Exhibit 99.1

WILLIAM LYON HOMES REPORTS THIRD QUARTER 2019 RESULTS

NEWPORT BEACH, CA— November 6, 2019 — William Lyon Homes (NYSE: WLH), a leading homebuilder in the Western U.S., announced results for its third quarter ended September 30, 2019.

2019 Third Quarter Highlights

• Net income available to common stockholders of $9.5 million, or $0.24 per diluted share compared to $26.6 million, or $0.68 per diluted share in the prior year

• Adjusted net income available to common stockholders of $16.1 million, or $0.41 per diluted share compared to $26.6 million, or $0.68 per diluted share in the prior year; adjusted for

• $1.4 million loss on extinguishment of debt (net of tax)

• $5.2 million one-time inventory charge (net of tax)

• Pre-tax income of $22.3 million and adjusted pre-tax income of $30.8 million

• Home sales revenue of $464.8 million, down 13%

• New home deliveries of 995 homes, down 6%

• Homebuilding gross margin percentage of 15.1%

• Gross margin percentage, excluding one-time inventory charge, of 16.5%

• Adjusted gross margin percentage, excluding capitalized interest, of 20.6%

• Average sales price (ASP) of new homes delivered of $467,100, compared to $506,700

• Net new home orders of 940, down 6%

• Average sales locations of 114

• Units in backlog of 1,368

• SG&A percentage of 11.9%, compared to 11.0%

• Adjusted EBITDA of $41.7 million

Matthew R. Zaist, President and Chief Executive Officer, stated, “We are pleased with our financial results for the quarter with adjusted net income of $16.1 million, or $0.41 per diluted share. Our strong bottom line results were driven by our homebuilding gross margins, excluding the one-time inventory charge, of 16.5%,

and the profitability of our ancillary operations.” Mr. Zaist continued, “Income from our financial services segment was $3.7 million, above our expectations, as the team performed exceptionally well at fully integrating our wholly-owned mortgage platform. Additionally, we recorded our first multi-family apartment sale from our recently launched mixed-use redevelopment platform, which we closed on in the third quarter for a profit of $4.3 million.”

Operating Results

Home sales revenue for the third quarter of 2019 was $464.8 million, as compared to $533.5 million in the year-ago period, a decrease of 13%. The decrease was driven by a 6% decrease in the number of homes closed in 2019, as compared to the prior year period, as well as a decrease in ASP from $506,700 in the third quarter of 2018, to approximately $467,100 in 2019.

Net new home orders for the quarter were 940, a decrease of 6% from 1,001 in the third quarter of 2018. Our average community count decreased 2% to 114 averages sales location during the third quarter of 2019, compared to 116 during the third quarter of 2018. Overall, our monthly absorption rate for the quarter was 2.7 sales per community, compared to 2.9 sales per community in the third quarter of last year. Our monthly absorption pace during the quarter was 2.8 in July, 2.5 in August and 2.8 in September.

Adjusted gross margin percentage was 20.6% during the quarter, excluding capitalized interest and a one-time inventory charge of $6.6 million ($5.2 million, net of tax), related to costs associated with certain previously closed out projects.

Sales and marketing expense during the third quarter of 2019 was 5.4% of homebuilding revenue. This was consistent with the prior year quarter and reflected 10 basis points of sequential improvement from the second quarter. General and administrative expenses increased to 6.5% of homebuilding revenue, compared to 5.6% in the year-ago quarter. The increase in general and administrative expense percentage over the prior year is primarily due to lower revenue as our general and administrative dollars were consistent with the prior year.

Pre-tax income was $22.3 million and adjusted pre-tax income was $30.8 million. Provision for income tax was $4.8 million, for an effective tax rate of 21.5%, compared to a provision of $9.0 million, or 22.0%, in the prior year. Net income attributable to non-controlling interest was $8.0 million during the third quarter, as compared to $5.3 million in the prior year.

Financial Services

In July 2019, we announced the formation of ClosingMark Financial Group, LLC, a wholly-owned subsidiary operating a full suite of financial services offerings, including title agency, settlement, and mortgage services for our homebuyers and other retail customers, which operates as ClosingMark Home Loans. During the third quarter, we completed the integration of our previous mortgage joint venture operations and loan pipeline into this platform under the ClosingMark Home Loans brand.

During the quarter, our wholly-owned financial services operations recorded income of $3.4 million and our unconsolidated mortgage joint ventures recorded income of $0.3 million. Going forward, we have ceased further business operations out of our unconsolidated mortgage joint ventures and would expect to benefit from improved financial performance out of the financial services segment for the fourth quarter based on operating efficiencies and earnings capture on an exclusively wholly-owned basis.

Senior Notes Issuance

On July 9, 2019, we closed on a $300 million Senior Notes offering at a coupon of 6.625%. The proceeds from the offering were used to redeem the majority of the $350 million 7% Senior Notes due 2022 on August 15, 2019. In conjunction with the transaction, the company recorded a loss on extinguishment of debt, net, of $1.4 million.

Balance Sheet Update

At quarter end, cash and cash equivalents totaled $42.1 million, owned real estate inventories totaled $2.3 billion, total assets were $3.0 billion and total equity was $1.0 billion. Total debt to book capitalization was 57.7%, and net debt to net book capitalization was 56.9% at September 30, 2019, compared to 56.6% and 55.9% at December 31, 2018, respectively.

Conference Call Postponement

The Company is postponing its previously scheduled conference call, which was scheduled for today, Wednesday, November 6, 2019 due to a forthcoming announcement. It now expects to hold the conference call to discuss its third quarter 2019 results on a later date to be announced.

About William Lyon Homes

William Lyon Homes is one of the largest Western U.S. regional homebuilders. Headquartered in Newport Beach, California, the Company is primarily engaged in the design, construction, marketing and sale of single-family detached and attached homes in California, Arizona, Nevada, Colorado, Washington, Oregon and Texas. Its core markets include Orange County, Los Angeles, San Diego, Riverside, San Bernardino, the South and East Bay Areas of San Francisco, Phoenix, Las Vegas, Denver, Fort Collins, Portland, Seattle, Houston, Austin and San Antonio. The Company has a distinguished legacy of more than 60 years of homebuilding operations, over which time it has sold in excess of 111,000 homes. The Company markets and sells its homes under the William Lyon Homes brand in all of its markets except for Washington and Oregon, where the Company operates under the Polygon Northwest brand.

Forward-Looking Statements

Certain statements contained in this release and the accompanying comments during our conference call that are not historical information may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, but not limited to, forward-looking statements related to: anticipated deliveries and revenue, gross margin performance, backlog conversion rates, operating and financial results for the third quarter of 2019 and full year 2019, community count growth and project performance, market and industry trends, average sale price of homes to be closed in various periods, SG&A percentage, future cash needs and liquidity, minority interest from our homebuilding joint ventures, leverage ratios and reduction strategies, land acquisitions, financial services and ancillary business performance and strategies. The forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected or implied. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. Factors that may impact such forward-looking statements include, among others: changes in mortgage and other interest rates; affordability pressures; adverse weather conditions; the availability of labor and homebuilding materials and increased construction cycle times; our financial leverage and level of indebtedness and any inability to comply with financial and other covenants under our debt instruments; continued volatility and worsening in general economic conditions either internationally, nationally or in regions in which we operate; increased housing supply in our markets; increased outside broker costs; increased costs of homebuilding materials; changes in governmental laws and regulations and compliance, increased costs, fees and delays associated therewith; government actions, policies, programs and regulations directed at or affecting the housing market (including the Tax Cuts and Jobs Act (“TCJA”), the Dodd-Frank Act, tax benefits associated with purchasing and owning a home, and the standards, fees and size limits applicable to the purchase or insuring of mortgage loans by government-sponsored enterprises and government agencies), the homebuilding industry, or construction activities; changes in existing tax laws or enacted corporate income tax rates, including pursuant to the TCJA; worsening in markets for residential housing; the impact of construction defect, product liability and home warranty claims, including the adequacy of self-insurance accruals, and the applicability and sufficiency of our insurance coverage; defects in manufactured products or other homebuilding materials; decline in real estate values resulting in impairment of our real estate assets; volatility in the banking industry, credit and capital markets; restraints on foreign investment; terrorism or other hostilities involving the United States and other geopolitical risk as well as restrictive policies such as tariffs or capital investment restrictions; building moratorium or “slow-growth” or “no-growth” initiatives that could be implemented in states in which we operate; conditions in the capital, credit and financial markets, including mortgage lending standards and the availability and timing of mortgage financing; changes in generally accepted accounting principles or interpretations of those principles; competition for home sales from other sellers of new and resale homes; cancellations and our ability to realize our backlog; the occurrence of events such as landslides, soil subsidence and earthquakes that are uninsurable, not economically insurable or not subject to effective indemnification agreements; limitations on our ability to utilize our tax attributes; whether an ownership change occurred that could, under certain circumstances, have resulted in the limitation of our ability to offset prior years’ taxable income with net operating losses; the timing of receipt of regulatory approvals and the opening of projects; the availability and cost of land for future development; and additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business.

Investor/Media Contacts:

Larry Clark

Financial Profiles, Inc.

(310) 622-8223

WLH@finprofiles.com

WILLIAM LYON HOMES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except number of shares and per share data)

(unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Operating revenue
Home sales	$	464,765		$	533,514		$	1,382,057		$	1,424,331
Construction services		2,124			1,190			6,165			3,193
		466,889			534,704			1,388,222			1,427,524
Operating costs
Cost of sales — homes		(394,658	)		(436,311	)		(1,165,185	)		(1,169,191	)
Construction services		(1,978	)		(1,121	)		(5,732	)		(3,063	)
Sales and marketing		(25,244	)		(28,879	)		(75,887	)		(80,420	)
General and administrative		(30,292	)		(30,039	)		(88,890	)		(83,067	)
Transaction expenses		—			—			—			(3,907	)
Other		(600	)		(591	)		(1,639	)		(1,510	)
		(452,772	)		(496,941	)		(1,337,333	)		(1,341,158	)
Operating income		14,117			37,763			50,889			86,366
Financial services
Equity in income of unconsolidated joint ventures		353			531			2,643			1,996
Income (loss) from financial services operations		3,390			—			2,168			—
Transaction expenses		—			—			(990	)		—
Financial services income (loss)		3,743			531			3,821			1,996
Other (expense) income, net		6,261			2,510			7,345			2,856
Income before extinguishment of debt		24,121			40,804			62,055			91,218
(Loss) gain on extinguishment of debt		(1,816	)		—			(1,433	)		—
Income before provision for income taxes		22,305			40,804			60,622			91,218
Provision for income taxes		(4,795	)		(8,990	)		(13,548	)		(19,580	)
Net income		17,510			31,814			47,074			71,638
Less: Net income attributable to noncontrolling interests		(8,030	)		(5,256	)		(19,024	)		(14,297	)
Net income available to common stockholders	$	9,480		$	26,558		$	28,050		$	57,341
Income per common share:
Basic	$	0.25		$	0.70		$	0.74		$	1.51
Diluted	$	0.24		$	0.68		$	0.72		$	1.45
Weighted average common shares outstanding:
Basic		37,836,265			37,847,743			37,755,879			37,931,764
Diluted		39,171,746			39,160,894			38,944,008			39,581,986

WILLIAM LYON HOMES

CONSOLIDATED BALANCE SHEETS

(in thousands except number of shares and per share data)

(unaudited)

	September 30,		December 31,
	2019		2018
	(unaudited)
ASSETS
Cash and cash equivalents	$	42,118	$	33,779
Receivables		12,569		13,502
Escrow proceeds receivable		2,764		—
Real estate inventories
Owned		2,327,582		2,333,207
Not owned		215,541		315,576
Investment in unconsolidated joint ventures		1,552		5,542
Goodwill		123,695		123,695
Intangibles, net of accumulated amortization of $4,640 as of September 30, 2019 and December 31, 2018		6,700		6,700
Deferred income taxes		46,254		47,241
Lease right-of-use assets		37,000		13,561
Financial services assets		168,093		—
Other assets, net		35,136		36,971
Total assets	$	3,019,004	$	2,929,774
LIABILITIES AND EQUITY
Accounts payable	$	114,810	$	128,371
Accrued expenses		102,263		150,155
Financial services liabilities		146,836		—
Liabilities from inventories not owned		215,541		315,576
Revolving credit facility		150,000		45,000
Construction notes payable		1,252		1,231
Joint venture notes payable		137,729		151,788
7% Senior Notes due August 15, 2022		49,762		347,456
6% Senior Notes due September 1, 2023		344,654		343,878
5.875% Senior Notes due January 31, 2025		429,121		431,992
6.625% Senior Notes due July 15, 2027		294,673		—
		1,986,641		1,915,447
Commitments and contingencies
Equity:
William Lyon Homes stockholders’ equity
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized and no shares issued and outstanding at September 30, 2019 and December 31, 2018		—		—
Common stock, Class A, par value $0.01 per share; 150,000,000 shares authorized; 33,983,093 and 33,904,972 shares issued, 33,029,026 and 32,690,378 shares outstanding at September 30, 2019 and December 31, 2018, respectively		340		339
Common stock, Class B, par value $0.01 per share; 30,000,000 shares authorized; 4,817,394 shares issued and outstanding at September 30, 2019 and December 31, 2018		48		48
Additional paid-in capital		450,137		445,545
Retained earnings		445,440		417,390
Total William Lyon Homes stockholders’ equity		895,965		863,322
Noncontrolling interests		136,398		151,005
Total equity		1,032,363		1,014,327
Total liabilities and equity	$	3,019,004	$	2,929,774

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

	Three Months Ended September 30,								Nine Months Ended September 30,
	2019			2018			% Chg		2019			2018			% Chg
Selected Financial Information
(dollars in thousands)
Homes closed		995			1,053			(6%)		2,977			2,875			4%
Home sales revenue	$	464,765		$	533,514			(13%)	$	1,382,057		$	1,424,331			(3%)
Cost of sales (excluding interest, purchase accounting adjustments, and one-time inventory charge)		(368,878	)		(410,908	)		(10%)		(1,098,944	)		(1,096,535	)		0%
Adjusted homebuilding gross margin (1)	$	95,887		$	122,606			(22%)	$	283,113		$	327,796			(14%)
Adjusted homebuilding gross margin percentage (1)		20.6	%		23.0	%		(10%)		20.5	%		23.0	%		(11%)
Interest in cost of sales		(19,149	)		(21,548	)		(11%)		(59,610	)		(62,681	)		(5%)
Purchase accounting adjustments		—			(3,855	)		(100%)		—			(9,975	)		(100%)
Gross margin, exlcuding one-time inventory charge	$	76,738		$	97,203			(21%)	$	223,503		$	255,140			(12%)
Gross margin percentage, excluding one-time inventory charge		16.5	%		18.2	%		(9%)		16.2	%		17.9	%		(10%)
One-time inventory charge	$	(6,631	)		—			—	$	(6,631	)		—			—
Gross margin	$	70,107		$	97,203			(28%)	$	216,872		$	255,140			(15%)
Gross margin percentage		15.1	%		18.2	%		(17%)		15.7	%		17.9	%		(12%)
Number of homes closed
California		292			301			(3%)		860			779			10%
Arizona		128			108			19%		322			336			(4%)
Nevada		78			80			(3%)		219			245			(11%)
Colorado		92			124			(26%)		376			362			4%
Washington		90			118			(24%)		242			350			(31%)
Oregon		110			159			(31%)		313			403			(22%)
Texas		205			163			26%		645			400			61%
Total		995			1,053			(6%)		2,977			2,875			4%
Average sales price of homes closed
California	$	614,800		$	668,800			(8%)	$	620,300		$	655,400			(5%)
Arizona		352,600			317,500			11%		340,800			312,800			9%
Nevada		506,600			622,700			(19%)		510,500			592,700			(14%)
Colorado		460,300			440,100			5%		439,600			433,900			1%
Washington		665,400			686,300			(3%)		656,600			628,900			4%
Oregon		394,000			436,700			(10%)		411,600			452,900			(9%)
Texas		268,400			264,400			2%		269,800			259,400			4%
Average	$	467,100		$	506,700			(8%)	$	464,200		$	495,400			(6%)
Number of net new home orders
California		279			295			(5%)		923			915			1%
Arizona		125			118			6%		370			344			8%
Nevada		90			94			(4%)		250			318			(21%)
Colorado		104			100			4%		459			404			14%
Washington		64			77			(17%)		277			392			(29%)
Oregon		85			145			(41%)		295			553			(47%)
Texas		193			172			12%		730			451			62%
Total		940			1,001			(6%)		3,304			3,377			(2%)
Average number of sales locations
California		35			36			(3%)		37			29			28%
Arizona		9			6			50%		9			6			50%
Nevada		13			15			(13%)		13			13			0%
Colorado		11			12			(8%)		11			14			(21%)
Washington		9			10			(10%)		9			9			0%
Oregon		16			15			7%		17			15			13%
Texas		21			22			(5%)		22			16			38%
Total		114			116			(2%)		118			102			16%

(1) Adjusted homebuilding gross margin is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. It is used by management in evaluating operating performance and in making strategic decisions regarding sales pricing, construction and development pace, product mix and other operating decisions. We believe this information is meaningful as it isolates the impact that interest and purchase accounting adjustments have on homebuilding gross margin and allows investors to make better comparisons with our competitors.

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

	As of September 30,
	2019		2018		% Chg
Backlog of homes sold but not closed at end of period
California		315		451		(30	%)
Arizona		206		169		22	%
Nevada		125		159		(21	%)
Colorado		217		214		1	%
Washington		76		133		(43	%)
Oregon		110		222		(50	%)
Texas		319		248		29	%
Total		1,368		1,596		(14	%)
Dollar amount of homes sold but not closed at end of period (in thousands)
California	$	196,367	$	327,838		(40	%)
Arizona		75,075		53,585		40	%
Nevada		55,416		94,053		(41	%)
Colorado		100,754		92,315		9	%
Washington		48,375		83,256		(42	%)
Oregon		49,755		81,270		(39	%)
Texas		88,192		68,267		29	%
Total	$	613,934	$	800,584		(23	%)
Lots owned and controlled at end of period (1)
Lots owned
California		2,886		3,648		(21	%)
Arizona		3,331		3,756		(11	%)
Nevada		2,407		2,745		(12	%)
Colorado		578		1,006		(43	%)
Washington		1,391		1,538		(10	%)
Oregon		2,588		2,613		(1	%)
Texas		4,468		3,199		40	%
Total		17,649		18,505		(5	%)
Lots controlled
California		1,322		1,709		(23	%)
Arizona		660		651		1	%
Nevada		629		—		NM
Colorado		2,260		2,368		(5	%)
Washington		617		710		(13	%)
Oregon		1,665		1,307		27	%
Texas		4,440		3,885		14	%
Total		11,593		10,630		9	%
Total lots owned and controlled
California		4,208		5,357		(21	%)
Arizona		3,991		4,407		(9	%)
Nevada		3,036		2,745		11	%
Colorado		2,838		3,374		(16	%)
Washington		2,008		2,248		(11	%)
Oregon		4,253		3,920		8	%
Texas		8,908		7,084		26	%
Total		29,242		29,135		0	%

(1) Certain lots in California, Texas, Arizona and Washington are consolidated on the Company’s accompanying balance sheet in accordance with FASB ASC Topic 470, Debt (“ASC 470”). Included in lots owned are 425 lots in California, 1,007 lots in Texas, 1,931 lots in Arizona, and 72 lots in Washington that are associated with land banking transactions that are consolidated on the Company’s accompanying balance sheet in accordance with ASC 470.

WILLIAM LYON HOMES

SUPPLEMENTAL FINANCIAL INFORMATION

(dollars in thousands)

(unaudited)

	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2019			2018			2019			2018
Net income available to common stockholders	$	9,480		$	26,558		$	28,050		$	57,341
Interest incurred	$	25,449		$	24,725		$	73,439		$	66,791
Adjusted EBITDA (1)	$	41,746		$	66,175		$	115,373		$	170,302
Adjusted EBITDA Margin (2)		8.9	%		12.4	%		8.3	%		11.9	%
Ratio of adjusted EBITDA to interest incurred		1.6			2.7			1.6			2.5

(1) Adjusted EBITDA means net income available to common stockholders plus (i) provision for income taxes, (ii) interest expense, (iii) amortization of capitalized interest included in cost of sales, (iv) stock based compensation, (v) depreciation and amortization, (vi) non-cash purchase accounting adjustments, (vii) cash distributions of income from unconsolidated joint ventures, (viii) equity in income of unconsolidated joint ventures, (ix) transaction expenses, and (x) (gain) loss on extinguishment of debt. Other companies may calculate adjusted EBITDA differently. Adjusted EBITDA is not a financial measure prepared in accordance with U.S. GAAP. Adjusted EBITDA is presented herein because management believes the presentation of adjusted EBITDA provides useful information to the Company’s investors regarding the Company’s financial condition and results of operations because adjusted EBITDA is a widely utilized indicator of a company’s operating performance. Adjusted EBITDA should not be considered as an alternative for net income, cash flows from operating activities and other consolidated income or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. A reconciliation of net income available to common stockholders to adjusted EBITDA is provided in the following table:

(2) Calculated as Adjusted EBITDA as a percentage of operating revenue.

	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2019			2018			2019			2018
Reconciliation of Adjusted EBITDA
Net income available to common stockholders	$	9,480		$	26,558		$	28,050		$	57,341
Provision for income taxes		4,795			8,990			13,548			19,580
Interest expense
Interest incurred		25,449			24,725			73,439			66,791
Interest capitalized		(25,449	)		(24,725	)		(73,439	)		(66,791	)
Amortization of capitalized interest included in cost of sales		19,149			22,009			59,610			63,227
Stock based compensation		2,233			2,406			6,961			7,593
Depreciation and amortization		815			1,807			2,356			5,779
Non-cash purchase accounting adjustments		—			3,855			—			9,975
Cash distributions of income from unconsolidated joint ventures		3,811			1,081			5,068			4,896
Equity in income of unconsolidated joint ventures		(353	)		(531	)		(2,643	)		(1,996	)
Transaction expenses		—			—			990			3,907
Loss (gain) on extinguishment of debt		1,816			—			1,433			—
Adjusted EBITDA	$	41,746		$	66,175		$	115,373		$	170,302

WILLIAM LYON HOMES

SUPPLEMENTAL FINANCIAL INFORMATION

(dollars in thousands)

(unaudited)

	Three Months Ended					Nine Months Ended
	September 30,			September 30,		September 30,			September 30,
	2019			2018		2019			2018
Reconcilation of Adjusted Net Income:
Net income available to common stockholders	$	9,480		$	26,558	$	28,050		$	57,341
Add: Transaction expenses		—			—		990			3,907
Add / (Less): Loss (Gain) on extinguishment of debt		1,816			—		1,433			—
Add: One-time inventory charge		6,631			—		6,631
Add: Costs associated with staff reductions		—			—		1,173			—
Less: Income tax (provision) applicable to transaction expenses		—			—		(221	)		(840	)
(Less) / Add: Income tax benefit applicable to loss (gain) on extinguishment of debt		(390	)		—		(320	)		—
Less: Income tax (provision) applicable to one-time inventory charge		(1,426	)		—		(1,482	)		—
Less: Income tax (provision) applicable to costs associated with staff reductions		—			—		(262	)		—
Net income, adjusted for transaction expenses, loss (gain) on extinguishment of debt, one-time inventory charge, and costs associated with staff reductions, net of tax benefit (provision)	$	16,111		$	26,558	$	35,991		$	60,408
Diluted weighted average common shares outstanding		39,171,746			39,160,894		38,944,008			39,581,986
Adjusted net income per diluted share	$	0.41		$	0.68	$	0.92		$	1.53
	Three Months Ended					Nine Months Ended
	September 30,			September 30,		September 30,			September 30,
	2019			2018		2019			2018
Reconcilation of Adjusted Pre-Tax Income:
Income before provision for income taxes	$	22,305		$	40,804	$	60,622		$	91,218
Add / (Less): Transaction expenses		—			—		990			3,907
Loss (gain) on extinguishment of debt		1,816			—		1,433			—
One-time inventory charge		6,631			—		6,631			—
Staff reorganization costs		—			—		1,173			—
Pre-tax income, adjusted for transaction expenses, loss (gain) on extinguishment of debt, and costs associated with staff reductions	$	30,752		$	40,804	$	70,849		$	95,125

Balance Sheet Data

	September 30,			December 31,
	2019			2018
Cash and cash equivalents	$	42,118		$	33,779
Total William Lyon Homes stockholders’ equity		895,965			863,322
Noncontrolling interests		136,398			151,005
Total debt		1,407,191			1,321,345
Total capital	$	2,439,554		$	2,335,672
Ratio of debt to total capital		57.7	%		56.6	%
Ratio of net debt to total capital (net of cash)		56.9	%		55.9	%