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333-227012), registering the offering and sale of an indeterminate amount of debt securities, guarantees of debt securities, preferred stock, common stock, warrants, depositary shares, purchase contracts and units that include any of these securities.
−Removed: We currently intend to retain our future earnings, if any, to finance the development and expansion of our business and, therefore, do not intend to pay cash dividends on our common stock for the foreseeable future.
−Removed: Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements, restrictions contained in any of our financing arrangements and such other factors as our board of directors may deem relevant.
We have not previously declared or paid any cash dividends on our common stock.
+Added: Any future determination to pay cash dividends on our common stock will be at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements, restrictions contained in any of our financing arrangements and such other factors as our board of directors may deem relevant.
+Added: Stock Repurchase Program
+Added: The following table summarizes the repurchase of shares of our common stock during the three months ended December 31, 2020.
+Added: Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
+Added: Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
+Added: (in thousands)
+Added: October 1-31, 2020 — $ — — $ 317,159
+Added: November 1-30, 2020 85,000 $ 111.91 85,000 $ 307,647
+Added: December 1-31, 2020 66,965 $ 108.03 66,965 $ 300,412
+Added: 151,965 $ 110.20 151,965
+Added: (1) In November 2018, our Board of Directors (the “Board”) authorized a stock repurchase program, pursuant to which we may purchase up to $50.0 million of shares of our common stock through open market transactions, privately negotiated transactions or otherwise in accordance with applicable laws.
+Added: On October 30, 2020, the Board approved an increase in our stock repurchase program by an additional $300.0 million of shares of our common stock.
+Added: The timing, amount and other terms and conditions of any repurchases of shares of our common stock under our stock repurchase program will be determined by our management at its discretion based on a variety of factors, including the market price of our common stock, corporate considerations, general market and economic conditions and legal requirements.
+Added: Our stock repurchase program may be modified, discontinued or suspended at any time.
Stock Performance Graph
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Common Stock, the S&P 500 Index, and the S&P Homebuilders Index for the years ended December 31, 2020, 2019, 2018, 2017 and 2016.
+Added: 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
+Added: LGIH $100.00 $118.08 $308.38 $185.86 $290.38 $435.06
S&P 500 Index $100.00 $109.54 $130.81 $122.65 $158.07 $183.77
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Year Ended December 31,
+Added: 2020 2019 2018 2017 2016
(dollars in thousands, except per share data and average home sales price)
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Income tax provision 43,954 53,224 43,812 58,096 38,641
+Added: Net income $ 323,895 $ 178,608 $ 155,286 $ 113,306 $ 75,031
Basic earnings per share (1)
+Added: $ 12.89 $ 7.70 $ 6.89 $ 5.24 $ 3.61
Diluted earnings per share (1)
+Added: $ 12.76 $ 7.02 $ 6.24 $ 4.73 $ 3.41
Other Financial and Operating Data:
−Removed: Active communities at end of year
+Added: Average community count 111.9 95.8 80.6 73.1 57.9
+Added: Community count at end of period 116 106 88 78 63
Home closings 9,339 7,690 6,512 5,845 4,163
−Removed: Average sales price of homes closed
+Added: Average sales price per home closed $ 253,553 $ 239,032 $ 231,020 $ 215,220 $ 201,374
Gross margin (2)
+Added: $ 603,097 $ 436,479 $ 379,916 $ 320,420 $ 221,613
Gross margin % (3)
+Added: 25.5 % 23.7 % 25.3 % 25.5 % 26.4 %
Adjusted gross margin (4)
+Added: $ 648,350 $ 475,033 $ 405,635 $ 338,066 $ 232,778
Adjusted gross margin % (3)(4)
+Added: 27.4 % 25.8 % 27.0 % 26.9 % 27.8 %
+Added: $ 408,940 $ 267,705 $ 224,120 $ 189,593 $ 125,441
EBITDA margin % (3)(5)
+Added: 17.3 % 14.6 % 14.9 % 15.1 % 15.0 %
Adjusted EBITDA (5)
+Added: $ 410,673 $ 266,735 $ 226,541 $ 188,238 $ 123,725
Adjusted EBITDA margin % (3)(5)
+Added: 17.3 % 14.5 % 15.1 % 15.0 % 14.8 %
+Added: 2020 2019 2018 2017 2016
Balance Sheet Data:
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Real estate inventory $ 1,569,489 $ 1,499,624 $ 1,228,256 $ 918,933 $ 717,681
−Removed: Goodwill and intangibles
+Added: Goodwill $ 12,018 $ 12,018 $ 12,018 $ 12,018 $ 12,018
+Added: Total assets $ 1,826,087 $ 1,666,115 $ 1,395,473 $ 1,079,892 $ 814,514
Notes payable $ 538,398 $ 690,559 $ 653,734 $ 475,195 $ 400,483
Total liabilities $ 687,082 $ 820,922 $ 739,530 $ 590,046 $ 459,313
+Added: Total equity $ 1,139,005 $ 845,193 $ 655,943 $ 489,846 $ 355,201
(1) Earnings per share is presented for the years ended December 31, 2020, 2019, 2018, 2017 and 2016.
−Removed: See Note 9 “ Equity ” to our consolidated financial statements included in Part II, Item 8 of this Annual Report of this Form 10-K for calculation of earnings per share .
+Added: See Note 9 “ Equity ” to our consolidated financial statements included in Part II, Item 8 of this Annual Report of this Form 10-K for calculation of earnings per share for the years ended December 31, 2020, 2019 and 2018 .
(2) Gross margin is home sales revenues less cost of sales.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.