Note 16 - Results of Quarterly Operations (Unaudited)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Quarterly Financial Information [Text Block]

16.    Results of Quarterly Operations (Unaudited)

The following table presents our unaudited quarterly financial data. In our opinion, this information has been prepared on a basis consistent with that of our audited consolidated financial statements and all necessary material adjustments, consisting of normal recurring accruals and adjustments, have been included to present fairly the unaudited quarterly financial data. Our quarterly results of operations for these periods are not necessarily indicative of future results of operations.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
	(Dollars in thousands, except per share amounts)
2020
Home sales revenue	$	95,659		$	77,757		$	117,426		$	135,409		$	426,251
Cost of home sales		84,722			66,216			100,775			115,313			367,026
Home sales impairments		—			19,000			—			—			19,000
Homebuilding gross margin	$	10,937		$	(7,459	)	$	16,651		$	20,096		$	40,225
Land sales revenue	$	147		$	10		$	—		$	—		$	157
Cost of land sales		147			10			—			—			157
Land sales impairments		—			—			—			—			—
Land sales gross margin	$	—		$	—		$	—		$	—		$	—
Fee building revenue	$	36,227		$	21,193		$	13,418		$	10,165		$	81,003
Cost of fee building		35,497			20,985			13,150			9,951			79,583
Fee building gross margin	$	730		$	208		$	268		$	214		$	1,420
Pretax income (loss)	$	(18,413	)	$	(41,222	)	$	1,528		$	(1,349	)	$	(59,456	)
Net income (loss) attributable to The New Home Company Inc.	$	(8,476	)	$	(24,293	)	$	1,188		$	(1,238	)	$	(32,819	)
Basic earnings (loss) per share attributable to The New Home Company Inc.(1)	$	(0.42	)	$	(1.32	)	$	0.07		$	(0.07	)	$	(1.76	)
Diluted earnings (loss) per share attributable to The New Home Company Inc.(1)	$	(0.42	)	$	(1.32	)	$	0.06		$	(0.07	)	$	(1.76	)
2019
Home sales revenue	$	99,186		$	140,464		$	118,781		$	173,921		$	532,352
Cost of home sales		86,569			123,525			105,763			153,700			469,557
Home sales impairments		—			—			1,700			6,600			8,300
Homebuilding gross margin	$	12,617		$	16,939		$	11,318		$	13,621		$	54,495
Land sales revenue	$	—		$	—		$	24,573		$	17,091		$	41,664
Cost of land sales		—			—			26,078			17,091			43,169
Land sales impairments		—			—			1,900			—			1,900
Land sales gross margin	$	—		$	—		$	(3,405	)	$	—		$	(3,405	)
Fee building revenue	$	19,662		$	22,285		$	22,262		$	31,124		$	95,333
Cost of fee building		19,268			21,770			21,615			30,628			93,281
Fee building gross margin	$	394		$	515		$	647		$	496		$	2,052
Pretax income (loss)	$	(2,651	)	$	2,565		$	(4,778	)	$	(6,952	)	$	(11,816	)
Net income (loss) attributable to The New Home Company Inc.	$	(1,987	)	$	1,572		$	(4,624	)	$	(2,998	)	$	(8,037	)
Basic earnings (loss) per share attributable to The New Home Company Inc.(1)	$	(0.10	)	$	0.08		$	(0.23	)	$	(0.15	)	$	(0.40	)
Diluted earnings (loss) per share attributable to The New Home Company Inc.(1)	$	(0.10	)	$	0.08		$	(0.23	)	$	(0.15	)	$	(0.40	)

(1) Some amounts do not add to our full year results presented on our consolidated statement of operations due to rounding differences in quarterly and annual weighted average share calculations.