M.D.C. (MDC) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 27, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-8951
Entity Registrant Name	M.D.C. HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0622967
Entity Address, Address Line One	4350 South Monaco Street, Suite 500
Entity Address, Postal Zip Code	80237
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
City Area Code	303
Local Phone Number	773-1100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,867,213
Entity Central Index Key	0000773141
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	552676108
Security Exchange Name	NYSE
6.000 % Senior Notes Due January 2043
Document Information [Line Items]
Title of 12(b) Security	6% Senior Notes due January 2043
Trading Symbol	552676AQ1
Security Exchange Name	NYSE

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventories:
Housing completed or under construction	$ 1,423,855	$ 1,036,191
Land and land under development	1,221,854	1,330,384
Total inventories	2,645,709	2,366,575
Total Assets	3,612,774	3,338,356
LIABILITIES AND EQUITY
Total Liabilities	1,624,775	1,555,871
Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.01 par value; 250,000,000 shares authorized; 64,865,577 and 62,574,961 issued and outstanding at September 30, 2020 and December 31, 2019, respectively	649	626
Additional paid-in-capital	1,397,220	1,348,733
Retained earnings	590,130	433,126
Total Stockholders' Equity	1,987,999	1,782,485
Total Liabilities and Stockholders' Equity	3,612,774	3,338,356
Homebuilding:
Assets [Abstract]
Cash and cash equivalents	432,277	424,186
Restricted cash	19,732	14,279
Trade and other receivables	90,609	65,829
Inventories:
Housing completed or under construction	1,423,855	1,036,191
Land and land under development	1,221,854	1,330,384
Total inventories	2,645,709	2,366,575
Property and equipment, net	64,024	60,414
Deferred tax asset, net	13,297	21,768
Prepaid and other assets	78,421	78,358
Other assets	785	1,288
Total Assets	3,344,069	3,031,409
LIABILITIES AND EQUITY
Accounts payable	103,260	87,364
Accrued and other liabilities	259,261	245,940
Revolving credit facility	10,000	15,000
Senior notes, net	1,037,225	989,422
Total Liabilities	1,409,746	1,337,726
Financial Services:
Assets [Abstract]
Cash and cash equivalents	70,435	35,747
Inventories:
Marketable securities	0	56,747
Mortgage loans held-for-sale, net	160,506	197,021
Other assets	37,764	17,432
Total Assets	268,705	306,947
LIABILITIES AND EQUITY
Total accounts payable and accrued liabilities	84,168	68,529
Mortgage repurchase facility	130,861	149,616
Total Liabilities	$ 215,029	$ 218,145

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares, Issued	64,865,577	62,574,961
Common Stock, Shares, Outstanding	64,865,577	62,574,961
Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Shares, Issued		62,574,961
Common Stock, Shares, Outstanding		62,574,961

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Inventory impairments			$ 0	$ (610)
Income before income taxes	$ 126,018	$ 62,806	286,218	192,743
Provision for income taxes	(27,080)	(12,226)	(66,124)	(47,020)
Net income	98,938	50,580	220,094	145,723
Comprehensive income	$ 98,938	$ 50,580	$ 220,094	$ 145,723
Earnings per share:
Basic Earnings Per Common Share (in dollars per share)	$ 1.54	$ 0.81	$ 3.46	$ 2.36
Diluted Earnings Per Common Share (in dollars per share)	$ 1.49	$ 0.79	$ 3.37	$ 2.29
Weighted average common shares outstanding:
Basic (in shares)	63,868,486	61,978,195	63,129,077	61,422,925
Diluted (in shares)	65,824,910	63,968,215	64,969,855	63,360,535
Dividends declared per share (in dollars per share)	$ 0.33	$ 0.30	$ 0.99	$ 0.90
Homebuilding:
Total financial services revenues	$ 1,000,549	$ 750,274	$ 2,584,392	$ 2,130,396
Cost of sales	(795,172)	(609,316)	(2,061,608)	(1,724,650)
Inventory impairments	0	0	0	(610)
Gross profit	205,377	140,958	522,784	405,746
Selling, general and administrative expenses	(103,632)	(92,716)	(285,269)	(257,689)
Interest and other income	756	2,336	3,365	7,491
Other income (expense), net	(851)	(1,887)	(4,640)	(4,188)
Income before income taxes	101,650	48,691	236,240	151,360
Homebuilding: | Home Building
Cost of sales	(795,172)	(609,316)	(2,061,608)	(1,724,040)
Financial Services:
Expenses	(13,294)	(10,352)	(36,401)	(28,883)
Other income (expense), net	859	2,079	(5,274)	11,877
Income before income taxes	24,368	14,115	49,978	41,383
Financial Services: | Financial Service
Total financial services revenues	$ 36,803	$ 22,388	$ 91,653	$ 58,389

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2018				56,615,352	56,615,352
Beginning balance at Dec. 31, 2018	$ 1,576,000	$ (67)	$ 1,575,933	$ 566	$ 566	$ 1,168,442	$ 1,168,442	$ 406,992	$ (67)	$ 406,925
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	40,550							40,550
Shares issued under stock-based compensation programs, net (in shares)				372,344
Shares issued under stock-based compensation programs, net	7,087			$ 4		7,083
Cash dividends declared	(17,019)							(17,019)
Stock dividend declared (in shares)				4,534,908
Stock dividend declared	(96)			$ 45		138,950		(139,091)
Stock-based compensation expense	4,251					4,251
Forfeiture of restricted stock (in shares)				(1,714)
Ending balance (in shares) at Mar. 31, 2019				61,520,890
Ending balance at Mar. 31, 2019	1,610,706			$ 615		1,318,726		291,365
Beginning balance (in shares) at Dec. 31, 2018				56,615,352	56,615,352
Beginning balance at Dec. 31, 2018	1,576,000	(67)	1,575,933	$ 566	$ 566	1,168,442	1,168,442	406,992	(67)	406,925
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	145,723
Ending balance (in shares) at Sep. 30, 2019				62,597,390
Ending balance at Sep. 30, 2019	1,701,801			$ 626		1,341,858		359,317
Beginning balance (in shares) at Mar. 31, 2019				61,520,890
Beginning balance at Mar. 31, 2019	1,610,706			$ 615		1,318,726		291,365
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	54,593							54,593
Shares issued under stock-based compensation programs, net (in shares)				405,094
Shares issued under stock-based compensation programs, net	10,241			$ 4		10,237
Cash dividends declared	(18,521)							(18,521)
Stock-based compensation expense	4,132					4,132
Forfeiture of restricted stock (in shares)				(3,578)
Ending balance (in shares) at Jun. 30, 2019				61,922,406
Ending balance at Jun. 30, 2019	1,661,151			$ 619		1,333,095		327,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	50,580							50,580
Shares issued under stock-based compensation programs, net (in shares)				674,984
Shares issued under stock-based compensation programs, net	(1,023)			$ 7		(1,030)
Cash dividends declared	(18,700)							(18,700)
Stock-based compensation expense	9,793					9,793
Ending balance (in shares) at Sep. 30, 2019				62,597,390
Ending balance at Sep. 30, 2019	$ 1,701,801			$ 626		1,341,858		359,317
Beginning balance (in shares) at Dec. 31, 2019	62,574,961			62,574,961	62,574,961
Beginning balance at Dec. 31, 2019	$ 1,782,485	(34)	1,782,451	$ 626	$ 626	1,348,733	1,348,733	433,126	(34)	433,092
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	36,760							36,760
Shares issued under stock-based compensation programs, net (in shares)				477,582
Shares issued under stock-based compensation programs, net	8,194			$ 5		8,189		0
Cash dividends declared	(20,768)							(20,768)
Stock-based compensation expense	4,440					4,440
Forfeiture of restricted stock (in shares)				(48)
Ending balance (in shares) at Mar. 31, 2020				63,052,495
Ending balance at Mar. 31, 2020	$ 1,811,077			$ 631		1,361,362		449,084
Beginning balance (in shares) at Dec. 31, 2019	62,574,961			62,574,961	62,574,961
Beginning balance at Dec. 31, 2019	$ 1,782,485	$ (34)	$ 1,782,451	$ 626	$ 626	1,348,733	$ 1,348,733	433,126	$ (34)	$ 433,092
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 220,094
Ending balance (in shares) at Sep. 30, 2020	64,865,577
Ending balance at Sep. 30, 2020	$ 1,987,999			$ 649		1,397,220		590,130
Beginning balance (in shares) at Mar. 31, 2020				63,052,495
Beginning balance at Mar. 31, 2020	1,811,077			$ 631		1,361,362		449,084
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	84,396			$ 0		0		84,396
Shares issued under stock-based compensation programs, net (in shares)				334,178
Shares issued under stock-based compensation programs, net	(6,862)			$ 3		(6,865)		0
Cash dividends declared	(20,914)							(20,914)
Stock-based compensation expense	5,488					5,488
Forfeiture of restricted stock (in shares)				(1,807)
Ending balance at Jun. 30, 2020	1,873,185			$ 634		1,359,985		512,566
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding				63,384,866
Net Income	98,938							98,938
Shares issued under stock-based compensation programs, net (in shares)				1,480,711
Shares issued under stock-based compensation programs, net	28,642			$ 15		28,627
Cash dividends declared	(21,374)							(21,374)
Stock-based compensation expense	$ 8,608					8,608
Ending balance (in shares) at Sep. 30, 2020	64,865,577
Ending balance at Sep. 30, 2020	$ 1,987,999			$ 649		$ 1,397,220		$ 590,130
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding				64,865,577

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Activities:
Net income	$ 98,938	$ 50,580	$ 220,094	$ 145,723
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense			18,536	18,178
Depreciation and amortization			18,881	15,478
Inventory impairments			0	610
Net (gain) loss on marketable equity securities	0	(767)	8,285	(7,934)
Deferred income tax expense			8,493	9,488
Net changes in assets and liabilities:
Trade and other receivables			(17,512)	(4,682)
Mortgage loans held-for-sale, net			36,515	32,191
Prepaid and other assets			(20,314)	(3,889)
Accounts payable and accrued and other liabilities			35,023	23,929
Net Cash Provided by (Used in) Operating Activities			29,442	(33,118)
Investing Activities:
Purchases of marketable securities			(10,804)	(10,340)
Sales of marketable securities			59,266	6,277
Purchases of property and equipment			(20,885)	(20,128)
Net cash provided by (used in) investing activities			27,577	(24,191)
Financing Activities:
Repayment of senior notes			(250,000)	0
Proceeds from issuance of senior notes			298,050	0
Dividend payments			(63,056)	(54,337)
Issuance of shares under stock-based compensation programs, net			29,974	16,304
Net cash used in financing activities			(8,787)	(64,377)
Net increase (decrease) in cash, cash equivalents and restricted cash			48,232	(121,686)
Cash, cash equivalents and restricted cash:
Beginning of period			474,212	470,139
End of period	522,444	348,453	522,444	348,453
Reconciliation of cash, cash equivalents and restricted cash:
Total cash, cash equivalents and restricted cash	522,444	348,453	522,444	348,453
Mortgage Repurchase Facility
Financing Activities:
Payments on homebuilding line of credit, net			(18,755)	(26,344)
Homebuilding Line of Credit Facility
Financing Activities:
Payments on homebuilding line of credit, net			(5,000)	0
Homebuilding:
Adjustments to reconcile net income to net cash provided by operating activities:
Inventory impairments	0	0	0	610
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	432,277	285,338	432,277	285,338
Restricted cash	19,732	16,325	19,732	16,325
Financial Services:
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 70,435	$ 46,790	70,435	46,790
Housing Completed or Under Construction
Net changes in assets and liabilities:
Housing completed or under construction and land under development			(387,269)	(251,749)
Land and Land Under Development
Net changes in assets and liabilities:
Housing completed or under construction and land under development			$ 108,710	$ (10,461)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Unaudited Consolidated Financial Statements of M.D.C. Holdings, Inc. ("MDC," “the Company," “we,” “us,” or “our,” which refers to M.D.C. Holdings, Inc. and its subsidiaries) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of MDC at September 30, 2020 and for all periods presented. These statements should be read in conjunction with MDC’s Consolidated Financial Statements and Notes thereto included in MDC’s Annual Report on Form 10-K for the year ended December 31, 2019. Included in these footnotes are certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. These forward-looking statements may be identified by terminology such as “likely,” “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained in this section are reasonable, we cannot guarantee future results. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in subsequent reports on Forms 10-K, 10-Q and 8-K should be considered. Where necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Adoption of New Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires measurement and recognition of expected credit losses for financial assets held. The amendments in ASU 2016-13 eliminate the probable threshold for initial recognition of a credit loss in current GAAP and reflect an entity’s current estimate of all expected credit losses. On January 1, 2020, we adopted ASU 2016-13 using the modified retrospective transition method, resulting in a cumulative effect adjustment that decreased the opening balance of retained earnings by less than $0.1 million. The standard did not materially impact our consolidated statements of operations and comprehensive income or consolidated cash flows. In March 2020, the Securities and Exchange Commission (SEC) adopted amendments to the financial disclosure requirements applicable to registered debt offerings that include credit enhancements, such as subsidiary guarantees, in Rule 3-10 of Regulation S-X. The amended rule focuses on providing material, relevant and decision-useful information regarding guarantees and other credit enhancements, while eliminating certain prescriptive requirements. The rule is effective January 4, 2021 but earlier compliance is permitted. The Company adopted these amendments on June 30, 2020. As the combined assets, liabilities and results of operations of M.D.C. Holdings, Inc. and the Guarantor Subsidiaries (the “Obligor Group”) are not materially different from those in the homebuilding section of our consolidated balance sheets and consolidated statements of operations and comprehensive income, separate summarized financial information of the Obligor Group has not been included. See Note 20 for further information regarding subsidiary guarantees.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2020
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Segment Reporting	Segment ReportingAn operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. We have identified our CODM as two key executives—the Chief Executive Officer (“CEO”) and the Chief Operating Officer (“COO”). We have identified each homebuilding division as an operating segment. Our homebuilding operating segments have been aggregated into the reportable segments noted below because they are similar in the following regards: (1) economic characteristics; (2) housing products; (3) class of homebuyer; (4) regulatory environments; and (5) methods used to construct and sell homes. Our homebuilding reportable segments are as follows • West (Arizona, California, Nevada, Oregon and Washington) • Mountain (Colorado and Utah) • East (mid-Atlantic, which includes Maryland and Virginia, and Florida) Our financial services business consists of the operations of the following operating segments: (1) HomeAmerican Mortgage Corporation (“HomeAmerican”); (2) Allegiant Insurance Company, Inc., A Risk Retention Group (“Allegiant”); (3) StarAmerican Insurance Ltd. (“StarAmerican”); (4) American Home Insurance Agency, Inc.; and (5) American Home Title and Escrow Company. Due to its contributions to consolidated pretax income, we consider HomeAmerican to be a reportable segment (“mortgage operations”). The remaining operating segments have been aggregated into one reportable segment (“other”) because they do not individually exceed 10 percent of: (1) consolidated revenue; (2) the greater of (a) the combined reported profit of all operating segments that did not report a loss or (b) the positive value of the combined reported loss of all operating segments that reported losses; or (3) consolidated assets. Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating divisions by centralizing key administrative functions such as finance, treasury, information technology, insurance, risk management, litigation and human resources. Corporate also provides the necessary administrative functions to support MDC as a publicly traded company. A portion of the expenses incurred by Corporate are allocated to the homebuilding operating segments based on their respective percentages of assets, and to a lesser degree, a portion of Corporate expenses are allocated to the financial services segments. A majority of Corporate’s personnel and resources are primarily dedicated to activities relating to the homebuilding segments, and, therefore, the balance of any unallocated Corporate expenses is included in the homebuilding operations section of our consolidated statements of operations and comprehensive income. On a periodic basis, we assess our Corporate cost allocation estimates. Our most recent assessment resulted in increases in Corporate cost allocations to both our homebuilding and financial services segments beginning January 1, 2020, to reflect the use of centralized administrative functions. Applying the most recent cost allocation estimate to the three and nine months ended September 30, 2019 would have resulted in decreased pretax income for our homebuilding segments of approximately $2.8 million and $8.2 million, respectively, and decreased pretax income for our financial services segments of approximately $0.4 million and $1.2 million, respectively, with corresponding increases in our Corporate segment pretax income. Additionally, beginning January 1, 2020, we have reflected the expense associated with all homebuilding employee bonuses in the respective homebuilding segment to which the employee reports, consistent with how the CODM is now evaluating homebuilding division performance and making operating decisions. Had these bonuses been reflected in a similar manner during the three and nine months ended September 30, 2019, pretax income for our homebuilding segments would have decreased by an additional $3.5 million and $9.5 million, respectively, with a corresponding increase in our Corporate segment pretax income. The following table summarizes revenues for our homebuilding and financial services operations Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Homebuilding West $ 552,319 $ 410,414 $ 1,447,934 $ 1,164,502 Mountain 347,095 263,802 886,619 760,470 East 101,135 76,058 249,839 205,424 Total homebuilding revenues $ 1,000,549 $ 750,274 $ 2,584,392 $ 2,130,396 Financial Services Mortgage operations $ 28,548 $ 14,395 $ 67,536 $ 36,258 Other 8,255 7,993 24,117 22,131 Total financial services revenues $ 36,803 $ 22,388 $ 91,653 $ 58,389 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Homebuilding West $ 59,120 $ 34,898 $ 144,441 $ 103,448 Mountain 48,053 31,391 111,372 89,077 East 6,020 2,136 9,993 5,761 Corporate (11,543) (19,734) (29,566) (46,926) Total homebuilding pretax income $ 101,650 $ 48,691 $ 236,240 $ 151,360 Financial Services Mortgage operations $ 20,809 $ 8,468 $ 46,558 $ 19,700 Other 3,559 5,647 3,420 21,683 Total financial services pretax income $ 24,368 $ 14,115 $ 49,978 $ 41,383 Total pretax income $ 126,018 $ 62,806 $ 286,218 $ 192,743 The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include our cash and cash equivalents and deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. September 30, December 31, (Dollars in thousands) Homebuilding assets West $ 1,660,583 $ 1,461,645 Mountain 927,730 869,665 East 248,028 194,592 Corporate 507,728 505,507 Total homebuilding assets $ 3,344,069 $ 3,031,409 Financial services assets Mortgage operations $ 196,258 $ 209,946 Other 72,447 97,001 Total financial services assets $ 268,705 $ 306,947 Total assets $ 3,612,774 $ 3,338,356

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Accounting Standards Codification ("ASC") Topic 260, Earnings per Share ("ASC 260") requires a company that has participating security holders (for example, holders of unvested restricted stock that have non-forfeitable dividend rights) to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings/(loss) between the holders of common stock and a company’s participating security holders. Under the two-class method, earnings/(loss) for the reporting period are allocated between common shareholders and other security holders based on their respective rights to receive distributed earnings (i.e., dividends) and undistributed earnings (i.e., net income/(loss)). Our common shares outstanding are comprised of shareholder owned common stock and shares of unvested restricted stock held by participating security holders. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding, excluding participating shares in accordance with ASC 260. To calculate diluted EPS, basic EPS is adjusted to include the effect of potentially dilutive stock options outstanding. The table below shows our basic and diluted EPS calculations. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands, except per share amounts) Numerator Net income $ 98,938 $ 50,580 $ 220,094 $ 145,723 Less: distributed earnings allocated to participating securities (148) (122) (404) (343) Less: undistributed earnings allocated to participating securities (502) (202) (952) (554) Net income attributable to common stockholders (numerator for basic earnings per share) 98,288 50,256 218,738 144,826 Add back: undistributed earnings allocated to participating securities 502 202 952 554 Less: undistributed earnings reallocated to participating securities (488) (195) (929) (540) Numerator for diluted earnings per share under two class method $ 98,302 $ 50,263 $ 218,761 $ 144,840 Denominator Weighted-average common shares outstanding 63,868,486 61,978,195 63,129,077 61,422,925 Add: dilutive effect of stock options 1,810,624 1,990,020 1,599,722 1,570,194 Add: dilutive effect of performance share units 145,800 — 241,056 367,416 Denominator for diluted earnings per share under two class method 65,824,910 63,968,215 64,969,855 63,360,535 Basic Earnings Per Common Share $ 1.54 $ 0.81 $ 3.46 $ 2.36 Diluted Earnings Per Common Share $ 1.49 $ 0.79 $ 3.37 $ 2.29 Diluted EPS for the three and nine months ended September 30, 2020 excluded options to purchase zero and 0.8 million shares of common stock, respectively, because the effect of their inclusion would be anti-dilutive. For the same periods in 2019, diluted EPS excluded options to purchase 0.4 million and 0.4 million shares, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC Topic 820, Fair Value Measurements (“ASC 820”), defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs, other than quoted prices in active markets, that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis: Fair Value Financial Instrument Hierarchy September 30, December 31, (Dollars in thousands) Marketable securities Equity securities Level 1 $ — $ 56,747 Mortgage loans held-for-sale, net Level 2 $ 160,506 $ 197,021 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of September 30, 2020 and December 31, 2019. Cash and cash equivalents (excluding debt securities with an original maturity of three months or less), restricted cash, trade and other receivables, prepaid and other assets, accounts payable, accrued and other liabilities and borrowings on our revolving credit facility. Fair value approximates carrying value. Equity securities . Our equity securities consisted of holdings in common stock and exchange traded funds as of December 31, 2019. Our equity securities were recorded at fair value with all changes in fair value recorded to other income (expense), net in the financial services section of our consolidated statements of operations and comprehensive income. The following table reconciles the net gain recognized during the three and nine months ended September 30, 2020 and 2019 on equity securities to the unrealized gain recognized during the periods on equity securities still held at the reporting date. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Net gain (loss) recognized during the period on equity securities $ — $ 767 $ (8,285) $ 7,934 Less: Net gain (loss) recognized during the period on equity securities sold during the period — 299 (8,285) 536 Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ — $ 468 $ — $ 7,398 Mortgage loans held-for-sale, net. Our mortgage loans held-for-sale, which are measured at fair value on a recurring basis, include (1) mortgage loans held-for-sale that are under commitments to sell and (2) mortgage loans held-for-sale that are not under commitments to sell. At September 30, 2020 and December 31, 2019, we had $105.5 million and $136.8 million, respectively, of mortgage loans held-for-sale under commitments to sell. The fair value for those loans was based on quoted market prices for those mortgage loans, which are Level 2 fair value inputs. At September 30, 2020 and December 31, 2019, we had $55.0 million and $60.2 million, respectively, of mortgage loans held-for-sale that were not under commitments to sell. The fair value for those loans was primarily based upon the estimated market price received from an outside party, which is a Level 2 fair value input. Gains on sales of mortgage loans, net, are included as a component of revenues in the financial services section of our consolidated statements of operations and comprehensive income. For the three and nine months ended September 30, 2020, we recorded net gains on the sales of mortgage loans of $26.8 million and $64.3 million, respectively, compared to $14.6 million and $38.9 million for the same periods in the prior year, respectively. Mortgage Repurchase Facility. The debt associated with our mortgage repurchase facility (see Note 18 for further discussion) is at floating rates that approximate current market rates and have relatively short-term maturities, generally within 30 days. The fair value approximates carrying value and is based on Level 2 inputs. Senior Notes . The estimated values of the senior notes in the following table are based on Level 2 inputs, which primarily reflect estimated prices for our senior notes that were provided by multiple sources. September 30, 2020 December 31, 2019 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 million 5.625% Senior Notes due February 2020, net $ — $ — $ 249,909 $ 250,400 $250 million 5.500% Senior Notes due January 2024, net 249,174 270,388 249,005 272,083 $300 million 3.850% Senior Notes due January 2030, net 297,400 313,505 — — $500 million 6.000% Senior Notes due January 2043, net 490,651 605,125 490,508 528,542 Total $ 1,037,225 $ 1,189,018 $ 989,422 $ 1,051,025

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories The following table sets forth, by reportable segment, information relating to our homebuilding inventories: September 30, December 31, (Dollars in thousands) Housing completed or under construction: West $ 844,264 $ 589,040 Mountain 463,690 358,370 East 115,901 88,781 Subtotal 1,423,855 1,036,191 Land and land under development: West 698,099 772,189 Mountain 412,299 468,718 East 111,456 89,477 Subtotal 1,221,854 1,330,384 Total inventories $ 2,645,709 $ 2,366,575 Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and unsold homes. Costs capitalized to land and land under development primarily include: (1) land costs; (2) land development costs; (3) entitlement costs; (4) capitalized interest; (5) engineering fees; and (6) title insurance, real property taxes and closing costs directly related to the purchase of the land parcel. Components of housing completed or under construction primarily include: (1) land costs transferred from land and land under development; (2) direct construction costs associated with a house; (3) real property taxes, engineering fees, permits and other fees; (4) capitalized interest; and (5) indirect construction costs, which include field construction management salaries and benefits, utilities and other construction related costs. Land costs are transferred from land and land under development to housing completed or under construction at the point in time that construction of a home on an owned lot begins. In accordance with ASC Topic 360, Property, Plant, and Equipment (“ASC 360”), homebuilding inventories, excluding those classified as held for sale, are carried at cost unless events and circumstances indicate that the carrying value of the underlying subdivision may not be recoverable. We evaluate inventories for impairment at each quarter end on a subdivision level basis as each such subdivision represents the lowest level of identifiable cash flows. In making this determination, we review, among other things, the following for each subdivision: • actual and trending “Operating Margin” (which is defined as home sale revenues less home cost of sales and all incremental costs associated directly with the subdivision, including sales commissions and marketing costs); • estimated future undiscounted cash flows and Operating Margin; • forecasted Operating Margin for homes in backlog; • actual and trending net home orders; • homes available for sale; • market information for each sub-market, including competition levels, home foreclosure levels, the size and style of homes currently being offered for sale and lot size; and • known or probable events indicating that the carrying value may not be recoverable. If events or circumstances indicate that the carrying value of our inventory may not be recoverable, assets are reviewed for impairment by comparing the undiscounted estimated future cash flows from an individual subdivision (including capitalized interest) to its carrying value. If the undiscounted future cash flows are less than the subdivision’s carrying value, the carrying value of the subdivision is written down to its then estimated fair value. We generally determine the estimated fair value of each subdivision by determining the present value of the estimated future cash flows at discount rates, which are Level 3 inputs, that are commensurate with the risk of the subdivision under evaluation. The evaluation for the recoverability of the carrying value of the assets for each individual subdivision can be impacted significantly by our estimates of future home sale revenues, home construction costs, and development costs per home, all of which are Level 3 inputs. If land is classified as held for sale, we measure it in accordance with ASC 360 at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, we primarily rely upon the most recent negotiated price, which is a Level 2 input. If a negotiated price is not available, we will consider several factors including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies, which are considered Level 3 inputs. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired down to its estimated fair value less costs to sell. Impairments of homebuilding inventory by segment for the three and nine months ended September 30, 2020 and 2019 are shown in the table below. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) West $ — $ — $ — $ — Mountain — — — 400 East — — — 210 Total inventory impairments $ — $ — $ — $ 610 The table below provides quantitative data, for the periods presented, where applicable, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Number of Inventory Impairments Fair Value of Inventory After Impairments Discount Rate (Dollars in thousands) March 31, 2019 2 $ 610 $ 10,476 N/A

Capitalization of Interest

Capitalization of Interest	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Capitalization of Interest	Capitalization of Interest We capitalize interest to inventories during the period of development in accordance with ASC Topic 835, Interest (“ASC 835”). Homebuilding interest capitalized as a cost of inventories is included in cost of sales during the period that related units or lots are delivered. To the extent our homebuilding debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred. Qualified homebuilding assets consist of all lots and homes, excluding finished unsold homes or finished models, within projects that are actively selling or under development. The table set forth below summarizes homebuilding interest activity. For all periods presented below, our qualified assets exceeded our homebuilding debt and as such, all interest incurred has been capitalized. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Homebuilding interest incurred $ 14,799 $ 15,879 $ 46,427 $ 47,890 Less: Interest capitalized (14,799) (15,879) (46,427) (47,890) Homebuilding interest expensed $ — $ — $ — $ — Interest capitalized, beginning of period $ 56,929 $ 58,193 $ 55,310 $ 54,845 Plus: Interest capitalized during period 14,799 15,879 46,427 47,890 Less: Previously capitalized interest included in home cost of sales (16,511) (14,451) (46,520) (43,114) Interest capitalized, end of period $ 55,217 $ 59,621 $ 55,217 $ 59,621

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	Leases We lease certain property, land and equipment, the majority of which comprise property related leases to provide office space where we operate our business. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Our property related leases typically have terms of between three five The property related lease for the Company’s headquarters in Denver, Colorado is ten years in length with an expiration date of October 31, 2026 and contains a ten Operating lease expense is included as a component of selling, general and administrative expenses in the homebuilding and expenses in the financial services sections of our consolidated statements of operations and comprehensive income, respectively. Components of operating lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Dollars in thousands) Operating lease cost 1 $ 2,083 $ 1,841 $ 6,249 $ 5,811 Less: Sublease income (Note 19) (38) (37) (114) (112) Net lease cost $ 2,045 $ 1,804 $ 6,135 $ 5,699 1 Includes variable lease costs, which are immaterial. Supplemental cash flow information related to leases was as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,792 $ 1,834 $ 5,439 $ 5,397 Leased assets obtained in exchange for new operating lease liabilities $ — $ 646 $ 4,050 $ 2,676 Weighted-average remaining lease term and discount rate for operating leases were as follows: September 30, 2020 Weighted-average remaining lease term (in years) 5.6 Weighted-average discount rate 5.5 % Maturities of operating lease liabilities were as follows: Year Ended December 31, (Dollars in thousands) 2020 (excluding the nine months ended September 30, 2020) $ 1,343 2021 7,421 2022 7,115 2023 6,203 2024 5,607 Thereafter 10,096 Total operating lease payments $ 37,785 Less: Interest 5,290 Present value of operating lease liabilities 1 $ 32,495 _______________________________________________________________ 1 Homebuilding and financial services operating lease liabilities of $31.6 million and $0.9 million, respectively, are included as a component of accrued and other liabilities and accounts payable and accrued liabilities, respectively, in the homebuilding and financial services section of our consolidated balance sheet at September 30, 2020.

Homebuilding Prepaid and Other

Homebuilding Prepaid and Other Assets	9 Months Ended
	Sep. 30, 2020
Prepaid Expense and Other Assets [Abstract]
Homebuilding Prepaid and Other Assets	Homebuilding Prepaid and Other Assets The following table sets forth the components of homebuilding prepaid and other assets: September 30, December 31, (Dollars in thousands) Operating lease right-of-use asset (Note 8) $ 30,653 $ 30,277 Land option deposits 25,925 27,361 Prepaid expenses 10,070 7,294 Goodwill 6,008 6,008 Deferred debt issuance costs on revolving credit facility, net 4,980 6,130 Other 785 1,288 Total prepaid and other assets $ 78,421 $ 78,358

Homebuilding Accrued Liabilitie

Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities	Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities The following table sets forth information relating to homebuilding accrued and other liabilities: September 30, December 31, 2019 (Dollars in thousands) Customer and escrow deposits $ 59,468 $ 39,001 Warranty accrual 32,097 31,386 Accrued compensation and related expenses 48,226 45,003 Lease liability (Note 8) 31,637 30,830 Accrued interest 13,825 27,734 Construction defect claim reserves 8,479 8,196 Land development and home construction accruals 8,630 9,750 Other accrued liabilities 56,899 54,040 Total accrued and other liabilities $ 259,261 $ 245,940 The following table sets forth information relating to financial services accounts payable and accrued liabilities: September 30, December 31, 2019 (Dollars in thousands) Insurance reserves $ 58,601 $ 52,219 Accounts payable and other accrued liabilities 25,567 16,310 Total accounts payable and accrued liabilities $ 84,168 $ 68,529

Warranty Accrual

Warranty Accrual	9 Months Ended
	Sep. 30, 2020
Product Warranties Disclosures [Abstract]
Warranty Accrual	Warranty Accrual Our homes are sold with limited third-party warranties and, under our agreement with the issuer of the third-party warranties, we are responsible for performing all of the work for the first two years of the warranty coverage and paying for substantially all of the work required to be performed during years three through ten of the warranties. We record accruals for general and structural warranty claims, as well as accruals for known, unusual warranty-related expenditures. Our warranty accrual is recorded based upon historical payment experience in an amount estimated to be adequate to cover expected costs of materials and outside labor during warranty periods. The determination of the warranty accrual rate for closed homes and the evaluation of our warranty accrual balance at period end are based on an internally developed analysis that includes known facts and interpretations of circumstances, including, among other things, our trends in historical warranty payment levels and warranty payments for claims not considered to be normal and recurring. Our warranty accrual is included in accrued and other liabilities in the homebuilding section of our consolidated balance sheets and adjustments to our warranty accrual are recorded as an increase or reduction to home cost of sales in the homebuilding section of our consolidated statements of operations and comprehensive income. The table set forth below summarizes accrual, adjustment and payment activity related to our warranty accrual for the three and nine months ended September 30, 2020 and 2019. The warranty accrual increased due to the increase in the number of home closings, which was partially offset during the nine months ended September 30, 2020 by adjustments to our per home warranty accrual rate due to lower than expected general warranty related expenditures in certain close of escrow years. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Balance at beginning of period $ 30,458 $ 29,349 $ 31,386 $ 28,262 Expense provisions 4,493 3,557 11,595 10,642 Cash payments (2,683) (3,425) (8,713) (8,894) Adjustments (171) 389 (2,171) (140) Balance at end of period $ 32,097 $ 29,870 $ 32,097 $ 29,870

Insurance and Construction Defe

Insurance and Construction Defect Claim Reserves	9 Months Ended
	Sep. 30, 2020
Insurance [Abstract]
Insurance and Construction Defect Claim Reserves	Insurance and Construction Defect Claim Reserves The establishment of reserves for estimated losses associated with insurance policies issued by Allegiant and re-insurance agreements issued by StarAmerican are based on actuarial studies that include known facts and interpretations of circumstances, including our experience with similar cases and historical trends involving claim payment patterns, pending levels of unpaid claims, product mix or concentration, claim severity, frequency patterns depending on the business conducted, and changing regulatory and legal environments. It is possible that changes in the insurance payment experience used in estimating our ultimate insurance losses could have a material impact on our insurance reserves. The establishment of reserves for estimated losses to be incurred by our homebuilding subsidiaries associated with: (1) the self-insured retention (“SIR”) portion of construction defect claims that are expected to be covered under insurance policies with Allegiant and (2) the entire cost of any construction defect claims that are not expected to be covered by insurance policies with Allegiant, are based on actuarial studies that include known facts similar to those for our insurance reserves. It is possible that changes in the payment experience used in estimating our ultimate losses for construction defect claims could have a material impact on our reserves. The table set forth below summarizes our insurance and construction defect claim reserves activity for the three and nine months ended September 30, 2020 and 2019. These reserves are included as a component of accounts payable and accrued liabilities and accrued and other liabilities in the financial services and homebuilding sections, respectively, of the consolidated balance sheets. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Balance at beginning of period $ 63,881 $ 56,817 $ 60,415 $ 55,308 Expense provisions 4,058 3,102 10,562 8,312 Cash payments, net of recoveries (859) (2,614) (3,897) (6,315) Balance at end of period $ 67,080 $ 57,305 $ 67,080 $ 57,305 In the ordinary course of business, we make payments from our insurance and construction defect claim reserves to settle litigation claims arising from our homebuilding activities. These payments are irregular in both their timing and their magnitude. As a result, the cash payments, net of recoveries shown for the three and nine months ended September 30, 2020 and 2019 are not necessarily indicative of what future cash payments will be for subsequent periods.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur overall effective income tax rates were 21.5% and 23.1% for the three and nine months ended September 30, 2020 and 19.5% and 24.4% for the three and nine months ended September 30, 2019, respectively. The rates for the three and nine months ended September 30, 2020 resulted in income tax expense of $27.1 million and $66.1 million, respectively, compared to income tax expense of $12.2 million and $47.0 million for the three and nine months ended September 30, 2019, respectively. The year-over-year increase in our effective tax rate for the three months ended September 30, 2020 was primarily due to changes in the estimated amount of energy tax credits to be received. The year-over-year decrease in our effective tax rate for the nine months ended September 30, 2020 was primarily due to tax windfalls recognized upon the vesting and exercise of equity awards.

Senior Notes

Senior Notes	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Senior Notes	Senior Notes The carrying values of our senior notes as of September 30, 2020 and December 31, 2019, net of any unamortized debt issuance costs or discount, were as follows: September 30, December 31, 2019 (Dollars in thousands) 5.625% Senior Notes due February 2020, net $ — $ 249,909 5.500% Senior Notes due January 2024, net 249,174 249,005 3.850% Senior Notes due January 2030, net 297,400 — 6.000% Senior Notes due January 2043, net 490,651 490,508 Total $ 1,037,225 $ 989,422 Our senior notes are not secured and, while the senior note indentures contain some restrictions on secured debt and other transactions, they do not contain financial covenants. Our senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by most of our homebuilding segment subsidiaries.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-Based Compensation We account for share-based awards in accordance with ASC Topic 718 Compensation–Stock Compensation (“ASC 718”), which requires the fair value of stock-based compensation awards to be amortized as an expense over the vesting period. Stock-based compensation awards are valued at fair value on the date of grant. The following table sets forth share-based award expense activity for the three and nine months ended September 30, 2020 and 2019, which is included as a component of selling general and administrative expenses and expenses in the homebuilding and financial services sections of our consolidated statements of operations and comprehensive income, respectively: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Stock option grants expense $ 814 $ 429 $ 2,026 $ 929 Restricted stock awards expense 2,271 1,391 4,841 2,979 Performance share units expense 5,523 7,975 11,669 14,270 Total stock-based compensation $ 8,608 $ 9,795 $ 18,536 $ 18,178 On August 20, 2020, August 5, 2019, May 23, 2018, June 20, 2017 and July 25, 2016, the Company granted long term performance share unit awards (“PSUs”) to each of the CEO, the COO, and the Chief Financial Officer (“CFO”) under the Company’s 2011 Equity Incentive Plan. The PSUs are earned based upon the Company’s performance over a period of three years (the “Performance Period”), measured by increasing home sale revenues over a “Base Period.” Each award is conditioned upon the Company achieving an average gross margin from home sales (excluding impairments) of at least fifteen percent (15%) over the Performance Period. Target goals will be earned if the Company’s three year average home sale revenues over the Performance Period (“Performance Revenues”) exceed the home sale revenues over the Base Period (“Base Revenues”) by at least 10% but less than 20%. If Performance Revenues exceed the Base Revenues by at least 5% but less than 10%, 50% of the Target Goals will be earned (“Threshold Goals”). If Performance Revenues exceed the Base Revenues by at least 20%, 200% of the Target Goals will be earned (“Maximum Goals”). For the PSUs granted in 2017, 2018, 2019 and 2020, the number of PSUs earned shall be adjusted to be proportional to the partial performance between the Threshold Goals, Target Goals and Maximum Goals. Details for each defined term above for each grant has been provided in the table below. Threshold Goal Target Goal Maximum Goal Maximum Potential Expense to be Recognized * Maximum Remaining Expense to be Recognized * Date of Award Performance Period Base Period Base Period Revenues PSUs Home Sale Revenues PSUs Home Sale Revenues PSUs Home Sale Revenues Fair Value per Share Jul 25, 2016 July 1, 2016 - June 30, 2019 July 1, 2015 - June 30, 2016 $1.975 billion 137,781 $2.074 billion 275,562 $2.173 billion 551,124 $2.370 billion $ 19.66 $ 10,834 $ — Jun 20, 2017 April 1, 2017 - March 31, 2020 April 1, 2016 - March 31, 2017 $2.426 billion 144,342 $2.547 billion 288,684 $2.669 billion 577,368 $2.911 billion $ 27.83 $ 16,070 $ — May 23, 2018 April 1, 2018 - March 31, 2021 April 1, 2017 - March 31, 2018 $2.543 billion 145,800 $2.670 billion 291,600 $2.797 billion 583,200 $3.052 billion $ 25.57 $ 14,915 $ 2,615 Aug 5, 2019 January 1, 2019 - December 31, 2021 January 1, 2018 - December 31, 2018 $2.982 billion 135,000 $3.131 billion 270,000 $3.280 billion 540,000 $3.578 billion $ 32.60 $ 17,604 $ 13,391 Aug 20, 2020 January 1, 2020 - December 31, 2022 January 1, 2019 - December 31, 2019 $3.205 billion 135,000 $3.366 billion 270,000 $3.526 billion 540,000 $3.846 billion $ 41.89 $ 22,618 $ 22,618 _______________________ * Dollars in thousands In accordance with ASC 718, the PSUs were valued on the date of grant at their fair value. The fair value of these grants was equal to the closing price of MDC stock on the date of grant less the discounted cash flows of expected future dividends over the respective vesting period (as these PSUs do not participate in dividends). The grant date fair value and maximum potential expense if the Maximum Goals were met for these awards has been provided in the table above. ASC 718 does not permit recognition of expense associated with performance-based stock awards until achievement of the performance targets are probable of occurring. 2016 PSU Grants. The 2016 PSU awards vested on August 7, 2019 at the Maximum Goal following the achievement of the Maximum Goals and certification by the Compensation Committee that the Maximum Goals had been achieved. For the nine months ended September 30, 2019, the Company recorded share-based award expense of $1.8 million related to these awards. 2017 PSU Grant s. The 2017 PSU awards vested on May 5, 2020 at the Maximum Goal following the achievement of the Maximum Goals and certification by the Compensation Committee that the Maximum Goals had been achieved. For the nine months ended September 30, 2020, the Company recorded share-based award expense of $1.4 million related to these awards. For the three and nine months ended September 30, 2019, the Company recorded share-based award expense of $5.5 million and $10.0 million, respectively, related to these awards. 2018 PSU Grant s. As of September 30, 2020, the Company determined that achievement of the Maximum Goals for these awards was probable and, as such, the Company recorded share-based award expense related to the awards of $1.3 million and $6.0 million, respectively, for the three and nine months ended September 30, 2020. As of September 30, 2019, the Company determined that achievement between the Threshold and Target Goals for these awards was probable and as such, the Company recorded share-based award expense related to the awards of $2.5 million for both the three and nine months ended September 30, 2019. 2019 PSU Grant s. As of September 30, 2020, the Company determined that achievement of the Target Goals for these awards was probable and as such, the Company recorded share-based award expense related to the awards of $4.2 million for both the three and nine months ended September 30, 2020. As of September 30, 2019, the Company concluded that achievement of any of the performance metrics had not met the level of probability required to record compensation expense and as such, no expense related to these awards had been recognized. 2020 PSU Grant s. For the PSUs granted in August of 2020, the Company concluded that achievement of any of the performance metrics has not met the level of probability required to record compensation expense and, as such, no expense related to these awards has been recognized as of September 30, 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Surety Bonds and Letters of Credit. We are required to obtain surety bonds and letters of credit in support of our obligations for land development and subdivision improvements, homeowner association dues, warranty work, contractor license fees and earnest money deposits. At September 30, 2020, we had outstanding surety bonds and letters of credit totaling $256.3 million and $126.3 million, respectively, including $100.9 million in letters of credit issued by HomeAmerican. The estimated cost to complete obligations related to these bonds and letters of credit were approximately $96.0 million and $82.5 million, respectively. All letters of credit as of September 30, 2020, excluding those issued by HomeAmerican, were issued under our unsecured revolving credit facility (see Note 18 for further discussion of the revolving credit facility). We expect that the obligations secured by these performance bonds and letters of credit generally will be performed in the ordinary course of business and in accordance with the applicable contractual terms. To the extent that the obligations are performed, the related performance bonds and letters of credit should be released and we should not have any continuing obligations. However, in the event any such performance bonds or letters of credit are called, our indemnity obligations could require us to reimburse the issuer of the performance bond or letter of credit. We have made no material guarantees with respect to third-party obligations. Litigation. Due to the nature of the homebuilding business, we have been named as defendants in various claims, complaints and other legal actions arising in the ordinary course of business, including product liability claims and claims associated with the sale and financing of homes. In the opinion of management, the outcome of these ordinary course matters will not have a material adverse effect upon our financial condition, results of operations or cash flows. Lot Option Contracts . In the ordinary course of business, we enter into lot option purchase contracts (“Option Contracts”), generally through a deposit of cash or a letter of credit, for the right to purchase land or lots at a future point in time with predetermined terms. The use of such land option and other contracts generally allow us to reduce the risks associated with direct land ownership and development, reduces our capital and financial commitments, and minimizes the amount of land inventories on our consolidated balance sheets. In certain cases, these contracts will be settled shortly following the end of the period. Our obligation with respect to Option Contracts is generally limited to forfeiture of the related deposits. At September 30, 2020, we had cash deposits and letters of credit totaling $22.1 million and $7.6 million, respectively, at risk associated with the option to purchase 7,757 lots. Coronavirus/COVID-19 Pandemic. In response to the pandemic, many state and local governments instituted restrictions that substantially limited the operations of non-essential businesses and the activities of individuals. While some of these restrictions have been eased, there is still significant uncertainty around the extent and duration of those still in place and the possibility for restrictions to be increased again in the future. We continue to construct, market and sell homes in all markets in which we operate, but increased restrictions could have a negative impact on traffic at our sales centers and model homes, cancellation rates and our ability to physically construct homes. While the extent to which the pandemic will impact our financial results in the coming periods depends on future developments, including whether there are additional outbreaks of COVID-19 and the actions taken to contain or address the virus, the pandemic and its associated impact on the U.S. economy and consumer confidence could have a material impact to the Company’s future results of operations, financial condition and cash flows.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The derivative instruments we utilize in the normal course of business are interest rate lock commitments and forward sales of mortgage-backed securities, both of which typically are short-term in nature. Forward sales of mortgage-backed securities are utilized to hedge changes in fair value of our interest rate lock commitments as well as mortgage loans held-for-sale not under commitments to sell. For forward sales of mortgage-backed securities, as well as interest rate lock commitments that are still outstanding at the end of a reporting period, we record the changes in fair value of the derivatives in revenues in the financial services section of our consolidated statements of operations and comprehensive income with an offset to other assets or accounts payable and accrued liabilities in the financial services section of our consolidated balance sheets, depending on the nature of the change. At September 30, 2020, we had interest rate lock commitments with an aggregate principal balance of $254.7 million. Additionally, we had $53.0 million of mortgage loans held-for-sale at September 30, 2020 that had not yet been committed to a mortgage purchaser. In order to hedge the changes in fair value of our interest rate lock commitments and mortgage loans held-for-sale that had not yet been committed to a mortgage purchaser, we had forward sales of securities totaling $201.0 million at September 30, 2020. For the three and nine months ended September 30, 2020, we recorded net gains on derivatives of $1.6 million and $4.9 million, respectively, in revenues in the financial services section of our consolidated statements of operations and comprehensive income, compared to net gains of $0.5 million and $1.9 million for the same periods in 2019.

Lines of Credit

Lines of Credit	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Lines of Credit	Lines of Credit Revolving Credit Facility. We have an unsecured revolving credit agreement (“Revolving Credit Facility”) with a group of lenders which may be used for general corporate purposes. This agreement was amended on November 1, 2018 to (1) extend the Revolving Credit Facility maturity to December 18, 2023, (2) increase the aggregate commitment from $700 million to $1.0 billion (the “Commitment”) and (3) provide that the aggregate amount of the commitments may increase to an amount not to exceed $1.5 billion upon our request, subject to receipt of additional commitments from existing or additional lenders and, in the case of additional lenders, the consent of the co-administrative agents. As defined in the Revolving Credit Facility, interest rates on base rate borrowings are equal to the highest of (1) 0.0%, (2) a prime rate, (3) a federal funds effective rate plus 1.50%, and (4) a specified eurocurrency rate plus 1.00% and, in each case, plus a margin that is determined based on our credit ratings and leverage ratio. Interest rates on eurocurrency borrowings are equal to a specified eurocurrency rate plus a margin that is determined based on our credit ratings and leverage ratio. At any time at which our leverage ratio, as of the last day of the most recent calendar quarter, exceeds 55%, the aggregate principal amount of all consolidated senior debt borrowings outstanding may not exceed the borrowing base. There is no borrowing base requirement if our leverage ratio, as of the last day of the most recent calendar quarter, is 55% or less. The Revolving Credit Facility is fully and unconditionally guaranteed, jointly and severally, by most of our homebuilding segment subsidiaries. The facility contains various representations, warranties and covenants that we believe are customary for agreements of this type. The financial covenants include a consolidated tangible net worth test and a leverage test, along with a consolidated tangible net worth covenant, all as defined in the Revolving Credit Facility. A failure to satisfy the foregoing tests does not constitute an event of default, but can trigger a “term-out” of the facility. A breach of the consolidated tangible net worth covenant (but not the consolidated tangible net worth test) or a violation of anti-corruption or sanctions laws would result in an event of default. The Revolving Credit Facility is subject to acceleration upon certain specified events of default, including breach of the consolidated tangible net worth covenant, a violation of anti-corruption or sanctions laws, failure to make timely payments, breaches of certain representations or covenants, failure to pay other material indebtedness, or another person becoming beneficial owner of 50% or more of our outstanding common stock. We believe we were in compliance with the representations, warranties and covenants included in the Revolving Credit Facility as of September 30, 2020. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At September 30, 2020 and December 31, 2019, there were $25.4 million and $23.5 million, respectively, in letters of credit outstanding, which reduced the amounts available to be borrowed under the Revolving Credit Facility. At September 30, 2020 and December 31, 2019, we had $10.0 million and $15.0 million, respectively, outstanding under the Revolving Credit Facility. As of September 30, 2020, availability under the Revolving Credit Facility was approximately $964.6 million. Mortgage Repurchase Facility. HomeAmerican has a Master Repurchase Agreement (the “Mortgage Repurchase Facility”) with U.S. Bank National Association (“USBNA”). The Mortgage Repurchase Facility provides liquidity to HomeAmerican by providing for the sale of up to an aggregate of $75 million (subject to increase by up to $75 million under certain conditions) of eligible mortgage loans to USBNA with an agreement by HomeAmerican to repurchase the mortgage loans at a future date. Until such mortgage loans are transferred back to HomeAmerican, the documents relating to such loans are held by USBNA, as custodian, pursuant to the Custody Agreement (“Custody Agreement”), dated as of November 12, 2008, by and between HomeAmerican and USBNA. In the event that an eligible mortgage loan becomes ineligible, as defined under the Mortgage Repurchase Facility, HomeAmerican may be required to repurchase the ineligible mortgage loan immediately. The Mortgage Repurchase Facility terminates on May 20, 2021. Effective September 24, 2020, the Mortgage Repurchase Facility was amended to adjust the commitments to purchase for specific time periods and increase the Adjusted Tangible Net Worth Ratio from 8.0 to 1.0 to 10.0 to 1.0. As part of the amendment, the commitments to purchase were increased to $100 million for the periods September 24, 2020 through October 23, 2020 and March 25, 2021 through April 23, 2021 and $200 million for the period December 22, 2020 through February 4, 2021. The maximum aggregate commitment of the Mortgage Repurchase Facility was temporarily increased by $50 million on September 28, 2020 effective through October 27, 2020. The maximum aggregate commitment of the Mortgage Repurchase Facility was temporarily increased by $75 million on December 24, 2019 effective through January 22, 2020, which increased the maximum aggregate commitment from $75 million to $150 million. At September 30, 2020 and December 31, 2019 HomeAmerican had $130.9 million and $149.6 million, respectively, of mortgage loans that HomeAmerican was obligated to repurchase under the Mortgage Repurchase Facility. Mortgage loans that HomeAmerican is obligated to repurchase under the Mortgage Repurchase Facility are accounted for as a debt financing arrangement and are reported as mortgage repurchase facility in the consolidated balance sheets. Advances under the Mortgage Repurchase Facility carry a price range that is based on a LIBOR rate or successor benchmark rate. The Mortgage Repurchase Facility contains various representations, warranties and affirmative and negative covenants that we believe are customary for agreements of this type. The negative covenants include, among others, (i) a minimum Adjusted Tangible Net Worth requirement, (ii) a maximum Adjusted Tangible Net Worth ratio, (iii) a minimum adjusted net income requirement, and (iv) a minimum Liquidity requirement. The foregoing capitalized terms are defined in the Mortgage Repurchase Facility. We believe HomeAmerican was in compliance with the representations, warranties and covenants included in the Mortgage Repurchase Facility as of September 30, 2020.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	. Related Party Transactions We contributed $1.5 million in cash to the MDC/Richmond American Homes Foundation (the “Foundation”) during the nine months ended September 30, 2020. The Foundation is a non-profit organization operated exclusively for charitable, educational and other purposes beneficial to social welfare within the meaning of Section 501(c)(3) of the Internal Revenue Code. The following Directors and/or officers of the Company served as directors of the Foundation at September 30, 2020, all of whom serve without compensation: Name MDC Title Larry A. Mizel Chairman and CEO David D. Mandarich President and COO Three other individuals, who are independent of the Company, also serve as directors of the Foundation. All directors of the Foundation serve without compensation. The Company has a sublease agreement with CVentures, Inc. Larry A. Mizel, the Chief Executive Officer of the Company, is the President of CVentures, Inc. The sublease is for office space that CVentures, Inc. has continuously leased from the Company since 2005. The current sublease term commenced November 1, 2016 and will continue through October 31, 2021, with an option to extend to October 31, 2026. The sublease agreement is for approximately 5,437 rentable square feet at a base rent that increases over the initial term from $26.50 to $28.68 per rentable square foot per year, and increasing over the extension term from $29.26 to $31.67 per rentable square foot per year. The sublease rent is an allocation of the rent under the master lease agreement based on the sublease square footage.

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor Information Our senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by the following subsidiaries (collectively, the "Guarantor Subsidiaries"), which are 100%-owned subsidiaries of the Company: • M.D.C. Land Corporation • RAH of Florida, Inc. • Richmond American Construction, Inc. • Richmond American Homes of Arizona, Inc. • Richmond American Homes of Colorado, Inc. • Richmond American Homes of Florida, LP • Richmond American Homes of Illinois, Inc. • Richmond American Homes of Maryland, Inc. • Richmond American Homes of Nevada, Inc. • Richmond American Homes of New Jersey, Inc. • Richmond American Homes of Oregon, Inc. • Richmond American Homes of Pennsylvania, Inc. • Richmond American Homes of Utah, Inc. • Richmond American Homes of Virginia, Inc. • Richmond American Homes of Washington, Inc. The senior note indentures do not provide for a suspension of the guarantees, but do provide that any Guarantor may be released from its guarantee so long as (1) no default or event of default exists or would result from release of such guarantee, (2) the Guarantor being released has consolidated net worth of less than 5% of the Company’s consolidated net worth as of the end of the most recent fiscal quarter, (3) the Guarantors released from their guarantees in any year-end period comprise in the aggregate less than 10% (or 15% if and to the extent necessary to permit the cure of a default) of the Company’s consolidated net worth as of the end of the most recent fiscal quarter, (4) such release would not have a material adverse effect on the homebuilding business of the Company and its subsidiaries and (5) the Guarantor is released from its guarantee(s) under all Specified Indebtedness (other than by reason of payment under its guarantee of Specified Indebtedness). Upon delivery of an officers’ certificate and an opinion of counsel stating that all conditions precedent provided for in the indenture relating to such transactions have been complied with and the release is authorized, the guarantee will be automatically and unconditionally released. “Specified Indebtedness” means indebtedness under the senior notes, the Company’s Indenture dated as of December 3, 2002, the Revolving Credit Facility, and any refinancing, extension, renewal or replacement of any of the foregoing. As the combined assets, liabilities and results of operations of M.D.C. Holdings, Inc. and the Guarantor Subsidiaries (the “Obligor Group”) are not materially different from those in the homebuilding section of our consolidated balance sheets and consolidated statements of operations and comprehensive income, separate summarized financial information of the Obligor Group has not been included. As of September 30, 2020 and December 31, 2019, amounts due to non-guarantor subsidiaries from the Obligor Group totaled $65.9 million and $24.2 million, respectively.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires measurement and recognition of expected credit losses for financial assets held. The amendments in ASU 2016-13 eliminate the probable threshold for initial recognition of a credit loss in current GAAP and reflect an entity’s current estimate of all expected credit losses. On January 1, 2020, we adopted ASU 2016-13 using the modified retrospective transition method, resulting in a cumulative effect adjustment that decreased the opening balance of retained earnings by less than $0.1 million. The standard did not materially impact our consolidated statements of operations and comprehensive income or consolidated cash flows.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following table summarizes revenues for our homebuilding and financial services operations Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Homebuilding West $ 552,319 $ 410,414 $ 1,447,934 $ 1,164,502 Mountain 347,095 263,802 886,619 760,470 East 101,135 76,058 249,839 205,424 Total homebuilding revenues $ 1,000,549 $ 750,274 $ 2,584,392 $ 2,130,396 Financial Services Mortgage operations $ 28,548 $ 14,395 $ 67,536 $ 36,258 Other 8,255 7,993 24,117 22,131 Total financial services revenues $ 36,803 $ 22,388 $ 91,653 $ 58,389
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Homebuilding West $ 59,120 $ 34,898 $ 144,441 $ 103,448 Mountain 48,053 31,391 111,372 89,077 East 6,020 2,136 9,993 5,761 Corporate (11,543) (19,734) (29,566) (46,926) Total homebuilding pretax income $ 101,650 $ 48,691 $ 236,240 $ 151,360 Financial Services Mortgage operations $ 20,809 $ 8,468 $ 46,558 $ 19,700 Other 3,559 5,647 3,420 21,683 Total financial services pretax income $ 24,368 $ 14,115 $ 49,978 $ 41,383 Total pretax income $ 126,018 $ 62,806 $ 286,218 $ 192,743
Reconciliation of Assets from Segment to Consolidated	The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include our cash and cash equivalents and deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. September 30, December 31, (Dollars in thousands) Homebuilding assets West $ 1,660,583 $ 1,461,645 Mountain 927,730 869,665 East 248,028 194,592 Corporate 507,728 505,507 Total homebuilding assets $ 3,344,069 $ 3,031,409 Financial services assets Mortgage operations $ 196,258 $ 209,946 Other 72,447 97,001 Total financial services assets $ 268,705 $ 306,947 Total assets $ 3,612,774 $ 3,338,356

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	To calculate diluted EPS, basic EPS is adjusted to include the effect of potentially dilutive stock options outstanding. The table below shows our basic and diluted EPS calculations. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands, except per share amounts) Numerator Net income $ 98,938 $ 50,580 $ 220,094 $ 145,723 Less: distributed earnings allocated to participating securities (148) (122) (404) (343) Less: undistributed earnings allocated to participating securities (502) (202) (952) (554) Net income attributable to common stockholders (numerator for basic earnings per share) 98,288 50,256 218,738 144,826 Add back: undistributed earnings allocated to participating securities 502 202 952 554 Less: undistributed earnings reallocated to participating securities (488) (195) (929) (540) Numerator for diluted earnings per share under two class method $ 98,302 $ 50,263 $ 218,761 $ 144,840 Denominator Weighted-average common shares outstanding 63,868,486 61,978,195 63,129,077 61,422,925 Add: dilutive effect of stock options 1,810,624 1,990,020 1,599,722 1,570,194 Add: dilutive effect of performance share units 145,800 — 241,056 367,416 Denominator for diluted earnings per share under two class method 65,824,910 63,968,215 64,969,855 63,360,535 Basic Earnings Per Common Share $ 1.54 $ 0.81 $ 3.46 $ 2.36 Diluted Earnings Per Common Share $ 1.49 $ 0.79 $ 3.37 $ 2.29

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis: Fair Value Financial Instrument Hierarchy September 30, December 31, (Dollars in thousands) Marketable securities Equity securities Level 1 $ — $ 56,747 Mortgage loans held-for-sale, net Level 2 $ 160,506 $ 197,021
Gain on Securities	The following table reconciles the net gain recognized during the three and nine months ended September 30, 2020 and 2019 on equity securities to the unrealized gain recognized during the periods on equity securities still held at the reporting date. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Net gain (loss) recognized during the period on equity securities $ — $ 767 $ (8,285) $ 7,934 Less: Net gain (loss) recognized during the period on equity securities sold during the period — 299 (8,285) 536 Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ — $ 468 $ — $ 7,398
Fair Value of Senior Notes	The estimated values of the senior notes in the following table are based on Level 2 inputs, which primarily reflect estimated prices for our senior notes that were provided by multiple sources. September 30, 2020 December 31, 2019 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 million 5.625% Senior Notes due February 2020, net $ — $ — $ 249,909 $ 250,400 $250 million 5.500% Senior Notes due January 2024, net 249,174 270,388 249,005 272,083 $300 million 3.850% Senior Notes due January 2030, net 297,400 313,505 — — $500 million 6.000% Senior Notes due January 2043, net 490,651 605,125 490,508 528,542 Total $ 1,037,225 $ 1,189,018 $ 989,422 $ 1,051,025

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	The following table sets forth, by reportable segment, information relating to our homebuilding inventories: September 30, December 31, (Dollars in thousands) Housing completed or under construction: West $ 844,264 $ 589,040 Mountain 463,690 358,370 East 115,901 88,781 Subtotal 1,423,855 1,036,191 Land and land under development: West 698,099 772,189 Mountain 412,299 468,718 East 111,456 89,477 Subtotal 1,221,854 1,330,384 Total inventories $ 2,645,709 $ 2,366,575
Schedule of Inventory Impairments	Impairments of homebuilding inventory by segment for the three and nine months ended September 30, 2020 and 2019 are shown in the table below. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) West $ — $ — $ — $ — Mountain — — — 400 East — — — 210 Total inventory impairments $ — $ — $ — $ 610
Quantitative Data for Fair Value of the Impaired Inventory	The table below provides quantitative data, for the periods presented, where applicable, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Number of Inventory Impairments Fair Value of Inventory After Impairments Discount Rate (Dollars in thousands) March 31, 2019 2 $ 610 $ 10,476 N/A

Capitalization of Interest (Tab

Capitalization of Interest (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Capitalization of Interest	For all periods presented below, our qualified assets exceeded our homebuilding debt and as such, all interest incurred has been capitalized. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Homebuilding interest incurred $ 14,799 $ 15,879 $ 46,427 $ 47,890 Less: Interest capitalized (14,799) (15,879) (46,427) (47,890) Homebuilding interest expensed $ — $ — $ — $ — Interest capitalized, beginning of period $ 56,929 $ 58,193 $ 55,310 $ 54,845 Plus: Interest capitalized during period 14,799 15,879 46,427 47,890 Less: Previously capitalized interest included in home cost of sales (16,511) (14,451) (46,520) (43,114) Interest capitalized, end of period $ 55,217 $ 59,621 $ 55,217 $ 59,621

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease, Cost	Components of operating lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Dollars in thousands) Operating lease cost 1 $ 2,083 $ 1,841 $ 6,249 $ 5,811 Less: Sublease income (Note 19) (38) (37) (114) (112) Net lease cost $ 2,045 $ 1,804 $ 6,135 $ 5,699 1 Includes variable lease costs, which are immaterial.
Schedule of Lease Cash Flow Information	Supplemental cash flow information related to leases was as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,792 $ 1,834 $ 5,439 $ 5,397 Leased assets obtained in exchange for new operating lease liabilities $ — $ 646 $ 4,050 $ 2,676
Schedule of Lease Terms and Discount Rates	Weighted-average remaining lease term and discount rate for operating leases were as follows: September 30, 2020 Weighted-average remaining lease term (in years) 5.6 Weighted-average discount rate 5.5 %
Lessee, Operating Lease, Liability, Maturity	Maturities of operating lease liabilities were as follows: Year Ended December 31, (Dollars in thousands) 2020 (excluding the nine months ended September 30, 2020) $ 1,343 2021 7,421 2022 7,115 2023 6,203 2024 5,607 Thereafter 10,096 Total operating lease payments $ 37,785 Less: Interest 5,290 Present value of operating lease liabilities 1 $ 32,495 _______________________________________________________________ 1 Homebuilding and financial services operating lease liabilities of $31.6 million and $0.9 million, respectively, are included as a component of accrued and other liabilities and accounts payable and accrued liabilities, respectively, in the homebuilding and financial services section of our consolidated balance sheet at September 30, 2020.

Homebuilding Prepaid and Othe_2

Homebuilding Prepaid and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Prepaid Expense and Other Assets [Abstract]
Schedule of Other Assets	The following table sets forth the components of homebuilding prepaid and other assets: September 30, December 31, (Dollars in thousands) Operating lease right-of-use asset (Note 8) $ 30,653 $ 30,277 Land option deposits 25,925 27,361 Prepaid expenses 10,070 7,294 Goodwill 6,008 6,008 Deferred debt issuance costs on revolving credit facility, net 4,980 6,130 Other 785 1,288 Total prepaid and other assets $ 78,421 $ 78,358

Homebuilding Accrued Liabilit_2

Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accrued Liabilities	The following table sets forth information relating to homebuilding accrued and other liabilities: September 30, December 31, 2019 (Dollars in thousands) Customer and escrow deposits $ 59,468 $ 39,001 Warranty accrual 32,097 31,386 Accrued compensation and related expenses 48,226 45,003 Lease liability (Note 8) 31,637 30,830 Accrued interest 13,825 27,734 Construction defect claim reserves 8,479 8,196 Land development and home construction accruals 8,630 9,750 Other accrued liabilities 56,899 54,040 Total accrued and other liabilities $ 259,261 $ 245,940
Schedule of Accounts Payable and Accrued Liabilities	The following table sets forth information relating to financial services accounts payable and accrued liabilities: September 30, December 31, 2019 (Dollars in thousands) Insurance reserves $ 58,601 $ 52,219 Accounts payable and other accrued liabilities 25,567 16,310 Total accounts payable and accrued liabilities $ 84,168 $ 68,529

Warranty Accrual (Tables)

Warranty Accrual (Tables)	9 Months Ended
	Sep. 30, 2020
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	The table set forth below summarizes accrual, adjustment and payment activity related to our warranty accrual for the three and nine months ended September 30, 2020 and 2019. The warranty accrual increased due to the increase in the number of home closings, which was partially offset during the nine months ended September 30, 2020 by adjustments to our per home warranty accrual rate due to lower than expected general warranty related expenditures in certain close of escrow years. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Balance at beginning of period $ 30,458 $ 29,349 $ 31,386 $ 28,262 Expense provisions 4,493 3,557 11,595 10,642 Cash payments (2,683) (3,425) (8,713) (8,894) Adjustments (171) 389 (2,171) (140) Balance at end of period $ 32,097 $ 29,870 $ 32,097 $ 29,870

Insurance and Construction De_2

Insurance and Construction Defect Claim Reserves (Tables)	9 Months Ended
	Sep. 30, 2020
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The table set forth below summarizes our insurance and construction defect claim reserves activity for the three and nine months ended September 30, 2020 and 2019. These reserves are included as a component of accounts payable and accrued liabilities and accrued and other liabilities in the financial services and homebuilding sections, respectively, of the consolidated balance sheets. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Balance at beginning of period $ 63,881 $ 56,817 $ 60,415 $ 55,308 Expense provisions 4,058 3,102 10,562 8,312 Cash payments, net of recoveries (859) (2,614) (3,897) (6,315) Balance at end of period $ 67,080 $ 57,305 $ 67,080 $ 57,305

Senior Notes (Tables)

Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The carrying values of our senior notes as of September 30, 2020 and December 31, 2019, net of any unamortized debt issuance costs or discount, were as follows: September 30, December 31, 2019 (Dollars in thousands) 5.625% Senior Notes due February 2020, net $ — $ 249,909 5.500% Senior Notes due January 2024, net 249,174 249,005 3.850% Senior Notes due January 2030, net 297,400 — 6.000% Senior Notes due January 2043, net 490,651 490,508 Total $ 1,037,225 $ 989,422

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Activity	The following table sets forth share-based award expense activity for the three and nine months ended September 30, 2020 and 2019, which is included as a component of selling general and administrative expenses and expenses in the homebuilding and financial services sections of our consolidated statements of operations and comprehensive income, respectively: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Stock option grants expense $ 814 $ 429 $ 2,026 $ 929 Restricted stock awards expense 2,271 1,391 4,841 2,979 Performance share units expense 5,523 7,975 11,669 14,270 Total stock-based compensation $ 8,608 $ 9,795 $ 18,536 $ 18,178
Share-based Payment Arrangement, Performance Shares, Outstanding Activity	Details for each defined term above for each grant has been provided in the table below. Threshold Goal Target Goal Maximum Goal Maximum Potential Expense to be Recognized * Maximum Remaining Expense to be Recognized * Date of Award Performance Period Base Period Base Period Revenues PSUs Home Sale Revenues PSUs Home Sale Revenues PSUs Home Sale Revenues Fair Value per Share Jul 25, 2016 July 1, 2016 - June 30, 2019 July 1, 2015 - June 30, 2016 $1.975 billion 137,781 $2.074 billion 275,562 $2.173 billion 551,124 $2.370 billion $ 19.66 $ 10,834 $ — Jun 20, 2017 April 1, 2017 - March 31, 2020 April 1, 2016 - March 31, 2017 $2.426 billion 144,342 $2.547 billion 288,684 $2.669 billion 577,368 $2.911 billion $ 27.83 $ 16,070 $ — May 23, 2018 April 1, 2018 - March 31, 2021 April 1, 2017 - March 31, 2018 $2.543 billion 145,800 $2.670 billion 291,600 $2.797 billion 583,200 $3.052 billion $ 25.57 $ 14,915 $ 2,615 Aug 5, 2019 January 1, 2019 - December 31, 2021 January 1, 2018 - December 31, 2018 $2.982 billion 135,000 $3.131 billion 270,000 $3.280 billion 540,000 $3.578 billion $ 32.60 $ 17,604 $ 13,391 Aug 20, 2020 January 1, 2020 - December 31, 2022 January 1, 2019 - December 31, 2019 $3.205 billion 135,000 $3.366 billion 270,000 $3.526 billion 540,000 $3.846 billion $ 41.89 $ 22,618 $ 22,618 _______________________ * Dollars in thousands

Recently Issued Accounting St_3

Recently Issued Accounting Standards (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 590,130	$ 433,126
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected [Extensible List]	us-gaap:AccountingStandardsUpdateTransitionMethodAbstract
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 100

Segment Reporting (Details Text

Segment Reporting (Details Textual)	9 Months Ended
	Sep. 30, 2020
Segment
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Revenue From Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Homebuilding:
Segment Reporting Information [Line Items]
Total financial services revenues	$ 1,000,549	$ 750,274	$ 2,584,392	$ 2,130,396
Homebuilding: | West
Segment Reporting Information [Line Items]
Total financial services revenues	552,319	410,414	1,447,934	1,164,502
Homebuilding: | Mountain
Segment Reporting Information [Line Items]
Total financial services revenues	347,095	263,802	886,619	760,470
Homebuilding: | East
Segment Reporting Information [Line Items]
Total financial services revenues	101,135	76,058	249,839	205,424
Financial Services: | West
Segment Reporting Information [Line Items]
Total financial services revenues	36,803	22,388	91,653	58,389
Financial Services: | Mortgage operations
Segment Reporting Information [Line Items]
Total financial services revenues	28,548	14,395	67,536	36,258
Financial Services: | Other
Segment Reporting Information [Line Items]
Total financial services revenues	$ 8,255	$ 7,993	$ 24,117	$ 22,131

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Pretax Operating Income From Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Income before income taxes	$ 126,018	$ 62,806	$ 286,218	$ 192,743
Homebuilding:
Segment Reporting Information [Line Items]
Income before income taxes	101,650	48,691	236,240	151,360
Financial Services:
Segment Reporting Information [Line Items]
Income before income taxes	24,368	14,115	49,978	41,383
Operating Segments | Homebuilding: | West
Segment Reporting Information [Line Items]
Income before income taxes	59,120	34,898	144,441	103,448
Operating Segments | Homebuilding: | Mountain
Segment Reporting Information [Line Items]
Income before income taxes	48,053	31,391	111,372	89,077
Operating Segments | Homebuilding: | East
Segment Reporting Information [Line Items]
Income before income taxes	6,020	2,136	9,993	5,761
Operating Segments | Financial Services: | Mortgage operations
Segment Reporting Information [Line Items]
Income before income taxes	20,809	8,468	46,558	19,700
Operating Segments | Financial Services: | Other
Segment Reporting Information [Line Items]
Income before income taxes	3,559	5,647	3,420	21,683
Corporate | Homebuilding:
Segment Reporting Information [Line Items]
Income before income taxes	$ (11,543)	$ (19,734)	$ (29,566)	$ (46,926)

Segment Reporting - Total Asset

Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 3,612,774	$ 3,338,356
Homebuilding:
Segment Reporting Information [Line Items]
Total Assets	3,344,069	3,031,409
Financial Services:
Segment Reporting Information [Line Items]
Total Assets	268,705	306,947
Operating Segments | Homebuilding: | West
Segment Reporting Information [Line Items]
Total Assets	1,660,583	1,461,645
Operating Segments | Homebuilding: | Mountain
Segment Reporting Information [Line Items]
Total Assets	927,730	869,665
Operating Segments | Homebuilding: | East
Segment Reporting Information [Line Items]
Total Assets	248,028	194,592
Operating Segments | Financial Services: | Mortgage operations
Segment Reporting Information [Line Items]
Total Assets	196,258	209,946
Operating Segments | Financial Services: | Other
Segment Reporting Information [Line Items]
Total Assets	72,447	97,001
Corporate | Homebuilding:
Segment Reporting Information [Line Items]
Total Assets	$ 507,728	$ 505,507

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	0	0.4	0.4

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 98,938	$ 84,396	$ 36,760	$ 50,580	$ 54,593	$ 40,550	$ 220,094	$ 145,723
Less: distributed earnings allocated to participating securities	(148)			(122)			(404)	(343)
Less: undistributed earnings allocated to participating securities	(502)			(202)			(952)	(554)
Net income attributable to common stockholders (numerator for basic earnings per share)	98,288			50,256			218,738	144,826
Add back: undistributed earnings allocated to participating securities	502			202			952	554
Less: undistributed earnings reallocated to participating securities	(488)			(195)			(929)	(540)
Numerator for diluted earnings per share under two class method	$ 98,302			$ 50,263			$ 218,761	$ 144,840
Weighted-average common shares outstanding	63,868,486			61,978,195			63,129,077	61,422,925
Denominator for diluted earnings per share under two class method	65,824,910			63,968,215			64,969,855	63,360,535
Basic Earnings Per Common Share (in dollars per share)	$ 1.54			$ 0.81			$ 3.46	$ 2.36
Diluted Earnings Per Common Share (in dollars per share)	$ 1.49			$ 0.79			$ 3.37	$ 2.29
Stock option grants expense
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, dilutive effect of stock options and performance share units	1,810,624			1,990,020			1,599,722	1,570,194
Performance Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, dilutive effect of stock options and performance share units	145,800			0			241,056	367,416

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Borrowings Maturity Period			30 days
Financial Services:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance	$ 160,506		$ 160,506		$ 197,021
Gain (Loss) on Sale of Mortgage Loans	26,800	$ 14,600	64,300	$ 38,900
Fair Value, Inputs, Level 2 | Under Commitment to Sell
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance	105,500		105,500		136,800
Fair Value, Inputs, Level 2 | Not Under Commitment to Sell
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance	$ 55,000		$ 55,000		$ 60,200

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Methods Used for Measuring Fair Values of Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 0	$ 56,747
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held-for-sale, net	$ 160,506	$ 197,021

Fair Value Measurements - Recon

Fair Value Measurements - Reconciles Net Loss to Unrealized Loss on Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Net gain (loss) recognized during the period on equity securities	$ 0	$ 767	$ (8,285)	$ 7,934
Less: Net gain (loss) recognized during the period on equity securities sold during the period	0	299	(8,285)	536
Unrealized gain recognized during the reporting period on equity securities still held at the reporting date	$ 0	$ 468	$ 0	$ 7,398

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 1,037,225,000	$ 989,422,000
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,189,018,000	1,051,025,000
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 1,037,225,000	989,422,000
$250 million 5.625% Senior Notes due February 2020, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	5.625%
Debt instrument, face amount	$ 250,000,000
Carrying Amount	0	249,909,000
$250 million 5.625% Senior Notes due February 2020, net | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	250,400,000
$250 million 5.625% Senior Notes due February 2020, net | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 0	249,909,000
$250 million 5.500% Senior Notes due January 2024, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	5.50%
Debt instrument, face amount	$ 250,000,000
Carrying Amount	249,174,000	249,005,000
$250 million 5.500% Senior Notes due January 2024, net | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	270,388,000	272,083,000
$250 million 5.500% Senior Notes due January 2024, net | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 249,174,000	249,005,000
$300 million 3.850% Senior Notes due January 2030, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	3.85%
Debt instrument, face amount	$ 300,000,000
$300 million 3.850% Senior Notes due January 2030, net | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	313,505,000	0
$300 million 3.850% Senior Notes due January 2030, net | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 297,400,000	0
$500 million 6.000% Senior Notes due January 2043, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	6.00%
Debt instrument, face amount	$ 500,000,000
Carrying Amount	490,651,000	490,508,000
$500 million 6.000% Senior Notes due January 2043, net | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	605,125,000	528,542,000
$500 million 6.000% Senior Notes due January 2043, net | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 490,651,000	$ 490,508,000

Inventories - Summary of Invent

Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
Housing completed or under construction	$ 1,423,855	$ 1,036,191
Land and land under development	1,221,854	1,330,384
Total inventories	2,645,709	2,366,575
Homebuilding:
Inventory [Line Items]
Housing completed or under construction	1,423,855	1,036,191
Land and land under development	1,221,854	1,330,384
Total inventories	2,645,709	2,366,575
Homebuilding: | West
Inventory [Line Items]
Housing completed or under construction	844,264	589,040
Land and land under development	698,099	772,189
Homebuilding: | Mountain
Inventory [Line Items]
Housing completed or under construction	463,690	358,370
Land and land under development	412,299	468,718
Homebuilding: | East
Inventory [Line Items]
Housing completed or under construction	115,901	88,781
Land and land under development	$ 111,456	$ 89,477

Inventories - Inventory Impairm

Inventories - Inventory Impairments (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Inventory [Line Items]
Total inventory impairments			$ 610	$ 0	$ 610
Homebuilding:
Inventory [Line Items]
Total inventory impairments	$ 0	$ 0		0	610
Housing Completed or Under Construction | Homebuilding: | West
Inventory [Line Items]
Total inventory impairments	0	0		0	0
Housing Completed or Under Construction | Homebuilding: | Mountain
Inventory [Line Items]
Total inventory impairments	0	0		0	400
Housing Completed or Under Construction | Homebuilding: | East
Inventory [Line Items]
Total inventory impairments	$ 0	$ 0		$ 0	$ 210

Inventories - Fair Value of Imp

Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019subdivision	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Inventory Disclosure [Abstract]
Number of Subdivisions Impaired | subdivision		2
Total inventory impairments	$ 610		$ 0	$ 610
Fair Value of Inventory After Impairments	$ 10,476

Capitalization of Interest - In

Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Disclosure [Abstract]
Homebuilding interest incurred	$ 14,799	$ 15,879	$ 46,427	$ 47,890
Less: Interest capitalized	(14,799)	(15,879)	(46,427)	(47,890)
Homebuilding interest expensed	0	0	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized, beginning of period	56,929	58,193	55,310	54,845
Plus: Interest capitalized during period	14,799	15,879	46,427	47,890
Less: Previously capitalized interest included in home cost of sales	(16,511)	(14,451)	(46,520)	(43,114)
Interest capitalized, end of period	$ 55,217	$ 59,621	$ 55,217	$ 59,621

Leases (Details Textual)

Leases (Details Textual)	Sep. 30, 2020
Company Headquarters
Lessee, Lease, Description [Line Items]
Term of contract	10 years
Renewal term	10 years
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	3 years
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	5 years

Leases - Components of Operatin

Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating Lease, Cost	$ 2,083	$ 1,841	$ 6,249	$ 5,811
Less: Sublease income	(38)	(37)	(114)	(112)
Net lease cost	$ 2,045	$ 1,804	$ 6,135	$ 5,699

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 1,792	$ 1,834	$ 5,439	$ 5,397
Leased assets obtained in exchange for new operating lease liabilities	$ 0	$ 646	$ 4,050	$ 2,676

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term (in years)	5 years 7 months 6 days
Weighted-average discount rate	5.50%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
2020 (Excluding the nine months ended September 30, 2020)		$ 1,343
2021		7,421
2022		7,115
2023		6,203
2024		5,607
Thereafter		10,096
Total operating lease payments		37,785
Less: Interest		5,290
Lease liability		32,495
Homebuilding:
Lessee, Lease, Description [Line Items]
Lease liability	$ 31,637	$ 30,830
Financial Services:
Lessee, Lease, Description [Line Items]
Lease liability	$ 900

Homebuilding Prepaid and Othe_3

Homebuilding Prepaid and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding: - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Prepaid Expenses and Other Assets [Line Items]
Operating lease right-of-use asset	$ 30,653	$ 30,277
Land option deposits	25,925	27,361
Prepaid expenses	10,070	7,294
Goodwill	6,008	6,008
Deferred debt issuance costs on revolving credit facility, net	4,980	6,130
Other	785	1,288
Total assets	$ 78,421	$ 78,358

Homebuilding Accrued Liabilit_3

Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Warranty accrual	$ 32,097	$ 30,458	$ 31,386	$ 29,870	$ 29,349	$ 28,262
Lease liability			32,495
Homebuilding:
Segment Reporting Information [Line Items]
Customer and escrow deposits	59,468		39,001
Warranty accrual	32,097		31,386
Accrued compensation and related expenses	48,226		45,003
Lease liability	31,637		30,830
Accrued interest	13,825		27,734
Construction defect claim reserves	8,479		8,196
Land development and home construction accruals	8,630		9,750
Other accrued liabilities	56,899		54,040
Accrued and other liabilities	$ 259,261		$ 245,940

Homebuilding Accrued Liabilit_4

Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Financial Services Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Insurance reserves	$ 67,080	$ 63,881	$ 60,415	$ 57,305	$ 56,817	$ 55,308
Financial Services:
Segment Reporting Information [Line Items]
Insurance reserves	58,601		52,219
Accounts payable and other accrued liabilities	25,567		16,310
Total accounts payable and accrued liabilities	$ 84,168		$ 68,529

Warranty Accrual - Warranty Acc

Warranty Accrual - Warranty Accrual and Payment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 30,458	$ 29,349	$ 31,386	$ 28,262
Expense provisions	4,493	3,557	11,595	10,642
Cash payments	(2,683)	(3,425)	(8,713)	(8,894)
Adjustments	(171)	389	(2,171)	(140)
Balance at end of period	$ 32,097	$ 29,870	$ 32,097	$ 29,870

Insurance and Construction De_3

Insurance and Construction Defect Claim Reserves - Summary of Insurance and Defect Claim Reserves Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Movement in Liability for Future Policy Benefits [Roll Forward]
Balance at beginning of period	$ 63,881	$ 56,817	$ 60,415	$ 55,308
Expense provisions	4,058	3,102	10,562	8,312
Cash payments, net of recoveries	(859)	(2,614)	(3,897)	(6,315)
Balance at end of period	$ 67,080	$ 57,305	$ 67,080	$ 57,305

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	21.50%	19.50%	23.10%	24.40%
Income Tax Expense (Benefit), Total	$ 27,080	$ 12,226	$ 66,124	$ 47,020

Senior Notes - Carrying Amount

Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total Senior Notes debt	$ 1,037,225	$ 989,422
$250 million 5.625% Senior Notes due February 2020, net
Debt Instrument [Line Items]
Total Senior Notes debt	0	249,909
$250 million 5.500% Senior Notes due January 2024, net
Debt Instrument [Line Items]
Total Senior Notes debt	249,174	249,005
3.850% Senior Notes due January 2030, net
Debt Instrument [Line Items]
Total Senior Notes debt	297,400	0
$500 million 6.000% Senior Notes due January 2043, net
Debt Instrument [Line Items]
Total Senior Notes debt	$ 490,651	$ 490,508

Senior Notes - Carrying Amoun_2

Senior Notes - Carrying Amount of Senior Notes - Descriptors (Details)	Sep. 30, 2020
$250 million 5.625% Senior Notes due February 2020, net
Debt Instrument [Line Items]
Interest rate, stated percentage	5.625%
$250 million 5.500% Senior Notes due January 2024, net
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
$300 million 3.850% Senior Notes due January 2030, net
Debt Instrument [Line Items]
Interest rate, stated percentage	3.85%
$500 million 6.000% Senior Notes due January 2043, net
Debt Instrument [Line Items]
Interest rate, stated percentage	6.00%

Stock-based Compensation (Detai

Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		22 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 23, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 8,608,000	$ 9,795,000	$ 18,536,000	$ 18,178,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Share-based payment arrangement, expense	5,523,000	7,975,000	$ 11,669,000	14,270,000
Performance Shares | Equity Incentive Plan 2011 | Granted in 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense			1,800,000
Performance Shares | Equity Incentive Plan 2011 | Granted In 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 5,500,000	1,400,000	10,000,000
Performance Shares | Equity Incentive Plan 2011 | Granted in 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	1,300,000		6,000,000	2,500,000
Performance Shares | Equity Incentive Plan 2011 | Granted in 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 4,200,000		4,200,000	$ 0
Performance Shares | Equity Incentive Plan 2011 | Granted in 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense			$ 0
Performance Shares | Equity Incentive Plan 2011 | 5% to 10% Vesting Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target goal number of shares					50.00%
Performance Shares | Equity Incentive Plan 2011 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average gross margin of home sales, percentage, minimum					15.00%
Percentage of performance revenues that exceed base revenues					10.00%
Performance Shares | Equity Incentive Plan 2011 | Minimum | 5% to 10% Vesting Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance revenues that exceed base revenues					5.00%
Performance Shares | Equity Incentive Plan 2011 | Minimum | 20% Vesting Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance revenues that exceed base revenues					20.00%
Performance Shares | Equity Incentive Plan 2011 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance revenues that exceed base revenues					20.00%
Performance Shares | Equity Incentive Plan 2011 | Maximum | 5% to 10% Vesting Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance revenues that exceed base revenues					10.00%
Performance Shares | Equity Incentive Plan 2011 | Maximum | 20% Vesting Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target goal number of shares					200.00%

Stock-based Compensation - Shar

Stock-based Compensation - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 8,608	$ 9,795	$ 18,536	$ 18,178
Stock option grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	814	429	2,026	929
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	2,271	1,391	4,841	2,979
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 5,523	$ 7,975	$ 11,669	$ 14,270

Stock-based Compensation - Perf

Stock-based Compensation - Performance Stock Units Granted (Details) - Performance Shares $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
July 25, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base period revenues	$ 1,975,000
Threshold goal, number of PSUs (in shares) | shares	137,781
Threshold goal, home sale revenues	$ 2,074,000
Target goal, number of PSUs (in shares) | shares	275,562
Target goal, home sale revenues	$ 2,173,000
Maximum goal, number of PSUs (in shares) | shares	551,124
Maximum goal, home sale revenues	$ 2,370,000
Fair Value per Share | $ / shares	$ 19.66
Maximum potential expense to be recognized	$ 10,834
Maximum Remaining Expense to be Recognized	0
June 20, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base period revenues	$ 2,426,000
Threshold goal, number of PSUs (in shares) | shares	144,342
Threshold goal, home sale revenues	$ 2,547,000
Target goal, number of PSUs (in shares) | shares	288,684
Target goal, home sale revenues	$ 2,669,000
Maximum goal, number of PSUs (in shares) | shares	577,368
Maximum goal, home sale revenues	$ 2,911,000
Fair Value per Share | $ / shares	$ 27.83
Maximum potential expense to be recognized	$ 16,070
Maximum Remaining Expense to be Recognized	0
May 23, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base period revenues	$ 2,543,000
Threshold goal, number of PSUs (in shares) | shares	145,800
Threshold goal, home sale revenues	$ 2,670,000
Target goal, number of PSUs (in shares) | shares	291,600
Target goal, home sale revenues	$ 2,797,000
Maximum goal, number of PSUs (in shares) | shares	583,200
Maximum goal, home sale revenues	$ 3,052,000
Fair Value per Share | $ / shares	$ 25.57
Maximum potential expense to be recognized	$ 14,915
Maximum Remaining Expense to be Recognized	2,615
August 5, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base period revenues	$ 2,982,000
Threshold goal, number of PSUs (in shares) | shares	135,000
Threshold goal, home sale revenues	$ 3,131,000
Target goal, number of PSUs (in shares) | shares	270,000
Target goal, home sale revenues	$ 3,280,000
Maximum goal, number of PSUs (in shares) | shares	540,000
Maximum goal, home sale revenues	$ 3,578,000
Fair Value per Share | $ / shares	$ 32.60
Maximum potential expense to be recognized	$ 17,604
Maximum Remaining Expense to be Recognized	13,391
August 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base period revenues	$ 3,205,000
Threshold goal, number of PSUs (in shares) | shares	135,000
Threshold goal, home sale revenues	$ 3,366,000
Target goal, number of PSUs (in shares) | shares	270,000
Target goal, home sale revenues	$ 3,526,000
Maximum goal, number of PSUs (in shares) | shares	540,000
Maximum goal, home sale revenues	$ 3,846,000
Fair Value per Share | $ / shares	$ 41.89
Maximum potential expense to be recognized	$ 22,618
Maximum Remaining Expense to be Recognized	$ 22,618

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)lots
Loss Contingencies [Line Items]
Surety bonds, outstanding, amount	$ 256.3
Letters of credit outstanding, amount	126.3
Estimated cost related to bonds	82.5
Estimated cost related to letters of credit	$ 96
Number of lots | lots	7,757
Option Contracts
Loss Contingencies [Line Items]
Letters of credit outstanding, amount	$ 7.6
Deposits	22.1
HomeAmerican
Loss Contingencies [Line Items]
Surety bonds, outstanding, amount	100.9
Letters of credit outstanding, amount	$ 100.9

Derivative Financial Instrume_2

Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivatives, Fair Value [Line Items]
Net gains (loss) on derivatives	$ 1.6	$ 0.5	$ 4.9	$ 1.9
Commitment to Originate Mortgage Loans
Derivatives, Fair Value [Line Items]
Interest rate lock agreements, aggregate principal balance	254.7		254.7
No Commitment to Originate Mortgage Loans
Derivatives, Fair Value [Line Items]
Mortgage loans held-for-sale, net	53		53
Forward Sales of Mortgage Backed Securities
Derivatives, Fair Value [Line Items]
Interest rate lock agreements, aggregate principal balance	$ 201		$ 201

Lines of Credit (Details Textua

Lines of Credit (Details Textual)	Nov. 01, 2018USD ($)	Dec. 22, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 28, 2020USD ($)	Sep. 24, 2020USD ($)	Sep. 23, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 24, 2019USD ($)	Aug. 09, 2018USD ($)	Sep. 29, 2017USD ($)
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount			$ 126,300,000
Debt Instrument, Covenant Compliance, Adjusted Tangible Net Worth Ratio					10	8
Financial Services:
Line of Credit Facility [Line Items]
Warehouse agreement borrowings			$ 130,861,000				$ 149,616,000
Maximum
Line of Credit Facility [Line Items]
Borrowing base required leverage ratio	55.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000									$ 700,000,000
Potential maximum borrowing capacity, subject to additional commitments	$ 1,500,000,000
Interest rate, stated percentage	0.00%
Maximum leverage ratio	55.00%
Minimum common stock outstanding ownership, percentage			50.00%
Letters of credit outstanding, amount			$ 25,400,000				23,500,000
Revolving credit facility			10,000,000				$ 15,000,000
Remaining borrowing capacity			964,600,000
Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | Specified Eurocurrency Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Mortgage Repurchase Facility | Warehouse Agreement Borrowings
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 150,000,000			$ 75,000,000			$ 75,000,000
Maximum increase to borrowing capacity				$ 50,000,000	$ 100,000,000			$ 75,000,000	$ 75,000,000
Mortgage Repurchase Facility | Forecast | Warehouse Agreement Borrowings
Line of Credit Facility [Line Items]
Maximum increase to borrowing capacity		$ 200,000,000

Related Party Transactions (Det

Related Party Transactions (Details Textual) $ in Millions	Oct. 31, 2026$ / ft²	Nov. 01, 2021$ / ft²	Oct. 31, 2021$ / ft²	Nov. 01, 2016ft²$ / ft²	Sep. 30, 2020USD ($)
CVentures, Inc.
Related Party Transaction [Line Items]
Area of real estate property | ft²				5,437
CVentures, Inc. | Minimum
Related Party Transaction [Line Items]
Yearly rental rate per rentable square foot				26.50
CVentures, Inc. | Forecast | Minimum
Related Party Transaction [Line Items]
Yearly rental rate per rentable square foot		29.26
CVentures, Inc. | Forecast | Maximum
Related Party Transaction [Line Items]
Yearly rental rate per rentable square foot	31.67		28.68
MDC/Richmond American Homes Foundation
Related Party Transaction [Line Items]
Cash contribution committed to charitable foundation | $					$ 1.5

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Maximum percentage of consolidated net worth of guarantor for suspension of guarantee	5.00%
Maximum aggregate percentage of consolidated net worth of all guarantors for suspension of guarantee	10.00%
Maximum aggregate percentage of consolidated net worth of all guarantors for suspension of guarantee to permit cure of default	15.00%
Non-Guarantor Subsidiaries
Guarantor Obligations [Line Items]
Due to non-guarantor subsidiaries	$ 65.9	$ 24.2
All Guarantor Subsidiaries
Guarantor Obligations [Line Items]
Ownership interest	100.00%