CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
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12 Months Ended | ||
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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Cash flows from operating activities: | |||
Net income | $ 28,211,000us-gaap_ProfitLoss | $ 21,737,000us-gaap_ProfitLoss | $ 9,868,000us-gaap_ProfitLoss |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Income from unconsolidated LGI/GTIS Joint Ventures | 0us-gaap_IncomeLossFromEquityMethodInvestments | (4,287,000)us-gaap_IncomeLossFromEquityMethodInvestments | (1,526,000)us-gaap_IncomeLossFromEquityMethodInvestments |
Distributions from unconsolidated LGI/GTIS Joint Ventures | 0us-gaap_EquityMethodInvestmentDividendsOrDistributions | 4,414,000us-gaap_EquityMethodInvestmentDividendsOrDistributions | 1,545,000us-gaap_EquityMethodInvestmentDividendsOrDistributions |
Gain on remeasurement of interests in LGI/GTIS Joint Ventures | 0us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain | (6,446,000)us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain | 0us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain |
Depreciation and amortization | 825,000us-gaap_DepreciationDepletionAndAmortization | 292,000us-gaap_DepreciationDepletionAndAmortization | 185,000us-gaap_DepreciationDepletionAndAmortization |
Gain on settlement of participation fee obligation | 0us-gaap_GainsLossesOnExtinguishmentOfDebt | (9,000)us-gaap_GainsLossesOnExtinguishmentOfDebt | 0us-gaap_GainsLossesOnExtinguishmentOfDebt |
Loss on disposal of assets | 14,000us-gaap_GainLossOnDispositionOfAssets1 | 56,000us-gaap_GainLossOnDispositionOfAssets1 | 0us-gaap_GainLossOnDispositionOfAssets1 |
Settlement of accrued bonuses with restricted stock units | 0lgih_SharebasedCompensationSettlementofAccruedBonuses | 1,026,000lgih_SharebasedCompensationSettlementofAccruedBonuses | 0lgih_SharebasedCompensationSettlementofAccruedBonuses |
Excess Tax Benefit from Share-based Compensation, Operating Activities | (356,000)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities | ||
Compensation expense for equity awards | 862,000us-gaap_ShareBasedCompensation | 43,000us-gaap_ShareBasedCompensation | 0us-gaap_ShareBasedCompensation |
Deferred income taxes | 1,000lgih_DeferredIncomeTaxExpenseBenefitIncludingAdjustments | (288,000)lgih_DeferredIncomeTaxExpenseBenefitIncludingAdjustments | 0lgih_DeferredIncomeTaxExpenseBenefitIncludingAdjustments |
Changes in assets and liabilities: | |||
Accounts receivable | (1,963,000)us-gaap_IncreaseDecreaseInAccountsReceivable | (3,871,000)us-gaap_IncreaseDecreaseInAccountsReceivable | (205,000)us-gaap_IncreaseDecreaseInAccountsReceivable |
Real estate inventory | (198,357,000)us-gaap_IncreaseDecreaseInInventories | (74,595,000)us-gaap_IncreaseDecreaseInInventories | (15,963,000)us-gaap_IncreaseDecreaseInInventories |
Pre-acquisition costs and deposits | (6,066,000)us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding | (2,705,000)us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding | (426,000)us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding |
Other assets | (617,000)us-gaap_IncreaseDecreaseInOtherOperatingAssets | 286,000us-gaap_IncreaseDecreaseInOtherOperatingAssets | (946,000)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Accounts payable | 1,480,000us-gaap_IncreaseDecreaseInAccountsPayable | 5,827,000us-gaap_IncreaseDecreaseInAccountsPayable | 1,670,000us-gaap_IncreaseDecreaseInAccountsPayable |
Accrued expenses and other liabilities | 2,752,000us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities | 4,031,000us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities | 1,145,000us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities |
Net cash used in operating activities | (173,214,000)us-gaap_NetCashProvidedByUsedInOperatingActivities | (54,489,000)us-gaap_NetCashProvidedByUsedInOperatingActivities | (4,653,000)us-gaap_NetCashProvidedByUsedInOperatingActivities |
Cash flows from investing activities: | |||
Payment for business acquisitions, net of cash acquired | (15,169,000)us-gaap_PaymentsToAcquireEquityMethodInvestments | (30,139,000)us-gaap_PaymentsToAcquireEquityMethodInvestments | 0us-gaap_PaymentsToAcquireEquityMethodInvestments |
Purchases of property and equipment | (1,195,000)us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital | (685,000)us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital | (435,000)us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital |
Capital investments in unconsolidated LGI/GTIS Joint Ventures | 0us-gaap_ProceedsFromSaleOfProductiveAssets | (928,000)us-gaap_ProceedsFromSaleOfProductiveAssets | (2,244,000)us-gaap_ProceedsFromSaleOfProductiveAssets |
Capital distributions from unconsolidated LGI/GTIS Joint Ventures | 0us-gaap_PaymentsForProceedsFromProductiveAssets | 458,000us-gaap_PaymentsForProceedsFromProductiveAssets | 33,000us-gaap_PaymentsForProceedsFromProductiveAssets |
Proceeds from disposal of assets | 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired | 35,000us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired | 1,000us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired |
Net cash used in investing activities | (16,364,000)us-gaap_NetCashProvidedByUsedInInvestingActivities | (31,259,000)us-gaap_NetCashProvidedByUsedInInvestingActivities | (2,645,000)us-gaap_NetCashProvidedByUsedInInvestingActivities |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 147,400,000us-gaap_ProceedsFromNotesPayable | 72,932,000us-gaap_ProceedsFromNotesPayable | 46,364,000us-gaap_ProceedsFromNotesPayable |
Payments on credit facilities | (43,531,000)us-gaap_RepaymentsOfNotesPayable | (52,042,000)us-gaap_RepaymentsOfNotesPayable | (37,810,000)us-gaap_RepaymentsOfNotesPayable |
Proceeds from Convertible Debt | 85,000,000us-gaap_ProceedsFromConvertibleDebt | ||
Payments of Debt Issuance Costs | (5,200,000)us-gaap_PaymentsOfDebtIssuanceCosts | ||
Payments Related to Tax Withholding for Share-based Compensation | (596,000)us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation | ||
Payments for Repurchase of Common Stock | (16,550,000)us-gaap_PaymentsForRepurchaseOfCommonStock | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 356,000us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | ||
Contributions from owners | 0us-gaap_ProceedsFromContributionsFromAffiliates | 2,535,000us-gaap_ProceedsFromContributionsFromAffiliates | 6,650,000us-gaap_ProceedsFromContributionsFromAffiliates |
Distributions to owners | 0us-gaap_PaymentsOfDistributionsToAffiliates | (9,111,000)us-gaap_PaymentsOfDistributionsToAffiliates | (4,135,000)us-gaap_PaymentsOfDistributionsToAffiliates |
Proceeds from sale of stock, net of offering expenses | 0us-gaap_ProceedsFromIssuanceInitialPublicOffering | 102,636,000us-gaap_ProceedsFromIssuanceInitialPublicOffering | 0us-gaap_ProceedsFromIssuanceInitialPublicOffering |
Contributions from non-controlling interests | 0us-gaap_ProceedsFromMinorityShareholders | 15,797,000us-gaap_ProceedsFromMinorityShareholders | 0us-gaap_ProceedsFromMinorityShareholders |
Distributions to non-controlling interests | 0us-gaap_PaymentsToMinorityShareholders | 0us-gaap_PaymentsToMinorityShareholders | (1,807,000)us-gaap_PaymentsToMinorityShareholders |
Net cash provided by financing activities | 166,879,000us-gaap_NetCashProvidedByUsedInFinancingActivities | 132,747,000us-gaap_NetCashProvidedByUsedInFinancingActivities | 9,262,000us-gaap_NetCashProvidedByUsedInFinancingActivities |
Net increase (decrease) in cash and cash equivalents | (22,699,000)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 46,999,000us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 1,964,000us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and cash equivalents, beginning of year | 54,069,000us-gaap_CashAndCashEquivalentsAtCarryingValue | 7,070,000us-gaap_CashAndCashEquivalentsAtCarryingValue | 5,106,000us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and cash equivalents, end of year | $ 31,370,000us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 54,069,000us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 7,070,000us-gaap_CashAndCashEquivalentsAtCarryingValue |
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- Definition
Deferred Income Tax Expense (Benefit), Including Adjustments No definition available.
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- Definition
Share-based Compensation, Settlement of Accrued Bonuses No definition available.
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- Details
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- Definition
In a business combination achieved in stages, this element represents the amount of gain recognized by the entity as a result of remeasuring to fair value the equity interest in the acquiree it held before the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of gain (loss) on sale or disposal of assets, including but not limited to property plant and equipment, intangible assets and equity in securities of subsidiaries or equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of accrued expenses and other operating obligations not separately disclosed in the statement of cash flows. No definition available.
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- Definition
The increase (decrease) during the reporting period in the amount of deposits given by the reporting entity to a seller which shows that the prospective buyer is serious about purchasing a property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net cash outflow or inflow from purchases, sales and disposals of property, plant and equipment and other productive assets, including intangibles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The distributions of earnings to an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow to satisfy an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations that are returns of capital. Excludes dividends or distributions from equity method investments classified as operating activities. No definition available.
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- Definition
The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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