Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2015

Supplemental Guarantor Information [Abstract]

Supplemental Condensed Consolidating Balance Sheet

	Supplemental Condensed Consolidated Balance Sheet
	As of September 30, 2015  (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Assets
Cash and cash equivalents	$	4,155	$	8,630	$	—	$	—	$	12,785
Accounts receivable		2,260		27,301		—		—		29,561
Investment in subsidiaries		743,534		—		—		(743,534)		—
Inventories		—		741,554		—		—		741,554
Prepaid expenses and other assets		9,348		27,286		—		—		36,634
Property and equipment, net		802		6,563		—		—		7,365
Deferred tax asset, net		5,363		—		—		—		5,363
Amortizable intangible assets, net		—		5,428		—		—		5,428
Goodwill		—		21,365		—		—		21,365
Total assets	$	765,462	$	838,127	$	—	$	(743,534)	$	860,055
Liabilities and stockholders’ equity
Liabilities:
Accounts payable	$	121	$	8,182	$	—	$	—	$	8,303
Accrued expenses and other liabilities		12,622		81,862		—		—		94,484
Notes payable and revolving line of credit		357,777		4,549		—		—		362,326
Total liabilities		370,520		94,593		—		—		465,113
Stockholders’ equity:		394,942		743,534		—		(743,534)		394,942
Total liabilities and stockholders’ equity	$	765,462	$	838,127	$	—	$	(743,534)	$	860,055

	Supplemental Condensed Consolidated Balance Sheet
	As of December 31, 2014 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Assets
Cash and cash equivalents	$	22,710	$	10,752	$	—	$	—	$	33,462
Accounts receivable		1,202		12,597		—		—		13,799
Investment in subsidiaries		558,177		—		—		(558,177)		—
Inventories		—		556,323		—		—		556,323
Prepaid expenses and other assets		7,286		21,510		—		—		28,796
Property and equipment, net		641		11,830		—		—		12,471
Deferred tax asset, net		1,359		—		—		—		1,359
Amortizable intangible assets, net		—		8,632		—		—		8,632
Goodwill		—		21,137		—		—		21,137
Total assets	$	591,375	$	642,781	$	—	$	(558,177)	$	675,979
Liabilities and stockholders’ equity
Liabilities:
Accounts payable	$	70	$	17,065	$	—	$	—	$	17,135
Accrued expenses and other liabilities		7,495		56,534		—		—		64,029
Notes payable and revolving line of credit		218,605		11,005		—		—		229,610
Total liabilities		226,170		84,604		—		—		310,774
Stockholders’ equity:		365,205		558,177		—		(558,177)		365,205
Total liabilities and stockholders’ equity	$	591,375	$	642,781	$	—	$	(558,177)	$	675,979

Supplemental Condensed Consolidating Statement of Operations

		Supplemental Condensed Consolidated Statement of Operations
	For the Three Months Ended September 30, 2015 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenue
Home sales revenues		$	—	$	179,775	$	—	$	—	$	179,775
Land sales revenues			—		2,257		—		—		2,257
Golf course and other revenue			—		700		—		—		700
Total revenue			—		182,732		—		—		182,732
Costs and expenses
Cost of homes sales revenues			—		141,452		—		—		141,452
Cost of land sales revenues			—		2,250		—		—		2,250
Cost of golf course and other revenue			—		1,046		—		—		1,046
Selling, general and administrative			4,827		17,348		—		—		22,175
Total operating costs and expenses			4,827		162,096		—		—		166,923
Operating income			(4,827)		20,636		—		—		15,809
Other income (expense)
Equity in earnings from consolidated subsidiaries			13,707		—		—		(13,707)		—
Interest income			7		44		—		—		51
Interest expense			—		(2)		—		—		(2)
Acquisition expense			(323)		—		—		—		(323)
Other income			—		434		—		—		434
Loss on disposition of assets			—		(24)		—		—		(24)
Income before income tax expense			8,564		21,088		—		(13,707)		15,945
Income tax expense			(2,019)		7,381		—		—		5,362
Net income		$	10,583	$	13,707	$	—	$	(13,707)	$	10,583

	Supplemental Condensed Consolidated Statement of Operations
	For the Three Months Ended September 30, 2014 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenue
Home sales revenues	$	—	$	90,735	$	—	$	—	$	90,735
Land sales revenues		—		—		—		—		—
Golf course and other revenue		—		1,226		—		—		1,226
Total revenue		—		91,961		—		—		91,961
Cost of home sale revenues
Cost of homes sales revenues		—		70,896		—		—		70,896
Cost of land sales revenues		—		—		—		—		—
Cost of golf course and other revenue		—		2,175		—		—		2,175
Selling, general and administrative		3,803		8,781		—		—		12,584
Total operating costs and expenses		3,803		81,852		—		—		85,655
Operating income		(3,803)		10,109		—		—		6,306
Other income (expense)
Equity in earnings from consolidated subsidiaries		6,503		—		—		(6,503)		—
Interest income		130		—		—		—		130
Interest expense		—		(2)		—		—		(2)
Acquisition expense		(119)		—		—		—		(119)
Other income		—		327		—		—		327
Gain on disposition of assets		—		55		—		—		55
Income before income tax expense		2,711		10,489		—		(6,503)		6,697
Income tax expense		(1,416)		3,986		—		—		2,570
Net income	$	4,127	$	6,503	$	—	$	(6,503)	$	4,127

		Supplemental Condensed Consolidated Statement of Operations
	For the Nine Months Ended September 30, 2015 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenue
Home sales revenues		$	—	$	520,918	$	—	$	—	$	520,918
Land sales revenues			—		2,627		—		—		2,627
Golf course and other revenue			—		4,679		—		—		4,679
Total revenue			—		528,224		—		—		528,224
Costs and expenses
Cost of homes sales revenues			—		416,483		—		—		416,483
Cost of land sales revenues			—		2,615		—		—		2,615
Cost of golf course and other revenue			—		4,214		—		—		4,214
Selling, general and administrative			15,267		50,652		—		—		65,919
Total operating costs and expenses			15,267		473,964		—		—		489,231
Operating income			(15,267)		54,260		—		—		38,993
Other income (expense)
Equity in earnings from consolidated subsidiaries			36,054		—		—		(36,054)		—
Interest income			37		51		—		—		88
Interest expense			—		(8)		—		—		(8)
Acquisition expense			(338)		—		—		—		(338)
Other income			—		1,059		—		—		1,059
Gain on disposition of assets			—		106		—		—		106
Income before income tax expense			20,486		55,468		—		(36,054)		39,900
Income tax expense			(6,246)		19,414		—		—		13,168
Net income		$	26,732	$	36,054	$	—	$	(36,054)	$	26,732

	Supplemental Condensed Consolidated Statement of Operations
	For the Nine Months Ended September 30, 2014 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenue
Home sales revenues	$	—	$	217,734	$	—	$	—	$	217,734
Land sales revenues		—		—		—		—		—
Golf course and other revenue		—		3,750		—		—		3,750
Total revenue		—		221,484		—		—		221,484
Cost of home sale revenues
Cost of homes sales revenues		—		166,367		—		—		166,367
Cost of land sales revenues		—		—		—		—		—
Cost of golf course and other revenue		—		4,329		—		—		4,329
Selling, general and administrative		8,993		21,913		—		—		30,906
Total operating costs and expenses		8,993		192,609		—		—		201,602
Operating income		(8,993)		28,875		—		—		19,882
Other income (expense)
Equity in earnings from consolidated subsidiaries		19,101		—		—		(19,101)		—
Interest income		267		—		—		—		267
Interest expense		—		(13)		—		—		(13)
Acquisition expense		(923)		—		—		—		(923)
Other income		—		585		—		—		585
Gain on disposition of assets		—		145		—		—		145
Income before income tax expense		9,452		29,592		—		(19,101)		19,943
Income tax expense		(3,382)		10,491		—		—		7,109
Net income	$	12,834	$	19,101	$	—	$	(19,101)	$	12,834

Supplemental Condensed Consolidating Statement of Operations Statement of Cash Flow

	Supplemental Condensed Consolidated Statement of Cash Flows
	For the Nine Months Ended September 30, 2015 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Net cash used in operating activities	$	(5,168)	$	(141,735)	$	—	$	—	$	(146,903)
Net cash used in investing activities	$	(148,667)	$	(2,398)	$	—	$	148,378	$	(2,687)
Financing activities
Borrowings under revolving credit facilities	$	135,000	$	—	$	—	$	—	$	135,000
Payments on revolving credit facilities		(55,000)		—		—		—		(55,000)
Proceeds from issuance of senior notes		58,956		—		—		—		58,956
Proceeds from issuance of notes payable		—		448		—		—		448
Principal payments on notes payable		—		(6,815)		—		—		(6,815)
Debt issuance costs		(2,817)		—		—		—		(2,817)
Repurchases of common stock upon vesting of restricted stock awards		(859)		—		—		—		(859)
Payments from (and advances to) parent/subsidiary		—		148,378		—		(148,378)		—
Net cash provided by financing activities	$	135,280	$	142,011	$	—	$	(148,378)	$	128,913
Net decrease in cash and cash equivalents	$	(18,555)	$	(2,122)	$	—	$	—	$	(20,677)
Cash and cash equivalents
Beginning of period	$	22,710	$	10,752	$	—	$		$	33,462
End of period	$	4,155	$	8,630	$	—	$	—	$	12,785

	Supplemental Condensed Consolidated Statement of Cash Flows
	For the Nine Months Ended September 30, 2014 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Net cash used in operating activities	$	(767)	$	(108,504)	$	—	$	—	$	(109,271)
Net cash used in investing activities	$	(287,323)	$	(178,628)	$	—	$	287,323	$	(178,628)
Financing activities
Borrowings under revolving credit facilities	$	99,000	$	—	$	—	$	—	$	99,000
Payments on revolving credit facilities		(99,000)		—		—				(99,000)
Proceeds from issuance of senior notes		198,478		—						198,478
Proceeds from issuance of notes payable		—		5,894		—				5,894
Principal payments on notes payable		—		(1,562)		—		—		(1,562)
Debt issuance costs		(5,132)		—		—		—		(5,132)
Net proceeds from issuances of common stock		81,890				—				81,890
Excess tax benefit on stock-based compensation		37								37
Payments from (and advances to) parent/subsidiary		—		287,323		—		(287,323)		—
Net cash provided by financing activities	$	275,273	$	291,655	$	—	$	(287,323)	$	279,605
Net increase (decrease) in cash and cash equivalents	$	(12,817)	$	4,523	$	—	$	—	$	(8,294)
Cash and cash equivalents
Beginning of period		106,614		3,384		—		—		109,998
End of period	$	93,797	$	7,907	$	—	$	—	$	101,704