0000915840-20-000068 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Sep. 30, 2020	Nov. 09, 2020	Mar. 31, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-12822
Entity Registrant Name	BEAZER HOMES USA, INC.
Entity Central Index Key	0000915840
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2020
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2086934
Entity Address, Address Line One	1000 Abernathy Road
Entity Address, Address Line Two	Suite 260
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	770
Local Phone Number	829-3700
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	BZH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,012,826
Entity Public Float			$ 193,280,088
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for the registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K to the extent stated herein. The Proxy Statement will be filed within 120 days of the registrant’s fiscal year ended September 30, 2020.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
ASSETS
Cash and cash equivalents	$ 327,693	$ 106,741
Restricted cash	14,835	16,053
Accounts receivable (net of allowance of $358 and $304, respectively)	19,817	26,395
Income tax receivable	9,252	4,935
Owned inventory	1,350,738	1,504,248
Investments in unconsolidated entities	4,003	3,962
Deferred tax assets, net	225,143	246,957
Property and equipment, net	22,280	27,421
Operating lease right-of-use assets	13,103	0
Goodwill	11,376	11,376
Other assets	9,240	9,556
Assets	2,007,480	1,957,644
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	132,192	131,152
Operating lease liabilities	15,333	0
Other liabilities	135,983	109,429
Total debt (net of debt issuance costs of $10,891 and $12,470, respectively)	1,130,801	1,178,309
Total liabilities	1,414,309	1,418,890
Stockholders’ equity:
Preferred stock (par value $0.01 per share, 5,000,000 shares authorized, no shares issued)	0	0
Common stock (par value $0.001 per share, 63,000,000 shares authorized, 31,012,326 issued and outstanding and 30,933,110 issued and outstanding, respectively)	31	31
Paid-in capital	856,466	854,275
Accumulated deficit	(263,326)	(315,552)
Total stockholders’ equity	593,171	538,754
Total liabilities and stockholders’ equity	$ 2,007,480	$ 1,957,644

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
ASSETS
Allowances for accounts receivable	$ 358	$ 304
LIABILITIES AND STOCKHOLDERS’ EQUITY
Debt issuance costs	$ 10,891	$ 12,470
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	63,000,000
Common stock, shares issued (in shares)	31,012,326	30,933,110
Common stock, shares outstanding (in shares)	31,012,326	30,933,110

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Total revenue	$ 2,127,077,000	$ 2,087,739,000	$ 2,107,133,000
Home construction and land sales expenses	1,776,534,000	1,773,085,000	1,755,619,000
Inventory impairments and abandonments	2,903,000	148,618,000	6,499,000
Gross profit	347,640,000	166,036,000	345,015,000
Commissions	82,507,000	79,802,000	81,002,000
General and administrative expenses	170,386,000	161,371,000	168,658,000
Depreciation and amortization	15,640,000	14,759,000	13,807,000
Operating income (loss)	79,107,000	(89,896,000)	81,548,000
Equity in income of unconsolidated entities	347,000	404,000	34,000
Loss on extinguishment of debt, net	0	(24,920,000)	(27,839,000)
Other expense, net	(8,165,000)	(2,226,000)	(4,305,000)
Income (loss) from continuing operations before income taxes	71,289,000	(116,638,000)	49,438,000
Expense (benefit) from income taxes	17,973,000	(37,217,000)	94,484,000
Income (loss) from continuing operations	53,316,000	(79,421,000)	(45,046,000)
Loss from discontinued operations, net of tax	(1,090,000)	(99,000)	(329,000)
Net income (loss)	$ 52,226,000	$ (79,520,000)	$ (45,375,000)
Weighted-average number of shares:
Basic (in shares)	29,704	30,617	32,141
Diluted (in shares)	29,948	30,617	32,141
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 1.80	$ (2.59)	$ (1.40)
Discontinued operations (in dollars per share)	(0.04)	(0.01)	(0.01)
Total (in dollars per share)	1.76	(2.60)	(1.41)
Diluted income (loss) per share:
Continuing operations (in dollars per share)	1.78	(2.59)	(1.40)
Discontinued operations (in dollars per share)	(0.04)	(0.01)	(0.01)
Total (in dollars per share)	$ 1.74	$ (2.60)	$ (1.41)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Sep. 30, 2017		33,516
Beginning balance at Sep. 30, 2017	$ 682,440	$ 34	$ 873,063	$ (190,657)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income and comprehensive (loss) income	(45,375)			(45,375)
Stock-based compensation expense	10,258		10,258
Exercises of stock options (in shares)		8
Exercises of stock options	64		64
Shares issued under employee stock plans, net (in shares)		443
Forfeiture and other settlements of restricted stock (in shares)		(216)
Common stock redeemed for tax liability (in shares)		(229)
Common stock redeemed for tax liability	(3,378)		(3,378)
Other activity	18		18
Ending balance (in shares) at Sep. 30, 2018		33,522
Ending balance at Sep. 30, 2018	644,027	$ 34	880,025	(236,032)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income and comprehensive (loss) income	(79,520)			(79,520)
Stock-based compensation expense	10,526		10,526
Exercises of stock options (in shares)		32
Exercises of stock options	314		314
Shares issued under employee stock plans, net (in shares)		917
Forfeiture and other settlements of restricted stock (in shares)		(68)
Common stock redeemed for tax liability (in shares)		(185)
Common stock redeemed for tax liability	(1,969)		(1,969)
Share repurchases (in shares)		(3,285)
Share repurchases	(34,624)	$ (3)	(34,621)
Ending balance (in shares) at Sep. 30, 2019		30,933
Ending balance at Sep. 30, 2019	538,754	$ 31	854,275	(315,552)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income and comprehensive (loss) income	52,226			52,226
Stock-based compensation expense	10,036		10,036
Exercises of stock options (in shares)		52
Exercises of stock options	226		226
Shares issued under employee stock plans, net (in shares)		588
Forfeiture and other settlements of restricted stock (in shares)		(26)
Forfeiture and other settlements of restricted stock	(2,058)		(2,058)
Common stock redeemed for tax liability (in shares)		(173)
Common stock redeemed for tax liability	$ (2,686)		(2,686)
Share repurchases (in shares)	(362)	(362)
Share repurchases	$ (3,327)		(3,327)
Ending balance (in shares) at Sep. 30, 2020		31,012
Ending balance at Sep. 30, 2020	$ 593,171	$ 31	$ 856,466	$ (263,326)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 52,226,000	$ (79,520,000)	$ (45,375,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	15,640,000	14,759,000	13,807,000
Stock-based compensation expense	10,036,000	10,526,000	10,258,000
Inventory impairments and abandonments	2,903,000	148,618,000	6,949,000
Deferred and other income tax expense (benefit)	17,664,000	(37,245,000)	93,935,000
Gain on sale of fixed assets	(335,000)	(232,000)	(351,000)
Change in allowance for doubtful accounts	54,000	(74,000)	48,000
Equity in income of unconsolidated entities	(347,000)	(403,000)	(127,000)
Cash distributions of income from unconsolidated entities	306,000	408,000	331,000
Loss on extinguishment of debt, net	0	24,920,000	27,839,000
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	6,524,000	(1,674,000)	11,875,000
Decrease in income tax receivable	315,000	0	88,000
Decrease (increase) in inventory	154,865,000	42,927,000	(95,809,000)
Decrease (increase) in other assets	3,000	323,000	(1,300,000)
Increase in trade accounts payable	1,040,000	4,720,000	17,492,000
Increase (decrease) in other liabilities	28,201,000	(14,418,000)	15,178,000
Net cash provided by operating activities	289,095,000	113,635,000	54,838,000
Cash flows from investing activities:
Capital expenditures	(10,642,000)	(21,356,000)	(17,020,000)
Proceeds from sale of fixed assets	478,000	251,000	370,000
Acquisition, net of cash acquired	0	(4,088,000)	(57,253,000)
Investments in unconsolidated entities	0	0	(421,000)
Return of capital from unconsolidated entities	0	68,000	176,000
Net cash used in investing activities	(10,164,000)	(25,125,000)	(74,148,000)
Cash flows from financing activities:
Repayment of debt	(51,150,000)	(576,548,000)	(522,465,000)
Proceeds from issuance of new debt	0	500,000,000	400,000,000
Repayment of borrowings from credit facility	(390,000,000)	(425,000,000)	(225,000,000)
Borrowings from credit facility	390,000,000	425,000,000	225,000,000
Debt issuance costs	(202,000)	(6,137,000)	(6,272,000)
Repurchase of common stock	(3,327,000)	(34,624,000)	0
Tax payments for stock-based compensation awards	(2,686,000)	(1,969,000)	(3,378,000)
Stock option exercises and other financing activities	(1,832,000)
Stock option exercises and other financing activities		314,000	64,000
Net cash used in financing activities	(59,197,000)	(118,964,000)	(132,051,000)
Increase (decrease) in cash, cash equivalents, and restricted cash	219,734,000	(30,454,000)	(151,361,000)
Cash, cash equivalents, and restricted cash at beginning of period	122,794,000	153,248,000	304,609,000
Cash, cash equivalents, and restricted cash at end of period	$ 342,528,000	$ 122,794,000	$ 153,248,000

Description of Business	12 Months Ended
Description of Business	Sep. 30, 2020
Description of Business [Abstract]
Description of Business	Description of Business Beazer Homes USA, Inc. (“we,” “us,” “our,” “Beazer,” “Beazer Homes” and the “Company”) is a geographically diversified homebuilder with active operations in 13 states within three geographic regions in the United States: the West, East and Southeast. Our homes are designed to appeal to homeowners at different price points across various demographic segments, and are generally offered for sale in advance of their construction. Our objective is to provide our customers with homes that incorporate exceptional value and quality, while seeking to maximize our return on invested capital over the course of a housing cycle.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), and present the consolidated financial position, income, stockholders' equity, and cash flows of Beazer Homes USA, Inc. and its consolidated subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Our net income (loss) is equivalent to our comprehensive income (loss), so we have not presented a separate statement of comprehensive income (loss).

In the past, we have discontinued homebuilding operations in various markets. Results from certain of these exited markets are reported as discontinued operations in the accompanying consolidated statements of operations for all periods presented (see Note 19 for a further discussion of our discontinued operations).

Our fiscal year 2020 began on October 1, 2019 and ended on September 30, 2020. Our fiscal year 2019 began on October 1, 2018 and ended on September 30, 2019. Our fiscal year 2018 began on October 1, 2017 and ended on September 30, 2018.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.

Business Combinations

The Company accounts for acquisitions in accordance with ASC 805, Business Combinations, by allocating the purchase price of the business to assets acquired and liabilities assumed based upon management's estimates of fair values as of the acquisition date. Any excess purchase price over the estimated fair value of net assets acquired is recorded as goodwill, which is assigned to applicable reporting units based on expected revenues. The fair value estimation process includes analyses based on income and market approaches. Significant judgment is often required in estimating the fair value of assets acquired, particularly inventory and intangible assets. These estimates and assumptions are based on historical experience, information obtained from the management of the acquired companies, and the Company’s judgment about the significant assumptions that market participants would use when determining fair value. The estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in our results of operations in the reporting period such adjustments are made.

On July 13, 2018, the Company acquired substantially all of the assets, operations, and certain assumed liabilities of Venture Homes, a leading private homebuilder in the Atlanta market, for a purchase price of $61.3 million, net of cash acquired. The acquired assets and liabilities were recorded at their estimated fair values and resulted in inventory of $55.2 million and goodwill of $11.4 million, and other assets of $0.4 million as well as accounts payable of $5.5 million and other liabilities of $0.2 million.

Cash and Cash Equivalents and Restricted Cash

We consider highly liquid investments with maturities of three months or less when acquired to be cash equivalents. As of September 30, 2020, the majority of our cash and cash equivalents were on demand deposits with major banks. These assets were valued at par and had no withdrawal restrictions. Restricted cash includes cash restricted by state law or a contractual requirement, including cash collateral for our outstanding cash-secured letters of credit (refer to Note 8).

Accounts Receivable and Allowance

Accounts receivable include escrow deposits to be received from title companies associated with closed homes, receivables from municipalities related to the development of utilities or other infrastructure, land banker reimbursements to be received related to land development costs, rebates to be received from our suppliers and other miscellaneous receivables. Generally, we receive cash from title companies within a few days of the home being closed. We regularly review our receivable balances for collectability and record an allowance against any receivable for which collectability is deemed to be uncertain.

Owned Inventory

Owned inventory consists of residential real estate developments. Inventory includes land acquisition costs, land development costs, home construction costs, capitalized interest, real estate taxes, direct overhead costs and capitalized indirect costs incurred during land development and home construction, and common costs that benefit the entire community, less impairments, if any. Land acquisition, land development and other common costs (both incurred and estimated to be incurred) are allocated to individual lots on a pro-rata basis, and the cost of individual lots is transferred to homes under construction when home construction begins. Home construction costs are accumulated on a per-home basis. Cost of home closings includes the specific construction costs of the home and the allocated lot costs. Any changes to the estimated total development costs of a community or phase are allocated to the remaining homes to be closed in the community or phase. Refer to Note 5 for a further discussion and detail of our inventory balance.

Inventory Valuation - Projects in Progress

Our homebuilding inventories that are accounted for as held for development (projects in progress) include land and home construction assets grouped together as communities. Homebuilding inventories held for development are stated at cost (including home construction costs, direct overhead costs, capitalized indirect costs, capitalized interest, real estate taxes and allocated lot costs) unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. We assess these assets no less than quarterly for recoverability. Generally, upon the commencement of land development activities, it may take three to five years (depending on, among other things, the size of the community and its sales pace) to fully develop, sell, construct and close all the homes in a typical community. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset. If the expected undiscounted cash flows generated are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such asset to its estimated fair value based on discounted cash flows.

When conducting our community level review for the recoverability of our homebuilding inventory related to projects in progress, we consider both qualitative and quantitative factors to establish a quarterly “watch list” of communities. Each community is evaluated qualitatively and quantitatively to determine if there are factors driving the low profitability levels. Communities with more than ten homes remaining to close with potential indicators of impairment resulting from this initial evaluation are subjected to substantial additional financial and operational analyses and review that consider the competitive environment and other factors contributing to profit margins below our specified thresholds. Our assumptions about future home sales prices and absorption rates require significant judgment because the residential homebuilding industry is cyclical and is highly sensitive to changes in economic conditions. For certain communities, it may be prudent to reduce sales prices or further increase sales incentives in response to a variety of factors, including competitive market conditions in those specific submarkets for the product and locations of these communities. For communities where the current competitive and market dynamics indicate that assets may not be recoverable, a formal impairment analysis is performed. The formal impairment analysis consists of both qualitative competitive market analyses and a quantitative analysis reflecting market and asset specific information.

Our qualitative competitive market analyses include site visits to new home communities of our competitors and written community-level competitive assessments. A competitive assessment consists of a comparison of our specific community with its competitor communities, considering square footage of homes offered, amenities offered within the homes and the communities, location, transportation availability and school districts, among other relevant attributes. In addition, we review the pace of monthly home sales of our competitor communities in relation to our specific community. We also review other factors, such as the target buyer and the macro-economic characteristics that impact the performance of our asset, including unemployment and the availability of mortgage financing, among other things. Based on this qualitative competitive market analysis, adjustments to our sales prices may be required in order to make our communities competitive. We incorporate these adjusted prices in our quantitative analysis for the specific community.

The quantitative analyses compare the projected future undiscounted cash flows for each such community with its current carrying value. This undiscounted cash flow analysis requires important assumptions regarding the location and mix of house plans to be sold, current and future home sale prices and incentives for each plan, current and future construction costs for each plan and the pace of monthly sales to occur today and into the future.

There is uncertainty associated with preparing the undiscounted cash flow analyses because future market conditions will almost certainly be different, either better or worse, than current conditions. The single most important input to the cash flow analysis is current and future home sales prices for a specific community. The risk of over or under-stating any of the important cash flow variables, including home prices, is greater with longer-lived communities and within markets that have historically experienced greater home price volatility. To address these risks, we consider some home price and construction cost appreciation in future years for certain communities that are expected to be selling for more than three years and/or if the market has typically exhibited high levels of price volatility. Absent these assumptions on cost and sales price appreciation, we believe the long-term cash flow analysis would be unrealistic and would serve to artificially improve expected future profitability. Finally, we also ensure that the monthly sales absorptions, including historical seasonal differences of our communities and those of our competitors, used in our undiscounted cash flow analyses are realistic, considering our development schedules and comparing to those achieved by our competitors for the comparable communities.

If the aggregate undiscounted cash flows from our quantitative analyses are in excess of the carrying value, the asset is considered to be recoverable and is not impaired. If the aggregate undiscounted cash flows are less than the carrying value, we perform a discounted cash flow analysis to determine the fair value of the community. The fair value of the community is estimated based on the present value of the estimated future cash flows using discount rates commensurate with the risk associated with the underlying community assets. The discount rate used may be different for each community. The factors considered when determining an appropriate discount rate for a community include, among others: (1) community specific factors such as the number of lots in the community, the status of land development in the community and the competitive factors influencing the sales performance of the community and (2) overall market factors such as employment levels, consumer confidence and the existing supply of new and used homes for sale. If the determined fair value is less than the carrying value of the specific asset, the asset is considered not recoverable and is written down to its fair value. The carrying value of assets in communities that were previously impaired and continue to be classified as projects in progress is not increased for future estimates of increases in fair value in future reporting periods. However, market deterioration that exceeds our initial estimates may lead us to incur impairment charges on previously impaired homebuilding assets, in addition to homebuilding assets not currently impaired but for which indicators of impairment may arise if markets deteriorate.

Inventory Valuation - Land Held for Future Development

For those communities that have been idled (land held for future development), all applicable carrying costs, such as interest and real estate taxes, are expensed as incurred, and the inventory is stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable, such as the future enactment of a development plan or the occurrence of outside events. We evaluate the potential plans for each community in land held for future development if changes in facts and circumstances occur that would give rise to a more detailed analysis for a change in the status of a community.

Inventory Valuation - Land Held for Sale

We record assets held for sale at the lower of the asset's carrying value or fair value less costs to sell. The following criteria are used to determine if land is held for sale:

•management has the authority and commits to a plan to sell the land;

•the land is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of land assets;

•there is an active program to locate a buyer and the plan to sell the property has been initiated;

•the sale of the land is probable within one year;

•the property is being actively marketed at a reasonable sale price relative to its current fair value; and

•it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made.

Additionally, in certain circumstances, such as a change in strategy, management will re-evaluate the best use of an asset that is currently being accounted for as held for development. In such instances, management will review, among other things, the current and projected competitive circumstances of the community, including the level of supply of new and used inventory, the level of sales absorptions by us and our competition, the level of sales incentives required and the number of owned lots remaining in the community. If, based on this review, we believe that the best use of the asset is the sale of all or a portion of the asset in its current condition, then all or portions of the community are accounted for as held for sale if the foregoing criteria have been met as of the end of the applicable reporting period.

In determining the fair value of the assets less cost to sell, we consider factors including current sales prices for comparable assets in the area, recent market analysis studies, appraisals, any recent legitimate offers and listing prices of similar properties. If the estimated fair value less cost to sell of an asset is less than its current carrying value, the asset is written down to its estimated fair value less cost to sell.

Due to uncertainties in the estimation process, it is reasonably possible that actual results could differ from the estimates used in our historical analyses. Our assumptions about land sales prices require significant judgment because the market is highly sensitive to changes in economic conditions. We calculate the estimated fair values of land held for sale based on current market conditions and assumptions made by management, which may differ materially from actual results and may result in additional impairments if market conditions deteriorate.

Lot Option Agreements and Variable Interest Entities (VIE)

In addition to purchasing land directly, we utilize lot option agreements that enable us to defer acquiring portions of properties owned by third parties and unconsolidated entities until we have determined whether to exercise our lot option. The majority of our lot option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land for the right to acquire lots during a specified period at a specified price. Purchase of the properties under these agreements is contingent upon satisfaction of certain requirements by us and the sellers. Under lot option contracts, our liability is generally limited to forfeiture of the non-refundable deposits, letters of credit and other non-refundable amounts incurred. If the Company cancels a lot option agreement, it would result in a write-off of the related deposits and pre-acquisition costs, but would not expose the Company to the overall risks or losses of the applicable entity we are purchasing from.

In accordance with ASC Topic 810, Consolidation (ASC 810), if the entity holding the land under option is a variable VIE, the Company's deposit represents a variable interest in that entity. ASC 810 requires a company consolidate a VIE if the company is determined to be the primary beneficiary. To determine whether we are the primary beneficiary of the VIE, we first evaluate whether we have the ability to control the activities of the VIE that most significantly impact its economic performance. Such activities include, but are not limited to, (1) the ability to determine the budget and scope of land development work, if any; (2) the ability to control financing decisions for the VIE; (3) the ability to acquire additional land into the VIE or dispose of land in the VIE not under contract with Beazer; and (4) the ability to change or amend the existing option contract with the VIE. If we are not determined to control such activities, we are not considered the primary beneficiary of the VIE and thus do not consolidate the VIE. If we do have the ability to control such activities, we will continue our analysis by determining if we are expected to absorb a potentially significant amount of the VIE's losses or, if no party absorbs the majority of such losses, if we will benefit from potentially a significant amount of the VIE's expected gains.

If we are the primary beneficiary of the VIE, we will consolidate the VIE even though creditors of the VIE have no recourse against the Company. For those we consolidate, we record the remaining contractual purchase price under the applicable lot option agreement, net of option deposits already paid, to consolidated inventory not owned with an offsetting increase to obligations related to consolidated inventory not owned on our consolidated balance sheets. Also, to reflect the total purchase price of this inventory on a consolidated basis, we present the related option deposits as consolidated inventory not owned. No VIEs required consolidation as of September 2020 and 2019 because we have determined that we were not the primary beneficiary of any VIEs.

Investments in Unconsolidated Entities

We participate in a number of joint ventures and other investments in which we have less than a controlling interest. We enter into the majority of these investments with land developers, other homebuilders and financial partners to acquire attractive land positions, to manage our risk profile and to leverage our capital base. The land positions are developed into finished lots for sale to the unconsolidated entity’s members or other third parties. We recognize our share of equity in income (loss) and profits (losses) from the sale of lots to other buyers. Our share of profits from lots we purchase from the unconsolidated entities is deferred and treated as a reduction of the cost of the land purchased from the unconsolidated entity. Such profits are subsequently recognized at the time the home closes and title passes to the homebuyer. We evaluate our investments in unconsolidated entities for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of our investment in the unconsolidated entity has occurred that is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value. Our unconsolidated entities typically obtain secured acquisition, development and construction financing. We account for our interest in unconsolidated entities under the equity method. For additional discussion of these entities, refer to Note 4.

Property and Equipment, Net

Our property and equipment is recorded at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis based on estimated useful lives as follows:


Asset Class						Useful Lives
Buildings						25 - 30 years

Information systems						Lesser of estimated useful life of the asset or 5 years
Furniture, fixtures and computer and office equipment						3 - 7 years
Model and sales office improvements						Lesser of estimated useful life of the asset or estimated life of the community
Leasehold improvements						Lesser of the lease term or the estimated useful life of the asset

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets from the businesses that we acquire. The Company's entire goodwill balance, recorded in our Southeast reportable segment, is related to the Venture Homes acquisition that occurred during fiscal 2018. The Company evaluates goodwill for impairment at the reporting unit level annually during the fourth quarter or more often if indicators of impairment exist.

The Company has the option to perform a qualitative or quantitative assessment to determine whether the fair value of a reporting unit exceeds its carrying value. Qualitative factors may include, but are not limited to economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting unit and other entity and reporting unit specific events. If after assessing these qualitative factors, the Company determines it is more likely than not that the fair value of the reporting unit is less than the carrying value, then a quantitative assessment is performed.

The fair value of the reporting unit is estimated using a combination of the income approach, utilizing the discounted cash flow method, and the market approach, utilizing readily available market valuation multiples. If the estimated fair value of the reporting unit is less than its carrying value, an impairment will be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. Determining the fair value of a reporting unit under the quantitative goodwill impairment assessment requires the Company to make estimates and assumptions regarding future operating results, cash flows (including timing), discount rates, expected growth rates, capital expenditures and cost of capital, similar to those a market participant would use to assess fair value. We also make certain assumptions about future economic conditions and other data. Many of the factors used in assessing fair value are outside the control of management, and these assumptions and estimates may change in future periods.

During the fourth quarter of 2020, the Company performed its annual goodwill impairment analysis and concluded our goodwill was not impaired.

Other Assets

Our other assets principally include prepaid expenses and assets related to our deferred compensation plan (refer to Note 15 for a discussion of our deferred compensation plan).

Other Liabilities

Our other liabilities principally include accrued compensations and benefits, accrued interest on our outstanding borrowings, customer deposits, accrued warranty expense, litigation accruals, income tax liabilities and other accruals related to our operations. Refer to Note 12 for a detail of our other liabilities.

Income Taxes

Our provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities result from deductible or taxable amounts in future years when such assets and liabilities are recovered or settled, and are measured using the enacted tax rates and laws that are expected to be in effect when the assets and liabilities are recovered or settled. We include any estimated interest and penalties on tax related matters in income taxes payable. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. We record interest and penalties related to unrecognized tax benefits in income tax expense within our consolidated statements of operations. Changes in recognition of measurement are recorded in the period in which the change in judgment occurs. For a discussion of our evaluation of and accounting for valuation allowances, refer to Note 13.

Our income tax receivable includes the refundable portion of our alternative minimum tax credit. The alternative minimum tax credit became a refundable credit when the alternative minimum tax was eliminated with the enactment of the Tax Cuts and Jobs Act on December 22, 2017. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The CARES Act provides companies with the ability to make a refund claim for their entire alternative minimum tax credits as early as their 2018 tax return. As a result, we reduced our deferred tax asset by the remaining $4.6 million of alternative minimum tax credits and increased our tax receivable for the refund we expect to receive with the filing of our fiscal 2019 tax return.

Revenue Recognition

We recognize revenue upon the transfer of promised goods to our customers in an amount that reflects the consideration to which we expect to be entitled by applying the following five-step process specified in ASC 606.

•Identify the contract(s) with a customer

•Identify the performance obligations

•Determine the transaction price

•Allocate the transaction price

•Recognize revenue when the performance obligations are met

The following table presents our total revenue disaggregated by revenue stream:


	Fiscal Year Ended
	September 30,
in thousands	2020		2019		2018
Homebuilding revenue	$	2,116,910	$	2,077,245	$	2,077,360
Land sales and other revenue	10,167		10,494		29,773
Total revenue (a)	$	2,127,077	$	2,087,739	$	2,107,133

(a) Please see Note 18 for total revenue disaggregated by reportable segment.

Homebuilding revenue

Homebuilding revenue is reported net of any discounts and incentives and is generally recognized when title to and possession of the home are transferred to the buyer at the closing date. The performance obligation to deliver the home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held

by title companies in escrow for our benefit, typically for less than five days, and are considered accounts receivable. Contract liabilities include customer deposits related to sold but undelivered homes and totaled $18.9 million and $11.5 million as of September 30, 2020 and September 30, 2019, respectively. Of the customer liabilities outstanding as of September 30, 2019, $10.5 million was recognized in revenue during the year ended September 30, 2020, upon closing of the related homes, and $1.0 million was refunded to or forfeited by the buyer.

Land sales and other revenue

Land sales revenue relates to land and lots sold that do not fit within our homebuilding programs and strategic plans. Land sales typically require cash consideration on the closing date, which is generally when performance obligations are satisfied. We also provide title examinations for our homebuyers in certain markets. Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed.

Home Construction Expenses

Home construction expenses includes the specific construction costs of the home and the allocated lot costs (land acquisition, land development and other common costs are allocated to individual lots on a pro-rata basis based on the number of lots remaining to close). All home closing costs are charged to home construction expenses in the period when the revenues from home closing are recognized.

Sales discounts and incentives include cash discounts, discounts on home building options, option upgrades and seller-paid financing or closing costs. Cash discounts are accounted for as a reduction in the sale price of the home, thereby decreasing the amount of revenue we recognize on that closing. All sales incentives other than cash discounts are recognized as a cost of selling the home and are included in home construction expenses.

Estimated future warranty costs are charged to home construction expense in the period when the revenues from home closings are recognized. Such estimated warranty costs generally range from 0.3% to 1.3% of total revenue recognized for each home closed. Additional warranty costs are charged to home construction expenses as necessary based on management's estimate of the costs to remediate existing claims. See Note 9 for a more detailed discussion of warranty costs and related reserves.

Advertising Costs

Advertising costs related to continuing operations of $15.9 million, $17.9 million, and $17.6 million for our fiscal years 2020, 2019 and 2018, respectively, were expensed as incurred and were included in general and administrative (G&A) expenses in the consolidated statements of operations.

Fair Value Measurements

Certain of our assets are required to be recorded at fair value on a recurring basis, for example, the fair value of our deferred compensation plan assets are based on market-corroborated inputs (level 2). Certain of our assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recovered (level 3). For example, we review our long-lived assets, including inventory, for recoverability when factors indicate an impairment may exist, but no less than quarterly. Fair value is based on estimated cash flows discounted for market risks associated with the long-lived assets. The fair value of certain of our financial instruments approximates their carrying amounts due to the short maturity of these assets and liabilities or the variable interest rates on such obligations. The fair value of our publicly-held debt is generally estimated based on quoted bid prices for these instruments (level 2). Certain of our other financial instruments are estimated by discounting scheduled cash flows through maturity or using market rates currently being offered on loans with similar terms and credit quality. The fair value of our investments in unconsolidated entities is determined primarily using a discounted cash flow model to value the underlying net assets of the respective entities. See Note 10 for additional discussion of our fair value measurements.

Stock-Based Compensation

We use the Black-Scholes option-pricing model to value our stock option grants. Other stock-based awards with only performance conditions granted to employees are valued based on the market price of the common stock on the date of the grant. Stock-based awards with market conditions granted to employees are valued using the Monte Carlo valuation method. On the date of grant, we estimate forfeitures in calculating the expense related to stock-based compensation. In addition, we reflect the benefits of tax deductions in excess of recognized compensation cost as an operating cash outflow. Compensation cost arising from all stock-based compensation awards is recognized as expense using the straight-line method over the vesting period and is included in G&A in our consolidated statements of operations. See Note 16 for additional discussion of our stock-based compensation.

Recent Accounting Pronouncements

Leases. On October 1, 2019, we adopted Accounting Standards Update (ASU) No. 2016-02, Leases (ASU 2016-02) and related amendments, collectively codified in ASC 842, Leases (ASC 842). ASC 842 requires lessees to record most leases on their balance sheets by recognizing a right-of-use asset, representing the right to use the identified asset during the lease term, and a corresponding lease liability, representing the present value of the lease payments over the lease term. Lessor accounting will be largely similar to that under the previous accounting rules. ASC 842 also requires significantly enhanced disclosures around an entity's leases and the related accounting. As part of our adoption of ASC 842, we applied a modified retrospective approach, whereby prior year financial statements were not recast. As a result, our consolidated financial statements as of and for the year ending September 30, 2019 were not restated and continues to be reported under the previous lease standard (ASC 840) and is therefore not comparative. We also elected the package of transition practical expedients, which allowed us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. In addition, we elected the practical expedient that allows lessees to account for lease and non-lease components together as a single component for all leases. Upon adoption of ASC 842, we recorded net operating lease right-of-use (ROU) assets of $13.9 million and operating lease liabilities of $16.0 million. Existing prepaid rent and accrued rent were recorded as an offset to the gross operating lease ROU assets. The adoption of ASC 842 did not have any impact on our retained earnings. See Note 11 for additional discussion of our operating leases.

Fair Value Measurements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework (ASU 2018-13). The updated guidance improves the disclosure requirements for fair value measurements. The updated guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted for any removed or modified disclosures. We do not expect the adoption of ASU 2018-13 to have a material impact on our consolidated financial statements or related disclosures.

Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This guidance is effective beginning on March 12, 2020, and can be adopted no later than December 31, 2022, with early adoption permitted. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and related disclosures.

Supplemental Cash Flow Information

12 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

The following table presents supplemental disclosure of non-cash and cash activity as well as a reconciliation of total cash balances between the condensed consolidated balance sheets and condensed consolidated statements of cash flows for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Supplemental disclosure of non-cash activity:









Beginning operating lease right-of-use asset (ASC 842 adoption)	$	13,895	$	—	$	—
Beginning operating lease liability (ASC 842 adoption)	16,028		—		—
Supplemental disclosure of cash activity:
Interest payments	$	71,888	$	101,109	$	95,857
Income tax payments	546		766		607
Tax refunds received	315		12		162

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	327,693	$	106,741	$	139,805
Restricted cash	14,835		16,053		13,443
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	342,528	$	122,794	$	153,248

Investments in Unconsolidated Entities

12 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

Unconsolidated Entities

As of September 30, 2020, the Company participated in certain joint ventures and had investments in unconsolidated entities in which it had less than a controlling interest. The following table presents the Company's investment in these unconsolidated entities as well as the total equity and outstanding borrowings of these unconsolidated entities as of September 30, 2020 and September 30, 2019:


in thousands	September 30, 2020		September 30, 2019
Investment in unconsolidated entities	$	4,003	$	3,962
Total equity of unconsolidated entities	7,079		9,969
Total outstanding borrowings of unconsolidated entities	8,807		12,658

Equity in income from unconsolidated entity activities included in income from continuing operations is as follows for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018

Income from unconsolidated entity activity	$	347	$	404	$	375
Impairment of unconsolidated entity investment	—		—		(341)
Equity in income of unconsolidated entities	$	347	$	404	$	34

No impairments for unconsolidated entities were recorded during the fiscal years ended September 30, 2020 and September 30, 2019. For the fiscal year ended September 30, 2018, we recorded a $0.3 million impairment charge in the consolidated statements of operations related to an investment in an unconsolidated entity.

Guarantees

Historically, the Company's joint ventures typically obtained secured acquisition, development, and construction financing. In addition, the Company and its joint venture partners provided varying levels of guarantees of debt and other debt-related obligations for these unconsolidated entities. However, as of September 30, 2020 and September 30, 2019, the Company had no outstanding guarantees or other debt-related obligations related to our investments in unconsolidated entities.

The Company and its joint venture partners generally provide unsecured environmental indemnities to land development joint venture project lenders. These indemnities obligate the Company to reimburse the project lenders for claims related to environmental matters for which they are held responsible. During our fiscal years ended September 30, 2020 and 2019, the Company was not required to make any payments related to environmental indemnities.

In assessing the need to record a liability for these guarantees, the Company considers its historical experience in being required to perform under the guarantees, the fair value of the collateral underlying these guarantees, and the financial condition of the applicable unconsolidated entities. In addition, the fair value of the collateral of unconsolidated entities is monitored to ensure that the related borrowings do not exceed the specified percentage of the value of the property securing the borrowings. As of September 30, 2020, no liability was recorded for the contingent aspects of any guarantees that were determined to be reasonably possible but not probable.

Inventory

12 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Inventory

The components of our owned inventory as of September 30, 2020 and September 30, 2019 are as follows:


in thousands	September 30, 2020		September 30, 2019
Homes under construction	$	525,021	$	507,542
Development projects in progress	589,763		738,201
Land held for future development	28,531		28,531
Land held for sale	12,622		12,662
Capitalized interest	119,659		136,565
Model homes	75,142		80,747
Total owned inventory	$	1,350,738	$	1,504,248

Homes under construction include homes substantially finished and ready for delivery and homes in various stages of construction, including the cost of the underlying lot. We had 133 (with a cost of $42.2 million) and 238 (with a cost of $82.2 million) substantially completed homes that were not subject to a sales contract (spec homes) as of September 30, 2020 and 2019, respectively.

Development projects in progress consist principally of land acquisition, land development and other common costs. These land related costs are allocated to individual lots on a pro-rata basis, and the lot costs are transferred to homes under construction when home construction begins for the respective lots. Certain of the fully developed lots in this category are reserved by a customer deposit or sales contract.

Land held for future development consists of communities for which construction and development activities are expected to occur in the future or have been idled and are stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. All applicable interest and real estate taxes on land held for future development are expensed as incurred.

Land held for sale includes land and lots that do not fit within our homebuilding programs and strategic plans in certain markets, and land is classified as held for sale once certain criteria are met (refer to Note 2). These assets are recorded at the lower of the carrying value or fair value less costs to sell.

The amount of interest we are able to capitalize depends on our qualified inventory balance, which considers the status of our inventory holdings. Our qualified inventory balance includes the majority of our homes under construction and development projects in progress but excludes land held for future development and land held for sale (see Note 6 for additional information on capitalized interest).

Total owned inventory by reportable segment is presented in the table below as of September 30, 2020 and September 30, 2019:


in thousands	Projects in Progress (a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
September 30, 2020
West Segment	$	627,986	$	3,483	$	4,516	$	635,985
East Segment	241,799		14,077		3,702		259,578
Southeast Segment	266,905		10,971		4,404		282,280
Corporate and unallocated (b)	172,895		—		—		172,895
Total	$	1,309,585	$	28,531	$	12,622	$	1,350,738
September 30, 2019
West Segment	$	723,094	$	3,483	$	5,160	$	731,737
East Segment	228,937		14,077		4,104		247,118
Southeast Segment	318,737		10,971		3,398		333,106
Corporate and unallocated (b)	192,287		—		—		192,287
Total	$	1,463,055	$	28,531	$	12,662	$	1,504,248

(a) Projects in progress include homes under construction, development projects in progress, capitalized interest, and model home categories from the preceding table.

(b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment.

Inventory Impairments and Abandonments

The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Projects in Progress:
West	$	—	$	92,912	$	—

Southeast	—		858		793
Corporate and unallocated (a)	—		16,260		212
Total impairments on projects in progress	$	—	$	110,030	$	1,005
Land Held for Sale:
West	$	89	$	37,963	$	—
East	—		—		168
Southeast	8		—		3,218
Corporate and unallocated (a)	1,160		625		2,108
Total impairments on land held for sale	$	1,257	$	38,588	$	5,494
Abandonments:
West	$	923	$	—	$	—
East	82		—		—
Southeast	641		—		—

Total abandonments	$	1,646	$	—	$	—
Total continuing operations	$	2,903	$	148,618	$	6,499
Discontinued Operations:

Land Held for Sale	$	—	$	—	$	450

Total discontinued operations	$	—	$	—	$	450
Total impairments and abandonments	$	2,903	$	148,618	$	6,949

(a) Amount represents capitalized interest and indirect costs that were impaired. Capitalized interest and indirect costs are maintained within our Corporate and unallocated segment.

Projects in Progress Impairments

When conducting our community level review for the recoverability of inventory related to projects in progress, we consider both qualitative and quantitative factors to establish a quarterly “watch list” of communities. Each community is evaluated qualitatively and quantitatively to determine if there are factors driving the low profitability levels. Communities with more than ten homes remaining to close with potential indicators of impairment resulting from this initial evaluation are subjected to additional financial and operational reviews that consider the competitive environment and other factors contributing to gross margins below our specified threshold. Our assumptions about future home sales prices and absorption rates require significant judgment because the residential homebuilding industry is cyclical and is highly sensitive to changes in economic conditions. For certain communities, it may be prudent to reduce sales prices or further increase sales incentives in response to a variety of factors, including competitive market conditions in those specific submarkets for the product and locations of these communities. For communities where the current competitive and market dynamics indicate that assets may not be recoverable, a formal impairment analysis is performed. The formal impairment analysis consists of both qualitative competitive market analyses and quantitative analyses reflecting market and asset specific information. The quantitative analyses compare the projected future undiscounted cash flows for each such community with its current carrying value. If the aggregate undiscounted cash flows from our quantitative analyses are in excess of the carrying value, the asset is considered to be recoverable and is not impaired. If the aggregate undiscounted cash flows are less than the carrying value, we perform a discounted cash flow analysis to determine the fair value of the community.

During the year ended September 30, 2020, we performed our quarterly inventory impairment assessment taking into consideration the qualitative and quantitative factors discussed above, and determined that no community required a formal impairment analysis (projected cash flow analysis). No project in progress impairment charges were recognized during fiscal 2020.

During the year ended September 30, 2019, we performed discounted cash flow analysis on ten communities, nine in the West segment and one in the Southeast segment, and recognized a total of $110.0 million impairment charges related to our projects in progress. Refer to below for further discussion.

During the year ended September 30, 2018, we performed discounted cash flow analysis on one community in the Southeast segment, and recognized an impairment charge of $1.0 million principally due to a reduction in price taken that is other than temporary based on the competitive and market dynamics.

The table below presents, by reportable segment, details of the impairment charges taken on projects in progress for the periods presented (no discounted cash flow analysis was performed during fiscal 2020):


$ in thousands	Results of Discounted Cash Flow Analyses Prepared
Segment	# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at Time of Impairment








Year Ended September 30, 2019
West	9	839	$	92,912	$	69,449

Southeast	1	15	858		1,367
Corporate and unallocated (a)	—	—	16,260		14,166


Total	10	854	$	110,030	$	84,982
Year Ended September 30, 2018


Southeast	1	25	$	793	$	1,312
Corporate and unallocated (a)	—	—	212		—


Total	1	25	$	1,005	$	1,312

(a) Amount represents the capitalized interest and indirect cost that were impaired. Capitalized interest and indirect costs are maintained within our Corporate and unallocated segment.

During the second quarter of fiscal 2019, we recognized impairment charges of $147.6 million related to fifteen communities in our California submarkets, all of which were previously land held for future development assets. As of the beginning of the quarter, nine of these communities were included in projects in progress due to their activation for development in prior periods, while the remaining six communities were classified as land held for future development (refer to below section titled "Land Held for Sale Impairments" for further discussion). We performed discounted cash flow analyses for the nine communities in projects in progress and recognized $109.0 million impairment charges, principally due to a reduction in price that is other than temporary based on competitive and market dynamics.

Valuation assumptions for communities tested for impairment are specific to each community. For projects in progress impaired during the periods presented, we determined the fair value of each community by discounting its estimated future cash flows at a rate commensurate with the risks inherent in the project. The discount rate used depends on the development stage and expected duration of the project, local market conditions, and other specific factors. The estimated future cash flows for each community were determined based on the expected pace of closings and average sales price of the community less expected costs for land acquisition and land development, direct construction, overhead, and interest. We determined the fair value of land held for sale assets impaired during the periods presented based on sales contracts, letters of intent, and recent comparable land sale transactions, as applicable. The assumptions used in the determination of fair value of both projects in progress and land held for sale communities are based on factors known to us at the time such estimates are made and our expectations of future operations and market conditions. Should the estimates or expectations used in determining estimated fair

values deteriorate in the future, we may be required to recognize additional impairment charges and write-offs related to these assets, and such amounts could be material.

The table below presents the ranges or values of significant quantitative unobservable inputs we used in determining the fair value of the communities impaired during the periods presented:


	Fiscal Year Ended September 30,
Unobservable Inputs		2019	2018
Average selling price (in thousands)		$350 - $615	$356
Closings per community per month		1 - 4	1 - 6
Discount rate		14.7% - 16.8%	15.1	%

Land Held for Sale Impairments

Impairments on land held for sale generally represent write downs of these properties to net realizable value based on sales contracts, letters of intent, current market conditions and recent comparable land sale transactions, as applicable. Absent an executed sales contract, our assumptions related to land sales prices require significant judgment because the real estate market is highly sensitive to changes in economic conditions, and our estimates of sale prices could differ significantly from actual results.

During the year ended September 30, 2020, we recognized $1.3 million land held for sales impairment charges related to two held for sale communities in our West and Southeast segments.

During the second quarter of fiscal 2019, concurrent with the California projects in progress impairment analyses described above, we performed a strategic review of our remaining land held for future development assets in California and determined to sell these parcels. As a consequence of change in strategy with respect to the future use of these assets, we recognized land held for sale impairments totaling $38.6 million for six communities in our West segment.

During the year ended September 30, 2018, we recognized $5.5 million land held for sales impairment charges related to two held for sale communities in the East and Southeast segments. In addition, we recognized $0.5 million land held for sales impairment charges related to one held for sale community in our discontinued operations.

Abandonments

From time-to-time, we may determine to abandon lots or not exercise certain option contracts that are not projected to produce adequate results, or no longer fit with our long-term strategic plan. In determining whether to abandon lots or lot option contracts, our evaluation is primarily based upon the expected cash flows from the property. Additionally, in certain limited instances, we are forced to abandon lots due to seller non-performance, or permitting or other regulatory issues that do not allow us to build on those lots. If we intend to abandon or walk away from a property, we record an abandonment charge to earnings for the deposit amount and any related capitalized costs in the period such decision is made. During the year ended September 30, 2020, we recognized $1.6 million abandonment charges related to six under contract land acquisition deals that we decided to terminate. There were no abandonment charges recognized during our fiscal 2019 and 2018.

Lot Option Agreements

As previously discussed, we also have access to land inventory through lot option contracts, which generally enable us to defer acquiring portions of properties owned by third parties and unconsolidated entities until we have determined whether to exercise our lot option. The majority of our lot option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land for the right to acquire lots during a specified period of time at a specified price. Under lot option contracts, purchase of the properties is contingent upon satisfaction of certain requirements by us and the sellers. Our liability under option contracts is generally limited to forfeiture of the non-refundable deposits, letters of credit, and other non-refundable amounts incurred. We expect to exercise, subject to market conditions and seller satisfaction of contract terms, most of our remaining option contracts. Various factors, some of which are beyond our control, such as market conditions, weather conditions, and the timing of the completion of development activities, will have a significant impact on the timing of option exercises or whether lot options will be exercised at all.

The following table provides a summary of our interests in lot option agreements as of September 30, 2020 and September 30, 2019:


in thousands	Deposits & Non-refundable Pre-acquisition Costs Incurred		Remaining Obligation
As of September 30, 2020


Unconsolidated lot option agreements	$	75,921	$	395,133

As of September 30, 2019


Unconsolidated lot option agreements	$	78,202	$	389,705

Interest

12 Months Ended

Sep. 30, 2020

Real Estate Inventory Capitalized Interest Costs [Abstract]

Interest

Interest capitalized during the fiscal years ended September 30, 2020, 2019 and 2018 was limited by the balance of inventory eligible for capitalization. The following table presents certain information regarding interest for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Capitalized interest in inventory, beginning of period	$	136,565	$	144,645	$	139,203
Interest incurred	87,224		103,970		103,880
Capitalized interest impaired	(792)		(13,907)		(1,961)
Interest expense not qualified for capitalization and included as other expense (a)	(8,468)		(3,109)		(5,325)
Capitalized interest amortized to home construction and land sales expenses (b)	(94,870)		(95,034)		(91,152)
Capitalized interest in inventory, end of period	$	119,659	$	136,565	$	144,645

(a) The amount of interest capitalized depends on the qualified inventory balance, which considers the status of the Company's inventory holdings. The qualified inventory balance includes the majority of homes under construction and development projects in progress but excludes land held for future development and land held for sale.

(b) Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Property and Equipment

12 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

The following table presents our property and equipment as of September 30, 2020 and September 30, 2019:


in thousands	September 30, 2020		September 30, 2019
Model furnishings and sales office improvements	$	17,604	$	21,114
Information systems	14,930		15,045
Furniture, fixtures and office equipment	10,287		10,068
Leasehold improvements	4,959		5,136
Buildings and improvements	1,671		1,671
Property and equipment, gross	49,451		53,034
Less: Accumulated depreciation	(27,171)		(25,613)
Property and equipment, net	$	22,280	$	27,421

Borrowings

12 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Borrowings

The Company's debt, net of unamortized debt issuance costs consisted of the following as of September 30, 2020 and September 30, 2019:


in thousands	Maturity Date	September 30, 2020		September 30, 2019
Senior Unsecured Term Loan (Term Loan)	September 2022	$	100,000	$	150,000
6 3/4% Senior Notes (2025 Notes)	March 2025	229,555		229,555
5 7/8% Senior Notes (2027 Notes)	October 2027	394,000		394,000
7 1/4% Senior Notes (2029 Notes)	October 2029	350,000		350,000

Unamortized debt issuance costs		(10,891)		(12,470)
Total Senior Notes, net		1,062,664		1,111,085
Junior Subordinated Notes (net of unamortized accretion of $32,636 and $34,703, respectively)	July 2036	68,137		66,070
Secured Revolving Credit Facility	February 2022 (a)	—		—
Other Secured Notes Payable	Various Dates	—		1,154
Total debt, net		$	1,130,801	$	1,178,309

(a) On October 8, 2020, the Company executed a Ninth Amendment to the Facility. The Ninth Amendment extended the termination date of the Facility from February 15, 2022 to February 15, 2023. For further discussion of the Ninth Amendment, refer to Note 21.

As of September 30, 2020, the future maturities of our borrowings were as follows:


Fiscal Year Ended September 30,
in thousands
2021	$	50,000
2022	50,000
2023	—
2024	—
2025	229,555
Thereafter	844,773
Total	$	1,174,328

Secured Revolving Credit Facility

The Secured Revolving Credit Facility (the Facility) provides working capital and letter of credit capacity of $250.0 million. The Facility is currently with four lenders.

The Facility allows us to issue letters of credit against the undrawn capacity. Subject to our option to cash collateralize our obligations under the Facility upon certain conditions, our obligations under the Facility are secured by liens on substantially all of our personal property and a significant portion of our owned real property. We also pledged approximately $1.1 billion of inventory assets to the Facility to collateralize potential future borrowings or letters of credit (in addition to the letters of credit already issued under the Facility). As of September 30, 2020 and September 30, 2019, no borrowings and no letters of credit were outstanding under the Facility, resulting in a remaining capacity of $250.0 million. The Facility requires compliance with certain covenants, including negative covenants and financial covenants. As of September 30, 2020, the Company believes it was in compliance with all such covenants.

Senior Unsecured Term Loan

On September 9, 2019, the Company entered into a term loan agreement, which provides for a Senior Unsecured Term Loan (the Term Loan). The principal balance as of September 30, 2020 is $100.0 million. The Term Loan will (1) mature in September 2022, with remaining $50.0 million annual repayment installments due in September 2021 and September 2022; (2) bears interest at a fixed rate of 4.875%; and (3) includes an option to prepay, subject to certain conditions and the payment of certain premiums. The Term Loan contains covenants generally consistent with the covenants contained in the Facility. As of September 30, 2020, the Company believes it was in compliance with all such covenants.

Letter of Credit Facilities

The Company has entered into stand-alone, cash-secured letter of credit agreements with banks to maintain pre-existing letters of credit and to provide for the issuance of new letters of credit (in addition to the letters of credit issued under the Facility). As of September 30, 2020 and September 30, 2019, the Company had letters of credit outstanding under these additional facilities of $12.7 million and $14.1 million, respectively, all of which were secured by cash collateral in restricted accounts. The Company may enter into additional arrangements to provide additional letter of credit capacity.

In May 2018, the Company entered into a reimbursement agreement, which provides for the issuance of performance letters of credit, and an unsecured credit agreement that provides for the issuance of up to $50.0 million of standby letters of credit to backstop the Company's obligations under the reimbursement agreement (collectively, the "Bilateral Facility"). On June 17, 2020, the Company executed an Amendment No. 1 to the Bilateral Facility that extends the termination date of the agreement from June 10, 2021 to June 10, 2022. As of September 30, 2020, the total stated amount of performance letters of credit issued under the reimbursement agreement was $36.1 million (and the stated amount of the backstop standby letter of credit issued under the credit agreement was $40.0 million). The Company may enter into additional arrangements to provide greater letter of credit capacity.

Senior Notes

The Company's Senior Notes are unsecured obligations ranking pari passu with all other existing and future senior indebtedness. Substantially all of the Company's significant subsidiaries are full and unconditional guarantors of the Senior Notes and are jointly and severally liable for obligations under the Senior Notes and the Facility. Each guarantor subsidiary is a 100% owned subsidiary of Beazer Homes.

All unsecured Senior Notes rank equally in right of payment with all existing and future senior unsecured obligations, senior to all of the Company's existing and future subordinated indebtedness and effectively subordinated to the Company's existing and future secured indebtedness, including indebtedness under the Facility, if outstanding, to the extent of the value of the assets securing such indebtedness. The unsecured Senior Notes and related guarantees are structurally subordinated to all indebtedness and other liabilities of all of the Company's subsidiaries that do not guarantee these notes, but are fully and unconditionally guaranteed jointly and severally on a senior basis by the Company's wholly-owned subsidiaries party to each applicable indenture.

The Company's Senior Notes are issued under indentures that contain certain restrictive covenants which, among other things, restrict our ability to pay dividends, repurchase our common stock, incur certain types of additional indebtedness, and make certain investments. Compliance with the Senior Note covenants does not significantly impact the Company's operations. The Company believes it was in compliance with the covenants contained in the indentures of all of its Senior Notes as of September 30, 2020.

We recognized $24.9 million in loss on extinguishment of debt in fiscal 2019 compared to no such charges in fiscal 2020.

For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes:

Senior Note Description

Issuance Date

Maturity Date

Redemption Terms

6 3/4% Senior Notes

March 2017

March 2025

On or prior to March 15, 2020, we may redeem up to 35% of the aggregate principal amount of the 2025 Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 106.750% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, provided at least 65% of the aggregate principal amount of the 2025 Notes originally issued remains outstanding immediately after such redemption.

Callable at any time prior to March 15, 2020, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after March 15, 2020, callable at a redemption price equal to 105.063% of the principal amount; on or after March 15, 2021, callable at a redemption price equal to 103.375% of the principal amount; on or after March 15, 2022, callable at a redemption price equal to 101.688% of the principal amount; on or after March 15, 2023, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest

5 7/8% Senior Notes

October 2017

October 2027

On or prior to October 15, 2022, we may redeem up to 35% of the aggregate principal amount of the 2027 Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 105.875% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, provided at least 65% of the aggregate principal amount of the 2027 Notes originally issued remains outstanding immediately after such redemption.

Callable at any time prior to October 15, 2022, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2022, callable at a redemption price equal to 102.938% of the principal amount; on or after October 15, 2023, callable at a redemption price equal to 101.958% of the principal amount; on or after October 15, 2024, callable at a redemption price equal to 100.979% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest

7 1/4% Senior Notes

September 2019

October 2029

On or prior to October 15, 2022, we may redeem up to 35% of the aggregate principal amount of the 2029 Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 107.250% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, provided at least 65% of the aggregate principal amount of the 2029 Notes originally issued remains outstanding immediately after such redemption.

Callable at any time prior to October 15, 2024, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2024, callable at a redemption price equal to 103.625% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 102.417% of the principal amount; on or after October 15, 2026, callable at a redemption price equal to 101.208% of the principal amount; on or after October 15, 2027, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest

Junior Subordinated Notes

The Company's unsecured junior subordinated notes (Junior Subordinated Notes) mature on July 30, 2036. The Junior Subordinated Notes are redeemable at par and paid interest at a fixed rate of 7.987% for the first 10 years ending July 30, 2016. The securities now have a floating interest rate as defined in the Junior Subordinated Notes Indenture, which was a weighted-average of 4.25% as of September 30, 2020. The obligations relating to these notes are subordinated to the Facility and the Senior Notes. In January 2010, the Company modified the terms of $75.0 million of these notes and recorded them at their then estimated fair value. Over the remaining life of the Junior Subordinated Notes, we will increase their carrying value until this carrying value equals the face value of the notes. As of September 30, 2020, the unamortized accretion was $32.6 million and will be amortized over the remaining life of the notes. As of September 30, 2020, the Company believes it was in compliance with all covenants under the Junior Subordinated Notes.

Contingencies

12 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Beazer Homes and certain of its subsidiaries have been and continue to be named as defendants in various construction defect claims, complaints, and other legal actions. The Company is subject to the possibility of loss contingencies related to these defects as well as others arising from its business. In determining loss contingencies, we consider the likelihood of loss and our ability to reasonably estimate the amount of such loss. An estimated loss is recorded when it is considered probable that a liability has been incurred and the amount of loss can be reasonably estimated.

Warranty Reserves

We currently provide a limited warranty ranging from one to two years covering workmanship and materials per our defined quality standards. In addition, we provide a limited warranty for up to ten years covering only certain defined structural element failures.

Our homebuilding work is performed by subcontractors who typically must agree to indemnify us with regard to their work and provide certificates of insurance demonstrating that they have met our insurance requirements and have named us as an additional insured under their policies. Therefore, many claims relating to workmanship and materials that result in warranty spending are the primary responsibility of these subcontractors. In addition, we maintain insurance coverage related to our construction efforts that can result in recoveries of warranty and construction defect costs above certain specified limits.

Warranty reserves are included in other liabilities within the consolidated balance sheets, and the provision for warranty accruals is included in home construction expenses in the consolidated statements of operations. Reserves covering anticipated warranty expenses are recorded for each home closed. Management assesses the adequacy of warranty reserves each reporting period based on historical experience and the expected costs to remediate potential claims. Our review includes a quarterly analysis of the historical data and trends in warranty expense by division. Such analysis considers market specific factors such as warranty experience, the number of home closings, the prices of homes, product mix, and other data in estimating warranty reserves. In addition, the analysis also contemplates the existence of any non-recurring or community-specific warranty-related matters that might not be included in historical data and trends. While estimated warranty liabilities are adjusted each reporting period based on the results of our quarterly analyses, we may not accurately predict actual warranty costs, which could lead to significant changes in the reserve.

Changes in warranty reserves are as follows for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Balance at beginning of period	$	13,388	$	15,331	$	18,091
Accruals for warranties issued (a)	10,910		11,847		13,755
Changes in liability related to warranties existing in prior periods	(1,352)		(1,686)		(2,401)
Payments made	(9,894)		(12,104)		(14,114)
Balance at end of period	$	13,052	$	13,388	$	15,331

(a) Accruals for warranties issued are a function of the number of home closings in the period, the selling prices of the homes closed and the rates of accrual per home estimated as a percentage of the selling price of the home.

Insurance Recoveries

The Company has insurance policies that provide for the reimbursement of certain warranty costs incurred above specified thresholds for each period covered. Amounts recorded for anticipated insurance recoveries are reflected within the consolidated statements of operations as a reduction of home construction expenses. Amounts not yet received from our insurer are recorded on a gross basis, without any reduction for the associated warranty expense, within accounts receivable on our consolidated balance sheets.

Litigation

In the normal course of business, we are subject to various lawsuits. We cannot predict or determine the timing or final outcome of these lawsuits or the effect that any adverse findings or determinations in pending lawsuits may have on us. In addition, an estimate of possible loss or range of loss, if any, cannot presently be made with respect to certain of these pending matters. An unfavorable determination in any of the pending lawsuits could result in the payment by us of substantial monetary damages that may not be fully covered by insurance. Further, the legal costs associated with the lawsuits and the amount of time required to be spent by management and our Board of Directors on these matters, even if we are ultimately successful, could have a material adverse effect on our financial condition, results of operations, or cash flows.

Claims Related to Inventory Impairment Charges. During the quarter ended March 31, 2019, we recognized inventory impairment charges related to 15 communities in California, all of which were previously land held for future development assets. Related to these inventory impairment charges, on June 5, 2019, a putative class action lawsuit was filed against Beazer Homes USA, Inc. and certain of our officers in the U.S. District Court for the Southern District of New York. The proposed class consisted of all persons and entities that acquired our securities between August 1, 2014 and May 2, 2019. On October 18, 2019, the plaintiffs filed a notice of voluntary dismissal of this case, and the Court subsequently entered an order dismissing the case.

Beginning June 25, 2019, several shareholder derivative lawsuits relating to the same inventory impairment charges discussed above were filed against Beazer Homes USA, Inc., certain of our officers and members of our Board of Directors in the U.S. District Court for the Northern District of Georgia. The plaintiffs in these cases allege breaches of fiduciary duty, unjust enrichment and violations of the federal securities laws. These federal actions have been consolidated into a single derivative action. Additionally, a substantially similar derivative action has been filed in the Superior Court of Fulton County, Georgia. The plaintiffs in each of these actions seek, among other things, monetary damages, disgorgement of profits and attorneys’ and experts’ fees, but do not specify any specific amounts. On October 25, 2020, the Court granted a motion to dismiss the consolidated federal action but provided the plaintiffs an opportunity to attempt to amend their complaint. We continue to believe the allegations are without merit and intend to continue to vigorously defend against the claims. However, because the outcome of these legal proceedings cannot be predicted with certainty, we have determined that the amount of any possible losses or range of possible losses in connection with these matters is not reasonably estimable.

Other Matters

We and certain of our subsidiaries have been named as defendants in various claims, complaints, and other legal actions, most relating to construction defects, moisture intrusion, and product liability. Certain of the liabilities resulting from these actions are covered in whole or in part by insurance. In our opinion, based on our current assessment, the ultimate resolution of these matters will not have a material adverse effect on our financial condition, results of operations, or cash flows.

We have an accrual of $5.0 million and $3.4 million in other liabilities on our consolidated balance sheets related to litigation and other matters, excluding warranty, as of September 30, 2020 and 2019, respectively.

We had outstanding letters of credit and surety bonds of $48.8 million and $248.2 million, respectively, as of September 30, 2020, related principally to our obligations to local governments to construct roads and other improvements in various developments.

Fair Value Measurements

12 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

As of the dates presented, we had assets on our consolidated balance sheets that were required to be measured at fair value on a recurring or non-recurring basis. We use a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows:

•Level 1 – Quoted prices in active markets for identical assets or liabilities;

•Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with market data; and

•Level 3 – Unobservable inputs that reflect our own estimates about the assumptions market participants would use in pricing the asset or liability.

Certain of our assets are required to be recorded at fair value on a recurring basis. The fair value of our deferred compensation plan assets is based on market-corroborated inputs (Level 2).

Certain of our assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value of these assets may not be recovered. We review our long-lived assets, including inventory, for recoverability when factors indicate an impairment may exist, but no less than quarterly. Fair value on assets deemed to be impaired is determined based upon the type of asset being evaluated. Fair value of our owned inventory assets, when required to be calculated, is further discussed within Notes 2 and 5. The fair value of our investments in unconsolidated entities is determined primarily using a discounted cash flow model to value the underlying net assets of the respective entities. Due to the substantial use of unobservable inputs in valuing the assets on a non-recurring basis, they are classified within Level 3.

During the fiscal year ended September 30, 2020, we recognized no impairments on projects in process and $1.3 million on land held for sale. During the fiscal year ended September 30, 2019, we recognized impairments of $110.0 million on projects in process and $38.6 million on land held for sale. During the fiscal year ended September 30, 2018, we recognized impairments of $1.0 million on projects in process and $5.9 million on land held for sale.

Determining within which hierarchical level an asset or liability falls requires significant judgment. We evaluate our hierarchy disclosures each quarter.

The following table presents the period-end balances of assets measured at fair value on a recurring basis and the impairment-date fair value of certain assets measured at fair value on a non-recurring basis for each hierarchy level. These balances represent only those assets whose carrying values were adjusted to fair value during the periods presented:


in thousands	Level 1		Level 2		Level 3			Total
As of September 30, 2020

Deferred compensation plan assets (a)	$	—	$	2,339	$	—		$	2,339

Land held for sale (b)	—		—		6,240		(c)	6,240

As of September 30, 2019

Deferred compensation plan assets (a)	$	—	$	1,970	$	—		$	1,970
Development projects in progress (b)	—		—		84,982		(c)	84,982
Land held for sale (b)	—		—		5,207		(c)	5,207

As of September 30, 2018

Deferred compensation plan assets (a)	$	—	$	1,578	$	—		$	1,578
Development projects in progress (b)	—		—		1,312		(c)	1,312
Land held for sale (b)	—		—		1,724		(c)	1,724
Unconsolidated entity investments	—		—		80			80

(a) Measured at fair value on a recurring basis.

(b) Measured at fair value on a non-recurring basis, including the capitalized interest and indirect costs related to the asset.

(c) Amount represents the impairment-date fair value of the development projects in progress and land held for sale assets that were impaired during the period indicated.

The fair value of cash and cash equivalents, restricted cash, accounts receivable, trade accounts payable, other liabilities, amounts due under the Facility (if outstanding), and other secured notes payable approximate their carrying amounts due to the short maturity of these assets and liabilities. When outstanding, obligations related to consolidated inventory not owned approximate fair value.

The following table presents the carrying value and estimated fair value of certain other financial liabilities as of September 30, 2020 and September 30, 2019:


	As of September 30, 2020				As of September 30, 2019
in thousands	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Senior Notes (b)	$	1,062,664	$	1,098,117	$	1,111,085	$	1,115,011
Junior Subordinated Notes (c)	68,137		68,137		66,070		66,070
Total	$	1,130,801	$	1,166,254	$	1,177,155	$	1,181,081

(a) Carrying amounts are net of debt issuance costs or accretion.

(b) The estimated fair value for our publicly-held Senior Notes and the Term Loan have been determined using quoted market rates (Level 2).

(c) Since there is no trading market for our Junior Subordinated Notes, the fair value of these notes is estimated by discounting scheduled cash flows through maturity (Level 3). The discount rate is estimated using market rates currently being offered on loans with similar terms and credit quality. Judgment is required in interpreting market data to develop these estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Operating Leases

12 Months Ended

Sep. 30, 2020

Leases [Abstract]

Operating Leases

The Company leases certain office space and equipment under operating leases for use in our operations. We recognize operating lease expense on a straight-line basis over the lease term. Certain of our lease agreements include one or more options to renew. The exercise of lease renewal options is generally at our discretion. Variable lease expense primarily relates to maintenance and other monthly expense that do not depend on an index or rate.

We determine if an arrangement is a lease at contract inception. Lease and non-lease components are accounted for as a single component for all leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the expected lease term, which includes optional renewal periods if we determine it is reasonably certain that the option will be exercised. As our leases do not provide an implicit rate, the discount rate used in the present value calculation represents our incremental borrowing rate determined using information available at the commencement date.

Operating lease expense is included as a component of general and administrative expenses in our consolidated statements of operations. For the fiscal year ended September 30, 2020, we recorded operating lease expense of $4.5 million. Cash payments on lease liabilities during the fiscal year ended September 30, 2020 totaled $4.6 million. Sublease income and variable lease expenses are de minimis. The Company increased both its operating lease ROU asset and operating lease liability by $3.1 million as a result of additional leases that commenced during the fiscal year ended September 30, 2020.

At September 30, 2020, weighted-average remaining lease term and discount rate were as follows:


Weighted-average remaining lease term									5.1 years
Weighted-average discount rate									4.87%

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of September 30, 2020:


Fiscal Year Ended September 30,
in thousands
2021	$	4,604
2022	3,743
2023	2,933
2024	1,818
2025	1,518
Thereafter	2,791
Total lease payments	17,407
Less: imputed interest	2,074
Total operating lease liabilities	$	15,333

Under ASC 840, Leases (ASC 840), the Company’s total rental expense was $5.8 million and $4.8 million for 2019 and 2018, respectively.

At September 30, 2019, under ASC 840, the future minimum rental commitments totaled $20.2 million under non-cancelable operating leases as follows: 2020 - $4.7 million; 2021 - $4.5 million; 2022 - $3.6 million; 2023 - $2.9 million; 2024 - $1.8 million; and $2.6 million thereafter.

Other Liabilities

12 Months Ended

Sep. 30, 2020

Other Liabilities [Abstract]

Other Liabilities

Other liabilities include the following as of September 30, 2020 and September 30, 2019:


in thousands	September 30, 2020		September 30, 2019
Accrued compensations and benefits	$	50,246	$	36,237
Accrued interest	23,870		12,767
Customer deposits	18,937		11,539
Accrued warranty expenses	13,052		13,388
Litigation accruals	4,981		3,420
Income tax liabilities	584		648
Other	24,313		31,430
Total	$	135,983	$	109,429

Income Taxes

12 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The Company's expense (benefit) from income taxes from continuing operations consists of the following for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Current federal (a)	$	(4,641)	$	(4,935)	$	57
Current state	485		693		512
Deferred federal (b)	20,639		(31,291)		102,082
Deferred state (c)	1,490		(1,684)		(8,167)
Total expense (benefit)	$	17,973	$	(37,217)	$	94,484

(a) Fiscal 2020 federal current benefit is primarily driven by the expected refund of our remaining alternative minimum tax credit balance due to the enactment of the CARES Act. Fiscal 2019 federal current benefit is primarily driven by the expected refund of half of our outstanding alternative minimum tax credit that became refundable due to the enactment of the Tax Cuts and Jobs Act. See further discussion below.

(b) Fiscal 2018 federal deferred expense is primarily driven by the remeasurement of our deferred tax asset at the newly enacted 21.0% federal tax rate as a result of the Tax Cuts and Jobs Act, partially offset by the release of the remaining valuation allowance on our federal deferred tax assets.

(c) Fiscal 2018 state deferred benefit is primarily driven by the release of valuation allowance in certain operating jurisdictions; refer to discussion below titled “Valuation Allowance.”

The expense from income taxes from continuing operations differs from the amount computed by applying the federal income tax statutory rate as follows for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Income tax computed at statutory rate	$	14,971	$	(24,494)	$	12,112
State income taxes, net of federal benefit	1,300		(590)		111
Deferred rate change	260		(88)		110,071
Decrease in valuation allowance - other (a)	—		—		(27,370)
Changes in uncertain tax positions	(2)		(7)		598

Permanent differences	2,177		2,908		2,133
Tax credits	(939)		(14,902)		(3,174)
Other, net	206		(44)		3
Total expense (benefit)	$	17,973	$	(37,217)	$	94,484

(a) For fiscal 2018, amount represents a $27.4 million release of the valuation allowance on our federal and state deferred tax assets; refer to discussion below titled “Valuation Allowance.” Due to our fiscal year end and the enactment of the Tax Cuts and Jobs Act, our fiscal 2018 provision was calculated using a blended 24.5% federal tax rate.

The principal differences between our effective tax rate and the U.S. federal statutory rate for fiscals 2020 and 2019 relate to state taxes, permanent differences and tax credits.

We recognized income tax expense from continuing operations of $18.0 million in our fiscal 2020, compared to income tax benefit from continuing operations of $37.2 million in our fiscal 2019 and income tax expense from continuing operations of $94.5 million in our fiscal 2018. The income tax expense in our fiscal 2020 primarily resulted from income generated in the current year and our permanent book/tax differences, partially offset by the generation of additional federal tax credits. The income tax benefit in our fiscal 2019 primarily resulted from the loss generated in the fiscal year and the generation of additional federal tax credits. In fiscal 2018, our income tax expense primarily resulted from income generated in the fiscal year and the remeasurement of our deferred tax asset at a lower 21% federal tax rate, partially offset by the additional release of valuation allowance and the generation of federal tax credits. Due to the effects of changes in our valuation allowance on our deferred tax balance, tax credits and changes in our unrecognized tax benefits, our effective tax rates in fiscal 2020, 2019, and 2018 are not meaningful metrics, as our income tax amounts were not directly correlated to the amount of our pretax income (loss) for those periods.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of our assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to the net deferred tax assets are as follows as of September 30, 2020 and September 30, 2019:


in thousands	September 30, 2020		September 30, 2019
Deferred tax assets:
Federal and state tax carryforwards	$	192,981	$	208,360
Inventory adjustments	34,971		42,605
Intangible assets	13,993		17,209
Incentive compensation	13,116		9,360
Warranty and other reserves	5,503		4,302
Property, equipment and other assets	2,197		2,255
Uncertain tax positions	723		729
Other	844		623
Total deferred tax assets	264,328		285,443




Valuation allowance	(39,185)		(38,486)
Net deferred tax assets	$	225,143	$	246,957

As of September 30, 2020, our gross deferred tax assets above included $120.0 million for federal net operating loss carryforwards, $42.8 million for state net operating loss carryforwards, and $33.6 million for general business credits. The net operating loss carryforwards expire at various dates through 2033, and the general business credits expire at various dates through 2040. The alternative minimum tax credit became a refundable credit when the alternative minimum tax was eliminated with the enactment of the Tax Cuts and Jobs Act on December 22, 2017. For the year-ended September 30, 2019, we recorded our initial refund claim of $4.6 million, or half of our outstanding $9.2 million credit. During fiscal 2020, the enactment of the Coronavirus Aid, Relief and Economic Security (CARES) Act on March 27, 2020 enabled us to claim the entire $9.2 million alternative minimum tax credit with the filing of our fiscal 2019 return and the amount was recorded in our income tax receivable. We experienced an “ownership change” as defined in Section 382 of the Internal Revenue Code (Section 382) as of January 12, 2010. Section 382 contains rules that limit the ability of a company that undergoes an “ownership change” to utilize its net operating loss carryforwards and certain built-in losses or deductions recognized during the five-year period after the ownership change to offset future taxable income. Because the five-year period has expired, we have determined the actual impact and final classification of those amounts, which are properly reflected in the amounts presented above. The actual realization of our deferred tax assets is difficult to predict and is dependent on future events.

Valuation Allowance

A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more-likely-than-not realization threshold criterion. In the assessment for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with loss carryforwards not expiring unused and tax planning alternatives.

During fiscal 2018, we concluded that it was more likely than not that all of our federal tax attributes and additional portions of our state tax assets would be realized over their remaining recovery periods. This conclusion was based on an evaluation of all relevant evidence, both positive and negative, that would impact our ability to realize our deferred tax assets. The positive evidence included continued improvements in our pre-tax earnings profile, recent acquisitions and community count growth in future years, tax planning strategies, and increases to our future taxable income due to the enactment of the Tax Cuts and Jobs Act. The negative evidence included a number of factors within the homebuilding industry, notably recent market related impacts to costs of production, labor constraints, mortgage interest rate forecasts, and the position of the current housing cycle. We continue to maintain levels of backlog and community count to support our expectations of future profitability. During fiscal 2018, the Company completed its plan to repurchase portions of its outstanding debt, which altered its debt maturity and interest rate profile through new issuances and redemptions of prior issuances. The change in the Company's debt portfolio will create future interest expense savings that further support its estimates of future profitability.

During fiscal 2019, our conclusions on whether we are more likely than not to realize all of our federal tax attributes and certain portions of our state tax attributes remain consistent with our fiscal 2018 determinations. For fiscal 2019, a number of additional positive and negative factors were considered as part of our analysis. The negative factors for fiscal 2019 included current period operating losses, primarily a result of impairments recorded on a number of long held assets in our California submarkets and a loss on debt extinguishment charge in the fourth quarter. The positive factors included a recovery in housing demand throughout the year that resulted in backlog levels consistent with prior year, interest savings from our current year debt repurchases and debt refinance, a new multi-year debt reduction strategy, and additional changes in our taxable income as we continue to account for the changes to the tax code under the Tax Cuts and Jobs Act and the related state impacts.

In fiscal 2020, we analyzed a number of additional positive and negative factors to determine whether we are more likely than not to realize all our federal tax attributes and certain portions of our state tax attributes. The significant positive factors included our current earnings from continuing operations and increased backlog over the prior year, as well as continued interest savings from our current debt reduction strategy. The negative factors for fiscal 2020 generally included uncertainties and long-term impacts to the broader economy as a result of the COVID-19 pandemic. Our fiscal 2020 determinations remain consistent with our fiscal 2018 and 2019 determinations. As of September 30, 2020, the Company will have to cumulatively generate approximately $915.5 million in pre-tax income over the course of its carryforward period to realize its deferred tax assets prior to their expiration, which, as previously discussed, is the Company's fiscal 2040. As we continue to monitor the impacts of the COVID-19 pandemic on our business, any sustained or prolonged reductions in future earnings periods may change our conclusions on whether we are more likely than not to realize portions of our deferred tax assets.

As of September 30, 2020, valuation allowance of $39.2 million remains on various state attributes for which the Company has concluded it is not more likely than not that these attributes would be realized at that time.

Unrecognized Tax Benefits

A reconciliation of our unrecognized tax benefits is as follows for the beginning and end of each period presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Balance at beginning of year	$	3,473	$	3,494	$	3,804
Additions for tax positions related to current year	—		—		—
Additions for tax positions related to prior years	—		—		—
Reductions in tax positions of prior years	—		—		—

Lapse of statute of limitations	(32)		(21)		(310)
Balance at end of year	$	3,441	$	3,473	$	3,494

If we were to recognize our $3.4 million of gross unrecognized tax benefits remaining as of September 30, 2020, substantially all would impact our effective tax rate. Additionally, we had no accrued interest and penalties as of September 30, 2020 and an immaterial amount of accrued interest and penalties as of September 30, 2019. We record interest and penalties related to unrecognized tax benefits in income tax expense within our consolidated statements of operations.

In the normal course of business, we are subject to audits by federal and state tax authorities regarding various tax liabilities. Certain state income tax returns for various fiscal years are under routine examination. The statute of limitations for our major tax jurisdictions remains open for examination for fiscal years 2007 and subsequent years. As of September 30, 2020, it is reasonably possible that $83 thousand of our uncertain tax positions will reverse within the next twelve months.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Stock The Company currently has no shares of preferred stock outstanding. Common Stock As of September 30, 2020, the Company had 63,000,000 shares of common stock authorized and 31,012,326 shares both issued and outstanding. Common Stock Repurchases During the first quarter of fiscal 2019, the Company's Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. As part of this program, the Company has repurchased common stock during fiscal 2019 through open market transactions, 10b5-1 plans, and accelerated share repurchase (ASR) agreements. All shares have been retired upon repurchase during fiscal 2019. The aggregate reduction to stockholders’ equity related to share repurchases during the fiscal year ended September 30, 2019 was $34.6 million. During fiscal 2020, the Company repurchased approximately 362,000 shares of its common stock for $3.3 million at an average price per share of $9.20 during the first half of fiscal 2020 through open market transactions and 10b5-1 plans. All shares have been retired upon repurchase. As of September 30, 2020, the remaining availability of the share repurchase program was $12.0 million. Dividends The indentures under which our Senior Notes were issued contain certain restrictive covenants, including limitations on our payment of dividends. There were no dividends paid during our fiscal 2020, 2019, or 2018. Section 382 Rights Agreement Prior to fiscal 2019, the Company’s stockholders had approved amendments to the Company’s Certificate of Incorporation (the Protective Amendment) designed to preserve the value of certain tax assets associated with net operating loss carryforwards under Section 382. In February 2019, the Company’s stockholders approved an extension of the term of the Protective Amendment and approved a Section 382 Rights Agreement that was adopted by our Board of Directors. These instruments are intended to act as deterrents to any person or group, together with their affiliates and associates, from being or becoming the beneficial owner of 4.95% or more of the Company’s common stock.

Retirement and Deferred Compensation Plan	12 Months Ended
Retirement and Deferred Compensation Plan	Sep. 30, 2020
Retirement Benefits [Abstract]
Retirement and Deferred Compensation Plan	Retirement and Deferred Compensation Plans 401(k) Retirement Plan The Company sponsors a defined-contribution plan that is a tax-qualified retirement plan under section 401(k) of the Internal Revenue Code (the Plan). Substantially all employees are eligible for participation in the Plan. Participants may defer and contribute from 1% to 80% of their salary to the Plan, with certain limitations on highly compensated individuals. The Company matches 50% of the first 6% of the participant's contributions. The participant's contributions vest immediately, while the Company's contributions vest over five years. The total Company contributions for the fiscal years ended September 30, 2020, 2019, and 2018 were approximately $3.4 million, $3.6 million, and $3.3 million, respectively. During fiscal 2020, 2019, and 2018, participants forfeited $1.0 million, $0.7 million, and $0.7 million, respectively, of unvested matching contributions. Deferred Compensation Plan The Beazer Homes USA, Inc. Deferred Compensation Plan (the DCP) is a non-qualified deferred compensation plan for a select group of executives and highly compensated employees. The DCP allows the executives to defer current compensation on a pre-tax basis to a future year, until termination of employment. The objectives of the DCP are to assist executives with financial planning and capital accumulation and to provide the Company with a method of attracting, rewarding and retaining executives. Participation in the DCP is voluntary. Beazer Homes may voluntarily make a contribution to the participants' DCP accounts. Deferred compensation assets of $2.3 million and $2.0 million as of September 30, 2020 and 2019, respectively, are included in other assets on our consolidated balance sheets and are recorded at fair value. Deferred compensation liabilities of $5.6 million and $4.9 million as of September 30, 2020 and 2019, respectively, are included in other liabilities on our consolidated balance sheets. For the years ended September 30, 2020, 2019 and 2018, the Company contributed approximately $0.2 million, $0.2 million, and $0.2 million, respectively, to the DCP in the form of voluntary contributions.

Stock-Based Compensation

12 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company has shares available for grant under the Amended and Restated 2014 Beazer Homes USA, Inc. Long-Term Incentive Plan (the 2014 Plan). We issue new shares upon the exercise of stock options and the vesting of restricted stock awards. In cases of forfeitures and cancellations, those shares are returned to the share pool for future issuance. As of September 30, 2020, we had approximately 2.7 million shares of common stock for issuance under our various equity incentive plans, of which approximately 2.3 million shares are available for future grants.

Stock-based compensation expense is included in general and administrative expenses in our consolidated statements of operations. Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the fiscal years ended 2020, 2019, and 2018, respectively.


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Stock options expense	$	133	$	178	$	225
Restricted stock awards expense	9,903		10,348		10,033
Stock-based compensation expense	$	10,036	$	10,526	$	10,258

Stock Options

We have issued stock options to officers and key employees under the 2014 Plan and the 2010 Equity Incentive Plan (the 2010 Plan). Stock options have an exercise price equal to the fair market value of the common stock on the grant date, vest three years after the date of grant, and may be exercised thereafter until their expiration, subject to forfeiture upon termination of employment as provided in the applicable plan. Under certain conditions of retirement, eligible participants may receive a partial vesting of stock options. Stock options generally expire on the seventh or eighth anniversary from the date such options were granted, depending on the terms of the award.

The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model (Black-Scholes Model). As of September 30, 2020, the intrinsic value of our stock options outstanding, vested or expected to vest in the future, vested and exercisable were $0.2 million, $0.2 million, and $0.1 million, respectively. As of September 30, 2020 and September 30, 2019, there was less than $0.1 million and $0.1 million, respectively, of total unrecognized compensation cost related to unvested stock options. The cost remaining as of September 30, 2020 is expected to be recognized over a weighted-average period of 0.4 years.

During fiscal 2018, the Compensation Committee of our Board of Directors approved the Employee Stock Option Program (ESOP). This program is available to all full-time employees and is designed to enable employees to share in potential price appreciation of the Company's stock. The ESOP matches stock purchases made by eligible employees meeting certain conditions with an option to purchase an additional share of the Company's shares on a one-to-one basis. The exercise price of the options granted is equal to the closing price of the Company's stock on the day the underlying shares are purchased by the employee, which is also the ESOP grant date. The options will vest on the second anniversary of the date of grant but are forfeited if (1) the eligible employee no longer works for the Company or (2) the underlying shares are sold before the two-year vesting period is over. The total number of options available under the ESOP is limited to 100,000, of which 31,732 options were granted through the end of fiscal 2020.

During the year ended September 30, 2020, we issued 950 stock options, all were issued under the ESOP, each for one share of the Company's stock. These stock options typically vest ratably over two years from the date of grant.

We used the following valuation assumptions for stock options granted for the periods presented:


	Fiscal Year Ended September 30,
	2020			2019			2018
Expected life of options	5.7 years			5.0 years			5.0 years
Expected volatility	51.52		%	46.69		%	44.71		%
Expected dividends	—			—			—
Weighted-average risk-free interest rate	0.43		%	2.70		%	2.10		%
Weighted-average fair value	$	4.99		$	4.50		$	8.30

We relied upon a combination of the observed exercise behavior of our prior grants with similar characteristics, the vesting schedule of the current grants, and an index of peer companies with similar grant characteristics to determine the expected life of the options granted. We considered historic returns of our stock and the implied volatility of our publicly-traded options in determining expected volatility. We assumed no dividends would be paid since our Board of Directors has suspended payment of dividends indefinitely and payment of dividends is restricted under our Senior Note covenants. The risk-free interest rate is based on the term structure of interest rates at the time of the option grant.

Following is a summary of stock option activity for the periods presented is as follows:


	2020			2019			2018
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	523,754	$	14.34	533,052	$	14.26	593,753	$	14.76
Granted	950	10.67		30,782	10.23		25,230	19.99
Exercised	(128,921)	11.01		(31,450)	10.00		(8,411)	7.52
Expired	—	—		—	—		(61,967)	23.19

Forfeited	(3,318)	9.55		(8,630)	10.45		(15,553)	10.46
Outstanding at end of period	392,465	$	15.47	523,754	$	14.34	533,052	$	14.26
Exercisable at end of period	354,796	$	15.90	470,501	$	14.42	479,538	$	14.03
Vested or expected to vest in the future	391,968	$	15.48	521,362	$	14.36	533,052	$	14.26

The following table summarizes information about stock options outstanding and exercisable as of September 30, 2020:


	Stock Options Outstanding				Stock Options Exercisable
Range of Exercise Price	Number Outstanding	Weighted-Average Contractual Remaining Life (Years)	Weighted-Average Exercise Price		Number Exercisable	Weighted-Average Contractual Remaining Life (Years)	Weighted-Average Exercise Price
$1 - $10	37,433	4.7	$	8.48	22,571	3.6	$	7.52
$11 - $15	181,990	1.5	13.27		174,970	1.3	13.34
$16 -$20	173,042	1.7	19.30		165,148	1.5	19.25
$1 - $20	392,465	1.9	$	15.47	362,689	1.5	$	15.67

Information pertaining to the intrinsic value of options exercised and the fair market value of options that vested is below:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Intrinsic value of options exercised	$	587	$	90	$	76
Fair market value of options vested	144		178		296

Restricted Stock Awards

The fair value of each restricted stock award with market conditions is estimated on the date of grant using the Monte Carlo valuation method. The fair value of restricted stock awards without market conditions is based on the market price of the Company's common stock on the date of grant. If applicable, the cash-settled component of any awards granted to employees is accounted for as a liability, which is adjusted to fair value each reporting period until vested.

Compensation cost arising from restricted stock awards granted to employees is recognized as an expense using the straight-line method over the vesting period. As of September 30, 2020 and September 30, 2019, there was $9.0 million and $9.0 million, respectively, of total unrecognized compensation cost related to unvested restricted stock awards. The cost remaining as of September 30, 2020 is expected to be recognized over a weighted-average period of 1.7 years.

We have issued restricted stock awards to officers and key employees under both the 2014 Plan and the 2010 Plan. During fiscal 2020, we issued time-based restricted stock awards and performance-based restricted stock awards with a payout subject to certain performance and market conditions. Each award type is discussed below.

Performance-Based Restricted Stock Awards

During the year ended September 30, 2020, we issued 260,131 shares of performance-based restricted stock (2020 Performance Shares) to our executive officers and certain other employees that also have market conditions. The 2020 Performance Shares are structured to be awarded based on the Company's performance under three pre-determined financial metrics at the end of the three-year performance period. After determining the number of shares earned based on the financial metrics, which can range from 0% to 175% of the targeted number of shares, the award will be subject to further upward or downward adjustment by as much as 20% based on the Company's relative total shareholder return (TSR) compared against the S&P Homebuilders Select Industry Index during the three-year performance period. The 2020 Performance Shares were valued using the Monte Carlo valuation model due to the existence of the TSR market condition and had an estimated fair value of $16.98 per share on the date of grant.

A Monte Carlo valuation model requires the following inputs: (1) the expected dividend yield on the underlying stock; (2) the expected price volatility of the underlying stock; (3) the risk-free interest rate for the period corresponding with the expected term of the award; and (4) the fair value of the underlying stock. For the Company and each member of the peer group, the following inputs were used, as applicable, in the Monte Carlo valuation model to determine the fair value as of the grant date for performance-based restricted stock granted in each of the fiscal years ended. The methodology used to determine these assumptions is similar to the Black-Scholes Model; however, the expected term is determined by the model in the Monte Carlo simulation.


	Fiscal Year Ended September 30,
	2020			2019			2018
Expected volatility	21.2% - 54.8%			21.0% - 57.1%			21.1% - 61.2%
Risk-free interest rate	1.61		%	2.92		%	1.81		%
Dividend yield	—			—			—
Grant-date stock price	$	15.62		$	9.82		$	20.50

Each performance share represents a contingent right to receive one share of the Company's common stock if vesting is satisfied at the end of the three-year performance period. Our performance stock award plans provide that any performance shares earned in excess of the target number of performance shares issued may be settled in cash or additional shares at the discretion of the Compensation Committee. In November 2019, we cash settled 135,337 shares earned above target level based on the performance level achieved under our 2017 performance-based award plan. The cash payment totaled $2.1 million, which was reflected as a reduction to paid-in capital in the accompanying condensed consolidated statements of stockholders' equity. We have not cash settled any such performance-based awards prior to or subsequent to the November 2019 transaction, and we have no current plans to cash settle any additional performance-based restricted shares in the future.

The performance criteria of the 2018 Performance Share grant were satisfied as of September 30, 2020. Based on the actual performance level achieved, 222,165 performance-based restricted stock awards from the 2018 Performance Share grant will cliff vest at the end of the three-year vesting period on November 16, 2020. Of the total $6.3 million compensation cost related to these awards, we have recognized $2.6 million, $2.3 million, and $1.1 million during the fiscal years ended September 30, 2020, 2019, and 2018, respectively. The remaining $0.3 million of unrecognized compensation cost will be recognized in the first quarter of fiscal 2021.

Time-Based Restricted Stock Awards

During the year ended September 30, 2020, we also issued 327,571 shares of time-based restricted stock (Restricted Shares) to our directors, executive officers, and certain other employees. Restricted Shares are valued based on the market price of the Company's common stock on the date of the grant. The Restricted Shares granted to our non-employee directors vest on the first anniversary of the grant, while the Restricted Shares granted to our executive officers and other employees generally vest ratably over three years from the date of grant.

Activity relating to all restricted stock awards for the periods presented is as follows:


	Year Ended September 30, 2020
	Performance-Based			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	778,814	$	13.60	611,607	$	12.11	1,390,421	$	16.53
Granted	260,131	16.98		327,571	15.29		587,702	16.04
Vested	(242,921)	13.60		(302,255)	11.89		(545,176)	12.65
Forfeited	—	—		(26,793)	13.79		(26,793)	13.79
End of period	796,024	$	14.71	610,130	$	13.85	1,406,154	$	14.34


	Year Ended September 30, 2019
	Performance-Based			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	644,785	$	16.47	431,783	$	16.60	1,076,568	$	16.53
Granted (a)	467,819	9.95		448,657	9.82		916,476	9.89
Vested (a)	(321,833)	15.36		(212,558)	16.41		(534,391)	15.78
Forfeited	(11,957)	13.44		(56,275)	12.20		(68,232)	12.42
End of period	778,814	$	13.60	611,607	$	12.11	1,390,421	$	16.53

(a) Grant and vesting activity during the twelve months ended September 30, 2019 include 86,050 shares that were issued above target based on performance level achieved under performance-based restricted stock vesting in the current period.


	Year Ended September 30, 2018
	Performance-Based			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	668,766	$	15.72	872,181	$	16.47	1,540,947	$	16.15
Granted	165,085	22.40		277,165	18.98		442,250	20.26
Vested	—	—		(690,922)	17.38		(690,922)	17.38
Forfeited	(189,066)	18.98		(26,641)	17.02		(215,707)	18.74
End of period	644,785	$	16.47	431,783	$	16.60	1,076,568	$	16.53

Earnings Per Share

12 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted income (loss) per share adjusts the basic income (loss) per share for the effects of any potentially dilutive securities in periods in which the Company has net income and such effects are dilutive under the treasury stock method.

Following is a summary of the components of basic and diluted income (loss) per share for the periods presented:


	Fiscal Year Ended September 30,
in thousands, except per share data	2020		2019		2018
Numerator:
Income (loss) from continuing operations	$	53,316	$	(79,421)	$	(45,046)
Loss from discontinued operations, net of tax	(1,090)		(99)		(329)
Net income (loss)	$	52,226	$	(79,520)	$	(45,375)

Denominator:
Basic weighted-average shares	29,704		30,617		32,141
Dilutive effect of restricted stock awards	229		—		—
Dilutive effect of stock options	15		—		—


Diluted weighted-average shares (a)	29,948		30,617		32,141

Basic income (loss) per share:
Continuing operations	$	1.80	$	(2.59)	$	(1.40)
Discontinued operations	(0.04)		(0.01)		(0.01)
Total	$	1.76	$	(2.60)	$	(1.41)

Diluted income (loss) per share:
Continuing operations	$	1.78	$	(2.59)	$	(1.40)
Discontinued operations	(0.04)		(0.01)		(0.01)
Total	$	1.74	$	(2.60)	$	(1.41)

(a) The following potentially dilutive shares were excluded from the calculation of diluted income (loss) per share as a result of their anti-dilutive effect. Due to the reported net losses for the years ended September 30, 2019 and 2018, all common stock equivalents were excluded from the computation of diluted loss per share for fiscal years 2019 and 2018 because inclusion would have resulted in anti-dilution.


	Fiscal Year Ended September 30,
in thousands	2020	2019	2018
Stock options	375	524	533
Time-based restricted stock	46	612	432
Performance-based restricted stock	—	779	645

Segment Information

12 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues from our homebuilding segments are derived from the sale of homes that we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. We have considered the applicable aggregation criteria, and have combined our homebuilding operations into three reportable segments as follows:

West: Arizona, California, Nevada, and Texas

East: Delaware, Indiana, Maryland, New Jersey(a), Tennessee, and Virginia

Southeast: Florida, Georgia, North Carolina, and South Carolina

(a) During fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey.

Management’s evaluation of segment performance is based on segment operating income (loss). Operating income (loss) for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development and land sales expense, commission expense, depreciation and amortization, and certain G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 2.

The following tables contain our revenue, operating income (loss), and depreciation and amortization by segment for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Revenue
West	$	1,183,339	$	1,014,702	$	1,014,803
East	477,624		514,961		524,563
Southeast	466,114		558,076		567,767

Total revenue	$	2,127,077	$	2,087,739	$	2,107,133


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Operating income (loss) (a)
West	$	161,786	$	(5,492)	$	142,310
East	56,319		51,576		57,372
Southeast	40,746		40,165		45,950

Segment total	258,851		86,249		245,632
Corporate and unallocated (b)	(179,744)		(176,145)		(164,084)
Total operating income (loss)	$	79,107	$	(89,896)	$	81,548

(a) Operating income (loss) is impacted by impairment and abandonment charges incurred during the periods presented (see Note 5 for further information). For the year ended September 30, 2020, September 30, 2019, and September 30, 2018, we recognized $1.7 million, $131.7 million and $4.2 million of inventory impairment and abandonment charges, respectively, at our three reportable segments.

(b) Corporate and unallocated operating loss includes amortization of capitalized interest, movement in capitalized indirect costs, expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing, and other amounts that are not allocated to our operating segments. For the year ended September 30, 2020, September 30, 2019, and September 30, 2018, we wrote off $1.2 million, $16.9 million, and $2.3 million of capitalized interest and capitalized indirect costs, respectively (see Note 5 for further information).


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Depreciation and amortization
West	$	8,227	$	6,456	$	7,062
East	2,458		3,250		2,619
Southeast	2,857		3,455		3,053

Segment total	13,542		13,161		12,734
Corporate and unallocated (a)	2,098		1,598		1,073
Total depreciation and amortization	$	15,640	$	14,759	$	13,807

(a) Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by our corporate functions that benefit all segments.

The following table presents capital expenditures by segment for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Capital Expenditures
West	$	5,063	$	11,635	$	8,152
East	2,237		2,518		2,234
Southeast	2,985		3,086		3,112

Corporate and unallocated	357		4,117		3,522
Total capital expenditures	$	10,642	$	21,356	$	17,020

The following table presents assets by segment as of September 30, 2020 and 2019:


in thousands	September 30, 2020		September 30, 2019
Assets
West	$	658,909	$	751,110
East	267,050		286,340
Southeast	301,827		359,431

Corporate and unallocated (a)	779,694		560,763
Total assets	$	2,007,480	$	1,957,644

(a) Corporate and unallocated total assets primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.

Discontinued Operations

12 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase stockholder value. This review entails an evaluation of both external market factors and our position in each market, and over time has resulted in the decision to discontinue certain of our homebuilding operations. During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, the results of our New Jersey division are not included in the discontinued operations information shown below.

We have classified the results of operations of our discontinued operations separately in the accompanying consolidated statements of operations for all periods presented. There were no material assets or liabilities related to our discontinued operations as of September 30, 2020 or September 30, 2019. Discontinued operations were not segregated in the consolidated statements of cash flows. Therefore, amounts for certain captions in the consolidated statements of cash flows will not agree with the respective data in the consolidated statements of operations. The results of our discontinued operations in the consolidated statements of operations for the periods presented were as follows:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Total revenue	$	—	$	55	$	633
Home construction and land sales expenses (a)	1,245		61		612
Inventory impairments and abandonments	—		—		450
Gross loss	(1,245)		(6)		(429)

General and administrative expenses	173		125		101

Operating loss	(1,418)		(131)		(530)
Equity in (loss) income of unconsolidated entities	—		(1)		93
Other income (expense), net	19		5		(4)
Loss from discontinued operations before income taxes	(1,399)		(127)		(441)
Benefit from income taxes	(309)		(28)		(112)
Loss from discontinued operations, net of tax	$	(1,090)	$	(99)	$	(329)

(a) Home construction and land sales expenses for the year ended September 30, 2020 include a $1.3 million litigation settlement accrual relating to a case regarding alleged past construction defects in our discontinued operations.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Sep. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

Selected summarized quarterly financial information is as follows for the periods presented:


in thousands, except per share data	Quarter Ended
Fiscal 2020	December 31		March 31		June 30		September 30
Total revenue	$	417,804	$	489,413	$	533,112	$	686,748
Gross profit (a)	63,137		78,845		89,058		116,600
Operating income	3,946		16,424		23,151		35,586
Net income from continuing operations (b)	2,804		10,615		15,270		24,627
Basic EPS from continuing operations (c)	$	0.09	$	0.36	$	0.51	$	0.83
Diluted EPS from continuing operations (c)	$	0.09	$	0.35	$	0.51	$	0.82

Fiscal 2019
Total revenue	$	402,040	$	421,260	$	482,738	$	781,701
Gross profit (loss)(a)	60,655		(82,680)		71,764		116,297
Operating income (loss)	3,506		(138,950)		9,543		36,005
Net income (loss) from continuing operations (b)	7,322		(100,832)		11,625		2,464
Basic EPS from continuing operations (c)	$	0.23	$	(3.28)	$	0.38	$	0.08
Diluted EPS from continuing operations (c)	$	0.23	$	(3.28)	$	0.38	$	0.08

(a)Gross profit (loss) in fiscal 2020 and 2019 includes inventory impairment and abandonments as follows:


in thousands	Fiscal 2020		Fiscal 2019
1st Quarter	$	—	$	1,007
2nd Quarter	—		147,611
3rd Quarter	2,266		—
4th Quarter	637		—
	$	2,903	$	148,618

(b) Net income (loss) from continuing operations in fiscal 2020 and 2019 includes gain (loss) on extinguishment of debt as follows:


in thousands	Fiscal 2020		Fiscal 2019
1st Quarter	$	—	$	—
2nd Quarter	—		216
3rd Quarter	—		358
4th Quarter	—		(25,494)
	$	—	$	(24,920)

(c) Amounts shown above for EPS for the quarterly periods are calculated separately from the full fiscal year amounts. Accordingly, quarterly amounts will not add to the respective annual amount.

Subsequent Events	12 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 8, 2020, the Company executed a Ninth Amendment to the Facility. The Ninth Amendment (1) extended the termination date of the Facility from February 15, 2022 to February 15, 2023; (2) permits the maximum aggregate amount of commitments under the Credit Agreement to be increased to up to $300.0 million pursuant to one or more additional incremental increases, subject to the approval of any lenders providing such increases; and (3) revises the minimum liquidity covenant such that if the interest coverage ratio is greater than or equal to 1.00 to 1.00 and the housing collateral ratio is greater than or equal to 1.75 to 1.00, the Company is required to maintain minimum liquidity of $50.0 million; and in all other cases, the Company is required to maintain minimum liquidity of $100.0 million.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation and Consolidation

Use of Estimates

Business Combinations

Business CombinationsThe Company accounts for acquisitions in accordance with ASC 805, Business Combinations, by allocating the purchase price of the business to assets acquired and liabilities assumed based upon management's estimates of fair values as of the acquisition date. Any excess purchase price over the estimated fair value of net assets acquired is recorded as goodwill, which is assigned to applicable reporting units based on expected revenues. The fair value estimation process includes analyses based on income and market approaches. Significant judgment is often required in estimating the fair value of assets acquired, particularly inventory and intangible assets. These estimates and assumptions are based on historical experience, information obtained from the management of the acquired companies, and the Company’s judgment about the significant assumptions that market participants would use when determining fair value. The estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in our results of operations in the reporting period such adjustments are made.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted CashWe consider highly liquid investments with maturities of three months or less when acquired to be cash equivalents. As of September 30, 2020, the majority of our cash and cash equivalents were on demand deposits with major banks. These assets were valued at par and had no withdrawal restrictions. Restricted cash includes cash restricted by state law or a contractual requirement, including cash collateral for our outstanding cash-secured letters of credit (refer to Note 8).

Accounts Receivables and Allowance

Accounts Receivable and Allowance

Owned Inventory

Owned InventoryOwned inventory consists of residential real estate developments. Inventory includes land acquisition costs, land development costs, home construction costs, capitalized interest, real estate taxes, direct overhead costs and capitalized indirect costs incurred during land development and home construction, and common costs that benefit the entire community, less impairments, if any. Land acquisition, land development and other common costs (both incurred and estimated to be incurred) are allocated to individual lots on a pro-rata basis, and the cost of individual lots is transferred to homes under construction when home construction begins. Home construction costs are accumulated on a per-home basis. Cost of home closings includes the specific construction costs of the home and the allocated lot costs. Any changes to the estimated total development costs of a community or phase are allocated to the remaining homes to be closed in the community or phase.

Inventory Valuation - Projects in Progress

Inventory Valuation - Land Held for Future Development and Sale

Inventory Valuation - Land Held for Future Development

Inventory Valuation - Land Held for Sale

We record assets held for sale at the lower of the asset's carrying value or fair value less costs to sell. The following criteria are used to determine if land is held for sale:

•management has the authority and commits to a plan to sell the land;

•the land is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of land assets;

•there is an active program to locate a buyer and the plan to sell the property has been initiated;

•the sale of the land is probable within one year;

•the property is being actively marketed at a reasonable sale price relative to its current fair value; and

•it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made.

Lot Option Agreements and Variable Interest Entities (VEI)

Lot Option Agreements and Variable Interest Entities (VIE)

Investments in Unconsolidated Entities

Investments in Unconsolidated EntitiesWe participate in a number of joint ventures and other investments in which we have less than a controlling interest. We enter into the majority of these investments with land developers, other homebuilders and financial partners to acquire attractive land positions, to manage our risk profile and to leverage our capital base. The land positions are developed into finished lots for sale to the unconsolidated entity’s members or other third parties. We recognize our share of equity in income (loss) and profits (losses) from the sale of lots to other buyers. Our share of profits from lots we purchase from the unconsolidated entities is deferred and treated as a reduction of the cost of the land purchased from the unconsolidated entity. Such profits are subsequently recognized at the time the home closes and title passes to the homebuyer. We evaluate our investments in unconsolidated entities for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of our investment in the unconsolidated entity has occurred that is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value. Our unconsolidated entities typically obtain secured acquisition, development and construction financing. We account for our interest in unconsolidated entities under the equity method.

Property and Equipment, Net

Our property and equipment is recorded at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis based on estimated useful lives as follows:


Asset Class						Useful Lives
Buildings						25 - 30 years

Information systems						Lesser of estimated useful life of the asset or 5 years
Furniture, fixtures and computer and office equipment						3 - 7 years
Model and sales office improvements						Lesser of estimated useful life of the asset or estimated life of the community
Leasehold improvements						Lesser of the lease term or the estimated useful life of the asset

Goodwill

During the fourth quarter of 2020, the Company performed its annual goodwill impairment analysis and concluded our goodwill was not impaired.

Other Assets

Our other assets principally include prepaid expenses and assets related to our deferred compensation plan (refer to Note 15 for a discussion of our deferred compensation plan).

Other Liabilities

Other LiabilitiesOur other liabilities principally include accrued compensations and benefits, accrued interest on our outstanding borrowings, customer deposits, accrued warranty expense, litigation accruals, income tax liabilities and other accruals related to our operations. Refer to Note 12 for a detail of our other liabilities.

Income Taxes

Income TaxesOur provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities result from deductible or taxable amounts in future years when such assets and liabilities are recovered or settled, and are measured using the enacted tax rates and laws that are expected to be in effect when the assets and liabilities are recovered or settled. We include any estimated interest and penalties on tax related matters in income taxes payable. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. We record interest and penalties related to unrecognized tax benefits in income tax expense within our consolidated statements of operations.

Revenue Recognition

•Identify the contract(s) with a customer

•Identify the performance obligations

•Determine the transaction price

•Allocate the transaction price

•Recognize revenue when the performance obligations are met

The following table presents our total revenue disaggregated by revenue stream:


	Fiscal Year Ended
	September 30,
in thousands	2020		2019		2018
Homebuilding revenue	$	2,116,910	$	2,077,245	$	2,077,360
Land sales and other revenue	10,167		10,494		29,773
Total revenue (a)	$	2,127,077	$	2,087,739	$	2,107,133

(a) Please see Note 18 for total revenue disaggregated by reportable segment.

Homebuilding revenue

Land sales and other revenue

Home Construction Expenses

Fair Value Measurements

Stock-Based Compensation

Stock-Based CompensationWe use the Black-Scholes option-pricing model to value our stock option grants. Other stock-based awards with only performance conditions granted to employees are valued based on the market price of the common stock on the date of the grant. Stock-based awards with market conditions granted to employees are valued using the Monte Carlo valuation method. On the date of grant, we estimate forfeitures in calculating the expense related to stock-based compensation. In addition, we reflect the benefits of tax deductions in excess of recognized compensation cost as an operating cash outflow. Compensation cost arising from all stock-based compensation awards is recognized as expense using the straight-line method over the vesting period and is included in G&A in our consolidated statements of operations. See Note 16 for additional discussion of our stock-based compensation.

Recent Accounting Pronouncements

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Schedule of estimated useful lives

Depreciation is computed on a straight-line basis based on estimated useful lives as follows:


Asset Class						Useful Lives
Buildings						25 - 30 years

Information systems						Lesser of estimated useful life of the asset or 5 years
Furniture, fixtures and computer and office equipment						3 - 7 years
Model and sales office improvements						Lesser of estimated useful life of the asset or estimated life of the community
Leasehold improvements						Lesser of the lease term or the estimated useful life of the asset

The following table presents our property and equipment as of September 30, 2020 and September 30, 2019:


in thousands	September 30, 2020		September 30, 2019
Model furnishings and sales office improvements	$	17,604	$	21,114
Information systems	14,930		15,045
Furniture, fixtures and office equipment	10,287		10,068
Leasehold improvements	4,959		5,136
Buildings and improvements	1,671		1,671
Property and equipment, gross	49,451		53,034
Less: Accumulated depreciation	(27,171)		(25,613)
Property and equipment, net	$	22,280	$	27,421

Schedule of revenue recognition

The following table presents our total revenue disaggregated by revenue stream:


	Fiscal Year Ended
	September 30,
in thousands	2020		2019		2018
Homebuilding revenue	$	2,116,910	$	2,077,245	$	2,077,360
Land sales and other revenue	10,167		10,494		29,773
Total revenue (a)	$	2,127,077	$	2,087,739	$	2,107,133

(a) Please see Note 18 for total revenue disaggregated by reportable segment.

Supplemental Cash Flow Information (Tables)

12 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental disclosure of non-cash activity


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Supplemental disclosure of non-cash activity:









Beginning operating lease right-of-use asset (ASC 842 adoption)	$	13,895	$	—	$	—
Beginning operating lease liability (ASC 842 adoption)	16,028		—		—
Supplemental disclosure of cash activity:
Interest payments	$	71,888	$	101,109	$	95,857
Income tax payments	546		766		607
Tax refunds received	315		12		162

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	327,693	$	106,741	$	139,805
Restricted cash	14,835		16,053		13,443
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	342,528	$	122,794	$	153,248

Investments in Unconsolidated Entities (Tables)

12 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of investments in unconsolidated joint ventures, total equity and outstanding borrowings

The following table presents the Company's investment in these unconsolidated entities as well as the total equity and outstanding borrowings of these unconsolidated entities as of September 30, 2020 and September 30, 2019:


in thousands	September 30, 2020		September 30, 2019
Investment in unconsolidated entities	$	4,003	$	3,962
Total equity of unconsolidated entities	7,079		9,969
Total outstanding borrowings of unconsolidated entities	8,807		12,658

Equity in income from unconsolidated entity activities included in income from continuing operations is as follows for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018

Income from unconsolidated entity activity	$	347	$	404	$	375
Impairment of unconsolidated entity investment	—		—		(341)
Equity in income of unconsolidated entities	$	347	$	404	$	34

Inventory (Tables)

12 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Schedule of inventory

The components of our owned inventory as of September 30, 2020 and September 30, 2019 are as follows:


in thousands	September 30, 2020		September 30, 2019
Homes under construction	$	525,021	$	507,542
Development projects in progress	589,763		738,201
Land held for future development	28,531		28,531
Land held for sale	12,622		12,662
Capitalized interest	119,659		136,565
Model homes	75,142		80,747
Total owned inventory	$	1,350,738	$	1,504,248

Schedule of total inventory by segment

Total owned inventory by reportable segment is presented in the table below as of September 30, 2020 and September 30, 2019:


in thousands	Projects in Progress (a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
September 30, 2020
West Segment	$	627,986	$	3,483	$	4,516	$	635,985
East Segment	241,799		14,077		3,702		259,578
Southeast Segment	266,905		10,971		4,404		282,280
Corporate and unallocated (b)	172,895		—		—		172,895
Total	$	1,309,585	$	28,531	$	12,622	$	1,350,738
September 30, 2019
West Segment	$	723,094	$	3,483	$	5,160	$	731,737
East Segment	228,937		14,077		4,104		247,118
Southeast Segment	318,737		10,971		3,398		333,106
Corporate and unallocated (b)	192,287		—		—		192,287
Total	$	1,463,055	$	28,531	$	12,662	$	1,504,248

(a) Projects in progress include homes under construction, development projects in progress, capitalized interest, and model home categories from the preceding table.

(b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment.

Schedule of inventory impairments and lot option abandonment charges

The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Projects in Progress:
West	$	—	$	92,912	$	—

Southeast	—		858		793
Corporate and unallocated (a)	—		16,260		212
Total impairments on projects in progress	$	—	$	110,030	$	1,005
Land Held for Sale:
West	$	89	$	37,963	$	—
East	—		—		168
Southeast	8		—		3,218
Corporate and unallocated (a)	1,160		625		2,108
Total impairments on land held for sale	$	1,257	$	38,588	$	5,494
Abandonments:
West	$	923	$	—	$	—
East	82		—		—
Southeast	641		—		—

Total abandonments	$	1,646	$	—	$	—
Total continuing operations	$	2,903	$	148,618	$	6,499
Discontinued Operations:

Land Held for Sale	$	—	$	—	$	450

Total discontinued operations	$	—	$	—	$	450
Total impairments and abandonments	$	2,903	$	148,618	$	6,949

(a) Amount represents capitalized interest and indirect costs that were impaired. Capitalized interest and indirect costs are maintained within our Corporate and unallocated segment.

Schedule of interests in lot option agreements

The following table provides a summary of our interests in lot option agreements as of September 30, 2020 and September 30, 2019:


in thousands	Deposits & Non-refundable Pre-acquisition Costs Incurred		Remaining Obligation
As of September 30, 2020


Unconsolidated lot option agreements	$	75,921	$	395,133

As of September 30, 2019


Unconsolidated lot option agreements	$	78,202	$	389,705

Quantitative unobservable inputs for inventory impairment

The table below presents the ranges or values of significant quantitative unobservable inputs we used in determining the fair value of the communities impaired during the periods presented:


	Fiscal Year Ended September 30,
Unobservable Inputs		2019	2018
Average selling price (in thousands)		$350 - $615	$356
Closings per community per month		1 - 4	1 - 6
Discount rate		14.7% - 16.8%	15.1	%

Schedule of Discounted Cash Flow Analysis


$ in thousands	Results of Discounted Cash Flow Analyses Prepared
Segment	# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at Time of Impairment








Year Ended September 30, 2019
West	9	839	$	92,912	$	69,449

Southeast	1	15	858		1,367
Corporate and unallocated (a)	—	—	16,260		14,166


Total	10	854	$	110,030	$	84,982
Year Ended September 30, 2018


Southeast	1	25	$	793	$	1,312
Corporate and unallocated (a)	—	—	212		—


Total	1	25	$	1,005	$	1,312

(a) Amount represents the capitalized interest and indirect cost that were impaired. Capitalized interest and indirect costs are maintained within our Corporate and unallocated segment.

Interest (Tables)

12 Months Ended

Sep. 30, 2020

Real Estate Inventory Capitalized Interest Costs [Abstract]

Schedule of capitalized interest costs

The following table presents certain information regarding interest for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Capitalized interest in inventory, beginning of period	$	136,565	$	144,645	$	139,203
Interest incurred	87,224		103,970		103,880
Capitalized interest impaired	(792)		(13,907)		(1,961)
Interest expense not qualified for capitalization and included as other expense (a)	(8,468)		(3,109)		(5,325)
Capitalized interest amortized to home construction and land sales expenses (b)	(94,870)		(95,034)		(91,152)
Capitalized interest in inventory, end of period	$	119,659	$	136,565	$	144,645

(b) Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Property and Equipment (Tables)

12 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Depreciation is computed on a straight-line basis based on estimated useful lives as follows:


Asset Class						Useful Lives
Buildings						25 - 30 years

Information systems						Lesser of estimated useful life of the asset or 5 years
Furniture, fixtures and computer and office equipment						3 - 7 years
Model and sales office improvements						Lesser of estimated useful life of the asset or estimated life of the community
Leasehold improvements						Lesser of the lease term or the estimated useful life of the asset

The following table presents our property and equipment as of September 30, 2020 and September 30, 2019:


in thousands	September 30, 2020		September 30, 2019
Model furnishings and sales office improvements	$	17,604	$	21,114
Information systems	14,930		15,045
Furniture, fixtures and office equipment	10,287		10,068
Leasehold improvements	4,959		5,136
Buildings and improvements	1,671		1,671
Property and equipment, gross	49,451		53,034
Less: Accumulated depreciation	(27,171)		(25,613)
Property and equipment, net	$	22,280	$	27,421

Borrowings (Tables)

12 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

The Company's debt, net of unamortized debt issuance costs consisted of the following as of September 30, 2020 and September 30, 2019:


in thousands	Maturity Date	September 30, 2020		September 30, 2019
Senior Unsecured Term Loan (Term Loan)	September 2022	$	100,000	$	150,000
6 3/4% Senior Notes (2025 Notes)	March 2025	229,555		229,555
5 7/8% Senior Notes (2027 Notes)	October 2027	394,000		394,000
7 1/4% Senior Notes (2029 Notes)	October 2029	350,000		350,000

Unamortized debt issuance costs		(10,891)		(12,470)
Total Senior Notes, net		1,062,664		1,111,085
Junior Subordinated Notes (net of unamortized accretion of $32,636 and $34,703, respectively)	July 2036	68,137		66,070
Secured Revolving Credit Facility	February 2022 (a)	—		—
Other Secured Notes Payable	Various Dates	—		1,154
Total debt, net		$	1,130,801	$	1,178,309

Schedule of maturities of long-term debt

As of September 30, 2020, the future maturities of our borrowings were as follows:


Fiscal Year Ended September 30,
in thousands
2021	$	50,000
2022	50,000
2023	—
2024	—
2025	229,555
Thereafter	844,773
Total	$	1,174,328

Schedule of debt instrument redemption

For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes:

Senior Note Description

Issuance Date

Maturity Date

Redemption Terms

6 3/4% Senior Notes

March 2017

March 2025

5 7/8% Senior Notes

October 2017

October 2027

7 1/4% Senior Notes

September 2019

October 2029

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Contingencies (Tables)

12 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of warranty reserves

Changes in warranty reserves are as follows for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Balance at beginning of period	$	13,388	$	15,331	$	18,091
Accruals for warranties issued (a)	10,910		11,847		13,755
Changes in liability related to warranties existing in prior periods	(1,352)		(1,686)		(2,401)
Payments made	(9,894)		(12,104)		(14,114)
Balance at end of period	$	13,052	$	13,388	$	15,331

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of fair value assets measured on a non-recurring basis

These balances represent only those assets whose carrying values were adjusted to fair value during the periods presented:


in thousands	Level 1		Level 2		Level 3			Total
As of September 30, 2020

Deferred compensation plan assets (a)	$	—	$	2,339	$	—		$	2,339

Land held for sale (b)	—		—		6,240		(c)	6,240

As of September 30, 2019

Deferred compensation plan assets (a)	$	—	$	1,970	$	—		$	1,970
Development projects in progress (b)	—		—		84,982		(c)	84,982
Land held for sale (b)	—		—		5,207		(c)	5,207

As of September 30, 2018

Deferred compensation plan assets (a)	$	—	$	1,578	$	—		$	1,578
Development projects in progress (b)	—		—		1,312		(c)	1,312
Land held for sale (b)	—		—		1,724		(c)	1,724
Unconsolidated entity investments	—		—		80			80

(a) Measured at fair value on a recurring basis.

(b) Measured at fair value on a non-recurring basis, including the capitalized interest and indirect costs related to the asset.

(c) Amount represents the impairment-date fair value of the development projects in progress and land held for sale assets that were impaired during the period indicated.

Schedule of carrying values and estimated fair values of other financial assets and liabilities

The following table presents the carrying value and estimated fair value of certain other financial liabilities as of September 30, 2020 and September 30, 2019:


	As of September 30, 2020				As of September 30, 2019
in thousands	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Senior Notes (b)	$	1,062,664	$	1,098,117	$	1,111,085	$	1,115,011
Junior Subordinated Notes (c)	68,137		68,137		66,070		66,070
Total	$	1,130,801	$	1,166,254	$	1,177,155	$	1,181,081

(a) Carrying amounts are net of debt issuance costs or accretion.

(b) The estimated fair value for our publicly-held Senior Notes and the Term Loan have been determined using quoted market rates (Level 2).

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Operating Leases (Tables)

12 Months Ended

Sep. 30, 2020

Leases [Abstract]

Lease cost

At September 30, 2020, weighted-average remaining lease term and discount rate were as follows:


Weighted-average remaining lease term									5.1 years
Weighted-average discount rate									4.87%

Lessee, operating lease, liability, maturity

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of September 30, 2020:


Fiscal Year Ended September 30,
in thousands
2021	$	4,604
2022	3,743
2023	2,933
2024	1,818
2025	1,518
Thereafter	2,791
Total lease payments	17,407
Less: imputed interest	2,074
Total operating lease liabilities	$	15,333

Other Liabilities (Tables)

12 Months Ended

Sep. 30, 2020

Other Liabilities [Abstract]

Schedule of other liabilities

Other liabilities include the following as of September 30, 2020 and September 30, 2019:


in thousands	September 30, 2020		September 30, 2019
Accrued compensations and benefits	$	50,246	$	36,237
Accrued interest	23,870		12,767
Customer deposits	18,937		11,539
Accrued warranty expenses	13,052		13,388
Litigation accruals	4,981		3,420
Income tax liabilities	584		648
Other	24,313		31,430
Total	$	135,983	$	109,429

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

The Company's expense (benefit) from income taxes from continuing operations consists of the following for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Current federal (a)	$	(4,641)	$	(4,935)	$	57
Current state	485		693		512
Deferred federal (b)	20,639		(31,291)		102,082
Deferred state (c)	1,490		(1,684)		(8,167)
Total expense (benefit)	$	17,973	$	(37,217)	$	94,484

(c) Fiscal 2018 state deferred benefit is primarily driven by the release of valuation allowance in certain operating jurisdictions; refer to discussion below titled “Valuation Allowance.”

Schedule of effective income tax rate reconciliation

The expense from income taxes from continuing operations differs from the amount computed by applying the federal income tax statutory rate as follows for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Income tax computed at statutory rate	$	14,971	$	(24,494)	$	12,112
State income taxes, net of federal benefit	1,300		(590)		111
Deferred rate change	260		(88)		110,071
Decrease in valuation allowance - other (a)	—		—		(27,370)
Changes in uncertain tax positions	(2)		(7)		598

Permanent differences	2,177		2,908		2,133
Tax credits	(939)		(14,902)		(3,174)
Other, net	206		(44)		3
Total expense (benefit)	$	17,973	$	(37,217)	$	94,484

Schedule of deferred tax assets and liabilities

The tax effects of significant temporary differences that give rise to the net deferred tax assets are as follows as of September 30, 2020 and September 30, 2019:


in thousands	September 30, 2020		September 30, 2019
Deferred tax assets:
Federal and state tax carryforwards	$	192,981	$	208,360
Inventory adjustments	34,971		42,605
Intangible assets	13,993		17,209
Incentive compensation	13,116		9,360
Warranty and other reserves	5,503		4,302
Property, equipment and other assets	2,197		2,255
Uncertain tax positions	723		729
Other	844		623
Total deferred tax assets	264,328		285,443




Valuation allowance	(39,185)		(38,486)
Net deferred tax assets	$	225,143	$	246,957

Schedule of unrecognized tax benefits roll forward

A reconciliation of our unrecognized tax benefits is as follows for the beginning and end of each period presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Balance at beginning of year	$	3,473	$	3,494	$	3,804
Additions for tax positions related to current year	—		—		—
Additions for tax positions related to prior years	—		—		—
Reductions in tax positions of prior years	—		—		—

Lapse of statute of limitations	(32)		(21)		(310)
Balance at end of year	$	3,441	$	3,473	$	3,494

Stock-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of allocation of share-based compensation costs by plan


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Stock options expense	$	133	$	178	$	225
Restricted stock awards expense	9,903		10,348		10,033
Stock-based compensation expense	$	10,036	$	10,526	$	10,258

Schedule of assumptions for stock option activity

We used the following valuation assumptions for stock options granted for the periods presented:


	Fiscal Year Ended September 30,
	2020			2019			2018
Expected life of options	5.7 years			5.0 years			5.0 years
Expected volatility	51.52		%	46.69		%	44.71		%
Expected dividends	—			—			—
Weighted-average risk-free interest rate	0.43		%	2.70		%	2.10		%
Weighted-average fair value	$	4.99		$	4.50		$	8.30


	Fiscal Year Ended September 30,
	2020			2019			2018
Expected volatility	21.2% - 54.8%			21.0% - 57.1%			21.1% - 61.2%
Risk-free interest rate	1.61		%	2.92		%	1.81		%
Dividend yield	—			—			—
Grant-date stock price	$	15.62		$	9.82		$	20.50

Schedule of stock options and SSARs outstanding

Following is a summary of stock option activity for the periods presented is as follows:


	2020			2019			2018
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding at beginning of period	523,754	$	14.34	533,052	$	14.26	593,753	$	14.76
Granted	950	10.67		30,782	10.23		25,230	19.99
Exercised	(128,921)	11.01		(31,450)	10.00		(8,411)	7.52
Expired	—	—		—	—		(61,967)	23.19

Forfeited	(3,318)	9.55		(8,630)	10.45		(15,553)	10.46
Outstanding at end of period	392,465	$	15.47	523,754	$	14.34	533,052	$	14.26
Exercisable at end of period	354,796	$	15.90	470,501	$	14.42	479,538	$	14.03
Vested or expected to vest in the future	391,968	$	15.48	521,362	$	14.36	533,052	$	14.26

Schedule of stock options and SSARS outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable as of September 30, 2020:


	Stock Options Outstanding				Stock Options Exercisable
Range of Exercise Price	Number Outstanding	Weighted-Average Contractual Remaining Life (Years)	Weighted-Average Exercise Price		Number Exercisable	Weighted-Average Contractual Remaining Life (Years)	Weighted-Average Exercise Price
$1 - $10	37,433	4.7	$	8.48	22,571	3.6	$	7.52
$11 - $15	181,990	1.5	13.27		174,970	1.3	13.34
$16 -$20	173,042	1.7	19.30		165,148	1.5	19.25
$1 - $20	392,465	1.9	$	15.47	362,689	1.5	$	15.67

Schedule of stock options exercised and vested

Information pertaining to the intrinsic value of options exercised and the fair market value of options that vested is below:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Intrinsic value of options exercised	$	587	$	90	$	76
Fair market value of options vested	144		178		296

Schedule of nonvested stock awards and performance shares

Activity relating to all restricted stock awards for the periods presented is as follows:


	Year Ended September 30, 2020
	Performance-Based			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	778,814	$	13.60	611,607	$	12.11	1,390,421	$	16.53
Granted	260,131	16.98		327,571	15.29		587,702	16.04
Vested	(242,921)	13.60		(302,255)	11.89		(545,176)	12.65
Forfeited	—	—		(26,793)	13.79		(26,793)	13.79
End of period	796,024	$	14.71	610,130	$	13.85	1,406,154	$	14.34


	Year Ended September 30, 2019
	Performance-Based			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	644,785	$	16.47	431,783	$	16.60	1,076,568	$	16.53
Granted (a)	467,819	9.95		448,657	9.82		916,476	9.89
Vested (a)	(321,833)	15.36		(212,558)	16.41		(534,391)	15.78
Forfeited	(11,957)	13.44		(56,275)	12.20		(68,232)	12.42
End of period	778,814	$	13.60	611,607	$	12.11	1,390,421	$	16.53


	Year Ended September 30, 2018
	Performance-Based			Time-Based			Total
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Beginning of period	668,766	$	15.72	872,181	$	16.47	1,540,947	$	16.15
Granted	165,085	22.40		277,165	18.98		442,250	20.26
Vested	—	—		(690,922)	17.38		(690,922)	17.38
Forfeited	(189,066)	18.98		(26,641)	17.02		(215,707)	18.74
End of period	644,785	$	16.47	431,783	$	16.60	1,076,568	$	16.53

Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

Following is a summary of the components of basic and diluted income (loss) per share for the periods presented:


	Fiscal Year Ended September 30,
in thousands, except per share data	2020		2019		2018
Numerator:
Income (loss) from continuing operations	$	53,316	$	(79,421)	$	(45,046)
Loss from discontinued operations, net of tax	(1,090)		(99)		(329)
Net income (loss)	$	52,226	$	(79,520)	$	(45,375)

Denominator:
Basic weighted-average shares	29,704		30,617		32,141
Dilutive effect of restricted stock awards	229		—		—
Dilutive effect of stock options	15		—		—


Diluted weighted-average shares (a)	29,948		30,617		32,141

Basic income (loss) per share:
Continuing operations	$	1.80	$	(2.59)	$	(1.40)
Discontinued operations	(0.04)		(0.01)		(0.01)
Total	$	1.76	$	(2.60)	$	(1.41)

Diluted income (loss) per share:
Continuing operations	$	1.78	$	(2.59)	$	(1.40)
Discontinued operations	(0.04)		(0.01)		(0.01)
Total	$	1.74	$	(2.60)	$	(1.41)

Schedule of antidilutive securities


	Fiscal Year Ended September 30,
in thousands	2020	2019	2018
Stock options	375	524	533
Time-based restricted stock	46	612	432
Performance-based restricted stock	—	779	645

Segment Information (Tables)

12 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of segment reporting information

The following tables contain our revenue, operating income (loss), and depreciation and amortization by segment for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Revenue
West	$	1,183,339	$	1,014,702	$	1,014,803
East	477,624		514,961		524,563
Southeast	466,114		558,076		567,767

Total revenue	$	2,127,077	$	2,087,739	$	2,107,133


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Operating income (loss) (a)
West	$	161,786	$	(5,492)	$	142,310
East	56,319		51,576		57,372
Southeast	40,746		40,165		45,950

Segment total	258,851		86,249		245,632
Corporate and unallocated (b)	(179,744)		(176,145)		(164,084)
Total operating income (loss)	$	79,107	$	(89,896)	$	81,548


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Depreciation and amortization
West	$	8,227	$	6,456	$	7,062
East	2,458		3,250		2,619
Southeast	2,857		3,455		3,053

Segment total	13,542		13,161		12,734
Corporate and unallocated (a)	2,098		1,598		1,073
Total depreciation and amortization	$	15,640	$	14,759	$	13,807

(a) Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by our corporate functions that benefit all segments.

The following table presents capital expenditures by segment for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Capital Expenditures
West	$	5,063	$	11,635	$	8,152
East	2,237		2,518		2,234
Southeast	2,985		3,086		3,112

Corporate and unallocated	357		4,117		3,522
Total capital expenditures	$	10,642	$	21,356	$	17,020

The following table presents assets by segment as of September 30, 2020 and 2019:


in thousands	September 30, 2020		September 30, 2019
Assets
West	$	658,909	$	751,110
East	267,050		286,340
Southeast	301,827		359,431

Corporate and unallocated (a)	779,694		560,763
Total assets	$	2,007,480	$	1,957,644

Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of results of discontinued operations

The results of our discontinued operations in the consolidated statements of operations for the periods presented were as follows:


	Fiscal Year Ended September 30,
in thousands	2020		2019		2018
Total revenue	$	—	$	55	$	633
Home construction and land sales expenses (a)	1,245		61		612
Inventory impairments and abandonments	—		—		450
Gross loss	(1,245)		(6)		(429)

General and administrative expenses	173		125		101

Operating loss	(1,418)		(131)		(530)
Equity in (loss) income of unconsolidated entities	—		(1)		93
Other income (expense), net	19		5		(4)
Loss from discontinued operations before income taxes	(1,399)		(127)		(441)
Benefit from income taxes	(309)		(28)		(112)
Loss from discontinued operations, net of tax	$	(1,090)	$	(99)	$	(329)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Sep. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information

Selected summarized quarterly financial information is as follows for the periods presented:


in thousands, except per share data	Quarter Ended
Fiscal 2020	December 31		March 31		June 30		September 30
Total revenue	$	417,804	$	489,413	$	533,112	$	686,748
Gross profit (a)	63,137		78,845		89,058		116,600
Operating income	3,946		16,424		23,151		35,586
Net income from continuing operations (b)	2,804		10,615		15,270		24,627
Basic EPS from continuing operations (c)	$	0.09	$	0.36	$	0.51	$	0.83
Diluted EPS from continuing operations (c)	$	0.09	$	0.35	$	0.51	$	0.82

Fiscal 2019
Total revenue	$	402,040	$	421,260	$	482,738	$	781,701
Gross profit (loss)(a)	60,655		(82,680)		71,764		116,297
Operating income (loss)	3,506		(138,950)		9,543		36,005
Net income (loss) from continuing operations (b)	7,322		(100,832)		11,625		2,464
Basic EPS from continuing operations (c)	$	0.23	$	(3.28)	$	0.38	$	0.08
Diluted EPS from continuing operations (c)	$	0.23	$	(3.28)	$	0.38	$	0.08

(a)Gross profit (loss) in fiscal 2020 and 2019 includes inventory impairment and abandonments as follows:


in thousands	Fiscal 2020		Fiscal 2019
1st Quarter	$	—	$	1,007
2nd Quarter	—		147,611
3rd Quarter	2,266		—
4th Quarter	637		—
	$	2,903	$	148,618

(b) Net income (loss) from continuing operations in fiscal 2020 and 2019 includes gain (loss) on extinguishment of debt as follows:


in thousands	Fiscal 2020		Fiscal 2019
1st Quarter	$	—	$	—
2nd Quarter	—		216
3rd Quarter	—		358
4th Quarter	—		(25,494)
	$	—	$	(24,920)

(c) Amounts shown above for EPS for the quarterly periods are calculated separately from the full fiscal year amounts. Accordingly, quarterly amounts will not add to the respective annual amount.

Description of Business (Details)	Sep. 30, 2020 state region
Description of Business [Abstract]
Number of states in which home building segments operate \| state	13
Number of regions in which entity operates \| region	3

Basis of Presentation and Summary of Significant Accounting Policies - Business Combinations (Details) - Venture Homes $ in Millions	Jul. 13, 2018 USD ($)
Business Acquisition [Line Items]
Purchase price, net of cash acquired	$ 61.3
Inventory acquired	55.2
Goodwill and intangible assets, net	11.4
Other assets acquired	0.4
Accounts payable assumed	5.5
Other liabilities assumed	$ 0.2

Basis of Presentation and Summary of Significant Accounting Policies - Property Plant and Equipment (Details)	12 Months Ended
	Sep. 30, 2020
Buildings \| Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	25 years
Buildings \| Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	30 years
Information systems
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Furniture, fixtures, computer and office equipment \| Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Furniture, fixtures, computer and office equipment \| Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life	7 years

Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Summary of Significant Accounting Policies [Line Items]
Total revenue	$ 2,127,077	$ 2,087,739	$ 2,107,133
Homebuilding revenue
Summary of Significant Accounting Policies [Line Items]
Total revenue	2,116,910	2,077,245	2,077,360
Land sales and other revenue
Summary of Significant Accounting Policies [Line Items]
Total revenue	$ 10,167	$ 10,494	$ 29,773

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($) home	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($) lot	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Oct. 01, 2019 USD ($)
Summary of Significant Accounting Policies [Line Items]
Threshold number of homes below a minimum threshold of profitability			10		10
Measurement threshold of likelihood of being realized (percent)				50.00%
Federal and state tax carryforwards	$ 192,981	$ 192,981	$ 192,981	$ 192,981	$ 192,981	$ 208,360
Alternative minimum tax credit						4,600
Customer deposits	18,937	18,937	18,937	18,937	18,937	11,539
Contract with customer, liability, revenue recognized		10,500
Refunded by buyer		1,000
Advertising costs		15,900				17,900	$ 17,600
Operating lease right-of-use assets	13,103	13,103	13,103	13,103	13,103	0
Operating lease liabilities	15,333	15,333	15,333	15,333	15,333	$ 0
Accounting Standards Update 2016-02
Summary of Significant Accounting Policies [Line Items]
Operating lease right-of-use assets	13,895	13,895	13,895	13,895	13,895			$ 13,900
Operating lease liabilities	$ 16,028	$ 16,028	$ 16,028	$ 16,028	$ 16,028			$ 16,000
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated time to develop, sell, construct and close all homes (in years)	3 years
Estimated future warranty costs as a percentage or revenue (percent)				0.30%
Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated time to develop, sell, construct and close all homes (in years)	5 years
Estimated future warranty costs as a percentage or revenue (percent)				1.30%

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Oct. 01, 2019
Supplemental disclosure of non-cash activity:
Operating lease right-of-use assets	$ 13,103	$ 0
Operating lease liabilities	15,333	0
Supplemental disclosure of cash activity:
Interest payments	71,888	101,109	$ 95,857
Income tax payments	546	766	607
Tax refunds received	315	12	162
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	327,693	106,741	139,805
Restricted cash	14,835	16,053	13,443
Cash, Cash Equivalents, and Restricted Cash	342,528	$ 122,794	$ 153,248
Accounting Standards Update 2016-02
Supplemental disclosure of non-cash activity:
Operating lease right-of-use assets	13,895			$ 13,900
Operating lease liabilities	$ 16,028			$ 16,000

Investments in Unconsolidated Entities - Unconsolidated Entities (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in unconsolidated entities	$ 4,003,000	$ 3,962,000
Total equity of unconsolidated entities	7,079,000	9,969,000
Total outstanding borrowings of unconsolidated entities	8,807,000	12,658,000
Equity in income of unconsolidated entities	347,000	404,000	$ 375,000
Impairment of unconsolidated entity investment	0	0	(341,000)
Income (Loss) from Equity Method Investments	$ 347,000	$ 404,000	$ 34,000

Investments in Unconsolidated Entities - Narrative (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Impairment of unconsolidated entity investment	$ 0	$ 0	$ 341,000
Financial Guarantee
Schedule of Equity Method Investments [Line Items]
Outstanding guarantees	$ 0	$ 0

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Real Estate [Abstract]
Homes under construction	$ 525,021	$ 507,542
Development projects in progress	589,763	738,201
Land held for future development	28,531	28,531
Land held for sale	12,622	12,662
Capitalized interest	119,659	136,565	$ 144,645	$ 139,203
Model homes	75,142	80,747
Total owned inventory	$ 1,350,738	$ 1,504,248

Inventory - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Inventory - Narrative (Details) $ in Thousands	Mar. 31, 2019 USD ($) Community numberOfContract	Sep. 30, 2020 USD ($) home	Sep. 30, 2020 USD ($) home	Sep. 30, 2020 USD ($) home lot	Sep. 30, 2020 USD ($) home numberOfContract	Sep. 30, 2019 USD ($) home Community	Sep. 30, 2018 USD ($) Community
Segment Reporting Information [Line Items]
Number of substantially completed homes not subject to a sales contract \| home		133	133	133	133	238
Total value of substantially completed homes		$ 42,200	$ 42,200	$ 42,200	$ 42,200	$ 82,200
Threshold number of homes below a minimum threshold of profitability			10	10
Impairment of land held for sale	$ 38,600	1,300				38,600	$ 5,900
Abandonments		1,646				0	0
Number of terminated land contracts under acquisition \| numberOfContract					6
Impairment Charge	$ 109,000	1,700				131,700	4,200
Number of impaired communities in projects in progress \| numberOfContract	9
Number of impaired communities, classified as land held for development \| numberOfContract	6
Number of impaired communities in projects in progress \| Community	9
California
Segment Reporting Information [Line Items]
Number of communities impaired \| Community	15
Impairment Charge	$ 147,600
Continuing Operations
Segment Reporting Information [Line Items]
Impairment of land held for sale		1,257				38,588	5,494
Abandonments		2,903				$ 148,618	$ 6,499
Number of communities impaired \| Community						10	1
Impairment Charge						$ 110,030	$ 1,005
Discontinued Operations
Segment Reporting Information [Line Items]
Impairment of land held for sale		0				0	450
West \| Operating Segments
Segment Reporting Information [Line Items]
Abandonments		923				0	0
West \| Continuing Operations
Segment Reporting Information [Line Items]
Impairment of land held for sale		89				$ 37,963	0
West \| Continuing Operations \| Operating Segments
Segment Reporting Information [Line Items]
Number of communities impaired \| Community						9
Impairment Charge						$ 92,912
East \| Operating Segments
Segment Reporting Information [Line Items]
Abandonments		82				0	0
East \| Continuing Operations
Segment Reporting Information [Line Items]
Impairment of land held for sale		0				0	168
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Abandonments		641				0	0
Southeast \| Continuing Operations
Segment Reporting Information [Line Items]
Impairment of land held for sale		$ 8				$ 0	$ 3,218
Southeast \| Continuing Operations \| Operating Segments
Segment Reporting Information [Line Items]
Number of communities impaired \| Community						1	1
Impairment Charge						$ 858	$ 793
East And Southeast Segment [Member]
Segment Reporting Information [Line Items]
Impairment of land held for sale							$ 5,500

Inventory - Total Owned Inventory by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Projects in Progress	$ 1,309,585	$ 1,463,055
Land Held for Future Development	28,531	28,531
Land Held for Sale	12,622	12,662
Total owned inventory	1,350,738	1,504,248
Corporate and unallocated
Segment Reporting Information [Line Items]
Projects in Progress	172,895	192,287
Land Held for Future Development	0	0
Land Held for Sale	0	0
Total owned inventory	172,895	192,287
West Segment
Segment Reporting Information [Line Items]
Projects in Progress	627,986	723,094
Land Held for Future Development	3,483	3,483
Land Held for Sale	4,516	5,160
Total owned inventory	635,985	731,737
East Segment
Segment Reporting Information [Line Items]
Projects in Progress	241,799	228,937
Land Held for Future Development	14,077	14,077
Land Held for Sale	3,702	4,104
Total owned inventory	259,578	247,118
Southeast Segment
Segment Reporting Information [Line Items]
Projects in Progress	266,905	318,737
Land Held for Future Development	10,971	10,971
Land Held for Sale	4,404	3,398
Total owned inventory	$ 282,280	$ 333,106

Inventory - Inventory Impairments and Lot Option Abandonment Charges, by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale	$ 38,600	$ 1,300	$ 38,600	$ 5,900
Abandonments		1,646	0	0
Total impairments and abandonments		2,903	148,618	6,949
West \| Operating Segments
Real Estate, Write-down or Reserve [Line Items]
Abandonments		923	0	0
East \| Operating Segments
Real Estate, Write-down or Reserve [Line Items]
Abandonments		82	0	0
Southeast \| Operating Segments
Real Estate, Write-down or Reserve [Line Items]
Abandonments		641	0	0
Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Projects in progress		0	110,030	1,005
Land Held for Sale		1,257	38,588	5,494
Abandonments		2,903	148,618	6,499
Continuing Operations \| Corporate and unallocated
Real Estate, Write-down or Reserve [Line Items]
Projects in progress		0	16,260	212
Land Held for Sale		1,160	625	2,108
Continuing Operations \| West
Real Estate, Write-down or Reserve [Line Items]
Projects in progress		0	92,912	0
Land Held for Sale		89	37,963	0
Continuing Operations \| East
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale		0	0	168
Continuing Operations \| Southeast
Real Estate, Write-down or Reserve [Line Items]
Projects in progress		0	858	793
Land Held for Sale		8	0	3,218
Discontinued Operations
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale		0	0	450
Total impairments and abandonments		$ 0	$ 0	$ 450

Inventory - Summary of Interests in Lot Option Agreements (Details) - Unconsolidated lot option agreements - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Real Estate Properties [Line Items]
Deposits & Non-refundable Pre-acquisition Costs Incurred	$ 75,921	$ 78,202
Remaining Obligation	$ 395,133	$ 389,705

Inventory - Results of Discounted Cash Flow Analysis (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($) lot Community	Sep. 30, 2018 USD ($) lot Community
Real Estate, Write-down or Reserve [Line Items]
Impairment Charge	$ 109,000	$ 1,700	$ 131,700	$ 4,200
Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Number of communities impaired \| Community			10	1
Number of Lots Impaired \| lot			854	25
Impairment Charge			$ 110,030	$ 1,005
Estimated Fair Value of Impaired Inventory			$ 84,982	$ 1,312
Corporate and unallocated \| Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Number of communities impaired \| Community			0	0
Number of Lots Impaired \| lot			0	0
Impairment Charge			$ 16,260	$ 212
Estimated Fair Value of Impaired Inventory			$ 14,166	$ 0
West \| Operating Segments \| Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Number of communities impaired \| Community			9
Number of Lots Impaired \| lot			839
Impairment Charge			$ 92,912
Estimated Fair Value of Impaired Inventory			$ 69,449
Southeast \| Operating Segments \| Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Number of communities impaired \| Community			1	1
Number of Lots Impaired \| lot			15	25
Impairment Charge			$ 858	$ 793
Estimated Fair Value of Impaired Inventory			$ 1,367	$ 1,312

Inventory Inventory - Quantitative Unobservable Inputs (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2019 USD ($) home	Sep. 30, 2018 USD ($) numberOfContract
Quantitative unobservable inputs for inventory impairment [Line Items]
Average selling price (in thousands)		$ 356
Discount rate		0.151
Minimum
Quantitative unobservable inputs for inventory impairment [Line Items]
Average selling price (in thousands)	$ 350
Closings per community per month	1	1
Maximum
Quantitative unobservable inputs for inventory impairment [Line Items]
Average selling price (in thousands)	$ 615
Closings per community per month	4	6
Discount Rate \| Minimum
Quantitative unobservable inputs for inventory impairment [Line Items]
Discount rate	0.147
Discount Rate \| Maximum
Quantitative unobservable inputs for inventory impairment [Line Items]
Discount rate	0.168

Interest (Details) - USD ($) $ in Thousands	12 Months Ended
Interest (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in inventory, beginning of period	$ 136,565	$ 144,645	$ 139,203
Interest incurred	87,224	103,970	103,880
Capitalized interest impaired	(792)	(13,907)	(1,961)
Interest expense not qualified for capitalization and included as other expense	(8,468)	(3,109)	(5,325)
Capitalized interest amortized to home construction and land sales expenses	(94,870)	(95,034)	(91,152)
Capitalized interest in inventory, end of period	$ 119,659	$ 136,565	$ 144,645

Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 49,451	$ 53,034
Less: Accumulated depreciation	(27,171)	(25,613)
Property and equipment, net	22,280	27,421
Model furnishings and sales office improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,604	21,114
Information systems
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,930	15,045
Furniture, fixtures and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,287	10,068
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,959	5,136
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,671	$ 1,671

Borrowings - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Jun. 15, 2006
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (10,891)	$ (12,470)
Total debt, net	1,130,801	1,178,309
Secured Revolving Credit Facility
Debt Instrument [Line Items]
Secured Revolving Credit Facility	0	0
Junior Subordinated Notes
Debt Instrument [Line Items]
Total debt, net	68,137	66,070
Unamortized discount	32,636	34,703
Senior Notes
Debt Instrument [Line Items]
Senior Unsecured Term Loan (Term Loan)	100,000	150,000
Unamortized debt issuance costs	(10,891)	(12,470)
Total debt, net	1,062,664	1,111,085
Other Secured Notes Payable
Debt Instrument [Line Items]
Total debt, net	0	1,154
6 3/4% Senior Notes Maturing March of 2025 \| Senior Notes
Debt Instrument [Line Items]
Total debt, net	229,555	229,555
5 7/8% Senior Notes Maturing October 2027 \| Senior Notes
Debt Instrument [Line Items]
Total debt, net	394,000	394,000
7 1/4% Senior Notes Maturing October 2029 \| Senior Notes
Debt Instrument [Line Items]
Total debt, net	$ 350,000	$ 350,000
Senior Notes \| 6 3/4% Senior Notes Maturing March of 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate (percent)	6.75%
Senior Notes \| 5 7/8% Senior Notes Maturing October 2027
Debt Instrument [Line Items]
Debt instrument stated interest rate (percent)	5.88%
Senior Notes \| 7 1/4% Senior Notes Maturing October 2029
Debt Instrument [Line Items]
Debt instrument stated interest rate (percent)	7.25%
Junior Subordinated Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate (percent)			7.987%

Borrowings - Schedule of Future Debt Maturities (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Debt Disclosure [Abstract]
2021	$ 50,000
2022	50,000
2023	0
2024	0
2025	229,555
Thereafter	844,773
Total	$ 1,174,328

Borrowings - Narrative (Details)			3 Months Ended								12 Months Ended
Borrowings - Narrative (Details)	Oct. 08, 2020 USD ($)	Sep. 09, 2019 USD ($)	Sep. 30, 2020 USD ($) lender	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2020 USD ($) lender	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	May 31, 2018 USD ($)	Jan. 31, 2010 USD ($)	Jun. 15, 2006
Senior Notes [Abstract]
Beazer homes' ownership interest in guarantor subsidiaries			100.00%								100.00%
Loss on extinguishment of debt, net			$ 0	$ 0	$ 0	$ 0	$ 25,494,000	$ (358,000)	$ (216,000)	$ 0	$ 0	$ 24,920,000	$ 27,839,000
Senior Notes \| Senior Unsecured Term Loans September 2022
Senior Unsecured Term Loan [Abstract]
Periodic payment		$ 50,000,000.0
Junior Subordinated Notes [Abstract]
Debt instrument stated interest rate (percent)		4.875%
Aggregate principal amount of debt		$ 100,000,000.0
Junior Subordinated Notes
Junior Subordinated Notes [Abstract]
Debt instrument stated interest rate (percent)																7.987%
Weighted average fixed interest rate of debt (percent)			4.25%								4.25%
Effective period of debt instrument interest rate											10 years
Aggregate principal amount of debt															$ 75,000,000.0
Secured Revolving Credit Facility
Line of Credit Facility [Abstract]
Maximum borrowing capacity			$ 250,000,000.0								$ 250,000,000.0
Line of credit facility, number of lenders \| lender			4								4
Inventory assets pledged as collateral			$ 1,100,000,000								$ 1,100,000,000
Secured Revolving Credit Facility			0				0				0	0
Letters of credit secured using cash collateral			0				0				0	0
Line of credit facility, remaining borrowing capacity			250,000,000.0								250,000,000.0
Secured Revolving Credit Facility \| Subsequent Event
Line of Credit Facility [Abstract]
Maximum borrowing capacity	$ 300,000,000.0
Covenant, liquidity amount, minimum	$ 50,000,000.0
Covenant, interest coverage ratio, minimum	1.00
Covenant, interest collateral ratio, minimum	1.75
Covenant, liquidity amount, minimum, under secondary requirements	$ 100,000,000.0
Letter of Credit
Line of Credit Facility [Abstract]
Letters of credit secured using cash collateral			12,700,000				$ 14,100,000				12,700,000	$ 14,100,000
Standby Letters of Credit \| Issuance Capacity
Line of Credit Facility [Abstract]
Maximum borrowing capacity														$ 50,000,000.0
Standby Letters of Credit \| Standby Letter for Credit Facility
Line of Credit Facility [Abstract]
Letters of credit secured using cash collateral			$ 36,100,000								$ 36,100,000
Standby Letters of Credit \| Backstop Standby Letters of Credit
Line of Credit Facility [Abstract]
Maximum borrowing capacity														$ 40,000,000.0

Borrowings - Schedule of Debt Redemption (Details) - Senior Notes	12 Months Ended
	Sep. 30, 2020
6 3/4% Senior Notes Maturing March of 2025
Debt Instrument, Redemption [Line Items]
Debt instrument stated interest rate (percent)	6.75%
Debt instrument, redemption price (percent)	106.75%
Percentage of principal amount redeemed	35.00%
Percentage of principal amount outstanding after redemption	65.00%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	100.00%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	105.063%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period Three
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	103.375%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period Four
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	101.688%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period Five
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	100.00%
5 7/8% Senior Notes Maturing October 2027
Debt Instrument, Redemption [Line Items]
Debt instrument stated interest rate (percent)	5.88%
Debt instrument, redemption price (percent)	105.875%
Percentage of principal amount redeemed	35.00%
Percentage of principal amount outstanding after redemption	65.00%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	100.00%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	102.938%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period Three
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	101.958%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period Four
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	100.979%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period Five
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	100.00%
7 1/4% Senior Notes Maturing October 2029
Debt Instrument, Redemption [Line Items]
Debt instrument stated interest rate (percent)	7.25%
Debt instrument, redemption price (percent)	107.25%
Percentage of principal amount redeemed	35.00%
Percentage of principal amount outstanding after redemption	65.00%
7 1/4% Senior Notes Maturing October 2029 \| Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	100.00%
7 1/4% Senior Notes Maturing October 2029 \| Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	103.625%
7 1/4% Senior Notes Maturing October 2029 \| Debt Instrument, Redemption, Period Three
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	102.417%
7 1/4% Senior Notes Maturing October 2029 \| Debt Instrument, Redemption, Period Four
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	101.208%
7 1/4% Senior Notes Maturing October 2029 \| Debt Instrument, Redemption, Period Five
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price (percent)	100.00%

Contingencies - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2019 Community	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Loss Contingencies [Line Items]
Standard product warranty length, minimum		1 year
Standard product warranty length, maximum		2 years
Limited product warranty length		10 years
Accrued amounts for litigation and other contingent liabilities		$ 5.0	$ 3.4
California
Loss Contingencies [Line Items]
Number of communities \| Community	15
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit secured using cash collateral		48.8
Cash collateral in restricted accounts securing letters of credit		$ 248.2

Contingencies - Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
Contingencies - Warranty (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 13,388	$ 15,331	$ 18,091
Accruals for warranties issued	10,910	11,847	13,755
Changes in liability related to warranties existing in prior periods	(1,352)	(1,686)	(2,401)
Payments made	(9,894)	(12,104)	(14,114)
Balance at end of period	$ 13,052	$ 13,388	$ 15,331

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Impairment of projects in process		$ 0	$ 110,000,000.0	$ 1,000,000.0
Impairment of land held for sale	$ 38,600,000	$ 1,300,000	$ 38,600,000	$ 5,900,000

Fair Value Measurements - Fair Value Assets Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated entity investments			$ 80
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated entity investments			0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated entity investments			0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated entity investments			80
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 2,339	$ 1,970	1,578
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0	0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	2,339	1,970	1,578
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0	0
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development projects in progress		84,982	1,312
Land held for sale	6,240	5,207	1,724
Fair Value, Measurements, Nonrecurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development projects in progress		0	0
Land held for sale	0	0	0
Fair Value, Measurements, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development projects in progress		0	0
Land held for sale	0	0	0
Fair Value, Measurements, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development projects in progress		84,982	1,312
Land held for sale	$ 6,240	$ 5,207	$ 1,724

Fair Value Measurements - Carrying Values and Estimated Fair Values of Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 1,062,664	$ 1,111,085
Junior Subordinated Notes	68,137	66,070
Total debt, net	1,130,801	1,177,155
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	1,098,117	1,115,011
Junior Subordinated Notes	68,137	66,070
Total debt, net	$ 1,166,254	$ 1,181,081

Operating Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease expense	$ 4,500
Operating lease payments	4,600
Increase (decrease) operating leases right-of-use asset	3,100
Increase (decrease) operating leases liability	$ 3,100
Operating Leases, Future Minimum Payments Due		$ 20,200
2021		4,700
2022		4,500
2023		3,600
2024		2,900
2025		1,800
Thereafter		$ 2,600

Operating Leases - Weighted-Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term	5 years 1 month 6 days
Weighted-average discount rate	4.87%

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2020
Leases [Abstract]
Rental expense	$ 5,800	$ 4,800
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2021			$ 4,604
2022			3,743
2023			2,933
2024			1,818
2025			1,518
Thereafter			2,791
Total lease payments			17,407
Less: imputed interest			2,074
Operating lease liabilities	$ 0		$ 15,333

Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Other Liabilities [Abstract]
Accrued compensations and benefits	$ 50,246	$ 36,237
Accrued interest	23,870	12,767
Customer deposits	18,937	11,539
Accrued warranty expenses	13,052	13,388	$ 15,331	$ 18,091
Litigation accruals	4,981	3,420
Income tax liabilities	584	648
Other	24,313	31,430
Total	$ 135,983	$ 109,429

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Current federal	$ (4,641)	$ (4,935)	$ 57
Current state	485	693	512
Deferred federal	20,639	(31,291)	102,082
Deferred state	1,490	(1,684)	(8,167)
Total expense (benefit)	$ 17,973	$ (37,217)	$ 94,484

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax computed at statutory rate	$ 14,971	$ (24,494)	$ 12,112
State income taxes, net of federal benefit	1,300	(590)	111
Deferred rate change	260	(88)	110,071
Decrease in valuation allowance - other	0	0	(27,370)
Changes in uncertain tax positions	(2)	(7)	598
Permanent differences	2,177	2,908	2,133
Tax credits	(939)	(14,902)	(3,174)
Other, net	206	(44)	3
Total expense (benefit)	$ 17,973	$ (37,217)	94,484
Income Tax Contingency [Line Items]
Federal tax rate for fiscal year provision, percent	24.50%
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Valuation allowances and reserves, adjustments			$ 27,400

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Deferred tax assets:
Federal and state tax carryforwards	$ 192,981	$ 208,360
Inventory adjustments	34,971	42,605
Intangible assets	13,993	17,209
Incentive compensation	13,116	9,360
Warranty and other reserves	5,503	4,302
Property, equipment and other assets	2,197	2,255
Uncertain tax positions	723	729
Other	844	623
Total deferred tax assets	264,328	285,443
Valuation allowance	(39,185)	(38,486)
Net deferred tax assets	$ 225,143	$ 246,957

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Income Tax Contingency [Line Items]
Expense (benefit) from income taxes	$ 17,973	$ (37,217)	$ 94,484
Federal net operating loss carryforwards	120,000
State net operating loss carryforwards	42,800
General business credits	33,600
Alternative minimum tax credit		4,600
Income tax, refund claim		4,600
Decrease in valuation allowance	0	0	(27,370)
Pre-tax income required to realize deferred tax assets prior to expiration	915,500
Deferred tax asset valuation allowance	39,185	38,486
Unrecognized tax benefits	3,441	3,473	$ 3,494	$ 3,804
Uncertain tax positions to be reserved within twelve months	83
Income Tax Credits and Adjustments	$ 9,200	$ 9,200

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 3,473	$ 3,494	$ 3,804
Additions for tax positions related to current year	0	0	0
Additions for tax positions related to prior years	0	0	0
Reductions in tax positions of prior years	0	0	0
Lapse of statute of limitations	(32)	(21)	(310)
Balance at end of year	$ 3,441	$ 3,473	$ 3,494

Stockholders' Equity - Narrative (Details) - USD ($)	12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018
Equity [Abstract]
Preferred stock outstanding (in shares)	0
Common stock authorized (in shares)	63,000,000
Common stock issued (in shares)	31,012,326	30,933,110
Common stock outstanding (in shares)	31,012,326	30,933,110
Authorized amount repurchase of common stock			$ 50,000,000.0
Share repurchases (in shares)	362,000
Aggregate repurchased value	$ (3,327,000)	$ (34,624,000)
Average price per share (in dollars per share)	$ 9.20
Remaining availability repurchase amount	$ 12,000,000.0
382 ownership limitation	4.95%

Retirement and Deferred Compensation Plan - 401(k) Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution percentage	50.00%
Percentage of maximum contributions per employee	6.00%
Contribution vesting period	5 years
Employer contribution amount	$ 3.4	$ 3.6	$ 3.3
Total matching contributions forfeited by plan participants during period	$ 1.0	$ 0.7	$ 0.7
Minimum
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee deferral or contribution	1.00%
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee deferral or contribution	80.00%

Retirement and Deferred Compensation Plan - Deferred Compensation Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accrued compensations and benefits	$ 50,246	$ 36,237
Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation plan assets	2,300	2,000
Accrued compensations and benefits	5,600	4,900
Employer contribution to deferred compensation plan	$ 200	$ 200	$ 200

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended			36 Months Ended
	Nov. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2020	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance under plan (in shares)		2,700,000			2,700,000
Number of shares of common stock available for future grants (in shares)		2,300,000			2,300,000
Intrinsic value of stock options exercisable		$ 0.2			$ 0.2
Intrinsic value of stock options vested and expected to vest		0.2			0.2
Intrinsic value of stock options outstanding		$ 0.1			$ 0.1
Employee stock option program (EOP), authorized shares (in shares)		100,000			100,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Unrecognized compensation cost		$ 0.1	$ 0.1		$ 0.1
Weighted average period to recognize remaining cost		4 months 24 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years
Stock awards granted in period (in shares)		31,732
Employee purchase plan (EOP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years
Stock awards granted in period (in shares)		950
Performance-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Performance share awards to be vested		796,024	778,814	644,785	796,024	668,766
Estimated fair value of nonvested stock (in dollars per share)		$ 16.98	$ 9.95	$ 22.40
Performance-based restricted stock \| 2019 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Unrecognized compensation cost		$ 0.3			$ 0.3
Stock awards granted in period (in shares)		260,131
Performance share awards to be vested		222,165			222,165
Compensation cost related to performance based awards		$ 2.6	$ 2.3	$ 1.1	$ 6.3
Performance-based restricted stock \| 2019 Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		0.00%
Performance-based restricted stock \| 2019 Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		175.00%
Total Shareholder Return Performance Share \| 2019 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		20.00%
Estimated fair value of nonvested stock (in dollars per share)		$ 16.98
Restricted stock awards expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 9.0	$ 9.0		$ 9.0
Weighted average period to recognize remaining cost		1 year 8 months 12 days
Performance share awards to be vested		1,406,154	1,390,421	1,076,568	1,406,154	1,540,947
Estimated fair value of nonvested stock (in dollars per share)		$ 16.04	$ 9.89	$ 20.26
Restricted stock awards expense \| 2016 Time-based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Stock awards granted in period (in shares)		327,571
Nonvested Stock Awards and Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based restricted stock settled in cash payment (in shares)	135,337
Cash settlement of performance-based restricted stock	$ 2.1

Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10,036	$ 10,526	$ 10,258
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	133	178	225
Restricted stock awards expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 9,903	$ 10,348	$ 10,033

Stock-Based Compensation - Schedule of Assumptions for Stock Options Granted (Details) - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividends	0.00%	0.00%	0.00%
Weighted-average risk-free interest rate	1.61%	2.92%	1.81%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options	5 years 8 months 12 days	5 years	5 years
Expected volatility	51.52%	46.69%	44.71%
Expected dividends	0.00%	0.00%	0.00%
Weighted-average risk-free interest rate	0.43%	2.70%	2.10%
Weighted average fair value (in dollars per share)	$ 4.99	$ 4.50	$ 8.30

Stock-Based Compensation - Schedule of Stock Options and SSARs Outstanding and Related Activity (Details) - Stock Options - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Shares [Roll Forward]
Outstanding at beginning of period (in shares)	523,754	533,052	593,753
Granted (in shares)	950	30,782	25,230
Exercised (in shares)	(128,921)	(31,450)	(8,411)
Expired (in shares)	0	0	(61,967)
Forfeited (in shares)	(3,318)	(8,630)	(15,553)
Outstanding at end of period (in shares)	392,465	523,754	533,052
Exercisable at end of period (in shares)	354,796	470,501	479,538
Vested or expected to vet in the future (in shares)	391,968	521,362	533,052
Weighted-Average Exercise Price [Roll Forward]
Outstanding at beginning or period (in dollars per share)	$ 14.34	$ 14.26	$ 14.76
Granted (in dollars per share)	10.67	10.23	19.99
Exercised (in dollars per share)	11.01	10.00	7.52
Expired (in dollars per share)	0	0	23.19
Forfeited (in dollars per share)	9.55	10.45	10.46
Outstanding at end of period (in dollars per share)	15.47	14.34	14.26
Exercisable at end of period (in dollars per share)	15.90	14.42	14.03
Vested or expected to vest in the future (in dollars per share)	$ 15.48	$ 14.36	$ 14.26

Stock-Based Compensation - Schedule of Stock Options and SSARs Outstanding and Exercisable (Details) - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options - exercise price range, lower limit (in dollars per share)	$ 1
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options Outstanding, Number Outstanding (in shares)	392,465	523,754	533,052	593,753
Stock Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 15.47	$ 14.34	$ 14.26	$ 14.76
Stock Options Exercisable, Number Exercisable (in shares)	354,796	470,501	479,538
Stock Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 15.90	$ 14.42	$ 14.03
Stock Options \| $1 - $10
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options - exercise price range, upper limit (in dollars per share)	$ 10
Stock Options Outstanding, Number Outstanding (in shares)	37,433
Stock Options Outstanding - Weighted Average Contractual Remaining Life (Years)	4 years 8 months 12 days
Stock Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.48
Stock Options Exercisable, Number Exercisable (in shares)	22,571
Stock Options Exercisable - Weighted Average Contractual Remaining Life (Years)	3 years 7 months 6 days
Stock Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 7.52
Stock Options \| $11 - $15
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options - exercise price range, lower limit (in dollars per share)	11
Stock options - exercise price range, upper limit (in dollars per share)	$ 15
Stock Options Outstanding, Number Outstanding (in shares)	181,990
Stock Options Outstanding - Weighted Average Contractual Remaining Life (Years)	1 year 6 months
Stock Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.27
Stock Options Exercisable, Number Exercisable (in shares)	174,970
Stock Options Exercisable - Weighted Average Contractual Remaining Life (Years)	1 year 3 months 18 days
Stock Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 13.34
Stock Options \| $16 - $20
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options - exercise price range, lower limit (in dollars per share)	16
Stock options - exercise price range, upper limit (in dollars per share)	$ 20
Stock Options Outstanding, Number Outstanding (in shares)	173,042
Stock Options Outstanding - Weighted Average Contractual Remaining Life (Years)	1 year 8 months 12 days
Stock Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 19.30
Stock Options Exercisable, Number Exercisable (in shares)	165,148
Stock Options Exercisable - Weighted Average Contractual Remaining Life (Years)	1 year 6 months
Stock Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 19.25
Stock Options \| $1 - $20
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options - exercise price range, lower limit (in dollars per share)	1
Stock options - exercise price range, upper limit (in dollars per share)	$ 20
Stock Options Outstanding, Number Outstanding (in shares)	392,465
Stock Options Outstanding - Weighted Average Contractual Remaining Life (Years)	1 year 10 months 24 days
Stock Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 15.47
Stock Options Exercisable, Number Exercisable (in shares)	362,689
Stock Options Exercisable - Weighted Average Contractual Remaining Life (Years)	1 year 6 months
Stock Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 15.67

Stock-Based Compensation - Intrinsic and Fair Market Value of Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Intrinsic value of options exercised	$ 587	$ 90	$ 76
Fair market value of options vested	$ 144	$ 178	$ 296

Stock-Based Compensation - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Expected volatility, minimum	21.20%	21.00%	21.10%
Expected volatility, maximum	54.80%	57.10%	61.20%
Risk-free interest rate	1.61%	2.92%	1.81%
Dividend yield	0.00%	0.00%	0.00%
Grant-date stock price (in dollars per share)	$ 15.62	$ 9.82	$ 20.50

Stock-Based Compensation - Schedule of Nonvested Stock Awards and Performance Shares (Details) - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Performance-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted and Vested in Period		86,050
Shares [Roll Forward]
Beginning of period (in shares)	778,814	644,785	668,766
Granted (in shares)	260,131	467,819	165,085
Vested (in shares)	(242,921)	(321,833)	0
Forfeited (in shares)	0	(11,957)	(189,066)
End of period (in shares)	796,024	778,814	644,785
Weighted-Average Grant Date Fair Value ($ per share) [Roll Forward]
Beginning of period (in dollars per share)	$ 13.60	$ 16.47	$ 15.72
Granted (in dollars per share)	16.98	9.95	22.40
Vested (in dollars per share)	13.60	15.36	0
Forfeited (in dollars per share)	0	13.44	18.98
End of period (in dollars per share)	$ 14.71	$ 13.60	$ 16.47
Time-based restricted stock
Shares [Roll Forward]
Beginning of period (in shares)	611,607	431,783	872,181
Granted (in shares)	327,571	448,657	277,165
Vested (in shares)	(302,255)	(212,558)	(690,922)
Forfeited (in shares)	(26,793)	(56,275)	(26,641)
End of period (in shares)	610,130	611,607	431,783
Weighted-Average Grant Date Fair Value ($ per share) [Roll Forward]
Beginning of period (in dollars per share)	$ 12.11	$ 16.60	$ 16.47
Granted (in dollars per share)	15.29	9.82	18.98
Vested (in dollars per share)	11.89	16.41	17.38
Forfeited (in dollars per share)	13.79	12.20	17.02
End of period (in dollars per share)	$ 13.85	$ 12.11	$ 16.60
Restricted stock awards expense
Shares [Roll Forward]
Beginning of period (in shares)	1,390,421	1,076,568	1,540,947
Granted (in shares)	587,702	916,476	442,250
Vested (in shares)	(545,176)	(534,391)	(690,922)
Forfeited (in shares)	(26,793)	(68,232)	(215,707)
End of period (in shares)	1,406,154	1,390,421	1,076,568
Weighted-Average Grant Date Fair Value ($ per share) [Roll Forward]
Beginning of period (in dollars per share)	$ 16.53	$ 16.53	$ 16.15
Granted (in dollars per share)	16.04	9.89	20.26
Vested (in dollars per share)	12.65	15.78	17.38
Forfeited (in dollars per share)	13.79	12.42	18.74
End of period (in dollars per share)	$ 14.34	$ 16.53	$ 16.53

Earnings Per Share - Schedule of Earnings Per Share, Basic and Dilutive (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 24,627	$ 15,270	$ 10,615	$ 2,804	$ 2,464	$ 11,625	$ (100,832)	$ 7,322	$ 53,316	$ (79,421)	$ (45,046)
Loss from discontinued operations, net of tax									(1,090)	(99)	(329)
Net income (loss)									$ 52,226	$ (79,520)	$ (45,375)
Basic weighted-average shares (in shares)									29,704	30,617	32,141
Dilutive effect of restricted stock awards (in shares)									229	0	0
Dilutive effect of stock options (in shares)									15	0	0
Diluted weighted-average shares (in shares)									29,948	30,617	32,141
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.83	$ 0.51	$ 0.36	$ 0.09	$ 0.08	$ 0.38	$ (3.28)	$ 0.23	$ 1.80	$ (2.59)	$ (1.40)
Discontinued operations (in dollars per share)									(0.04)	(0.01)	(0.01)
Total (in dollars per share)									1.76	(2.60)	(1.41)
Diluted income (loss) per share:
Continuing operations (in dollars per share)	$ 0.82	$ 0.51	$ 0.35	$ 0.09	$ 0.08	$ 0.38	$ (3.28)	$ 0.23	1.78	(2.59)	(1.40)
Discontinued operations (in dollars per share)									(0.04)	(0.01)	(0.01)
Total (in dollars per share)									$ 1.74	$ (2.60)	$ (1.41)

Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	375	524	533
Time-based restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	46	612	432
Performance-based restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	779	645

Segment Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2020 USD ($) state region	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2020 USD ($) state region segment	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)
Segment Reporting [Abstract]
Number of states with active operations \| state	13								13
Number of regions in which entity operates \| region	3								3
Number of homebuilding segments \| segment									3
Segment Reporting Information [Line Items]
Total revenue									$ 2,127,077	$ 2,087,739	$ 2,107,133
Operating (loss) income	$ 35,586	$ 23,151	$ 16,424	$ 3,946	$ 36,005	$ 9,543	$ (138,950)	$ 3,506	79,107	(89,896)	81,548
Inventory Impairment, Results of Discounted Cash Flow Analysis							$ 109,000		1,700	131,700	4,200
Write Off Capitalized Interest and Capitalized Indirect Cost									1,200	16,900	2,300
Depreciation and amortization									15,640	14,759	13,807
Capital Expenditures									10,642	21,356	17,020
Assets	2,007,480				1,957,644				2,007,480	1,957,644
Operating Segments
Segment Reporting Information [Line Items]
Operating (loss) income									258,851	86,249	245,632
Depreciation and amortization									13,542	13,161	12,734
Corporate and unallocated
Segment Reporting Information [Line Items]
Operating (loss) income									(179,744)	(176,145)	(164,084)
Depreciation and amortization									2,098	1,598	1,073
Capital Expenditures									357	4,117	3,522
Assets	779,694				560,763				779,694	560,763
West
Segment Reporting Information [Line Items]
Total revenue									1,183,339	1,014,702	1,014,803
West \| Operating Segments
Segment Reporting Information [Line Items]
Operating (loss) income									161,786	(5,492)	142,310
Depreciation and amortization									8,227	6,456	7,062
Capital Expenditures									5,063	11,635	8,152
Assets	658,909				751,110				658,909	751,110
East
Segment Reporting Information [Line Items]
Total revenue									477,624	514,961	524,563
East \| Operating Segments
Segment Reporting Information [Line Items]
Operating (loss) income									56,319	51,576	57,372
Depreciation and amortization									2,458	3,250	2,619
Capital Expenditures									2,237	2,518	2,234
Assets	267,050				286,340				267,050	286,340
Southeast
Segment Reporting Information [Line Items]
Total revenue									466,114	558,076	567,767
Southeast \| Operating Segments
Segment Reporting Information [Line Items]
Operating (loss) income									40,746	40,165	45,950
Depreciation and amortization									2,857	3,455	3,053
Capital Expenditures									2,985	3,086	$ 3,112
Assets	$ 301,827				$ 359,431				$ 301,827	$ 359,431

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory impairments and abandonments	$ 637	$ 2,266	$ 0	$ 0	$ 0	$ 0	$ 147,611	$ 1,007	$ 2,903	$ 148,618	$ 6,499
Loss from discontinued operations, net of tax									(1,090)	(99)	(329)
Litigation settlement expense									1,300
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue									0	55	633
Home construction and land sales expenses (a)									1,245	61	612
Inventory impairments and abandonments									0	0	450
Gross loss									(1,245)	(6)	(429)
General and administrative expenses									173	125	101
Operating loss									(1,418)	(131)	(530)
Equity in (loss) income of unconsolidated entities									0	(1)	93
Other income (expense), net									19	5	(4)
Loss from discontinued operations before income taxes									(1,399)	(127)	(441)
Benefit from income taxes									(309)	(28)	(112)
Loss from discontinued operations, net of tax									$ (1,090)	$ (99)	$ (329)

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 686,748,000	$ 533,112,000	$ 489,413,000	$ 417,804,000	$ 781,701,000	$ 482,738,000	$ 421,260,000	$ 402,040,000
Gross profit	116,600,000	89,058,000	78,845,000	63,137,000	116,297,000	71,764,000	(82,680,000)	60,655,000	$ 347,640,000	$ 166,036,000	$ 345,015,000
Operating income (loss)	35,586,000	23,151,000	16,424,000	3,946,000	36,005,000	9,543,000	(138,950,000)	3,506,000	79,107,000	(89,896,000)	81,548,000
Net income (loss) from continuing operations	$ 24,627,000	$ 15,270,000	$ 10,615,000	$ 2,804,000	$ 2,464,000	$ 11,625,000	$ (100,832,000)	$ 7,322,000	$ 53,316,000	$ (79,421,000)	$ (45,046,000)
Basic EPS from continuing operations (in dollars per share)	$ 0.83	$ 0.51	$ 0.36	$ 0.09	$ 0.08	$ 0.38	$ (3.28)	$ 0.23	$ 1.80	$ (2.59)	$ (1.40)
Diluted EPS from continuing operations (in dollars per share)	$ 0.82	$ 0.51	$ 0.35	$ 0.09	$ 0.08	$ 0.38	$ (3.28)	$ 0.23	$ 1.78	$ (2.59)	$ (1.40)
Production Related Impairments or Charges [Abstract]
Inventory impairments and abandonments	$ 637,000	$ 2,266,000	$ 0	$ 0	$ 0	$ 0	$ 147,611,000	$ 1,007,000	$ 2,903,000	$ 148,618,000	$ 6,499,000
Gain (Loss) on Extinguishment of Debt [Abstract]
Loss on extinguishment of debt, net	$ 0	$ 0	$ 0	$ 0	$ (25,494,000)	$ 358,000	$ 216,000	$ 0	$ 0	$ (24,920,000)	$ (27,839,000)

Subsequent Events (Details) - Secured Revolving Credit Facility	Oct. 08, 2020 USD ($)	Sep. 30, 2020 USD ($)
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 250,000,000.0
Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 300,000,000.0
Covenant, liquidity amount, minimum	$ 50,000,000.0
Covenant, interest coverage ratio, minimum	1.00
Covenant, interest collateral ratio, minimum	1.75
Covenant, liquidity amount, minimum, under secondary requirements	$ 100,000,000.0