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Stockholders' Equity
9 Months Ended
Sep. 30, 2016
Stockholders' Equity Attributable to Parent [Abstract]  
Stockholders' Equity
STOCKHOLDERS’ EQUITY

A summary of changes in stockholders’ equity is presented below (dollars in thousands):
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Total Green Brick Partners, Inc. Stockholders’ Equity
 
Noncontrolling Interests
 
Total Stockholders’ Equity
 
Shares
 
Amount
 
Balance as of December 31, 2014
31,346,084

 
$
313

 
$
101,626

 
$
69,919

 
$
171,858

 
$
9,739

 
$
181,597

Share-based compensation

 

 
227

 

 
227

 

 
227

Issuance of common stock under 2014 Equity Plan
22,908

 

 


 

 

 

 

Amortization of deferred share-based compensation

 

 
91

 

 
91

 

 
91

Issuance of common stock in connection with secondary offering, net of issuance costs
17,444,897

 
175

 
169,808

 

 
169,983

 

 
169,983

Contributions

 

 

 

 

 
87

 
87

Distributions

 

 

 

 

 
(6,423
)
 
(6,423
)
Out of period adjustment

 

 

 
1,933

 
1,933

 

 
1,933

Net income

 

 

 
10,632

 
10,632

 
7,846

 
18,478

Balance as of September 30, 2015
48,813,889

 
$
488

 
$
271,752

 
$
82,484

 
$
354,724

 
$
11,249

 
$
365,973

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2015
48,833,323

 
$
488

 
$
271,867

 
$
87,177

 
$
359,532

 
$
12,323

 
$
371,855

Share-based compensation

 

 
288

 

 
288

 

 
288

Issuance of common stock under 2014 Equity Plan
103,761

 
1

 
490

 

 
491

 

 
491

Amortization of deferred share-based compensation

 

 
201

 

 
201

 

 
201

Contributions

 

 

 

 

 
2,921

 
2,921

Distributions

 

 

 

 

 
(9,130
)
 
(9,130
)
Net income

 

 

 
16,080

 
16,080

 
5,993

 
22,073

Balance as of September 30, 2016
48,937,084

 
$
489

 
$
272,846

 
$
103,257

 
$
376,592

 
$
12,107

 
$
388,699



Equity Offering
On July 1, 2015, the Company completed an underwritten public offering of 17,000,000 shares of its common stock at a price to the public of $10.00 per share and granted to the underwriters a 30-day option to purchase up to an aggregate of 841,500 additional shares of common stock to cover over-allotments (the “Equity Offering”). On July 23, 2015, the underwriters exercised the option and purchased 444,897 additional shares. All of the shares were sold by the Company pursuant to an effective shelf registration statement previously filed with the SEC.

The Equity Offering resulted in net proceeds to Green Brick of approximately $170.0 million, after deducting underwriting discounts and offering expenses. On July 1, 2015, Green Brick used approximately $154.9 million of the net proceeds from the Equity Offering to repay all of the outstanding principal, interest and a prepayment premium under the Term Loan Facility. Upon repayment, the Term Loan Facility was terminated and all security interests in, and all liens held by Greenlight with respect to the assets of Green Brick securing the amounts owed under the Term Loan Facility were terminated and released. Green Brick used the remaining net proceeds for working capital and general corporate purposes.