M.D.C. (MDC) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 26, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
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		71,156,158
Entity Central Index Key	0000773141
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	MDC
Security Exchange Name	NYSE
Senior Notes 6.000 % Due January 2043
Document Information [Line Items]
Title of 12(b) Security	6% Senior Notes due January 2043
Trading Symbol	MDC 43
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventories:
Housing completed or under construction	$ 2,385,563	$ 1,917,616
Land and land under development	1,717,022	1,843,235
Total inventories	4,102,585	3,760,851
Total Assets	5,232,827	4,963,528
LIABILITIES AND EQUITY
Total Liabilities	2,358,510	2,366,382
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; 71,157,875 and 70,668,093 issued and outstanding at June 30, 2022 and December 31, 2021, respectively	712	707
Additional paid-in-capital	1,719,642	1,709,276
Retained earnings	1,153,963	887,163
Total Stockholders' Equity	2,874,317	2,597,146
Total Liabilities and Stockholders' Equity	5,232,827	4,963,528
Homebuilding:
ASSETS
Cash and cash equivalents	475,254	485,839
Restricted cash	5,994	12,799
Trade and other receivables	121,202	98,580
Inventories:
Housing completed or under construction	2,385,563	1,917,616
Land and land under development	1,717,022	1,843,235
Total inventories	4,102,585	3,760,851
Property and equipment, net	61,574	60,561
Deferred tax asset, net	16,735	17,942
Prepaids and other assets	95,956	106,562
Other assets	201	199
Total Assets	4,879,300	4,543,134
LIABILITIES AND EQUITY
Accounts payable	186,252	149,488
Accrued and other liabilities	397,349	370,910
Revolving credit facility	10,000	10,000
Senior notes, net	1,482,174	1,481,781
Total Liabilities	2,075,775	2,012,179
Financial Services:
ASSETS
Cash and cash equivalents	114,989	104,821
Inventories:
Mortgage loans held-for-sale, net	190,070	282,529
Other assets	48,468	33,044
Total Assets	353,527	420,394
LIABILITIES AND EQUITY
Total accounts payable and accrued liabilities	107,170	97,903
Mortgage repurchase facility	175,565	256,300
Total Liabilities	$ 282,735	$ 354,203

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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)	71,157,875	70,668,093
Common stock, shares outstanding (in shares)	71,157,875	70,668,093

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Inventory Impairments			$ (660)	$ 0
Income before income taxes	$ 258,963	$ 205,542	460,845	349,854
Provision for income taxes	(69,421)	(51,190)	(122,882)	(84,812)
Net income	189,542	154,352	337,963	265,042
Comprehensive income	$ 189,542	$ 154,352	$ 337,963	$ 265,042
Earnings per share:
Basic Earnings Per Common Share (in dollars per share)	$ 2.66	$ 2.19	$ 4.75	$ 3.76
Diluted Earnings Per Common Share (in dollars per share)	$ 2.59	$ 2.11	$ 4.61	$ 3.62
Weighted average common shares outstanding:
Basic (in shares)	70,841,476	70,291,057	70,804,019	70,044,326
Diluted (in shares)	72,881,012	72,715,273	72,945,748	72,754,141
Dividends declared per share (in dollars per share)	$ 0.50	$ 0.40	$ 1	$ 0.77
Homebuilding:
Total financial services revenues	$ 1,450,823	$ 1,367,773	$ 2,691,343	$ 2,409,631
Home cost of sales	(1,062,016)	(1,051,181)	(1,983,394)	(1,865,069)
Inventory Impairments	0	0	(660)	0
Total cost of sales	(1,062,016)	(1,051,181)	(1,984,054)	(1,865,069)
Gross profit	388,807	316,592	707,289	544,562
Selling, general and administrative expenses	(133,849)	(128,861)	(263,163)	(243,854)
Interest and other income	822	868	1,577	1,835
Other expense	(15,509)	(1,090)	(16,933)	(1,527)
Income before income taxes	240,271	187,509	428,770	301,016
Financial Services:
Total financial services revenues	36,229	33,318	65,360	78,341
Expenses	(18,801)	(16,440)	(35,736)	(31,545)
Other income, net	1,264	1,155	2,451	2,042
Income before income taxes	$ 18,692	$ 18,033	$ 32,075	$ 48,838

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		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 dividends declared (in shares)		5,192,776
Stock dividends 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
Beginning balance at Dec. 31, 2020	2,119,912	$ 649	1,407,597	711,666
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	265,042
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
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
Beginning balance (in shares) at Dec. 31, 2021	70,668,093	70,668,093
Beginning balance at Dec. 31, 2021	$ 2,597,146	$ 707	1,709,276	887,163
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	148,421			148,421
Shares issued under stock-based compensation programs, net (in shares)		498,921
Shares issued under stock-based compensation programs, net	(12,628)	$ 5	(12,633)
Cash dividends declared	(35,583)			(35,583)
Stock-based compensation expense	13,726		13,726
Forfeiture of restricted stock (in shares)		(4,769)
Ending balance (in shares) at Mar. 31, 2022		71,162,245
Ending balance at Mar. 31, 2022	$ 2,711,082	$ 712	1,710,369	1,000,001
Beginning balance (in shares) at Dec. 31, 2021	70,668,093	70,668,093
Beginning balance at Dec. 31, 2021	$ 2,597,146	$ 707	1,709,276	887,163
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 337,963
Ending balance (in shares) at Jun. 30, 2022	71,157,875	71,157,875
Ending balance at Jun. 30, 2022	$ 2,874,317	$ 712	1,719,642	1,153,963
Beginning balance (in shares) at Mar. 31, 2022		71,162,245
Beginning balance at Mar. 31, 2022	2,711,082	$ 712	1,710,369	1,000,001
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	189,542	$ 0	0	189,542
Shares issued under stock-based compensation programs, net (in shares)		1,573
Shares issued under stock-based compensation programs, net	(58)	$ 0	(58)	0
Cash dividends declared	(35,580)			(35,580)
Stock-based compensation expense	$ 9,331		9,331
Forfeiture of restricted stock (in shares)		(2,797)
Ending balance (in shares) at Jun. 30, 2022	71,157,875	71,157,875
Ending balance at Jun. 30, 2022	$ 2,874,317	$ 712	$ 1,719,642	$ 1,153,963

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Activities:
Net income	$ 189,542	$ 154,352	$ 337,963	$ 265,042
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense			24,793	18,867
Depreciation and amortization			13,903	16,178
Inventory Impairments			660	0
Deferred income tax expense (benefit)			1,207	(3,339)
Net changes in assets and liabilities:
Trade and other receivables			(22,332)	(57,105)
Mortgage loans held-for-sale, net			92,459	46,470
Prepaids and other assets			(5,775)	4,695
Accounts payable and accrued and other liabilities			70,183	70,595
Net cash provided by operating activities			171,060	12,084
Investing Activities:
Purchases of property and equipment			(13,698)	(13,447)
Net cash (used in) investing activities			(13,698)	(13,447)
Financing Activities:
Proceeds from (payments on) mortgage repurchase facility, net			(80,735)	(37,709)
Proceeds from issuance of senior notes			0	347,725
Dividend payments			(71,163)	(54,913)
Payments of deferred financing costs			0	(819)
Issuance of shares under stock-based compensation programs, net			(12,686)	(15,534)
Net cash provided by (used in) financing activities			(164,584)	238,750
Net increase (decrease) in cash, cash equivalents and restricted cash			(7,222)	237,387
Cash, cash equivalents and restricted cash:
Beginning of period			603,459	503,972
End of period	596,237	741,359	596,237	741,359
Reconciliation of cash, cash equivalents and restricted cash:
Total cash, cash equivalents and restricted cash	596,237	741,359	596,237	741,359
Homebuilding:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Inventory Impairments	0	0	660	0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	475,254	638,547	475,254	638,547
Restricted cash	5,994	14,158	5,994	14,158
Financial Services:
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 114,989	$ 88,654	114,989	88,654
Housing Completed or Under Construction
Net changes in assets and liabilities:
Housing completed or under construction and land under development			(468,301)	(385,698)
Land and Land Under Development
Net changes in assets and liabilities:
Housing completed or under construction and land under development			$ 126,300	$ 36,379

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 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, 2021. 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	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting StandardsThere are no recently issued accounting standards applicable to the Company.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2022
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 (Florida, mid-Atlantic, which includes Maryland, Pennsylvania and Virginia, 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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Homebuilding West $ 788,279 $ 847,683 $ 1,495,590 $ 1,464,294 Mountain 437,001 400,633 772,129 725,350 East 225,543 119,457 423,624 219,987 Total homebuilding revenues $ 1,450,823 $ 1,367,773 $ 2,691,343 $ 2,409,631 Financial Services Mortgage operations $ 22,077 $ 23,321 $ 39,678 $ 58,486 Other 14,152 9,997 25,682 19,855 Total financial services revenues $ 36,229 $ 33,318 $ 65,360 $ 78,341 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Homebuilding West $ 148,508 $ 132,919 $ 279,034 $ 210,106 Mountain 79,135 64,052 129,641 109,910 East 34,407 10,846 65,801 18,681 Corporate (21,779) (20,308) (45,706) (37,681) Total homebuilding pretax income $ 240,271 $ 187,509 $ 428,770 $ 301,016 Financial Services Mortgage operations $ 10,673 $ 14,088 $ 18,106 $ 40,127 Other 8,019 3,945 13,969 8,711 Total financial services pretax income $ 18,692 $ 18,033 $ 32,075 $ 48,838 Total pretax income $ 258,963 $ 205,542 $ 460,845 $ 349,854 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. June 30, December 31, (Dollars in thousands) Homebuilding assets West $ 2,653,052 $ 2,472,378 Mountain 1,169,938 1,072,717 East 508,690 450,675 Corporate 547,620 547,364 Total homebuilding assets $ 4,879,300 $ 4,543,134 Financial services assets Mortgage operations $ 232,139 $ 313,373 Other 121,388 107,021 Total financial services assets $ 353,527 $ 420,394 Total assets $ 5,232,827 $ 4,963,528

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands, except per share amounts) Numerator Net income $ 189,542 $ 154,352 $ 337,963 $ 265,042 Less: distributed earnings allocated to participating securities (161) (133) (355) (291) Less: undistributed earnings allocated to participating securities (689) (589) (1,261) (1,067) Net income attributable to common stockholders (numerator for basic earnings per share) 188,692 153,630 336,347 263,684 Add back: undistributed earnings allocated to participating securities 689 589 1,261 1,067 Less: undistributed earnings reallocated to participating securities (676) (569) (1,231) (1,032) Numerator for diluted earnings per share under two class method $ 188,705 $ 153,650 $ 336,377 $ 263,719 Denominator Weighted-average common shares outstanding 70,841,476 70,291,057 70,804,019 70,044,326 Add: dilutive effect of stock options 1,406,274 2,424,216 1,738,041 2,394,887 Add: dilutive effect of contingently issuable equity awards 633,262 — 403,688 314,928 Denominator for diluted earnings per share under two class method 72,881,012 72,715,273 72,945,748 72,754,141 Basic Earnings Per Common Share $ 2.66 $ 2.19 $ 4.75 $ 3.76 Diluted Earnings Per Common Share $ 2.59 $ 2.11 $ 4.61 $ 3.62 Diluted EPS for both the three and six months ended June 30, 2022 excluded options to purchase 15,000 shares of common stock, because the effect of their inclusion would be anti-dilutive. There were zero anti-dilutive options for both the three and six months ended June 30, 2021.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
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, except those for which the carrying values approximate fair values: Fair Value Financial Instrument Hierarchy June 30, December 31, (Dollars in thousands) Mortgage loans held-for-sale, net Level 2 $ 190,070 $ 282,529 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of June 30, 2022 and December 31, 2021. 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 June 30, 2022 and December 31, 2021, we had $134.4 million and $157.7 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 June 30, 2022 and December 31, 2021, we had $55.7 million and $124.9 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 six months ended June 30, 2022, we recorded gain (loss) on mortgage loans held-for-sale, net of $(4.3) million and $(9.3) million, compared to $28.8 million and $46.2 million for the same period in the prior year. For the financial assets and liabilities that the Company does not reflect at fair value, the following methods and assumptions were used to estimate the fair value of each class of financial instruments. 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. 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. June 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $300 million 3.850% Senior Notes due January 2030, net $ 297,821 $ 251,498 $ 297,699 $ 319,057 $350 million 2.500% Senior Notes due January 2031, net 347,269 257,216 347,126 339,185 $500 million 6.000% Senior Notes due January 2043, net 491,010 410,815 490,903 628,092 $350 million 3.966% Senior Notes due August 2061, net 346,074 200,097 346,053 337,017 Total $ 1,482,174 $ 1,119,626 $ 1,481,781 $ 1,623,351

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories The following table sets forth, by reportable segment, information relating to our homebuilding inventories: June 30, December 31, (Dollars in thousands) Housing completed or under construction: West $ 1,362,339 $ 1,077,256 Mountain 720,864 596,164 East 302,360 244,196 Subtotal 2,385,563 1,917,616 Land and land under development: West 1,143,752 1,235,363 Mountain 403,142 435,958 East 170,128 171,914 Subtotal 1,717,022 1,843,235 Total inventories $ 4,102,585 $ 3,760,851 Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and unsold homes. Costs capitalized to land and land under development primarily include: (1) land costs; (2) land development costs; (3) entitlement costs; (4) capitalized interest; (5) engineering fees; and (6) title insurance, real property taxes and closing costs directly related to the purchase of the land parcel. Components of housing completed or under construction primarily include: (1) land costs transferred from land and land under development; (2) direct construction costs associated with a house; (3) real property taxes, engineering fees, permits and other fees; (4) capitalized interest; and (5) indirect construction costs, which include field construction management salaries and benefits, utilities and other construction related costs. Land costs are transferred from land and land under development to housing completed or under construction at the point in time that construction of a home on an owned lot begins. In accordance with ASC Topic 360, Property, Plant, and Equipment (“ASC 360”), homebuilding inventories, excluding those classified as held for sale, are carried at cost unless events and circumstances indicate that the carrying value of the underlying subdivision may not be recoverable. We evaluate inventories for impairment at each quarter end on a subdivision level basis as each such subdivision represents the lowest level of identifiable cash flows. In making this determination, we review, among other things, the following for each subdivision: • actual and trending “Operating Margin” (which is defined as home sale revenues less home cost of sales and all incremental costs associated directly with the subdivision, including sales commissions and marketing costs); • estimated future undiscounted cash flows and Operating Margin; • forecasted Operating Margin for homes in backlog; • actual and trending net home orders; • homes available for sale; • market information for each sub-market, including competition levels, home foreclosure levels, the size and style of homes currently being offered for sale and lot size; and • known or probable events indicating that the carrying value may not be recoverable. If events or circumstances indicate that the carrying value of our inventory may not be recoverable, assets are reviewed for impairment by comparing the undiscounted estimated future cash flows from an individual subdivision (including capitalized interest) to its carrying value. If the undiscounted future cash flows are less than the subdivision’s carrying value, the carrying value of the subdivision is written down to its then estimated fair value. We generally determine the estimated fair value of each subdivision by determining the present value of the estimated future cash flows at discount rates, which are Level 3 inputs, that are commensurate with the risk of the subdivision under evaluation. The evaluation for the recoverability of the carrying value of the assets for each individual subdivision can be impacted significantly by our estimates of future home sale revenues, home construction costs, and development costs per home, all of which are Level 3 inputs. If land is classified as held for sale, we measure it in accordance with ASC 360 at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, we primarily rely upon the most recent negotiated price, which is a Level 2 input. If a negotiated price is not available, we will consider several factors including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies, which are considered Level 3 inputs. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired down to its estimated fair value less costs to sell. Inventory impairments recognized by segment for the three and six months ended ended June 30, 2022 and 2021 are shown in the table below. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) West $ — $ — $ 660 $ — Mountain — — — — East — — — — Total Inventory Impairments $ — $ — $ 660 $ — The table below provides quantitative data, for the periods presented, where applicable, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Number of Subdivisions Impaired Inventory Impairments Fair Value of Inventory After Impairments Discount Rate (Dollars in thousands) March 31, 2022 1 $ 660 $ 1,728 N/A Total $ 660

Capitalization of Interest

Capitalization of Interest	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Homebuilding interest incurred $ 17,382 $ 17,409 $ 34,640 $ 34,741 Less: Interest capitalized (17,382) (17,409) (34,640) (34,741) Homebuilding interest expensed $ — $ — $ — $ — Interest capitalized, beginning of period $ 60,468 $ 55,268 $ 58,054 $ 52,777 Plus: Interest capitalized during period 17,382 17,409 34,640 34,741 Less: Previously capitalized interest included in home cost of sales (15,681) (18,326) (30,525) (33,167) Interest capitalized, end of period $ 62,169 $ 54,351 $ 62,169 $ 54,351

Leases

Leases	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Dollars in thousands) Operating lease cost 1 $ 2,107 $ 1,995 $ 4,238 $ 3,972 Less: Sublease income (Note 19) (142) (39) (225) (78) Net lease cost $ 1,965 $ 1,956 $ 4,013 $ 3,894 1 Includes variable lease costs, which are immaterial. Supplemental cash flow information related to leases was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,999 $ 1,887 $ 4,021 $ 3,745 Right of use assets obtained in exchange for new operating lease liabilities $ 547 $ — $ 4,295 $ 830 Weighted-average remaining lease term and discount rate for operating leases were as follows: June 30, 2022 June 30, 2021 Weighted-average remaining lease term (in years) 4.4 4.9 Weighted-average discount rate 5.5 % 5.5 % Maturities of operating lease liabilities were as follows: Year Ended December 31, (Dollars in thousands) 2022 (excluding the six months ended June 30, 2022) $ 3,451 2023 7,150 2024 6,498 2025 6,373 2026 5,573 Thereafter 1,119 Total operating lease payments 1 $ 30,164 Less: Interest 3,396 Present value of operating lease liabilities 2 $ 26,768 _______________________________________________________________ 1 Operating lease payments exclude $1.3 million of legally binding lease payments for leases signed but not yet commenced. 2 Homebuilding and financial services operating lease liabilities of $26.7 million and $0.1 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 sections of our consolidated balance sheet at June 30, 2022.

Homebuilding Prepaids and Other

Homebuilding Prepaids and Other Assets	6 Months Ended
	Jun. 30, 2022
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: June 30, December 31, (Dollars in thousands) Operating lease right-of-use asset (Note 8) $ 25,689 $ 25,514 Land option deposits 43,564 41,617 Prepaids 14,302 26,058 Deferred debt issuance costs on revolving credit facility, net 6,192 7,166 Goodwill 6,008 6,008 Other 201 199 Total prepaids and other assets $ 95,956 $ 106,562

Homebuilding Accrued and Other

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities	6 Months Ended
	Jun. 30, 2022
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: June 30, December 31, 2021 (Dollars in thousands) Customer and escrow deposits $ 89,287 $ 89,353 Accrued compensation and related expenses 70,525 81,417 Warranty accrual (Note 11) 42,711 37,491 Accrued interest 30,934 30,934 Lease liability (Note 8) 26,705 26,440 Land development and home construction accruals 25,670 22,012 Income taxes payable 22,937 9,836 Construction defect claim reserves (Note 12) 9,174 9,287 Other accrued liabilities 79,406 64,140 Total accrued and other liabilities $ 397,349 $ 370,910 The following table sets forth information relating to financial services accounts payable and accrued liabilities: June 30, December 31, 2021 (Dollars in thousands) Insurance reserves (Note 12) $ 78,750 $ 72,900 Accounts payable and other accrued liabilities 28,420 25,003 Total accounts payable and accrued liabilities $ 107,170 $ 97,903

Warranty Accrual

Warranty Accrual	6 Months Ended
	Jun. 30, 2022
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 certain work required to be performed subsequent to year two 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 six months ended June 30, 2022 and 2021. The warranty accrual for the three months ended June 30, 2022 increased due to the increase in the number of home closings. The warranty accrual for the six months ended June 30, 2022 increased also due to a $2.4 million adjustment to increase our warranty accrual during the period. This adjustment was due to higher general warranty related expenditures. There were no warranty adjustments during the three and six months ended June 30, 2021. Three Months Ended Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Balance at beginning of period $ 40,946 $ 33,873 $ 37,491 $ 33,664 Expense provisions 6,787 5,703 12,619 10,088 Cash payments (5,022) (4,559) (9,839) (8,735) Adjustments — — 2,440 — Balance at end of period $ 42,711 $ 35,017 $ 42,711 $ 35,017

Insurance and Construction Defe

Insurance and Construction Defect Claim Reserves	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021. 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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Balance at beginning of period $ 84,424 $ 74,003 $ 82,187 $ 70,054 Expense provisions 5,020 5,388 9,452 9,671 Cash payments, net of recoveries (1,520) (3,105) (3,715) (3,439) Balance at end of period $ 87,924 $ 76,286 $ 87,924 $ 76,286 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 six months ended June 30, 2022 and 2021 are not necessarily indicative of what future cash payments will be for subsequent periods.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur overall effective income tax rates were 26.8% and 26.7% for the three and six months ended June 30, 2022 and 24.9% and 24.2% for the three and six months ended June 30, 2021. The rates for the three and six months ended June 30, 2022 resulted in income tax expense of $69.4 million and $122.9 million, respectively, compared to income tax expense of $51.2 million and $84.8 million for the three and six months ended June 30, 2021, respectively. The year-over-year increase in the effective tax rate for the three and six months ended June 30, 2022, was primarily due to energy tax credits not being extended into 2022 and a decrease in the windfall on non-qualifying stock options exercised and lapsed restricted stock during the respective periods.

Senior Notes

Senior Notes	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Senior Notes	Senior Notes The carrying values of our senior notes as of June 30, 2022 and December 31, 2021, net of any unamortized debt issuance costs or discount, were as follows: June 30, December 31, 2021 (Dollars in thousands) 3.850% Senior Notes due January 2030, net $ 297,821 $ 297,699 2.500% Senior Notes due January 2031, net 347,269 347,126 6.000% Senior Notes due January 2043, net 491,010 490,903 3.966% Senior Notes due August 2061, net 346,074 346,053 Total $ 1,482,174 $ 1,481,781 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, we completed an offering of $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 retirement of our 5.500% senior notes discussed further below, which were scheduled to mature in January 2024.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021, which is included as a component of selling, general and administrative expenses and expenses in the homebuilding and financial services sections, respectively, of our consolidated statements of operations and comprehensive income: Three Months Ended Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Stock option grants expense $ 593 $ 725 $ 1,180 $ 1,589 Restricted stock awards expense 2,041 1,452 4,628 3,921 Performance share units expense 7,277 6,842 18,985 13,435 Total stock-based compensation $ 9,911 $ 9,019 $ 24,793 $ 18,945 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 three and six months ended June 30, 2021, the Company recorded share-based award expense of $1.3 million related to these awards. 2019 PSU Grant s. The 2019 PSU awards vested on February 3, 2022. For the three and six months ended June 30, 2021, the Company recorded share-based award expense of $1.8 million and $3.7 million, respectively, related to these awards. 2020 PSU Grant s. As of June 30, 2022, the Company recorded the required share-based award expense related to the awards of $2.5 million and $4.9 million for the three and six months ended June 30, 2022, based on its assessment of the probability for achievement of the performance targets. For the three and six months ended June 30, 2021, the Company recorded share-based award expense of $5.0 million and $8.5 million, respectively, related to these awards. 2021 PSU Grant s. As of June 30, 2022, the Company recorded the required share-based award expense related to the awards of $4.8 million and $14.1 million for the three and six months ended June 30, 2022, based on its assessment of the probability for achievement of the performance targets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, we had outstanding surety bonds and letters of credit totaling $379.6 million and $211.0 million, respectively, including $159.8 million in letters of credit issued by HomeAmerican. The estimated cost to complete obligations related to these bonds and letters of credit were approximately $186.7 million and $167.3 million, respectively. All letters of credit as of June 30, 2022, 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 June 30, 2022, we had cash deposits and letters of credit totaling $40.9 million and $11.0 million, respectively, at risk associated with the option to purchase 7,296 lots.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, we enter into interest rate lock commitments ("IRLCs") with borrowers who have applied for loan funding and meet defined credit and underwriting criteria. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. Market risk arises if interest rates move adversely between the time of the IRLCs and the date the loan is committed or sold to an investor. We mitigate our exposure to interest rate market risk relating to mortgage loans held-for-sale and IRLCs using: (1) forward sales of mortgage-backed securities, which are commitments to sell a specified financial instrument at a specified future date for a specified price, (2) mandatory delivery forward loan sale commitments, which are obligations of an investor to buy loans at a specified price within a specified time period, and (3) best-effort delivery forward loan sale commitments, which are obligations of an investor to buy loans at a specified price subject to the underlying mortgage loans being funded and closed. The best-effort delivery forward loan sale commitments do not meet the definition of derivative financial instruments in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"). We have elected the fair value option for the firm commitment financial instruments in accordance with ASC Topic 825, Financial Instruments ("ASC 825"). Forward sales of mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is committed under a best-effort or mandatory delivery forward loan sale commitment. The following table sets forth the notional amounts of our financial instruments at June 30, 2022 and December 31, 2021: June 30, December 31, 2021 (Dollars in thousands) Interest rate lock commitments $ 871,839 $ 268,796 Forward sales of mortgage-backed securities 553,000 275,600 Mandatory delivery forward loan sale commitments 99,117 128,391 Best-effort delivery forward loan sale commitments 351,237 51,993

Lines of Credit

Lines of Credit	6 Months Ended
	Jun. 30, 2022
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 provides for a transition from the eurocurrency rate to a benchmark replacement upon the occurrence of certain events. 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 June 30, 2022. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At June 30, 2022 and December 31, 2021, there were $51.1 million and $40.1 million, respectively, in letters of credit outstanding, which reduced the amounts available to be borrowed under the Revolving Credit Facility. At June 30, 2022 and December 31, 2021, we had $10.0 million and $10.0 million, respectively, outstanding under the Revolving Credit Facility. As of June 30, 2022, availability under the Revolving Credit Facility was approximately $1.14 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, May 20, 2021, December 21, 2021 and May 19, 2022 to adjust the commitments to purchase for specific time periods. The total capacity of the facility at June 30, 2022 was $225 million. The May 19, 2022 amendment extended the termination date of the Repurchase Agreement to May 18, 2023. At June 30, 2022 and December 31, 2021, HomeAmerican had $175.6 million and $256.3 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. The December 21, 2021 amendment also provides for a transition from a pricing rate based on the London Interbank Offered Rate (LIBOR) to one based on the Secured Overnight Financing Rate (SOFR).

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
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 as disclosed in the Form 8-K filed July 27, 2005 and the Form 8-K filed March 28, 2006. 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	6 Months Ended
	Jun. 30, 2022
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. • Richmond American Homes of Arizona, Inc. • Richmond American Homes of Colorado, Inc. • Richmond American Homes of Florida, LP • Richmond American Homes of Idaho, Inc. • Richmond American Homes of Maryland, Inc. • Richmond American Homes of Nevada, Inc. • Richmond American Homes of New Mexico, Inc. • Richmond American Homes of Oregon, Inc. • Richmond American Homes of Pennsylvania, Inc. • Richmond American Homes of Tennessee, Inc. • Richmond American Homes of Texas, 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 June 30, 2022 and December 31, 2021, amounts due to non-guarantor subsidiaries from the Obligor Group totaled $59.4 million and $60.2 million, respectively.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Homebuilding West $ 788,279 $ 847,683 $ 1,495,590 $ 1,464,294 Mountain 437,001 400,633 772,129 725,350 East 225,543 119,457 423,624 219,987 Total homebuilding revenues $ 1,450,823 $ 1,367,773 $ 2,691,343 $ 2,409,631 Financial Services Mortgage operations $ 22,077 $ 23,321 $ 39,678 $ 58,486 Other 14,152 9,997 25,682 19,855 Total financial services revenues $ 36,229 $ 33,318 $ 65,360 $ 78,341
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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Homebuilding West $ 148,508 $ 132,919 $ 279,034 $ 210,106 Mountain 79,135 64,052 129,641 109,910 East 34,407 10,846 65,801 18,681 Corporate (21,779) (20,308) (45,706) (37,681) Total homebuilding pretax income $ 240,271 $ 187,509 $ 428,770 $ 301,016 Financial Services Mortgage operations $ 10,673 $ 14,088 $ 18,106 $ 40,127 Other 8,019 3,945 13,969 8,711 Total financial services pretax income $ 18,692 $ 18,033 $ 32,075 $ 48,838 Total pretax income $ 258,963 $ 205,542 $ 460,845 $ 349,854
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. June 30, December 31, (Dollars in thousands) Homebuilding assets West $ 2,653,052 $ 2,472,378 Mountain 1,169,938 1,072,717 East 508,690 450,675 Corporate 547,620 547,364 Total homebuilding assets $ 4,879,300 $ 4,543,134 Financial services assets Mortgage operations $ 232,139 $ 313,373 Other 121,388 107,021 Total financial services assets $ 353,527 $ 420,394 Total assets $ 5,232,827 $ 4,963,528

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands, except per share amounts) Numerator Net income $ 189,542 $ 154,352 $ 337,963 $ 265,042 Less: distributed earnings allocated to participating securities (161) (133) (355) (291) Less: undistributed earnings allocated to participating securities (689) (589) (1,261) (1,067) Net income attributable to common stockholders (numerator for basic earnings per share) 188,692 153,630 336,347 263,684 Add back: undistributed earnings allocated to participating securities 689 589 1,261 1,067 Less: undistributed earnings reallocated to participating securities (676) (569) (1,231) (1,032) Numerator for diluted earnings per share under two class method $ 188,705 $ 153,650 $ 336,377 $ 263,719 Denominator Weighted-average common shares outstanding 70,841,476 70,291,057 70,804,019 70,044,326 Add: dilutive effect of stock options 1,406,274 2,424,216 1,738,041 2,394,887 Add: dilutive effect of contingently issuable equity awards 633,262 — 403,688 314,928 Denominator for diluted earnings per share under two class method 72,881,012 72,715,273 72,945,748 72,754,141 Basic Earnings Per Common Share $ 2.66 $ 2.19 $ 4.75 $ 3.76 Diluted Earnings Per Common Share $ 2.59 $ 2.11 $ 4.61 $ 3.62

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
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, except those for which the carrying values approximate fair values: Fair Value Financial Instrument Hierarchy June 30, December 31, (Dollars in thousands) Mortgage loans held-for-sale, net Level 2 $ 190,070 $ 282,529
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. June 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $300 million 3.850% Senior Notes due January 2030, net $ 297,821 $ 251,498 $ 297,699 $ 319,057 $350 million 2.500% Senior Notes due January 2031, net 347,269 257,216 347,126 339,185 $500 million 6.000% Senior Notes due January 2043, net 491,010 410,815 490,903 628,092 $350 million 3.966% Senior Notes due August 2061, net 346,074 200,097 346,053 337,017 Total $ 1,482,174 $ 1,119,626 $ 1,481,781 $ 1,623,351

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	The following table sets forth, by reportable segment, information relating to our homebuilding inventories: June 30, December 31, (Dollars in thousands) Housing completed or under construction: West $ 1,362,339 $ 1,077,256 Mountain 720,864 596,164 East 302,360 244,196 Subtotal 2,385,563 1,917,616 Land and land under development: West 1,143,752 1,235,363 Mountain 403,142 435,958 East 170,128 171,914 Subtotal 1,717,022 1,843,235 Total inventories $ 4,102,585 $ 3,760,851
Schedule of Inventory Impairments	Inventory impairments recognized by segment for the three and six months ended ended June 30, 2022 and 2021 are shown in the table below. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Dollars in thousands) (Dollars in thousands) West $ — $ — $ 660 $ — Mountain — — — — East — — — — Total Inventory Impairments $ — $ — $ 660 $ —
Quantitative Data for Fair Value of the Impaired Inventory	The table below provides quantitative data, for the periods presented, where applicable, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Number of Subdivisions Impaired Inventory Impairments Fair Value of Inventory After Impairments Discount Rate (Dollars in thousands) March 31, 2022 1 $ 660 $ 1,728 N/A Total $ 660

Capitalization of Interest (Tab

Capitalization of Interest (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Homebuilding interest incurred $ 17,382 $ 17,409 $ 34,640 $ 34,741 Less: Interest capitalized (17,382) (17,409) (34,640) (34,741) Homebuilding interest expensed $ — $ — $ — $ — Interest capitalized, beginning of period $ 60,468 $ 55,268 $ 58,054 $ 52,777 Plus: Interest capitalized during period 17,382 17,409 34,640 34,741 Less: Previously capitalized interest included in home cost of sales (15,681) (18,326) (30,525) (33,167) Interest capitalized, end of period $ 62,169 $ 54,351 $ 62,169 $ 54,351

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lease, Cost	Components of operating lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Dollars in thousands) Operating lease cost 1 $ 2,107 $ 1,995 $ 4,238 $ 3,972 Less: Sublease income (Note 19) (142) (39) (225) (78) Net lease cost $ 1,965 $ 1,956 $ 4,013 $ 3,894 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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,999 $ 1,887 $ 4,021 $ 3,745 Right of use assets obtained in exchange for new operating lease liabilities $ 547 $ — $ 4,295 $ 830
Schedule of Lease Terms and Discount Rates	Weighted-average remaining lease term and discount rate for operating leases were as follows: June 30, 2022 June 30, 2021 Weighted-average remaining lease term (in years) 4.4 4.9 Weighted-average discount rate 5.5 % 5.5 %
Lessee, Operating Lease, Liability, Maturity	Maturities of operating lease liabilities were as follows: Year Ended December 31, (Dollars in thousands) 2022 (excluding the six months ended June 30, 2022) $ 3,451 2023 7,150 2024 6,498 2025 6,373 2026 5,573 Thereafter 1,119 Total operating lease payments 1 $ 30,164 Less: Interest 3,396 Present value of operating lease liabilities 2 $ 26,768 _______________________________________________________________ 1 Operating lease payments exclude $1.3 million of legally binding lease payments for leases signed but not yet commenced. 2 Homebuilding and financial services operating lease liabilities of $26.7 million and $0.1 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 sections of our consolidated balance sheet at June 30, 2022.

Homebuilding Prepaids and Oth_2

Homebuilding Prepaids and Other Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Prepaid Expense and Other Assets [Abstract]
Schedule of Other Assets	The following table sets forth the components of homebuilding prepaids and other assets: June 30, December 31, (Dollars in thousands) Operating lease right-of-use asset (Note 8) $ 25,689 $ 25,514 Land option deposits 43,564 41,617 Prepaids 14,302 26,058 Deferred debt issuance costs on revolving credit facility, net 6,192 7,166 Goodwill 6,008 6,008 Other 201 199 Total prepaids and other assets $ 95,956 $ 106,562

Homebuilding Accrued and Othe_2

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accrued Liabilities	The following table sets forth information relating to homebuilding accrued and other liabilities: June 30, December 31, 2021 (Dollars in thousands) Customer and escrow deposits $ 89,287 $ 89,353 Accrued compensation and related expenses 70,525 81,417 Warranty accrual (Note 11) 42,711 37,491 Accrued interest 30,934 30,934 Lease liability (Note 8) 26,705 26,440 Land development and home construction accruals 25,670 22,012 Income taxes payable 22,937 9,836 Construction defect claim reserves (Note 12) 9,174 9,287 Other accrued liabilities 79,406 64,140 Total accrued and other liabilities $ 397,349 $ 370,910
Schedule of Accounts Payable and Accrued Liabilities	The following table sets forth information relating to financial services accounts payable and accrued liabilities: June 30, December 31, 2021 (Dollars in thousands) Insurance reserves (Note 12) $ 78,750 $ 72,900 Accounts payable and other accrued liabilities 28,420 25,003 Total accounts payable and accrued liabilities $ 107,170 $ 97,903

Warranty Accrual (Tables)

Warranty Accrual (Tables)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021. The warranty accrual for the three months ended June 30, 2022 increased due to the increase in the number of home closings. The warranty accrual for the six months ended June 30, 2022 increased also due to a $2.4 million adjustment to increase our warranty accrual during the period. This adjustment was due to higher general warranty related expenditures. There were no warranty adjustments during the three and six months ended June 30, 2021. Three Months Ended Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Balance at beginning of period $ 40,946 $ 33,873 $ 37,491 $ 33,664 Expense provisions 6,787 5,703 12,619 10,088 Cash payments (5,022) (4,559) (9,839) (8,735) Adjustments — — 2,440 — Balance at end of period $ 42,711 $ 35,017 $ 42,711 $ 35,017

Insurance and Construction De_2

Insurance and Construction Defect Claim Reserves (Tables)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021. 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 Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Balance at beginning of period $ 84,424 $ 74,003 $ 82,187 $ 70,054 Expense provisions 5,020 5,388 9,452 9,671 Cash payments, net of recoveries (1,520) (3,105) (3,715) (3,439) Balance at end of period $ 87,924 $ 76,286 $ 87,924 $ 76,286

Senior Notes (Tables)

Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The carrying values of our senior notes as of June 30, 2022 and December 31, 2021, net of any unamortized debt issuance costs or discount, were as follows: June 30, December 31, 2021 (Dollars in thousands) 3.850% Senior Notes due January 2030, net $ 297,821 $ 297,699 2.500% Senior Notes due January 2031, net 347,269 347,126 6.000% Senior Notes due January 2043, net 491,010 490,903 3.966% Senior Notes due August 2061, net 346,074 346,053 Total $ 1,482,174 $ 1,481,781

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Activity	The following table sets forth share-based award expense activity for the three and six months ended June 30, 2022 and 2021, which is included as a component of selling, general and administrative expenses and expenses in the homebuilding and financial services sections, respectively, of our consolidated statements of operations and comprehensive income: Three Months Ended Six Months Ended 2022 2021 2022 2021 (Dollars in thousands) Stock option grants expense $ 593 $ 725 $ 1,180 $ 1,589 Restricted stock awards expense 2,041 1,452 4,628 3,921 Performance share units expense 7,277 6,842 18,985 13,435 Total stock-based compensation $ 9,911 $ 9,019 $ 24,793 $ 18,945

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Gain (Loss) on Financial Instruments	The following table sets forth the notional amounts of our financial instruments at June 30, 2022 and December 31, 2021: June 30, December 31, 2021 (Dollars in thousands) Interest rate lock commitments $ 871,839 $ 268,796 Forward sales of mortgage-backed securities 553,000 275,600 Mandatory delivery forward loan sale commitments 99,117 128,391 Best-effort delivery forward loan sale commitments 351,237 51,993

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 segment
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Homebuilding:
Segment Reporting Information [Line Items]
Total financial services revenues	$ 1,450,823	$ 1,367,773	$ 2,691,343	$ 2,409,631
Homebuilding: | West
Segment Reporting Information [Line Items]
Total financial services revenues	788,279	847,683	1,495,590	1,464,294
Homebuilding: | Mountain
Segment Reporting Information [Line Items]
Total financial services revenues	437,001	400,633	772,129	725,350
Homebuilding: | East
Segment Reporting Information [Line Items]
Total financial services revenues	225,543	119,457	423,624	219,987
Financial Services:
Segment Reporting Information [Line Items]
Total financial services revenues	36,229	33,318	65,360	78,341
Financial Services: | West
Segment Reporting Information [Line Items]
Total financial services revenues	36,229	33,318	65,360	78,341
Financial Services: | Mortgage operations
Segment Reporting Information [Line Items]
Total financial services revenues	22,077	23,321	39,678	58,486
Financial Services: | Other
Segment Reporting Information [Line Items]
Total financial services revenues	$ 14,152	$ 9,997	$ 25,682	$ 19,855

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Pretax Operating Income From Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total pretax income	$ 258,963	$ 205,542	$ 460,845	$ 349,854
Homebuilding:
Segment Reporting Information [Line Items]
Total financial services pretax income	240,271	187,509	428,770	301,016
Total pretax income	240,271	187,509	428,770	301,016
Financial Services:
Segment Reporting Information [Line Items]
Total financial services pretax income	18,692	18,033	32,075	48,838
Total pretax income	18,692	18,033	32,075	48,838
Operating Segments | Homebuilding: | West
Segment Reporting Information [Line Items]
Total financial services pretax income	148,508	132,919	279,034	210,106
Operating Segments | Homebuilding: | Mountain
Segment Reporting Information [Line Items]
Total financial services pretax income	79,135	64,052	129,641	109,910
Operating Segments | Homebuilding: | East
Segment Reporting Information [Line Items]
Total financial services pretax income	34,407	10,846	65,801	18,681
Operating Segments | Financial Services: | Mortgage operations
Segment Reporting Information [Line Items]
Total financial services pretax income	10,673	14,088	18,106	40,127
Operating Segments | Financial Services: | Other
Segment Reporting Information [Line Items]
Total financial services pretax income	8,019	3,945	13,969	8,711
Corporate | Homebuilding:
Segment Reporting Information [Line Items]
Total financial services pretax income	$ (21,779)	$ (20,308)	$ (45,706)	$ (37,681)

Segment Reporting - Total Asset

Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 5,232,827	$ 4,963,528
Homebuilding:
Segment Reporting Information [Line Items]
Total Assets	4,879,300	4,543,134
Financial Services:
Segment Reporting Information [Line Items]
Total Assets	353,527	420,394
Operating Segments | Homebuilding: | West
Segment Reporting Information [Line Items]
Total Assets	2,653,052	2,472,378
Operating Segments | Homebuilding: | Mountain
Segment Reporting Information [Line Items]
Total Assets	1,169,938	1,072,717
Operating Segments | Homebuilding: | East
Segment Reporting Information [Line Items]
Total Assets	508,690	450,675
Operating Segments | Financial Services: | Mortgage operations
Segment Reporting Information [Line Items]
Total Assets	232,139	313,373
Operating Segments | Financial Services: | Other
Segment Reporting Information [Line Items]
Total Assets	121,388	107,021
Corporate | Homebuilding:
Segment Reporting Information [Line Items]
Total Assets	$ 547,620	$ 547,364

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 189,542	$ 148,421	$ 154,352	$ 110,690	$ 337,963	$ 265,042
Less: distributed earnings allocated to participating securities	(161)		(133)		(355)	(291)
Less: undistributed earnings allocated to participating securities	(689)		(589)		(1,261)	(1,067)
Net income attributable to common stockholders (numerator for basic earnings per share)	188,692		153,630		336,347	263,684
Add back: undistributed earnings allocated to participating securities	689		589		1,261	1,067
Less: undistributed earnings reallocated to participating securities	(676)		(569)		(1,231)	(1,032)
Numerator for diluted earnings per share under two class method	$ 188,705		$ 153,650		$ 336,377	$ 263,719
Weighted-average common shares outstanding (in shares)	70,841,476		70,291,057		70,804,019	70,044,326
Denominator for diluted earnings per share under two class method (in shares)	72,881,012		72,715,273		72,945,748	72,754,141
Basic Earnings Per Common Share (in dollars per share)	$ 2.66		$ 2.19		$ 4.75	$ 3.76
Diluted Earnings Per Common Share (in dollars per share)	$ 2.59		$ 2.11		$ 4.61	$ 3.62
Stock option grants expense
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, dilutive effect of stock options and contingently issuable equity awards (in shares)	1,406,274		2,424,216		1,738,041	2,394,887
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 contingently issuable equity awards (in shares)	633,262		0		403,688	314,928

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	15	0	15	0

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	Jun. 30, 2022	Dec. 31, 2021
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	$ 190,070	$ 282,529

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on sale of mortgage loans	$ (4,300)	$ 28,800	$ (9,300)	$ 46,200
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	190,070		$ 190,070		$ 282,529
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	134,400		134,400		157,700
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	$ 55,700		$ 55,700		$ 124,900

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Aug. 31, 2021	Jan. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 1,482,174,000	$ 1,481,781,000
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	1,482,174,000	1,481,781,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,119,626,000	1,623,351,000
Senior Notes 3.850% Due January 2030
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	$ 297,821,000	297,699,000
Senior Notes 3.850% Due January 2030 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	297,821,000	297,699,000
Senior Notes 3.850% Due January 2030 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	251,498,000	319,057,000
Senior Notes 2.500% Due January 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 350,000,000			$ 350,000,000
Interest rate, stated percentage	2.50%			2.50%
Carrying Amount	$ 347,269,000	347,126,000
Senior Notes 2.500% Due January 2031 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	347,269,000	347,126,000
Senior Notes 2.500% Due January 2031 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	257,216,000	339,185,000
Senior Notes 6.000 % Due January 2043
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%
Carrying Amount	$ 491,010,000	490,903,000
Senior Notes 6.000 % Due January 2043 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	491,010,000	490,903,000
Senior Notes 6.000 % Due January 2043 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	410,815,000	628,092,000
Senior Notes 3.966% Due August 2061
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 350,000,000		$ 350,000,000
Interest rate, stated percentage	3.966%		3.966%
Carrying Amount	$ 346,074,000	346,053,000
Senior Notes 3.966% Due August 2061 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	346,074,000	346,053,000
Senior Notes 3.966% Due August 2061 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 200,097,000	$ 337,017,000

Inventories - Summary of Invent

Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Housing completed or under construction	$ 2,385,563	$ 1,917,616
Land and land under development	1,717,022	1,843,235
Total inventories	4,102,585	3,760,851
Homebuilding:
Inventory [Line Items]
Housing completed or under construction	2,385,563	1,917,616
Land and land under development	1,717,022	1,843,235
Total inventories	4,102,585	3,760,851
Homebuilding: | West
Inventory [Line Items]
Housing completed or under construction	1,362,339	1,077,256
Land and land under development	1,143,752	1,235,363
Homebuilding: | Mountain
Inventory [Line Items]
Housing completed or under construction	720,864	596,164
Land and land under development	403,142	435,958
Homebuilding: | East
Inventory [Line Items]
Housing completed or under construction	302,360	244,196
Land and land under development	$ 170,128	$ 171,914

Inventories - Inventory Impairm

Inventories - Inventory Impairments (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Inventory [Line Items]
Inventory Impairments		$ 660		$ 660	$ 0
Homebuilding:
Inventory [Line Items]
Inventory Impairments	$ 0		$ 0	660	0
Homebuilding: | Housing Completed or Under Construction
Inventory [Line Items]
Inventory Impairments	0		0	660	0
Homebuilding: | West | Housing Completed or Under Construction
Inventory [Line Items]
Inventory Impairments	0		0	660	0
Homebuilding: | Mountain | Housing Completed or Under Construction
Inventory [Line Items]
Inventory Impairments	0		0	0	0
Homebuilding: | East | Housing Completed or Under Construction
Inventory [Line Items]
Inventory Impairments	$ 0		$ 0	$ 0	$ 0

Inventories - Fair Value of Imp

Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022 USD ($) subdivision	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Inventory Disclosure [Abstract]
Number of Subdivisions Impaired | subdivision	1
Inventory Impairments	$ 660	$ 660	$ 0
Fair Value of Inventory After Impairments	$ 1,728

Capitalization of Interest - In

Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Disclosure [Abstract]
Homebuilding interest incurred	$ 17,382	$ 17,409	$ 34,640	$ 34,741
Less: Interest capitalized	(17,382)	(17,409)	(34,640)	(34,741)
Homebuilding interest expensed	0	0	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized, beginning of period	60,468	55,268	58,054	52,777
Plus: Interest capitalized during period	17,382	17,409	34,640	34,741
Less: Previously capitalized interest included in home cost of sales	(15,681)	(18,326)	(30,525)	(33,167)
Interest capitalized, end of period	$ 62,169	$ 54,351	$ 62,169	$ 54,351

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2022
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 2,107	$ 1,995	$ 4,238	$ 3,972
Less: Sublease income	(142)	(39)	(225)	(78)
Net lease cost	$ 1,965	$ 1,956	$ 4,013	$ 3,894

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,999	$ 1,887	$ 4,021	$ 3,745
Right of use assets obtained in exchange for new operating lease liabilities	$ 547	$ 0	$ 4,295	$ 830

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term (in years)	4 years 4 months 24 days	4 years 10 months 24 days
Weighted-average discount rate	5.50%	5.50%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
2022 (excluding the three months ended March 31, 2022)		$ 3,451
2023		7,150
2024		6,498
2025		6,373
2026		5,573
Thereafter		1,119
Total operating lease payments		30,164
Less: Interest		3,396
Present value of operating lease liabilities		26,768
Legally binding lease liability for leases signed but not yet commenced	$ 1,300
Homebuilding:
Lessee, Lease, Description [Line Items]
Present value of operating lease liabilities	26,705	$ 26,440
Financial Services:
Lessee, Lease, Description [Line Items]
Present value of operating lease liabilities	$ 100

Homebuilding Prepaids and Oth_3

Homebuilding Prepaids and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding: - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Prepaid Expenses and Other Assets [Line Items]
Operating lease right-of-use asset (Note 8)	$ 25,689	$ 25,514
Land option deposits	43,564	41,617
Prepaids	14,302	26,058
Deferred debt issuance costs on revolving credit facility, net	6,192	7,166
Goodwill	6,008	6,008
Other	201	199
Total prepaids and other assets	$ 95,956	$ 106,562

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	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Warranty accrual	$ 42,711	$ 40,946	$ 37,491	$ 35,017	$ 33,873	$ 33,664
Lease liability			26,768
Homebuilding:
Segment Reporting Information [Line Items]
Customer and escrow deposits	89,287		89,353
Accrued compensation and related expenses	70,525		81,417
Warranty accrual	42,711		37,491
Accrued interest	30,934		30,934
Lease liability	26,705		26,440
Land development and home construction accruals	25,670		22,012
Income taxes payable	22,937		9,836
Construction defect claim reserves	9,174		9,287
Other accrued liabilities	79,406		64,140
Total accrued and other liabilities	$ 397,349		$ 370,910

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	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Insurance reserves (Note 12)	$ 87,924	$ 84,424	$ 82,187	$ 76,286	$ 74,003	$ 70,054
Financial Services:
Segment Reporting Information [Line Items]
Insurance reserves (Note 12)	78,750		72,900
Accounts payable and other accrued liabilities	28,420		25,003
Total accounts payable and accrued liabilities	$ 107,170		$ 97,903

Warranty Accrual - Narrative (D

Warranty Accrual - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Product Warranty Liability [Line Items]
Period responsible for performing all warranty work (in years)			2 years
Adjustment to increase warranty accrual	$ 0	$ 0	$ 2,440	$ 0
Minimum
Product Warranty Liability [Line Items]
Period responsible for paying for substantially all warranty work required (in years)			2 years

Warranty Accrual - Warranty Acc

Warranty Accrual - Warranty Accrual and Payment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 40,946	$ 33,873	$ 37,491	$ 33,664
Expense provisions	6,787	5,703	12,619	10,088
Cash payments	(5,022)	(4,559)	(9,839)	(8,735)
Adjustments	0	0	2,440	0
Balance at end of period	$ 42,711	$ 35,017	$ 42,711	$ 35,017

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Movement in Liability for Future Policy Benefits [Roll Forward]
Balance at beginning of period	$ 84,424	$ 74,003	$ 82,187	$ 70,054
Expense provisions	5,020	5,388	9,452	9,671
Cash payments, net of recoveries	(1,520)	(3,105)	(3,715)	(3,439)
Balance at end of period	$ 87,924	$ 76,286	$ 87,924	$ 76,286

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	26.80%	24.90%	26.70%	24.20%
Income tax expense	$ 69,421	$ 51,190	$ 122,882	$ 84,812

Senior Notes - Carrying Amount

Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Aug. 31, 2021	Jan. 31, 2021
Debt Instrument [Line Items]
Carrying Amount	$ 1,482,174	$ 1,481,781
Senior Notes 3.850% Due January 2030
Debt Instrument [Line Items]
Interest rate, stated percentage	3.85%
Carrying Amount	$ 297,821	297,699
Senior Notes 2.500% Due January 2031
Debt Instrument [Line Items]
Interest rate, stated percentage	2.50%			2.50%
Carrying Amount	$ 347,269	347,126
Senior Notes 6.000 % Due January 2043
Debt Instrument [Line Items]
Interest rate, stated percentage	6%
Carrying Amount	$ 491,010	490,903
Senior Notes 3.966% Due August 2061
Debt Instrument [Line Items]
Interest rate, stated percentage	3.966%		3.966%
Carrying Amount	$ 346,074	$ 346,053

Senior Notes - Narrative (Detai

Senior Notes - Narrative (Details) - USD ($)	Jun. 30, 2022	Aug. 31, 2021	Jan. 31, 2021
Senior Notes 2.500% Due January 2031
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350,000,000		$ 350,000,000
Interest rate, stated percentage	2.50%		2.50%
Par price percentage			100%
Senior Notes 3.966% Due August 2061
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350,000,000	$ 350,000,000
Interest rate, stated percentage	3.966%	3.966%
Par price percentage		100%
Senior Notes 5.500% Due January 2024
Debt Instrument [Line Items]
Interest rate, stated percentage		5.50%

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 9,911	$ 9,019	$ 24,793	$ 18,945
Stock option grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	593	725	1,180	1,589
Restricted stock awards expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	2,041	1,452	4,628	3,921
Performance share units expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 7,277	$ 6,842	$ 18,985	$ 13,435

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 9,911	$ 9,019	$ 24,793	$ 18,945
Performance share units expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	7,277	6,842	18,985	13,435
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
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		3,700
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	$ 5,000	4,900	$ 8,500
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	$ 4,800		$ 14,100

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) lot
Loss Contingencies [Line Items]
Surety bonds, outstanding, amount	$ 379.6
Letters of credit outstanding, amount	211
Estimated cost related to letters of credit	186.7
Estimated cost related to bonds	$ 167.3
Number of lots | lot	7,296
Option Contracts
Loss Contingencies [Line Items]
Letters of credit outstanding, amount	$ 11
Deposits	40.9
HomeAmerican
Loss Contingencies [Line Items]
Surety bonds, outstanding, amount	$ 159.8

Derivative Financial Instrume_2

Derivative Financial Instruments - Notional Amounts of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional amount	$ 871,839	$ 268,796
Forward sales of mortgage-backed securities
Derivatives, Fair Value [Line Items]
Notional amount	553,000	275,600
Mandatory delivery forward loan sale commitments
Derivatives, Fair Value [Line Items]
Notional amount	99,117	128,391
Best-effort delivery forward loan sale commitments
Derivatives, Fair Value [Line Items]
Notional amount	$ 351,237	$ 51,993

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gains (losses) on financial instruments	$ 19.7	$ (8.5)	$ 37.3	$ 6.6

Lines of Credit (Details)

Lines of Credit (Details) - USD ($)	Dec. 28, 2020	Jun. 30, 2022	Dec. 31, 2021	Dec. 27, 2018	Aug. 09, 2018
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount		$ 211,000,000
Financial Services:
Line of Credit Facility [Line Items]
Warehouse agreement borrowings		$ 175,565,000	$ 256,300,000
Maximum
Line of Credit Facility [Line Items]
Borrowing base required leverage ratio	55%
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%
Maximum leverage ratio	55%
Minimum common stock outstanding ownership, percentage		50%
Letters of credit outstanding, amount		$ 51,100,000	40,100,000
Revolving credit facility		10,000,000	$ 10,000,000
Remaining borrowing capacity		1,140,000,000
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%
Mortgage Repurchase Facility | Warehouse Agreement Borrowings
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 75,000,000
Maximum increase to borrowing capacity		$ 225,000,000			$ 75,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - CVentures, Inc.	Oct. 31, 2021 $ / ft²	Nov. 01, 2016 ft² $ / 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
Related Party Transaction [Line Items]
Yearly rental rate per rentable square foot	31.67

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Maximum percentage of consolidated net worth of guarantor for suspension of guarantee	5%
Maximum aggregate percentage of consolidated net worth of all guarantors for suspension of guarantee	10%
Maximum aggregate percentage of consolidated net worth of all guarantors for suspension of guarantee to permit cure of default	15%
Non-Guarantor Subsidiaries
Guarantor Obligations [Line Items]
Due to non-guarantor subsidiaries	$ 59.4	$ 60.2
All Guarantor Subsidiaries
Guarantor Obligations [Line Items]
Ownership interest	100%