Acquisitions |
6 Months Ended |
---|---|
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition of LGI/GTIS Joint Venture Partners' Interests | ACQUISITION Oakmont Acquisition On October 2, 2014, we acquired certain home building assets and liabilities of Oakmont Home Builders, Inc. (“Oakmont”) and certain land positions of EST Properties, LLC, an affiliate of Oakmont (the “Oakmont Acquisition”). As a result of the Oakmont Acquisition, we established an immediate presence in residential homebuilding in the Charlotte, North Carolina, market acquiring 150 homes under construction and more than 1,000 owned and controlled lots. The total purchase price for the Oakmont Acquisition was approximately $17.3 million, consisting of approximately $15.2 million in cash and a contingent earnout based on home closings through December 31, 2017. During the quarter ended June 30, 2015, we closed 60 homes attributable to the Oakmont Acquisition resulting in a $240,000 earnout obligation to be paid during the third quarter of 2015. The earnout liability is included in other liabilities on the consolidated balance sheet and will be subject to adjustment based on revisions to the forecasted absorption rate and the actual number of homes closed during the earnout period. |