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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2015
Stockholders' Equity Attributable to Parent [Abstract] |
Stockholders' Equity | REVERSE RECAPITALIZATION The authorized common stock of the Company consists of 100,000,000 shares with a $0.01 par value. On June 10, 2014, the Company entered into a definitive transaction agreement with the owners of JBGL, which provided that we would acquire JBGL for $275 million, payable in cash and shares of our common stock. The Transaction was completed on October 27, 2014. Pursuant to the terms of the Transaction, we paid the $275 million purchase price with approximately $191.8 million in cash and the remainder in 11,108,500 shares of our common stock valued at approximately $7.49 per share. After giving effect to the Transaction, there were 31,346,084 shares of our common stock outstanding. Prior to the Transaction, we were a non-operating public shell company with nominal operations and assets consisting of cash, deferred tax assets, and nominal other nonoperating assets. For accounting purposes, this transaction is being accounted for as a reverse recapitalization and has been treated as a recapitalization of JBGL, the accounting acquirer. JBGL's financial statements became the financial statements of the registrant The Company did not recognize goodwill or any intangible assets in connection with the transaction. The historical financial consolidated statements of the Company are those of JBGL. From the date of the Transaction and subsequent, the consolidated financial statements include the results of the consolidated entities of the Company. For financial reporting purposes, the 11,108,500 shares issued by BioFuel in conjunction with the Transaction have been presented as outstanding for all periods prior to the Transaction. All share and per share amounts have been retroactively restated to the earliest periods presented to reflect the transaction. The contributions from and distributions to equity holders during the historical periods presented were contributed from and distributed to equity holders whom were members of JBGL pre-Transaction. The following table summarizes the net identifiable liabilities of BioFuel retained on the Transaction Date (in thousands):
Cash | $ | 31,916 |
Deferred tax assets | 65,020 |
Deferred tax assets valuation allowance | (1,161 | )
Other assets | 591 |
Debt | (150,000 | )
Other liabilities | (312 | )
Net liabilities acquired | $ | (53,946 | )
BioFuel incurred acquisition costs of approximately $3.2 million included in additional paid-in-capital on our consolidated balance sheets for the year ended December 31, 2014. Since the transaction was considered a reverse recapitalization, the presentation of pro-forma financial information was not required. STOCKHOLDERS’ EQUITY A summary of changes in stockholders’ equity is presented below (dollars in thousands):
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Total Green Brick Partners, Inc. Stockholders’ Equity |  | Noncontrolling Interests |  | Total Stockholders’ Equity
| Shares |  | Amount |
Balance at December 31, 2013 | 11,108,500 |  |  | $ | 111 |  |  | $ | 155,985 |  |  | $ | 33,014 |  |  | $ | 189,110 |  |  | $ | 9,709 |  |  | $ | 198,819 |
Contributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 592 |  |  | 592 |
Distributions | — |  |  | — |  |  | — |  |  | (5,782 | ) |  | (5,782 | ) |  | (11,439 | ) |  | (17,221 | )
Net income | — |  |  | — |  |  | — |  |  | 18,453 |  |  | 18,453 |  |  | 8,290 |  |  | 26,743 |
Balance at September 30, 2014 | 11,108,500 |  |  | $ | 111 |  |  | $ | 155,985 |  |  | $ | 45,685 |  |  | $ | 201,781 |  |  | $ | 7,152 |  |  | $ | 208,933 |
Balance at December 31, 2014 | 31,346,084 |  |  | $ | 313 |  |  | $ | 101,626 |  |  | $ | 69,919 |  |  | $ | 171,858 |  |  | $ | 9,739 |  |  | $ | 181,597 |
Share-based compensation | — |  |  | — |  |  | 227 |  |  | — |  |  | 227 |  |  | — |  |  | 227 |
Issuance of common stock under 2014 Equity Plan | 22,908 |  |  | — |  |  | 91 |  |  | — |  |  | 91 |  |  | — |  |  | 91 |
Issuance of common stock in connection with secondary offering, net of issuance costs | 17,444,897 |  |  | 175 |  |  | 169,808 |  |  | — |  |  | 169,983 |  |  | — |  |  | 169,983 |
Contributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 87 |  |  | 87 |
Distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,423 | ) |  | (6,423 | )
Net income | — |  |  | — |  |  | — |  |  | 10,632 |  |  | 10,632 |  |  | 7,846 |  |  | 18,478 |
Balance at September 30, 2015 | 48,813,889 |  |  | $ | 488 |  |  | $ | 271,752 |  |  | $ | 80,551 |  |  | $ | 352,791 |  |  | $ | 11,249 |  |  | $ | 364,040 |
Equity Offering On July 1, 2015, the Company completed an underwritten public offering of 17,000,000 shares of its common stock at a price to the public of $10.00 per share and granted to the underwriters a 30-day option to purchase up to an aggregate of 841,500 additional shares of common stock to cover over-allotments (the “Equity Offering”). On July 23, 2015, the underwriters exercised the option and purchased 444,897 additional shares. All of the shares were sold by the Company pursuant to an effective shelf registration statement previously filed with the SEC. The Equity Offering resulted in net proceeds to Green Brick of approximately $170.0 million, after deducting underwriting discounts and offering expenses. On July 1, 2015, Green Brick used approximately $154.9 million of the net proceeds from the Equity Offering to repay all of the outstanding principal, interest and a prepayment premium under the Term Loan Facility. Effective upon receipt of such payment, all security interests in, and all liens held by Greenlight with respect to, the assets of Green Brick securing the amounts owed under the Term Loan Facility were terminated and released. Green Brick used the remaining net proceeds for working capital and general corporate purposes.

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