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Equity
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Equity
EQUITY

The Company is 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. On July 9, 2013, 1,000 shares of common stock, par value $0.01 per share, were issued upon receipt of $1,000. At December 31, 2013, the Company had 20,763,449 shares of Common Stock issued and outstanding. No shares of preferred stock were issued or outstanding.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the period the Company was a public registrant, from November 13, 2013 to December 31, 2013. Earnings per share is not computed for the period prior to the closing date of the IPO because the Predecessor consisted of limited liability companies and limited partnerships and LGI Homes, Inc. did not have operations.
 
 
For the Period from November 13, 2013 - December 31,
2013
 
 
 
Net income
 
$
7,110,126

 
 
 
Basic weighted average shares outstanding
 
20,763,449

 
 
 
   Add: Dilutive effect of restricted stock units
 
70,675

Diluted weighted average shares outstanding
 
20,834,124

 
 
 
Basic earnings per share
 
$
0.34

Diluted earnings per share
 
$
0.34



Predecessor's Owners' Equity

The following table reflects the activity and balances in the owners’ equity of the Predecessor prior to the Reorganization Transactions:
 
 
 
LGI Homes
Group,
LLC
Members’
Capital
 
LGI Homes
Corporate,
LLC
Members’
Capital
 
LGI Homes-
Deer Creek,
LLC
Members’
Capital
 
Other
Partnerships’
Capital
 
Total Owners’
Equity
BALANCE—JANUARY 1, 2011
 
$

 
$
2,296,924

 
$
42,716

 
$
8,710,673

 
$
11,050,313

Net income
 
152,626

 
878,184

 
764,751

 
1,554,858

 
3,350,419

Contributions
 
3,960,000

 

 
400,000

 

 
4,360,000

Distributions
 

 

 
(250,000
)
 
(5,520,000
)
 
(5,770,000
)
BALANCE—DECEMBER 31, 2011
 
$
4,112,626

 
$
3,175,108

 
$
957,467

 
$
4,745,531

 
$
12,990,732

Net income
 
6,445,381

 
2,258,226

 
802,166

 
199,356

 
9,705,129

Contributions
 
6,650,000

 

 

 

 
6,650,000

Distributions
 
(53,287
)
 
(2,001,964
)
 
(1,759,633
)
 
(320,000
)
 
(4,134,884
)
BALANCE—DECEMBER 31, 2012
 
$
17,154,720

 
$
3,431,370

 
$

 
$
4,624,887

 
$
25,210,977

Net income
 
11,892,452

 
1,883,297

 

 
1,441,198

 
15,216,947

Contributions
 

 
2,500,000

 

 
35,000

 
2,535,000

Distributions
 
(6,969,567
)
 
(1,468,800
)
 

 
(672,839
)
 
(9,111,206
)
BALANCE—NOVEMBER 13, 2013
 
$
22,077,605

 
$
6,345,867

 
$

 
$
5,428,246

 
$
33,851,718


LGI Homes Group, LLC is a Texas limited liability company formed in March 2011. EDSS Holdings, LP, a limited partnership wholly-owned by the Family Principals, owned 50.125% of LGI Homes Group, LLC, and LGI Investment Fund II, LP, owned the remaining 49.875%. LGI Investment Fund II, LP was formed as a Texas limited partnership in June 2011. LGI Fund II GP, LLC was the 1% general partner. LGI Fund II GP, LLC is wholly-owned by Eric Lipar. The limited partners were various investors.
In March 2013, LGI Homes Group, LLC formed LGI Fund III Holdings, LLC (a joint venture consolidated in the accompanying financial statements) with LGI Investment Fund III, LP (see Note 6). LGI Homes Group, LLC was the managing member. The LGI Investment Fund III, LP was formed as a Texas limited partnership in February 2013. LGI Fund III GP, LLC was the 1% general partner. LGI Fund III GP, LLC is wholly-owned by Eric Lipar. The limited partners were various investors. In accordance with the terms of the formation of LGI Investment Fund III, LP, the limited partnership exchanged its 85% ownership in LGI Fund III Holdings, LLC for approximately 1.5 times the investment amount upon completion of the IPO and as part of the Reorganization Transactions.
LGI Homes Corporate, LLC is a Texas limited liability company formed in March 2010 and was wholly-owned and managed by the Family Principals prior to the Reorganization Transactions.
LGI Homes—Deer Creek, LLC is a Texas limited liability company formed in June 2009. The entity was wholly-owned and managed by the Family Principals prior to the Reorganization Transactions.
 
The Other Partnerships included in the accompanying consolidated financial statements and aggregated in the above table are:

LGI Homes II, LLC, formerly LGI Homes, Ltd. and JTM Housing, Ltd., was formed as a Texas limited partnership in December 2002, renamed as LGI Homes, Ltd. in October 2004 and LGI Homes II, LLC in November 2013. LGI GP, LLC, a wholly-owned Texas limited liability company formed in 2002 as a wholly-owned subsidiary of LGI Holdings, LLC, was the 1% general partner of LGI Homes II, LLC. The limited partner was 99% owned by the Family Principals prior to the Reorganization Transactions.

LGI Homes - Sunrise Meadow, LLC, formerly LGI Homes - Sunrise Meadow, Ltd. was formed as a Texas limited partnership in February 2005 and renamed as LGI Homes - Sunrise Meadow, LLC in November 2013. LGI GP, LLC, was the 1% general partner. The entity was wholly-owned and managed by the Family Principals prior to the Reorganization Transactions.

LGI Homes - Canyon Crossing, LLC, formerly LGI Homes - Canyon Crossing, Ltd. was formed as a Texas limited partnership in May 2005 and renamed as LGI Homes - Canyon Crossing, LLC in November 2013. LGI GP, LLC, was the 1% general partner. The entity was wholly-owned and managed by the Family Principals prior to the Reorganization Transactions.