XML 57 R44.htm IDEA: XBRL DOCUMENT v2.4.1.9

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Tax Attributable to Income (Loss) from Continuing Operations before Income Taxes

The provision (benefit) for income tax attributable to income (loss) from continuing operations before income taxes consisted of (in thousands):

		Year Ended December 31,
		2014				2013				2012
Current:
Federal		$	(109,565	)		$	21,773			$	1,457
State			5,339				1,646				122
Total current taxes			(104,226	)			23,419				1,579
Deferred:
Federal			147,797				(107,651	)			33,446
State			196				(1,929	)			3,885
Total deferred taxes			147,993				(109,580	)			37,331
Total income tax expense (benefit)		$	43,767			$	(86,161	)		$	38,910

Effective Tax Rate Differs from Federal Statutory Rate

The Company’s provision (benefit) for income taxes was different from the amount computed by applying the statutory federal income tax rate of 35% to the underlying income before income taxes as a result of the following (in thousands):

		Year Ended December 31,
		2014				2013				2012
Taxes at the U.S. federal statutory rate		$	44,788			$	(83,109	)		$	34,870
State income taxes, net of federal tax impact			3,822				(859	)			3,964
Tax loss on the sale of WRI			(5,786	)			—				—
Non deductible transaction costs			2,594				—				—
Other, net			(1,651	)			(2,193	)			76
Total income tax expense (benefit)		$	43,767			$	(86,161	)		$	38,910
Effective income tax rate			34.2	%			36.3	%			39.1	%

Components of Deferred Income Tax Assets

Deferred taxes consisted of the following at December 31, 2014 and 2013 (in thousands):

				Year Ended
				December 31,
				2014				2013
Deferred tax assets:
Impairment and other valuation reserves				$	110,816			$	230,430
Incentive compensation					2,646				15,892
Indirect costs capitalized					27,202				17,068
Net operating loss carryforwards (state)					29,975				34,000
Transaction costs					2,610				—
State taxes					1,368				—
Other costs and expenses					17,230				21,970
Gross deferred tax assets					191,847				319,360
Valuation allowance					(6,233	)			(8,300	)
Deferred tax assets, net of valuation allowance					185,614				311,060
Deferred tax liabilities:
Interest capitalized					(2,590	)			(3,040	)
Basis difference in inventory					(14,029	)			(14,007	)
Fixed assets					(555	)			—
Intangibles					(8,944	)			(2,463	)
Other					(1,675	)			(2,567	)
Deferred tax liabilities					(27,793	)			(22,077	)
Net deferred tax assets				$	157,821			$	288,983

Schedule of Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands):

				Year Ended
				December 31,
				2014				2013
Balance at beginning of year
Increase due to Merger				$	16,716			$	—
Increases (Decreases) related to current year tax positions					(1,859	)			—
Balance at end of year				$	14,857			$	—

Schedule of Pro Forma Income from Continuing Operations and Pro Forma Earnings Per Share

If we were to calculate income taxes using the separate return method, the effect on pro forma unaudited income from continuing operations and pro forma unaudited earnings per share would be as follows (in thousands, except per share amounts):

		Year Ended December 31,
		2014				2013				2012
Income (loss) from continuing operations before taxes
as reported in the accompanying financial statements		$	127,964			$	(237,454	)		$	99,629
(Provision) benefit for income taxes assuming computation
on a separate return basis			(49,553	)			86,161				(38,910	)
Pro forma income (loss) from continuing operations		$	78,411			$	(151,293	)		$	60,719
Pro forma earnings per share - basic		$	0.54			$	(1.17	)		$	0.47
Pro forma earnings per share - diluted		$	0.54			$	(1.17	)		$	0.47

X

- Definition

Schedule Of Effect On Pro Forma Income From Continuing Operations And Pro Forma Earnings Per Share [Table Text Block]

+ References

No definition available.

+ Details

Name:	tph_ScheduleOfEffectOnProFormaIncomeFromContinuingOperationsAndProFormaEarningsPerShareTableTextBlock
Namespace Prefix:	tph_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 55

-Paragraph 217

-URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15A

-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration