XML 54 R14.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Stockholders' Equity and Stock-Based Compensation | 6 Months Ended
--- | ---
Jun. 30, 2014
Text Block [Abstract] |
Stockholders' Equity and Stock-Based Compensation | 8. Stockholders’ Equity and Stock-Based Compensation Stockholders’ Equity A summary of changes in our stockholders’ equity is presented below (in thousands):
|  | Six Months Ended June 30, 2013 |
|  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Additional |  |  |  |  |  | Other |  |  | Total |  |  |  |  |  |  |
|  | Common |  |  | Paid-in |  |  | Accumulated |  |  | Comprehensive |  |  | Stockholders’ |  |  | Members’ |  |  | Total |
|  | Stock |  |  | Capital |  |  | Deficit |  |  | Income |  |  | Equity |  |  | Equity |  |  | Equity |
Balance at December 31, 2012 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 149,153 |  |  | $ | 149,153 |
Net income |  |  | — |  |  |  | — |  |  |  | 2,345 |  |  |  | — |  |  |  | 2,345 |  |  |  | — |  |  |  | 2,345 |
Unrealized loss on available-for-sale-investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (182 | ) |  |  | (182 | ) |  |  | — |  |  |  | (182 | )
Total comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,163 |  |  |  |  |  |  |  | 2,163 |
Conversion of members’ equity into common stock |  |  | 216 |  |  |  | 153,199 |  |  |  | (4,262 | ) |  |  | — |  |  |  | 149,153 |  |  |  | (149,153 | ) |  |  | — |
Issuance of common stock, net of issuance costs |  |  | 100 |  |  |  | 155,308 |  |  |  | — |  |  |  | — |  |  |  | 155,408 |  |  |  | — |  |  |  | 155,408 |
Stock-based compensation expense |  |  | — |  |  |  | 844 |  |  |  | — |  |  |  | — |  |  |  | 844 |  |  |  | — |  |  |  | 844 |
Balance at June 30, 2013 |  | $ | 316 |  |  | $ | 309,351 |  |  | $ | (1,917 | ) |  | $ | (182 | ) |  | $ | 307,568 |  |  | $ | — |  |  | $ | 307,568 |
|  | Six Months Ended June 30, 2014 |
|  |  |  |  | Additional |  |  |  |  |  | Total |
|  | Common |  |  | Paid-in |  |  | Retained |  |  | Stockholders’ |
|  | Stock |  |  | Capital |  |  | Earnings |  |  | Equity |
Balance at December 31, 2013 |  | $ | 316 |  |  | $ | 310,878 |  |  | $ | 11,112 |  |  | $ | 322,306 |
Net income |  |  | — |  |  |  | — |  |  |  | 10,422 |  |  |  | 10,422 |
Stock-based compensation expense |  |  | — |  |  |  | 1,528 |  |  |  |  |  |  |  | 1,528 |
Minimum tax withholding paid on behalf of employees for stock awards |  |  | — |  |  |  | (303 | ) |  |  | — |  |  |  | (303 | )
Balance at June 30, 2014 |  | $ | 316 |  |  | $ | 312,103 |  |  | $ | 21,534 |  |  | $ | 333,953 |
In January 2013, the Company completed its IPO in which it issued and sold 10,000,000 shares of common stock at the public offering price of $17.00 per share. The Company received $155.4 million in net proceeds after deducting underwriting discounts and commissions of $11.9 million and other net offering expenses of $2.7 million. In preparation of the IPO, the Company reorganized from a Delaware limited liability company into a Delaware corporation and was renamed TRI Pointe Homes, Inc. Upon the close of the IPO and as of June 30, 2013, the Company had 31,597,907 common shares outstanding. As of June 30, 2014, the Company had 31,632,533 common shares outstanding. Stock-Based Compensation The Company’s stock compensation plan, the 2013 Long-Term Incentive Plan (“2013 Incentive Plan”), was adopted by our board of directors in January 2013 and amended with the approval of our stockholders in 2014. The 2013 Incentive Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, common stock, restricted stock, restricted stock units and performance awards. The 2013 Incentive Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2013 Incentive Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation. As amended, the number of shares of our common stock that may be issued under the 2013 Incentive Plan is 11,727,833 shares. To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2013 Incentive Plan or any predecessor plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally shall again be available under our the 2013 Incentive Plan. As of June 30, 2014 there were 10,942,517 shares available for future grant in the 2013 Incentive Plan. The Company has issued stock option awards and restricted stock unit awards against the 2013 Incentive Plan. The exercise price of our stock-based awards may not be less than the market value of our common stock on the date of grant. The fair value for stock options is established at the date of grant using the Black-Scholes model for time based vesting awards. Our stock option awards typically vest over a one to three year period and expire ten years from the date of grant. Our restricted stock awards are valued based on the closing price of our common stock on the date of grant and typically vest over a one to three year period. The following table presents compensation expense recognized related to all stock-based awards (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Total stock-based compensation |  | $ | 962 |  |  | $ | 517 |  |  | $ | 1,528 |  |  | $ | 844 |
As of June 30, 2014, total unrecognized stock based compensation related to all stock-based awards was $7.7 million and the weighted average term over which the expense was expected to be recognized was 2.0 years. Summary of Stock Option Activity The following table presents a summary of stock option awards relating to our 2013 Incentive Plan for the six months ended June 30, 2014:
|  | Six Months Ended June, 30 2014 |
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  | Aggregate |
|  |  |  |  | Exercise |  |  | Remaining |  |  | Intrinsic |
|  |  |  |  | Price |  |  | Contractual |  |  | Value |
|  | Options |  |  | Per Share |  |  | Life |  |  | (in 000’s) |
Options outstanding at December 31, 2013 |  |  | 285,900 |  |  | $ | 17.04 |  |  |  | 9.1 |  |  | $ | 827 |
Granted |  |  | 154,598 |  |  |  | 16.17 |  |  |  | 9.8 |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options outstanding at June 30, 2014 |  |  | 440,498 |  |  |  | 16.73 |  |  |  | 9.0 |  |  |  | — |
Options exercisable at June 30, 2014 |  |  | 97,767 |  |  |  | 17.11 |  |  |  | 8.6 |  |  |  | — |
On April 7, 2014, the Company granted an aggregate of 154,598 stock options to members of the executive management team. The stock option awards granted on April 7, 2014 ratably vest annually on the anniversary of the grant date over a three year period. The fair value for stock option awards granted on April 7, 2014 was $9.46 per share and was established at the date of grant using an option based model. Summary of Restricted Stock Unit Activity The following table presents a summary of restricted stock units (“RSUs”) relating to our 2013 Incentive Plan for the six months ended June 30, 2014:
|  | Six Months Ended June 30, 2014 |
|  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  | Aggregate |
|  |  |  |  | Grant Date |  |  | Intrinsic |
|  | Restricted Stock |  |  | Fair Value |  |  | Value |
|  | Units |  |  | Per Share |  |  | (in 000’s) |
Nonvested RSUs at December 31, 2013 |  |  | 145,517 |  |  | $ | 17.68 |  |  | $ | 2,900 |
Granted |  |  | 217,839 |  |  |  | 16.17 |  |  |  | 3,424 |
Vested |  |  | (51,598 | ) |  |  | 17.81 |  |  |  | — |
Forfeited |  |  | (1,566 | ) |  |  | 18.30 |  |  |  | 25 |
Nonvested RSUs at June 30, 2014 |  |  | 310,192 |  |  |  | 16.60 |  |  |  | 4,876 |
On April 7, 2014, the Company granted an aggregate of 217,839 restricted stock units to employees, officers and directors. The restricted stock units granted to employees and officers on April 7, 2014 ratably vest annually on the anniversary of the grant date over a three year period. The restricted stock units granted to directors on April 7, 2014 vest on January 31, 2015, except the restricted stock units granted to directors who left the Board upon the closing of the WRECO transaction vested on the date they left the Board based on the number of days served in 2014. The fair value of each restricted stock award granted on April 7, 2014 was measured using a price of $16.17 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period. On August 5, 2014, the Company granted an aggregate of 56,448 restricted stock units to its board of directors. The restricted stock units granted to directors on August 5, 2014 vest on May 1, 2015. The fair value of each restricted stock award granted on August 5, 2014 was measured using $13.34 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period. Summary of Equity Based Incentive Units On September 24, 2010, the Company granted equity based incentive units to management. In connection with our initial public offering in January 2013, the incentive units converted into shares of common stock. The recipients of the equity based incentive units have all the rights of a stockholder, including the rights to vote those shares and receive any dividends or distributions made with respect to those shares and any shares or other property received in respect of those shares; provided, however, any non-cash dividend or distribution with respect to the common stock shall be subject to the same vesting provisions as the incentive units. The vesting terms of the equity based incentive units are as follows: (1)18.75% of such units vested, subject to limitation in (3) below on the date following the first-year anniversary of the date of such officer’s employment; (2) 56.25% of such units vest, subject to limitation in (3) below in equal quarterly installments between the first and fourth-year anniversary of the date of such officer’s employment; (3) 25% of the awards granted in (1) and (2) will vest upon a liquidity event, as defined in each such recipient’s employment agreement; and (4) 25% of such units will be converted into a number of shares of restricted stock prior to a liquidity event. The grant-date fair value of the equity based incentive units granted during the period ended December 31, 2010 was $3.3 million. The Company did not grant any equity based incentive units and no equity based incentive units were forfeited during the six months ended June 30, 2014. The Merger constituted a liquidity event as defined in each recipient’s employment agreement. As a result, 25% of the equity based incentive units vested. Refer to Note 1, Subsequent Events for a description of the Merger.

X
- Definition Disclosure Of Stockholders Equity And Share Based Compensation Arrangements By Share Based Payment Award [Text Block] + References No definition available. + Details
Name: | tph_DisclosureOfStockholdersEquityAndShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | tph_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_TextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration