Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2017

Supplemental Guarantor Information [Abstract]

Supplemental Condensed Consolidated Balance Sheet

	Supplemental Condensed Consolidated Balance Sheet
	As of June 30, 2017  (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Assets
Cash and cash equivalents	$	313,561	$	17,091	$	6,134	$	—	$	336,786
Cash held in escrow		—		25,704		276		—		25,980
Accounts receivable		—		8,054		155		—		8,209
Investment in consolidated  subsidiaries		973,571		—		—		(973,571)		—
Inventories		—		926,992		—		—		926,992
Mortgage loans held for sale		—		—		11,235		—		11,235
Prepaid expenses and other assets		5,933		35,985		302		—		42,220
Property and equipment, net		1,712		10,082		347		—		12,141
Investment in unconsolidated subsidiaries		18,356		—		—				18,356
Amortizable intangible assets, net		—		2,222		—		—		2,222
Goodwill		—		21,365		—		—		21,365
Total assets	$	1,313,133	$	1,047,495	$	18,449	$	(973,571)	$	1,405,506
Liabilities and stockholders’ equity
Liabilities:
Accounts payable	$	167	$	4,029	$	128	$	—	$	4,324
Accrued expenses and other liabilities		17,624		74,017		191		—		91,832
Deferred tax liability		123		—		—		—		123
Senior notes payable		773,392		3,457		—		—		776,849
Revolving line of credit		—		—		—		—		—
Mortgage repurchase facility		—		—		10,551		—		10,551
Total liabilities		791,306		81,503		10,870		—		883,679
Stockholders’ equity:		521,827		965,992		7,579		(973,571)		521,827
Total liabilities and stockholders’ equity	$	1,313,133	$	1,047,495	$	18,449	$	(973,571)	$	1,405,506

	Supplemental Condensed Consolidated Balance Sheet
	As of December 31, 2016  (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Assets
Cash and cash equivalents	$	14,637	$	8,646	$	6,167	$	—	$	29,450
Cash held in escrow		—		20,044		—		—		20,044
Accounts receivable		2,980		2,749		—		—		5,729
Investment in consolidated subsidiaries		884,665		—		—		(884,665)		—
Inventories		—		857,885		—		—		857,885
Prepaid expenses and other assets		14,628		25,662		167		—		40,457
Property and equipment, net		1,166		10,224		22		—		11,412
Investment in unconsolidated subsidiaries		18,275		—						18,275
Amortizable intangible assets, net		—		2,911		—		—		2,911
Goodwill		—		21,365		—		—		21,365
Total assets	$	936,351	$	949,486	$	6,356	$	(884,665)	$	1,007,528
Liabilities and stockholders’ equity
Liabilities:
Accounts payable	$	257	$	15,575	$	(124)	$	—	$	15,708
Accrued expenses and other liabilities		12,587		49,697		30		—		62,314
Deferred tax liability		1,782		—		—		—		1,782
Senior and other notes payable		253,089		5,999		—		—		259,088
Revolving line of credit		195,000		—		—		—		195,000
Total liabilities		462,715		71,271		(94)		—		533,892
Stockholders’ equity:		473,636		878,215		6,450		(884,665)		473,636
Total liabilities and stockholders’ equity	$	936,351	$	949,486	$	6,356	$	(884,665)	$	1,007,528

Supplemental Condensed Consolidated Statement Of Operations

		Supplemental Condensed Consolidated Statement of Operations
	For the Three Months Ended June 30, 2017 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	287,588	$	—	$	—	$	287,588
Land sales and other  revenues			—		2,493		—		—		2,493
			—		290,081		—		—		290,081
Financial services revenue			—		—		1,502		241		1,743
Total revenues			—		290,081		1,502		241		291,824
Homebuilding cost of revenues
Cost of homes sales revenues			—		(233,888)		—		—		(233,888)
Cost of land sales and other revenues			—		(1,746)		—		—		(1,746)
			—		(235,634)		—		—		(235,634)
Financial services costs			—		—		(1,445)		—		(1,445)
Selling, general and administrative			(7,587)		(26,633)		—		—		(34,220)
Acquisition expense			(916)		—		—		—		(916)
Equity in earnings from consolidated subsidiaries			18,687		—		—		(18,687)		—
Equity in income of unconsolidated subsidiaries			2,676		—		—		—		2,676
Other income (expense)			316		508		—		—		824
Income before income tax expense			13,176		28,322		57		(18,446)		23,109
Income tax expense			1,655		(9,913)		(20)		—		(8,278)
Net income		$	14,831	$	18,409	$	37	$	(18,446)	$	14,831

		Supplemental Condensed Consolidated Statement of Operations
	For the Three Months Ended June 30, 2016 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	257,179	$	—	$	—	$	257,179
Land sales and other  revenues			—		2,463		—		—		2,463
			—		259,642		—		—		259,642
Financial services revenue			—		—		—		—		—
Total revenues			—		259,642		—		—		259,642
Homebuilding cost of revenues
Cost of homes sales revenues			—		(207,883)		—		—		(207,883)
Cost of land sales and other revenues			—		(1,471)		—		—		(1,471)
			—		(209,354)		—		—		(209,354)
Financial services costs			—		—		—		—		—
Selling, general and administrative			(6,085)		(25,298)		—		—		(31,383)
Acquisition expense			(244)		—		—		—		(244)
Equity in earnings from consolidated subsidiaries			16,522		—		—		(16,522)		—
Other income (expense)			8		428		—		—		436
Income before income tax expense			10,201		25,418		—		(16,522)		19,097
Income tax expense			2,941		(8,896)		—		—		(5,955)
Net income		$	13,142	$	16,522	$	—	$	(16,522)	$	13,142

		Supplemental Condensed Consolidated Statement of Operations
	For the Six Months Ended June 30, 2017 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	514,008	$	—	$	—	$	514,008
Land sales and other  revenues			—		4,389		—		—		4,389
			—		518,397		—		—		518,397
Financial services revenue			—		—		1,743		—		1,743
Total revenues			—		518,397		1,743		—		520,140
Homebuilding cost of revenues
Cost of homes sales revenues			—		(416,212)		—		—		(416,212)
Cost of land sales and other revenues			—		(2,890)		—		—		(2,890)
			—		(419,102)		—		—		(419,102)
Financial services costs			—		—		(2,199)		—		(2,199)
Selling, general and administrative			(17,535)		(49,897)		—		—		(67,432)
Acquisition expense			(1,439)		—		—		—		(1,439)
Equity in earnings from consolidated subsidiaries			32,400		—		—		(32,400)		—
Equity in income of unconsolidated subsidiaries			3,931		—		—		—		3,931
Other income (expense)			357		868		36		—		1,261
Income before income tax expense			17,714		50,266		(420)		(32,400)		35,160
Income tax expense			5,916		(17,593)		147		—		(11,530)
Net income		$	23,630	$	32,673	$	(273)	$	(32,400)	$	23,630

		Supplemental Condensed Consolidated Statement of Operations
	For the Six Months Ended June 30, 2016 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	438,260	$	—	$	—	$	438,260
Land sales and other  revenues			—		5,478		—		—		5,478
			—		443,738		—		—		443,738
Financial services revenue			—		—		—		—		—
Total revenues			—		443,738		—		—		443,738
Homebuilding cost of revenues
Cost of homes sales revenues			—		(352,236)		—		—		(352,236)
Cost of land sales and other revenues			—		(4,013)		—		—		(4,013)
			—		(356,249)		—		—		(356,249)
Financial services costs			—		—		—		—		—
Selling, general and administrative			(11,478)		(45,090)		—		—		(56,568)
Equity in earnings from consolidated subsidiaries			28,212		—		—		(28,212)		—
Acquisition expense			(413)		—		—		—		(413)
Other income (expense)			14		1,004		—		—		1,018
Income before income tax expense			16,335		43,403		—		(28,212)		31,526
Income tax expense			4,790		(15,191)		—		—		(10,401)
Net income		$	21,125	$	28,212	$	—	$	(28,212)	$	21,125

Supplemental Condensed Consolidated Statement Of Cash Flows

	Supplemental Condensed Consolidated Statement of Cash Flows
	For the Six Months Ended June 30, 2017 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Net cash provided by/(used in) operating activities	$	(856)	$	(27,369)	$	(11,661)	$	—	$	(39,886)
Net cash used in investing activities	$	(45,267)	$	(4,690)	$	(325)	$	44,447	$	(5,835)
Financing activities
Borrowings under revolving credit facilities	$	75,000	$	—	$	—	$	—	$	75,000
Payments on revolving credit facilities		(270,000)		—		—		—		(270,000)
Proceeds from issuance of senior notes		523,000		—		—		—		523,000
Principal payments on notes payable		—		(2,541)		—		—		(2,541)
Debt issuance costs		(3,593)		—		—		—		(3,593)
Repurchases of common stock upon vesting of restricted stock awards		(3,693)		—		—		—		(3,693)
Payments from (and advances to) parent/subsidiary		—		43,045		1,402		(44,447)		—
Net proceeds from mortgage repurchase facility		—		—		10,551		—		10,551
Net proceeds from issuances of common stock		24,333		—		—		—		24,333
Net cash provided by financing activities	$	345,047	$	40,504	$	11,953	$	(44,447)	$	353,057
Net decrease in cash and cash equivalents	$	298,924	$	8,445	$	(33)	$	—	$	307,336
Cash and cash equivalents
Beginning of period	$	14,637	$	8,646	$	6,167	$	—	$	29,450
End of period	$	313,561	$	17,091	$	6,134	$	—	$	336,786

	Supplemental Condensed Consolidated Statement of Cash Flows For the Six Months Ended June 30, 2016 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Net cash provided by/(used in) operating activities	$	(10,020)	$	(23,309)	$	—	$	—	$	(33,329)
Net cash used in investing activities	$	(23,108)	$	(3,722)	$	—	$	22,895	$	(3,935)
Financing activities
Borrowings under revolving credit facilities	$	90,000	$	—	$	—	$	—	$	90,000
Payments on revolving credit facilities		(65,000)		—		—		—		(65,000)
Principal payments from notes payable		(24)		(3,018)		—		—		(3,042)
Repurchases of common stock under our stock repurchase program		(2,393)		—		—		—		(2,393)
Repurchases of common stock upon vesting of restricted stock awards		(904)		—		—		—		(904)
Payments from (and advances to) parent/subsidiary		—		22,895		—		(22,895)		—
Net cash provided by financing activities	$	21,679	$	19,877	$	—	$	(22,895)	$	18,661
Net decrease in cash and cash equivalents	$	(11,449)	$	(7,154)	$	—	$	—	$	(18,603)
Cash and cash equivalents
Beginning of period	$	22,002	$	7,285	$	—	$	—	$	29,287
End of period	$	10,553	$	131	$	—	$	—	$	10,684