Pay vs Performance Disclosure, Table


Year	Summary Compensation Table Total for PEO ($)(1)(2)	Compensation Actually Paid to PEO ($)(1)(3)	Average Summary Compensation Table Total for Non-PEO Named Executive Officers ($)(1)(4)	Average Compensation Actually Paid to Non-PEO Named Executive Officers ($)(1)(5)	Value of Initial Fixed $100 Investment Based On:		Net Income (in thousands) ($)(8)	Adjusted Pre-Tax Earnings (in thousands) ($)(9)
					Total Shareholder Return(6) ($)	Peer Group Total Shareholder Return ($)(7)
2024	11,584,148	15,798,542	6,253,046	8,296,166	232.73	263.76	457,970	676,277
2023	13,457,143	21,778,600	6,966,806	10,953,344	227.21	264.36	349,195	529,018
2022	7,615,068	2,424,401	4,452,858	2,345,145	119.32	146.86	582,409	817,300
2021	7,496,282	16,966,496	3,863,092	7,632,348	179.01	188.07	469,267	700,910
2020	6,855,660	7,683,811	3,234,075	3,493,839	110.72	123.63	282,207	373,377

Company Selected Measure Name

Adjusted Pre-Tax Earnings

Named Executive Officers, Footnote

For each of the years presented, our principal executive officer (“PEO”) is Douglas F. Bauer, Chief Executive Officer, and our remaining NEOs are Thomas J. Mitchell, President and Chief Operating Officer; Glenn J. Keeler, Chief Financial Officer and Chief Accounting Officer; and David C. Lee, Vice President, General Counsel and Secretary.

Peer Group Issuers, Footnote

The peer group used is the Dow Jones U.S. Home Construction Index, which is the same peer group used for purposes of Section 201(e) of Regulation S-K in our Annual Report on Form 10-K for the year ended December 31, 2024.

PEO Total Compensation Amount

$ 11,584,148

$ 13,457,143

$ 7,615,068

$ 7,496,282

$ 6,855,660

PEO Actually Paid Compensation Amount

$ 15,798,542

21,778,600

2,424,401

16,966,496

7,683,811

Adjustment To PEO Compensation, Footnote

The dollar amounts reported in this column represent the amount of “compensation actually paid” to Mr. Bauer, as computed in accordance with Item 402(v) of Regulation S-K, and do not reflect the actual amount of compensation earned by or paid to Mr. Bauer during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, we made the following adjustments to Mr. Bauer’s total compensation for each year to determine the “compensation actually paid”:

__________


(a)			The grant date fair value of equity awards in this column represents the total of the amounts, if any, reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year.


(b)			The equity award adjustments for each applicable year include the addition or subtraction, as applicable, of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in the same applicable year, the fair value as of the vesting date of such awards; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction in an amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate such fair values did not materially differ from those disclosed at the time of grant; provided, that for purposes of this table, for performance-based awards that may be earned on the basis of a performance-based condition over the course of a three-year performance period, (a) the fair value as of the end of the first year of the performance period assumes target performance under the applicable award; (b) the fair value as of the end of the second year of the performance period is based on a probable outcome assessment of performance through the first two years of the performance period under the applicable award, with an assumed performance of no less than threshold; and (c) the fair value as of the end of the third year of the performance period is based on actual performance results under the applicable award. The amounts deducted or added in calculating the equity award adjustments are as follows:


(4)			The dollar amounts reported in this column are averages of the amounts of total compensation reported for Messrs. Mitchell, Keeler and Lee for each corresponding year in the “Total” column of the applicable Summary Compensation Table for such NEOs.
(5)			The dollar amounts reported in this column represent the amount of “compensation actually paid” to Messrs. Mitchell, Keeler and Lee as a group, as computed in accordance with Item 402(v) of Regulation S-K, and do not reflect the actual amount of compensation earned by or paid to Messrs. Mitchell, Keeler and Lee, respectively, during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, we made the following adjustments to the average total compensation of such NEOs as a group for each year to determine the “compensation actually paid”, using the same methodology described in footnote 3 above:

Non-PEO NEO Average Total Compensation Amount

$ 6,253,046

6,966,806

4,452,858

3,863,092

3,234,075

Non-PEO NEO Average Compensation Actually Paid Amount

$ 8,296,166

10,953,344

2,345,145

7,632,348

3,493,839

Adjustment to Non-PEO NEO Compensation Footnote


(4)			The dollar amounts reported in this column are averages of the amounts of total compensation reported for Messrs. Mitchell, Keeler and Lee for each corresponding year in the “Total” column of the applicable Summary Compensation Table for such NEOs.
(5)			The dollar amounts reported in this column represent the amount of “compensation actually paid” to Messrs. Mitchell, Keeler and Lee as a group, as computed in accordance with Item 402(v) of Regulation S-K, and do not reflect the actual amount of compensation earned by or paid to Messrs. Mitchell, Keeler and Lee, respectively, during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, we made the following adjustments to the average total compensation of such NEOs as a group for each year to determine the “compensation actually paid”, using the same methodology described in footnote 3 above:


Year	Average Summary Compensation Table Total for Non-PEO NEOs ($)	Minus Average Reported Value of Equity Awards ($)(a)	Plus Average Equity Award Adjustments ($)(b)	Average Compensation Actually Paid to Non-PEO NEOs ($)
2024	6,253,046	2,866,586	4,909,705	8,296,166
2023	6,966,806	4,166,586	8,153,124	10,953,344
2022	4,452,858	1,880,102	(227,611)	2,345,145
2021	3,863,092	1,549,868	5,319,124	7,632,348
2020	3,234,075	1,220,534	1,480,298	3,493,839

The amounts deducted or added in calculating the total average equity award adjustments are as follows:


Year	Average Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year ($)	Year-over-Year Average Change in Fair Value of Outstanding and Unvested Equity Awards ($)	Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($)	Year-over-Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)	Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($)	Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($)	Total Average Equity Award Adjustments ($)
2024	2,927,161	1,904,172	—	78,372	—	—	4,909,705
2023	5,092,502	2,628,411	—	432,210	—	—	8,153,124
2022	1,619,886	(1,065,695)	—	(781,801)	—	—	(227,611)
2021	2,447,987	2,795,286	—	75,851	—	—	5,319,124
2020	1,117,799	433,730	—	55,096	(126,327)	—	1,480,298

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Tabular List, Table

Adjusted Pre-Tax Earnings

•Adjusted Revenue

•Relative TSR (our TSR as compared to a peer group established by the Compensation Committee)

Total Shareholder Return Amount

$ 232.73

227.21

119.32

179.01

110.72

Peer Group Total Shareholder Return Amount

263.76

264.36

146.86

188.07

123.63

Net Income (Loss)

$ 457,970,000

$ 349,195,000

$ 582,409,000

$ 469,267,000

$ 282,207,000

Company Selected Measure Amount

676,277,000

529,018,000

817,300,000

700,910,000

373,377,000

PEO Name

Douglas F. Bauer

Additional 402(v) Disclosure

The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Bauer for each corresponding year in the “Total” column of the applicable Summary Compensation Table.TSR is calculated by dividing (i) the sum of (a) the cumulative amount of cash dividends for the measurement period, assuming dividend reinvestment, and (b) the difference between our stock price at the end and the beginning of the measurement period by (ii) our stock price at the beginning of the measurement period, as equitably adjusted to reflect stock dividends, stock splits, reverse stock splits, recapitalizations, spin-offs and other corporate changes having similar effect.Represents reported net income for each year indicated, calculated in accordance with GAAP.

As described in more detail in “Compensation Discussion and Analysis,” our executive compensation program reflects a pay for performance culture. While we utilize several performance measures to align executive compensation with our performance, we have not presented all of such measures in the Pay Versus Performance table. Additionally, while we generally seek to incentivize long-term performance, we do not specifically align our performance measures with compensation that is actually paid, as computed in accordance with Item 402(v) of Regulation S-K, for a particular year.

The following graphs demonstrate, for the five-year period presented, the relationship between our cumulative TSR and the cumulative TSR of our peer group, as well as the relationship between the amount of “compensation actually paid” to Mr. Bauer and our NEOs as a group (excluding Mr. Bauer) and our (i) cumulative TSR, (ii) net income and (iii) adjusted pre-tax earnings, respectively. The amount of “compensation actually paid” to Mr. Bauer and our NEOs as a group (excluding Mr. Bauer) is generally consistent with our cumulative TSR over the five-year period presented in the table due to the fact that a significant portion of the “compensation actually paid” to each of our NEOs is comprised of time- and performance-based equity awards. Additionally, the amount of “compensation actually paid” to Mr. Bauer and our NEOs as a group (excluding Mr. Bauer) is generally consistent with our net income and adjusted pre-tax earnings for the first, second, fourth and fifth of the five years presented in the table. The lack of correlation between “compensation actually paid”, in each case, and both net income and adjusted pre-tax earnings for the third year presented in the table is largely due to a decline in the fair value of certain equity awards year-over-year, which is largely attributable to a material decline in the market value of our stock compared to the end of 2021, notwithstanding an increase in both net income and adjusted pre-tax earnings for 2022 compared to the prior year.

Measure:: 1

Non-GAAP Measure Description

Name

Adjusted Pre-Tax Earnings

Adjusted pre-tax earnings is defined as income before income taxes, as reported in our consolidated financial statements for the applicable periods, adjusted to exclude (for 2021 and subsequent periods) the impact of consolidated bonus expense, land-related charges and impairments, and debt refinancing or extinguishment, and (for all periods) changes in applicable accounting standards, net income attributed to non-controlling interests, and any unusual or nonrecurring events affecting us or our financial statements that the Compensation Committee deems appropriate in its sole discretion. While we use numerous financial and non-financial performance measures for the purpose of evaluating performance for our compensation programs, we have determined that adjusted pre-tax earnings is the financial performance measure that, in our assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) that we use to link compensation actually paid to our NEOs, for the most recently completed fiscal year, to our performance.

Measure:: 2

Name

Adjusted Revenue

Measure:: 3

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Name

Relative TSR

PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

$ (5,999,929)

$ (9,099,953)

$ (3,629,986)

$ (3,324,722)

$ (2,837,015)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

10,214,323

17,421,410

(1,560,681)

12,794,936

3,665,166

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

6,126,671

10,870,951

3,122,321

5,259,754

2,596,560

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

3,905,325

5,581,370

(2,444,903)

7,336,410

1,307,074

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

182,327

969,090

(2,238,098)

198,772

155,673

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

(394,141)

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

2,866,586

4,166,586

1,880,102

1,549,868

1,220,534

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

4,909,705

8,153,124

(227,611)

5,319,124

1,480,298

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

2,927,161

5,092,502

1,619,886

2,447,987

1,117,799

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

1,904,172

2,628,411

(1,065,695)

2,795,286

433,730

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

78,372

432,210

(781,801)

75,851

55,096

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

(126,327)