level 3 - Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique. We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets. The fair value of financial instruments, including cash and cash equivalents, accounts receivable and credit facility, approximate their carrying amounts due to the short term nature of these instruments. As of March 31, 2015, the secured credit facility's carrying value approximates market value since it has a floating interest rate, which increases or decreases with market interest rates, and is subject to an interest rate floor. The Convertible Notes, as discussed in Note 5, were initially recorded at estimated fair value determined using Level 2 measurements. No significant changes occurred through December 31, 2014 and the recorded value of $76.7 million at December 31, 2014 approximated fair value. The fair value of the Convertible Notes was $75.4 million as of March 31, 2015 using Level 2 measurements compared to the carrying value of $77.1 million. The fair value of the Oakmont Acquisition earnout, as discussed in Note 2, was determined using Level 3 measurements based on the forecasted number of home closings adjusted to reflect probability weighted absorption scenarios and a 10% discount rate and was approximately $2.1 million and $2.2 million as of March 31, 2015 and December 31, 2014, respectively. Significant assumptions impacting our estimates of the fair value of the earnout include absorption rates, the timing of the completion of development activities and the discount rate.

- Definition

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

+ References + Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Consulting Fees We have a three year consulting agreement with a family member of our chief executive officer for $100,000 per year payable on a monthly basis. Consulting fees were approximately $25,000 in each of the three month periods ended March 31, 2015 and 2014.

- 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

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Contingencies

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

We have provided unsecured environmental indemnities to certain lenders. In each case, we have performed due diligence on the potential environmental risks including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate us to reimburse the guaranteed parties for damages related to environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, we may have recourse against previous owners. Management is not aware of any environmental claims or occurrences and has recorded no reserves for environmental matters at March 31, 2015 and December 31, 2014.

Land Deposits

We have 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. Amounts paid for land options and deposits on land purchase contracts are capitalized and classified as deposits to purchase. Upon acquisition of the land, 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 our maximum exposure if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to close. Such costs are classified as preacquisition costs, which we would have to absorb should the option not be exercised. Therefore, whenever we enter into a land option or purchase contract with an entity and make a nonrefundable deposit, we may have a variable interest in a VIE. In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE and would consolidate the VIE if we are deemed to be the primary beneficiary. As of March 31, 2015 and December 31, 2014, we determined we were not the primary beneficiary for any VIEs associated with non-refundable land deposit and option contracts.

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



	March 31, 2015		December 31, 2014
Land deposits and option payments	$	6,826	$	9,591
Commitments under the land purchase option and deposit contracts if the purchases are consummated	$	105,961	$	86,277
Lots under land options and land purchase contracts	4,987		3,921

As of March 31, 2015 and December 31, 2014, approximately $4.5 million and $7.4 million of the land deposits are related to purchase contracts to deliver finished lots and these deposits are refundable under certain circumstances and secured by indemnity mortgages on the related property.

Bonding and Letters of Credit

We have outstanding letters of credit, performance and surety bonds of $13.0 million and $7.7 million at March 31, 2015 and December 31, 2014, respectively, related to our obligations for site improvements at various projects. Management does not believe that draws upon these bonds, if any, will have a material effect on our consolidated financial position, results of operations, or cash flows.

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2015
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION We operate one principal homebuilding business which is organized and reports by division. We have four operating segments at March 31, 2015: the Texas division, the Southwest division, the Southeast division and the Florida division. The Texas division is the largest division and it comprised approximately 59% and 71% of total home sales revenues for the three months ended March 31, 2015, and 2014, respectively. In accordance with ASC Topic 280, Segment Reporting ("ASC Topic 280"), operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-maker ("CODM") in deciding how to allocate resources and in assessing performance. The CODM primarily evaluates performance based on the number of homes sold, gross margin and net income. The operating segments qualify for aggregation as one reporting segment. In determining the reportable segment, we concluded that all operating segments have similar economic and other characteristics, including similar home floor plans, average selling prices, gross margin, production construction processes, suppliers, subcontractors, regulatory environments, customer type, and underlying demand and supply. Each operating segment follows the same accounting policies and is managed by our management team. We have 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
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT On April 30, 2015, our stockholders approved the flexible settlement provisions of the Convertible Notes at our 2015 Annual Meeting of Stockholders, which allows us to elect any combination of cash and shares of our common stock upon the conversion of Convertible Notes.

Real Estate Inventory (Tables)

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory

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



	March 31,		December 31,
	2015		2014
Land, land under development, and finished lots	$	267,134	$	244,658
Sales offices	13,460		12,110
Homes in progress	57,980		50,675
Completed homes	48,485		60,465
Total real estate inventory	$	387,059	$	367,908

Accrued Expenses and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

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



	March 31,		December 31,
	2015		2014
Inventory related obligations	$	11,516	$	7,275
Retentions payable	1,678		2,696
Accrued compensation, bonuses and benefits	2,537		2,434
Earnout liability	2,109		2,196
Taxes payable	1,445		1,448
Warranty reserve	900		900
Other	5,031		4,416
Total accrued expenses and other liabilities	$	25,216	$	21,365

Changes in Company's Warranty Accrual

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



	Three Months Ended March 31,
	2015			2014
Warranty reserves, beginning of period	$	900		$	630
Warranty provision	387			172
Warranty expenditures	(387		)	(102		)
Warranty reserves, end of period	$	900		$	700

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consist of the following (in thousands):



	March 31, 2015		December 31, 2014
	March 31, 2015		December 31, 2014
LGI Homes, Inc.—Notes payable to Texas Capital Bank, National Association and a syndication of lenders under the Credit Agreement ($200.0 million line) maturing through April 28, 2017; interest paid monthly at LIBOR plus 2.75%, with a LIBOR floor of 1.00%; collateralized by us and our subsidiaries' land, development and home construction costs (carrying value of $366.0 million at March 31, 2015)	$	152,923	$	139,404
LGI Homes, Inc.— 4.25% Convertible Notes due November 15, 2019; interest paid semi-annually at 4.25%; net of approximately $7.9 million and $8.3 million in unamortized discount at March 31, 2015 and December 31, 2014, respectively	77,060		76,695
Total notes payable	$	229,983	$	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):



	Three Months Ended March 31,
	2015			2014
Interest incurred	$	3,360		$	599
Less: Amounts capitalized	(3,360		)	(599		)
Interest expense	—			—

Cash paid for interest	$	1,378		$	665

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2015 and 2014:



	Three Months Ended March 31,
	2015		2014
Numerator (in thousands):
Numerator for basic earnings per share	$	7,702	$	4,594
Effect of dilutive securities:
Interest expense associated with Convertible Notes, net of taxes⁽¹⁾	151		—
Numerator for diluted earnings per share	$	7,853	$	4,594
Denominator:
Basic weighted average shares outstanding	19,851,686		20,763,449
Effect of dilutive securities:
Convertible Notes⁽¹⁾	3,950,732		—
Restricted stock units	6,395		99,252
Diluted weighted average shares outstanding	$	23,808,813	$	20,862,701

Basic earnings per share	$	0.39	$	0.22
Diluted earnings per share	$	0.33	$	0.22

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

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

Summary of Restricted Stock Unit Activity

The following table summarizes the activity of our restricted stock units ("RSUs"):



	Three Months ended March 31,
	2015				2014
	Shares		Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Beginning balance	102,786		$	15.43	140,222	$	11.00
Granted	58,723		$	14.69	61,396	$	17.20
Vested	(59,438	)	$	17.20	—	$	—
Forfeited	(150	)	$	11.00	—	$	—
Ending balance	101,921		$	13.98	201,618	$	12.89

Schedule of Other Share-based Compensation, Activity [Table Text Block]

The following table summarizes the activity of our PSUs:



Period Granted	Target PSUs Outstanding December 31, 2014	Target PSUs Granted	Target PSUs Vested	Target PSUs Forfeited	Target PSUs Outstanding at March 31, 2015	Weighted Average Grant Date Fair Value
2014	62,906	—	—	—	62,906	$	17.09
2015	—	127,111	—	—	127,111	13.34
Total	62,906	127,111	—	—	190,017

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

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

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



	March 31, 2015		December 31, 2014
Land deposits and option payments	$	6,826	$	9,591
Commitments under the land purchase option and deposit contracts if the purchases are consummated	$	105,961	$	86,277
Lots under land options and land purchase contracts	4,987		3,921

Acquisitions - Additional Information (Details) - Oakmont Home Builders [Member]		3 Months Ended
	Oct. 02, 2014 USD ($) lot	Mar. 31, 2015 USD ($)
Business Acquisition [Line Items]
Number of Homes	150
Number of Lots \| lot	1,000
Aggregate consideration	$ 17,300,000
Purchase price	$ 15,169,000
Number of Homes Closed		81
Business Combination, Contingent Consideration, Liability, Current		$ 324,000

Real Estate Inventory - Schedule of Real Estate Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Land, land under development, and finished lots	$ 267,134	$ 244,658
Sales offices	13,460	12,110
Homes in progress	57,980	50,675
Completed homes	48,485	60,465
Total real estate inventory	$ 387,059	$ 367,908

Real Estate Inventory Real Estate Inventory - Additional Information (Details)	3 Months Ended
	Mar. 31, 2015
Minimum
Inventory [Line Items]
Community Life Cycle Range	2 years
Maximum
Inventory [Line Items]
Community Life Cycle Range	5 years

Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]
Inventory related obligations	$ 11,516	$ 7,275
Retentions payable	1,678	2,696
Employee-related Liabilities	2,537	2,434
Business Combination, Contingent Consideration, Liability	2,109	2,196
Taxes payable	1,445	1,448
Product Warranty Accrual	900	900	$ 700	$ 630
Other	5,031	4,416
Total accrued expenses and other liabilities	$ 25,216	$ 21,365

Accrued Expenses and Other Liabilities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
Schedule Of Product Warranty Liability [Line Items]
Inventory Related Obligation Term	30 years
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 900	$ 630
Warranty provision	387	172
Warranty expenditures	(387)	(102)
Warranty reserves, end of period	$ 900	$ 700

Notes Payable - Schedule of Notes Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Notes payable	$ 229,983	$ 216,099
Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	152,923	139,404
Convertible Debt
Debt Instrument [Line Items]
Notes payable	$ 77,060	$ 76,695

Notes Payable - Schedule of Notes Payable Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Nov. 30, 2014
Debt Instrument [Line Items]
Line of credit facility	$ 200.0
Line of credit facility, expiring date	Apr. 28, 2017
Line of credit facility, floor rate	1.00%
Collateral amount	$ 366.0
Debt Instrument, Unamortized Discount	$ 7.9	$ 8.3
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Convertible Debt
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.25%

Notes Payable - Schedule of Interest Activity for Notes Payable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Debt Disclosure [Abstract]
Interest incurred	$ 3,360	$ 599
Less: Amounts capitalized	(3,360)	(599)
Interest expense	0	0
Cash paid for interest	$ 1,378	$ 665

Notes Payable - Additional Information (Detail)		1 Months Ended	3 Months Ended	12 Months Ended
Notes Payable - Additional Information (Detail)	Apr. 28, 2014 USD ($)	Nov. 30, 2014 USD ($) $ / shares	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Line of Credit Facility:
Line of credit facility, borrowing capacity	$ 200,000,000
Line of credit facility, expiring date			Apr. 28, 2017
Line of credit facility, maximum borrowing capacity			$ 200,000,000
Notes payable			229,983,000	$ 216,099,000
Line of credit facility, amount available to borrow			46,500,000
Letters of Credit Outstanding, Amount			$ 600,000
Line of credit facility, floor rate			1.00%
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, 2015
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	$ 75,400,000	76,700,000
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt		5,500,000
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature		$ 3,000,000
Amortization of deferring financing costs				500,000
Revolving Credit Facility
Line of Credit Facility:
Period Pre-sold Houses Remain In Borrowing Base	1 year
Maximum period speculative homes remain in borrowing base	18 months
Maximum period vacant lots, land, and acquisition and development projects remain in borrowing base	3 years
Notes payable			152,923,000	139,404,000
Convertible Debt
Line of Credit Facility:
Notes payable			77,060,000	$ 76,695,000
Convertible Debt:
Debt Instrument, Interest Rate, Stated Percentage		4.25%
Amortization of Debt Discount (Premium)			400,000
Interest Expense, Debt			900,000
Amortization of deferring financing costs			$ 100,000
London Interbank Offered Rate (LIBOR)
Line of Credit Facility:
Basis spread on variable rate			2.75%
LIBOR rate			0.27%	0.25%

Income Taxes Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	34.30%
Income Taxes Paid	$ 4.0	$ 1.0

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Equity [Abstract]

Net Income (Loss) Attributable to Parent

$ 7,702

$ 4,594

Interest on Convertible Debt, Net of Tax

^[1]

151

Net Income (Loss) Available to Common Stockholders, Diluted

$ 7,853

$ 4,594

Basic weighted average shares outstanding

19,851,686

20,763,449

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

^[1]

3,950,732

Add: Dilutive effect of restricted stock units

6,395

99,252

Diluted weighted average shares outstanding

23,808,813

20,862,701

Basic earnings per share (in dollars per share)

$ 0.39

$ 0.22

Diluted earnings per share (in dollars per share)

$ 0.33

$ 0.22

[1]

(1)In accordance with ASC 260-10, Earnings Per Share, we calculated the dilutive effect of the Convertible Notes 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. These amounts are considered in cost of sales.

Earnings Per Share Earnings Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	120,452	0

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		58,723	61,396
Weighted average fair value on grant date		$ 14.69	$ 17.20
Restricted stock units (RSUs) \| Management Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		56,611
Compensation expense	$ 0.2
Restricted stock units, vesting period		3 years
Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 0.2	$ 0.1
Compensation not yet recognized		$ 2.3
Compensation not yet recognized, period for recognition		1 year 8 months 12 days
Performance target period		3 years
Performance Based Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target shares		0.00%
Performance Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of target shares		200.00%
2013 Incentive Plan \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 0.2	$ 0.1
Compensation not yet recognized		$ 1.1
Compensation not yet recognized, period for recognition		1 year 9 months 18 days

Stock-Based Compensation Summary of Restricted Stock Unit Activity (Details) - Restricted stock units (RSUs) - $ / shares	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2015	102,786	140,222
Granted	58,723	61,396
Vested	(59,438)	0
Forfeited	(150)	0
Balance at March 31, 2015	101,921	201,618
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares outstanding at January 1, 2015, weighted average grant date fair value	$ 15.43	$ 11.00
Granted, weighted average grant date fair value	14.69	17.20
Vested, weighted average grant date fair value	17.20	0.00
Forfeited, weighted average grant date fair value	11.00	0.00
Shares outstanding at March 31, 2015, weighted average grant date fair value	$ 13.98	$ 12.89

Stock-Based Compensation Summary of Performance Based Restricted Stock Units (Details) - Performance Based Shares - $ / shares	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2015	62,906
Granted	127,111
Balance at March 31, 2015	190,017
2014 Grant
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2015	62,906
Balance at March 31, 2015	62,906
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares outstanding at January 1, 2015, weighted average grant date fair value		$ 17.09
2015 Grant
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted	127,111
Balance at March 31, 2015	127,111
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares outstanding at March 31, 2015, weighted average grant date fair value		$ 13.34

Fair Value Disclosures Fair Value Disclosure - Additional Information (Details) - USD ($) $ in Thousands	Oct. 02, 2014	Mar. 31, 2015	Dec. 31, 2014	Nov. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Debt, Fair Value Disclosures		$ 75,400	$ 76,700	$ 76,500
Notes payable		229,983	216,099
Oakmont Home Builders [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	10.00%
Business Combination, Liabilities Arising from Contingencies, Amount Recognized		$ 2,100	$ 2,200

Related Party Transactions - Additional Information (Detail) - USD ($)		3 Months Ended
	Nov. 13, 2013	Mar. 31, 2015
Related Party Transaction [Line Items]
Consulting agreement period	3 years
Consulting agreement, amount payable per year	$ 100,000
Consulting fees
Related Party Transaction [Line Items]
Expenses from transactions with related party		$ 25,000

Commitments and Contingencies - Summary of Land Purchase Deposits and Option Contracts Included in Pre-Acquisition Cost and Deposits (Detail) $ in Thousands	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Land deposits and option payments	$ 6,826	$ 9,591
Commitments under the land purchase option and deposit contracts if the purchases are consummated	$ 105,961	$ 86,277
Lots under land options and land purchase contracts	4,987	3,921

Commitment and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Land deposits related to purchase contracts to deliver finished lots	$ 4.5	$ 7.4
Outstanding performance and surety bonds	$ 13.0	$ 7.7

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2015 USD ($) segment business	Mar. 31, 2014
Segment Reporting Information [Line Items]
Number of homebuilding businesses \| business	1
Number of operating segments	4
Number of reporting segments	1
Operating Segments \| Texas Division
Segment Reporting Information [Line Items]
Percentage of operations (greater than 70% and 85%)	59.00%	71.00%
Intersegment Eliminations
Segment Reporting Information [Line Items]
Inter-segment sales \| $	$ 0