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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Feb. 22, 2019	Jun. 29, 2018
Document Information [Line Items]
Entity Registrant Name	LGI HOMES, INC.
Entity Central Index Key	0001580670
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		22,707,385
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,140,895,418
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 46,624	$ 67,571
Accounts receivable	42,836	44,706
Real estate inventory	1,228,256	918,933
Pre-acquisition costs and deposits	45,752	18,866
Property and equipment, net	1,432	1,674
Other assets	15,765	14,196
Deferred tax assets, net	2,790	1,928
Goodwill	12,018	12,018
Total assets	1,395,473	1,079,892
LIABILITIES AND EQUITY
Accounts payable	9,241	12,020
Accrued expenses and other liabilities	76,555	102,831
Notes payable	653,734	475,195
Total liabilities	739,530	590,046
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 23,746,385 shares issued and 22,707,385 shares outstanding as of December 31, 2018 and 22,845,580 shares issued and 21,845,580 shares outstanding as of December 31, 2017	237	228
Additional paid-in capital	241,988	229,680
Retained earnings	431,774	276,488
Treasury stock, at cost 1,039,000 shares and 1,000,000 shares, respectively	(18,056)	(16,550)
Total equity	655,943	489,846
Total liabilities and equity	$ 1,395,473	$ 1,079,892

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	23,746,385	22,845,580
Common stock, shares outstanding	22,707,385	21,845,580
Treasury stock, shares	1,039,000	1,000,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Home sales revenues	$ 1,504,400	$ 1,257,960	$ 838,320
Cost of sales	1,124,484	937,540	616,707
Selling expenses	109,460	94,957	66,984
General and administrative	70,345	55,662	43,158
Operating income	200,111	169,801	111,471
Loss on extinguishment of debt	3,599	0	0
Other income, net	(2,586)	(1,601)	(2,201)
Net income before income taxes	199,098	171,402	113,672
Income tax provision	43,812	58,096	38,641
Net income	$ 155,286	$ 113,306	$ 75,031
Earnings per share:
Basic earnings per share (in dollars per share)	$ 6.89	$ 5.24	$ 3.61
Diluted earnings per share (in dollars per share)	$ 6.24	$ 4.73	$ 3.41
Weighted average shares outstanding:
Basic (in shares)	22,551,762	21,604,932	20,798,333
Diluted (in shares)	24,892,274	23,933,122	22,024,091

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2015		21,270,389
Beginning Balance at Dec. 31, 2015	$ 247,389	$ 213	$ 175,575	$ 88,151	$ (16,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	75,031			75,031
Issuance of shares (in shares)		993,554
Issuance of shares, net of offering costs	28,477	$ 10	28,467
Issuance of restricted stock units in settlement of accrued bonuses	138		138
Compensation expense for equity awards	3,396		3,396
Stock issued under employee incentive plans (in shares)		47,367
Stock issued under employee incentive plans	770	$ 0	770
Ending balance (in shares) at Dec. 31, 2016		22,311,310
Ending Balance at Dec. 31, 2016	355,201	$ 223	208,346	163,182	(16,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	113,306			113,306
Issuance of shares (in shares)		354,620
Issuance of shares, net of offering costs	15,342	$ 3	15,339
Issuance of restricted stock units in settlement of accrued bonuses	167		167
Compensation expense for equity awards	4,188		4,188
Stock issued under employee incentive plans (in shares)		179,650
Stock issued under employee incentive plans	1,642	$ 2	1,640
Ending balance (in shares) at Dec. 31, 2017		22,845,580
Ending Balance at Dec. 31, 2017	489,846	$ 228	229,680	276,488	(16,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	155,286			155,286
Issuance of shares in settlement of Convertible Note (in shares)		486,679
Issuance of shares in settlement of Convertible Notes	(477)	$ 5	(482)
Issuance of shares, Wynn Homes Acquisition (in shares)		70,746
Issuance of shares, Wynn Homes Acquisition	4,000	$ 1	3,999
Repurchase of shares	(1,506)				(1,506)
Issuance of restricted stock units in settlement of accrued bonuses	181		181
Compensation expense for equity awards	5,923		5,923
Stock issued under employee incentive plans (in shares)		343,380
Stock issued under employee incentive plans	2,690	$ 3	2,687
Ending balance (in shares) at Dec. 31, 2018		23,746,385
Ending Balance at Dec. 31, 2018	$ 655,943	$ 237	$ 241,988	$ 431,774	$ (18,056)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Net income	$ 155,286	$ 113,306	$ 75,031
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	711	791	1,089
Loss on extinguishment of debt	3,588	0	0
Loss on disposal of assets	6	13	1
Excess tax benefits from stock based compensation	0	0	(138)
Compensation expense for equity awards	5,937	4,188	3,396
Deferred income taxes	(724)	(2,092)	(2,562)
Changes in assets and liabilities:
Accounts receivable	1,870	(27,651)	270
Real estate inventory	(234,664)	(200,609)	(183,884)
Pre-acquisition costs and deposits	(18,853)	(8,215)	(3,650)
Other assets	(1,398)	(8,643)	5,472
Accounts payable	(2,779)	(257)	(11,747)
Accrued expenses and other liabilities	(25,703)	60,702	8,539
Net cash used in operating activities	(116,723)	(68,467)	(108,183)
Cash flows from investing activities:
Purchases of property and equipment	(475)	(518)	(722)
Payment for business acquisition	(74,463)	0	0
Net cash used in investing activities	(74,938)	(518)	(722)
Cash flows from financing activities:
Proceeds from notes payable	612,717	100,000	140,000
Payments on notes payable	(436,238)	(25,000)	(45,000)
Loan issuance costs	(6,741)	(4,375)	(2,684)
Proceeds from sale of stock, net of offering expenses	2,690	17,130	29,448
Stock repurchase	(1,506)	0	0
Payment for offering costs	(76)	(69)	(204)
Payment for earnout obligation	(132)	(648)	(843)
Excess tax benefits from equity awards	0	0	138
Net cash provided by financing activities	170,714	87,038	120,855
Net increase (decrease) in cash and cash equivalents	(20,947)	18,053	11,950
Cash and cash equivalents, beginning of year	67,571	49,518	37,568
Cash and cash equivalents, end of year	$ 46,624	$ 67,571	$ 49,518

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2018
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”, “us,” “we,” or “our”), 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. Headquartered in the Woodlands, Texas, we engage in the design, construction and sale of new homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, and Nevada.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2018
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 the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting 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, goodwill, warranty reserves, the fair value of the convertible debt, loss contingencies, incentive compensation expense, and income taxes. Cash and Cash Equivalents and Concentration of Credit Risk Cash and cash equivalents are defined as cash on hand, demand deposits with financial institutions, and short-term liquid investments with an initial maturity date of less than three months. Our cash in demand deposit accounts may exceed federally insured limits and could be negatively impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or diminished access to cash in our demand deposit accounts. Accounts Receivable Accounts receivable consist primarily of proceeds due from title companies for sales closed prior to period end and are generally collected within a few days from closing. Real Estate Inventory Inventory consists of land, land under development, finished lots, information centers, homes in progress, 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, which we believe approximates the costs that would be determined using an allocation method based on relative sales values since the individual lots or homes within a community are similar in value. Inventory costs for completed homes are expensed to cost of sales as homes are closed. 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 information center during the life of the community and then sold. Actual individual community lives will vary based on the size of the community, the sales absorption rate, and whether the property was purchased as raw land or finished lots. In accordance with the Accounting Standards Codification (“ASC”) Topic 360, Property, Plant, and Equipment, real estate inventory is evaluated for indicators of impairment by each community during each reporting period. In conducting its review for indicators of impairment on a community level, management evaluates, among other things, the margins on homes that have been closed, communities with slow moving inventory, projected margins on future home sales over the life of the community, and the estimated fair value of the land. For individual communities with indicators of impairment, additional analysis is performed to estimate the community’s undiscounted future cash flows. If the estimated undiscounted future cash flows are greater than the carrying value of the community group of assets, no impairment adjustment is required. If the undiscounted cash flows are less than the community’s carrying value, the asset group is impaired and is written down to its fair value. We estimate the fair value of communities using a discounted cash flow model. As of December 31, 2018 and 2017, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the years ended December 31, 2018, 2017 and 2016. Capitalized Interest Interest and other financing costs are capitalized as cost of inventory during community development and home construction activities, in accordance with ASC Topic 835, Interest and expensed in cost of sales as homes in the community are closed. To the extent the debt exceeds qualified assets, a portion of the interest incurred is expensed. Pre-Acquisition Costs and Deposits Amounts paid for land options, deposits on land purchase contracts, and other pre-acquisition costs are capitalized and classified as deposits to purchase. Upon execution of the purchase, these deposits are applied to the acquisition price of the land and recorded as a cost component of the land in real estate inventory. To the extent that any deposits are nonrefundable and the associated land acquisition process is terminated or no longer determined probable, the deposit and related pre-acquisition costs are charged to other income, net. Management reviews the likelihood of the acquisition of contracted lots in conjunction with its periodic real estate impairment analysis. Under ASC Topic 810, Consolidation (“ASC 810”), a nonrefundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur. Non-refundable land purchase and lot option deposits generally represent our maximum exposure if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to close. Such costs are classified as preacquisition costs, which we would have to absorb should the option not be exercised. Therefore, whenever we enter into a land option or purchase contract with an entity and make a nonrefundable deposit, we may have a variable interest in a variable interest entity (“VIE”). In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE and would consolidate the VIE if we are deemed to be the primary beneficiary. As of December 31, 2018 and 2017, we were not deemed to be the primary beneficiary for any VIEs associated with non-refundable land deposits. Deferred Loan Costs Deferred loan costs represent debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Other Assets Other assets consist primarily of prepaid insurance, security deposits, and prepaid expenses. Our prepaid expenses were $8.5 million and $7.5 million as of December 31, 2018 and 2017, respectively. 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 two to five 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, 2018, 2017 and 2016. Goodwill and Intangible Assets The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC Topic 805, Business Combinations. 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 $12.0 million of goodwill is related to the reorganization transactions completed in connection with the initial public offering of our common stock in November 2013. In applying the goodwill impairment test, we have the option to perform a qualitative test (also known as “Step 0”) or a two-step quantitative test (consisting of “Step 1” and “Step 2”). Under the Step 0 test, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than their carrying value. Qualitative factors may include, but are not limited to, economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting unit and other entity and reporting unit specific events. If after assessing these qualitative factors, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than the carrying value, then performing the two-step quantitative test is necessary. During 2018 and 2017, we performed a Step 0 analysis and determined that it is not “more likely than not” that the fair values of the reporting units were less than their carrying amounts. During 2016, we performed the two-step quantitative impairment test. No goodwill impairment charges were recorded in 2018, 2017 and 2016. Warranty Reserves Future direct warranty costs are accrued and charged to cost of sales in the period when the related home is closed. Our warranty liability is based upon historical warranty cost experience and is adjusted as appropriate to reflect qualitative risks associated with the types of homes built, the geographic areas in which they are built, and potential impacts of our continued expansion. Warranty reserves are reviewed quarterly to assess the reasonableness and adequacy and adjusted, as needed, to reflect changes in trends and historical data as information becomes available. Customer Deposits Customer deposits are received upon signing a purchase contract and are 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 Revenues from home sales are recorded at the time each home sale is closed, title and possession are transferred to the buyer, and we have no significant continuing involvement with the home. Home sales proceeds are generally received from the title company within a few days after closing. Home sales are reported net of sales discounts and incentives granted to home buyers, which are primarily seller-paid closing costs. Cost of Sales As discussed under Real Estate Inventory above, cost of sales for homes closed include the construction costs of each home and allocable land acquisition and land development costs, capitalized interest, and other related common costs (both incurred and estimated to be incurred). Selling and Commission Costs Sales commissions are paid and expensed based on homes closed. Other selling costs are expensed in the period incurred. Advertising Costs Advertising and direct mail costs are expensed as incurred. Advertising and direct mail costs were $17.6 million, $15.2 million and $11.3 million for the years ended December 31, 2018, 2017, and 2016, respectively. Income Taxes We are a taxable entity subject to federal and state taxes. We utilize the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Changes in tax rate are recognized in the year of enactment. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Our ability to realize deferred tax assets is assessed throughout the year and a valuation allowance is established, if required. We recognize the impact of a tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position. We recognize potential interest and penalties related to uncertain tax positions in income tax expense. Earnings Per Share Basic earnings per share is based on the weighted average number of shares of common stock outstanding. Diluted earnings per share is based on the weighted average number of shares of common stock and dilutive securities outstanding. In accordance with ASC 260-10, Earnings Per Share, we calculated the dilutive effect of the Convertible Notes using the treasury stock method, since we have the intent and ability to settle the principal amount of the outstanding Convertible Notes in cash. Under the treasury stock method, the Convertible Notes have a dilutive impact on diluted earnings per share to the extent that the average market price of our common stock for a reporting period exceeds the conversion price of $21.52 per share. Diluted earnings per share excludes all dilutive potential shares of common stock if their effect is antidilutive. Stock-Based Compensation Compensation costs for non-performance-based restricted stock awards are measured using the closing price of our common stock on the date of grant and are expensed on a straight-line basis over the requisite service period of the award. Compensation costs for performance-based restricted stock awards also contain a market condition. These costs are measured using the derived grant date fair value, based on a third party valuation analysis, and are expensed in accordance with ASC 718-10-25-20, Compensation - Stock Compensation, which requires an assessment of probability of attainment of the performance target. Once the performance target outcome is determined to be probable, the cumulative expense is adjusted, as needed, to recognize compensation expense on a straight-line basis over the award’s requisite service period. Recently Adopted Accounting Standards Effective January 1, 2018, we adopted the Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) No. 2016-15, “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”), which addresses specific classification issues and is intended to reduce diversity in current practice regarding the manner in which certain cash receipts and cash payments are presented and classified in the consolidated statements of cash flows. The adoption of ASU 2016-15 did not have a material effect on our consolidated statements of cash flows or disclosures. Effective January 1, 2018, we adopted the FASB ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”), which provides guidance for revenue recognition. Topic 606 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” (“Topic 605”) and most industry-specific guidance. Topic 606 also supersedes certain cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts.” Topic 606’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. We adopted Topic 606 using the modified retrospective transition method only with respect to contracts not completed at the date of adoption. We have developed the additional expanded disclosures required; however, the adoption of Topic 606 did not have a material effect on our consolidated statements of operations, balance sheets or cash flows. See Note 4 for further details. Effective January 1 2018, we adopted the FASB ASU No. 2017-01, “Business Combinations - Clarifying the Definition of a Business” (“ASU 2017-01”). ASU 2017-01 provides additional guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The adoption of ASU 2017-01 was applied prospectively and had no effect on our consolidated financial statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which modifies the disclosure requirements of fair value measurements. ASU 2018-13 is effective for us beginning January 1, 2020. Certain disclosures are required to be applied on a retrospective basis and others on a prospective basis. We are currently evaluating the impact that adoption of this guidance will have on our financial statement disclosures. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment.” (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for us beginning January 1, 2020, with early adoption permitted, and applied prospectively. We do not expect ASU 2017-04 to have a material impact on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than twelve months. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities will be expanded to include qualitative and specific quantitative information. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. We expect to adopt the new standard in the quarter ending March 31, 2019. ASU 2016-02 requires a modified retrospective transition approach. We believe the recognition of new right-of-use (“ROU”) assets and lease liabilities will be the most significant change for us under ASU 2016-02. ASU 2016-02 includes several practical expedients, which we anticipate we will elect upon adoption, including to not reassess the lease classification for any expired or existing leases. Management is continuing to assess the values of the ROU assets and lease liabilities that will be included on the balance sheet as of January 1, 2019. Management does not expect the adoption of ASU 2016-02 to have a material impact on our results of operations or cash flows.

Business Acquisition

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Business Combination Disclosure

ACQUISITION

On August 2, 2018, we acquired certain homebuilding assets owned by Crosswind Properties, LLC, Wynn Construction, Inc., Crosswind Development, Inc., Crosswind Investments, Inc. and First Continental Communities, Inc. (collectively, “Wynn Homes”), and assumed certain related liabilities. As a result of the Wynn Homes acquisition, we expanded our North Carolina presence in the Raleigh market, as well as established an immediate presence in the Wilmington market. We acquired approximately 200 homes under construction and more than 4,000 owned and controlled lots. The total purchase price for the Wynn Homes acquisition was approximately $78.5 million, consisting of approximately $74.5 million in cash and $4.0 million in shares of our common stock.

The acquisition was accounted for in accordance with ASC Topic 805, Business Combinations (“ASC 805”). Our purchase accounting for Wynn Homes as of December 31, 2018 was complete concerning the working capital adjustment and valuation of the tangible assets, intangible assets and liabilities assumed as of the acquisition date. At December 31, 2018, 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	$	74,463
Common Stock	4,000
Total consideration	78,463
Assets acquired and liabilities assumed:
Real estate inventory	75,927
Pre-acquisition costs, deposits and other assets	8,143
Total assets	84,070
Accounts payable and accrued liabilities	(5,607		)
Total liabilities	(5,607		)

Net assets acquired	$	78,463

Pre-acquisition costs, which approximate fair value, deposits and other assets, accounts payable and accrued liabilities, 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.

We determined the estimated fair values of the real estate inventory with the assistance of appraisals performed by independent third-party specialists and estimates by management.

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

We expensed approximately $0.8 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.

Revenues

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

REVENUES

Adoption of Topic 606, “Revenue from Contracts with Customers”

On January 1, 2018, we adopted Topic 606 using the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. We did not record any adjustments or net reductions to opening retained earnings as of January 1, 2018 in relation to the adoption of Topic 606.

Revenue Recognition

Revenues from home sales are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenues from home sales are recorded at the time each home sale is closed, title and possession are transferred to the customer and we have no significant continuing involvement with the home. Proceeds from home sales are generally received from the title company within a few business days after closing. Home sales discounts and incentives granted to customers, which are related to the customers’ closing costs that we pay on the customers’ behalf, are recorded as a reduction of revenue in our consolidated financial statements of operations.

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



	For the Year Ended December 31,
	2018		2017		2016
Retail home sales revenues	$	1,394,475	$	1,217,191	$	838,320
Other	109,925		40,769		—
Total home sales revenues	$	1,504,400	$	1,257,960	$	838,320

The following table presents our home sales revenues disaggregated by geography, based on our determined operating segments in Note 16 (in thousands):



	For the Year Ended December 31,
	2018		2017		2016
Central	$	623,751	$	533,254	$	429,505
Northwest	277,567		215,421		86,496
Southeast	271,073		183,422		111,651
Florida	180,950		199,733		115,276
West	151,059		126,130		95,392
Home sales revenues	$	1,504,400	$	1,257,960	$	838,320

Home Sales Revenues

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

Retail homes sold under both our LGI Homes brand and Terrata Homes brand focus on providing move-in ready homes with standardized features within favorable markets that meet certain demographic and economic conditions. Our LGI Homes brand primarily markets to entry-level or first-time homebuyers, while our Terrata Homes brand primarily markets to move-up homebuyers.

Our other revenues are composed of our wholesale home sales under our LGI Homes brand and Terrata Homes brand in existing markets. Wholesale homes are primarily sold under a bulk sales agreement and focus on providing move-in ready homes with standardized features to real estate investors that will ultimately use the single-family homes as rental properties.

Performance Obligations

Our contracts with customers include a single performance obligation to transfer a completed home to the customer. We generally determine selling price per home on the expected cost plus margin. Our contracts contain no significant financing terms as customers who finance do so through a third party. Performance obligations are satisfied at a moment in time when the home is complete and control of the asset is transferred to the customer at closing. Home sales proceeds are generally received from the title company within a few business days after closing.

Sales and broker commissions are incremental costs incurred to obtain a contract with a customer that would not have been incurred if the contract had not been obtained. Sales and broker commissions are expensed upon fulfillment of a home closing. Advertising costs are costs to obtain a contract that would have been incurred regardless of whether the contract was obtained and are recognized as an expense when incurred. Sales and broker commissions and advertising costs are recorded within sales and marketing expense presented in our consolidated statements of operations as selling expenses.

Real Estate Inventory

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Real Estate Inventory

REAL ESTATE INVENTORY

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



	December 31,
	2018		2017
Land, land under development, and finished lots	$	736,402	$	494,552
Information centers	21,179		18,327
Homes in progress	149,506		191,659
Completed homes	321,169		214,395
Total real estate inventory	$	1,228,256	$	918,933

See “Real Estate Inventory” under Note 2 for more information.

Interest and financing costs incurred under our debt obligations, as more fully discussed in Note 8, are capitalized to qualifying real estate projects under development and homes under construction.

Property and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

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



		December 31,
	Asset Life	2018			2017
	(years)
Computer equipment	2-5	$	1,342		$	1,483
Machinery and equipment	5	102			112
Furniture and fixtures	2-5	3,183			2,987
Leasehold improvements	5	267			240
Total property and equipment		4,894			4,822
Less: Accumulated depreciation		(3,462		)	(3,148		)
Property and equipment, net		$	1,432		$	1,674

Depreciation expense incurred for the years ended December 31, 2018, 2017 and 2016 was $0.7 million, $0.8 million and $0.9 million, respectively.

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

ACCRUED EXPENSES AND OTHER LIABILITIES

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



	December 31,
	2018		2017
Inventory related obligations	$	7,041	$	12,906
Taxes payable	10,773		48,733
Retentions and development payable	18,899		12,025
Accrued compensation, bonuses and benefits	13,913		14,462
Accrued interest	12,339		2,096
Warranty reserve	2,950		2,450
Other	10,640		10,159
Total accrued expenses and other liabilities	$	76,555	$	102,831

Inventory Related Obligations

We own lots in certain communities in Arizona, California, Florida, and Texas 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, 2018 and 2017, we had CDD and other utility development obligations of approximately $7.0 million and $12.9 million, respectively.

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):



	December 31,
	2018			2017			2016
Warranty reserves, beginning of period	$	2,450		$	1,600		$	1,325
Warranty provision	4,438			4,999			3,084
Warranty expenditures	(3,938		)	(4,149		)	(2,809		)
Warranty reserves, end of period	$	2,950		$	2,450		$	1,600

Notes Payable

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Notes Payable

NOTES PAYABLE

Revolving Credit Agreement

On May 25, 2018, we entered into that certain Third Amended and Restated Credit Agreement with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent, which was amended as of June 19, 2018 by that certain First Amendment thereto (the “First Amendment”; such credit agreement, as amended by the First Amendment, the “Credit Agreement”). The Credit Agreement has substantially similar terms and provisions to our second amended and restated credit agreement entered into in May 2017 with several financial institutions, and Wells Fargo Bank, National Association, as administrative agent (the “2017 Credit Agreement”) but, among other things, provided for, a revolving credit facility of $450.0 million, which could be increased at our request by up to $50.0 million if the lenders make additional commitments, subject to the terms and conditions of the Credit Agreement (which was requested and approved in October 2018). On October 18, 2018, we entered into a Lender Acknowledgement Agreement with certain lenders and Wells Fargo Bank, National Association, as administrative agent, whereby the aggregate revolving commitments under the Credit Agreement increased by $50.0 million from $450.0 million to $500.0 million in accordance with the relevant provisions of the Credit Agreement.

The Credit Agreement matures on May 31, 2021. Before each anniversary of the Credit Agreement, we may request a one-year extension of the maturity date. The Credit Agreement is guaranteed by each of our subsidiaries that have gross assets equal to or greater than $0.5 million. The revolving credit facility is currently unsecured, but we have agreed to provide collateral if we fail to meet certain financial conditions in the future. As of December 31, 2018, the borrowing base under the Credit Agreement was $695.2 million, of which borrowings, including the Convertible Notes (as defined below) and the Senior Notes (as defined below), of $663.8 million were outstanding, $5.1 million of letters of credit were outstanding and $26.3 million was available to borrow under the Credit Agreement.

Interest is paid monthly on borrowings under the Credit Agreement at LIBOR plus 2.90%. The Credit Agreement applicable margin for LIBOR loans ranges from 2.65% to 3.25% based on our leverage ratio. At December 31, 2018, LIBOR was 2.46%.

The Credit Agreement contains various financial covenants, including a minimum tangible net worth, a leverage ratio, a minimum liquidity amount and an EBITDA to interest expense ratio. The Credit Agreement contains various covenants that, among other restrictions, limit the amount of our additional debt and our ability to make certain investments. At December 31, 2018, we were in compliance with all of the covenants contained in the Credit Agreement.

In connection with the issuance of our 6.875% Senior Notes due 2026 (the “Senior Notes”) in July 2018, we reduced the revolving commitment under the Credit Agreement from $750.0 million to $450.0 million pursuant to the First Amendment. During the year ended December 31, 2018, we recognized on our consolidated statements of operations $3.4 million in debt extinguishment costs related to the Credit Agreement.

Convertible Notes

We issued $85.0 million aggregate principal amount of our 4.25% Convertible Notes due 2019 (the “Convertible Notes”) in November 2014 pursuant to an exemption from the registration requirements afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The Convertible Notes mature on November 15, 2019. Interest on the Convertible Notes is payable semi-annually in arrears on May 15 and November 15 of each year at a rate of 4.25%. 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 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.

Prior to May 15, 2019, the Convertible Notes are convertible only upon satisfaction of any of the specified conversion events. On or after May 15, 2019 until the close of business on November 14, 2019 (the business day immediately preceding the stated maturity date of the Convertible Notes), the holders of the Convertible Notes can convert their Convertible Notes at any time at their option. Upon the election of a holder of Convertible Notes to convert their Convertible Notes, we may settle the conversion of the Convertible Notes using any combination of cash and shares of our common stock. It is our intent, and belief that we have the ability, to settle in cash the conversion of any Convertible Notes that the holders elect to convert. 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 certain specified events.

During the fourth quarter of 2017, we received notice from holders of $15.0 million principal amount of the Convertible Notes to convert their Convertible Notes. The conversion of such Convertible Notes was settled in the first quarter of 2018, resulting in the issuance of 486,679 shares of our common stock, a $0.6 million reduction to debt discount and additional paid in capital, a $0.2 million loss on the extinguishment of debt and a cash payment of $15.0 million for the principal amount of such Convertible Notes. As of December 31, 2018, we have $70.0 million aggregate principal amount of Convertible Notes outstanding.

During the fourth quarter of 2018, the Convertible Notes were convertible because the closing sale price of our common stock was greater than 130% of the $21.52 conversion price on at least 20 trading days during the 30 trading day period ending on September 30, 2018. As a result, the holders of the Convertible Notes could elect to convert some or all of their Convertible Notes in accordance with the terms and provisions of the indenture governing the Convertible Notes during the conversion period of October 1, 2018 through December 31, 2018 (inclusive). The Convertible Notes continue to be convertible during the first quarter of 2019. As of the date of the filing of this Annual Report on Form 10-K, no other conversion notices have been received by us.

On July 6, 2018, concurrently with the offering of the Senior Notes, we entered into that certain First Supplemental Indenture, dated as of July 6, 2018, among us, our subsidiaries that guarantee our obligations under the Credit Agreement (the “Subsidiary Guarantors”) and Wilmington Trust, National Association, as trustee, which supplements the indenture governing the Convertible Notes, pursuant to which (i) the subordination provisions in the indenture governing the Convertible Notes were eliminated, (ii) each Subsidiary Guarantor agreed (A) to, concurrently with the issuance of the Senior Notes, fully and unconditionally guarantee the Convertible Notes to the same extent that such Subsidiary Guarantor is guaranteeing the Senior Notes and (B) that such Subsidiary Guarantor’s guarantee of the Convertible Notes ranks equally with such Subsidiary Guarantor’s guarantee of the Senior Notes and (iii) the Company agreed to not, directly or indirectly, incur any indebtedness in the form of, or otherwise become liable in respect of, any notes or other debt securities issued pursuant to an indenture or note purchase agreement (including the Senior Notes) unless such indebtedness is equal with or contractually subordinated to the Convertible Notes in right of payment.

Senior Notes Offering

On July 6, 2018, we issued $300.0 million aggregate principal amount of the Senior Notes in an offering to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. Interest on the Senior Notes accrues at a rate of 6.875% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2019, and the Senior Notes mature on July 15, 2026. Terms of the Senior Notes are governed by an indenture and supplemental indenture, each dated as of July 6, 2018, among us, the Subsidiary Guarantors and Wilmington Trust, National Association, as trustee.

We received net proceeds from the offering of the Senior Notes of approximately $296.2 million, after deducting the initial purchasers’ discounts of $2.3 million and commissions and offering expenses of $1.5 million. The net proceeds from the offering were used to repay a portion of the borrowings under the Credit Agreement.

Notes payable consist of the following (in thousands):



	December 31,
	2018		2017
Notes payable under the Credit Agreement ($500.0 million revolving credit facility at December 31, 2018) maturing on May 31, 2021; interest paid monthly at LIBOR plus 2.90%; net of debt issuance costs of approximately $3.7 million and $5.3 million at December 31, 2018 and December 31, 2017, respectively	$	290,131	$	394,714
4.25% Convertible Notes due November 15, 2019; interest paid semi-annually at 4.25%; net of debt issuance costs of approximately $0.4 million and $1.0 million at December 31, 2018 and December 31, 2017, respectively; and approximately $1.3 million and $3.5 million in unamortized discount at December 31, 2018 and December 31, 2017, respectively	68,251		80,481
Senior Notes due July 15, 2026; interest paid semi-annually at 6.875%; net of debt issuance costs of approximately $2.5 million at December 31, 2018 and approximately $2.1 million in unamortized discount at December 31, 2018	295,352		—
Total Notes Payable	$	653,734	$	475,195

As of December 31, 2018, the annual aggregate maturities of notes payable during each of the next five fiscal years are as follows (in thousands):



	Amount
2019	$	69,962
2020	—
2021	293,800
2022	—
2023	—
Thereafter	300,000
Total notes payable	663,762
Less: Debt discount	(3,447		)
Less: Debt issuance costs	(6,581		)
Net notes payable	$	653,734

Capitalized Interest

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



	Year Ended December 31,
	2018			2017			2016
Interest incurred	$	38,216		$	24,275		$	18,457
Less: Amounts capitalized	(38,216		)	(24,275		)	(18,457		)
Interest expense	$	—		$	—		$	—

Cash paid for interest	$	23,376		$	19,704		$	14,339

Included in interest incurred was amortization of deferred financing costs for notes payable and amortization of the Convertible Notes and the Senior Notes discounts of $4.6 million, $4.1 million, and $3.6 million for the years ended December 31, 2018, 2017, and 2016, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2018

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,
	2018			2017			2016
Current:
Federal	$	39,053		$	55,218		$	37,751
State	5,483			4,970			3,452
Current tax provision	44,536			60,188			41,203
Deferred:
Federal	(663		)	(1,918		)	(2,451		)
State	(61		)	(174		)	(111		)
Deferred tax provision (benefit)	(724		)	(2,092		)	(2,562		)
Total income tax provision	$	43,812		$	58,096		$	38,641

Income taxes paid were $83.3 million, $16.8 million and $42.4 million for the years ended December 31, 2018, 2017 and 2016, respectively.

A reconciliation of the provision for income taxes and the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the years ended December 31, 2018, 2017 and 2016 (in thousands):



	Year Ended December 31,
	2018					2017					2016
Tax at federal statutory rate ⁽¹⁾	$	41,816		21.0	%	$	60,008		35.0	%	$	39,791		35.0	%
State income taxes (net of federal benefit)	4,263			2.1		3,060			1.8		2,143			1.9
Domestic production activity deduction	—			—		(5,461		)	(3.2	)	(3,727		)	(3.3	)
Non deductible expenses and other	(2,257		)	(1.1	)	(657		)	(0.4	)	435			0.4
Change in tax rates - deferred taxes	(10		)	—		1,146			0.7		(1		)	—
Tax at effective rate	$	43,812		22.0	%	$	58,096		33.9	%	$	38,641		34.0	%

(1) The Tax Act (as defined below) reduced the U.S. federal statutory rate from 35% to 21% beginning in 2018.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

The components of net deferred tax assets and liabilities at December 31, 2018 and 2017 are as follows (in thousands):



	December 31
	2018			2017
Deferred tax assets:
Accruals and reserves	$	2,642		$	2,756
Inventory	755			475
Stock-based compensation	1,918			1,048
Other	297			38
Debt extinguishment	531			—
Total deferred tax assets	6,143			4,317
Deferred tax liabilities:
Discount on Convertible Notes	(307		)	(801		)
Prepaids	(2,370		)	(1,035		)
Tax depreciation in excess of book depreciation	(183		)	(177		)
Goodwill and other assets amortized for tax	(493		)	(376		)
Total deferred tax liabilities	(3,353		)	(2,389		)
Total net deferred tax assets (liabilities)	$	2,790		$	1,928

The Company has not recorded any accruals related to uncertain tax positions as of December 31, 2018 and 2017, respectively. We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. The statute of limitations with regards to our federal income tax filings is three years. The statute of limitations for our state tax jurisdictions is three to four years depending on the jurisdiction. In the normal course of business, we are subject to tax audits in various jurisdictions, and such jurisdictions may assess additional income taxes. We do not expect the outcome of any examination to have a material effect on our consolidated financial statements; however, audit outcomes and the timing of audit adjustments are subject to significant uncertainty.

On December 22, 2017, the President signed into law the U.S. federal income tax legislation commonly referred to as the “Tax Cuts and Jobs Act” (the “Tax Act”), reducing the U.S. federal corporate income tax rate for tax years beginning after December 31, 2017, among other changes. Under ASC 740, Income Taxes (“ASC 740”), the effects of the Tax Act are recognized in the period that includes the date of enactment. The effect of this change impacts our effective tax rate. The estimated impact on 2017 was to reduce the value of our deferred tax assets by approximately $1.1 million and has been reflected in our effective tax rate reconciliation.The disclosed impact was our most reasonable estimate at that time based on our understanding of the Tax Act as it applied to our business. At December 31, 2018, we have completed our accounting for the income tax effects of the Tax Act on our deferred tax assets in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 118 and ASC 740, and no material adjustments were required.

Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

EQUITY

We are authorized to issue 250,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2018 and 2017, no shares of preferred stock were issued or outstanding.

At December 31, 2018, we had 23,746,385 shares of common stock issued and 22,707,385 shares of common stock outstanding, including 1,039,000 treasury shares of our common stock. On November 19, 2018, we purchased 39,000 shares of our common stock at $38.58 per share to be held as treasury stock, in addition to the 1,000,000 treasury shares of our common stock previously purchased by us on November 21, 2014 at $16.55 per share. At December 31, 2017, we had 22,845,580 shares of common stock issued and 21,845,580 shares of common stock outstanding, including the 1,000,000 treasury shares of our common stock purchased by us on November 21, 2014.

Shelf Registration Statement and ATM Offering Programs

On August 24, 2018, we and certain of our subsidiaries filed an automatic shelf registration statement on Form S-3 (Registration No. 333-227012), registering the offering and sale of an indeterminate amount of debt securities, guarantees of debt securities, preferred stock, common stock, warrants, depositary shares, purchase contracts and units that include any of these securities. Under our prior shelf registration statement, we established an at the market common stock offering program in September 2015 (the “2015 ATM Program”) and September 2016 (the “2016 ATM Program”) with Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, JMP Securities LLC and Builder Advisor Group, LLC, as sales agents to sell up to $30.0 million and $25.0 million, respectively, of our common stock. We issued and sold 743,554 shares of our common stock under the 2015 ATM Program, and received net proceeds of approximately $19.8 million, during 2016. We issued and sold 354,620 and 250,000 shares of our common stock under the 2016 ATM Program, and received net proceeds of approximately $15.5 million and $9.0 million, during 2017 and 2016, respectively.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2018, 2017, and 2016.



	For the Year Ended December 31,
	2018		2017		2016
Numerator (in thousands):
Net income	$	155,286	$	113,306	$	75,031
Denominator:
Basic weighted average shares outstanding	22,551,762		21,604,932		20,798,333
Effect of dilutive securities:
Convertible Notes - treasury stock method	2,030,023		1,975,648		1,044,519
Stock-based compensation units	310,489		352,542		181,239
Diluted weighted average shares outstanding	24,892,274		23,933,122		22,024,091

Basic earnings per share	$	6.89	$	5.24	$	3.61
Diluted earnings per share	$	6.24	$	4.73	$	3.41
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	20,462		16,473		13,613

In accordance with ASC 260-10, Earnings Per Share, we calculated the dilutive effect of the Convertible Notes using the treasury stock method, since we have the intent and ability to settle the principal amount of the outstanding Convertible Notes in cash. Under the treasury stock method, the Convertible Notes have a dilutive impact on diluted earnings per share to the extent that the average market price of our common stock for a reporting period exceeds the conversion price of $21.52 per share.

During the years ended December 31, 2018 , 2017, and 2016, the average market price of our common stock exceeded the conversion price of $21.52 per share, therefore the calculation of diluted earnings per share for all years presented includes the effect of our common stock related to the conversion spread of the Convertible Notes.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2018

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

Stock-Based Compensation

STOCK-BASED COMPENSATION

Non-performance Based Restricted Stock Units

A total of 3,000,000 shares of our common stock have been reserved for issuance under the LGI Homes, Inc. Amended and Restated 2013 Equity Incentive Plan (the “2013 Incentive Plan”). The 2013 Incentive Plan was approved by our stockholders at our 2017 Annual Meeting of Stockholders in May 2017. There were 171,055 restricted stock units (“RSUs”) outstanding at December 31, 2018, issued at a $0.00 exercise price.

The following table summarizes the activity of our time-vested RSUs:



	Shares		Weighted Average Grant Date Fair Value
Balance at December 31, 2015	107,814		$	16.48
Granted	62,453		$	23.66
Vested	(29,010	)	$	14.73
Forfeited	(7,404	)	$	17.97
Balance at December 31, 2016	133,853		$	20.13
Granted	76,586		$	36.83
Vested	(25,803	)	$	18.45
Forfeited	(9,536	)	$	20.48
Balance at December 31, 2017	175,100		$	27.66
Granted	54,874		$	57.60
Vested	(51,694	)	$	20.79
Forfeited	(7,225	)	$	34.77
Balance at December 31, 2018	171,055		$	39.04

In 2018, we issued 15,867 RSUs to senior management for the time-based portion of our 2018 long-term incentive compensation program and 11,780 RSUs for 2017 bonuses to managers under the Annual Bonus Plan, which generally cliff vest on the third anniversary of the grant date. In 2017, we issued 27,764 RSUs to senior management for the time-based portion of our 2017 long-term incentive compensation program and 18,366 RSUs for 2016 bonuses to managers under the Annual Bonus Plan, which generally cliff vest on the third anniversary of the grant date. In 2016, we issued 21,905 RSUs to senior management for the time-based portion of our 2016 long-term incentive compensation program and 22,059 RSUs for 2015 bonuses to certain officers and managers under the Annual Bonus Plan, which vest over three years. In addition, during the years ended December 31, 2018, 2017 and 2016, we issued 27,227, 30,456 and 18,489 RSUs, respectively, to certain employees, executives and non-employee directors, which vest over periods ranging from one to three years. Under the terms of the grant award agreements, all of the RSUs may only be settled in shares of our common stock.

We recognized $2.0 million, $1.3 million, and $0.8 million of stock-based compensation expense related to outstanding RSUs grants for the years ended December 31, 2018, 2017 and 2016, respectively. At December 31, 2018, we had unrecognized compensation cost of $3.6 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.1 years.

Performance Based Restricted Stock Units

The Compensation Committee of our Board of Directors has granted awards of performance-based RSUs (“PSUs”) under the 2013 Incentive Plan to certain members of senior management based on three-year performance cycles. At December 31, 2018, there were 253,821 PSUs outstanding that have been granted to certain members of management at a $0.00 exercise price. The PSUs provide for shares of our common stock to be issued based on the attainment of certain performance metrics over the applicable three-year periods. The number of shares of our common stock that may be issued to the recipients for the PSUs range from 0% to 200% of the target amount depending on actual results as compared to the target performance metrics. The terms of the PSUs provide that the payouts will be capped at 100% of the target number of PSUs granted if absolute total stockholder return is negative during the performance period, regardless of EPS performance; this market condition applies for amounts recorded above target. The compensation expense associated with the grants of PSU is determined using the derived grant date fair value, based on a third-party valuation analysis, and expensed over the applicable period. The PSUs vest upon the determination date for the actual results at the end of the three-year period and require that the recipients continue to be employed by us through the determination date. The PSUs can only be settled in shares of our common stock.



Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2017	Target PSUs Granted	Target PSUs Vested		Target PSUs Forfeited		Target PSUs Outstanding at December 31, 2018	Weighted Average Grant Date Fair Value
2015	2015 - 2017	120,971	—	(120,971	)	—		—	$	13.34
2016	2016 - 2018	87,605	—	—		(3,929	)	83,676	$	21.79
2017	2017 - 2019	111,035	—	—		(2,788	)	108,247	$	31.64
2018	2018 - 2020	—	61,898	—		—		61,898	$	64.60
Total		319,611	61,898	(120,971	)	(6,717	)	253,821

At December 31, 2018, management estimates that the recipients will receive approximately100%, 200%, and 200%, of the 2018, 2017, and 2016 target number of PSUs, respectively, at the end of the applicable three-year performance cycle based on projected performance compared to the target performance metrics. The 2015 - 2017 performance period grants vested on March 15, 2018 at 200% of the target number. We recognized $4.0 million, $2.9 million, and $2.6 million of total stock-based compensation expense related to outstanding PSUs grants for the years ended December 31, 2018, 2017 and 2016, respectively. At December 31, 2018, we had unrecognized compensation cost of $5.3 million, based on the probable amount, related to unvested PSUs, which is expected to be recognized over a weighted average period of 1.8 years.

Employee Stock Purchase Plan

In 2016, we adopted the LGI Homes, Inc. Employee Stock Purchase Plan (the “ESPP”). The ESPP provides for employees to make quarterly elections for payroll withholdings to purchase shares of our common stock at a 15% discount from the closing price of our common stock on the purchase date, which is the last business day of each calendar quarter. During the years ended December 31, 2018, 2017 and 2016, we issued 49,744, 33,887, and 19,398 shares of our common stock to the ESPP participants. We received net proceeds of approximately $2.7 million, $1.6 million and $0.6 million related to the ESPP for 2018, 2017, and 2016, respectively. We recognized $0.4 million, $0.2 million, and $0.1 million in stock compensation expense related to the ESPP for 2018, 2017, and 2016, respectively. The ESPP contributions are not refundable (other than in the case of termination of employment) and, therefore, the shares purchasable with the amounts withheld are included in weighted-average shares outstanding for both basic and diluted earnings per share. The maximum aggregate number of shares of our common stock which may be issued pursuant to the ESPP is 500,000 shares, and as of December 31, 2018, 396,971 shares of our common stock remain available for issuance under the ESPP.

Fair Value Disclosure

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE DISCLOSURES

ASC Topic 820, Fair Value Measurements (“ASC 820”), defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the 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 accounts payable, approximate their carrying amounts due to the short-term nature of these instruments. As of December 31, 2018, the Credit Facility’s carrying value approximates market value since it has a floating interest rate, which increases or decreases with market interest rates and our leverage ratio.

In order to determine the fair value of the Convertible Notes and the Senior Notes listed below, the future contractual cash flows are discounted at our estimate of current market rates of interest, which were determined based upon the average interest rates of similar convertible notes and senior notes within the homebuilding industry (Level 2 measurement).

The following table below shows the level and measurement of liabilities at December 31, 2018 and 2017 (in thousands):



		December 31, 2018				December 31, 2017
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value⁽¹⁾		Carrying Value		Estimated Fair Value⁽¹⁾
Convertible Notes	Level 2	$	68,251	$	67,787	$	80,481	$	81,523
Senior Notes	Level 2	$	295,352	$	296,905	$	—	$	—


(1)	Excludes the fair value of the equity component of the Convertible Notes. See the “Convertible Notes” section within Note 8 for further details.

- 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	12 Months Ended
Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Land Purchases from Affiliates As of December 31, 2018, we have two land purchase contracts to purchase a total of 198 finished lots in Pasco County and Manatee County, Florida from affiliates of one of our directors for a total base purchase price of approximately $6.9 million. The lots will be purchased in takedowns, subject to annual price escalation ranging from 3% to 6% per annum, and may provide for additional payments to the seller at the time of sale to the homebuyer. We have a $0.7 million non-refundable deposit at December 31, 2018 related to these land purchase contracts. We anticipate closing on these contracts in the first half of 2019. In April 2018, we completed our commitments under a land purchase contract to purchase 106 finished lots in Montgomery County, Texas from an affiliate of a family member of our chief executive officer for a total base purchase price of approximately $8.0 million. The lots were purchased in takedowns of at least 21 lots during successive six-month periods, subject to 5% annual price escalation and certain price protection terms. During 2018, we purchased the final takedown of 22 lots under this land purchase contract for $1.8 million and a $100,000 non-refundable deposit related to this land purchase contract was applied to this takedown. We purchased 42 lots under this land purchase contract during 2017 and 2016 for $3.4 million (escalated price) and $3.2 million, respectively. Consulting Fees We had a three-year consulting agreement with a family member of our chief executive officer for $100,000 per year payable on a monthly basis, which was terminated in June 2016 by mutual agreement of the parties. Consulting fees were $83,333 for the year ended December 31, 2016. Home Sales to Affiliates In 2018, we had no home closings to affiliates. In 2017, we sold three homes to an affiliate of one of our directors for approximately $0.7 million. In 2016, we sold two homes to an affiliate of one of our directors for approximately $0.5 million.

Retirement Benefits	12 Months Ended
Retirement Benefits	Dec. 31, 2018
Retirement Benefits [Abstract]
Retirement Benefits Disclosure	RETIREMENT BENEFITS Our employees are eligible to participate in a 401(k) savings plan. Employees are eligible to participate after completing 90 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 us of up to 100% of the first 4% of an eligible employee’s deferral, not to exceed the maximum allowed by law. For each of the years ended December 31, 2018, 2017 and 2016, our matching contributions were $2.6 million, $1.8 million and $0.8 million, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Contingencies

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

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

Land Deposits

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



	December 31,
	2018		2017
Land deposits and option payments	$	40,015	$	17,761
Commitments under the land purchase contracts if the purchases are consummated	$	776,224	$	460,714
Lots under land purchase contracts	22,820		18,758

As of December 31, 2018 and 2017, approximately $25.2 million and $8.4 million, respectively, of the land deposits are related to purchase contracts to deliver finished lots that are refundable under certain circumstances and secured by mortgages or letters of credit, or guaranteed by the seller or its affiliates.

Leasing Arrangements

We lease 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 $1.0 million, $1.0 million and $0.8 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Future minimum lease payments under non-cancellable operating lease agreements are as follows at December 31, 2018 (in thousands):



2019	$	827
2020	760
2021	768
2022	706
2023	722
Thereafter	2,837
Total	$	6,620

Bonding and Letters of Credit

We have outstanding letters of credit and performance and surety bonds totaling $77.5 million (including $5.1 million of letters of credit issued under the Credit Agreement) and $49.7 million at December 31, 2018 and 2017, respectively, related to our obligations for site improvements at various projects. Management does not believe that draws upon the letters of credit, surety bonds, or financial guarantees if any, will have a material effect on our consolidated financial position, results of operations, or cash flows.

Segment Information

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Beginning in the fourth quarter of 2018, we changed our reportable segments to Central, Northwest, Southeast, Florida, and West. These segments reflect the way the Company evaluates its business performance and manages its operations. Prior year information has been restated for corresponding items of our segment information.

We operate one principal homebuilding business that is organized and reports by division. We have seven operating segments that we aggregate into five reportable segments at December 31, 2018: our Central, Northwest, Southeast, Florida, and West divisions. The Central division is our largest division and comprised approximately 41.5%, 42.4% and 51.2% of total home sales revenues for the years ended December 31, 2018, 2017 and 2016, 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-makers (“CODMs”) in deciding how to allocate resources and in assessing performance. The CODMs primarily evaluate performance based on the number of homes closed, gross margin and average sales price.

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



	For the Year Ended December 31,
	2018			2017			2016
Revenues:
Central	$	623,751		$	533,254		$	429,505
Northwest	277,567			215,421			86,496
Southeast	271,073			183,422			111,651
Florida	180,950			199,733			115,276
West	151,059			126,130			95,392
Total home sales revenues	$	1,504,400		$	1,257,960		$	838,320

Net income (loss) before income taxes:
Central	$	104,625		$	89,133		$	73,026
Northwest	40,906			34,206			6,612
Southeast	29,078			19,959			11,996
Florida	21,341			25,687			14,471
West	13,595			5,890			10,108
Corporate ⁽¹⁾	(10,447		)	(3,473		)	(2,541		)
Total net income (loss) before income taxes	$	199,098		$	171,402		$	113,672

(1)The Corporate balance consists primarily of general and administration unallocated costs for various shared service functions, as well as our warranty reserve and loss on extinguishment of debt. Actual warranty expenses are reflected within the reportable segments.



	December 31,
Assets:	2018		2017
Central	$	569,409	$	454,899
Northwest	200,443		159,489
Southeast	300,758		155,928
Florida	106,398		119,257
West	161,514		96,647
Corporate ⁽¹⁾	56,951		93,672
Total assets	$	1,395,473	$	1,079,892

(1) As of December 31, 2018, the Corporate balance consists primarily of cash, prepaid insurance and prepaid expenses. As of December 31, 2017, the Corporate balance consists primarily of cash, deposits and pre-acquisition costs, prepaid insurance and prepaid expenses. As of December 31, 2017, $18.9 million of deposits and pre-acquisition costs were reported at Corporate and balances as of December 31, 2018 were allocated to the five reportable segments.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

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		Second Quarter		Third Quarter		Fourth Quarter
	2018		2018		2018		2018
Total home sales revenues	$	279,024	$	419,847	$	380,369	$	425,160
Gross margin	69,259		109,765		97,334		103,558
Income before income taxes	31,227		62,671		48,991		56,209
Net income	27,302		47,608		37,723		42,653
Basic earnings per share	1.23		2.11		1.66		1.89
Diluted earnings per share	1.10		1.90		1.52		1.72



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	2017		2017		2017		2017
Total home sales revenues	$	162,911	$	324,178	$	365,896	$	404,975
Gross margin	43,499		86,348		91,896		98,677
Income before income taxes	16,842		48,642		50,877		55,041
Net income	11,780		32,199		33,687		35,640
Basic earnings per share	0.55		1.49		1.55		1.65
Diluted earnings per share	0.52		1.39		1.40		1.43

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation Policy	Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates Policy	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting 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, goodwill, warranty reserves, the fair value of the convertible debt, loss contingencies, incentive compensation expense, and income taxes.
Cash and Cash Equivalents and Concentration of Credit Risk Policy	Cash and Cash Equivalents and Concentration of Credit Risk Cash and cash equivalents are defined as cash on hand, demand deposits with financial institutions, and short-term liquid investments with an initial maturity date of less than three months. Our cash in demand deposit accounts may exceed federally insured limits and could be negatively impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or diminished access to cash in our demand deposit accounts.
Accounts Receivable Policy	Accounts Receivable Accounts receivable consist primarily of proceeds due from title companies for sales closed prior to period end and are generally collected within a few days from closing.
Real Estate Inventory Policy	Real Estate Inventory Inventory consists of land, land under development, finished lots, information centers, homes in progress, 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, which we believe approximates the costs that would be determined using an allocation method based on relative sales values since the individual lots or homes within a community are similar in value. Inventory costs for completed homes are expensed to cost of sales as homes are closed. 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 information center during the life of the community and then sold. Actual individual community lives will vary based on the size of the community, the sales absorption rate, and whether the property was purchased as raw land or finished lots. In accordance with the Accounting Standards Codification (“ASC”) Topic 360, Property, Plant, and Equipment, real estate inventory is evaluated for indicators of impairment by each community during each reporting period. In conducting its review for indicators of impairment on a community level, management evaluates, among other things, the margins on homes that have been closed, communities with slow moving inventory, projected margins on future home sales over the life of the community, and the estimated fair value of the land. For individual communities with indicators of impairment, additional analysis is performed to estimate the community’s undiscounted future cash flows. If the estimated undiscounted future cash flows are greater than the carrying value of the community group of assets, no impairment adjustment is required. If the undiscounted cash flows are less than the community’s carrying value, the asset group is impaired and is written down to its fair value. We estimate the fair value of communities using a discounted cash flow model. As of December 31, 2018 and 2017, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the years ended December 31, 2018, 2017 and 2016.
Capitalized Interest Policy	Capitalized Interest Interest and other financing costs are capitalized as cost of inventory during community development and home construction activities, in accordance with ASC Topic 835, Interest and expensed in cost of sales as homes in the community are closed. To the extent the debt exceeds qualified assets, a portion of the interest incurred is expensed.
Pre-Acquisition Costs and Deposits Policy	Pre-Acquisition Costs and Deposits Amounts paid for land options, deposits on land purchase contracts, and other pre-acquisition costs are capitalized and classified as deposits to purchase. Upon execution of the purchase, these deposits are applied to the acquisition price of the land and recorded as a cost component of the land in real estate inventory. To the extent that any deposits are nonrefundable and the associated land acquisition process is terminated or no longer determined probable, the deposit and related pre-acquisition costs are charged to other income, net. Management reviews the likelihood of the acquisition of contracted lots in conjunction with its periodic real estate impairment analysis. Under ASC Topic 810, Consolidation (“ASC 810”), a nonrefundable deposit paid to an entity is deemed to be a variable interest that will absorb some or all of the entity’s expected losses if they occur. Non-refundable land purchase and lot option deposits generally represent our maximum exposure if we elect not to purchase the optioned property. In some instances, we may also expend funds for due diligence, development and construction activities with respect to optioned land prior to close. Such costs are classified as preacquisition costs, which we would have to absorb should the option not be exercised. Therefore, whenever we enter into a land option or purchase contract with an entity and make a nonrefundable deposit, we may have a variable interest in a variable interest entity (“VIE”). In accordance with ASC 810, we perform ongoing reassessments of whether we are the primary beneficiary of a VIE and would consolidate the VIE if we are deemed to be the primary beneficiary. As of December 31, 2018 and 2017, we were not deemed to be the primary beneficiary for any VIEs associated with non-refundable land deposits.
Deferred Loan Costs Policy	Deferred Loan Costs Deferred loan costs represent debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability.
Other Assets Policy	Other Assets Other assets consist primarily of prepaid insurance, security deposits, and prepaid expenses. Our prepaid expenses were $8.5 million and $7.5 million as of December 31, 2018 and 2017, respectively.
Property and Equipment Policy	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 two to five 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, 2018, 2017 and 2016.
Goodwill and Intangible Assets Policy	Goodwill and Intangible Assets The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as goodwill in accordance with ASC Topic 805, Business Combinations. 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 $12.0 million of goodwill is related to the reorganization transactions completed in connection with the initial public offering of our common stock in November 2013. In applying the goodwill impairment test, we have the option to perform a qualitative test (also known as “Step 0”) or a two-step quantitative test (consisting of “Step 1” and “Step 2”). Under the Step 0 test, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than their carrying value. Qualitative factors may include, but are not limited to, economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting unit and other entity and reporting unit specific events. If after assessing these qualitative factors, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than the carrying value, then performing the two-step quantitative test is necessary. During 2018 and 2017, we performed a Step 0 analysis and determined that it is not “more likely than not” that the fair values of the reporting units were less than their carrying amounts. During 2016, we performed the two-step quantitative impairment test. No goodwill impairment charges were recorded in 2018, 2017 and 2016.
Warranty Reserves Policy	Warranty Reserves Future direct warranty costs are accrued and charged to cost of sales in the period when the related home is closed. Our warranty liability is based upon historical warranty cost experience and is adjusted as appropriate to reflect qualitative risks associated with the types of homes built, the geographic areas in which they are built, and potential impacts of our continued expansion. Warranty reserves are reviewed quarterly to assess the reasonableness and adequacy and adjusted, as needed, to reflect changes in trends and historical data as information becomes available.
Customer Deposits Policy	Customer Deposits Customer deposits are received upon signing a purchase contract and are 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 Policy	Home Sales Revenues from home sales are recorded at the time each home sale is closed, title and possession are transferred to the buyer, and we have 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 Policy	Cost of Sales As discussed under Real Estate Inventory above, cost of sales for homes closed include the construction costs of each home and allocable land acquisition and land development costs, capitalized interest, and other related common costs (both incurred and estimated to be incurred).
Selling and Commission Costs Policy	Selling and Commission Costs Sales commissions are paid and expensed based on homes closed. Other selling costs are expensed in the period incurred.
Advertising Costs Policy	Advertising Costs Advertising and direct mail costs are expensed as incurred. Advertising and direct mail costs were $17.6 million, $15.2 million and $11.3 million for the years ended December 31, 2018, 2017, and 2016, respectively.
Income Taxes Policy	Income Taxes We are a taxable entity subject to federal and state taxes. We utilize the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Changes in tax rate are recognized in the year of enactment. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Our ability to realize deferred tax assets is assessed throughout the year and a valuation allowance is established, if required. We recognize the impact of a tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position. We recognize potential interest and penalties related to uncertain tax positions in income tax expense.
Earnings Per Share Policy	Earnings Per Share Basic earnings per share is based on the weighted average number of shares of common stock outstanding. Diluted earnings per share is based on the weighted average number of shares of common stock and dilutive securities outstanding. In accordance with ASC 260-10, Earnings Per Share, we calculated the dilutive effect of the Convertible Notes using the treasury stock method, since we have the intent and ability to settle the principal amount of the outstanding Convertible Notes in cash. Under the treasury stock method, the Convertible Notes have a dilutive impact on diluted earnings per share to the extent that the average market price of our common stock for a reporting period exceeds the conversion price of $21.52 per share. Diluted earnings per share excludes all dilutive potential shares of common stock if their effect is antidilutive.
Share-Based Compensation Policy	Stock-Based Compensation Compensation costs for non-performance-based restricted stock awards are measured using the closing price of our common stock on the date of grant and are expensed on a straight-line basis over the requisite service period of the award. Compensation costs for performance-based restricted stock awards also contain a market condition. These costs are measured using the derived grant date fair value, based on a third party valuation analysis, and are expensed in accordance with ASC 718-10-25-20, Compensation - Stock Compensation, which requires an assessment of probability of attainment of the performance target. Once the performance target outcome is determined to be probable, the cumulative expense is adjusted, as needed, to recognize compensation expense on a straight-line basis over the award’s requisite service period.
New Accounting Pronouncements Policy	Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which modifies the disclosure requirements of fair value measurements. ASU 2018-13 is effective for us beginning January 1, 2020. Certain disclosures are required to be applied on a retrospective basis and others on a prospective basis. We are currently evaluating the impact that adoption of this guidance will have on our financial statement disclosures. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment.” (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for us beginning January 1, 2020, with early adoption permitted, and applied prospectively. We do not expect ASU 2017-04 to have a material impact on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than twelve months. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities will be expanded to include qualitative and specific quantitative information. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. We expect to adopt the new standard in the quarter ending March 31, 2019. ASU 2016-02 requires a modified retrospective transition approach. We believe the recognition of new right-of-use (“ROU”) assets and lease liabilities will be the most significant change for us under ASU 2016-02. ASU 2016-02 includes several practical expedients, which we anticipate we will elect upon adoption, including to not reassess the lease classification for any expired or existing leases. Management is continuing to assess the values of the ROU assets and lease liabilities that will be included on the balance sheet as of January 1, 2019. Management does not expect the adoption of ASU 2016-02 to have a material impact on our results of operations or cash flows.

Business Aquisition (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Business Combination, Separately Recognized Transactions

At December 31, 2018, 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	$	74,463
Common Stock	4,000
Total consideration	78,463
Assets acquired and liabilities assumed:
Real estate inventory	75,927
Pre-acquisition costs, deposits and other assets	8,143
Total assets	84,070
Accounts payable and accrued liabilities	(5,607		)
Total liabilities	(5,607		)

Net assets acquired	$	78,463

Revenues (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Products

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



	For the Year Ended December 31,
	2018		2017		2016
Retail home sales revenues	$	1,394,475	$	1,217,191	$	838,320
Other	109,925		40,769		—
Total home sales revenues	$	1,504,400	$	1,257,960	$	838,320

Revenue from External Customers by Geographic Areas

The following table presents our home sales revenues disaggregated by geography, based on our determined operating segments in Note 16 (in thousands):



	For the Year Ended December 31,
	2018		2017		2016
Central	$	623,751	$	533,254	$	429,505
Northwest	277,567		215,421		86,496
Southeast	271,073		183,422		111,651
Florida	180,950		199,733		115,276
West	151,059		126,130		95,392
Home sales revenues	$	1,504,400	$	1,257,960	$	838,320

Real Estate Inventory (Tables)

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory

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



	December 31,
	2018		2017
Land, land under development, and finished lots	$	736,402	$	494,552
Information centers	21,179		18,327
Homes in progress	149,506		191,659
Completed homes	321,169		214,395
Total real estate inventory	$	1,228,256	$	918,933

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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



		December 31,
	Asset Life	2018			2017
	(years)
Computer equipment	2-5	$	1,342		$	1,483
Machinery and equipment	5	102			112
Furniture and fixtures	2-5	3,183			2,987
Leasehold improvements	5	267			240
Total property and equipment		4,894			4,822
Less: Accumulated depreciation		(3,462		)	(3,148		)
Property and equipment, net		$	1,432		$	1,674

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

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



	December 31,
	2018		2017
Inventory related obligations	$	7,041	$	12,906
Taxes payable	10,773		48,733
Retentions and development payable	18,899		12,025
Accrued compensation, bonuses and benefits	13,913		14,462
Accrued interest	12,339		2,096
Warranty reserve	2,950		2,450
Other	10,640		10,159
Total accrued expenses and other liabilities	$	76,555	$	102,831

Changes in Companies' Warranty Accrual

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



	December 31,
	2018			2017			2016
Warranty reserves, beginning of period	$	2,450		$	1,600		$	1,325
Warranty provision	4,438			4,999			3,084
Warranty expenditures	(3,938		)	(4,149		)	(2,809		)
Warranty reserves, end of period	$	2,950		$	2,450		$	1,600

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consist of the following (in thousands):



	December 31,
	2018		2017
Notes payable under the Credit Agreement ($500.0 million revolving credit facility at December 31, 2018) maturing on May 31, 2021; interest paid monthly at LIBOR plus 2.90%; net of debt issuance costs of approximately $3.7 million and $5.3 million at December 31, 2018 and December 31, 2017, respectively	$	290,131	$	394,714
4.25% Convertible Notes due November 15, 2019; interest paid semi-annually at 4.25%; net of debt issuance costs of approximately $0.4 million and $1.0 million at December 31, 2018 and December 31, 2017, respectively; and approximately $1.3 million and $3.5 million in unamortized discount at December 31, 2018 and December 31, 2017, respectively	68,251		80,481
Senior Notes due July 15, 2026; interest paid semi-annually at 6.875%; net of debt issuance costs of approximately $2.5 million at December 31, 2018 and approximately $2.1 million in unamortized discount at December 31, 2018	295,352		—
Total Notes Payable	$	653,734	$	475,195

Contractual Obligation, Fiscal Year Maturity Schedule

As of December 31, 2018, the annual aggregate maturities of notes payable during each of the next five fiscal years are as follows (in thousands):



	Amount
2019	$	69,962
2020	—
2021	293,800
2022	—
2023	—
Thereafter	300,000
Total notes payable	663,762
Less: Debt discount	(3,447		)
Less: Debt issuance costs	(6,581		)
Net notes payable	$	653,734

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,
	2018			2017			2016
Interest incurred	$	38,216		$	24,275		$	18,457
Less: Amounts capitalized	(38,216		)	(24,275		)	(18,457		)
Interest expense	$	—		$	—		$	—

Cash paid for interest	$	23,376		$	19,704		$	14,339

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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



	Year ended December 31,
	2018			2017			2016
Current:
Federal	$	39,053		$	55,218		$	37,751
State	5,483			4,970			3,452
Current tax provision	44,536			60,188			41,203
Deferred:
Federal	(663		)	(1,918		)	(2,451		)
State	(61		)	(174		)	(111		)
Deferred tax provision (benefit)	(724		)	(2,092		)	(2,562		)
Total income tax provision	$	43,812		$	58,096		$	38,641

Schedule of Effective Income Tax Rate Reconciliation



	Year Ended December 31,
	2018					2017					2016
Tax at federal statutory rate ⁽¹⁾	$	41,816		21.0	%	$	60,008		35.0	%	$	39,791		35.0	%
State income taxes (net of federal benefit)	4,263			2.1		3,060			1.8		2,143			1.9
Domestic production activity deduction	—			—		(5,461		)	(3.2	)	(3,727		)	(3.3	)
Non deductible expenses and other	(2,257		)	(1.1	)	(657		)	(0.4	)	435			0.4
Change in tax rates - deferred taxes	(10		)	—		1,146			0.7		(1		)	—
Tax at effective rate	$	43,812		22.0	%	$	58,096		33.9	%	$	38,641		34.0	%

Schedule of Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities at December 31, 2018 and 2017 are as follows (in thousands):



	December 31
	2018			2017
Deferred tax assets:
Accruals and reserves	$	2,642		$	2,756
Inventory	755			475
Stock-based compensation	1,918			1,048
Other	297			38
Debt extinguishment	531			—
Total deferred tax assets	6,143			4,317
Deferred tax liabilities:
Discount on Convertible Notes	(307		)	(801		)
Prepaids	(2,370		)	(1,035		)
Tax depreciation in excess of book depreciation	(183		)	(177		)
Goodwill and other assets amortized for tax	(493		)	(376		)
Total deferred tax liabilities	(3,353		)	(2,389		)
Total net deferred tax assets (liabilities)	$	2,790		$	1,928

Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2018, 2017, and 2016.



	For the Year Ended December 31,
	2018		2017		2016
Numerator (in thousands):
Net income	$	155,286	$	113,306	$	75,031
Denominator:
Basic weighted average shares outstanding	22,551,762		21,604,932		20,798,333
Effect of dilutive securities:
Convertible Notes - treasury stock method	2,030,023		1,975,648		1,044,519
Stock-based compensation units	310,489		352,542		181,239
Diluted weighted average shares outstanding	24,892,274		23,933,122		22,024,091

Basic earnings per share	$	6.89	$	5.24	$	3.61
Diluted earnings per share	$	6.24	$	4.73	$	3.41
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share	20,462		16,473		13,613

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

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

Schedule of Restricted Stock Unit Activity

The following table summarizes the activity of our time-vested RSUs:



	Shares		Weighted Average Grant Date Fair Value
Balance at December 31, 2015	107,814		$	16.48
Granted	62,453		$	23.66
Vested	(29,010	)	$	14.73
Forfeited	(7,404	)	$	17.97
Balance at December 31, 2016	133,853		$	20.13
Granted	76,586		$	36.83
Vested	(25,803	)	$	18.45
Forfeited	(9,536	)	$	20.48
Balance at December 31, 2017	175,100		$	27.66
Granted	54,874		$	57.60
Vested	(51,694	)	$	20.79
Forfeited	(7,225	)	$	34.77
Balance at December 31, 2018	171,055		$	39.04

Schedule of Performance Based Stock Activity



Period Granted	Performance Period	Target PSUs Outstanding at December 31, 2017	Target PSUs Granted	Target PSUs Vested		Target PSUs Forfeited		Target PSUs Outstanding at December 31, 2018	Weighted Average Grant Date Fair Value
2015	2015 - 2017	120,971	—	(120,971	)	—		—	$	13.34
2016	2016 - 2018	87,605	—	—		(3,929	)	83,676	$	21.79
2017	2017 - 2019	111,035	—	—		(2,788	)	108,247	$	31.64
2018	2018 - 2020	—	61,898	—		—		61,898	$	64.60
Total		319,611	61,898	(120,971	)	(6,717	)	253,821

Fair Value Disclosure (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measures

The following table below shows the level and measurement of liabilities at December 31, 2018 and 2017 (in thousands):



		December 31, 2018				December 31, 2017
	Fair Value Hierarchy	Carrying Value		Estimated Fair Value⁽¹⁾		Carrying Value		Estimated Fair Value⁽¹⁾
Convertible Notes	Level 2	$	68,251	$	67,787	$	80,481	$	81,523
Senior Notes	Level 2	$	295,352	$	296,905	$	—	$	—


(1)	Excludes the fair value of the equity component of the Convertible Notes. See the “Convertible Notes” section within Note 8 for further details.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Summary of Lots Under Option or Contract

The following is a summary of our land purchase deposits included in pre-acquisition costs and deposits (in thousands, except for lot count):



	December 31,
	2018		2017
Land deposits and option payments	$	40,015	$	17,761
Commitments under the land purchase contracts if the purchases are consummated	$	776,224	$	460,714
Lots under land purchase contracts	22,820		18,758

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, 2018 (in thousands):



2019	$	827
2020	760
2021	768
2022	706
2023	722
Thereafter	2,837
Total	$	6,620

Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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



	For the Year Ended December 31,
	2018			2017			2016
Revenues:
Central	$	623,751		$	533,254		$	429,505
Northwest	277,567			215,421			86,496
Southeast	271,073			183,422			111,651
Florida	180,950			199,733			115,276
West	151,059			126,130			95,392
Total home sales revenues	$	1,504,400		$	1,257,960		$	838,320

Net income (loss) before income taxes:
Central	$	104,625		$	89,133		$	73,026
Northwest	40,906			34,206			6,612
Southeast	29,078			19,959			11,996
Florida	21,341			25,687			14,471
West	13,595			5,890			10,108
Corporate ⁽¹⁾	(10,447		)	(3,473		)	(2,541		)
Total net income (loss) before income taxes	$	199,098		$	171,402		$	113,672



	December 31,
Assets:	2018		2017
Central	$	569,409	$	454,899
Northwest	200,443		159,489
Southeast	300,758		155,928
Florida	106,398		119,257
West	161,514		96,647
Corporate ⁽¹⁾	56,951		93,672
Total assets	$	1,395,473	$	1,079,892

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

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



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	2018		2018		2018		2018
Total home sales revenues	$	279,024	$	419,847	$	380,369	$	425,160
Gross margin	69,259		109,765		97,334		103,558
Income before income taxes	31,227		62,671		48,991		56,209
Net income	27,302		47,608		37,723		42,653
Basic earnings per share	1.23		2.11		1.66		1.89
Diluted earnings per share	1.10		1.90		1.52		1.72



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	2017		2017		2017		2017
Total home sales revenues	$	162,911	$	324,178	$	365,896	$	404,975
Gross margin	43,499		86,348		91,896		98,677
Income before income taxes	16,842		48,642		50,877		55,041
Net income	11,780		32,199		33,687		35,640
Basic earnings per share	0.55		1.49		1.55		1.65
Diluted earnings per share	0.52		1.39		1.40		1.43

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real estate inventory:
Impairment of real estate inventory	$ 0	$ 0	$ 0
Other Assets:
Prepaid expense	8,500,000	7,500,000
Property and equipment:
Impairments of property, equipment and leasehold improvements	0	0	0
Goodwill:
Goodwill	12,000,000
Goodwill impairment	0	0	0
Advertising costs:
Advertising and direct mail costs	$ 17,600,000	$ 15,200,000	$ 11,300,000
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

Business Acquisition (Details) $ in Thousands	12 Months Ended
Business Acquisition (Details) $ in Thousands	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Business Combinations [Abstract]
Number of homes under construction in a business combination	200
Number of owned and controlled lots in a business combination	4,000
Purchase price of business combination	$ 78,463
Payment for business acquisition	74,463	$ 0	$ 0
Stock issued in business combination	4,000
Real estate inventory acquired in business combination	75,927
Pre-acquisition costs, deposits, and other assets in a business combination	8,143
Total assets acquired in a business combination	84,070
Liabilities assumed in a business combination	(5,607)
Net assets acquired in a business combination	78,463
Acquisition related costs	$ 800

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Home sales revenues	$ 425,160	$ 380,369	$ 419,847	$ 279,024	$ 404,975	$ 365,896	$ 324,178	$ 162,911	$ 1,504,400	$ 1,257,960	$ 838,320
Retail
Disaggregation of Revenue [Line Items]
Home sales revenues									1,394,475	1,217,191	838,320
Wholesale
Disaggregation of Revenue [Line Items]
Home sales revenues									109,925	40,769	0
Central Division
Disaggregation of Revenue [Line Items]
Home sales revenues									623,751	533,254	429,505
Northwest Division
Disaggregation of Revenue [Line Items]
Home sales revenues									277,567	215,421	86,496
Southeast Division
Disaggregation of Revenue [Line Items]
Home sales revenues									271,073	183,422	111,651
Florida Division
Disaggregation of Revenue [Line Items]
Home sales revenues									180,950	199,733	115,276
West Division
Disaggregation of Revenue [Line Items]
Home sales revenues									$ 151,059	$ 126,130	$ 95,392

Schedule of Real Estate Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Land, land under development, and finished lots	$ 736,402	$ 494,552
Information centers	21,179	18,327
Homes in progress	149,506	191,659
Completed homes	321,169	214,395
Total real estate inventory	$ 1,228,256	$ 918,933

Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment	$ 4,894	$ 4,822
Less: Accumulated depreciation	(3,462)	(3,148)
Property and equipment, net	1,432	1,674
Depreciation	700	800	$ 900
Computer Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	1,342	1,483
Machinery, equipment and vehicles
Property, Plant and Equipment [Line Items]
Property and equipment	$ 102	112
Estimated useful life of asset	5 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,183	2,987
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 267	$ 240
Estimated useful life of asset	5 years
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	2 years
Minimum \| Computer Equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	2 years
Minimum \| Furniture and Fixtures
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
Maximum \| Computer Equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years
Maximum \| Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life of asset	5 years

Accrued Expenses and Other Liabilites (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Inventory related obligations	$ 7,041	$ 12,906
Taxes payable	10,773	48,733
Retentions and development payable	18,899	12,025
Accrued compensation, bonuses and benefits	13,913	14,462
Accrued interest	12,339	2,096
Warranty reserve	2,950	2,450	$ 1,600	$ 1,325
Other	10,640	10,159
Total accrued expenses and other liabilities	$ 76,555	$ 102,831
Inventory Related Obligation Term	30 years

Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty reserves, beginning of period	$ 2,450	$ 1,600	$ 1,325
Warranty provision	4,438	4,999	3,084
Warranty expenditures	(3,938)	(4,149)	(2,809)
Warranty reserves, end of period	$ 2,950	$ 2,450	$ 1,600
Other Construction Components
Limited Warranty Period	1 year
Structural Elements
Limited Warranty Period	10 years

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Notes payable	$ 653,734	$ 475,195
Debt issuance costs	6,581
Unamortized discount	3,447
Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	290,131	394,714
Debt issuance costs	3,669	5,286
Convertible Debt
Debt Instrument [Line Items]
Notes payable	68,251	80,481
Debt issuance costs	364	1,014
Unamortized discount	1,347	3,505
Senior Notes
Debt Instrument [Line Items]
Notes payable	295,352	0
Debt issuance costs	2,548	0
Unamortized discount	$ 2,100	$ 0

Notes Payable - Revolving Credit Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2018
Debt Instrument [Line Items]
Assets	$ 1,395,473	$ 1,079,892
Loss on extinguishment of debt	(3,599)	$ 0	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, Maximum Borrowing Capacity before Accordion	450,000
Line of Credit Facility, Additional Borrowing Capacity	50,000
Line of credit facility, maximum borrowing capacity	$ 500,000			$ 750,000
Line of credit facility, expiration date	May 31, 2021
Line of credit facility, current borrowing capacity	$ 695,200
Line of credit, amount outstanding	663,800
Letters of credit outstanding	5,100
Line of credit facility, remaining borrowing capacity	$ 26,300
Basis spread on variable rate	2.90%
Loss on extinguishment of debt	$ 3,424
Minimum \| Guarantor Subsidiaries \| Revolving Credit Facility
Debt Instrument [Line Items]
Assets	$ 500
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate	2.46%

Notes Payable - Convertible Notes (Details)	1 Months Ended	12 Months Ended
Notes Payable - Convertible Notes (Details)	Nov. 30, 2014 USD ($)	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 3,588,000	$ 0	$ 0
Convertible Debt
Debt Instrument [Line Items]
Debt conversion, original debt amount		$ 85,000,000
Stated interest rate on convertible note		4.25%
Line of credit facility, expiration date		Nov. 15, 2019
Convertible notes, fair value	$ 76,500,000	$ 67,787,000	$ 81,523,000
Adjustments to APIC, equity component of convertible debt	5,500,000
Adjustments to APIC, deferred tax liability	$ 3,000,000
Convertible notes, conversion ratio		46.4792
Convertible notes, amount in multiples that may be converted		$ 1,000
Convertible notes, conversion price \| $ / shares		$ 21.52
Repayments of convertible debt		$ 15,000,000
Debt conversion, converted instrument, shares issued \| shares		486,679
Loss on extinguishment of debt		$ 200,000
Convertible debt		$ 70,000,000

Senior Notes (Details) $ in Thousands	12 Months Ended
Senior Notes (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Senior Notes, Gross	$ 663,762
Senior Notes
Debt Instrument [Line Items]
Senior Notes, Gross	$ 300,000
Stated interest rate on senior note	6.875%
Senior Notes maturity date	Jul. 15, 2026
Proceeds from issuance of debt	$ 296,200
Initial debt discount	2,300
Debt offering commissions and offering costs	$ 1,500

Notes Payable - Annual Aggregate Maturities of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Maturities of Long-term Debt [Abstract]
Long-term debt, maturities in next twelve months	$ 69,962
Long-term debt, maturities in year two	0
Long-term debt, maturities in year three	293,800
Long-term debt, maturities in year four	0
Long-term debt, maturities in year five	0
Long-term debt, maturities after year five	300,000
Total Notes Payable, Gross	663,762
Unamortized discount	(3,447)
Debt issuance costs	(6,581)
Notes payable	$ 653,734	$ 475,195

Notes Payable - Capitalized Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Interest incurred	$ 38,216	$ 24,275	$ 18,457
Less: Amounts capitalized	(38,216)	(24,275)	(18,457)
Interest expense	0	0	0
Cash paid for interest	23,376	19,704	14,339
Amortization of financing costs and discounts	$ 4,600	$ 4,100	$ 3,600

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ 39,053	$ 55,218	$ 37,751
State	5,483	4,970	3,452
Current tax provision	44,536	60,188	41,203
Deferred:
Federal	(663)	(1,918)	(2,451)
State	(61)	(174)	(111)
Deferred tax provision (benefit)	(724)	(2,092)	(2,562)
Total income tax provision	43,812	58,096	38,641
Income taxes paid	$ 83,300	$ 16,800	$ 42,400

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at federal statutory rate (1)	$ 41,816	$ 60,008	$ 39,791
State income taxes (net of federal benefit)	4,263	3,060	2,143
Domestic production activity deduction	0	(5,461)	(3,727)
Non deductible expenses and other	(2,257)	(657)	435
Change in tax rates - deferred taxes	(10)	1,146	(1)
Tax at effective rate	$ 43,812	$ 58,096	$ 38,641
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at federal statutory rate (1)	21.00%	35.00%	35.00%
State income taxes (net of federal benefit)	2.10%	1.80%	1.90%
Domestic production activity deduction	(0.00%)	(3.20%)	(3.30%)
Non deductible expenses and other	(1.10%)	(0.40%)	0.40%
Change in tax rates - deferred taxes	0.00%	0.70%	0.00%
Tax at effective rate	22.00%	33.90%	34.00%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Tax Cuts And Jobs Act Of 2017 Change In Tax Rate Deferred Tax Asset Income Tax Expense	$ 1,100
Deferred tax assets:
Accruals and reserves	2,756	$ 2,642
Inventory	475	755
Stock-based compensation	1,048	1,918
Deferred Tax Assets, Other		297
Other	38
Deferred Tax Assets, Debt Extinguishment	0	531
Total deferred tax assets	4,317	6,143
Deferred tax liabilities:
Discount on Convertible Notes	(801)	(307)
Prepaids	(1,035)	(2,370)
Tax depreciation in excess of book depreciation	(177)	(183)
Goodwill and other assets amortized for tax	(376)	(493)
Total deferred tax liabilities	(2,389)	(3,353)
Total net deferred tax assets	$ 1,928	$ 2,790

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares authorized	250,000,000	250,000,000
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000
Preferred stock, par value per share	$ 0.01
Common stock, shares issued	23,746,385	22,845,580
Common stock, shares outstanding	22,707,385	21,845,580
Treasury stock, shares	1,039,000	1,000,000
Treasury stock acquired (in shares)	39,000
Treasury stock purchased, average cost per share	$ 38.58			$ 16.55
2015 ATM Program
Class of Stock [Line Items]
ATM Program maximum authorized amount		$ 30.0
Issuance of shares (in shares)			743,554
Issuance of shares, net offering costs			$ 19.8
2016 ATM Program
Class of Stock [Line Items]
ATM Program maximum authorized amount		$ 25.0
Issuance of shares (in shares)		354,620	250,000
Issuance of shares, net offering costs		$ 15.5	$ 9.0

Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income	$ 42,653	$ 37,723	$ 47,608	$ 27,302	$ 35,640	$ 33,687	$ 32,199	$ 11,780	$ 155,286	$ 113,306	$ 75,031
Basic weighted average shares outstanding									22,551,762	21,604,932	20,798,333
Convertible Notes - treasury stock method									2,030,023	1,975,648	1,044,519
Stock-based compensation units									310,489	352,542	181,239
Diluted weighted average shares outstanding									24,892,274	23,933,122	22,024,091
Basic earnings per share (in dollars per share)	$ 1.89	$ 1.66	$ 2.11	$ 1.23	$ 1.65	$ 1.55	$ 1.49	$ 0.55	$ 6.89	$ 5.24	$ 3.61
Diluted earnings per share (in dollars per share)	1.72	$ 1.52	$ 1.90	$ 1.10	$ 1.43	$ 1.40	$ 1.39	$ 0.52	$ 6.24	$ 4.73	$ 3.41
Antidilutive non-vested restricted stock units excluded from calculation of diluted earnings per share									20,462	16,473	13,613
Convertible Debt
Convertible notes, conversion price	$ 21.52								$ 21.52

Summary of Non-Performance Based Restricted Stock Units (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares reserved for future issuance	3,000,000
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Line Items]
Exercise price	$ 0.00
Share-based Compensation Arrangement by Award [Abstract]
Balance at Beginning of Period	175,100	133,853	107,814
Granted	54,874	76,586	62,453
Vested	(51,694)	(25,803)	(29,010)
Forfeited	(7,225)	(9,536)	(7,404)
Balance at End of Period	171,055	175,100	133,853
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Shares outstanding at the beginning of the period, weighted average grant date fair value	$ 27.66	$ 20.13	$ 16.48
Granted, weighted average grant date fair value	57.60	36.83	23.66
Vested, weighted average grant date fair value	20.79	18.45	14.73
Forfeited, weighted average grant date fair value	34.77	20.48	17.97
Shares outstanding at the end of the period, weighted average grant date fair value	$ 39.04	$ 27.66	$ 20.13
Share-based compensation expense	$ 2,000,000	$ 1,300,000	$ 800,000
Share-based compensation not yet recognized	$ 3,600,000
Share-based compensation not yet recognized, period for recognition	2 years 1 month
Restricted stock units (RSUs) \| Minimum
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Performance vesting period	1 year
Restricted stock units (RSUs) \| Maximum
Share-based Compensation Arrangement by Award, Fair Value [Abstract]
Performance vesting period	3 years
Senior Management and Other Officers \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Abstract]
Granted	15,867	27,764	21,905
Management \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Abstract]
Granted	11,780	18,366	22,059
Certain Employees And Executives \| Restricted stock units (RSUs)
Share-based Compensation Arrangement by Award [Abstract]
Granted	27,227	30,456	18,489

Summary of Performance Based Restricted Stock Units (Details) - Performance Based Shares - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Award [Line Items]
Exercise price	$ 0.00
Performance vesting period	3 years
Balance at Beginning of Period	319,611
Granted	61,898
Vested	(120,971)
Forfeited	(6,717)
Balance at End of Period	253,821	319,611
Share-based compensation expense	$ 4,000,000	$ 2,900,000	$ 2,600,000
Share-based compensation not yet recognized	$ 5,300,000
Share-based compensation not yet recognized, period for recognition	1 year 9 months
2015 Grant
Share-based Compensation Arrangement by Award [Line Items]
Balance at Beginning of Period	120,971
Vested	(120,971)
Balance at End of Period	0	120,971
Weighted average grant date fair value	$ 13.34
2016 Grant
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	200.00%
Balance at Beginning of Period	87,605
Forfeited	(3,929)
Balance at End of Period	83,676	87,605
Weighted average grant date fair value	$ 21.79
2017 Grant
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	200.00%
Balance at Beginning of Period	111,035
Forfeited	(2,788)
Balance at End of Period	108,247	111,035
Weighted average grant date fair value	$ 31.64
2018 Grant
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	100.00%
Balance at Beginning of Period	0
Granted	61,898
Balance at End of Period	61,898	0
Weighted average grant date fair value	$ 64.60
Minimum
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	0.00%
Maximum
Share-based Compensation Arrangement by Award [Line Items]
Percentage of total units vested	200.00%

Employee's Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
Proceeds from issuance of common stock under ESPP	$ 2,690	$ 17,130	$ 29,448
Common stock, shares authorized	250,000,000	250,000,000
EmployeeStockPurchasePlan
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
ESPP discount on shares of common stock	15.00%
Issuance of shares (in shares)	49,744	33,887	19,398
Proceeds from issuance of common stock under ESPP	$ 2,700	$ 1,600	$ 600
Share-based compensation expense	$ 400	$ 200	$ 100
Common stock, shares authorized	500,000
Remaining shares available for issuance	396,971

Fair Value Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	$ 653,734	$ 475,195
Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	68,251	80,481
Convertible notes, fair value	67,787	81,523	$ 76,500
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	295,352	0
Senior notes, fair value	$ 296,905	$ 0

Related Party Transactions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018 USD ($) lot	Dec. 31, 2017 USD ($) lot	Dec. 31, 2016 USD ($) lot
Related Party Transaction [Line Items]
Total lots under option contract to purchase \| lot	22,820	18,758
Affiliated Entity
Related Party Transaction [Line Items]
Number of homes closed		3	2
Revenue from home sales to related parties		$ 700,000	$ 500,000
Affiliated Entity \| Consulting fees
Related Party Transaction [Line Items]
Consulting agreement period			3 years
Consulting agreement, amount payable per year			$ 100,000
Consulting agreement fees			$ 83,333
FLORIDA \| Affiliated Entity
Related Party Transaction [Line Items]
Total lots under option contract to purchase \| lot	198
Total purchase price for lots under option contract	$ 6,900,000
Non-refundable deposit related to option contract	$ 700,000
FLORIDA \| Minimum \| Affiliated Entity
Related Party Transaction [Line Items]
Annual price escalation rate	3.00%
FLORIDA \| Maximum \| Affiliated Entity
Related Party Transaction [Line Items]
Annual price escalation rate	6.00%
TEXAS \| Affiliated Entity
Related Party Transaction [Line Items]
Total lots under option contract to purchase \| lot	106
Total purchase price for lots under option contract	$ 8,000,000
Annual price escalation rate	5.00%
Non-refundable deposit related to option contract	$ 100,000
Interval lots under purchase option to take down \| lot	21
Purchased lots under purchase option \| lot	22	42	42
Purchase price for lots under option contract	$ 1,800,000	$ 3,400,000	$ 3,200,000

Retirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Minimum service period for employees to be covered under profit sharing plan	90 days
Employees eligibility age for participating in profit sharing plan	21 years
Maximum percentage of employees' gross pay eligible	100.00%
Maximum employer annual contribution percentage per employee	100.00%
Maximum employer matching contribution percentage of eligible employee contribution	4.00%
Employer contribution amount	$ 2.6	$ 1.8	$ 0.8

Commitments and Contingencies - Land Deposits (Detail) $ in Thousands	Dec. 31, 2018 USD ($) lot	Dec. 31, 2017 USD ($) lot
Commitments and Contingencies Disclosure [Abstract]
Land deposits and option payments	$ 40,015	$ 17,761
Commitments under the land purchase contracts if the purchases are consummated	$ 776,224	$ 460,714
Lots under land purchase contracts \| lot	22,820	18,758
Refundable land deposits of purchase contracts of finished lots	$ 25,200	$ 8,400

Commitments and Contingencies - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating leases, rent expense	$ 1,000	$ 1,000	$ 800
2019	827
2020	760
2021	768
2022	706
2023	722
Thereafter	2,837
Total	$ 6,620

Commitment and Contingencies - Bonding and Letters of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Other Commitments [Line Items]
Letters of credit, performance and surety bonds, and other financial guarantees	$ 77.5	$ 49.7
Revolving Credit Facility
Other Commitments [Line Items]
Letters of credit outstanding	$ 5.1

Segment Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) Segment	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment									7
Number of reporting segments \| Segment									5
Pre-acquisition costs and deposits	$ 45,752				$ 18,866				$ 45,752	$ 18,866
Home sales revenues	425,160	$ 380,369	$ 419,847	$ 279,024	404,975	$ 365,896	$ 324,178	$ 162,911	1,504,400	1,257,960	$ 838,320
Income before income taxes	56,209	$ 48,991	$ 62,671	$ 31,227	55,041	$ 50,877	$ 48,642	$ 16,842	199,098	171,402	$ 113,672
Assets	1,395,473				1,079,892				$ 1,395,473	$ 1,079,892
Central Division
Segment Reporting Information [Line Items]
Percentage of operations									41.50%	42.40%	51.20%
Home sales revenues									$ 623,751	$ 533,254	$ 429,505
Income before income taxes									104,625	89,133	73,026
Assets	569,409				454,899				569,409	454,899
Northwest Division
Segment Reporting Information [Line Items]
Home sales revenues									277,567	215,421	86,496
Income before income taxes									40,906	34,206	6,612
Assets	200,443				159,489				200,443	159,489
Southeast Division
Segment Reporting Information [Line Items]
Home sales revenues									271,073	183,422	111,651
Income before income taxes									29,078	19,959	11,996
Assets	300,758				155,928				300,758	155,928
Florida Division
Segment Reporting Information [Line Items]
Home sales revenues									180,950	199,733	115,276
Income before income taxes									21,341	25,687	14,471
Assets	106,398				119,257				106,398	119,257
West Division
Segment Reporting Information [Line Items]
Home sales revenues									151,059	126,130	95,392
Income before income taxes									13,595	5,890	10,108
Assets	161,514				96,647				161,514	96,647
Corporate
Segment Reporting Information [Line Items]
Pre-acquisition costs and deposits					18,900					18,900
Income before income taxes									(10,447)	(3,473)	$ (2,541)
Assets	$ 56,951				$ 93,672				$ 56,951	$ 93,672

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Home sales revenues	$ 425,160	$ 380,369	$ 419,847	$ 279,024	$ 404,975	$ 365,896	$ 324,178	$ 162,911	$ 1,504,400	$ 1,257,960	$ 838,320
Gross margin	103,558	97,334	109,765	69,259	98,677	91,896	86,348	43,499
Income before income taxes	56,209	48,991	62,671	31,227	55,041	50,877	48,642	16,842	199,098	171,402	113,672
Net income	$ 42,653	$ 37,723	$ 47,608	$ 27,302	$ 35,640	$ 33,687	$ 32,199	$ 11,780	$ 155,286	$ 113,306	$ 75,031
Basic earnings per share (in dollars per share)	$ 1.89	$ 1.66	$ 2.11	$ 1.23	$ 1.65	$ 1.55	$ 1.49	$ 0.55	$ 6.89	$ 5.24	$ 3.61
Diluted earnings per share (in dollars per share)	$ 1.72	$ 1.52	$ 1.90	$ 1.10	$ 1.43	$ 1.40	$ 1.39	$ 0.52	$ 6.24	$ 4.73	$ 3.41

- Definition

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

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

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

+ References + Details