M.D.C. (MDC) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 26, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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		70,679,388
Entity Central Index Key	0000773141
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	552676108
Security Exchange Name	NYSE
6% 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

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventories:
Housing completed or under construction	$ 1,948,211	$ 1,486,587
Land and land under development	1,464,603	1,345,643
Total inventories	3,412,814	2,832,230
Total Assets	4,874,404	3,864,920
LIABILITIES AND EQUITY
Total Liabilities	2,416,420	1,745,008
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; 70,679,612 and 64,851,126 issued and outstanding at September 30, 2021 and December 31, 2020, respectively	707	649
Additional paid-in-capital	1,697,435	1,407,597
Retained earnings	759,842	711,666
Total Stockholders' Equity	2,457,984	2,119,912
Total Liabilities and Stockholders' Equity	4,874,404	3,864,920
Homebuilding:
ASSETS
Cash and cash equivalents	761,715	411,362
Restricted cash	12,047	15,343
Trade and other receivables	125,556	72,466
Inventories:
Housing completed or under construction	1,948,211	1,486,587
Land and land under development	1,464,603	1,345,643
Total inventories	3,412,814	2,832,230
Property and equipment, net	61,590	61,880
Deferred tax asset, net	16,301	11,454
Prepaids and other assets	105,860	101,685
Other assets	96	492
Total Assets	4,495,883	3,506,420
LIABILITIES AND EQUITY
Accounts payable	154,376	98,862
Accrued and other liabilities	334,712	300,735
Revolving credit facility	10,000	10,000
Senior notes, net	1,607,658	1,037,391
Total Liabilities	2,106,746	1,446,988
Financial Services:
ASSETS
Cash and cash equivalents	93,884	77,267
Inventories:
Mortgage loans held-for-sale, net	248,921	232,556
Other assets	35,716	48,677
Total Assets	378,521	358,500
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	93,880	95,630
Mortgage repurchase facility	215,794	202,390
Total Liabilities	$ 309,674	$ 298,020

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	70,679,612	64,851,126
Common stock, shares outstanding (in shares)	70,679,612	64,851,126

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Loss on debt retirement	$ (12,150)	$ 0	$ (12,150)	$ 0
Income before income taxes	192,692	126,018	542,546	286,218
Provision for income taxes	(46,738)	(27,080)	(131,550)	(66,124)
Net income	145,954	98,938	410,996	220,094
Comprehensive income	$ 145,954	$ 98,938	$ 410,996	$ 220,094
Earnings per share:
Basic (in dollars per share)	$ 2.07	$ 1.42	$ 5.83	$ 3.21
Diluted (in dollars per share)	$ 1.99	$ 1.38	$ 5.62	$ 3.12
Weighted average common shares outstanding:
Basic (in shares)	70,301,085	68,977,965	70,130,853	68,179,403
Diluted (in shares)	72,800,011	71,090,903	72,770,432	70,167,443
Dividends declared per share (in dollars per share)	$ 0.40	$ 0.31	$ 1.17	$ 0.92
Homebuilding:
Total financial services revenues	$ 1,257,701	$ 1,000,549	$ 3,667,332	$ 2,584,392
Home cost of sales	(962,078)	(795,172)	(2,827,147)	(2,061,608)
Gross profit	295,623	205,377	840,185	522,784
Selling, general and administrative expenses	(120,116)	(103,632)	(363,970)	(285,269)
Loss on debt retirement			(12,150)
Interest and other income	3,149	756	4,984	3,365
Other income (expense), net	(1,354)	(851)	(2,881)	(4,640)
Income before income taxes	165,152	101,650	466,168	236,240
Financial Services:
Total financial services revenues	43,104	36,803	121,445	91,653
Expenses	(16,377)	(13,294)	(47,922)	(36,401)
Other income (expense), net	813	859	2,855	(5,274)
Income before income taxes	$ 27,540	$ 24,368	$ 76,378	$ 49,978

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative effect of newly adopted accounting standards	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 of newly adopted accounting standards	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2019				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
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
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							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)
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 (in shares) at Jun. 30, 2020				63,384,866
Ending balance at Jun. 30, 2020	1,873,185			$ 634		1,359,985		512,566
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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
Beginning balance (in shares) at Dec. 31, 2020	64,851,126			64,851,126
Beginning balance at Dec. 31, 2020	$ 2,119,912			$ 649		1,407,597		711,666
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	110,690							110,690
Shares issued under stock-based compensation programs, net (in shares)				221,303
Shares issued under stock-based compensation programs, net	1,009			$ 2		1,007
Cash dividends declared	(25,978)							(25,978)
Stock dividend declared (in shares)				5,192,776
Stock dividend declared	(687)			$ 52		279,579		(280,318)
Stock-based compensation expense	9,926					9,926
Ending balance (in shares) at Mar. 31, 2021				70,265,205
Ending balance at Mar. 31, 2021	$ 2,214,872			$ 703		1,698,109		516,060
Beginning balance (in shares) at Dec. 31, 2020	64,851,126			64,851,126
Beginning balance at Dec. 31, 2020	$ 2,119,912			$ 649		1,407,597		711,666
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 410,996
Ending balance (in shares) at Sep. 30, 2021	70,679,612			70,679,612
Ending balance at Sep. 30, 2021	$ 2,457,984			$ 707		1,697,435		759,842
Beginning balance (in shares) at Mar. 31, 2021				70,265,205
Beginning balance at Mar. 31, 2021	2,214,872			$ 703		1,698,109		516,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	154,352							154,352
Shares issued under stock-based compensation programs, net (in shares)				358,993
Shares issued under stock-based compensation programs, net	(16,543)			$ 3		(16,546)
Cash dividends declared	(28,248)							(28,248)
Stock-based compensation expense	8,126					8,126
Forfeiture of restricted stock (in shares)				(4,560)
Ending balance (in shares) at Jun. 30, 2021				70,619,638
Ending balance at Jun. 30, 2021	2,332,559			$ 706		1,689,689		642,164
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	145,954							145,954
Shares issued under stock-based compensation programs, net (in shares)				69,512
Shares issued under stock-based compensation programs, net	(19)			$ 1		(20)
Cash dividends declared	(28,276)							(28,276)
Stock-based compensation expense	$ 7,766					7,766
Forfeiture of restricted stock (in shares)				(9,538)
Ending balance (in shares) at Sep. 30, 2021	70,679,612			70,679,612
Ending balance at Sep. 30, 2021	$ 2,457,984			$ 707		$ 1,697,435		$ 759,842

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Activities:
Net income	$ 145,954	$ 98,938	$ 410,996	$ 220,094
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense			26,832	18,536
Depreciation and amortization			23,930	18,881
Net loss on marketable equity securities	0	0	0	8,285
Gain on sale of other assets			(2,014)	0
Loss on debt retirement	12,150	0	12,150	0
Deferred income tax expense			(4,847)	8,493
Net changes in assets and liabilities:
Trade and other receivables			(55,529)	(17,512)
Mortgage loans held-for-sale, net			(16,365)	36,515
Prepaids and other assets			9,919	(20,314)
Accounts payable and accrued and other liabilities			88,273	35,023
Net cash provided by (used in) operating activities			(86,522)	29,442
Investing Activities:
Purchases of marketable securities			0	(10,804)
Sales of marketable securities			0	59,266
Proceeds from sale of other assets			2,014	0
Purchases of property and equipment			(23,028)	(20,885)
Net cash provided by (used in) investing activities			(21,014)	27,577
Financing Activities:
Payments on mortgage repurchase facility, net			13,404	(18,755)
Repayment of senior notes			(136,394)	(250,000)
Proceeds from issuance of senior notes			694,662	298,050
Dividend payments			(83,189)	(63,056)
Payments of deferred financing costs			(1,720)	0
Issuance of shares under stock-based compensation programs, net			(15,553)	29,974
Net cash provided by (used in) financing activities			471,210	(8,787)
Net increase in cash, cash equivalents and restricted cash			363,674	48,232
Cash, cash equivalents and restricted cash:
Beginning of period			503,972	474,212
End of period	867,646	522,444	867,646	522,444
Reconciliation of cash, cash equivalents and restricted cash:
Total cash, cash equivalents and restricted cash	867,646	522,444	867,646	522,444
Payments on homebuilding line of credit, net
Financing Activities:
Payments on homebuilding line of credit, net			0	(5,000)
Housing completed or under construction
Net changes in assets and liabilities:
Housing completed or under construction and land under development			(461,105)	(387,269)
Land and land under development
Net changes in assets and liabilities:
Housing completed or under construction and land under development			(118,762)	108,710
Homebuilding:
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on debt retirement			12,150
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	761,715	432,277	761,715	432,277
Restricted cash	12,047	19,732	12,047	19,732
Financial Services:
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 93,884	$ 70,435	$ 93,884	$ 70,435

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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, 2021 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, 2020. On January 25, 2021, MDC's board of directors declared an 8% stock dividend that was distributed on March 17, 2021 to shareholders of record on March 3, 2021. In accordance with Accounting Standards Codification ("ASC") Topic 260, Earnings Per Share ("ASC 260"), basic and diluted earnings per share amounts, share amounts and dividends declared per share have been restated for any period or dates prior to the stock dividend record date. 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, 2021
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Segment Reporting	Segment Reporting An 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 Executive Chairman and the Chief Executive Officer (“CEO”). 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, New Mexico, Oregon, Texas and Washington) • Mountain (Colorado, Idaho and Utah) • East (mid-Atlantic, which includes Maryland and Virginia, Florida and Tennessee) 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. The following table summarizes revenues for our homebuilding and financial services operations: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Homebuilding West $ 729,777 $ 552,319 $ 2,194,071 $ 1,447,934 Mountain 379,041 347,095 1,104,391 886,619 East 148,883 101,135 368,870 249,839 Total homebuilding revenues $ 1,257,701 $ 1,000,549 $ 3,667,332 $ 2,584,392 Financial Services Mortgage operations $ 31,122 $ 28,548 $ 89,608 $ 67,536 Other 11,982 8,255 31,837 24,117 Total financial services revenues $ 43,104 $ 36,803 $ 121,445 $ 91,653 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Homebuilding West $ 120,284 $ 59,120 $ 330,390 $ 144,441 Mountain 55,386 48,053 165,296 111,372 East 15,410 6,020 34,091 9,993 Corporate (25,928) (11,543) (63,609) (29,566) Total homebuilding pretax income $ 165,152 $ 101,650 $ 466,168 $ 236,240 Financial Services Mortgage operations $ 21,214 $ 20,809 $ 61,341 $ 46,558 Other 6,326 3,559 15,037 3,420 Total financial services pretax income $ 27,540 $ 24,368 $ 76,378 $ 49,978 Total pretax income $ 192,692 $ 126,018 $ 542,546 $ 286,218 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 and mortgage loans held-for-sale. September 30, December 31, (Dollars in thousands) Homebuilding assets West $ 2,229,687 $ 1,855,567 Mountain 1,030,407 905,007 East 419,212 274,937 Corporate 816,577 470,909 Total homebuilding assets $ 4,495,883 $ 3,506,420 Financial services assets Mortgage operations $ 279,938 $ 279,649 Other 98,583 78,851 Total financial services assets $ 378,521 $ 358,500 Total assets $ 4,874,404 $ 3,864,920

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
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 and contingently issuable equity awards. The table below shows our basic and diluted EPS calculations. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands, except per share amounts) Numerator Net income $ 145,954 $ 98,938 $ 410,996 $ 220,094 Less: distributed earnings allocated to participating securities (155) (148) (446) (404) Less: undistributed earnings allocated to participating securities (602) (502) (1,668) (952) Net income attributable to common stockholders (numerator for basic earnings per share) 145,197 98,288 408,882 218,738 Add back: undistributed earnings allocated to participating securities 602 502 1,668 952 Less: undistributed earnings reallocated to participating securities (584) (488) (1,615) (929) Numerator for diluted earnings per share under two class method $ 145,215 $ 98,302 $ 408,935 $ 218,761 Denominator Weighted-average common shares outstanding 70,301,085 68,977,965 70,130,853 68,179,403 Add: dilutive effect of stock options 2,202,045 1,955,474 2,330,667 1,727,700 Add: dilutive effect of contingently issuable equity awards 296,881 157,464 308,912 260,340 Denominator for diluted earnings per share under two class method 72,800,011 71,090,903 72,770,432 70,167,443 Basic Earnings Per Common Share $ 2.07 $ 1.42 $ 5.83 $ 3.21 Diluted Earnings Per Common Share $ 1.99 $ 1.38 $ 5.62 $ 3.12 Diluted EPS for both the three and nine months ended September 30, 2021 excluded options to purchase 15,000 shares, respectively, because the effect of their inclusion would be anti-dilutive. Their were zero and 800,000 anti-dilutive options for the three and nine months ended September 30, 2020, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
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) Mortgage loans held-for-sale, net Level 2 $ 248,921 $ 232,556 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of September 30, 2021 and December 31, 2020. Cash and cash equivalents (excluding debt securities with an original maturity of three months or less), restricted cash, trade and other receivables, prepaids 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 and 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 (loss) recognized during the three and nine months ended September 30, 2021 and 2020 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 2021 2020 2021 2020 (Dollars in thousands) Net gain (loss) recognized during the period on equity securities $ — $ — $ — $ (8,285) Less: Net gain (loss) recognized during the period on equity securities sold during the period — — — (8,285) Unrealized gain (loss) loss recognized during the reporting period on equity securities still held at the reporting date $ — $ — $ — $ — 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, 2021 and December 31, 2020, we had $142.2 million and $137.3 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, 2021 and December 31, 2020, we had $106.7 million and $95.3 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, 2021, we recorded net gains on the sales of mortgage loans of $23.6 million and $73.5 million, respectively, compared to $26.8 million and $64.3 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, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 million 5.500% Senior Notes due January 2024, net $ 126,071 $ 137,109 $ 249,233 $ 275,463 $300 million 3.850% Senior Notes due January 2030, net 297,638 322,680 297,458 331,384 $350 million 2.500% Senior Notes due January 2031, net 347,055 341,457 — — $500 million 6.000% Senior Notes due January 2043, net 490,851 625,275 490,700 667,288 $350 million 3.966% Senior Notes due August 2061, net 346,043 334,664 — — Total $ 1,607,658 $ 1,761,185 $ 1,037,391 $ 1,274,135 During the three months ended September 30, 2021, we accelerated the retirement of $123.6 million of our 5.500% senior notes scheduled to mature in January 2024 through a cash tender offer.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
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 $ 1,077,320 $ 902,842 Mountain 636,090 464,501 East 234,801 119,244 Subtotal 1,948,211 1,486,587 Land and land under development: West 974,380 822,504 Mountain 340,702 391,054 East 149,521 132,085 Subtotal 1,464,603 1,345,643 Total inventories $ 3,412,814 $ 2,832,230 Our inventories are primarily associated with communities where we intend to construct and sell homes, including models. 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 “Homebuilding 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); • forecasted Homebuilding 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.

Capitalization of Interest

Capitalization of Interest	9 Months Ended
	Sep. 30, 2021
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 2021 2020 2021 2020 (Dollars in thousands) Homebuilding interest incurred $ 19,108 $ 14,799 $ 53,849 $ 46,427 Less: Interest capitalized (19,108) (14,799) (53,849) (46,427) Homebuilding interest expensed $ — $ — $ — $ — Interest capitalized, beginning of period $ 54,351 $ 56,929 $ 52,777 $ 55,310 Plus: Interest capitalized during period 19,108 14,799 53,849 46,427 Less: Previously capitalized interest included in home cost of sales (16,024) (16,511) (49,191) (46,520) Interest capitalized, end of period $ 57,435 $ 55,217 $ 57,435 $ 55,217

Leases

Leases	9 Months Ended
	Sep. 30, 2021
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 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 year option to extend the term of the lease through 2036. This option has been excluded from our calculation of the right-of-use asset and lease liability as it is not currently considered reasonably certain that the option will be exercised. 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 Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Operating lease cost 1 $ 2,018 $ 2,083 $ 5,990 $ 6,249 Less: Sublease income (Note 19) (39) (38) (117) (114) Net lease cost $ 1,979 $ 2,045 $ 5,873 $ 6,135 1 Includes variable lease costs, which are immaterial. Supplemental cash flow information related to leases was as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,900 $ 1,792 $ 5,645 $ 5,439 Leased assets obtained in exchange for new operating lease liabilities $ — $ — $ 830 $ 4,050 Weighted-average remaining lease term and discount rate for operating leases were as follows: September 30, 2021 Weighted-average remaining lease term (in years) 4.7 Weighted-average discount rate 5.5 % Maturities of operating lease liabilities were as follows: Year Ended December 31, (Dollars in thousands) 2021 (excluding the nine months ended September 30, 2021) $ 1,269 2022 7,430 2023 6,416 2024 5,717 2025 5,493 Thereafter 4,869 Total operating lease payments 1 $ 31,194 Less: Interest 3,760 Present value of operating lease liabilities 2 $ 27,434 _______________________________________________________________ 1 Operating lease payments exclude $2.5 million of legally binding lease payments for leases signed but not yet commenced. 2 Homebuilding and financial services operating lease liabilities of $27.1 million and $0.4 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, 2021.

Homebuilding Prepaids and Other

Homebuilding Prepaids and Other Assets	9 Months Ended
	Sep. 30, 2021
Prepaid Expense and Other Assets [Abstract]
Homebuilding Prepaids and Other Assets	Homebuilding Prepaids and Other Assets The following table sets forth the components of homebuilding prepaids and other assets: September 30, December 31, (Dollars in thousands) Land option deposits $ 47,194 $ 29,987 Operating lease right-of-use asset 26,058 29,226 Prepaids 18,884 26,929 Deferred debt issuance costs on revolving credit facility, net 7,620 9,043 Goodwill 6,008 6,008 Other 96 492 Total prepaids and other assets $ 105,860 $ 101,685

Homebuilding Accrued and Other

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2021
Accounts Payable and Accrued Liabilities [Abstract]
Homebuilding Accrued and Other 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, (Dollars in thousands) Customer and escrow deposits $ 88,441 $ 67,022 Accrued compensation and related expenses 67,079 56,682 Warranty accrual (Note 11) 36,120 33,664 Lease liability (Note 8) 27,052 30,221 Accrued interest 16,626 27,650 Land development and home construction accruals 15,469 10,824 Construction defect claim reserves (Note 12) 8,596 8,479 Income taxes payable 1,771 8,285 Other accrued liabilities 73,558 57,908 Total accrued and other liabilities $ 334,712 $ 300,735 The following table sets forth information relating to financial services accounts payable and accrued liabilities: September 30, December 31, (Dollars in thousands) Insurance reserves (Note 12) $ 70,403 $ 61,575 Accounts payable and other accrued liabilities 23,477 34,055 Total accounts payable and accrued liabilities $ 93,880 $ 95,630

Warranty Accrual

Warranty Accrual	9 Months Ended
	Sep. 30, 2021
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 ten 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, 2021 and 2020. The warranty accrual increased due to the increase in the number of home closings. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Balance at beginning of period $ 35,017 $ 30,458 $ 33,664 $ 31,386 Expense provisions 5,618 4,493 15,706 11,595 Cash payments (4,834) (2,683) (13,569) (8,713) Adjustments 319 (171) 319 (2,171) Balance at end of period $ 36,120 $ 32,097 $ 36,120 $ 32,097

Insurance and Construction Defe

Insurance and Construction Defect Claim Reserves	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020. 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 2021 2020 2021 2020 (Dollars in thousands) Balance at beginning of period $ 76,286 $ 63,881 $ 70,054 $ 60,415 Expense provisions 4,776 4,058 14,447 10,562 Cash payments, net of recoveries (2,063) (859) (5,502) (3,897) Balance at end of period $ 78,999 $ 67,080 $ 78,999 $ 67,080 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, 2021 and 2020 are not necessarily indicative of what future cash payments will be for subsequent periods.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur overall effective income tax rates were 24.3% and 24.2% for the three and nine months ended September 30, 2021 and 21.5% and 23.1% for the three and nine months ended September 30, 2020, respectively. The rates for the three and nine months ended September 30, 2021 resulted in income tax expense of $46.7 million and $131.5 million, respectively, compared to income tax expense of $27.1 million and $66.1 million for the three and nine months ended September 30, 2020, respectively. The year-over-year increase in our effective tax rate for the three and nine months ended September 30, 2021, is primarily due to a decrease in tax windfalls recognized upon the vesting and exercise of equity awards, which is partially offset by a year-over-year increase in home energy credits.

Senior Notes

Senior Notes	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Senior Notes	Senior Notes The carrying values of our senior notes as of September 30, 2021 and December 31, 2020, net of any unamortized debt issuance costs or discount, were as follows: September 30, December 31, (Dollars in thousands) 5.500% Senior Notes due January 2024, net $ 126,071 $ 249,233 3.850% Senior Notes due January 2030, net 297,638 297,458 2.500% Senior Notes due January 2031, net 347,055 — 6.000% Senior Notes due January 2043, net 490,851 490,700 3.966% Senior Notes due August 2061, net 346,043 — Total $ 1,607,658 $ 1,037,391 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. In January 2021, the Company issued $350.0 million of 2.500% senior notes due January 2031 at 100% of par. In August 2021, the Company issued $350.0 million of 3.966% senior notes due August 2061 at 100% of par. We used the net proceeds for general corporate purposes, which included the cash tender offer discussed below. In September 2021, we accelerated the retirement of $123.6 million of our 5.500% senior notes scheduled to mature in January 2024 through a cash tender offer. The retirement resulted in a loss of $12.2 million, which included the write-off of debt issuance costs and transaction fees.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-Based Compensation The following table sets forth share-based award expense activity for the three and nine months ended September 30, 2021 and 2020, 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 2021 2020 2021 2020 (Dollars in thousands) Stock option grants expense $ 600 $ 814 $ 2,189 $ 2,026 Restricted stock awards expense 3,026 2,271 6,947 4,841 Performance share units expense 4,293 5,523 17,728 11,669 Total stock-based compensation $ 7,919 $ 8,608 $ 26,864 $ 18,536 Additional detail on the performance share units ("PSUs") expense is included below: 2018 PSU Grant s. The 2018 PSU awards vested on April 29, 2021. For the nine months ended September 30, 2021, the Company recorded share-based award expense of $1.3 million related to these awards. For the three and nine months ended September 30, 2020, the Company recorded share-based award expense of $1.3 million and $6.0 million, respectively, related to these awards. 2019 PSU Grant s. As of September 30, 2021, the Company recorded the required share-based award expense related to the awards of $1.8 million and $5.5 million for the three and nine months ended September 30, 2021, based on its assessment of the probability for achievement of the performance targets. For each of the three and nine months ended September 30, 2020, the Company recorded share-based award expense of $4.2 million, respectively, related to these awards. 2020 PSU Grant s. As of September 30, 2021, the Company recorded the required share-based award expense related to the awards of $2.5 million and $10.9 million for the three and nine months ended September 30, 2021, based on its assessment of the probability for achievement of the performance targets. 2021 PSU Grants. The 2021 PSUs were granted on July 14, 2021 and included a target number of share units of 397,500. The grant date fair value was $44.35 per share unit. As of September 30, 2021, 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 was recognized.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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, 2021, we had outstanding surety bonds and letters of credit totaling $330.9 million and $169.7 million, respectively, including $130.0 million in letters of credit issued by HomeAmerican. The estimated cost to complete obligations related to these bonds and letters of credit were approximately $159.0 million and $113.9 million, respectively. All letters of credit as of September 30, 2021, 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, 2021, we had cash deposits and letters of credit totaling $40.6 million and $14.5 million, respectively, at risk associated with the option to purchase 12,375 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 many of these restrictions have been or are in the process of being eased, there is still significant uncertainty as a result of the pandemic and its potential to continue to negatively impact the U.S. economy and consumer confidence. 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, 2021
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, 2021, we had interest rate lock commitments with an aggregate principal balance of $305.2 million. Additionally, we had $103.0 million of mortgage loans held-for-sale at September 30, 2021 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 $264.5 million at September 30, 2021. For the three and nine months ended September 30, 2021, we recorded net gain (loss) on derivatives of $0.6 million and $1.6 million, respectively, in revenues in the financial services section of our consolidated statements of operations and comprehensive income, compared to net gains of $1.6 million and $4.9 million for the same periods in 2020.

Lines of Credit

Lines of Credit	9 Months Ended
	Sep. 30, 2021
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 December 28, 2020 to (1) increase the aggregate commitment from $1.0 billion to $1.2 billion (the “Commitment”), (2) extend the Revolving Credit Facility maturity of $1.125 billion of the Commitments to December 18, 2025 with the remaining Commitment continuing to terminate on December 18, 2023 and (3) provide that the aggregate amount of the commitments may increase to an amount not to exceed $1.7 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, 2021. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At September 30, 2021 and December 31, 2020, there were $39.7 million and $25.1 million, respectively, in letters of credit outstanding, which reduced the amounts available to be borrowed under the Revolving Credit Facility. At September 30, 2021 and December 31, 2020, we had $10.0 million and $10.0 million, respectively, outstanding under the Revolving Credit Facility. As of September 30, 2021, availability under the Revolving Credit Facility was approximately $1.15 billion. 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 was amended on September 24, 2020, March 25, 2021 and May 20, 2021 to adjust the commitments to purchase for specific time periods. As part of the amendments, the commitments to purchase (subject to increase by up to $75 million under certain conditions) were increased as follows: (1) $200 million for the periods December 22, 2020 through February 4, 2021 and December 21, 2021 through February 3, 2022, (2) $175 million for the periods March 25, 2021 through April 22, 2021, June 23, 2021 through July 22, 2021 and September 22, 2021 through October 21, 2021 and (3) $150 million for the period March 23, 2022 through April 21, 2022. The Mortgage Repurchase Facility terminates on May 19, 2022. The maximum aggregate commitment of the Mortgage Repurchase Facility was temporarily increased by $75 million on September 27, 2021 effective through October 21, 2021. The maximum aggregate commitment of the Mortgage Repurchase Facility was temporarily increased by $50 million on December 28, 2020 effective through January 27, 2021. At September 30, 2021 and December 31, 2020, HomeAmerican had $215.8 million and $202.4 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, 2021.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company has a sublease agreement with CVentures, Inc. Larry A. Mizel, the Executive Chairman 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, 2026. The sublease agreement is for approximately 5,437 rentable square feet at a base rent that increases over the term from $26.50 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, 2021
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 Construction NM, Inc. (formerly known as Richmond American Homes Five, Inc.) • Richmond American Homes of Arizona, Inc. • Richmond American Homes of Colorado, Inc. • Richmond American Homes of Florida, LP • Richmond American Homes of Idaho, Inc. (formerly known as Richmond American Homes of Illinois, Inc.) • Richmond American Homes of Maryland, Inc. • Richmond American Homes of Nevada, Inc. • Richmond American Homes of New Mexico, Inc. (formerly known as Richmond American Homes Three, Inc.) • Richmond American Homes of Oregon, Inc. • Richmond American Homes of Pennsylvania, Inc. • Richmond American Homes of Tennessee, Inc. (formerly known as Richmond American Homes of New Jersey, Inc.) • Richmond American Homes of Texas, Inc. (formerly known as Richmond American Homes Four, 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. Other than for the senior notes due 2061, the senior note indentures, 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). The indenture for the senior notes due 2061 provides that, if a Guarantor is released under its guarantees of our credit facilities or other publicly traded debt securities, the Guarantor will also be released under its guarantee of the senior notes due 2061. 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, 2021 and December 31, 2020, amounts due to non-guarantor subsidiaries from the Obligor Group totaled $61.0 million and $65.8 million, respectively.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
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 2021 2020 2021 2020 (Dollars in thousands) Homebuilding West $ 729,777 $ 552,319 $ 2,194,071 $ 1,447,934 Mountain 379,041 347,095 1,104,391 886,619 East 148,883 101,135 368,870 249,839 Total homebuilding revenues $ 1,257,701 $ 1,000,549 $ 3,667,332 $ 2,584,392 Financial Services Mortgage operations $ 31,122 $ 28,548 $ 89,608 $ 67,536 Other 11,982 8,255 31,837 24,117 Total financial services revenues $ 43,104 $ 36,803 $ 121,445 $ 91,653
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 2021 2020 2021 2020 (Dollars in thousands) Homebuilding West $ 120,284 $ 59,120 $ 330,390 $ 144,441 Mountain 55,386 48,053 165,296 111,372 East 15,410 6,020 34,091 9,993 Corporate (25,928) (11,543) (63,609) (29,566) Total homebuilding pretax income $ 165,152 $ 101,650 $ 466,168 $ 236,240 Financial Services Mortgage operations $ 21,214 $ 20,809 $ 61,341 $ 46,558 Other 6,326 3,559 15,037 3,420 Total financial services pretax income $ 27,540 $ 24,368 $ 76,378 $ 49,978 Total pretax income $ 192,692 $ 126,018 $ 542,546 $ 286,218
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 and mortgage loans held-for-sale. September 30, December 31, (Dollars in thousands) Homebuilding assets West $ 2,229,687 $ 1,855,567 Mountain 1,030,407 905,007 East 419,212 274,937 Corporate 816,577 470,909 Total homebuilding assets $ 4,495,883 $ 3,506,420 Financial services assets Mortgage operations $ 279,938 $ 279,649 Other 98,583 78,851 Total financial services assets $ 378,521 $ 358,500 Total assets $ 4,874,404 $ 3,864,920

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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 and contingently issuable equity awards. The table below shows our basic and diluted EPS calculations. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands, except per share amounts) Numerator Net income $ 145,954 $ 98,938 $ 410,996 $ 220,094 Less: distributed earnings allocated to participating securities (155) (148) (446) (404) Less: undistributed earnings allocated to participating securities (602) (502) (1,668) (952) Net income attributable to common stockholders (numerator for basic earnings per share) 145,197 98,288 408,882 218,738 Add back: undistributed earnings allocated to participating securities 602 502 1,668 952 Less: undistributed earnings reallocated to participating securities (584) (488) (1,615) (929) Numerator for diluted earnings per share under two class method $ 145,215 $ 98,302 $ 408,935 $ 218,761 Denominator Weighted-average common shares outstanding 70,301,085 68,977,965 70,130,853 68,179,403 Add: dilutive effect of stock options 2,202,045 1,955,474 2,330,667 1,727,700 Add: dilutive effect of contingently issuable equity awards 296,881 157,464 308,912 260,340 Denominator for diluted earnings per share under two class method 72,800,011 71,090,903 72,770,432 70,167,443 Basic Earnings Per Common Share $ 2.07 $ 1.42 $ 5.83 $ 3.21 Diluted Earnings Per Common Share $ 1.99 $ 1.38 $ 5.62 $ 3.12

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
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) Mortgage loans held-for-sale, net Level 2 $ 248,921 $ 232,556
Gain on Securities	The following table reconciles the net gain (loss) recognized during the three and nine months ended September 30, 2021 and 2020 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 2021 2020 2021 2020 (Dollars in thousands) Net gain (loss) recognized during the period on equity securities $ — $ — $ — $ (8,285) Less: Net gain (loss) recognized during the period on equity securities sold during the period — — — (8,285) Unrealized gain (loss) loss recognized during the reporting period on equity securities still held at the reporting date $ — $ — $ — $ —
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, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 million 5.500% Senior Notes due January 2024, net $ 126,071 $ 137,109 $ 249,233 $ 275,463 $300 million 3.850% Senior Notes due January 2030, net 297,638 322,680 297,458 331,384 $350 million 2.500% Senior Notes due January 2031, net 347,055 341,457 — — $500 million 6.000% Senior Notes due January 2043, net 490,851 625,275 490,700 667,288 $350 million 3.966% Senior Notes due August 2061, net 346,043 334,664 — — Total $ 1,607,658 $ 1,761,185 $ 1,037,391 $ 1,274,135

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
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 $ 1,077,320 $ 902,842 Mountain 636,090 464,501 East 234,801 119,244 Subtotal 1,948,211 1,486,587 Land and land under development: West 974,380 822,504 Mountain 340,702 391,054 East 149,521 132,085 Subtotal 1,464,603 1,345,643 Total inventories $ 3,412,814 $ 2,832,230

Capitalization of Interest (Tab

Capitalization of Interest (Tables)	9 Months Ended
	Sep. 30, 2021
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 2021 2020 2021 2020 (Dollars in thousands) Homebuilding interest incurred $ 19,108 $ 14,799 $ 53,849 $ 46,427 Less: Interest capitalized (19,108) (14,799) (53,849) (46,427) Homebuilding interest expensed $ — $ — $ — $ — Interest capitalized, beginning of period $ 54,351 $ 56,929 $ 52,777 $ 55,310 Plus: Interest capitalized during period 19,108 14,799 53,849 46,427 Less: Previously capitalized interest included in home cost of sales (16,024) (16,511) (49,191) (46,520) Interest capitalized, end of period $ 57,435 $ 55,217 $ 57,435 $ 55,217

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lease, Cost	Components of operating lease expense were as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Operating lease cost 1 $ 2,018 $ 2,083 $ 5,990 $ 6,249 Less: Sublease income (Note 19) (39) (38) (117) (114) Net lease cost $ 1,979 $ 2,045 $ 5,873 $ 6,135 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 2021 2020 2021 2020 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,900 $ 1,792 $ 5,645 $ 5,439 Leased assets obtained in exchange for new operating lease liabilities $ — $ — $ 830 $ 4,050
Schedule of Lease Terms and Discount Rates	Weighted-average remaining lease term and discount rate for operating leases were as follows: September 30, 2021 Weighted-average remaining lease term (in years) 4.7 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) 2021 (excluding the nine months ended September 30, 2021) $ 1,269 2022 7,430 2023 6,416 2024 5,717 2025 5,493 Thereafter 4,869 Total operating lease payments 1 $ 31,194 Less: Interest 3,760 Present value of operating lease liabilities 2 $ 27,434 _______________________________________________________________ 1 Operating lease payments exclude $2.5 million of legally binding lease payments for leases signed but not yet commenced. 2 Homebuilding and financial services operating lease liabilities of $27.1 million and $0.4 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, 2021.

Homebuilding Prepaids and Oth_2

Homebuilding Prepaids and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Prepaid Expense and Other Assets [Abstract]
Schedule of Other Assets	The following table sets forth the components of homebuilding prepaids and other assets: September 30, December 31, (Dollars in thousands) Land option deposits $ 47,194 $ 29,987 Operating lease right-of-use asset 26,058 29,226 Prepaids 18,884 26,929 Deferred debt issuance costs on revolving credit facility, net 7,620 9,043 Goodwill 6,008 6,008 Other 96 492 Total prepaids and other assets $ 105,860 $ 101,685

Homebuilding Accrued and Othe_2

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
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, (Dollars in thousands) Customer and escrow deposits $ 88,441 $ 67,022 Accrued compensation and related expenses 67,079 56,682 Warranty accrual (Note 11) 36,120 33,664 Lease liability (Note 8) 27,052 30,221 Accrued interest 16,626 27,650 Land development and home construction accruals 15,469 10,824 Construction defect claim reserves (Note 12) 8,596 8,479 Income taxes payable 1,771 8,285 Other accrued liabilities 73,558 57,908 Total accrued and other liabilities $ 334,712 $ 300,735
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, (Dollars in thousands) Insurance reserves (Note 12) $ 70,403 $ 61,575 Accounts payable and other accrued liabilities 23,477 34,055 Total accounts payable and accrued liabilities $ 93,880 $ 95,630

Warranty Accrual (Tables)

Warranty Accrual (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020. The warranty accrual increased due to the increase in the number of home closings. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Dollars in thousands) Balance at beginning of period $ 35,017 $ 30,458 $ 33,664 $ 31,386 Expense provisions 5,618 4,493 15,706 11,595 Cash payments (4,834) (2,683) (13,569) (8,713) Adjustments 319 (171) 319 (2,171) Balance at end of period $ 36,120 $ 32,097 $ 36,120 $ 32,097

Insurance and Construction De_2

Insurance and Construction Defect Claim Reserves (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020. 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 2021 2020 2021 2020 (Dollars in thousands) Balance at beginning of period $ 76,286 $ 63,881 $ 70,054 $ 60,415 Expense provisions 4,776 4,058 14,447 10,562 Cash payments, net of recoveries (2,063) (859) (5,502) (3,897) Balance at end of period $ 78,999 $ 67,080 $ 78,999 $ 67,080

Senior Notes (Tables)

Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The carrying values of our senior notes as of September 30, 2021 and December 31, 2020, net of any unamortized debt issuance costs or discount, were as follows: September 30, December 31, (Dollars in thousands) 5.500% Senior Notes due January 2024, net $ 126,071 $ 249,233 3.850% Senior Notes due January 2030, net 297,638 297,458 2.500% Senior Notes due January 2031, net 347,055 — 6.000% Senior Notes due January 2043, net 490,851 490,700 3.966% Senior Notes due August 2061, net 346,043 — Total $ 1,607,658 $ 1,037,391

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020, 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 2021 2020 2021 2020 (Dollars in thousands) Stock option grants expense $ 600 $ 814 $ 2,189 $ 2,026 Restricted stock awards expense 3,026 2,271 6,947 4,841 Performance share units expense 4,293 5,523 17,728 11,669 Total stock-based compensation $ 7,919 $ 8,608 $ 26,864 $ 18,536

Basis of Presentation (Details)

Basis of Presentation (Details)	Jan. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock dividend rate, percent	8.00%

Recently Issued Accounting St_3

Recently Issued Accounting Standards (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings adjustment (less than)	$ 759,842	$ 711,666
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Cumulative effect of newly adopted accounting standards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings adjustment (less than)			$ 100

Segment Reporting (Details Text

Segment Reporting (Details Textual)	9 Months Ended
	Sep. 30, 2021segment
Other
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Homebuilding:
Segment Reporting Information [Line Items]
Total financial services revenues	$ 1,257,701	$ 1,000,549	$ 3,667,332	$ 2,584,392
Homebuilding: | West
Segment Reporting Information [Line Items]
Total financial services revenues	729,777	552,319	2,194,071	1,447,934
Homebuilding: | Mountain
Segment Reporting Information [Line Items]
Total financial services revenues	379,041	347,095	1,104,391	886,619
Homebuilding: | East
Segment Reporting Information [Line Items]
Total financial services revenues	148,883	101,135	368,870	249,839
Financial Services:
Segment Reporting Information [Line Items]
Total financial services revenues	43,104	36,803	121,445	91,653
Financial Services: | West
Segment Reporting Information [Line Items]
Total financial services revenues	43,104	36,803	121,445	91,653
Financial Services: | Mortgage operations
Segment Reporting Information [Line Items]
Total financial services revenues	31,122	28,548	89,608	67,536
Financial Services: | Other
Segment Reporting Information [Line Items]
Total financial services revenues	$ 11,982	$ 8,255	$ 31,837	$ 24,117

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Income before income taxes	$ 192,692	$ 126,018	$ 542,546	$ 286,218
Homebuilding:
Segment Reporting Information [Line Items]
Income before income taxes	165,152	101,650	466,168	236,240
Financial Services:
Segment Reporting Information [Line Items]
Income before income taxes	27,540	24,368	76,378	49,978
Operating Segments | Homebuilding: | West
Segment Reporting Information [Line Items]
Income before income taxes	120,284	59,120	330,390	144,441
Operating Segments | Homebuilding: | Mountain
Segment Reporting Information [Line Items]
Income before income taxes	55,386	48,053	165,296	111,372
Operating Segments | Homebuilding: | East
Segment Reporting Information [Line Items]
Income before income taxes	15,410	6,020	34,091	9,993
Operating Segments | Financial Services: | Mortgage operations
Segment Reporting Information [Line Items]
Income before income taxes	21,214	20,809	61,341	46,558
Operating Segments | Financial Services: | Other
Segment Reporting Information [Line Items]
Income before income taxes	6,326	3,559	15,037	3,420
Corporate | Homebuilding:
Segment Reporting Information [Line Items]
Income before income taxes	$ (25,928)	$ (11,543)	$ (63,609)	$ (29,566)

Segment Reporting - Total Asset

Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Assets	$ 4,874,404	$ 3,864,920
Homebuilding:
Segment Reporting Information [Line Items]
Total Assets	4,495,883	3,506,420
Financial Services:
Segment Reporting Information [Line Items]
Total Assets	378,521	358,500
Operating Segments | Homebuilding: | West
Segment Reporting Information [Line Items]
Total Assets	2,229,687	1,855,567
Operating Segments | Homebuilding: | Mountain
Segment Reporting Information [Line Items]
Total Assets	1,030,407	905,007
Operating Segments | Homebuilding: | East
Segment Reporting Information [Line Items]
Total Assets	419,212	274,937
Operating Segments | Financial Services: | Mortgage operations
Segment Reporting Information [Line Items]
Total Assets	279,938	279,649
Operating Segments | Financial Services: | Other
Segment Reporting Information [Line Items]
Total Assets	98,583	78,851
Corporate | Homebuilding:
Segment Reporting Information [Line Items]
Total Assets	$ 816,577	$ 470,909

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, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 145,954	$ 154,352	$ 110,690	$ 98,938	$ 84,396	$ 36,760	$ 410,996	$ 220,094
Less: distributed earnings allocated to participating securities	(155)			(148)			(446)	(404)
Less: undistributed earnings allocated to participating securities	(602)			(502)			(1,668)	(952)
Net income attributable to common stockholders (numerator for basic earnings per share)	145,197			98,288			408,882	218,738
Add back: undistributed earnings allocated to participating securities	602			502			1,668	952
Less: undistributed earnings reallocated to participating securities	(584)			(488)			(1,615)	(929)
Numerator for diluted earnings per share under two class method	$ 145,215			$ 98,302			$ 408,935	$ 218,761
Weighted-average common shares outstanding (in shares)	70,301,085			68,977,965			70,130,853	68,179,403
Denominator for diluted earnings per share under two class method (in shares)	72,800,011			71,090,903			72,770,432	70,167,443
Basic Earnings Per Common Share (in dollars per share)	$ 2.07			$ 1.42			$ 5.83	$ 3.21
Diluted Earnings Per Common Share (in dollars per share)	$ 1.99			$ 1.38			$ 5.62	$ 3.12
Add: dilutive effect of stock options
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 (in shares)	2,202,045			1,955,474			2,330,667	1,727,700
Add: dilutive effect of contingently issuable equity awards
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 (in shares)	296,881			157,464			308,912	260,340

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	15	0	15	800

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
$250 million 5.500% Senior Notes due January 2024, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Early repayment of senior debt	$ 123,600
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]
Mortgage loans held-for-sale, net	248,921		$ 248,921		$ 232,556
Gain (Loss) on sale of mortgage loans	23,600	$ 26,800	73,500	$ 64,300
Fair Value, Inputs, Level 2 | Under Commitment to Sell
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held-for-sale, net	142,200		142,200		137,300
Fair Value, Inputs, Level 2 | Not Under Commitment to Sell
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held-for-sale, net	$ 106,700		$ 106,700		$ 95,300

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, 2021	Dec. 31, 2020
Fair Value, Inputs, Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held-for-sale, net	$ 248,921	$ 232,556

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Net gain (loss) recognized during the period on equity securities	$ 0	$ 0	$ 0	$ (8,285)
Less: Net gain (loss) recognized during the period on equity securities sold during the period	0	0	0	(8,285)
Unrealized gain (loss) loss recognized during the reporting period on equity securities still held at the reporting date	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 1,607,658,000	$ 1,037,391,000
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	1,607,658,000	1,037,391,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,761,185,000	1,274,135,000
$250 million 5.500% Senior Notes due January 2024, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 250,000,000
Interest rate, stated percentage	5.50%
Carrying Amount	$ 126,071,000	249,233,000
$250 million 5.500% Senior Notes due January 2024, net | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	126,071,000	249,233,000
$250 million 5.500% Senior Notes due January 2024, net | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	137,109,000	275,463,000
$300 million 3.850% Senior Notes due January 2030, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 300,000,000
Interest rate, stated percentage	3.85%
Carrying Amount	$ 297,638,000	297,458,000
$300 million 3.850% Senior Notes due January 2030, net | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	297,638,000	297,458,000
$300 million 3.850% Senior Notes due January 2030, net | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	322,680,000	331,384,000
$350 million 2.500% Senior Notes due January 2031, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 350,000,000
Interest rate, stated percentage	2.50%
Carrying Amount	$ 347,055,000	0
$350 million 2.500% Senior Notes due January 2031, net | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	347,055,000	0
$350 million 2.500% Senior Notes due January 2031, net | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	341,457,000	0
$500 million 6.000% Senior Notes due January 2043, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 500,000,000
Interest rate, stated percentage	6.00%
Carrying Amount	$ 490,851,000	490,700,000
$500 million 6.000% Senior Notes due January 2043, net | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	490,851,000	490,700,000
$500 million 6.000% Senior Notes due January 2043, net | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	625,275,000	667,288,000
$350 million 3.966% Senior Notes due August 2061, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 350,000,000
Interest rate, stated percentage	3.966%
Carrying Amount	$ 346,043,000	0
$350 million 3.966% Senior Notes due August 2061, net | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	346,043,000	0
$350 million 3.966% Senior Notes due August 2061, net | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 334,664,000	$ 0

Inventories - Summary of Invent

Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Housing completed or under construction	$ 1,948,211	$ 1,486,587
Land and land under development	1,464,603	1,345,643
Total inventories	3,412,814	2,832,230
Homebuilding:
Inventory [Line Items]
Housing completed or under construction	1,948,211	1,486,587
Land and land under development	1,464,603	1,345,643
Total inventories	3,412,814	2,832,230
Homebuilding: | West
Inventory [Line Items]
Housing completed or under construction	1,077,320	902,842
Land and land under development	974,380	822,504
Homebuilding: | Mountain
Inventory [Line Items]
Housing completed or under construction	636,090	464,501
Land and land under development	340,702	391,054
Homebuilding: | East
Inventory [Line Items]
Housing completed or under construction	234,801	119,244
Land and land under development	$ 149,521	$ 132,085

Capitalization of Interest - In

Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Homebuilding interest incurred	$ 19,108	$ 14,799	$ 53,849	$ 46,427
Less: Interest capitalized	(19,108)	(14,799)	(53,849)	(46,427)
Homebuilding interest expensed	0	0	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized, beginning of period	54,351	56,929	52,777	55,310
Plus: Interest capitalized during period	19,108	14,799	53,849	46,427
Less: Previously capitalized interest included in home cost of sales	(16,024)	(16,511)	(49,191)	(46,520)
Interest capitalized, end of period	$ 57,435	$ 55,217	$ 57,435	$ 55,217

Leases (Details Textual)

Leases (Details Textual)	Sep. 30, 2021
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 2,018	$ 2,083	$ 5,990	$ 6,249
Less: Sublease income	(39)	(38)	(117)	(114)
Net lease cost	$ 1,979	$ 2,045	$ 5,873	$ 6,135

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,900	$ 1,792	$ 5,645	$ 5,439
Leased assets obtained in exchange for new operating lease liabilities	$ 0	$ 0	$ 830	$ 4,050

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term (in years)	4 years 8 months 12 days
Weighted-average discount rate	5.50%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
2021 (excluding the nine months ended September 30, 2021			$ 1,269
2022			7,430
2023			6,416
2024			5,717
2025			5,493
Thereafter			4,869
Total operating lease payments 1			31,194
Less: Interest			3,760
Lease liability			$ 27,434
Operating lease liability, leases not yet commenced	$ 2,500
Homebuilding:
Lessee, Lease, Description [Line Items]
Lease liability	27,052	$ 30,221
Financial Services:
Lessee, Lease, Description [Line Items]
Lease liability	$ 400

Homebuilding Prepaids and Oth_3

Homebuilding Prepaids and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding: - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Prepaid Expenses and Other Assets [Line Items]
Land option deposits	$ 47,194	$ 29,987
Operating lease right-of-use asset	26,058	29,226
Prepaids	18,884	26,929
Deferred debt issuance costs on revolving credit facility, net	7,620	9,043
Goodwill	6,008	6,008
Other	96	492
Total prepaids and other assets	$ 105,860	$ 101,685

Homebuilding Accrued and Othe_3

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Warranty accrual	$ 36,120	$ 35,017	$ 33,664	$ 32,097	$ 30,458	$ 31,386
Lease liability				$ 27,434
Homebuilding:
Segment Reporting Information [Line Items]
Customer and escrow deposits	88,441		67,022
Accrued compensation and related expenses	67,079		56,682
Warranty accrual	36,120		33,664
Lease liability	27,052		30,221
Accrued interest	16,626		27,650
Land development and home construction accruals	15,469		10,824
Construction defect claim reserves	8,596		8,479
Income taxes payable	1,771		8,285
Other accrued liabilities	73,558		57,908
Accrued and other liabilities	$ 334,712		$ 300,735

Homebuilding Accrued and Othe_4

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Financial Services Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Insurance reserves	$ 78,999	$ 76,286	$ 70,054	$ 67,080	$ 63,881	$ 60,415
Financial Services:
Segment Reporting Information [Line Items]
Insurance reserves	70,403		61,575
Accounts payable and other accrued liabilities	23,477		34,055
Total accounts payable and accrued liabilities	$ 93,880		$ 95,630

Warranty Accrual - Narrative (D

Warranty Accrual - Narrative (Details)	9 Months Ended
	Sep. 30, 2021
Product Warranty Liability [Line Items]
Period responsible for performing all warranty work (in years)	2 years
Minimum
Product Warranty Liability [Line Items]
Period responsible for paying for substantially all warranty work required (in years)	3 years
Maximum
Product Warranty Liability [Line Items]
Period responsible for paying for substantially all warranty work required (in years)	10 years

Warranty Accrual - Warranty Acc

Warranty Accrual - Warranty Accrual and Payment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 35,017	$ 30,458	$ 33,664	$ 31,386
Expense provisions	5,618	4,493	15,706	11,595
Cash payments	(4,834)	(2,683)	(13,569)	(8,713)
Adjustments	319	(171)	319	(2,171)
Balance at end of period	$ 36,120	$ 32,097	$ 36,120	$ 32,097

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Movement in Liability for Future Policy Benefits [Roll Forward]
Balance at beginning of period	$ 76,286	$ 63,881	$ 70,054	$ 60,415
Expense provisions	4,776	4,058	14,447	10,562
Cash payments, net of recoveries	(2,063)	(859)	(5,502)	(3,897)
Balance at end of period	$ 78,999	$ 67,080	$ 78,999	$ 67,080

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	24.30%	21.50%	24.20%	23.10%
Income tax expense	$ 46,738	$ 27,080	$ 131,550	$ 66,124

Senior Notes - Carrying Amount

Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 31, 2021	Jan. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying Amount	$ 1,607,658,000		$ 1,607,658,000				$ 1,037,391,000
Loss on debt retirement	12,150,000	$ 0	$ 12,150,000	$ 0
Senior Notes
Debt Instrument [Line Items]
Loss on debt retirement	$ 12,200,000
5.500% Senior Notes due January 2024, net
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%		5.50%
Carrying Amount	$ 126,071,000		$ 126,071,000				249,233,000
Debt instrument, face amount	250,000,000		$ 250,000,000
Early repayment of senior debt	$ 123,600,000
5.500% Senior Notes due January 2024, net | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%		5.50%
Early repayment of senior debt	$ 123,600,000
3.850% Senior Notes due January 2030, net
Debt Instrument [Line Items]
Interest rate, stated percentage	3.85%		3.85%
Carrying Amount	$ 297,638,000		$ 297,638,000				297,458,000
Debt instrument, face amount	$ 300,000,000		$ 300,000,000
2.500% Senior Notes due January 2031, net
Debt Instrument [Line Items]
Interest rate, stated percentage	2.50%		2.50%
Carrying Amount	$ 347,055,000		$ 347,055,000				0
Debt instrument, face amount	$ 350,000,000		$ 350,000,000
2.500% Senior Notes due January 2031, net | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage						2.50%
Debt instrument, face amount						$ 350,000,000
Par price percentage						100.00%
6.000% Senior Notes due January 2043, net
Debt Instrument [Line Items]
Interest rate, stated percentage	6.00%		6.00%
Carrying Amount	$ 490,851,000		$ 490,851,000				490,700,000
Debt instrument, face amount	$ 500,000,000		$ 500,000,000
3.966% Senior Notes due August 2061, net
Debt Instrument [Line Items]
Interest rate, stated percentage	3.966%		3.966%
Carrying Amount	$ 346,043,000		$ 346,043,000				$ 0
Debt instrument, face amount	$ 350,000,000		$ 350,000,000
3.966% Senior Notes due August 2061, net | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage					3.966%
Debt instrument, face amount					$ 350,000,000
Par price percentage					100.00%

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 7,919	$ 8,608	$ 26,864	$ 18,536
Stock option grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	600	814	2,189	2,026
Restricted stock awards expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	3,026	2,271	6,947	4,841
Performance share units expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 4,293	$ 5,523	$ 17,728	$ 11,669

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jul. 14, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 7,919	$ 8,608	$ 26,864	$ 18,536
Performance share units expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		4,293	5,523	17,728	11,669
Performance share units expense | 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	1,300	6,000
Performance share units expense | Equity Incentive Plan 2011 | Granted in 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		1,800	$ 4,200	5,500	$ 4,200
Performance share units expense | Equity Incentive Plan 2011 | Granted in 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		2,500		10,900
Performance share units expense | Equity Incentive Plan 2011 | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 0		$ 0
Target goal, PSUs (in shares)	397,500
Fair Value per Share (in dollars per share)	$ 44.35

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)lot
Loss Contingencies [Line Items]
Surety bonds, outstanding, amount	$ 330.9
Letters of credit outstanding, amount	169.7
Estimated cost related to letters of credit	159
Estimated cost related to bonds	$ 113.9
Number of lots | lot	12,375
Option Contracts
Loss Contingencies [Line Items]
Letters of credit outstanding, amount	$ 14.5
Deposits	40.6
HomeAmerican
Loss Contingencies [Line Items]
Surety bonds, outstanding, amount	$ 130

Derivative Financial Instrume_2

Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivatives, Fair Value [Line Items]
Net gains on derivatives	$ 0.6	$ 1.6	$ 1.6	$ 4.9
Commitment to Originate Mortgage Loans
Derivatives, Fair Value [Line Items]
Interest rate lock agreements, aggregate principal balance	305.2		305.2
No Commitment to Originate Mortgage Loans
Derivatives, Fair Value [Line Items]
Mortgage loans held-for-sale, net	103		103
Forward Sales of Mortgage Backed Securities
Derivatives, Fair Value [Line Items]
Interest rate lock agreements, aggregate principal balance	$ 264.5		$ 264.5

Lines of Credit (Details Textua

Lines of Credit (Details Textual) - USD ($)	Dec. 28, 2020	Apr. 21, 2022	Sep. 30, 2021	Sep. 27, 2021	Apr. 22, 2021	Feb. 04, 2021	Dec. 31, 2020	Dec. 27, 2018	Aug. 09, 2018
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount			$ 169,700,000
Financial Services:
Line of Credit Facility [Line Items]
Warehouse agreement borrowings			$ 215,794,000				$ 202,390,000
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	$ 1,200,000,000							$ 1,000,000,000
Extended maturity amount	1,125,000,000
Potential maximum borrowing capacity, subject to additional commitments	$ 1,700,000,000
Interest rate, stated percentage	0.00%
Maximum leverage ratio	55.00%
Minimum common stock outstanding ownership, percentage			50.00%
Letters of credit outstanding, amount			$ 39,700,000				25,100,000
Revolving credit facility			10,000,000				$ 10,000,000
Remaining borrowing capacity			1,150,000,000
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			$ 75,000,000
Maximum increase to borrowing capacity	$ 50,000,000			$ 75,000,000	$ 175,000,000	$ 200,000,000			$ 75,000,000
Mortgage Repurchase Facility | Forecast | Warehouse Agreement Borrowings
Line of Credit Facility [Line Items]
Maximum increase to borrowing capacity		$ 150,000,000

Related Party Transactions (Det

Related Party Transactions (Details Textual) - CVentures, Inc.	Oct. 31, 2026$ / ft²	Nov. 01, 2016ft²$ / ft²
Related Party Transaction [Line Items]
Area of real estate property | ft²		5,437
Minimum
Related Party Transaction [Line Items]
Yearly rental rate per rentable square foot		26.50
Maximum | Forecast
Related Party Transaction [Line Items]
Yearly rental rate per rentable square foot	31.67

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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	$ 61	$ 65.8
All Guarantor Subsidiaries
Guarantor Obligations [Line Items]
Ownership interest	100.00%