Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MDC HOLDINGS INC | ' |
Document Type | '10-K | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | 48,788,887 | ' |
Entity Public Float | ' | $1,300,000,000 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000773141 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | |
Cash and cash equivalents | $199,338 | $160,095 | [1] |
Mortgage loans held-for-sale, net | 25,900 | 11,700 | |
Total financial services assets | 2,595,449 | 1,945,441 | |
Housing completed or under construction | 636,700 | 512,949 | |
Land and land under development | 774,961 | 489,572 | |
Total inventories | 1,411,661 | 1,002,521 | |
Property and equipment, net | 31,248 | 33,125 | |
Deferred tax asset, net of valuation allowance of $8,201 and $248,306 at December 31, 2013 and December 31, 2012, respectively | 176,262 | ' | |
Metropolitan district bond securities (related party) | 12,729 | 5,818 | |
Prepaid and other assets | 66,254 | 44,777 | |
Total Assets | 2,595,449 | 1,945,441 | |
LIABILITIES AND EQUITY | ' | ' | |
Total Liabilities | 1,382,200 | 1,064,544 | |
Total Liabilities | 1,382,200 | 1,064,544 | |
Accounts payable and accrued liabilities | 55,639 | 51,864 | |
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; 48,788,887 and 48,698,757 issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 488 | 487 | |
Additional paid-in-capital | 908,090 | 896,861 | |
Retained earnings (accumulated deficit) | 293,096 | -21,289 | |
Accumulated other comprehensive income | 11,575 | 4,838 | |
Total Stockholders' Equity | 1,213,249 | 880,897 | |
Total Liabilities and Stockholders' Equity | 2,595,449 | 1,945,441 | |
Homebuilding [Member] | ' | ' | |
ASSETS | ' | ' | |
Cash and cash equivalents | 148,634 | 129,535 | |
Marketable securities | 569,021 | 519,465 | |
Total financial services assets | 2,428,682 | 1,759,445 | |
Restricted cash | 2,195 | 1,859 | |
Trade and other receivables | 23,407 | 28,163 | |
Housing completed or under construction | 636,700 | 512,949 | |
Land and land under development | 774,961 | 489,572 | |
Total inventories | 1,411,661 | 1,002,521 | |
Property and equipment, net | 31,248 | 33,125 | |
Deferred tax asset, net of valuation allowance of $8,201 and $248,306 at December 31, 2013 and December 31, 2012, respectively | 176,262 | ' | |
Metropolitan district bond securities (related party) | 12,729 | 5,818 | |
Prepaid and other assets | 53,525 | 38,959 | |
Total Assets | 2,428,682 | 1,759,445 | |
LIABILITIES AND EQUITY | ' | ' | |
Accounts payable | 15,046 | 73,055 | |
Accrued liabilities | 152,821 | 118,456 | |
Senior notes, net | 1,095,620 | 744,842 | |
Total Liabilities | 1,263,487 | 936,353 | |
Total Liabilities | 1,263,487 | 936,353 | |
Financial Services [Member] | ' | ' | |
ASSETS | ' | ' | |
Cash and cash equivalents | 50,704 | 30,560 | |
Marketable securities | 19,046 | 32,473 | |
Mortgage loans held-for-sale, net | 92,578 | 119,953 | |
Other assets | 4,439 | 3,010 | |
Total financial services assets | 166,767 | 185,996 | |
Total Assets | 166,767 | 185,996 | |
LIABILITIES AND EQUITY | ' | ' | |
Total Liabilities | 118,713 | 128,191 | |
Total Liabilities | 118,713 | 128,191 | |
Accounts payable and accrued liabilities | 55,639 | 51,864 | |
Mortgage repurchase facility | $63,074 | $76,327 | |
[1] | As a result of our Richmond American Homes of Washington, Inc. subsidiary becoming a guarantor subsidiary in 2013, cash and cash equivalents at the beginning of 2013 in the guarantor and non-guarantor columns will not equal the cash and cash equivalents at December 31, 2012 in the Supplemental Condensed Combining Balance Sheet. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Deferred tax asset, valuation allowance (in Dollars) | $8,201 | $248,306 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 48,788,887 | 48,698,757 |
Common stock, shares outstanding | 48,788,887 | 48,698,757 |
Homebuilding [Member] | ' | ' |
Deferred tax asset, valuation allowance (in Dollars) | $8,201 | $248,306 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Homebuilding: | ' | ' | ' |
Inventory impairments | ($919) | ($1,105) | ($12,965) |
Interest expense | -1,726 | -808 | -20,842 |
Income (loss) before income taxes | 129,825 | 61,115 | -107,472 |
Financial Services: | ' | ' | ' |
Income (loss) before income taxes | 129,825 | 61,115 | -107,472 |
Benefit from income taxes | 184,560 | 1,584 | 9,082 |
Net income (loss) | 314,385 | 62,699 | -98,390 |
Other comprehensive income (loss) related to available for sale securities, net of tax | 6,737 | 12,078 | -12,124 |
Comprehensive income (loss) | 321,122 | 74,777 | -110,514 |
Earnings (loss) per share: | ' | ' | ' |
Basic (in Dollars per share) | $6.39 | $1.29 | ($2.12) |
Diluted (in Dollars per share) | $6.34 | $1.29 | ($2.12) |
Weighted average common shares outstanding | ' | ' | ' |
Basic (in Shares) | 48,453,119 | 47,660,629 | 46,796,334 |
Diluted (in Shares) | 48,831,785 | 47,834,156 | 46,796,334 |
Dividends declared per share (in Dollars per share) | ' | $2 | $1 |
Homebuilding [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Home sale revenues | 1,626,707 | 1,150,998 | 805,164 |
Land sale revenues | 2,468 | 5,144 | 11,859 |
Total home and land sale revenues | 1,629,175 | 1,156,142 | 817,023 |
Home cost of sales | -1,336,978 | -973,120 | -686,661 |
Land cost of sales | -1,961 | -4,823 | -10,796 |
Inventory impairments | -919 | -1,105 | -12,965 |
Total cost of sales | -1,339,858 | -979,048 | -710,422 |
Gross margin | 289,317 | 177,094 | 106,601 |
Selling, general and administrative expenses | -213,283 | -167,295 | -179,105 |
Interest income | 26,938 | 23,398 | 26,068 |
Interest expense | -1,726 | -808 | -20,842 |
Other income (expense) | -923 | 228 | -43,350 |
Income (loss) before income taxes | 100,323 | 32,617 | -110,628 |
Financial Services: | ' | ' | ' |
Income (loss) before income taxes | 100,323 | 32,617 | -110,628 |
Financial Services [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Total home and land sale revenues | 51,259 | 46,881 | 26,086 |
Income (loss) before income taxes | 29,502 | 28,498 | 3,156 |
Financial Services: | ' | ' | ' |
Revenues | 51,259 | 46,881 | 26,086 |
Expenses | -25,271 | -21,645 | -26,306 |
Interest and other income | 3,514 | 3,262 | 3,376 |
Income (loss) before income taxes | $29,502 | $28,498 | $3,156 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholdersb Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Balances at Dec. 31, 2010 | $472 | $820,237 | $158,749 | $4,884 | ($659) | $983,683 |
Balances, shares (in Shares) at Dec. 31, 2010 | 47,198,081 | ' | ' | ' | -55,623 | ' |
Reinstatement of tax benefits on non-qualified stock options exercised in previous years (Footnote 13) | ' | 18,423 | ' | ' | ' | 18,423 |
Net income (loss) | ' | ' | -98,390 | ' | ' | -98,390 |
Unrealized gain on available-for-sale investments | ' | ' | ' | -12,124 | ' | -12,124 |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | -110,514 |
Shares issued upon exercise of stock options and awards of restricted stock | 8 | 9,036 | ' | ' | ' | 9,044 |
Shares issued upon exercise of stock options and awards of restricted stock, shares (in Shares) | 819,027 | ' | ' | ' | ' | ' |
Cash dividends paid | ' | ' | -47,432 | ' | ' | -47,432 |
Stock-based compensation expense | ' | 15,432 | ' | ' | ' | 15,432 |
Forfeiture of restricted stock (in Shares) | ' | ' | ' | ' | -4,289 | ' |
Balances at Dec. 31, 2011 | 480 | 863,128 | 12,927 | -7,240 | -659 | 868,636 |
Balances, shares (in Shares) at Dec. 31, 2011 | 48,017,108 | ' | ' | ' | -59,912 | ' |
Reversal of uncertain tax positions due to statute of limitations | ' | 1,551 | ' | ' | ' | 1,551 |
Retirement of treasury stock | -1 | -659 | ' | ' | 659 | -1 |
Retirement of treasury stock (in Shares) | -62,230 | ' | ' | ' | 62,230 | ' |
Net income (loss) | ' | ' | 62,699 | ' | ' | 62,699 |
Unrealized gain on available-for-sale investments | ' | ' | ' | 12,078 | ' | 12,078 |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | 74,777 |
Shares issued upon exercise of stock options and awards of restricted stock | 8 | 16,616 | ' | ' | ' | 16,624 |
Shares issued upon exercise of stock options and awards of restricted stock, shares (in Shares) | 752,855 | ' | ' | ' | ' | ' |
Cash dividends paid | ' | ' | -96,915 | ' | ' | -96,915 |
Stock-based compensation expense | ' | 16,225 | ' | ' | ' | 16,225 |
Forfeiture of restricted stock (in Shares) | -8,976 | ' | ' | ' | -2,318 | ' |
Balances at Dec. 31, 2012 | 487 | 896,861 | -21,289 | 4,838 | ' | 880,897 |
Balances, shares (in Shares) at Dec. 31, 2012 | 48,698,757 | ' | ' | ' | ' | ' |
Net income tax deficiency from share-based compensation | ' | -3,540 | ' | ' | ' | -3,540 |
Net income (loss) | ' | ' | 314,385 | ' | ' | 314,385 |
Unrealized gain on available-for-sale investments | ' | ' | ' | 6,737 | ' | 6,737 |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | 321,122 |
Shares issued upon exercise of stock options and awards of restricted stock | 2 | 5,116 | ' | ' | ' | 5,118 |
Shares issued upon exercise of stock options and awards of restricted stock, shares (in Shares) | 178,737 | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | 9,652 | ' | ' | ' | 9,652 |
Forfeiture of restricted stock (in Shares) | -88,607 | ' | ' | ' | ' | ' |
Forfeiture of restricted stock | -1 | 1 | ' | ' | ' | ' |
Balances at Dec. 31, 2013 | $488 | $908,090 | $293,096 | $11,575 | ' | $1,213,249 |
Balances, shares (in Shares) at Dec. 31, 2013 | 48,788,887 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Operating Activities: | ' | ' | ' | ||
Net income | $314,385 | $62,699 | ($98,390) | ||
Adjustments to reconcile net income (loss) to net cash (used in) operating activities: | ' | ' | ' | ||
Loss on extinguishment of senior notes | ' | ' | 38,795 | ||
Stock-based compensation expense | 9,652 | 16,225 | 15,432 | ||
Depreciation and amortization | 3,864 | 4,766 | 6,371 | ||
Inventory impairments | 919 | 1,105 | 12,965 | ||
Amortization of discount (premiums) on marketable debt securities | 219 | 596 | 1,271 | ||
Deferred income tax benefit | -187,171 | ' | ' | ||
Excess tax benefits from stock-based compensation | -391 | ' | ' | ||
Net changes in assets and liabilities: | ' | ' | ' | ||
Restricted cash | -336 | -1,192 | -247 | ||
Trade and other receivables | 4,186 | -6,223 | 12,078 | ||
Mortgage loans held-for-sale | 27,375 | -41,618 | -13,221 | ||
Prepaid expenses and other assets | -13,562 | 4,388 | 17,163 | ||
Accounts payable | -58,142 | 47,473 | -9,012 | ||
Accrued liabilities | 38,734 | -198 | -56,585 | ||
Net cash used in operating activities | -269,549 | -108,819 | -80,284 | ||
Investing Activities: | ' | ' | ' | ||
Purchases of marketable securities | -404,965 | -478,701 | -330,968 | ||
Maturities of marketable securities | 159,592 | 108,250 | 492,051 | ||
Sales of marketable securities | 216,756 | 349,938 | 275,038 | ||
Purchases of property and equipment | -1,785 | -1,268 | -31,857 | ||
Net cash provided by (used in) investing activities | -30,402 | -21,781 | 404,264 | ||
Financing Activities: | ' | ' | ' | ||
Extinguishment of senior notes | ' | ' | -537,724 | ||
Payments on mortgage repurchase facility | -234,671 | -196,402 | -91,372 | ||
Advances on mortgage repurchase facility | 221,418 | 224,027 | 114,640 | ||
Dividend payments | ' | -96,915 | -47,432 | ||
Excess tax benefits from stock-based compensation | 391 | ' | ' | ||
Proceeds from issuance of senior notes | 346,938 | ' | ' | ||
Proceeds from exercise of stock options | 5,118 | 16,624 | 9,044 | ||
Net cash provided by (used in) financing activities | 339,194 | -52,666 | -552,844 | ||
Net increase (decrease) in cash and cash equivalents | 39,243 | -183,266 | -228,864 | ||
Cash and cash equivalents: | ' | ' | ' | ||
Beginning of period | 160,095 | [1] | 343,361 | 572,225 | |
End of period | 199,338 | 160,095 | [1] | 343,361 | |
Housing Completed Or Under Construction [Member] | ' | ' | ' | ||
Net changes in assets and liabilities: | ' | ' | ' | ||
Land and Housing Inventories | -124,211 | -212,154 | 86,477 | ||
Land And Land Under Development [Member] | ' | ' | ' | ||
Net changes in assets and liabilities: | ' | ' | ' | ||
Land and Housing Inventories | ($285,070) | $15,314 | ($93,381) | ||
[1] | As a result of our Richmond American Homes of Washington, Inc. subsidiary becoming a guarantor subsidiary in 2013, cash and cash equivalents at the beginning of 2013 in the guarantor and non-guarantor columns will not equal the cash and cash equivalents at December 31, 2012 in the Supplemental Condensed Combining Balance Sheet. |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||
1. Summary of Significant Accounting Policies | |||||||||||||
Principles of Consolidation. The 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) include the accounts of MDC and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year balances have been reclassified to conform to the current year’s presentation. | |||||||||||||
Description of Business. Our homebuilding segments have operations in Arizona, California, Colorado, Florida, Maryland, (which includes Maryland, Pennsylvania, Delaware and New Jersey), Nevada, Utah, Virginia and Washington. The primary functions of our homebuilding segments include land acquisition and development, home construction, purchasing, marketing, merchandising, sales and customer service. We build and sell primarily single-family detached homes, which are designed and built to meet local customer preferences. We are the general contractor for all of our projects and retain subcontractors for site development and home construction. | |||||||||||||
Our financial services operations consist of HomeAmerican Mortgage Corporation (“HomeAmerican”), which originates mortgage loans, primarily for our homebuyers, American Home Insurance Agency, Inc. (“American Home Insurance”), which offers third-party insurance products to our homebuyers, and American Home Title and Escrow Company (“American Home Title”), which provides title agency services to the Company and our homebuyers in Colorado, Florida, Maryland, Nevada and Virginia. The financial services operations also include Allegiant Insurance Company, Inc., A Risk Retention Group (“Allegiant”), which provides insurance coverage primarily to our homebuilding subsidiaries and certain subcontractors for homes sold by our homebuilding subsidiaries and for work performed in completed subdivisions, and StarAmerican Insurance Ltd. (“StarAmerican”), a wholly owned subsidiary of MDC which is a re-insurer of Allegiant claims. | |||||||||||||
Presentation. Our balance sheet presentation is unclassified due to the fact that certain assets and liabilities have both short and long-term characteristics. | |||||||||||||
Use of Accounting Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents. The Company periodically invests funds in highly liquid investments with an original maturity of three months or less, such as commercial paper, money market funds and time deposits, which are included in cash and cash equivalents in the consolidated balance sheets and consolidated statements of cash flows. | |||||||||||||
Marketable Securities. We have marketable debt and equity securities. Our debt securities consist primarily of fixed and floating rate interest earning debt securities, which may include, among others, United States government and government agency debt and corporate debt. Our equity securities consist primarily of holdings in mutual fund securities, which invest mostly in debt securities. The remaining equity securities in our investment portfolio are holdings in corporate equities. As of December 31, 2013 and December 31, 2012, all of our marketable securities were treated as available-for-sale investments and, as such, we have recorded all of our marketable securities at fair value with changes in fair value being recorded as a component of accumulated other comprehensive income (loss). When a security is sold, we use specific identification to determine the cost of the security sold or the amount reclassified out of accumulated other comprehensive income (loss). | |||||||||||||
Restricted Cash. We receive cash earnest money deposits from our customers who enter into home sale contracts. In certain states we are restricted from using such deposits for general purposes, unless we take measures to release state imposed restrictions on such deposits received from homebuyers, which may include posting blanket security bonds. We had $2.2 million and $1.9 million in restricted cash related to homebuyer deposits at December 31, 2013 and 2012, respectively. | |||||||||||||
Home Sale Receivables. Home sale receivables primarily consist of cash to be received from title companies or outside brokers associated with closed homes. Generally, we will receive cash from title companies and outside brokers within a few days of the home being closed. | |||||||||||||
Mortgage Loans Held-for-Sale, net. Mortgage loans held-for-sale are recorded at fair value based on quoted market prices and estimated market prices received from an outside third-party. Using fair value allows an offset of the changes in fair values of the mortgage loans and the derivative instruments used to hedge them without the burden of complying with the requirements for hedge accounting. | |||||||||||||
Inventories. Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and unsold started 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 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 direct incremental costs associated with the home closing, including sales commissions) for homes closed; | ||||||||||||
• | estimated future undiscounted cash flows and Operating Margin; | ||||||||||||
• | forecasted Operating Margin for homes in backlog; | ||||||||||||
• | actual and trending net and gross home orders; | ||||||||||||
• | base sales price and home sales incentive information for homes closed, homes in backlog and 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 that are commensurate with the risk of the subdivision under evaluation. For the years ended December 31, 2013, 2012 and 2011, we used discount rates ranging from 10% to 18% for the subdivisions that were impaired. | |||||||||||||
Property and Equipment, net. Property and equipment is carried at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets, which range from 2 to 29 years. Depreciation and amortization expense for property and equipment was $3.7 million, $4.4 million and $6.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The following table sets forth the cost and carrying value of our property and equipment by major asset category. | |||||||||||||
Cost | Accumulated | Carrying | |||||||||||
Depreciation and | Value | ||||||||||||
Amortization | |||||||||||||
(Dollars in thousands) | |||||||||||||
December 31, 2013: | |||||||||||||
Airplane | $ | 28,997 | $ | 6,604 | $ | 22,393 | |||||||
Computer software and equipment | 18,436 | 11,780 | 6,656 | ||||||||||
Leasehold improvements | 8,793 | 6,787 | 2,006 | ||||||||||
Other | 2,048 | 1,855 | 193 | ||||||||||
Total | $ | 58,274 | $ | 27,026 | $ | 31,248 | |||||||
December 31, 2012: | |||||||||||||
Airplane | $ | 28,997 | $ | 6,055 | $ | 22,942 | |||||||
Computer software and equipment | 17,905 | 9,513 | 8,392 | ||||||||||
Leasehold improvements | 7,623 | 6,066 | 1,557 | ||||||||||
Other | 1,991 | 1,757 | 234 | ||||||||||
Total | $ | 56,516 | $ | 23,391 | $ | 33,125 | |||||||
Deferred Tax Asset, net. Deferred income taxes reflect the net tax effects of temporary differences between (1) the carrying amounts of the assets and liabilities for financial reporting purposes and (2) the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using current enacted tax rates in effect in the years in which those temporary differences are expected to reverse. A valuation allowance is recorded against a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not (a likelihood of more than 50%) that some portion, or all, of the deferred tax asset will not be realized. At December 31, 2013 and 2012, based upon current facts and circumstances, we had recorded a valuation allowance of $8.2 million and $248.3 million, respectively, against our deferred tax assets (net of deferred tax liabilities). See Note 14 to the Consolidated Financial Statements. | |||||||||||||
Deferred Marketing Costs. Certain marketing costs related to model homes and sales offices are capitalized as they are: (1) reasonably expected to be recovered from the sale of the project; and (2) incurred for (a) tangible assets that are used directly throughout the selling period to aid in the sale of the project or (b) services that have been performed to obtain regulatory approval of sales. Capitalized marketing costs are included in prepaid and other assets in the Homebuilding section of the accompanying consolidated balance sheets and the associated amortization expense is included in selling, general and administrative (“SG&A”) in the Homebuilding section of the accompanying consolidated statements of operations as the homes in the related subdivision are delivered. We allocate all capitalized marketing costs equally to each house within a subdivision and record expense as homes close over the life of a subdivision. All other marketing costs are expensed as incurred. | |||||||||||||
Variable Interest Entities. In accordance with ASC Topic 810, Consolidation (“ASC 810”), we analyze our land option contracts and other contractual arrangements to determine whether the corresponding land sellers are variable interest entities (“VIEs”) and, if so, whether we are the primary beneficiary. Although we do not have legal title to the optioned land, ASC 810 requires a company to consolidate a VIE if the company is determined to be the primary beneficiary. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact VIE’s economic performance, including, but not limited to, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE. We also consider whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We have concluded that, as of December 31, 2013, we were not the primary beneficiary of any VIEs from which we are purchasing land under land option contracts. | |||||||||||||
Related Party Assets. Our related party assets are debt security bonds acquired from a quasi-municipal corporation in the state of Colorado. See Note 15 to the Consolidated Financial Statements. | |||||||||||||
Goodwill. In accordance with ASC Topic 350, Intangibles–Goodwill and Other (“ASC 350”), we evaluate goodwill for possible impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We use a three step process to assess the realizability of goodwill. The first step is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. For example, we analyze changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a particular reporting unit. If the qualitative assessment indicates a stable or improved fair value, no further testing is required. | |||||||||||||
If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, or if a reporting unit’s fair value has historically been closer to its carrying value, we will proceed to the second step where we calculate the fair value of a reporting unit based on discounted future probability-weighted cash flows. If this step indicates that the carrying value of a reporting unit is in excess of its fair value, we will proceed to the third step where the fair value of the reporting unit will be allocated to assets and liabilities as they would in a business combination. Impairment occurs when the carrying amount of goodwill exceeds its estimated fair value calculated in the third step. | |||||||||||||
Based on our analysis, we have concluded as of December 31, 2013, our goodwill was not impaired. | |||||||||||||
Liability for Unrecognized Tax Benefits. ASC Topic 740, Income Taxes, regarding liabilities for unrecognized tax benefits provides guidance for the recognition and measurement in financial statements of uncertain tax positions taken or expected to be taken in a tax return. | |||||||||||||
The evaluation of a tax position is a two-step process, the first step being recognition. We determine whether it is more-likely-than-not that a tax position will be sustained upon tax examination, including resolution of any related appeals or litigation, based on the technical merits of the position. The technical merits of a tax position derive from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements. | |||||||||||||
The second step is measurement. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate resolution with a taxing authority. Once the gross unrecognized tax benefit is determined, we also accrue for any interest and penalties, as well as any offsets expected from resultant amendments to federal or state tax returns. We record the aggregate effect of these items in income tax expense in the consolidated statements of operations, and the corresponding liability in accrued liabilities in the Homebuilding section of our consolidated balance sheets. | |||||||||||||
Warranty Reserves. Our homes are sold with limited third-party warranties. Under our agreement with the issuer of the third-party warranties, we are responsible for performing all of the work for the first two years of the warranty coverage, and paying for substantially all of the work required to be performed during years three through ten of the warranties. We record expenses and warranty reserves for general and structural warranty claims, as well as reserves for known, unusual warranty-related expenditures. Warranty reserves are established based upon historical payment experience in an amount estimated to be adequate to cover expected costs of materials and outside labor during warranty periods. The establishment of warranty reserves for closed homes and the evaluation of our warranty reserve balance is based on an internally developed analysis that includes known facts and interpretations of circumstances, including, among other things, our trends in historical warranty payment levels and warranty payments for claims not considered to be normal and recurring. | |||||||||||||
Warranty payments are recorded against the warranty reserve. Additional reserves may be established for known, unusual warranty-related expenditures not covered through the independent warranty reserve analysis performed by us. Warranty payments incurred for an individual house may differ from the related reserve established for the home at the time it was closed. The actual disbursements for warranty claims are evaluated in the aggregate to determine if an adjustment to the historical warranty reserve should be recorded. | |||||||||||||
We assess the reasonableness and adequacy of the reserve and the per-unit reserve amount originally included in home cost of sales, as well as the timing of the reversal of any excess reserve on a quarterly basis, using historical payment data and other relevant information. Warranty reserves are included in accrued liabilities in the Homebuilding section of our consolidated balance sheets and adjustments to our warranty reserves are recorded as an increase or reduction to home cost of sales in the Homebuilding section of our consolidated statements of operations. | |||||||||||||
Insurance 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 or internally developed 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. | |||||||||||||
Mortgage Loan Loss Reserves. In the normal course of business, we establish reserves for potential losses associated with HomeAmerican’s sale of mortgage loans to third-parties. These reserves are created to address repurchase and indemnity claims by third-party purchasers of the mortgage loans, which claims arise primarily from various loan document manufacturing quality assertions as well as allegations of homebuyer fraud at the time of origination of the loan. These reserves are based upon, among other things: (1) pending claims received from third-party purchasers associated with previously sold mortgage loans; and (2) a current assessment of the potential exposure associated with future claims of fraud in mortgage loans originated in prior periods. In addition to reserves established for mortgage loans previously sold to third-parties, we establish reserves for loans that we have repurchased if we believe the loss is likely and estimable. Our mortgage loan reserves are reflected as a component of accrued liabilities in the Financial Services section of the accompanying consolidated balance sheets, and the associated expenses are included in Expenses in the Financial Services section of the accompanying consolidated statements of operations. See Note 17 to the Consolidated Financial Statements. | |||||||||||||
Litigation Reserves. We and certain of our subsidiaries have been named as defendants in various cases. We reserve for estimated exposure with respect to these cases based upon currently available information on each case. See Note 17 to the Consolidated Financial Statements. | |||||||||||||
Derivative Financial Instruments. The derivative instruments we utilize in the normal course of business are interest rate lock commitments and forward sales of mortgage-backed securities, both of which typically are short-term in nature. Forward sales of mortgage-backed securities are utilized to hedge changes in fair value of our interest rate lock commitments as well as mortgage loans held-for-sale not under commitments to sell. For forward sales of securities, as well as interest rate lock commitments that are still outstanding at the end of a reporting period, we record the changes in fair value of the derivatives in revenues in the Financial Services section of our consolidated statements of operations with an offset to prepaid expenses and other assets or accounts payable and accrued liabilities in the Financial Services section of our accompanying consolidated balance sheets, depending on the nature of the change. | |||||||||||||
At December 31, 2013 and 2012, we had interest rate lock commitments with aggregate principal balances of approximately $69.8 million and $50.8 million, respectively, at average interest rates of 4.13% and 3.26%, respectively. In addition, we had $25.9 million and $11.7 million of mortgage loans held-for-sale at December 31, 2013 and 2012, respectively, that had not yet been committed to a mortgage purchaser. In order to hedge the changes in fair value of our interest rate lock commitments and mortgage loans held-for-sale which had not yet been committed to a mortgage purchaser, we had forward sales of securities totaling $74.5 million and $41.5 million at December 31, 2013 and 2012, respectively. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recorded net gains (losses) on our derivatives of $(0.1) million, $1.1 million and $0.6 million, respectively. For further discussion of our policies regarding interest rate lock commitments, see our “Revenue Recognition for HomeAmerican” accounting policy section below. | |||||||||||||
Revenue Recognition for Homebuilding Segments. Revenue from home closings and land sales is recognized when the closing has occurred, title has passed, adequate initial and continuing investment by the buyer is received, possession and other attributes of ownership have been transferred to the buyer and we are not obligated to perform significant additional activities after closing and delivery. If the buyer has provided sufficient initial and continuing investment, and all other revenue recognition criteria have been met, revenue is recognized on the date of closing. Revenue from a home closing includes the base sales price and any purchased options and upgrades and is reduced for any sales price incentives. | |||||||||||||
We defer Operating Margin related to the sale of a home if all of the following criteria are present: (1) HomeAmerican originates the mortgage loan; (2) HomeAmerican has not sold the mortgage loan, or loans, as of the end of the pertinent reporting period; and (3) the homebuyer’s down payment does not meet the initial or continuing investment criteria. The deferral is subsequently recognized at the time HomeAmerican sells the homebuyer’s mortgage loan, or loans, to a third-party purchaser. In the event the Operating Margin is a loss, we recognize such loss at the time the home is closed. We did not have any homes that closed during the years ended December 31, 2013, 2012 or 2011 that failed to meet the continuing investment criteria. | |||||||||||||
Revenue Recognition for HomeAmerican. Revenues recorded by HomeAmerican primarily include origination fees and the corresponding sale of a loan and its servicing rights. Origination fees are recognized when a loan is originated. When an interest rate lock commitment is made to a customer, we record the expected gain on sale of the mortgage including servicing rights, adjusted for a pull-through percentage (which is defined as the likelihood that an interest rate lock commitment will be originated), as revenue. As the interest rate lock commitment gets closer to being originated, the expected gain on the sale of that loan plus servicing rights is updated to reflect current market value and the increase or decrease in the fair value of that interest rate lock commitment is recorded through revenues. At the same time, as the likelihood of the interest rate lock commitment being originated increases resulting in an improvement to the expected pull-through percentage, additional revenues are recognized. After origination, our mortgage loans generally are transferred to third-party purchasers in accordance with sale agreements entered into by us with a third party purchaser of the loans. We make representations and warranties with respect to the status of loans transferred in the sale agreements. The sale agreements generally include statements acknowledging the transfer of the loans is intended by both parties to constitute a sale. Sale of a mortgage loan has occurred when the following criteria, among others, have been met: (1) fair consideration has been paid for transfer of the loan by a third party in an arms-length transaction, (2) all the usual risks and rewards of ownership that are in substance a sale have been transferred by us to the third party purchaser; and (3) we do not have a substantial continuing involvement with the mortgage loan . The related servicing rights are generally transferred by us to the third party purchaser for additional consideration. Revenue from the sale of mortgage loan servicing is recognized upon the exchange of consideration for the mortgage loans and related servicing rights between us and the third-party purchaser. | |||||||||||||
We measure mortgage loans held-for-sale at fair value with the changes in fair value being reported in earnings at each reporting date. The impact of recording changes in fair value to earnings did not have a material impact on our financial position, results of operations or cash flows during the years ended December 31, 2013, 2012 or 2011. Gains on sales of mortgage loans, net, were $28.7 million, $21.7 million and $10.0 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included as a component of revenues in the Financial Services section of the consolidated statements of operations. | |||||||||||||
Home Cost of Sales. Home cost of sales includes the specific construction costs of each home and all applicable land acquisition, land development and related costs, both incurred and estimated to be incurred, warranty costs and finance and closing costs, including closing cost incentives. We use the specific identification method for the purpose of accumulating home construction costs and allocate costs to each lot within a subdivision associated with land acquisition and land development based upon relative fair value of the lots prior to home construction. Lots within a subdivision typically have comparable fair values, and, as such, we generally allocate costs equally to each lot within a subdivision. We record all home cost of sales when a home is closed on a house-by-house basis. | |||||||||||||
When a home is closed, we generally have not yet paid and recorded all costs necessary to complete the construction of the home and certain land development costs. At the time of a home closing, we compare the home construction budgets to actual recorded costs to determine the additional costs remaining to be paid on each closed home. For amounts not incurred or paid as of the time of closing a home, we record an estimated accrual associated with certain home construction and land development costs. Generally, these accruals are established based upon contracted work which has yet to be paid, open work orders not paid at the time of home closing, as well as land completion costs more likely than not to be incurred, and represent estimates believed to be adequate to cover the expected remaining home construction and land development costs. We monitor the adequacy of these accruals on a house-by-house basis and in the aggregate on a subdivision-by-subdivision basis. At December 31, 2013 and 2012, we had $9.6 million and $9.5 million, respectively, of land development and home construction accruals for closed homes. Actual results could differ from such estimates. | |||||||||||||
Stock-Based Compensation Expense. Stock-based compensation expense for all share-based payment awards is based on the grant date fair value. The grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of our common stock on the date of grant. We recognize these compensation costs net of estimated forfeitures. For stock option awards with service conditions only, we recognize stock-based compensation expense on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to seven years. For our stock option awards with performance conditions, we recognize stock-based compensation expense on a straight-line basis for each performance criteria tranche (if applicable) over the period between the date that it is determined the performance conditions related to each tranche (if applicable) are probable to be met and the date the option vests. | |||||||||||||
Earnings (Loss) Per Common Share. For purposes of calculating earnings (loss) per share (“EPS”), a company that has participating security holders (for example, unvested restricted stock that has nonforfeitable dividend rights) is required to utilize the two-class method for calculating earnings per share 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)). Currently, we have one class of security and we have participating security holders consisting of shareholders of unvested restricted stock. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. | |||||||||||||
For purposes of calculating diluted EPS, basic EPS is further adjusted to include the effect of potential dilutive stock options outstanding. | |||||||||||||
Recently Issued Accounting Standards. In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, (“ASU 2013-02”). ASU 2013-02 amends ASC Topic 220, Comprehensive Income (“ASC 220”), and requires entities to present the changes in the components of accumulated other comprehensive income for the current period. Entities are required to present separately the amount of the change that is due to reclassifications, and the amount that is due to current period other comprehensive income. These changes are permitted to be shown either before or net-of-tax and can be displayed either on the face of the financial statements or in the footnotes. ASU 2013-02 was effective for our interim and annual periods beginning January 1, 2013. The adoption of ASU 2013-02 did not have a material effect on our consolidated financial position or results of operations. |
Note_2_Supplemental_Cash_Flow_
Note 2 - Supplemental Cash Flow Disclosure | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||||||
2. Supplemental Cash Flow Disclosure | |||||||||||||
The table below sets forth supplemental disclosures of cash flow information and non-cash investing and financing activities. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Cash paid for: | |||||||||||||
Interest, net of interest capitalized | $ | - | $ | 1,083 | $ | 25,190 | |||||||
Income taxes | $ | 5,161 | $ | 577 | $ | 3,532 | |||||||
Non-cash investing and financing activities | |||||||||||||
Unrealized holding gains (losses) on marketable securities | $ | 6,737 | $ | 12,078 | $ | (12,124 | ) | ||||||
Note_3_Segment_Reporting
Note 3 - Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
3. Segment Reporting | |||||||||||||
Our operating segments are defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the chief operating decision-maker, or decision-making group, to evaluate performance and make operating decisions. We have identified our chief operating decision-makers (“CODMs”) as two key executives—the Chief Executive Officer and the Chief Operating Officer. | |||||||||||||
We have identified each homebuilding division as an operating segment. Our 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 and Washington) | ||||||||||||
● | Mountain (Colorado and Utah) | ||||||||||||
● | East (Virginia, Florida, Illinois and Maryland, which includes Pennsylvania, Delaware and New Jersey) | ||||||||||||
Our Financial Services business consists of the operations of the following operating segments: (1) HomeAmerican Mortgage Corporation (“HomeAmerican”); (2) Allegiant; (3) 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 and treasury, information technology, insurance and 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 segment. | |||||||||||||
The following table summarizes home and land sale revenues for our homebuilding operations and revenues for our financial services operations. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding | |||||||||||||
West | $ | 671,278 | $ | 516,079 | $ | 272,800 | |||||||
Mountain | 546,801 | 355,368 | 316,189 | ||||||||||
East | 411,096 | 284,695 | 228,034 | ||||||||||
Total home and land sale revenues | $ | 1,629,175 | $ | 1,156,142 | $ | 817,023 | |||||||
Financial Services | |||||||||||||
Mortgage operations | $ | 34,976 | $ | 35,123 | $ | 17,807 | |||||||
Other | 16,283 | 11,758 | 8,279 | ||||||||||
Total financial services revenues | $ | 51,259 | $ | 46,881 | $ | 26,086 | |||||||
The following table summarizes pretax income (loss) for our homebuilding and financial services operations. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding | |||||||||||||
West | $ | 65,672 | $ | 27,076 | $ | (16,889 | ) | ||||||
Mountain | 52,392 | 24,302 | 1,397 | ||||||||||
East | 19,590 | 11,011 | (7,195 | ) | |||||||||
Corporate | (37,331 | ) | (29,772 | ) | (87,941 | ) | |||||||
Total homebuilding pretax income (loss) | $ | 100,323 | $ | 32,617 | $ | (110,628 | ) | ||||||
Financial Services | |||||||||||||
Mortgage operations | $ | 21,608 | $ | 23,939 | $ | 394 | |||||||
Other | 7,894 | 4,559 | 2,762 | ||||||||||
Total financial services pretax income | $ | 29,502 | $ | 28,498 | $ | 3,156 | |||||||
Total pretax income (loss) | $ | 129,825 | $ | 61,115 | $ | (107,472 | ) | ||||||
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 cash and cash equivalents, marketable securities, and our deferred tax asset. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding assets | |||||||||||||
West | $ | 760,450 | $ | 459,807 | |||||||||
Mountain | 418,796 | 332,939 | |||||||||||
East | 297,627 | 274,199 | |||||||||||
Corporate | 951,809 | 692,500 | |||||||||||
Total homebuilding assets | $ | 2,428,682 | $ | 1,759,445 | |||||||||
Financial services assets | |||||||||||||
Mortgage operations | $ | 99,065 | $ | 122,941 | |||||||||
Other | 67,702 | 63,055 | |||||||||||
Total financial services assets | $ | 166,767 | $ | 185,996 | |||||||||
Total assets | $ | 2,595,449 | $ | 1,945,441 | |||||||||
Note_4_Earnings_Loss_Per_Share
Note 4 - Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
4. Earnings (Loss) Per Share | |||||||||||||
The following table shows our basic and diluted EPS calculations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator | |||||||||||||
Net income (loss) | $ | 314,385 | $ | 62,699 | $ | (98,390 | ) | ||||||
Less: distributed earnings allocated to participating securities | - | (1,101 | ) | (711 | ) | ||||||||
Less: undistributed earnings allocated to participating securities | (4,917 | ) | - | - | |||||||||
Net income (loss) attributable to common stockholders (numerator for basic earnings per share) | $ | 309,468 | $ | 61,598 | $ | (99,101 | ) | ||||||
Add back: undistributed earnings allocated to participating securities | 4,917 | - | - | ||||||||||
Less: undistributed earnings reallocated to participating securities | (4,879 | ) | - | - | |||||||||
Numerator for diluted EPS under two class method | $ | 309,506 | $ | 61,598 | $ | (99,101 | ) | ||||||
Denominator | |||||||||||||
Weighted-average common shares outstanding | 48,453,119 | 47,660,629 | 46,796,334 | ||||||||||
Add: dilutive effect of stock options | 378,666 | 173,527 | - | ||||||||||
Denominator for diluted EPS under two class method | 48,831,785 | 47,834,156 | 46,796,334 | ||||||||||
Basic Earnings Per Common Share | 6.39 | 1.29 | (2.12 | ) | |||||||||
Diluted Earnings Per Common Share | 6.34 | 1.29 | (2.12 | ) | |||||||||
Diluted EPS for the years ended December 31, 2013 and 2012 excluded options to purchase approximately 3.8 million and 4.7 million shares, respectively, of common stock because the effect of their inclusion would be anti-dilutive. There was no dilutive effect of common stock equivalents for the year ended December 31, 2011 because the effect of their inclusion would have been anti-dilutive. Using the treasury stock method, the weighted-average common stock equivalents excluded from diluted EPS were 0.3 million shares for the year ended December 31, 2011. |
Note_5_Accumulated_Other_Compr
Note 5 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||
5. Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following table sets forth our changes in accumulated other comprehensive income (loss): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Unrealized gains (losses) on available-for-sale marketable securities (1) : | |||||||||||||
Beginning balance | $ | 4,838 | $ | (7,240 | ) | $ | 4,884 | ||||||
Other comprehensive income before reclassifications | 3,255 | 12,473 | (12,323 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (2) | (438 | ) | (395 | ) | 199 | ||||||||
Ending balance | $ | 7,655 | $ | 4,838 | $ | (7,240 | ) | ||||||
Unrealized gains on available-for-sale metropolitan district bond securities (1): | |||||||||||||
Beginning balance | $ | - | $ | - | $ | - | |||||||
Other comprehensive income before reclassifications | 3,920 | - | - | ||||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | ||||||||||
Ending balance | $ | 3,920 | $ | - | $ | - | |||||||
Total ending accumulated other comprehensive income (loss) | $ | 11,575 | $ | 4,838 | $ | (7,240 | ) | ||||||
-1 | All amounts net-of-tax. | ||||||||||||
-2 | See separate table below for details about these reclassifications. | ||||||||||||
The following table sets forth the activity related to reclassifications out of accumulated other comprehensive income (loss) related to available for sale securities: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Affected Line Item in the Statements of Operations | |||||||||||||
Homebuilding interest income | $ | 580 | 823 | $ | (371 | ) | |||||||
Financial services interest and other income | 133 | (181 | ) | 47 | |||||||||
Income (loss) before income taxes | 713 | 642 | (324 | ) | |||||||||
Benefit from income taxes | (275 | ) | (247 | ) | 125 | ||||||||
Net income (loss) | $ | 438 | $ | 395 | $ | (199 | ) | ||||||
Note_6_Fair_Value_Measurements
Note 6 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||
6. Fair Value Measurements | |||||||||||||||||||||||||
ASC Topic 820, Fair Value Measurements (“ASC 820”), defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||||||||||||
The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis: | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Financial Instrument | Hierarchy | December | December | ||||||||||||||||||||||
31, | 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Marketable securities (available-for-sale) | |||||||||||||||||||||||||
Equity securities | Level 1 | $ | 389,323 | $ | 208,818 | ||||||||||||||||||||
Debt securities - maturity less than 1 year | Level 2 | 72,577 | 54,388 | ||||||||||||||||||||||
Debt securities - maturity 1 to 5 years | Level 2 | 106,566 | 277,514 | ||||||||||||||||||||||
Debt securities - maturity greater than 5 years | Level 2 | 19,601 | 11,218 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 588,067 | $ | 551,938 | |||||||||||||||||||||
Mortgage loans held-for-sale, net | Level 2 | $ | 92,578 | $ | 119,953 | ||||||||||||||||||||
Metropolitan district bond securities (available-for-sale) (1) | Level 3 | $ | 12,729 | $ | 12,920 | ||||||||||||||||||||
-1 | These securities were recorded at their cost-basis at December 31, 2012 as they were still under the cost recovery method of accounting. As such, the fair value presented for December 31, 2012 does not equal the amount we have recorded in our accompanying consolidated balance sheets. | ||||||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments. | |||||||||||||||||||||||||
The fair value of our cash and cash equivalents, restricted cash, trade and other receivables, inventories, prepaid and other assets, accounts payable, and accrued liabilities approximate their carrying value. | |||||||||||||||||||||||||
Marketable Securities. We have marketable debt and equity securities. Our debt securities consist primarily of fixed and floating rate interest earning debt securities, which may include, among others, United States government and government agency debt and corporate debt. Our equity securities consist primarily of holdings in mutual fund securities, which invest mostly in debt securities. The remaining equity securities in our investment portfolio are holdings in corporate equities. As of December 31, 2013 and December 31, 2012, all of our marketable securities were treated as available-for-sale investments and, as such, we have recorded all of our marketable securities at fair value with changes in fair value being recorded as a component of accumulated other comprehensive income (loss). | |||||||||||||||||||||||||
The following tables set forth the amortized cost and estimated fair value of our available-for-sale marketable securities. | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||||||
Equity securities | $ | 375,142 | $ | 385,303 | $ | 208,279 | $ | 208,818 | |||||||||||||||||
Debt securities | 181,635 | 183,718 | 306,793 | 310,647 | |||||||||||||||||||||
Total homebuilding available-for-sale securities | $ | 556,777 | $ | 569,021 | $ | 515,072 | $ | 519,465 | |||||||||||||||||
Financial Services: | |||||||||||||||||||||||||
Equity securities | $ | 4,000 | $ | 4,020 | $ | - | $ | - | |||||||||||||||||
Debt securities | 14,721 | 15,026 | 32,028 | 32,473 | |||||||||||||||||||||
Total financial services available-for-sale debt securities | $ | 18,721 | $ | 19,046 | $ | 32,028 | $ | 32,473 | |||||||||||||||||
Total available-for-sale marketable securities | $ | 575,498 | $ | 588,067 | $ | 547,100 | $ | 551,938 | |||||||||||||||||
As of December 31, 2013 and 2012, our marketable securities, were in unrealized gain positions, totaling $12.6 millionand $4.8 million, respectively. Our marketable securities which were in unrealized loss positions aggregated to unrealized losses of $1.1 million and $2.7 million as of December 31, 2013 and 2012, respectively. The table below sets forth the debt and equity securities that were in an aggregate loss position. We do not believe that the aggregate unrealized loss related to our debt or equity securities as of December 31, 2013 is material to our operations. | |||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||
Number of Securities in Loss Position | Aggregate Loss Position | Aggregate Fair Value of Securities in a Loss Position | Number of Securities in Loss Position | Aggregate Loss Position | Aggregate Fair Value of Securities in a Loss Position | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Type of Investment | |||||||||||||||||||||||||
Debt | 72 | $ | (430 | ) | $ | 46,440 | 88 | $ | (594 | ) | $ | 103,684 | |||||||||||||
Equity | 7 | (713 | ) | 14,174 | 1 | (2,060 | ) | 52,988 | |||||||||||||||||
Total | 79 | $ | (1,143 | ) | $ | 60,614 | 89 | $ | (2,654 | ) | $ | 156,672 | |||||||||||||
The followings table sets forth gross realized gains and gross realized losses from the sale of available-for-sale marketable securities, which were included in either interest income in the Homebuilding section or interest and other income in the Financial Services section of our consolidated statements of operations. | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | |||||||||||||||||||||||||
Equity securities | $ | 1,251 | $ | - | $ | - | |||||||||||||||||||
Debt securities | 83 | 608 | 1,246 | ||||||||||||||||||||||
Total | $ | 1,334 | $ | 608 | $ | 1,246 | |||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | |||||||||||||||||||||||||
Equity securities | $ | - | $ | - | $ | - | |||||||||||||||||||
Debt securities | (3,794 | ) | (1,287 | ) | (1,231 | ) | |||||||||||||||||||
Total | $ | (3,794 | ) | $ | (1,287 | ) | $ | (1,231 | ) | ||||||||||||||||
Net realized gain (loss) on sales of available-for-sale securities | $ | (2,460 | ) | $ | (679 | ) | $ | 15 | |||||||||||||||||
Mortgage Loans Held-for-Sale, Net. As of December 31, 2013, the primary components of our mortgage loans held-for-sale that are measured at fair value on a recurring basis are: (1) mortgage loans held-for-sale under commitments to sell; and (2) mortgage loans held-for-sale not under commitments to sell. At December 31, 2013 and December 31, 2012, we had $65.1 million and $108.3 million, respectively, of mortgage loans held-for-sale under commitments to sell for which fair value was based upon Level 2 inputs, which were the quoted market prices for those mortgage loans. At December 31, 2013 and December 31, 2012, we had $25.9 million and $11.7 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. | |||||||||||||||||||||||||
Metro District Bond Securities (Related Party). The Metro District Bond Securities are included in other assets in the Homebuilding section of our accompanying consolidated balance sheets. We acquired the Metro District Bonds from a quasi-municipal corporation in the state of Colorado (the “Metro District”), which was formed to help fund and maintain the infrastructure associated with a master-planned community being developed by our Company. See Note 15 for further discussion related to the acquisition of these securities. Cash flows received by the Company from these securities reflect principal and interest payments from the Metro District that are supported by an annual levy on the taxable value of real estate and personal property within the Metropolitan District’s boundaries and a one-time fee assessed on permits obtained by MDC in the Metro District. The stated year of maturity for the Metro Bonds is 2037. However, if the unpaid principal and all accrued interest are not paid off by the year 2037, the Company will continue to receive principal and interest payments into perpetuity until the unpaid principal and accrued interest is paid in full. Since 2007 and through the first quarter of 2013, we accounted for these securities under the cost recovery method and they were not carried at fair value in accordance with ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”). | |||||||||||||||||||||||||
In the second quarter of 2013, we determined that these securities no longer were required to be accounted for under the cost recovery method due to an increase in the number of new homes delivered in the community coupled with the stabilization of property values within the Metro District. In accordance with ASC 310-30, we will adjust the bond principal balance on a prospective basis using an interest accretion model that utilizes future cash flows expected to be collected. Furthermore, as this investment is accounted for as an available-for-sale asset, we will continue to update its fair value on a quarterly basis, with the adjustment being recorded through other comprehensive income. The fair value is based upon a discounted future cash flow model, which uses Level 3 inputs. The two primary unobservable inputs used in our discounted cash flow model are the forecasted number of homes to be closed, as they drive any increases to the tax base for the Metropolitan District, and the discount rate. The table below provides quantitative data regarding each unobservable input and the sensitivity of fair value to potential changes in those unobservable inputs. | |||||||||||||||||||||||||
Quantitative Data | Sensitivity Analysis | ||||||||||||||||||||||||
Unobservable Input | Range | Weighted | Movement in | Movement in | |||||||||||||||||||||
Average | Fair Value from | Fair Value from | |||||||||||||||||||||||
Increase in Input | Decrease in Input | ||||||||||||||||||||||||
Discount rate | 6% | to | 16% | 10% | Decrease | Increase | |||||||||||||||||||
Number of homes closed per year | 0 | to | 155 | 88 | Increase | Decrease | |||||||||||||||||||
The table set forth below summarizes the activity for our Metro Bonds. | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 5,818 | $ | 6,663 | |||||||||||||||||||||
Increase in fair value (recorded in other comprehensive income) | 6,373 | - | |||||||||||||||||||||||
Change due to accretion of principal | 1,192 | - | |||||||||||||||||||||||
Cash receipts | (654 | ) | (845 | ) | |||||||||||||||||||||
Balance at end of period | $ | 12,729 | $ | 5,818 | |||||||||||||||||||||
Mortgage Repurchase Facility. The debt associated with our Mortgage Repurchase Facility is at floating rates or at fixed 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, including market prices of other homebuilder bonds. | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
5⅜% Senior Notes due December 2014, net | $ | 249,814 | $ | 258,750 | $ | 249,621 | $ | 267,208 | |||||||||||||||||
5⅜% Senior Notes due July 2015, net | 249,935 | 262,562 | 249,895 | 268,867 | |||||||||||||||||||||
5⅝% Senior Notes due February 2020, net | 245,871 | 259,688 | 245,326 | 273,125 | |||||||||||||||||||||
6% Senior Notes due January 2043 | 350,000 | 305,083 | - | - | |||||||||||||||||||||
Total | $ | 1,095,620 | $ | 1,086,083 | $ | 744,842 | $ | 809,200 | |||||||||||||||||
Inventories. The table below sets forth the carrying value, at each year end, of all inventories that were impaired during each year presented. | |||||||||||||||||||||||||
Carrying Value of | |||||||||||||||||||||||||
Impaired Inventory at | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
West | - | - | |||||||||||||||||||||||
Mountain | - | - | |||||||||||||||||||||||
East | 4,187 | 2,775 | |||||||||||||||||||||||
Total | $ | 4,187 | $ | 2,775 | |||||||||||||||||||||
Inventories with carrying values prior to impairment of $5.8 and $3.8 million were determined to be impaired during the years ended December 31, 2013 and 2012, respectively. The carrying value for some of these inventories at their respective year ends may not represent the fair value they were impaired to due to activities that occurred subsequent to the measurement date. The fair values of impaired inventories were determined using Level 3 inputs. We generally determine the estimated fair value of each subdivision by determining the present value of the estimated future cash flows at discount rates that are commensurate with the risk of the subdivision under evaluation. |
Note_7_Inventories
Note 7 - Inventories | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Inventory Disclosure [Text Block] | ' | ||||||||||||
7. Inventories | |||||||||||||
The following table sets forth, by reportable segment, information relating to our homebuilding inventories: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Housing Completed or Under Construction: | |||||||||||||
West | $ | 270,778 | $ | 200,858 | |||||||||
Mountain | 194,101 | 183,522 | |||||||||||
East | 171,821 | 128,569 | |||||||||||
Subtotal | 636,700 | 512,949 | |||||||||||
Land and Land Under Development: | |||||||||||||
West | 459,512 | 230,344 | |||||||||||
Mountain | 211,526 | 137,221 | |||||||||||
East | 103,923 | 122,007 | |||||||||||
Subtotal | 774,961 | 489,572 | |||||||||||
Total Inventories | $ | 1,411,661 | $ | 1,002,521 | |||||||||
In accordance with ASC 360, homebuilding inventories 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. Please see “Inventories” in Note 1 for more detail on the methods and assumptions that were used to estimate the fair value of our inventories. | |||||||||||||
Inventory impairments recognized by segment for the years ended December 31, 2013, 2012 and 2011 are shown in the table below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Housing Completed or Under Construction: | |||||||||||||
West | $ | - | $ | - | $ | 7,270 | |||||||
Mountain | - | - | 1,850 | ||||||||||
East | 802 | 295 | 1,804 | ||||||||||
Subtotal | 802 | 295 | 10,924 | ||||||||||
Land and Land Under Development: | |||||||||||||
West | - | - | 1,499 | ||||||||||
Mountain | - | - | 449 | ||||||||||
East | 117 | 810 | 93 | ||||||||||
Subtotal | 117 | 810 | 2,041 | ||||||||||
Total Inventories | $ | 919 | $ | 1,105 | $ | 12,965 | |||||||
During the year ended December 31, 2013, we recorded $0.9 million of inventory impairments related to three projects in our Maryland division in our East segment. During the year ended December 31, 2012, we recorded $1.1 million of inventory impairments related to two projects in Maryland. Based on the slow sales absorption rates experienced during both 2012 and 2013 as well as the estimated sales price reductions required to sell the remaining lots and houses in these communities, it was determined that the fair values were less than the carrying values. | |||||||||||||
During the year ended December 31, 2011, we recorded $13.0 million of inventory impairments. These impairments primarily were incurred during the 2011 second and third quarters in select subdivisions primarily in the California and Nevada markets of our West segment, and the Utah market of our Mountain segment. The impairment of these specific subdivisions, most of which were purchased during 2010, primarily resulted from lowering anticipated home sales prices from those that were expected at the time we purchased the land, based on our experience with homes sold or closed in these subdivisions. As a result of lower than anticipated home sales prices, we determined based upon our impairment evaluation, that the fair market values of the land and homes in these subdivisions were less than their carrying values. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we used discount rates ranging from 10% to 18% for the subdivisions that were impaired. |
Note_8_Capitalization_of_Inter
Note 8 - Capitalization of Interest | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Capitalization Disclosure [Abstract] | ' | ||||||||||||
Capitalization Disclosure [Text Block] | ' | ||||||||||||
8. 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 as related units or lots are sold. To the extent our homebuilding debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred by us. 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. | |||||||||||||
The homebuilding interest expensed in the table below relates to the portion of interest incurred where our homebuilding debt exceeded our qualified inventory for such periods in accordance with ASC 835. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding interest incurred | $ | 61,634 | $ | 42,315 | $ | 62,290 | |||||||
Less: Interest capitalized | (59,908 | ) | (41,507 | ) | (41,448 | ) | |||||||
Homebuilding interest expensed | $ | 1,726 | $ | 808 | $ | 20,842 | |||||||
Interest capitalized, beginning of year | $ | 68,508 | 58,107 | $ | 37,811 | ||||||||
Interest capitalized during year | 59,908 | 41,507 | 41,448 | ||||||||||
Less: Previously capitalized interest included in home cost of sales | (54,261 | ) | (31,106 | ) | (21,152 | ) | |||||||
Interest capitalized, end of year | $ | 74,155 | $ | 68,508 | $ | 58,107 | |||||||
Note_9_Homebuilding_Prepaid_Ex
Note 9 - Homebuilding Prepaid Expenses and Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Other Assets Disclosure [Text Block] | ' | ||||||||
9. Homebuilding Prepaid Expenses and Other Assets | |||||||||
The following table sets forth the components of homebuilding prepaid and other assets. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land option deposits | $ | 15,221 | $ | 8,246 | |||||
Deferred marketing costs | 15,830 | 13,874 | |||||||
Metro district bond securities (related party) | 12,729 | 5,818 | |||||||
Prepaid expenses | 10,046 | 5,575 | |||||||
Goodwill | 6,008 | 6,008 | |||||||
Deferred debt issuance costs, net | 5,830 | 2,641 | |||||||
Other | 590 | 2,615 | |||||||
Total | $ | 66,254 | $ | 44,777 | |||||
Note_10_Homebuilding_Accrued_L
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
10. Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities | |||||||||
The following table sets forth information relating to homebuilding accrued liabilities. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Accrued compensation and related expenses | $ | 35,990 | $ | 16,864 | |||||
Accrued executive deferred compensation | 30,796 | 28,475 | |||||||
Accrued interest payable | 24,198 | 13,698 | |||||||
Warranty reserves | 22,238 | 23,151 | |||||||
Customer and escrow deposits | 10,759 | 9,413 | |||||||
Land development and home construction accruals | 9,592 | 9,545 | |||||||
Other accrued liabilities | 19,248 | 17,310 | |||||||
Total accrued liabilities | $ | 152,821 | $ | 118,456 | |||||
The following table sets forth information relating to financial services accounts payable and accrued liabilities. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Insurance reserves | $ | 49,637 | $ | 47,852 | |||||
Accounts payable and other accrued liabilities | 6,002 | 4,012 | |||||||
Total accounts payable and accrued liabilities | $ | 55,639 | $ | 51,864 | |||||
Note_11_Warranty_Accrual
Note 11 - Warranty Accrual | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||||||
11. Warranty Accrual | |||||||||||||
The following table summarizes the warranty reserve activity for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of period | $ | 23,151 | $ | 25,525 | $ | 34,704 | |||||||
Expense provisions | 5,562 | 4,216 | 4,224 | ||||||||||
Cash payments | (6,475 | ) | (6,590 | ) | (7,925 | ) | |||||||
Adjustments | - | - | (5,478 | ) | |||||||||
Balance at end of period | $ | 22,238 | $ | 23,151 | $ | 25,525 | |||||||
We recorded adjustments to reduce our warranty reserve by $5.5 million for the year ended December 31, 2011 primarily as a result of favorable warranty payment experience relative to our estimates at the time of home closing as we continued to experience lower than anticipated warranty payments on previously closed homes. We believe the lower warranty payment experience rate in 2011 as compared to those in prior year was driven by, among other things, tighter focus and controls over our warranty expenditures, a significant drop in sales volumes over the last several years leading up to 2011, which resulted in fewer homes under warranty, and better quality controls and construction practices. There were no such adjustments required for 2012 or 2013. Furthermore, our warranty expense provision rates for 2013 and 2012 were lowered as a result of improved warranty payment experience over the last several years. |
Note_12_Insurance_Reserves
Note 12 - Insurance Reserves | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Insurance Loss Reserves [Abstract] | ' | ||||||||||||
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | ' | ||||||||||||
12. Insurance Reserves | |||||||||||||
The following table summarizes the insurance reserve activity for the years ended December 31, 2013, 2012 and 2011. The insurance reserve is included as a component of accounts payable and accrued liabilities in the Financial Services section of the accompanying consolidated balance sheets. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of period | $ | 47,852 | $ | 49,376 | $ | 51,576 | |||||||
Expense provisions | 7,065 | 4,565 | 2,506 | ||||||||||
Cash payments, net of recoveries | (5,280 | ) | (8,020 | ) | (7,115 | ) | |||||||
Adjustments | - | 1,931 | 2,409 | ||||||||||
Balance at end of period | $ | 49,637 | $ | 47,852 | $ | 49,376 | |||||||
The $1.9 million and $2.4 million of adjustments to increase our insurance reserves during the years ended December 31, 2012 and 2011, respectively, primarily resulted from increases in the severity and frequency of insurance claim experience relative to prior period estimates. No such adjustments were required for the year ended December 31, 2013. | |||||||||||||
In the ordinary course of business, we make payments from our insurance reserves to settle litigation claims arising primarily 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 years ended December 31, 2013, 2012, and 2011, are not necessarily indicative of what future cash payments will be for subsequent periods. |
Note_13_Deferred_Compensation_
Note 13 - Deferred Compensation Retirement Plans | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | ' |
13. Deferred Compensation Retirement Plans | |
Effective August 1, 2008, the Company entered into amended and restated employment agreements (as amended on March 8, 2012, the “Employment Agreements”) with Larry A. Mizel, Chairman of the Board and Chief Executive Officer, and David D. Mandarich, President and Chief Operating Officer (collectively, the “Executive Officers”), which provided certain annual post-retirement pension benefits (the “Retirement Benefits”) depending on the year of retirement. In response to concerns expressed by significant institutional investors, and in accordance with the recommendation of an independent compensation consultant to the Company’s Compensation Committee, the Company announced that it had reached agreements (collectively, the “Second Amendments”) with the Executive Officers for the early termination, effective on October 18, 2013, of the Retirement Benefits contained in their respective Employment Agreements. Pursuant to the Second Amendments, the Company will pay each of Mr. Mizel and Mr. Mandarich a deferred lump sum in the amount of $14.8 million and $16.0 million, respectively, in full satisfaction of their past, present and future Retirement Benefits. The Company’s termination of the Retirement Benefits is irrevocable. These payments, which equal the amounts accrued on the books of the Company as of June 30, 2013 with respect to the Company’s estimated liability to pay Retirement Benefits, will be made to the Executive Officers on October 20, 2014. As a result of the termination of the Retirement Benefits, the Company will no longer incur ongoing Retirement Benefit accruals. | |
The deductibility of the Second Amendment payments for tax purposes under Internal Revenue Code (“IRC”) Section 162(m) will be determined at the end of the taxable year in which the payments are made. However, because the Company believes that it is more likely than not that the payments will not be deductible, we wrote off approximately $11.9 million of our deferred tax asset. Whether or not the payments are deductible under IRC Section 162(m), the Board of Directors believed that the early termination of the Retirement Benefits was in the best interests of the Company and its shareholders. |
Note_14_Income_Taxes
Note 14 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
14. Income Taxes | |||||||||||||
Our provision for (benefit from) income taxes for the years ended December 31, 2013, 2012 and 2011 consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current tax benefit: | |||||||||||||
Federal | $ | 2,611 | $ | (374 | ) | $ | (3,652 | ) | |||||
State | - | (1,210 | ) | (5,430 | ) | ||||||||
Total Current | 2,611 | (1,584 | ) | (9,082 | ) | ||||||||
Deferred expense | |||||||||||||
Federal | $ | (171,037 | ) | $ | - | $ | - | ||||||
State | (16,134 | ) | - | - | |||||||||
Total deferred | (187,171 | ) | - | - | |||||||||
Benefit from income taxes | (184,560 | ) | (1,584 | ) | (9,082 | ) | |||||||
The provision for (benefit from) income taxes differs from the amount that would be computed by applying the statutory federal income tax rate of 35% to income before income taxes as a result of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Tax expense (benefit) computed at federal statutory rate | $ | 45,439 | $ | 21,390 | $ | (37,615 | ) | ||||||
State income tax expense (benefit), net of federal benefit | 4,544 | 2,139 | (3,762 | ) | |||||||||
Permanent differences | (358 | ) | 1,771 | 93 | |||||||||
Expiration of state net operating loss | 3,874 | 2,634 | - | ||||||||||
Liability for unrecognized tax benefits | (552 | ) | (1,857 | ) | (9,173 | ) | |||||||
Write-off of deferred tax asset for deferred compensation retirement plans | 11,856 | - | - | ||||||||||
Federal Energy Credits | (6,530 | ) | - | - | |||||||||
Change in valuation allowance | (242,833 | ) | (27,661 | ) | 41,375 | ||||||||
Benefit from income taxes | $ | (184,560 | ) | $ | (1,584 | ) | $ | (9,082 | ) | ||||
Effective tax (benefit) rate | -142.2 | % | -2.6 | % | -8.5 | % | |||||||
We recorded income tax benefits of $184.6 million, $1.6 million and $9.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The income tax benefit for the year ended December 31, 2013 was due primarily to a $187.6 million reversal of a portion of our deferred tax asset valuation allowance in the 2013 second quarter in addition to a $6.5 million benefit from energy credits relating to current and prior years. These amounts were slightly offset by an $11.9 million write-off of a deferred tax asset related to the termination of certain post-retirement pension benefits contained in the employment agreements of our Chief Executive Officer and Chief Operating Officer as discussed in Note 13 to the Consolidated Financial Statements. | |||||||||||||
In our evaluation of the need for, and level of, a valuation allowance recorded against our deferred tax assets at June 30, 2013, the most significant piece of evidence considered was the objective and direct positive evidence related to our recent financial results. Through June 30, 2013, we had generated pretax income in each of the six consecutive preceding quarters totaling $121.7 million, with our second quarter 2013 pretax income being higher than any of the five previous quarters. In prior periods, a significant part of the negative evidence we considered was our three-year cumulative loss position. However, at June 30, 2013, when including expected earnings from homes currently in our backlog, we no longer anticipated being in a cumulative loss position at December 31, 2013. Lastly, if our quarterly income in future years remained consistent with earnings levels experienced in recent quarters, we estimated that we would utilize all of our current federal net operating losses by 2016. Other negative evidence considered was the recent rise in mortgage interest rates, caused largely by an expectation that the Federal Reserve may taper its use of quantitative easing as early as the second half of 2013. However, the Federal Reserve has also indicated that such tapering would likely only occur if economic conditions continue to improve, which would help to offset the impact of rising interest rates on the homebuilding industry. | |||||||||||||
Based on our evaluation of both positive and negative evidence as of June 30, 2013, we concluded that the objective and direct positive evidence related to operating results achieved during the recent challenging economic and housing market conditions and the sustainability of current pretax income levels outweighed the negative evidence and that it is more likely than not that the substantial majority of the Company's deferred tax assets will be realized. After considering the results of the year ended December 31, 2013, we have determined that these conclusions reached during the second quarter of 2013 remain appropriate. In addition, the Company was out of a three year cumulative loss position as of September 30, 2013. A portion of our remaining valuation allowance as of June 30, 2013 was related to amounts expected to be reversed in the third and fourth quarters of 2013 as pretax income is realized as required by ASC 740-270, Income Taxes - Interim Reporting, when a change in a valuation allowance is recognized in an interim period. As a result of the valuation allowance release in the 2013 second quarter and the utilization of a portion of our remaining valuation allowance during the second half of 2013, our effective tax rate in 2013 is not meaningful as the income tax benefit is not directly correlated to the amount of pretax income or loss. | |||||||||||||
At December 31, 2013 we have a remaining valuation allowance of $8.2 million related to various state net operating loss carryforwards where realization is more uncertain at this time due to the more limited carryforward periods that exist in certain states. | |||||||||||||
The income tax benefit for the year ended December 31, 2012 was due primarily to the release of reserves related to settlements with various taxing authorities. | |||||||||||||
The income tax benefit for the year ended December 31, 2011 was primarily from settlements of various state income tax matters and our settlement with the IRS on its audit of our 2004 and 2005 federal income tax returns. | |||||||||||||
Due to the effects of the deferred tax valuation allowance and changes in unrecognized tax benefits, our effective tax rates in 2012 and 2011 were not meaningful as the income tax benefit is not directly correlated to the amount of pretax income or loss generated in such periods. | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to the net deferred tax asset are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Federal net operating loss carryforwards | $ | 72,915 | $ | 129,695 | |||||||||
State net operating loss carryforwards | 40,227 | 49,551 | |||||||||||
Alternative minimum tax and other tax credit carryforwards | 24,196 | 10,988 | |||||||||||
Stock-based compensation expense | 26,651 | 29,196 | |||||||||||
Warranty, litigation and other reserves | 15,543 | 14,556 | |||||||||||
Deferred compensation retirement plans | - | 11,252 | |||||||||||
Accrued compensation | 11,136 | - | |||||||||||
Asset impairment charges | 5,889 | 14,080 | |||||||||||
Inventory, additional costs capitalized for tax purposes | 7,064 | 3,930 | |||||||||||
Other, net | 3,446 | 2,063 | |||||||||||
Total deferred tax assets | 207,067 | 265,311 | |||||||||||
Valuation allowance | (8,201 | ) | (248,306 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 198,866 | 17,005 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, equipment and other assets | 5,512 | 5,753 | |||||||||||
Discount on notes receivable | 4,204 | 4,204 | |||||||||||
Deferred revenue | 3,985 | 3,796 | |||||||||||
Unrealized gain on marketable securities | 7,368 | 1,863 | |||||||||||
Other, net | 1,535 | 1,389 | |||||||||||
Total deferred tax liabilities | 22,604 | 17,005 | |||||||||||
Net deferred tax asset | $ | 176,262 | $ | - | |||||||||
At December 31, 2013, we had $72.9 million in tax effected federal net operating loss carryforwards. These operating loss carryforwards, if unused, will begin to expire in 2030. Additionally, we had $40.2 million in tax-effected state net operating loss carryforwards and $3.3 million of these operating loss carryforwards are at risk to expire in 2014 if they remain unused. The remaining operating loss carryforwards, if unused, will begin to expire in 2018. | |||||||||||||
At December 31, 2013 and 2012, our total liability for uncertain tax positions was $0.3 million and $0.8 million, respectively, which is included in accrued liabilities in the Homebuilding section of our consolidated balance sheets. The following table summarizes activity for the gross unrecognized tax benefit component of our total liability for uncertain tax positions for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 575 | $ | 2,712 | $ | 48,963 | |||||||
Increases related to prior year tax positions | 124 | 63 | - | ||||||||||
Decreases related to prior year tax positions | (53 | ) | (84 | ) | (286 | ) | |||||||
Increases related to current year tax positions | - | - | 85 | ||||||||||
Decreases related to current year tax positions | - | - | - | ||||||||||
Settlements with taxing authorities | - | - | (38,543 | ) | |||||||||
Lapse of applicable statute of limitations | (275 | ) | (2,116 | ) | (7,507 | ) | |||||||
Gross unrecognized tax benefits at end of year | $ | 371 | $ | 575 | $ | 2,712 | |||||||
Our liability for gross unrecognized tax benefits was $0.3 million and $0.6 million at December 31, 2013 and 2012, respectively, all of which, if recognized, would reduce our effective tax rate. | |||||||||||||
The net expense (benefit) for interest and penalties reflected in the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 was $0, ($0.4) million and ($4.8) million, respectively. The corresponding liabilities in the consolidated balance sheets were $0.3 million and $0.4 million at December 31, 2013 and 2012, respectively. | |||||||||||||
We have taken positions in certain taxing jurisdictions for which it is reasonably possible that the total amounts of unrecognized tax benefits may decrease within the next twelve months. The possible decrease could result from the expiration of various statutes of limitation and the finalization of various state income tax matters. The estimated range of the reasonably possible decrease is $0 to $0.3 million. | |||||||||||||
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. We are subject to U.S. federal income tax examination for calendar tax years ending 2010 through 2013. Additionally, we are subject to various state income tax examinations for the 2007 through 2012 calendar tax years. |
Note_15_Related_Party_Transact
Note 15 - Related Party Transactions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Related Party Transactions [Abstract] | ' | |||
Related Party Transactions Disclosure [Text Block] | ' | |||
15. Related Party Transactions | ||||
We previously entered into a transaction (the “Transaction”) with the Villages at Castle Rock Metropolitan District No. 6 (the “District”). The District is a quasi-municipal corporation and political subdivision of the State of Colorado. The Board of Directors of the District currently is comprised of employees of the Company. The District was formed to provide funding for certain land development costs associated with the construction of homes in our Cobblestone subdivision. Pursuant to the terms of the Transaction, the District sold to the Company approximately $22.5 million in Limited Tax General Obligation Capital Appreciation Bonds Series 2007 (the “2007 Bonds”) and a $1.6 million Limited Tax General Obligation Subordinate Bond (the “Subordinate Bond”) in exchange for title to approximately $28.6 million in land development improvements to the District. | ||||
We initially recorded the 2007 Bonds and Subordinate Bond at an estimated $8.9 million and $0 fair value, respectively, based upon discounted cash flows. During the year ended December 31, 2009, we updated our evaluation of the estimated fair value of the 2007 Bonds and through this evaluation, we determined there was a decrease in the estimated cash flows from this asset and, as a result, recorded a $1.0 million other-than-temporary-impairment associated with the 2007 Bonds in 2009. As discussed in Note 6, in the second quarter of 2013 we determined the 2007 Bonds were no longer required to be accounted for under the cost recovery method. We adjusted the bond principal balance based on the valuation to $12.7 million as of December 31, 2013. | ||||
During the years ended December 31, 2013, 2012 and 2011, we received payments from the District in the amount of $0.7 million, $0.8 million and $0.7 million, respectively. In 2012 and 2011, these payments were recorded as a reduction to the carrying value of the 2007 Bonds and Subordinate Bond. As discussed in Note 6, the principal payments going forward are included in an interest accretion model with the appropriate interest income and increase or decrease to the carrying value being recorded. | ||||
During the years ended December 31, 2013, 2012, and 2011 we contributed $1 million, $1 million, and $0 respectively, in cash to the MDC/Richmond American Homes Foundation (the “Foundation”). The Foundation is a Delaware non-profit corporation that was incorporated on September 30, 1999. | ||||
The Foundation is a non-profit organization operated exclusively for charitable, educational and other purposes beneficial to social welfare within the meaning of Section 501(c)(3) of the Internal Revenue Code. The following Directors and/or officers of the Company are the trustees of the Foundation at December 31, 2013, all of whom serve without compensation: | ||||
Name | MDC Title | |||
Larry A. Mizel | Chairman and Chief Executive Officer | |||
David D. Mandarich | President | |||
Raymond T. Baker | Director | |||
Note_16_Lines_of_Credit_and_To
Note 16 - Lines of Credit and Total Debt Obligations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
16. Lines of Credit and Total Debt Obligations | |||||||||
Revolving Credit Facility. On December 13, 2013, we entered into an unsecured revolving credit agreement (“Revolving Credit Facility”) with a group of lenders which may be used for general corporate purposes. Our Revolving Credit Facility has an aggregate commitment amount of $450 million (the Commitment”) and a maturity date of December 13, 2018. Each lender may issue letters of credit in an amount up to 50% of its commitment. The facility permits an increase in the maximum Commitment amount to $1.0 billion upon our request, subject to receipt of additional commitments from existing or additional lenders. Interest rates on outstanding borrowings are determined by reference to a specified London Interbank Offered Rate (LIBOR), a specified federal funds effective rate or a specified prime rate, plus a margin that is determined based on our credit ratings and leverage ratio, as defined in the facility agreement. At any time at which the Company’s 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. If the Company’s leverage ratio, as of the last day of the most recent calendar quarter, is 55% or less, then no borrowing base requirement will exist. | |||||||||
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 facility agreement. 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) 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, 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 the MDC's outstanding common stock. We believe we were in compliance with the representations, warranties and covenants included in the Revolving Credit Facility as of December 31, 2013. | |||||||||
We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At December 31, 2013, there were no borrowings under the Revolving Credit Facility and there were $14.9 million in letters of credit outstanding, which reduced the amounts available to be borrowed under the Revolving Credit Facility. | |||||||||
Upon entering into the Revolving Credit Facility on December 13, 2013, our separate letter of credit facilities terminated and our existing letters of credit were included in the Revolving Credit Facility. | |||||||||
Mortgage Repurchase Facility. HomeAmerican has a Master Repurchase Agreement, (the “Mortgage Repurchase Facility”), with U.S. Bank National Association (“USBNA”). This agreement was amended on September 20, 2013 and extended until September 19, 2014. The Mortgage Repurchase Facility provides liquidity to HomeAmerican by providing for the sale 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. The Mortgage Repurchase Facility had a temporary increase in the maximum aggregate commitment from $50 million to $80 million from December 31, 2013 through January 30, 2014 and from December 21, 2012 through January 30, 2013. At December 31, 2013 and December 31, 2012, we had $63.1 million and $76.3 million, respectively, of mortgage loans that we were obligated to repurchase under our Mortgage Repurchase Facility. Mortgage loans that we are obligated to repurchase under the Mortgage Repurchase Facility are accounted for as a debt financing arrangement and are reported as mortgage repurchase facility in the consolidated balance sheets. Advances under the Mortgage Repurchase Facility carry a Pricing Rate equal to the greater of (i) the LIBOR Rate (as defined in the Mortgage Repurchase Facility) plus 2.75%, or (ii) 3.00%. The Mortgage Repurchase Facility contains various representations, warranties and affirmative and negative covenants that we believe are customary for agreements of this type. The negative covenants include, among others, (i) a minimum Adjusted Tangible Net Worth requirement, (ii) a maximum Adjusted Tangible Net Worth Ratio, (iii) a minimum Adjusted Net Income requirement, and (iv) a minimum Liquidity requirement. The foregoing terms are defined in the Mortgage Repurchase Facility. We believe we were in compliance with the representations, warranties and covenants included in the Mortgage Repurchase Facility as of December 31, 2013. | |||||||||
Senior Notes. 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. | |||||||||
During 2011, we completed a debt tender offer and redemptions of our 7% Senior Notes due 2012 and 5½% Senior Notes due 2013. As a result of these transactions, we paid $537.7 million to extinguish $500 million in debt principal with a carrying amount of $498.9 million and recorded a $38.8 million expense for loss on extinguishment of debt. | |||||||||
On January 10, 2013, we issued $250 million of 6% Senior Notes due 2043. On May 8, 2013, we issued an additional $100 million of 6% Senior Notes due 2043, which are of the same series and have the same terms as the notes issued on January 10, 2013 (collectively the “6% Notes”). The 6% Notes, which pay interest semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2013, are general unsecured obligations of MDC and rank equally and ratably with our other general unsecured and unsubordinated indebtedness. We received total proceeds of $346.9 million, net of underwriting fees of $3.1 million. | |||||||||
Our debt obligations at December 31, 2013 and December 31, 2012 were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
5⅜% Senior Notes due December 2014, net | $ | 249,814 | $ | 249,621 | |||||
5⅜% Senior Notes due July 2015, net | 249,935 | 249,895 | |||||||
5⅝% Senior Notes due February 2020, net | 245,871 | 245,326 | |||||||
6% Senior Notes due January 2043 | 350,000 | - | |||||||
Total | $ | 1,095,620 | $ | 744,842 | |||||
Note_17_Commitments_and_Contin
Note 17 - Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||
17. Commitments and Contingencies | |||||||||||||
Surety Bonds and Letter of Credit Facilities. At December 31, 2013, we had issued and outstanding surety bonds and letters of credit totaling $97.9 millionand $30.2 million, respectively, including $15.3 in letters of credit issued by HomeAmerican. The estimated cost to complete obligations related to these bonds and letters of credit was approximately $45.5 million and $8.1 million, respectively. The letters of credit as of December 31, 2013, excluding those issued by HomeAmerican, were included under the Revolving Credit Facility while the letters of credit as of December 31, 2012 were outstanding under our previous letter of credit facilities. 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. | |||||||||||||
Mortgage Loan Loss Reserves. In the normal course of business, we establish reserves for potential losses associated with HomeAmerican’s sale of mortgage loans to third-parties. These reserves are created to address repurchase and indemnity claims by third-party purchasers of the mortgage loans, which claims arise primarily out of allegations of homebuyer fraud at the time of origination of the loan. These reserves are based upon, among other things: (1) pending claims received from third-party purchasers associated with previously sold mortgage loans; and (2) a current assessment of the potential exposure associated with future claims of fraud in mortgage loans originated in prior periods. In addition to reserves established for mortgage loans previously sold to third-parties, we establish reserves for loans that we have repurchased if we believe the loss is likely and estimable. Our mortgage loan reserves are reflected as a component of accrued liabilities in the Financial Services section of the accompanying consolidated balance sheets, and the associated expenses are included in expenses in the Financial Services section of the accompanying consolidated statements of operations. | |||||||||||||
The following table sets forth, by reportable segment, information relating to our homebuilding inventories: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of year | $ | 976 | $ | 830 | $ | 7,120 | |||||||
Expense provisions | 1,172 | 437 | 149 | ||||||||||
Cash payments | (734 | ) | (226 | ) | (14,450 | ) | |||||||
Adjustments | (44 | ) | (65 | ) | 8,011 | ||||||||
Balance at end of year | $ | 1,370 | $ | 976 | $ | 830 | |||||||
During 2011, HomeAmerican reached settlements with third parties concerning claims and potential claims to repurchase certain previously sold mortgage loans, including a comprehensive settlement with Bank of America. As a result of these settlements, we increased our loan loss reserve $8.0 million during the year ended December 31, 2011. We made payments of $14.5 million during the year ended December 31, 2011 primarily associated with the foregoing settlements. We believe that those settlements substantially reduced our future exposure to liabilities associated with previously sold mortgage loans. | |||||||||||||
Legal Reserves. Because of 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. At December 31, 2013 and 2012, respectively, we had $5.9 million and $2.3 million of legal accruals. | |||||||||||||
For the year ended December 31, 2012, we had various significant legal recoveries totaling $9.8 million, respectively, which were included in selling, general and administrative expenses in the Homebuilding section of our consolidated statements of operations. These recoveries were realized primarily from prior claims we had made in connection with various construction defect cases. | |||||||||||||
Operating Leases. We have non-cancelable operating leases primarily associated with our office facilities. Rent expense under cancelable and non-cancelable operating leases totaled $5.2 million, $6.6 million and $7.7 million in 2013, 2012 and 2011, respectively, and is included in either selling, general and administrative expenses in the Homebuilding section or expenses in the Financial Services section of our consolidated statements of operations. The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2013. | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
(Dollars in | |||||||||||||
thousands) | |||||||||||||
2014 | $ | 4,462 | |||||||||||
2015 | 4,435 | ||||||||||||
2016 | 3,748 | ||||||||||||
2017 | 1,161 | ||||||||||||
2018 | 638 | ||||||||||||
Thereafter | 421 | ||||||||||||
Total | $ | 14,865 | |||||||||||
Note_18_Concentration_of_Third
Note 18 - Concentration of Third-Party Mortgage Purchasers | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||
Concentration Risk Disclosure [Text Block] | ' | ||||||||||||
18. Concentration of Third-Party Mortgage Purchasers | |||||||||||||
The following table sets forth the percent of mortgage loans sold by HomeAmerican to its primary third party purchasers during 2013, 2012 and 2011. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Wells Fargo Funding, Inc. | 40% | 58% | 52% | ||||||||||
JP Morgan Chase Bank, N.A. | 46% | 36% | 29% | ||||||||||
Bank of America, N.A. | 0% | 0% | 17% | ||||||||||
On August 31, 2011, Bank of America, one of our former primary third-party purchasers, announced its intention to sell its third-party mortgage operation and exit its correspondent mortgage lending business. Subsequently, Bank of America amended its prior announcement and indicated that no sale of the third-party mortgage operation was forthcoming, but that it would proceed with its original plan to exit its correspondent mortgage lending business, with the last date that they would purchase a mortgage being December 15, 2011. |
Note_19_Stockholders_Equity
Note 19 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
19. Stockholders' Equity | |
Common Stock Repurchase Program. At December 31, 2013, we were authorized to repurchase up to 4,000,000 shares of our common stock. We did not repurchase any shares of our common stock during the years ended December 31, 2013, 2012 or 2011. We did not hold any treasury stock at December 31, 2013. At December 31, 2011, we held 59,912 shares of treasury stock with an average cost of $11.00. |
Note_20_Equity_Incentive_and_E
Note 20 - Equity Incentive and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Equity Incentive Plans [Abstract] | ' |
Equity Incentive Plans [Text Block] | ' |
20. Equity Incentive and Employee Benefit Plans | |
A summary of our equity incentive plans follows. | |
Employee Equity Incentive Plans. Effective March 2001, we adopted the M.D.C. Holdings, Inc. 2001 Equity Incentive Plan (the “2001 Equity Incentive Plan”). On March 26, 2011, the 2001 Equity Incentive Plan terminated and all stock option grants and restricted stock awards outstanding at the time of the plan termination may continue to be exercised, or become free of restrictions, in accordance with their terms. Non-qualified option awards previously granted generally vest over periods of up to seven years and expire ten years after the date of grant. Restricted stock awards generally were granted with vesting terms of up to five years. A total of 3.0 millionshares of MDC common stock were reserved for issuance under the 2001 Equity Incentive Plan as of December 31, 2013. | |
On April 27, 2011, our shareholders approved the M.D.C Holdings, Inc. 2011 Equity Incentive Plan (the “2011 Equity Incentive Plan”), which provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and other equity awards to employees of the Company. Stock options granted under the 2011 Equity Incentive Plan have an exercise price that is at least equal to the fair market value of our common stock on the date the stock option is granted, generally vest in periods up to five years and expire ten years after the date of grant. At December 31, 2013, a total of 2.5 million shares of MDC common stock were reserved for issuance under the 2011 Equity Incentive Plan, of which 1.2 million shares remained available for grant under this plan as of December 31, 2013. | |
Director Equity Incentive Plans. Effective March 2001, we adopted the M.D.C. Holdings, Inc. Stock Option Plan for Non-Employee Directors (the “2001 Director Stock Option Plan”). The 2001 Director Stock Option Plan terminated on May 21, 2012 and stock options outstanding at the time of plan termination may continue to be exercised in accordance with their terms. Each option granted under the Director Stock Option Plan vested immediately and expires ten years from the date of grant. A total of 0.8 million shares of MDC common stock were reserved for issuance under this plan as of December 31, 2013. | |
Effective April 27, 2011, our shareholders approved the M.D.C. Holdings, Inc. 2011 Stock Option Plan for Non-Employee Directors (the “2011 Director Stock Option Plan”). Under the 2011 Director Stock Option Plan, non-employee directors of the Company are granted non-qualified stock options. Pursuant to the 2011 Director Stock Option Plan, on August 1 of each year, each non-employee director is granted options to purchase 25,000 shares of MDC common stock. Each option granted under the 2011 Director Stock Option Plan vests immediately, becomes exercisable six months after grant, and expires ten years from the date of grant. The option exercise price must be equal to the fair market value (as defined in the plan) of our common stock on the date of grant of the option. At December 31, 2013, a total of 0.8 million shares of MDC common stock were reserved for issuance under the 2011 Director Stock Option Plan and 0.6 million shares remained available for grant under this plan as of December 31, 2013. | |
Employee Benefit Plan. We have a defined contribution plan pursuant to Section 401(k) of the Internal Revenue Code where each employee may elect to make before-tax contributions up to the current tax limits. We match employee contributions on a discretionary basis and, as of December 31, 2013 we had accrued $0.9 million related to the match that is to be contributed in the first quarter of 2014 for 2013 activity. For the year ended December 31, 2012 we contributed $0.2 million. We did not make any matching contributions during the year ended December 31, 2011. |
Note_21_Stock_Based_Compensati
Note 21 - Stock Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||
21. Stock Based Compensation | |||||||||||||||||||||||||
Determining Fair Value of Share-Based Payment Awards. We examine our historical pattern of option exercises in an effort to determine if there are any discernable activity patterns based on certain employee and non-employee populations. Based upon this evaluation, we have identified three distinct populations: (1) executives currently consisting of our Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and General Counsel (collectively, the “Executives”); (2) Non-Executive employees (“Non-Executives”); and (3) non-employee members of our board of directors (“Directors”). Accordingly, during 2013, 2012 and 2011 the Company used separate Black-Scholes option pricing model assumptions for each of the aforementioned employee and non-employee populations. The fair values for stock options granted for the years ended December 31, 2013, 2012 and 2011 were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions. | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Expected lives of options (years) | 4 | 7.8 | 4.6 | ||||||||||||||||||||||
Expected volatility | 45.30% | 44.60% | 47.80% | ||||||||||||||||||||||
Risk free interest rate | 0.80% | 1.70% | 1.30% | ||||||||||||||||||||||
Dividend yield rate | 3.00% | 4.00% | 4.10% | ||||||||||||||||||||||
Based on calculations using the Black-Scholes option pricing model, the weighted-average grant date fair values of stock options granted during 2013, 2012 and 2011 were $9.75, $7.54 and $7.42, respectively. No stock options were granted to our CEO and COO during the years ended December 31, 2013 and 2011. As a result, the weighted average expected life of our options are higher in 2012 when compared to 2013 and 2011 as options were granted to our CEO and COO in 2012. | |||||||||||||||||||||||||
The expected life of employee stock options represents the weighted-average period for which the stock options are expected to remain outstanding and are derived primarily from historical exercise patterns. The expected volatility is based on the historical volatility in the price of our common stock over the most recent period commensurate with the estimated expected life of our stock options. The risk-free interest rate assumption is determined based upon observed interest rates appropriate for the expected term of our employee stock options. The dividend yield assumption is based on our history of dividend payouts. | |||||||||||||||||||||||||
An annual forfeiture rate is estimated at the time of grant for all share-based payment awards with service conditions only. That rate is revised, if necessary, in subsequent periods if the actual forfeiture rate differs from our estimate. For grants made in the year ended December 31, 2013, we estimated a forfeiture rate between 20% and 45% for those share-based payment awards granted to Non-Executives. We estimate the annual forfeiture rate to be 0% for share-based payment awards with service conditions only granted to our Executives. | |||||||||||||||||||||||||
Stock Option Award Activity. Stock option activity under our option plans for the years ended December 31, 2013, 2012 and 2011 were as follows. | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Shares | Weighted- | ||||||||||||||||||||
Shares | Average | Shares | Average | Average | |||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding Stock Option Activity | |||||||||||||||||||||||||
Outstanding, beginning of year | 5,879,573 | $ | 41.29 | 5,306,506 | $ | 42.69 | 6,002,174 | $ | 40.72 | ||||||||||||||||
Granted (1) | 237,500 | 33.82 | 1,382,500 | 25.33 | 265,000 | 25.07 | |||||||||||||||||||
Exercised | (153,665 | ) | 32.94 | (704,242 | ) | 23.69 | (489,324 | ) | 18.47 | ||||||||||||||||
Forfeited | (10,000 | ) | 37.25 | (55,710 | ) | 27.46 | (124,710 | ) | 32.2 | ||||||||||||||||
Cancelled | (671,042 | ) | 44.25 | (49,481 | ) | 44.75 | (346,634 | ) | 33.87 | ||||||||||||||||
Outstanding, end of year | 5,282,366 | $ | 40.83 | 5,879,573 | $ | 41.29 | 5,306,506 | $ | 42.69 | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Unvested Stock Option Activity | |||||||||||||||||||||||||
Outstanding, beginning of year | 2,045,000 | $ | 8.63 | 1,251,328 | $ | 10.74 | 1,790,425 | $ | 12.65 | ||||||||||||||||
Granted (1) | 237,500 | 9.75 | 1,382,500 | 7.54 | 265,000 | 7.42 | |||||||||||||||||||
Vested | (1,433,959 | ) | 8.28 | (533,118 | ) | 8.61 | (679,387 | ) | 13.31 | ||||||||||||||||
Forfeited | (10,000 | ) | 12.72 | (55,710 | ) | 8.45 | (124,710 | ) | 10.13 | ||||||||||||||||
Unvested, end of year | 838,541 | $ | 9.5 | 2,045,000 | $ | 8.63 | 1,251,328 | $ | 10.74 | ||||||||||||||||
-1 | Total shares granted in 2012 include 1,000,000 performance based options granted to our CEO and COO. See further discussion regarding these grants in the “Performance Based Stock Award Activity” section below. | ||||||||||||||||||||||||
The total intrinsic value of options (difference between price per share as of the exercise date and the strike price, times the number of options outstanding) exercised during the years ended December 31, 2013, 2012 and 2011 was $1.1 million, $7.0 million and $0.2 million, respectively. | |||||||||||||||||||||||||
The following table provides data for our stock options that are vested or expected to vest as of December 31, 2013. | |||||||||||||||||||||||||
Exercisable or expected to vest | |||||||||||||||||||||||||
Number outstanding | 5,238,762 | ||||||||||||||||||||||||
Weighted-average exercise price | $ | 40.92 | |||||||||||||||||||||||
Aggregate intrinsic value (in thousands) | $ | 11,798 | |||||||||||||||||||||||
Weighted-average remaining contractual term (years) | 5.07 | ||||||||||||||||||||||||
Exercisable | |||||||||||||||||||||||||
Number outstanding | 4,443,825 | ||||||||||||||||||||||||
Weighted-average exercise price | $ | 42.84 | |||||||||||||||||||||||
Aggregate intrinsic value (in thousands) | $ | 8,786 | |||||||||||||||||||||||
Weighted-average remaining contractual term (years) | 4.59 | ||||||||||||||||||||||||
The aggregate intrinsic values in the tables above represent the total pre-tax intrinsic values (the difference between the closing price of MDC’s common stock on the last trading day of fiscal 2013 and the exercise price, multiplied by the number of in-the-money stock option shares) that would have been received by the option holders had all in-the-money outstanding stock options been exercised on December 31, 2013. | |||||||||||||||||||||||||
The following table summarizes information associated with outstanding and exercisable stock options at December 31, 2013. | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Price | Number | Weighted- | Weighted- | Number | Weighted- | Weighted- | |||||||||||||||||||
Outstanding | Average | Average | Outstanding | Average | Average | ||||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | ||||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life (in | Life (in | ||||||||||||||||||||||||
years) | years) | ||||||||||||||||||||||||
$ 15.84 - $ 23.77 | 175,500 | 7.98 | $ | 20.91 | 45,500 | 7.75 | $ | 21.7 | |||||||||||||||||
$ 23.78 - $ 39.61 | 2,981,666 | 6.9 | 29.74 | 2,323,125 | 6.68 | 29.3 | |||||||||||||||||||
$ 39.62 - $ 47.53 | 615,700 | 3.7 | 43.01 | 565,700 | 3.22 | 43.3 | |||||||||||||||||||
$ 47.54 - $ 63.38 | 892,500 | 2.06 | 60.41 | 892,500 | 2.06 | 60.41 | |||||||||||||||||||
$ 63.39 - $ 71.30 | 492,000 | 1.3 | 67.17 | 492,000 | 1.3 | 67.17 | |||||||||||||||||||
$ 71.31 - $ 78.89 | 125,000 | 1.75 | 79.89 | 125,000 | 1.75 | 78.89 | |||||||||||||||||||
Total | 5,282,366 | 5.1 | $ | 40.83 | 4,443,825 | 4.59 | $ | 42.84 | |||||||||||||||||
Total compensation expense relating to stock options granted by the Company was $5.6 million, $10.6 million and $9.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Our recognized tax benefit from this expense for the year ended December 31, 2013 was $2.2 million. We did not have any recognized tax benefits from compensation expense for stock options for the years ended December 31, 2012 or 2011 as we were in a full valuation allowance position. | |||||||||||||||||||||||||
As of December 31, 2013, $4.2 million of total unrecognized compensation cost related to stock options expected to be recognized as an expense by the Company in the future over a weighted-average period of approximately 1.9 years. | |||||||||||||||||||||||||
We did not have any net tax benefit realized for stock options exercised during the years ended December 31, 2012 or 2011 as we were in a full valuation allowance position. | |||||||||||||||||||||||||
Performance Based Stock Award Activity. On March 8, 2012, we granted a long term performance-based non-qualified stock option to each of our Chief Executive Officer and our Chief Operating Officer for 500,000 shares of common stock under our 2011 Equity Incentive Plan. The terms of the performance-based options provide that, over a three year period, one third of the option shares would vest as of March 1 following any fiscal year in which, in addition to the Company achieving a gross margin from home sales of at least 16.7% (as calculated in our 2011 Form 10-K, excluding warranty adjustments and interest), the Company achieved: (1) at least a 10% increase in total revenue over 2011 (166,667 option shares vest); (2) at least a 15% increase in total revenue over 2011 (166,667 option shares vest); or (3) at least a 20% increase in total revenue over 2011 (166,666 option shares vest). Any of the three tranches of option shares that are not performance vested by March 1, 2015 would be forfeited. ASC Topic 718, Compensation – Stock Compensation (“ASC 718”) prohibits recognition of expense associated with performance based stock awards until achievement of the performance targets are probable of occurring. | |||||||||||||||||||||||||
In accordance with ASC 718, the performance-based awards were assigned a fair value of $7.42 per share on the date of grant. The maximum potential expense that would be recognized by the Company if all of the performance targets were met was approximately $7.4 million. At December 31, 2012 all performance targets had been achieved. Therefore, $6.2 million of compensation expense was recognized related to the grant of these awards during the year ended December 31, 2012. The balance of the unamortized stock-based compensation expense was amortized during the first two months of 2013, based on the vesting date of March 1, 2013. | |||||||||||||||||||||||||
Restricted and Unrestricted Stock Award Activity. Non-vested restricted stock awards at December 31, 2013, 2012 and 2011 and changes during those years were as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Unvested, beginning of year | 507,367 | $ | 31.69 | 667,849 | $ | 33.19 | 443,112 | $ | 36.15 | ||||||||||||||||
Granted | 25,072 | 37.52 | 48,613 | 27.85 | 329,703 | 30.24 | |||||||||||||||||||
Vested | (144,841 | ) | 31.88 | (197,801 | ) | 35.88 | (100,677 | ) | 36.34 | ||||||||||||||||
Forfeited | (88,607 | ) | 29.02 | (11,294 | ) | 30.62 | (4,289 | ) | 38.88 | ||||||||||||||||
Unvested, end of year | 298,991 | $ | 32.87 | 507,367 | $ | 31.69 | 667,849 | $ | 33.19 | ||||||||||||||||
Total compensation expense relating to restricted stock awards was $4.0 million, $5.6 million and $6.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. Our recognized tax benefit from this expense for the year ended December 31, 2013 was $1.6 million. We did not have any recognized tax benefits from compensation expense for restricted stock awards for the years ended December 31, 2012 or 2011 as we were in a full valuation allowance position. | |||||||||||||||||||||||||
At December 31, 2013, there was $3.9 million of unrecognized compensation expense related to non-vested restricted stock awards that is expected to be recognized as an expense by us in the future over a weighted-average period of approximately 1.3 years. The total intrinsic value of unvested restricted stock awards (the difference between the closing price of MDC’s common stock on the last trading day of fiscal 2013 and the grant date award price, multiplied by the number of shares) at December 31, 2013 was $9.6 million. The total intrinsic value of restricted stock which vested during each of the years ended December 31, 2013, 2012 and 2011 was $5.5 million, $5.9 million and $1.9 million, respectively. |
Note_22_Subsequent_Events
Note 22 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
22. Subsequent Events | |
On January 15, 2014, we completed a public offering of $250 million principal amount of 5½% senior notes due 2024 (the “5½% Notes”). The 5½% Notes, which pay interest semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2014, are general unsecured obligations of MDC and rank equally and ratably with our other general unsecured and unsubordinated indebtedness. In addition, the 5½% Notes are fully guaranteed on an unsecured basis, jointly and severally, by most of our homebuilding subsidiaries. We received proceeds of $248.4 million, net of underwriting fees of $1.6 million. We intend to use the net proceeds from this offering for general corporate purposes, which may include repayment of our 5⅜% Senior Notes due 2014 and 5⅜% Senior Notes due 2015 in whole or in part. |
Note_23_Results_of_Quarterly_O
Note 23 - Results of Quarterly Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
23. Results of Quarterly Operations (Unaudited) | |||||||||||||||||
Quarter | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
Home sales revenue | $ | 331,748 | $ | 400,327 | $ | 433,693 | $ | 460,939 | |||||||||
Total revenue | $ | 344,254 | $ | 416,018 | $ | 448,000 | $ | 472,162 | |||||||||
Asset impairments | $ | - | $ | - | $ | (350 | ) | $ | (569 | ) | |||||||
Gross margin from home sales (including impairments) | 17.4 | % | 18.1 | % | 18.1 | % | 17.4 | % | |||||||||
Selling, general and administrative expenses | $ | 48,201 | $ | 51,908 | $ | 57,753 | $ | 55,421 | |||||||||
Income before income taxes | $ | 22,586 | $ | 38,012 | $ | 34,909 | $ | 34,318 | |||||||||
Net income | $ | 22,516 | $ | 224,909 | $ | 36,251 | $ | 30,709 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.46 | $ | 4.6 | $ | 0.73 | $ | 0.62 | |||||||||
Diluted | $ | 0.45 | $ | 4.56 | $ | 0.73 | $ | 0.62 | |||||||||
2012 | |||||||||||||||||
Home sales revenue | $ | 184,678 | $ | 256,532 | $ | 320,647 | $ | 389,141 | |||||||||
Total revenue | $ | 193,988 | $ | 268,934 | $ | 334,330 | $ | 405,773 | |||||||||
Asset impairments | $ | - | $ | - | $ | - | $ | 1,105 | |||||||||
Gross margin from home sales (including impairments) | 14.1 | % | 14.2 | % | 15.5 | % | 16.7 | % | |||||||||
Selling, general and administrative expenses | $ | 34,124 | $ | 39,223 | $ | 44,788 | $ | 49,160 | |||||||||
Income before income taxes | $ | 2,125 | $ | 9,655 | $ | 19,484 | $ | 29,851 | |||||||||
Net income | $ | 2,265 | $ | 10,638 | $ | 20,126 | $ | 29,670 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.04 | $ | 0.22 | $ | 0.41 | $ | 0.6 | |||||||||
Diluted | $ | 0.04 | $ | 0.22 | $ | 0.41 | $ | 0.59 | |||||||||
Note_24_Supplemental_Guarantor
Note 24 - Supplemental Guarantor Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
Supplemental Guarantor Information [Text Block] | ' | ||||||||||||||||||||
24. Supplemental Guarantor Information | |||||||||||||||||||||
Our senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by the following subsidiaries (collectively, the "Guarantor Subsidiaries"), which are 100%-owned subsidiaries of the Company. | |||||||||||||||||||||
● | M.D.C. Land Corporation | ||||||||||||||||||||
● | RAH of Florida, Inc. | ||||||||||||||||||||
● | Richmond American Construction, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Arizona, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Colorado, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Delaware, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Florida, LP | ||||||||||||||||||||
● | Richmond American Homes of Illinois, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Maryland, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Nevada, Inc. | ||||||||||||||||||||
● | Richmond American Homes of New Jersey, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Pennsylvania, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Utah, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Virginia, Inc. | ||||||||||||||||||||
● | Richmond American Homes of Washington, Inc. | ||||||||||||||||||||
The senior note indentures do not provide for a suspension of the guarantees, but do provide that any Guarantor may be released from its guarantee so long as (1) no default or event of default exists or would result from release of such guarantee, (2) the Guarantor being released has consolidated net worth of less than 5% of the Company’s consolidated net worth as of the end of the most recent fiscal quarter, (3) the Guarantors released from their guarantees in any year-end period comprise in the aggregate less than 10% (or 15% if and to the extent necessary to permit the cure of a default) of the Company’s consolidated net worth as of the end of the most recent fiscal quarter, (4) such release would not have a material adverse effect on the homebuilding business of the Company and its subsidiaries and (5) the Guarantor is released from its guarantee(s) under all Specified Indebtedness (other than by reason of payment under its guarantee of Specified Indebtedness). Upon delivery of an officers’ certificate and an opinion of counsel stating that all conditions precedent provided for in the indenture relating to such transactions have been complied with and the release is authorized, the guarantee will be automatically and unconditionally released. “Specified Indebtedness” means indebtedness under the senior notes, the Company’s Indenture dated as of December 3, 2002, the Revolving Credit Facility, and any refinancing, extension, renewal or replacement of any of the foregoing. | |||||||||||||||||||||
We have determined that separate, full financial statements of the Guarantor Subsidiaries would not be material to investors and, accordingly, supplemental financial information for the Guarantor and Non-Guarantor Subsidiaries is presented below. As a result of our Richmond American Homes of Washington, Inc. subsidiary becoming a guarantor subsidiary in 2013, we have revised the 2011 and 2012 Supplemental Condensed Combining Statements of Operations and Cash Flows and the 2012 Supplemental Condensed Combining Balance Sheet to reflect this subsidiary’s results in the guarantor column. | |||||||||||||||||||||
M.D.C. Holdings, Inc. | |||||||||||||||||||||
Supplemental CondensedCombining Balance Sheet | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Dollars in thousands | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and cash equivalents | $ | 145,180 | $ | 3,454 | $ | - | $ | - | $ | 148,634 | |||||||||||
Marketable securities | 569,021 | - | - | - | 569,021 | ||||||||||||||||
Restricted cash | - | 2,195 | - | - | 2,195 | ||||||||||||||||
Trade Receivables | 915 | 27,951 | - | (5,459 | ) | 23,407 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Housing completed or under construction | - | 636,700 | - | - | 636,700 | ||||||||||||||||
Land and land under development | - | 774,961 | - | - | 774,961 | ||||||||||||||||
Total inventories | - | 1,411,661 | - | - | 1,411,661 | ||||||||||||||||
Intercompany receivables | 1,144,292 | 2,576 | 1,899 | (1,148,767 | ) | - | |||||||||||||||
Investment in subsidiaries | 335,870 | - | - | (335,870 | ) | - | |||||||||||||||
Deferred tax asset | 172,975 | - | - | 3,287 | 176,262 | ||||||||||||||||
Other assets, net | 53,933 | 43,569 | - | - | 97,502 | ||||||||||||||||
Total Homebuilding Assets | 2,422,186 | 1,491,406 | 1,899 | (1,486,809 | ) | 2,428,682 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and cash equivalents | - | - | 50,704 | - | 50,704 | ||||||||||||||||
Marketable securities | - | - | 19,046 | - | 19,046 | ||||||||||||||||
Intercompany receivables | - | - | 11,216 | (11,216 | ) | - | |||||||||||||||
Mortgage loans held-for-sale, net | - | - | 92,578 | - | 92,578 | ||||||||||||||||
Other assets, net | - | - | 7,726 | (3,287 | ) | 4,439 | |||||||||||||||
Total Financial Services Assets | - | - | 181,270 | (14,503 | ) | 166,767 | |||||||||||||||
Total Assets | $ | 2,422,186 | $ | 1,491,406 | $ | 183,169 | $ | (1,501,312 | ) | $ | 2,595,449 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | 13 | $ | 15,033 | $ | - | $ | - | $ | 15,046 | |||||||||||
Accrued liabilities | 97,612 | 56,334 | 82 | (1,207 | ) | 152,821 | |||||||||||||||
Intercompany payables | 15,692 | 1,121,581 | 19,668 | (1,156,941 | ) | - | |||||||||||||||
Senior notes, net | 1,095,620 | - | - | - | 1,095,620 | ||||||||||||||||
Total Homebuilding Liabilities | 1,208,937 | 1,192,948 | 19,750 | (1,158,148 | ) | 1,263,487 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | - | - | 59,891 | (4,252 | ) | 55,639 | |||||||||||||||
Intercompany payables | - | - | 3,042 | (3,042 | ) | - | |||||||||||||||
Mortgage repurchase facility | - | - | 63,074 | - | 63,074 | ||||||||||||||||
Total Financial Services Liabilities | - | - | 126,007 | (7,294 | ) | 118,713 | |||||||||||||||
Total Liabilities | 1,208,937 | 1,192,948 | 145,757 | (1,165,442 | ) | 1,382,200 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,213,249 | 298,458 | 37,412 | (335,870 | ) | 1,213,249 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,422,186 | $ | 1,491,406 | $ | 183,169 | $ | (1,501,312 | ) | $ | 2,595,449 | ||||||||||
M.D.C. Holdings, Inc. | |||||||||||||||||||||
Supplemental CondensedCombining Balance Sheet | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and cash equivalents | $ | 125,904 | $ | 3,631 | $ | - | $ | - | $ | 129,535 | |||||||||||
Marketable securities | 519,465 | - | - | - | 519,465 | ||||||||||||||||
Restricted cash | - | 1,859 | - | - | 1,859 | ||||||||||||||||
Trade Receivables | 6,563 | 21,600 | - | - | 28,163 | ||||||||||||||||
Inventories: | |||||||||||||||||||||
Housing completed or under construction | - | 512,949 | - | - | 512,949 | ||||||||||||||||
Land and land under development | - | 489,572 | - | - | 489,572 | ||||||||||||||||
Total inventories | - | 1,002,521 | - | - | 1,002,521 | ||||||||||||||||
Intercompany receivables | 812,731 | 2,589 | - | (815,320 | ) | - | |||||||||||||||
Investment in subsidiaries | 198,465 | - | - | (198,465 | ) | - | |||||||||||||||
Other assets, net | 40,565 | 37,337 | - | - | 77,902 | ||||||||||||||||
Total Homebuilding Assets | 1,703,693 | 1,069,537 | - | (1,013,785 | ) | 1,759,445 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and cash equivalents | - | - | 30,560 | - | 30,560 | ||||||||||||||||
Marketable securities | - | - | 32,473 | - | 32,473 | ||||||||||||||||
Intercompany receivables | - | - | 9,779 | (9,779 | ) | - | |||||||||||||||
Mortgage loans held-for-sale, net | - | - | 119,953 | - | 119,953 | ||||||||||||||||
Other assets, net | - | - | 4,710 | (1,700 | ) | 3,010 | |||||||||||||||
Total Financial Services Assets | - | - | 197,475 | (11,479 | ) | 185,996 | |||||||||||||||
Total Assets | $ | 1,703,693 | $ | 1,069,537 | $ | 197,475 | $ | (1,025,264 | ) | $ | 1,945,441 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | - | $ | 73,055 | $ | - | $ | - | $ | 73,055 | |||||||||||
Accrued liabilities | 63,886 | 48,980 | 5,590 | - | 118,456 | ||||||||||||||||
Intercompany payables | 14,068 | 794,179 | 16,815 | (825,062 | ) | - | |||||||||||||||
Senior notes, net | 744,842 | - | - | - | 744,842 | ||||||||||||||||
Total Homebuilding Liabilities | 822,796 | 916,214 | 22,405 | (825,062 | ) | 936,353 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | - | - | 51,864 | - | 51,864 | ||||||||||||||||
Intercompany payables | - | - | 1,737 | (1,737 | ) | - | |||||||||||||||
Mortgage repurchase facility | - | - | 76,327 | - | 76,327 | ||||||||||||||||
Total Financial Services Liabilities | - | - | 129,928 | (1,737 | ) | 128,191 | |||||||||||||||
Total Liabilities | 822,796 | 916,214 | 152,333 | (826,799 | ) | 1,064,544 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 880,897 | 153,323 | 45,142 | (198,465 | ) | 880,897 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,703,693 | $ | 1,069,537 | $ | 197,475 | $ | (1,025,264 | ) | $ | 1,945,441 | ||||||||||
M.D.C. Holdings, Inc. | |||||||||||||||||||||
Supplemental CondensedCombining Statements of Operations | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 1,630,423 | $ | - | $ | (1,248 | ) | $ | 1,629,175 | ||||||||||
Cost of Sales | - | (1,340,187 | ) | - | 1,248 | (1,338,939 | ) | ||||||||||||||
Inventory impairments | - | (919 | ) | - | - | (919 | ) | ||||||||||||||
Gross margin | - | 289,317 | - | - | 289,317 | ||||||||||||||||
Selling, general, and administrative expenses | (63,506 | ) | (149,424 | ) | - | (353 | ) | (213,283 | ) | ||||||||||||
Equity income of subsidiaries | 163,157 | - | - | (163,157 | ) | - | |||||||||||||||
Interest income | 26,928 | 10 | - | - | 26,938 | ||||||||||||||||
Interest expense | (1,726 | ) | - | - | - | (1,726 | ) | ||||||||||||||
Other income (expense), net | 1,387 | (2,276 | ) | 14 | (48 | ) | (923 | ) | |||||||||||||
Homebuilding pretax income (loss) | 126,240 | 137,627 | 14 | (163,558 | ) | 100,323 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 29,101 | 401 | 29,502 | ||||||||||||||||
Income before income taxes | 126,240 | 137,627 | 29,115 | (163,157 | ) | 129,825 | |||||||||||||||
(Provision for) benefit for income taxes | 188,145 | 7,507 | (11,092 | ) | - | 184,560 | |||||||||||||||
Net income | $ | 314,385 | $ | 145,134 | $ | 18,023 | $ | (163,157 | ) | $ | 314,385 | ||||||||||
Other comprehensive income related to available for sale securities, net of tax | 6,737 | - | (119 | ) | 119 | 6,737 | |||||||||||||||
Comprehensive income | $ | 321,122 | $ | 145,134 | $ | 17,904 | $ | (163,038 | ) | $ | 321,122 | ||||||||||
M.D.C. Holdings, Inc. | |||||||||||||||||||||
Supplemental CondensedCombining Statements of Operations | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
MDC | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Entries | MDC | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 1,162,676 | $ | - | $ | (6,534 | ) | $ | 1,156,142 | ||||||||||
Cost of Sales | - | (984,477 | ) | - | 6,534 | (977,943 | ) | ||||||||||||||
Inventory impairments | - | (1,105 | ) | - | - | (1,105 | ) | ||||||||||||||
Gross margin | - | 177,094 | - | - | 177,094 | ||||||||||||||||
Selling, general, and administrative expenses | (52,880 | ) | (119,135 | ) | 4,720 | - | (167,295 | ) | |||||||||||||
Equity income of subsidiaries | 81,836 | - | - | (81,836 | ) | - | |||||||||||||||
Interest income | 23,381 | 16 | 1 | - | 23,398 | ||||||||||||||||
Interest expense | (778 | ) | (30 | ) | - | - | (808 | ) | |||||||||||||
Other income (expense), net | 528 | (306 | ) | 6 | - | 228 | |||||||||||||||
Homebuilding pretax income (loss) | 52,087 | 57,639 | 4,727 | (81,836 | ) | 32,617 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 28,498 | - | 28,498 | ||||||||||||||||
Income before income taxes | 52,087 | 57,639 | 33,225 | (81,836 | ) | 61,115 | |||||||||||||||
(Provision for) benefit for income taxes | 10,612 | 1,435 | (10,463 | ) | - | 1,584 | |||||||||||||||
Net income | $ | 62,699 | $ | 59,074 | $ | 22,762 | $ | (81,836 | ) | $ | 62,699 | ||||||||||
Other comprehensive income related to available for sale securities, net of tax | 12,078 | - | 100 | (100 | ) | 12,078 | |||||||||||||||
Comprehensive income | $ | 74,777 | $ | 59,074 | $ | 22,862 | $ | (81,936 | ) | $ | 74,777 | ||||||||||
M.D.C. Holdings, Inc. | |||||||||||||||||||||
Supplemental CondensedCombining Statements of Operations | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 826,656 | $ | - | $ | (9,633 | ) | $ | 817,023 | ||||||||||
Cost of Sales | - | (707,576 | ) | 486 | 9,633 | (697,457 | ) | ||||||||||||||
Inventory impairments | - | (12,965 | ) | - | - | (12,965 | ) | ||||||||||||||
Gross margin | - | 106,115 | 486 | - | 106,601 | ||||||||||||||||
Selling, general, and administrative expenses | (57,811 | ) | (123,095 | ) | 1,801 | - | (179,105 | ) | |||||||||||||
Equity income of subsidiaries | (18,966 | ) | - | - | 18,966 | - | |||||||||||||||
Interest income | 26,039 | 29 | - | - | 26,068 | ||||||||||||||||
Interest expense | (20,687 | ) | (155 | ) | - | - | (20,842 | ) | |||||||||||||
Other income (expense), net | (35,479 | ) | (7,894 | ) | 23 | - | (43,350 | ) | |||||||||||||
Homebuilding pretax income (loss) | (106,904 | ) | (25,000 | ) | 2,310 | 18,966 | (110,628 | ) | |||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 3,156 | - | 3,156 | ||||||||||||||||
Income before income taxes | (106,904 | ) | (25,000 | ) | 5,466 | 18,966 | (107,472 | ) | |||||||||||||
(Provision for) benefit for income taxes | 8,514 | 2,027 | (1,459 | ) | - | 9,082 | |||||||||||||||
Net income | $ | (98,390 | ) | $ | (22,973 | ) | $ | 4,007 | $ | 18,966 | $ | (98,390 | ) | ||||||||
Other comprehensive income related to available for sale securities, net of tax | (12,124 | ) | - | (154 | ) | 154 | (12,124 | ) | |||||||||||||
Comprehensive income | $ | (110,514 | ) | $ | (22,973 | ) | $ | 3,853 | $ | 19,120 | $ | (110,514 | ) | ||||||||
M.D.C. Holdings, Inc. | |||||||||||||||||||||
Supplemental Condensed Combining Statements of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 11,994 | $ | (324,812 | ) | $ | 43,269 | $ | - | $ | (269,549 | ) | |||||||||
Net cash used in investing activities | (345,165 | ) | (1,260 | ) | 13,151 | 302,872 | (30,402 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Intercompany advances (repayments) | - | 325,895 | (23,023 | ) | (302,872 | ) | - | ||||||||||||||
Mortgage repurchase facility | - | - | (13,253 | ) | - | (13,253 | ) | ||||||||||||||
Proceeds from issuance of senior notes | 346,938 | - | - | - | 346,938 | ||||||||||||||||
Excess tax benefit from share-based awards | 391 | - | - | - | 391 | ||||||||||||||||
Proceeds from the exercise of stock options | 5,118 | - | - | - | 5,118 | ||||||||||||||||
Net cash provided by (used in) financing activities | 352,447 | 325,895 | (36,276 | ) | (302,872 | ) | 339,194 | ||||||||||||||
Net increase in cash and cash equivalents | 19,276 | (177 | ) | 20,144 | - | 39,243 | |||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period (1) | 125,904 | 3,631 | 30,560 | - | 160,095 | ||||||||||||||||
End of period | $ | 145,180 | $ | 3,454 | $ | 50,704 | $ | - | $ | 199,338 | |||||||||||
-1 | As a result of our Richmond American Homes of Washington, Inc. subsidiary becoming a guarantor subsidiary in 2013, cash and cash equivalents at the beginning of 2013 in the guarantor and non-guarantor columns will not equal the cash and cash equivalents at December 31, 2012 in the Supplemental Condensed Combining Balance Sheet. | ||||||||||||||||||||
M.D.C. Holdings, Inc. | |||||||||||||||||||||
Supplemental Condensed Combining Statements of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,961 | $ | (96,947 | ) | $ | (13,833 | ) | $ | - | $ | (108,819 | ) | ||||||||
Net cash used in investing activities | (109,332 | ) | (841 | ) | 2,059 | 86,333 | (21,781 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Intercompany advances (repayments) | - | 98,567 | (12,234 | ) | (86,333 | ) | - | ||||||||||||||
Mortgage repurchase facility | - | - | 27,625 | - | 27,625 | ||||||||||||||||
Dividend payments | (96,915 | ) | - | - | - | (96,915 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 16,624 | - | - | - | 16,624 | ||||||||||||||||
Net cash provided by (used in) financing activities | (80,291 | ) | 98,567 | 15,391 | (86,333 | ) | (52,666 | ) | |||||||||||||
Net increase in cash and cash equivalents | (187,662 | ) | 779 | 3,617 | - | (183,266 | ) | ||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | 313,566 | 2,852 | 26,943 | - | 343,361 | ||||||||||||||||
End of period | $ | 125,904 | $ | 3,631 | $ | 30,560 | $ | - | $ | 160,095 | |||||||||||
M.D.C. Holdings, Inc. | |||||||||||||||||||||
Supplemental Condensed Combining Statements of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (20,496 | ) | $ | (37,048 | ) | $ | (22,740 | ) | $ | - | $ | (80,284 | ) | |||||||
Net cash used in investing activities | 375,139 | (30,541 | ) | (4,261 | ) | 63,927 | 404,264 | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Intercompany advances (repayments) | - | 66,154 | (2,227 | ) | (63,927 | ) | - | ||||||||||||||
Extinguishment of senior notes | (537,724 | ) | - | - | - | (537,724 | ) | ||||||||||||||
Mortgage repurchase facility | - | - | 23,268 | - | 23,268 | ||||||||||||||||
Dividend payments | (47,432 | ) | - | - | - | (47,432 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 9,044 | - | - | - | 9,044 | ||||||||||||||||
Net cash provided by (used in) financing activities | (576,112 | ) | 66,154 | 21,041 | (63,927 | ) | (552,844 | ) | |||||||||||||
Net increase in cash and cash equivalents | (221,469 | ) | (1,435 | ) | (5,960 | ) | - | (228,864 | ) | ||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | 535,035 | 4,287 | 32,903 | - | 572,225 | ||||||||||||||||
End of period | $ | 313,566 | $ | 2,852 | $ | 26,943 | $ | - | $ | 343,361 | |||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
Principles of Consolidation. The 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) include the accounts of MDC and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year balances have been reclassified to conform to the current year’s presentation. | |||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||
Presentation. Our balance sheet presentation is unclassified due to the fact that certain assets and liabilities have both short and long-term characteristics. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
Use of Accounting Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents. The Company periodically invests funds in highly liquid investments with an original maturity of three months or less, such as commercial paper, money market funds and time deposits, which are included in cash and cash equivalents in the consolidated balance sheets and consolidated statements of cash flows. | |||||||||||||
Marketable Securities, Policy [Policy Text Block] | ' | ||||||||||||
Marketable Securities. We have marketable debt and equity securities. Our debt securities consist primarily of fixed and floating rate interest earning debt securities, which may include, among others, United States government and government agency debt and corporate debt. Our equity securities consist primarily of holdings in mutual fund securities, which invest mostly in debt securities. The remaining equity securities in our investment portfolio are holdings in corporate equities. As of December 31, 2013 and December 31, 2012, all of our marketable securities were treated as available-for-sale investments and, as such, we have recorded all of our marketable securities at fair value with changes in fair value being recorded as a component of accumulated other comprehensive income (loss). When a security is sold, we use specific identification to determine the cost of the security sold or the amount reclassified out of accumulated other comprehensive income (loss). | |||||||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Restricted Cash. We receive cash earnest money deposits from our customers who enter into home sale contracts. In certain states we are restricted from using such deposits for general purposes, unless we take measures to release state imposed restrictions on such deposits received from homebuyers, which may include posting blanket security bonds. We had $2.2 million and $1.9 million in restricted cash related to homebuyer deposits at December 31, 2013 and 2012, respectively. | |||||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||||
Home Sale Receivables. Home sale receivables primarily consist of cash to be received from title companies or outside brokers associated with closed homes. Generally, we will receive cash from title companies and outside brokers within a few days of the home being closed. | |||||||||||||
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | ' | ||||||||||||
Mortgage Loans Held-for-Sale, net. Mortgage loans held-for-sale are recorded at fair value based on quoted market prices and estimated market prices received from an outside third-party. Using fair value allows an offset of the changes in fair values of the mortgage loans and the derivative instruments used to hedge them without the burden of complying with the requirements for hedge accounting. | |||||||||||||
Inventory, Real Estate, Policy [Policy Text Block] | ' | ||||||||||||
Inventories. Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and unsold started 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 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 direct incremental costs associated with the home closing, including sales commissions) for homes closed; | ||||||||||||
• | estimated future undiscounted cash flows and Operating Margin; | ||||||||||||
• | forecasted Operating Margin for homes in backlog; | ||||||||||||
• | actual and trending net and gross home orders; | ||||||||||||
• | base sales price and home sales incentive information for homes closed, homes in backlog and 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 that are commensurate with the risk of the subdivision under evaluation. For the years ended December 31, 2013, 2012 and 2011, we used discount rates ranging from 10% to 18% for the subdivisions that were impaired. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
Property and Equipment, net. Property and equipment is carried at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets, which range from 2 to 29 years. Depreciation and amortization expense for property and equipment was $3.7 million, $4.4 million and $6.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The following table sets forth the cost and carrying value of our property and equipment by major asset category. | |||||||||||||
Cost | Accumulated | Carrying | |||||||||||
Depreciation and | Value | ||||||||||||
Amortization | |||||||||||||
(Dollars in thousands) | |||||||||||||
December 31, 2013: | |||||||||||||
Airplane | $ | 28,997 | $ | 6,604 | $ | 22,393 | |||||||
Computer software and equipment | 18,436 | 11,780 | 6,656 | ||||||||||
Leasehold improvements | 8,793 | 6,787 | 2,006 | ||||||||||
Other | 2,048 | 1,855 | 193 | ||||||||||
Total | $ | 58,274 | $ | 27,026 | $ | 31,248 | |||||||
December 31, 2012: | |||||||||||||
Airplane | $ | 28,997 | $ | 6,055 | $ | 22,942 | |||||||
Computer software and equipment | 17,905 | 9,513 | 8,392 | ||||||||||
Leasehold improvements | 7,623 | 6,066 | 1,557 | ||||||||||
Other | 1,991 | 1,757 | 234 | ||||||||||
Total | $ | 56,516 | $ | 23,391 | $ | 33,125 | |||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Deferred Tax Asset, net. Deferred income taxes reflect the net tax effects of temporary differences between (1) the carrying amounts of the assets and liabilities for financial reporting purposes and (2) the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using current enacted tax rates in effect in the years in which those temporary differences are expected to reverse. A valuation allowance is recorded against a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not (a likelihood of more than 50%) that some portion, or all, of the deferred tax asset will not be realized. At December 31, 2013 and 2012, based upon current facts and circumstances, we had recorded a valuation allowance of $8.2 million and $248.3 million, respectively, against our deferred tax assets (net of deferred tax liabilities). | |||||||||||||
Deferred Marketing Costs [Policy Text Block] | ' | ||||||||||||
Deferred Marketing Costs. Certain marketing costs related to model homes and sales offices are capitalized as they are: (1) reasonably expected to be recovered from the sale of the project; and (2) incurred for (a) tangible assets that are used directly throughout the selling period to aid in the sale of the project or (b) services that have been performed to obtain regulatory approval of sales. Capitalized marketing costs are included in prepaid and other assets in the Homebuilding section of the accompanying consolidated balance sheets and the associated amortization expense is included in selling, general and administrative (“SG&A”) in the Homebuilding section of the accompanying consolidated statements of operations as the homes in the related subdivision are delivered. We allocate all capitalized marketing costs equally to each house within a subdivision and record expense as homes close over the life of a subdivision. All other marketing costs are expensed as incurred. | |||||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' | ||||||||||||
Variable Interest Entities. In accordance with ASC Topic 810, Consolidation (“ASC 810”), we analyze our land option contracts and other contractual arrangements to determine whether the corresponding land sellers are variable interest entities (“VIEs”) and, if so, whether we are the primary beneficiary. Although we do not have legal title to the optioned land, ASC 810 requires a company to consolidate a VIE if the company is determined to be the primary beneficiary. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact VIE’s economic performance, including, but not limited to, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE. We also consider whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We have concluded that, as of December 31, 2013, we were not the primary beneficiary of any VIEs from which we are purchasing land under land option contracts. | |||||||||||||
Related Party Assets [Policy Text Block] | ' | ||||||||||||
Related Party Assets. Our related party assets are debt security bonds acquired from a quasi-municipal corporation in the state of Colorado. | |||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||||||
Goodwill. In accordance with ASC Topic 350, Intangibles–Goodwill and Other (“ASC 350”), we evaluate goodwill for possible impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We use a three step process to assess the realizability of goodwill. The first step is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. For example, we analyze changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a particular reporting unit. If the qualitative assessment indicates a stable or improved fair value, no further testing is required. | |||||||||||||
If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, or if a reporting unit’s fair value has historically been closer to its carrying value, we will proceed to the second step where we calculate the fair value of a reporting unit based on discounted future probability-weighted cash flows. If this step indicates that the carrying value of a reporting unit is in excess of its fair value, we will proceed to the third step where the fair value of the reporting unit will be allocated to assets and liabilities as they would in a business combination. Impairment occurs when the carrying amount of goodwill exceeds its estimated fair value calculated in the third step. | |||||||||||||
Based on our analysis, we have concluded as of December 31, 2013, our goodwill was not impaired. | |||||||||||||
Income Tax Uncertainties, Policy [Policy Text Block] | ' | ||||||||||||
Liability for Unrecognized Tax Benefits. ASC Topic 740, Income Taxes, regarding liabilities for unrecognized tax benefits provides guidance for the recognition and measurement in financial statements of uncertain tax positions taken or expected to be taken in a tax return. | |||||||||||||
The evaluation of a tax position is a two-step process, the first step being recognition. We determine whether it is more-likely-than-not that a tax position will be sustained upon tax examination, including resolution of any related appeals or litigation, based on the technical merits of the position. The technical merits of a tax position derive from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements. | |||||||||||||
The second step is measurement. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate resolution with a taxing authority. Once the gross unrecognized tax benefit is determined, we also accrue for any interest and penalties, as well as any offsets expected from resultant amendments to federal or state tax returns. We record the aggregate effect of these items in income tax expense in the consolidated statements of operations, and the corresponding liability in accrued liabilities in the Homebuilding section of our consolidated balance sheets. | |||||||||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | ||||||||||||
Warranty Reserves. Our homes are sold with limited third-party warranties. Under our agreement with the issuer of the third-party warranties, we are responsible for performing all of the work for the first two years of the warranty coverage, and paying for substantially all of the work required to be performed during years three through ten of the warranties. We record expenses and warranty reserves for general and structural warranty claims, as well as reserves for known, unusual warranty-related expenditures. Warranty reserves are established based upon historical payment experience in an amount estimated to be adequate to cover expected costs of materials and outside labor during warranty periods. The establishment of warranty reserves for closed homes and the evaluation of our warranty reserve balance is based on an internally developed analysis that includes known facts and interpretations of circumstances, including, among other things, our trends in historical warranty payment levels and warranty payments for claims not considered to be normal and recurring. | |||||||||||||
Warranty payments are recorded against the warranty reserve. Additional reserves may be established for known, unusual warranty-related expenditures not covered through the independent warranty reserve analysis performed by us. Warranty payments incurred for an individual house may differ from the related reserve established for the home at the time it was closed. The actual disbursements for warranty claims are evaluated in the aggregate to determine if an adjustment to the historical warranty reserve should be recorded. | |||||||||||||
We assess the reasonableness and adequacy of the reserve and the per-unit reserve amount originally included in home cost of sales, as well as the timing of the reversal of any excess reserve on a quarterly basis, using historical payment data and other relevant information. Warranty reserves are included in accrued liabilities in the Homebuilding section of our consolidated balance sheets and adjustments to our warranty reserves are recorded as an increase or reduction to home cost of sales in the Homebuilding section of our consolidated statements of operations. | |||||||||||||
Liability Reserve Estimate, Policy [Policy Text Block] | ' | ||||||||||||
Insurance 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 or internally developed 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. | |||||||||||||
Mortgage Loan Loss Reserves [Policy Text Block] | ' | ||||||||||||
Mortgage Loan Loss Reserves. In the normal course of business, we establish reserves for potential losses associated with HomeAmerican’s sale of mortgage loans to third-parties. These reserves are created to address repurchase and indemnity claims by third-party purchasers of the mortgage loans, which claims arise primarily from various loan document manufacturing quality assertions as well as allegations of homebuyer fraud at the time of origination of the loan. These reserves are based upon, among other things: (1) pending claims received from third-party purchasers associated with previously sold mortgage loans; and (2) a current assessment of the potential exposure associated with future claims of fraud in mortgage loans originated in prior periods. In addition to reserves established for mortgage loans previously sold to third-parties, we establish reserves for loans that we have repurchased if we believe the loss is likely and estimable. Our mortgage loan reserves are reflected as a component of accrued liabilities in the Financial Services section of the accompanying consolidated balance sheets, and the associated expenses are included in Expenses in the Financial Services section of the accompanying consolidated statements of operations. See Note 17 to the Consolidated Financial Statements. | |||||||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | ||||||||||||
Litigation Reserves. We and certain of our subsidiaries have been named as defendants in various cases. We reserve for estimated exposure with respect to these cases based upon currently available information on each case. See Note 17 to the Consolidated Financial Statements. | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
Derivative Financial Instruments. The derivative instruments we utilize in the normal course of business are interest rate lock commitments and forward sales of mortgage-backed securities, both of which typically are short-term in nature. Forward sales of mortgage-backed securities are utilized to hedge changes in fair value of our interest rate lock commitments as well as mortgage loans held-for-sale not under commitments to sell. For forward sales of securities, as well as interest rate lock commitments that are still outstanding at the end of a reporting period, we record the changes in fair value of the derivatives in revenues in the Financial Services section of our consolidated statements of operations with an offset to prepaid expenses and other assets or accounts payable and accrued liabilities in the Financial Services section of our accompanying consolidated balance sheets, depending on the nature of the change. | |||||||||||||
At December 31, 2013 and 2012, we had interest rate lock commitments with aggregate principal balances of approximately $69.8 million and $50.8 million, respectively, at average interest rates of 4.13% and 3.26%, respectively. In addition, we had $25.9 million and $11.7 million of mortgage loans held-for-sale at December 31, 2013 and 2012, respectively, that had not yet been committed to a mortgage purchaser. In order to hedge the changes in fair value of our interest rate lock commitments and mortgage loans held-for-sale which had not yet been committed to a mortgage purchaser, we had forward sales of securities totaling $74.5 million and $41.5 million at December 31, 2013 and 2012, respectively. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recorded net gains (losses) on our derivatives of $(0.1) million, $1.1 million and $0.6 million, respectively. For further discussion of our policies regarding interest rate lock commitments, see our “Revenue Recognition for HomeAmerican” accounting policy section below. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
Revenue Recognition for HomeAmerican. Revenues recorded by HomeAmerican primarily include origination fees and the corresponding sale of a loan and its servicing rights. Origination fees are recognized when a loan is originated. When an interest rate lock commitment is made to a customer, we record the expected gain on sale of the mortgage including servicing rights, adjusted for a pull-through percentage (which is defined as the likelihood that an interest rate lock commitment will be originated), as revenue. As the interest rate lock commitment gets closer to being originated, the expected gain on the sale of that loan plus servicing rights is updated to reflect current market value and the increase or decrease in the fair value of that interest rate lock commitment is recorded through revenues. At the same time, as the likelihood of the interest rate lock commitment being originated increases resulting in an improvement to the expected pull-through percentage, additional revenues are recognized. After origination, our mortgage loans generally are transferred to third-party purchasers in accordance with sale agreements entered into by us with a third party purchaser of the loans. We make representations and warranties with respect to the status of loans transferred in the sale agreements. The sale agreements generally include statements acknowledging the transfer of the loans is intended by both parties to constitute a sale. Sale of a mortgage loan has occurred when the following criteria, among others, have been met: (1) fair consideration has been paid for transfer of the loan by a third party in an arms-length transaction, (2) all the usual risks and rewards of ownership that are in substance a sale have been transferred by us to the third party purchaser; and (3) we do not have a substantial continuing involvement with the mortgage loan . The related servicing rights are generally transferred by us to the third party purchaser for additional consideration. Revenue from the sale of mortgage loan servicing is recognized upon the exchange of consideration for the mortgage loans and related servicing rights between us and the third-party purchaser. | |||||||||||||
We measure mortgage loans held-for-sale at fair value with the changes in fair value being reported in earnings at each reporting date. The impact of recording changes in fair value to earnings did not have a material impact on our financial position, results of operations or cash flows during the years ended December 31, 2013, 2012 or 2011. Gains on sales of mortgage loans, net, were $28.7 million, $21.7 million and $10.0 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included as a component of revenues in the Financial Services section of the consolidated statements of operations. | |||||||||||||
Cost of Sales, Policy [Policy Text Block] | ' | ||||||||||||
Home Cost of Sales. Home cost of sales includes the specific construction costs of each home and all applicable land acquisition, land development and related costs, both incurred and estimated to be incurred, warranty costs and finance and closing costs, including closing cost incentives. We use the specific identification method for the purpose of accumulating home construction costs and allocate costs to each lot within a subdivision associated with land acquisition and land development based upon relative fair value of the lots prior to home construction. Lots within a subdivision typically have comparable fair values, and, as such, we generally allocate costs equally to each lot within a subdivision. We record all home cost of sales when a home is closed on a house-by-house basis. | |||||||||||||
When a home is closed, we generally have not yet paid and recorded all costs necessary to complete the construction of the home and certain land development costs. At the time of a home closing, we compare the home construction budgets to actual recorded costs to determine the additional costs remaining to be paid on each closed home. For amounts not incurred or paid as of the time of closing a home, we record an estimated accrual associated with certain home construction and land development costs. Generally, these accruals are established based upon contracted work which has yet to be paid, open work orders not paid at the time of home closing, as well as land completion costs more likely than not to be incurred, and represent estimates believed to be adequate to cover the expected remaining home construction and land development costs. We monitor the adequacy of these accruals on a house-by-house basis and in the aggregate on a subdivision-by-subdivision basis. At December 31, 2013 and 2012, we had $9.6 million and $9.5 million, respectively, of land development and home construction accruals for closed homes. Actual results could differ from such estimates. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Stock-Based Compensation Expense. Stock-based compensation expense for all share-based payment awards is based on the grant date fair value. The grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of our common stock on the date of grant. We recognize these compensation costs net of estimated forfeitures. For stock option awards with service conditions only, we recognize stock-based compensation expense on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to seven years. For our stock option awards with performance conditions, we recognize stock-based compensation expense on a straight-line basis for each performance criteria tranche (if applicable) over the period between the date that it is determined the performance conditions related to each tranche (if applicable) are probable to be met and the date the option vests. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
Earnings (Loss) Per Common Share. For purposes of calculating earnings (loss) per share (“EPS”), a company that has participating security holders (for example, unvested restricted stock that has nonforfeitable dividend rights) is required to utilize the two-class method for calculating earnings per share 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)). Currently, we have one class of security and we have participating security holders consisting of shareholders of unvested restricted stock. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. | |||||||||||||
For purposes of calculating diluted EPS, basic EPS is further adjusted to include the effect of potential dilutive stock options outstanding. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recently Issued Accounting Standards. In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, (“ASU 2013-02”). ASU 2013-02 amends ASC Topic 220, Comprehensive Income (“ASC 220”), and requires entities to present the changes in the components of accumulated other comprehensive income for the current period. Entities are required to present separately the amount of the change that is due to reclassifications, and the amount that is due to current period other comprehensive income. These changes are permitted to be shown either before or net-of-tax and can be displayed either on the face of the financial statements or in the footnotes. ASU 2013-02 was effective for our interim and annual periods beginning January 1, 2013. The adoption of ASU 2013-02 did not have a material effect on our consolidated financial position or results of operations. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||
Cost | Accumulated | Carrying | |||||||||||
Depreciation and | Value | ||||||||||||
Amortization | |||||||||||||
(Dollars in thousands) | |||||||||||||
December 31, 2013: | |||||||||||||
Airplane | $ | 28,997 | $ | 6,604 | $ | 22,393 | |||||||
Computer software and equipment | 18,436 | 11,780 | 6,656 | ||||||||||
Leasehold improvements | 8,793 | 6,787 | 2,006 | ||||||||||
Other | 2,048 | 1,855 | 193 | ||||||||||
Total | $ | 58,274 | $ | 27,026 | $ | 31,248 | |||||||
December 31, 2012: | |||||||||||||
Airplane | $ | 28,997 | $ | 6,055 | $ | 22,942 | |||||||
Computer software and equipment | 17,905 | 9,513 | 8,392 | ||||||||||
Leasehold improvements | 7,623 | 6,066 | 1,557 | ||||||||||
Other | 1,991 | 1,757 | 234 | ||||||||||
Total | $ | 56,516 | $ | 23,391 | $ | 33,125 |
Note_2_Supplemental_Cash_Flow_1
Note 2 - Supplemental Cash Flow Disclosure (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Cash paid for: | |||||||||||||
Interest, net of interest capitalized | $ | - | $ | 1,083 | $ | 25,190 | |||||||
Income taxes | $ | 5,161 | $ | 577 | $ | 3,532 | |||||||
Non-cash investing and financing activities | |||||||||||||
Unrealized holding gains (losses) on marketable securities | $ | 6,737 | $ | 12,078 | $ | (12,124 | ) |
Note_3_Segment_Reporting_Table
Note 3 - Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding | |||||||||||||
West | $ | 671,278 | $ | 516,079 | $ | 272,800 | |||||||
Mountain | 546,801 | 355,368 | 316,189 | ||||||||||
East | 411,096 | 284,695 | 228,034 | ||||||||||
Total home and land sale revenues | $ | 1,629,175 | $ | 1,156,142 | $ | 817,023 | |||||||
Financial Services | |||||||||||||
Mortgage operations | $ | 34,976 | $ | 35,123 | $ | 17,807 | |||||||
Other | 16,283 | 11,758 | 8,279 | ||||||||||
Total financial services revenues | $ | 51,259 | $ | 46,881 | $ | 26,086 | |||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding | |||||||||||||
West | $ | 65,672 | $ | 27,076 | $ | (16,889 | ) | ||||||
Mountain | 52,392 | 24,302 | 1,397 | ||||||||||
East | 19,590 | 11,011 | (7,195 | ) | |||||||||
Corporate | (37,331 | ) | (29,772 | ) | (87,941 | ) | |||||||
Total homebuilding pretax income (loss) | $ | 100,323 | $ | 32,617 | $ | (110,628 | ) | ||||||
Financial Services | |||||||||||||
Mortgage operations | $ | 21,608 | $ | 23,939 | $ | 394 | |||||||
Other | 7,894 | 4,559 | 2,762 | ||||||||||
Total financial services pretax income | $ | 29,502 | $ | 28,498 | $ | 3,156 | |||||||
Total pretax income (loss) | $ | 129,825 | $ | 61,115 | $ | (107,472 | ) | ||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding assets | |||||||||||||
West | $ | 760,450 | $ | 459,807 | |||||||||
Mountain | 418,796 | 332,939 | |||||||||||
East | 297,627 | 274,199 | |||||||||||
Corporate | 951,809 | 692,500 | |||||||||||
Total homebuilding assets | $ | 2,428,682 | $ | 1,759,445 | |||||||||
Financial services assets | |||||||||||||
Mortgage operations | $ | 99,065 | $ | 122,941 | |||||||||
Other | 67,702 | 63,055 | |||||||||||
Total financial services assets | $ | 166,767 | $ | 185,996 | |||||||||
Total assets | $ | 2,595,449 | $ | 1,945,441 |
Note_4_Earnings_Loss_Per_Share1
Note 4 - Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator | |||||||||||||
Net income (loss) | $ | 314,385 | $ | 62,699 | $ | (98,390 | ) | ||||||
Less: distributed earnings allocated to participating securities | - | (1,101 | ) | (711 | ) | ||||||||
Less: undistributed earnings allocated to participating securities | (4,917 | ) | - | - | |||||||||
Net income (loss) attributable to common stockholders (numerator for basic earnings per share) | $ | 309,468 | $ | 61,598 | $ | (99,101 | ) | ||||||
Add back: undistributed earnings allocated to participating securities | 4,917 | - | - | ||||||||||
Less: undistributed earnings reallocated to participating securities | (4,879 | ) | - | - | |||||||||
Numerator for diluted EPS under two class method | $ | 309,506 | $ | 61,598 | $ | (99,101 | ) | ||||||
Denominator | |||||||||||||
Weighted-average common shares outstanding | 48,453,119 | 47,660,629 | 46,796,334 | ||||||||||
Add: dilutive effect of stock options | 378,666 | 173,527 | - | ||||||||||
Denominator for diluted EPS under two class method | 48,831,785 | 47,834,156 | 46,796,334 | ||||||||||
Basic Earnings Per Common Share | 6.39 | 1.29 | (2.12 | ) | |||||||||
Diluted Earnings Per Common Share | 6.34 | 1.29 | (2.12 | ) |
Note_5_Accumulated_Other_Compr1
Note 5 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Unrealized gains (losses) on available-for-sale marketable securities (1) : | |||||||||||||
Beginning balance | $ | 4,838 | $ | (7,240 | ) | $ | 4,884 | ||||||
Other comprehensive income before reclassifications | 3,255 | 12,473 | (12,323 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (2) | (438 | ) | (395 | ) | 199 | ||||||||
Ending balance | $ | 7,655 | $ | 4,838 | $ | (7,240 | ) | ||||||
Unrealized gains on available-for-sale metropolitan district bond securities (1): | |||||||||||||
Beginning balance | $ | - | $ | - | $ | - | |||||||
Other comprehensive income before reclassifications | 3,920 | - | - | ||||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | ||||||||||
Ending balance | $ | 3,920 | $ | - | $ | - | |||||||
Total ending accumulated other comprehensive income (loss) | $ | 11,575 | $ | 4,838 | $ | (7,240 | ) | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Affected Line Item in the Statements of Operations | |||||||||||||
Homebuilding interest income | $ | 580 | 823 | $ | (371 | ) | |||||||
Financial services interest and other income | 133 | (181 | ) | 47 | |||||||||
Income (loss) before income taxes | 713 | 642 | (324 | ) | |||||||||
Benefit from income taxes | (275 | ) | (247 | ) | 125 | ||||||||
Net income (loss) | $ | 438 | $ | 395 | $ | (199 | ) |
Note_6_Fair_Value_Measurements1
Note 6 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Financial Instrument | Hierarchy | December | December | ||||||||||||||||||||||
31, | 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Marketable securities (available-for-sale) | |||||||||||||||||||||||||
Equity securities | Level 1 | $ | 389,323 | $ | 208,818 | ||||||||||||||||||||
Debt securities - maturity less than 1 year | Level 2 | 72,577 | 54,388 | ||||||||||||||||||||||
Debt securities - maturity 1 to 5 years | Level 2 | 106,566 | 277,514 | ||||||||||||||||||||||
Debt securities - maturity greater than 5 years | Level 2 | 19,601 | 11,218 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 588,067 | $ | 551,938 | |||||||||||||||||||||
Mortgage loans held-for-sale, net | Level 2 | $ | 92,578 | $ | 119,953 | ||||||||||||||||||||
Metropolitan district bond securities (available-for-sale) (1) | Level 3 | $ | 12,729 | $ | 12,920 | ||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||||||
Equity securities | $ | 375,142 | $ | 385,303 | $ | 208,279 | $ | 208,818 | |||||||||||||||||
Debt securities | 181,635 | 183,718 | 306,793 | 310,647 | |||||||||||||||||||||
Total homebuilding available-for-sale securities | $ | 556,777 | $ | 569,021 | $ | 515,072 | $ | 519,465 | |||||||||||||||||
Financial Services: | |||||||||||||||||||||||||
Equity securities | $ | 4,000 | $ | 4,020 | $ | - | $ | - | |||||||||||||||||
Debt securities | 14,721 | 15,026 | 32,028 | 32,473 | |||||||||||||||||||||
Total financial services available-for-sale debt securities | $ | 18,721 | $ | 19,046 | $ | 32,028 | $ | 32,473 | |||||||||||||||||
Total available-for-sale marketable securities | $ | 575,498 | $ | 588,067 | $ | 547,100 | $ | 551,938 | |||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||
Number of Securities in Loss Position | Aggregate Loss Position | Aggregate Fair Value of Securities in a Loss Position | Number of Securities in Loss Position | Aggregate Loss Position | Aggregate Fair Value of Securities in a Loss Position | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Type of Investment | |||||||||||||||||||||||||
Debt | 72 | $ | (430 | ) | $ | 46,440 | 88 | $ | (594 | ) | $ | 103,684 | |||||||||||||
Equity | 7 | (713 | ) | 14,174 | 1 | (2,060 | ) | 52,988 | |||||||||||||||||
Total | 79 | $ | (1,143 | ) | $ | 60,614 | 89 | $ | (2,654 | ) | $ | 156,672 | |||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | |||||||||||||||||||||||||
Equity securities | $ | 1,251 | $ | - | $ | - | |||||||||||||||||||
Debt securities | 83 | 608 | 1,246 | ||||||||||||||||||||||
Total | $ | 1,334 | $ | 608 | $ | 1,246 | |||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | |||||||||||||||||||||||||
Equity securities | $ | - | $ | - | $ | - | |||||||||||||||||||
Debt securities | (3,794 | ) | (1,287 | ) | (1,231 | ) | |||||||||||||||||||
Total | $ | (3,794 | ) | $ | (1,287 | ) | $ | (1,231 | ) | ||||||||||||||||
Net realized gain (loss) on sales of available-for-sale securities | $ | (2,460 | ) | $ | (679 | ) | $ | 15 | |||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||||||||
Quantitative Data | Sensitivity Analysis | ||||||||||||||||||||||||
Unobservable Input | Range | Weighted | Movement in | Movement in | |||||||||||||||||||||
Average | Fair Value from | Fair Value from | |||||||||||||||||||||||
Increase in Input | Decrease in Input | ||||||||||||||||||||||||
Discount rate | 6% | to | 16% | 10% | Decrease | Increase | |||||||||||||||||||
Number of homes closed per year | 0 | to | 155 | 88 | Increase | Decrease | |||||||||||||||||||
' | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 5,818 | $ | 6,663 | |||||||||||||||||||||
Increase in fair value (recorded in other comprehensive income) | 6,373 | - | |||||||||||||||||||||||
Change due to accretion of principal | 1,192 | - | |||||||||||||||||||||||
Cash receipts | (654 | ) | (845 | ) | |||||||||||||||||||||
Balance at end of period | $ | 12,729 | $ | 5,818 | |||||||||||||||||||||
' | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
5⅜% Senior Notes due December 2014, net | $ | 249,814 | $ | 258,750 | $ | 249,621 | $ | 267,208 | |||||||||||||||||
5⅜% Senior Notes due July 2015, net | 249,935 | 262,562 | 249,895 | 268,867 | |||||||||||||||||||||
5⅝% Senior Notes due February 2020, net | 245,871 | 259,688 | 245,326 | 273,125 | |||||||||||||||||||||
6% Senior Notes due January 2043 | 350,000 | 305,083 | - | - | |||||||||||||||||||||
Total | $ | 1,095,620 | $ | 1,086,083 | $ | 744,842 | $ | 809,200 | |||||||||||||||||
' | |||||||||||||||||||||||||
Carrying Value of | |||||||||||||||||||||||||
Impaired Inventory at | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
West | - | - | |||||||||||||||||||||||
Mountain | - | - | |||||||||||||||||||||||
East | 4,187 | 2,775 | |||||||||||||||||||||||
Total | $ | 4,187 | $ | 2,775 |
Note_7_Inventories_Tables
Note 7 - Inventories (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
' | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Housing Completed or Under Construction: | |||||||||||||
West | $ | 270,778 | $ | 200,858 | |||||||||
Mountain | 194,101 | 183,522 | |||||||||||
East | 171,821 | 128,569 | |||||||||||
Subtotal | 636,700 | 512,949 | |||||||||||
Land and Land Under Development: | |||||||||||||
West | 459,512 | 230,344 | |||||||||||
Mountain | 211,526 | 137,221 | |||||||||||
East | 103,923 | 122,007 | |||||||||||
Subtotal | 774,961 | 489,572 | |||||||||||
Total Inventories | $ | 1,411,661 | $ | 1,002,521 | |||||||||
Schedule Of Asset Impairment By Reportable Segment [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Housing Completed or Under Construction: | |||||||||||||
West | $ | - | $ | - | $ | 7,270 | |||||||
Mountain | - | - | 1,850 | ||||||||||
East | 802 | 295 | 1,804 | ||||||||||
Subtotal | 802 | 295 | 10,924 | ||||||||||
Land and Land Under Development: | |||||||||||||
West | - | - | 1,499 | ||||||||||
Mountain | - | - | 449 | ||||||||||
East | 117 | 810 | 93 | ||||||||||
Subtotal | 117 | 810 | 2,041 | ||||||||||
Total Inventories | $ | 919 | $ | 1,105 | $ | 12,965 |
Note_8_Capitalization_of_Inter1
Note 8 - Capitalization of Interest (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Capitalization Disclosure [Abstract] | ' | ||||||||||||
' | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Homebuilding interest incurred | $ | 61,634 | $ | 42,315 | $ | 62,290 | |||||||
Less: Interest capitalized | (59,908 | ) | (41,507 | ) | (41,448 | ) | |||||||
Homebuilding interest expensed | $ | 1,726 | $ | 808 | $ | 20,842 | |||||||
Interest capitalized, beginning of year | $ | 68,508 | 58,107 | $ | 37,811 | ||||||||
Interest capitalized during year | 59,908 | 41,507 | 41,448 | ||||||||||
Less: Previously capitalized interest included in home cost of sales | (54,261 | ) | (31,106 | ) | (21,152 | ) | |||||||
Interest capitalized, end of year | $ | 74,155 | $ | 68,508 | $ | 58,107 |
Note_9_Homebuilding_Prepaid_Ex1
Note 9 - Homebuilding Prepaid Expenses and Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land option deposits | $ | 15,221 | $ | 8,246 | |||||
Deferred marketing costs | 15,830 | 13,874 | |||||||
Metro district bond securities (related party) | 12,729 | 5,818 | |||||||
Prepaid expenses | 10,046 | 5,575 | |||||||
Goodwill | 6,008 | 6,008 | |||||||
Deferred debt issuance costs, net | 5,830 | 2,641 | |||||||
Other | 590 | 2,615 | |||||||
Total | $ | 66,254 | $ | 44,777 |
Note_10_Homebuilding_Accrued_L1
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Accrued compensation and related expenses | $ | 35,990 | $ | 16,864 | |||||
Accrued executive deferred compensation | 30,796 | 28,475 | |||||||
Accrued interest payable | 24,198 | 13,698 | |||||||
Warranty reserves | 22,238 | 23,151 | |||||||
Customer and escrow deposits | 10,759 | 9,413 | |||||||
Land development and home construction accruals | 9,592 | 9,545 | |||||||
Other accrued liabilities | 19,248 | 17,310 | |||||||
Total accrued liabilities | $ | 152,821 | $ | 118,456 | |||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Insurance reserves | $ | 49,637 | $ | 47,852 | |||||
Accounts payable and other accrued liabilities | 6,002 | 4,012 | |||||||
Total accounts payable and accrued liabilities | $ | 55,639 | $ | 51,864 |
Note_11_Warranty_Accrual_Table
Note 11 - Warranty Accrual (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of period | $ | 23,151 | $ | 25,525 | $ | 34,704 | |||||||
Expense provisions | 5,562 | 4,216 | 4,224 | ||||||||||
Cash payments | (6,475 | ) | (6,590 | ) | (7,925 | ) | |||||||
Adjustments | - | - | (5,478 | ) | |||||||||
Balance at end of period | $ | 22,238 | $ | 23,151 | $ | 25,525 |
Note_12_Insurance_Reserves_Tab
Note 12 - Insurance Reserves (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Insurance Loss Reserves [Abstract] | ' | ||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of period | $ | 47,852 | $ | 49,376 | $ | 51,576 | |||||||
Expense provisions | 7,065 | 4,565 | 2,506 | ||||||||||
Cash payments, net of recoveries | (5,280 | ) | (8,020 | ) | (7,115 | ) | |||||||
Adjustments | - | 1,931 | 2,409 | ||||||||||
Balance at end of period | $ | 49,637 | $ | 47,852 | $ | 49,376 |
Note_14_Income_Taxes_Tables
Note 14 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current tax benefit: | |||||||||||||
Federal | $ | 2,611 | $ | (374 | ) | $ | (3,652 | ) | |||||
State | - | (1,210 | ) | (5,430 | ) | ||||||||
Total Current | 2,611 | (1,584 | ) | (9,082 | ) | ||||||||
Deferred expense | |||||||||||||
Federal | $ | (171,037 | ) | $ | - | $ | - | ||||||
State | (16,134 | ) | - | - | |||||||||
Total deferred | (187,171 | ) | - | - | |||||||||
Benefit from income taxes | (184,560 | ) | (1,584 | ) | (9,082 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Tax expense (benefit) computed at federal statutory rate | $ | 45,439 | $ | 21,390 | $ | (37,615 | ) | ||||||
State income tax expense (benefit), net of federal benefit | 4,544 | 2,139 | (3,762 | ) | |||||||||
Permanent differences | (358 | ) | 1,771 | 93 | |||||||||
Expiration of state net operating loss | 3,874 | 2,634 | - | ||||||||||
Liability for unrecognized tax benefits | (552 | ) | (1,857 | ) | (9,173 | ) | |||||||
Write-off of deferred tax asset for deferred compensation retirement plans | 11,856 | - | - | ||||||||||
Federal Energy Credits | (6,530 | ) | - | - | |||||||||
Change in valuation allowance | (242,833 | ) | (27,661 | ) | 41,375 | ||||||||
Benefit from income taxes | $ | (184,560 | ) | $ | (1,584 | ) | $ | (9,082 | ) | ||||
Effective tax (benefit) rate | -142.2 | % | -2.6 | % | -8.5 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Federal net operating loss carryforwards | $ | 72,915 | $ | 129,695 | |||||||||
State net operating loss carryforwards | 40,227 | 49,551 | |||||||||||
Alternative minimum tax and other tax credit carryforwards | 24,196 | 10,988 | |||||||||||
Stock-based compensation expense | 26,651 | 29,196 | |||||||||||
Warranty, litigation and other reserves | 15,543 | 14,556 | |||||||||||
Deferred compensation retirement plans | - | 11,252 | |||||||||||
Accrued compensation | 11,136 | - | |||||||||||
Asset impairment charges | 5,889 | 14,080 | |||||||||||
Inventory, additional costs capitalized for tax purposes | 7,064 | 3,930 | |||||||||||
Other, net | 3,446 | 2,063 | |||||||||||
Total deferred tax assets | 207,067 | 265,311 | |||||||||||
Valuation allowance | (8,201 | ) | (248,306 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | 198,866 | 17,005 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, equipment and other assets | 5,512 | 5,753 | |||||||||||
Discount on notes receivable | 4,204 | 4,204 | |||||||||||
Deferred revenue | 3,985 | 3,796 | |||||||||||
Unrealized gain on marketable securities | 7,368 | 1,863 | |||||||||||
Other, net | 1,535 | 1,389 | |||||||||||
Total deferred tax liabilities | 22,604 | 17,005 | |||||||||||
Net deferred tax asset | $ | 176,262 | $ | - | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 575 | $ | 2,712 | $ | 48,963 | |||||||
Increases related to prior year tax positions | 124 | 63 | - | ||||||||||
Decreases related to prior year tax positions | (53 | ) | (84 | ) | (286 | ) | |||||||
Increases related to current year tax positions | - | - | 85 | ||||||||||
Decreases related to current year tax positions | - | - | - | ||||||||||
Settlements with taxing authorities | - | - | (38,543 | ) | |||||||||
Lapse of applicable statute of limitations | (275 | ) | (2,116 | ) | (7,507 | ) | |||||||
Gross unrecognized tax benefits at end of year | $ | 371 | $ | 575 | $ | 2,712 |
Note_16_Lines_of_Credit_and_To1
Note 16 - Lines of Credit and Total Debt Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
5⅜% Senior Notes due December 2014, net | $ | 249,814 | $ | 249,621 | |||||
5⅜% Senior Notes due July 2015, net | 249,935 | 249,895 | |||||||
5⅝% Senior Notes due February 2020, net | 245,871 | 245,326 | |||||||
6% Senior Notes due January 2043 | 350,000 | - | |||||||
Total | $ | 1,095,620 | $ | 744,842 |
Note_17_Commitments_and_Contin1
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Note 17 - Commitments and Contingencies (Tables) [Line Items] | ' | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
(Dollars in | |||||||||||||
thousands) | |||||||||||||
2014 | $ | 4,462 | |||||||||||
2015 | 4,435 | ||||||||||||
2016 | 3,748 | ||||||||||||
2017 | 1,161 | ||||||||||||
2018 | 638 | ||||||||||||
Thereafter | 421 | ||||||||||||
Total | $ | 14,865 | |||||||||||
Homebuilding [Member] | ' | ||||||||||||
Note 17 - Commitments and Contingencies (Tables) [Line Items] | ' | ||||||||||||
' | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of year | $ | 976 | $ | 830 | $ | 7,120 | |||||||
Expense provisions | 1,172 | 437 | 149 | ||||||||||
Cash payments | (734 | ) | (226 | ) | (14,450 | ) | |||||||
Adjustments | (44 | ) | (65 | ) | 8,011 | ||||||||
Balance at end of year | $ | 1,370 | $ | 976 | $ | 830 |
Note_18_Concentration_of_Third1
Note 18 - Concentration of Third-Party Mortgage Purchasers (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Wells Fargo Funding, Inc. | 40% | 58% | 52% | ||||||||||
JP Morgan Chase Bank, N.A. | 46% | 36% | 29% | ||||||||||
Bank of America, N.A. | 0% | 0% | 17% |
Note_21_Stock_Based_Compensati1
Note 21 - Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Note 21 - Stock Based Compensation (Tables) [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Expected lives of options (years) | 4 | 7.8 | 4.6 | ||||||||||||||||||||||
Expected volatility | 45.30% | 44.60% | 47.80% | ||||||||||||||||||||||
Risk free interest rate | 0.80% | 1.70% | 1.30% | ||||||||||||||||||||||
Dividend yield rate | 3.00% | 4.00% | 4.10% | ||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Shares | Weighted- | ||||||||||||||||||||
Shares | Average | Shares | Average | Average | |||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding Stock Option Activity | |||||||||||||||||||||||||
Outstanding, beginning of year | 5,879,573 | $ | 41.29 | 5,306,506 | $ | 42.69 | 6,002,174 | $ | 40.72 | ||||||||||||||||
Granted (1) | 237,500 | 33.82 | 1,382,500 | 25.33 | 265,000 | 25.07 | |||||||||||||||||||
Exercised | (153,665 | ) | 32.94 | (704,242 | ) | 23.69 | (489,324 | ) | 18.47 | ||||||||||||||||
Forfeited | (10,000 | ) | 37.25 | (55,710 | ) | 27.46 | (124,710 | ) | 32.2 | ||||||||||||||||
Cancelled | (671,042 | ) | 44.25 | (49,481 | ) | 44.75 | (346,634 | ) | 33.87 | ||||||||||||||||
Outstanding, end of year | 5,282,366 | $ | 40.83 | 5,879,573 | $ | 41.29 | 5,306,506 | $ | 42.69 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | ' | ||||||||||||||||||||||||
Exercisable or expected to vest | |||||||||||||||||||||||||
Number outstanding | 5,238,762 | ||||||||||||||||||||||||
Weighted-average exercise price | $ | 40.92 | |||||||||||||||||||||||
Aggregate intrinsic value (in thousands) | $ | 11,798 | |||||||||||||||||||||||
Weighted-average remaining contractual term (years) | 5.07 | ||||||||||||||||||||||||
Exercisable | |||||||||||||||||||||||||
Number outstanding | 4,443,825 | ||||||||||||||||||||||||
Weighted-average exercise price | $ | 42.84 | |||||||||||||||||||||||
Aggregate intrinsic value (in thousands) | $ | 8,786 | |||||||||||||||||||||||
Weighted-average remaining contractual term (years) | 4.59 | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Price | Number | Weighted- | Weighted- | Number | Weighted- | Weighted- | |||||||||||||||||||
Outstanding | Average | Average | Outstanding | Average | Average | ||||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | ||||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life (in | Life (in | ||||||||||||||||||||||||
years) | years) | ||||||||||||||||||||||||
$ 15.84 - $ 23.77 | 175,500 | 7.98 | $ | 20.91 | 45,500 | 7.75 | $ | 21.7 | |||||||||||||||||
$ 23.78 - $ 39.61 | 2,981,666 | 6.9 | 29.74 | 2,323,125 | 6.68 | 29.3 | |||||||||||||||||||
$ 39.62 - $ 47.53 | 615,700 | 3.7 | 43.01 | 565,700 | 3.22 | 43.3 | |||||||||||||||||||
$ 47.54 - $ 63.38 | 892,500 | 2.06 | 60.41 | 892,500 | 2.06 | 60.41 | |||||||||||||||||||
$ 63.39 - $ 71.30 | 492,000 | 1.3 | 67.17 | 492,000 | 1.3 | 67.17 | |||||||||||||||||||
$ 71.31 - $ 78.89 | 125,000 | 1.75 | 79.89 | 125,000 | 1.75 | 78.89 | |||||||||||||||||||
Total | 5,282,366 | 5.1 | $ | 40.83 | 4,443,825 | 4.59 | $ | 42.84 | |||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Unvested, beginning of year | 507,367 | $ | 31.69 | 667,849 | $ | 33.19 | 443,112 | $ | 36.15 | ||||||||||||||||
Granted | 25,072 | 37.52 | 48,613 | 27.85 | 329,703 | 30.24 | |||||||||||||||||||
Vested | (144,841 | ) | 31.88 | (197,801 | ) | 35.88 | (100,677 | ) | 36.34 | ||||||||||||||||
Forfeited | (88,607 | ) | 29.02 | (11,294 | ) | 30.62 | (4,289 | ) | 38.88 | ||||||||||||||||
Unvested, end of year | 298,991 | $ | 32.87 | 507,367 | $ | 31.69 | 667,849 | $ | 33.19 | ||||||||||||||||
Employee Stock Option [Member] | ' | ||||||||||||||||||||||||
Note 21 - Stock Based Compensation (Tables) [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Unvested Stock Option Activity | |||||||||||||||||||||||||
Outstanding, beginning of year | 2,045,000 | $ | 8.63 | 1,251,328 | $ | 10.74 | 1,790,425 | $ | 12.65 | ||||||||||||||||
Granted (1) | 237,500 | 9.75 | 1,382,500 | 7.54 | 265,000 | 7.42 | |||||||||||||||||||
Vested | (1,433,959 | ) | 8.28 | (533,118 | ) | 8.61 | (679,387 | ) | 13.31 | ||||||||||||||||
Forfeited | (10,000 | ) | 12.72 | (55,710 | ) | 8.45 | (124,710 | ) | 10.13 | ||||||||||||||||
Unvested, end of year | 838,541 | $ | 9.5 | 2,045,000 | $ | 8.63 | 1,251,328 | $ | 10.74 |
Note_23_Results_of_Quarterly_O1
Note 23 - Results of Quarterly Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Quarter | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
Home sales revenue | $ | 331,748 | $ | 400,327 | $ | 433,693 | $ | 460,939 | |||||||||
Total revenue | $ | 344,254 | $ | 416,018 | $ | 448,000 | $ | 472,162 | |||||||||
Asset impairments | $ | - | $ | - | $ | (350 | ) | $ | (569 | ) | |||||||
Gross margin from home sales (including impairments) | 17.4 | % | 18.1 | % | 18.1 | % | 17.4 | % | |||||||||
Selling, general and administrative expenses | $ | 48,201 | $ | 51,908 | $ | 57,753 | $ | 55,421 | |||||||||
Income before income taxes | $ | 22,586 | $ | 38,012 | $ | 34,909 | $ | 34,318 | |||||||||
Net income | $ | 22,516 | $ | 224,909 | $ | 36,251 | $ | 30,709 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.46 | $ | 4.6 | $ | 0.73 | $ | 0.62 | |||||||||
Diluted | $ | 0.45 | $ | 4.56 | $ | 0.73 | $ | 0.62 | |||||||||
2012 | |||||||||||||||||
Home sales revenue | $ | 184,678 | $ | 256,532 | $ | 320,647 | $ | 389,141 | |||||||||
Total revenue | $ | 193,988 | $ | 268,934 | $ | 334,330 | $ | 405,773 | |||||||||
Asset impairments | $ | - | $ | - | $ | - | $ | 1,105 | |||||||||
Gross margin from home sales (including impairments) | 14.1 | % | 14.2 | % | 15.5 | % | 16.7 | % | |||||||||
Selling, general and administrative expenses | $ | 34,124 | $ | 39,223 | $ | 44,788 | $ | 49,160 | |||||||||
Income before income taxes | $ | 2,125 | $ | 9,655 | $ | 19,484 | $ | 29,851 | |||||||||
Net income | $ | 2,265 | $ | 10,638 | $ | 20,126 | $ | 29,670 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.04 | $ | 0.22 | $ | 0.41 | $ | 0.6 | |||||||||
Diluted | $ | 0.04 | $ | 0.22 | $ | 0.41 | $ | 0.59 |
Note_24_Supplemental_Guarantor1
Note 24 - Supplemental Guarantor Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Dollars in thousands | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and cash equivalents | $ | 145,180 | $ | 3,454 | $ | - | $ | - | $ | 148,634 | |||||||||||
Marketable securities | 569,021 | - | - | - | 569,021 | ||||||||||||||||
Restricted cash | - | 2,195 | - | - | 2,195 | ||||||||||||||||
Trade Receivables | 915 | 27,951 | - | (5,459 | ) | 23,407 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Housing completed or under construction | - | 636,700 | - | - | 636,700 | ||||||||||||||||
Land and land under development | - | 774,961 | - | - | 774,961 | ||||||||||||||||
Total inventories | - | 1,411,661 | - | - | 1,411,661 | ||||||||||||||||
Intercompany receivables | 1,144,292 | 2,576 | 1,899 | (1,148,767 | ) | - | |||||||||||||||
Investment in subsidiaries | 335,870 | - | - | (335,870 | ) | - | |||||||||||||||
Deferred tax asset | 172,975 | - | - | 3,287 | 176,262 | ||||||||||||||||
Other assets, net | 53,933 | 43,569 | - | - | 97,502 | ||||||||||||||||
Total Homebuilding Assets | 2,422,186 | 1,491,406 | 1,899 | (1,486,809 | ) | 2,428,682 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and cash equivalents | - | - | 50,704 | - | 50,704 | ||||||||||||||||
Marketable securities | - | - | 19,046 | - | 19,046 | ||||||||||||||||
Intercompany receivables | - | - | 11,216 | (11,216 | ) | - | |||||||||||||||
Mortgage loans held-for-sale, net | - | - | 92,578 | - | 92,578 | ||||||||||||||||
Other assets, net | - | - | 7,726 | (3,287 | ) | 4,439 | |||||||||||||||
Total Financial Services Assets | - | - | 181,270 | (14,503 | ) | 166,767 | |||||||||||||||
Total Assets | $ | 2,422,186 | $ | 1,491,406 | $ | 183,169 | $ | (1,501,312 | ) | $ | 2,595,449 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | 13 | $ | 15,033 | $ | - | $ | - | $ | 15,046 | |||||||||||
Accrued liabilities | 97,612 | 56,334 | 82 | (1,207 | ) | 152,821 | |||||||||||||||
Intercompany payables | 15,692 | 1,121,581 | 19,668 | (1,156,941 | ) | - | |||||||||||||||
Senior notes, net | 1,095,620 | - | - | - | 1,095,620 | ||||||||||||||||
Total Homebuilding Liabilities | 1,208,937 | 1,192,948 | 19,750 | (1,158,148 | ) | 1,263,487 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | - | - | 59,891 | (4,252 | ) | 55,639 | |||||||||||||||
Intercompany payables | - | - | 3,042 | (3,042 | ) | - | |||||||||||||||
Mortgage repurchase facility | - | - | 63,074 | - | 63,074 | ||||||||||||||||
Total Financial Services Liabilities | - | - | 126,007 | (7,294 | ) | 118,713 | |||||||||||||||
Total Liabilities | 1,208,937 | 1,192,948 | 145,757 | (1,165,442 | ) | 1,382,200 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,213,249 | 298,458 | 37,412 | (335,870 | ) | 1,213,249 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,422,186 | $ | 1,491,406 | $ | 183,169 | $ | (1,501,312 | ) | $ | 2,595,449 | ||||||||||
31-Dec-12 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and cash equivalents | $ | 125,904 | $ | 3,631 | $ | - | $ | - | $ | 129,535 | |||||||||||
Marketable securities | 519,465 | - | - | - | 519,465 | ||||||||||||||||
Restricted cash | - | 1,859 | - | - | 1,859 | ||||||||||||||||
Trade Receivables | 6,563 | 21,600 | - | - | 28,163 | ||||||||||||||||
Inventories: | |||||||||||||||||||||
Housing completed or under construction | - | 512,949 | - | - | 512,949 | ||||||||||||||||
Land and land under development | - | 489,572 | - | - | 489,572 | ||||||||||||||||
Total inventories | - | 1,002,521 | - | - | 1,002,521 | ||||||||||||||||
Intercompany receivables | 812,731 | 2,589 | - | (815,320 | ) | - | |||||||||||||||
Investment in subsidiaries | 198,465 | - | - | (198,465 | ) | - | |||||||||||||||
Other assets, net | 40,565 | 37,337 | - | - | 77,902 | ||||||||||||||||
Total Homebuilding Assets | 1,703,693 | 1,069,537 | - | (1,013,785 | ) | 1,759,445 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and cash equivalents | - | - | 30,560 | - | 30,560 | ||||||||||||||||
Marketable securities | - | - | 32,473 | - | 32,473 | ||||||||||||||||
Intercompany receivables | - | - | 9,779 | (9,779 | ) | - | |||||||||||||||
Mortgage loans held-for-sale, net | - | - | 119,953 | - | 119,953 | ||||||||||||||||
Other assets, net | - | - | 4,710 | (1,700 | ) | 3,010 | |||||||||||||||
Total Financial Services Assets | - | - | 197,475 | (11,479 | ) | 185,996 | |||||||||||||||
Total Assets | $ | 1,703,693 | $ | 1,069,537 | $ | 197,475 | $ | (1,025,264 | ) | $ | 1,945,441 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | - | $ | 73,055 | $ | - | $ | - | $ | 73,055 | |||||||||||
Accrued liabilities | 63,886 | 48,980 | 5,590 | - | 118,456 | ||||||||||||||||
Intercompany payables | 14,068 | 794,179 | 16,815 | (825,062 | ) | - | |||||||||||||||
Senior notes, net | 744,842 | - | - | - | 744,842 | ||||||||||||||||
Total Homebuilding Liabilities | 822,796 | 916,214 | 22,405 | (825,062 | ) | 936,353 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | - | - | 51,864 | - | 51,864 | ||||||||||||||||
Intercompany payables | - | - | 1,737 | (1,737 | ) | - | |||||||||||||||
Mortgage repurchase facility | - | - | 76,327 | - | 76,327 | ||||||||||||||||
Total Financial Services Liabilities | - | - | 129,928 | (1,737 | ) | 128,191 | |||||||||||||||
Total Liabilities | 822,796 | 916,214 | 152,333 | (826,799 | ) | 1,064,544 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 880,897 | 153,323 | 45,142 | (198,465 | ) | 880,897 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,703,693 | $ | 1,069,537 | $ | 197,475 | $ | (1,025,264 | ) | $ | 1,945,441 | ||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 1,630,423 | $ | - | $ | (1,248 | ) | $ | 1,629,175 | ||||||||||
Cost of Sales | - | (1,340,187 | ) | - | 1,248 | (1,338,939 | ) | ||||||||||||||
Inventory impairments | - | (919 | ) | - | - | (919 | ) | ||||||||||||||
Gross margin | - | 289,317 | - | - | 289,317 | ||||||||||||||||
Selling, general, and administrative expenses | (63,506 | ) | (149,424 | ) | - | (353 | ) | (213,283 | ) | ||||||||||||
Equity income of subsidiaries | 163,157 | - | - | (163,157 | ) | - | |||||||||||||||
Interest income | 26,928 | 10 | - | - | 26,938 | ||||||||||||||||
Interest expense | (1,726 | ) | - | - | - | (1,726 | ) | ||||||||||||||
Other income (expense), net | 1,387 | (2,276 | ) | 14 | (48 | ) | (923 | ) | |||||||||||||
Homebuilding pretax income (loss) | 126,240 | 137,627 | 14 | (163,558 | ) | 100,323 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 29,101 | 401 | 29,502 | ||||||||||||||||
Income before income taxes | 126,240 | 137,627 | 29,115 | (163,157 | ) | 129,825 | |||||||||||||||
(Provision for) benefit for income taxes | 188,145 | 7,507 | (11,092 | ) | - | 184,560 | |||||||||||||||
Net income | $ | 314,385 | $ | 145,134 | $ | 18,023 | $ | (163,157 | ) | $ | 314,385 | ||||||||||
Other comprehensive income related to available for sale securities, net of tax | 6,737 | - | (119 | ) | 119 | 6,737 | |||||||||||||||
Comprehensive income | $ | 321,122 | $ | 145,134 | $ | 17,904 | $ | (163,038 | ) | $ | 321,122 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
MDC | Guarantor | Non-Guarantor | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Entries | MDC | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 1,162,676 | $ | - | $ | (6,534 | ) | $ | 1,156,142 | ||||||||||
Cost of Sales | - | (984,477 | ) | - | 6,534 | (977,943 | ) | ||||||||||||||
Inventory impairments | - | (1,105 | ) | - | - | (1,105 | ) | ||||||||||||||
Gross margin | - | 177,094 | - | - | 177,094 | ||||||||||||||||
Selling, general, and administrative expenses | (52,880 | ) | (119,135 | ) | 4,720 | - | (167,295 | ) | |||||||||||||
Equity income of subsidiaries | 81,836 | - | - | (81,836 | ) | - | |||||||||||||||
Interest income | 23,381 | 16 | 1 | - | 23,398 | ||||||||||||||||
Interest expense | (778 | ) | (30 | ) | - | - | (808 | ) | |||||||||||||
Other income (expense), net | 528 | (306 | ) | 6 | - | 228 | |||||||||||||||
Homebuilding pretax income (loss) | 52,087 | 57,639 | 4,727 | (81,836 | ) | 32,617 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 28,498 | - | 28,498 | ||||||||||||||||
Income before income taxes | 52,087 | 57,639 | 33,225 | (81,836 | ) | 61,115 | |||||||||||||||
(Provision for) benefit for income taxes | 10,612 | 1,435 | (10,463 | ) | - | 1,584 | |||||||||||||||
Net income | $ | 62,699 | $ | 59,074 | $ | 22,762 | $ | (81,836 | ) | $ | 62,699 | ||||||||||
Other comprehensive income related to available for sale securities, net of tax | 12,078 | - | 100 | (100 | ) | 12,078 | |||||||||||||||
Comprehensive income | $ | 74,777 | $ | 59,074 | $ | 22,862 | $ | (81,936 | ) | $ | 74,777 | ||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 826,656 | $ | - | $ | (9,633 | ) | $ | 817,023 | ||||||||||
Cost of Sales | - | (707,576 | ) | 486 | 9,633 | (697,457 | ) | ||||||||||||||
Inventory impairments | - | (12,965 | ) | - | - | (12,965 | ) | ||||||||||||||
Gross margin | - | 106,115 | 486 | - | 106,601 | ||||||||||||||||
Selling, general, and administrative expenses | (57,811 | ) | (123,095 | ) | 1,801 | - | (179,105 | ) | |||||||||||||
Equity income of subsidiaries | (18,966 | ) | - | - | 18,966 | - | |||||||||||||||
Interest income | 26,039 | 29 | - | - | 26,068 | ||||||||||||||||
Interest expense | (20,687 | ) | (155 | ) | - | - | (20,842 | ) | |||||||||||||
Other income (expense), net | (35,479 | ) | (7,894 | ) | 23 | - | (43,350 | ) | |||||||||||||
Homebuilding pretax income (loss) | (106,904 | ) | (25,000 | ) | 2,310 | 18,966 | (110,628 | ) | |||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 3,156 | - | 3,156 | ||||||||||||||||
Income before income taxes | (106,904 | ) | (25,000 | ) | 5,466 | 18,966 | (107,472 | ) | |||||||||||||
(Provision for) benefit for income taxes | 8,514 | 2,027 | (1,459 | ) | - | 9,082 | |||||||||||||||
Net income | $ | (98,390 | ) | $ | (22,973 | ) | $ | 4,007 | $ | 18,966 | $ | (98,390 | ) | ||||||||
Other comprehensive income related to available for sale securities, net of tax | (12,124 | ) | - | (154 | ) | 154 | (12,124 | ) | |||||||||||||
Comprehensive income | $ | (110,514 | ) | $ | (22,973 | ) | $ | 3,853 | $ | 19,120 | $ | (110,514 | ) | ||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 11,994 | $ | (324,812 | ) | $ | 43,269 | $ | - | $ | (269,549 | ) | |||||||||
Net cash used in investing activities | (345,165 | ) | (1,260 | ) | 13,151 | 302,872 | (30,402 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Intercompany advances (repayments) | - | 325,895 | (23,023 | ) | (302,872 | ) | - | ||||||||||||||
Mortgage repurchase facility | - | - | (13,253 | ) | - | (13,253 | ) | ||||||||||||||
Proceeds from issuance of senior notes | 346,938 | - | - | - | 346,938 | ||||||||||||||||
Excess tax benefit from share-based awards | 391 | - | - | - | 391 | ||||||||||||||||
Proceeds from the exercise of stock options | 5,118 | - | - | - | 5,118 | ||||||||||||||||
Net cash provided by (used in) financing activities | 352,447 | 325,895 | (36,276 | ) | (302,872 | ) | 339,194 | ||||||||||||||
Net increase in cash and cash equivalents | 19,276 | (177 | ) | 20,144 | - | 39,243 | |||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period (1) | 125,904 | 3,631 | 30,560 | - | 160,095 | ||||||||||||||||
End of period | $ | 145,180 | $ | 3,454 | $ | 50,704 | $ | - | $ | 199,338 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,961 | $ | (96,947 | ) | $ | (13,833 | ) | $ | - | $ | (108,819 | ) | ||||||||
Net cash used in investing activities | (109,332 | ) | (841 | ) | 2,059 | 86,333 | (21,781 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Intercompany advances (repayments) | - | 98,567 | (12,234 | ) | (86,333 | ) | - | ||||||||||||||
Mortgage repurchase facility | - | - | 27,625 | - | 27,625 | ||||||||||||||||
Dividend payments | (96,915 | ) | - | - | - | (96,915 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 16,624 | - | - | - | 16,624 | ||||||||||||||||
Net cash provided by (used in) financing activities | (80,291 | ) | 98,567 | 15,391 | (86,333 | ) | (52,666 | ) | |||||||||||||
Net increase in cash and cash equivalents | (187,662 | ) | 779 | 3,617 | - | (183,266 | ) | ||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | 313,566 | 2,852 | 26,943 | - | 343,361 | ||||||||||||||||
End of period | $ | 125,904 | $ | 3,631 | $ | 30,560 | $ | - | $ | 160,095 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (20,496 | ) | $ | (37,048 | ) | $ | (22,740 | ) | $ | - | $ | (80,284 | ) | |||||||
Net cash used in investing activities | 375,139 | (30,541 | ) | (4,261 | ) | 63,927 | 404,264 | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Intercompany advances (repayments) | - | 66,154 | (2,227 | ) | (63,927 | ) | - | ||||||||||||||
Extinguishment of senior notes | (537,724 | ) | - | - | - | (537,724 | ) | ||||||||||||||
Mortgage repurchase facility | - | - | 23,268 | - | 23,268 | ||||||||||||||||
Dividend payments | (47,432 | ) | - | - | - | (47,432 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 9,044 | - | - | - | 9,044 | ||||||||||||||||
Net cash provided by (used in) financing activities | (576,112 | ) | 66,154 | 21,041 | (63,927 | ) | (552,844 | ) | |||||||||||||
Net increase in cash and cash equivalents | (221,469 | ) | (1,435 | ) | (5,960 | ) | - | (228,864 | ) | ||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | 535,035 | 4,287 | 32,903 | - | 572,225 | ||||||||||||||||
End of period | $ | 313,566 | $ | 2,852 | $ | 26,943 | $ | - | $ | 343,361 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Earnest Money Deposits (in Dollars) | $2,200,000 | $1,900,000 | ' |
Depreciation, Depletion and Amortization (in Dollars) | 3,700,000 | 4,400,000 | 6,100,000 |
Deferred Tax Assets, Valuation Allowance (in Dollars) | 8,201,000 | 248,306,000 | ' |
Loans Held-for-sale, Mortgages (in Dollars) | 25,900,000 | 11,700,000 | ' |
Derivative, Gain (Loss) on Derivative, Net (in Dollars) | -100,000 | 1,100,000 | 600,000 |
Gain (Loss) on Sale of Mortgage Loans (in Dollars) | 28,700,000 | 21,700,000 | 10,000,000 |
Land Development And Home Construction Accruals Current And Noncurrent (in Dollars) | 9,600,000 | 9,500,000 | ' |
Employee Stock Option [Member] | Maximum [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '7 years | ' | ' |
Interest Rate Lock Commitments [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Derivative, Notional Amount (in Dollars) | 69,800,000 | 50,800,000 | ' |
Derivative, Average Fixed Interest Rate | 4.13% | 3.26% | ' |
Forward Sales of Mortgage-backed Securities [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Derivative, Notional Amount (in Dollars) | $74,500,000 | $41,500,000 | ' |
Minimum [Member] | Inventory Impairments [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Discount Rate | 10.00% | 10.00% | 10.00% |
Minimum [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Discount Rate | 6.00% | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Maximum [Member] | Inventory Impairments [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Discount Rate | 18.00% | 18.00% | 18.00% |
Maximum [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Discount Rate | 16.00% | ' | ' |
Property, Plant and Equipment, Useful Life | '29 years | ' | ' |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Cost and Carrying Value of Property and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $58,274 | $56,516 |
Accumulated Depreciation and Amortization | 27,026 | 23,391 |
Carrying Value | 31,248 | 33,125 |
Airplane [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 28,997 | 28,997 |
Accumulated Depreciation and Amortization | 6,604 | 6,055 |
Carrying Value | 22,393 | 22,942 |
Computer Software and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 18,436 | 17,905 |
Accumulated Depreciation and Amortization | 11,780 | 9,513 |
Carrying Value | 6,656 | 8,392 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 8,793 | 7,623 |
Accumulated Depreciation and Amortization | 6,787 | 6,066 |
Carrying Value | 2,006 | 1,557 |
Other Capitalized Property Plant and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 2,048 | 1,991 |
Accumulated Depreciation and Amortization | 1,855 | 1,757 |
Carrying Value | $193 | $234 |
Note_2_Supplemental_Cash_Flow_2
Note 2 - Supplemental Cash Flow Disclosure (Details) - Supplemental Disclosures of Cash Flow Information and Non-Cash Investing (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash paid for: | ' | ' | ' |
Interest, net of interest capitalized | ' | $1,083 | $25,190 |
Income taxes | 5,161 | 577 | 3,532 |
Non-cash investing and financing activities | ' | ' | ' |
Unrealized holding gains (losses) on marketable securities | $6,737 | $12,078 | ($12,124) |
Note_3_Segment_Reporting_Detai
Note 3 - Segment Reporting (Details) (Other Segments [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Other Segments [Member] | ' |
Note 3 - Segment Reporting (Details) [Line Items] | ' |
Number of Reportable Segments | 1 |
Note_3_Segment_Reporting_Detai1
Note 3 - Segment Reporting (Details) - Reconciliation of Revenue from Segments to Consolidated (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reportable Geographical Components [Member] | West [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Revenues | $671,278 | $516,079 | $272,800 |
Reportable Geographical Components [Member] | Mountain [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Revenues | 546,801 | 355,368 | 316,189 |
Reportable Geographical Components [Member] | East [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Revenues | 411,096 | 284,695 | 228,034 |
Reportable Geographical Components [Member] | Mortgage Operations [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Revenues | 34,976 | 35,123 | 17,807 |
Reportable Geographical Components [Member] | Other Financial Services [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Revenues | 16,283 | 11,758 | 8,279 |
Homebuilding [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Revenues | 1,629,175 | 1,156,142 | 817,023 |
Financial Services [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Revenues | $51,259 | $46,881 | $26,086 |
Note_3_Segment_Reporting_Detai2
Note 3 - Segment Reporting (Details) - Reconciliation of Pretax Operating Income from Segments to Consolidated (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Homebuilding | ' | ' | ' |
Income before income taxes | $129,825 | $61,115 | ($107,472) |
Reportable Geographical Components [Member] | West [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Income before income taxes | 65,672 | 27,076 | -16,889 |
Reportable Geographical Components [Member] | Mountain [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Income before income taxes | 52,392 | 24,302 | 1,397 |
Reportable Geographical Components [Member] | East [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Income before income taxes | 19,590 | 11,011 | -7,195 |
Reportable Geographical Components [Member] | Corporate Segment [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Income before income taxes | -37,331 | -29,772 | -87,941 |
Reportable Geographical Components [Member] | Homebuilding [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Income before income taxes | 100,323 | 32,617 | -110,628 |
Reportable Geographical Components [Member] | Mortgage Operations [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Income before income taxes | 21,608 | 23,939 | 394 |
Reportable Geographical Components [Member] | Other Financial Services [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Income before income taxes | 7,894 | 4,559 | 2,762 |
Homebuilding [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Income before income taxes | 100,323 | 32,617 | -110,628 |
Financial Services [Member] | ' | ' | ' |
Homebuilding | ' | ' | ' |
Income before income taxes | $29,502 | $28,498 | $3,156 |
Note_3_Segment_Reporting_Detai3
Note 3 - Segment Reporting (Details) - Total Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Homebuilding assets | ' | ' |
Total Assets | $2,595,449 | $1,945,441 |
Reportable Geographical Components [Member] | West [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 760,450 | 459,807 |
Reportable Geographical Components [Member] | Mountain [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 418,796 | 332,939 |
Reportable Geographical Components [Member] | East [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 297,627 | 274,199 |
Reportable Geographical Components [Member] | Corporate Segment [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 951,809 | 692,500 |
Reportable Geographical Components [Member] | Homebuilding [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 2,428,682 | 1,759,445 |
Reportable Geographical Components [Member] | Mortgage Operations [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 99,065 | 122,941 |
Reportable Geographical Components [Member] | Other Financial Services [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 67,702 | 63,055 |
Reportable Geographical Components [Member] | Financial Services [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 166,767 | 185,996 |
Homebuilding [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 2,428,682 | 1,759,445 |
Financial Services [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | $166,767 | $185,996 |
Note_4_Earnings_Loss_Per_Share2
Note 4 - Earnings (Loss) Per Share (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Option [Member] | Equity Option [Member] | ||
Note 4 - Earnings (Loss) Per Share (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 3.8 | 4.7 |
Note_4_Earnings_Loss_Per_Share3
Note 4 - Earnings (Loss) Per Share (Details) - Earnings (Loss) Per Share - Basic and Diluted Loss Per Share (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator | ' | ' | ' |
Net income (loss) | $314,385 | $62,699 | ($98,390) |
Less: distributed earnings allocated to participating securities | ' | -1,101 | -711 |
Less: undistributed earnings allocated to participating securities | -4,917 | ' | ' |
Net income (loss) attributable to common stockholders (numerator for basic earnings per share) | 309,468 | 61,598 | -99,101 |
Add back: undistributed earnings allocated to participating securities | 4,917 | ' | ' |
Less: undistributed earnings reallocated to participating securities | -4,879 | ' | ' |
Numerator for diluted EPS under two class method | $309,506 | $61,598 | ($99,101) |
Denominator | ' | ' | ' |
Weighted-average common shares outstanding (in Shares) | 48,453,119 | 47,660,629 | 46,796,334 |
Denominator for diluted EPS under two class method (in Shares) | 48,831,785 | 47,834,156 | 46,796,334 |
Basic Earnings Per Common Share (in Dollars per share) | $6.39 | $1.29 | ($2.12) |
Diluted Earnings Per Common Share (in Dollars per share) | $6.34 | $1.29 | ($2.12) |
Employee Stock Option [Member] | ' | ' | ' |
Denominator | ' | ' | ' |
Add: dilutive effect of stock options (in Shares) | 378,666 | 173,527 | ' |
Note_5_Accumulated_Other_Compr2
Note 5 - Accumulated Other Comprehensive Income (Loss) (Details) - Changes in Accumulated Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Unrealized gains (losses) on available-for-sale marketable securities (1) : | ' | ' | ' | |||
Ending balance | $11,575 | $4,838 | ($7,240) | |||
Metropolitan District Bond Securities [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | |||
Unrealized gains (losses) on available-for-sale marketable securities (1) : | ' | ' | ' | |||
Beginning balance | ' | [1] | ' | [1] | ' | [1] |
Other comprehensive income before reclassifications | 3,920 | [1] | ' | [1] | ' | [1] |
Amounts reclassified from accumulated other comprehensive income | ' | [1] | ' | [1] | ' | [1] |
Ending balance | 3,920 | [1] | ' | [1] | ' | [1] |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | |||
Unrealized gains (losses) on available-for-sale marketable securities (1) : | ' | ' | ' | |||
Beginning balance | 4,838 | [1] | -7,240 | [1] | 4,884 | [1] |
Other comprehensive income before reclassifications | 3,255 | [1] | 12,473 | [1] | -12,323 | [1] |
Amounts reclassified from accumulated other comprehensive income | -438 | [2] | -395 | [2] | 199 | [2] |
Ending balance | $7,655 | $4,838 | [1] | ($7,240) | [1] | |
[1] | All amounts net-of-tax. | |||||
[2] | See separate table below for details about these reclassifications. |
Note_5_Accumulated_Other_Compr3
Note 5 - Accumulated Other Comprehensive Income (Loss) (Details) - Reclassifications out of AOCI (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Income (loss) before income taxes | $129,825 | $61,115 | ($107,472) |
Benefit from income taxes | 184,560 | 1,584 | 9,082 |
Net income (loss) | 314,385 | 62,699 | -98,390 |
Homebuilding [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Homebuilding interest income | 580 | 823 | -371 |
Homebuilding [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Homebuilding interest income | 26,938 | 23,398 | 26,068 |
Income (loss) before income taxes | 100,323 | 32,617 | -110,628 |
Financial Services [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Financial services interest and other income | 133 | -181 | 47 |
Financial Services [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Financial services interest and other income | 3,514 | 3,262 | 3,376 |
Income (loss) before income taxes | 29,502 | 28,498 | 3,156 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' |
Income (loss) before income taxes | 713 | 642 | -324 |
Benefit from income taxes | -275 | -247 | 125 |
Net income (loss) | $438 | $395 | ($199) |
Note_6_Fair_Value_Measurements2
Note 6 - Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Under Commitment To Sell [Member] | Under Commitment To Sell [Member] | Not Under Commitment To Sell [Member] | Not Under Commitment To Sell [Member] | Inventories [Member] | Inventories [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Minimum [Member] | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Note 6 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) Accumulated in AOCI | $12,600,000 | $4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in AOCI | -1,100,000 | -2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Held-for-sale, Mortgages | 25,900,000 | 11,700,000 | 65,100,000 | 108,300,000 | 25,900,000 | 11,700,000 | ' | ' | 92,578,000 | 119,953,000 | ' |
Short Term Borrowings Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days |
Carrying Value of Impaired Inventory | $4,187,000 | $2,775,000 | ' | ' | ' | ' | $5,800,000 | $3,800,000 | ' | ' | ' |
Note_6_Fair_Value_Measurements3
Note 6 - Fair Value Measurements (Details) - Fair Value Methods Used for Measuring Fair Values of Financial Instruments on Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Marketable securities (available-for-sale) | ' | ' | ' | ||
Total available-for-sale securities | $588,067 | $551,938 | ' | ||
Mortgage loans held-for-sale, net | 25,900 | 11,700 | ' | ||
Metropolitan district bond securities (available-for-sale) (1) | 12,729 | 5,818 | ' | ||
Metropolitan District Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ||
Marketable securities (available-for-sale) | ' | ' | ' | ||
Metropolitan district bond securities (available-for-sale) (1) | 12,729 | [1] | 12,920 | [1] | ' |
Metropolitan District Bond Securities [Member] | ' | ' | ' | ||
Marketable securities (available-for-sale) | ' | ' | ' | ||
Metropolitan district bond securities (available-for-sale) (1) | 12,729 | 5,818 | 6,663 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ||
Marketable securities (available-for-sale) | ' | ' | ' | ||
Equity securities | 389,323 | 208,818 | ' | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ||
Marketable securities (available-for-sale) | ' | ' | ' | ||
Debt securities - maturity less than 1 year | 72,577 | 54,388 | ' | ||
Debt securities - maturity 1 to 5 years | 106,566 | 277,514 | ' | ||
Debt securities - maturity greater than 5 years | 19,601 | 11,218 | ' | ||
Mortgage loans held-for-sale, net | $92,578 | $119,953 | ' | ||
[1] | These securities were recorded at their cost-basis at December 31, 2012 as they were still under the cost recovery method of accounting. As such, the fair value presented for December 31, 2012 does not equal the amount we have recorded in our accompanying consolidated balance sheets. |
Note_6_Fair_Value_Measurements4
Note 6 - Fair Value Measurements (Details) - Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Homebuilding: | ' | ' |
Total available-for-sale marketable securities | $588,067 | $551,938 |
Homebuilding [Member] | Amortized Cost [Member] | ' | ' |
Homebuilding: | ' | ' |
Equity security | 375,142 | 208,279 |
Debt securities | 181,635 | 306,793 |
Total available-for-sale marketable securities | 556,777 | 515,072 |
Homebuilding [Member] | Fair Value [Member] | ' | ' |
Homebuilding: | ' | ' |
Equity security | 385,303 | 208,818 |
Debt securities | 183,718 | 310,647 |
Total available-for-sale marketable securities | 569,021 | 519,465 |
Financial Services [Member] | Amortized Cost [Member] | ' | ' |
Homebuilding: | ' | ' |
Equity security | 4,000 | ' |
Debt securities | 14,721 | 32,028 |
Total available-for-sale marketable securities | 18,721 | 32,028 |
Financial Services [Member] | Fair Value [Member] | ' | ' |
Homebuilding: | ' | ' |
Equity security | 4,020 | ' |
Debt securities | 15,026 | 32,473 |
Total available-for-sale marketable securities | 19,046 | 32,473 |
Amortized Cost [Member] | ' | ' |
Homebuilding: | ' | ' |
Total available-for-sale marketable securities | 575,498 | 547,100 |
Fair Value [Member] | ' | ' |
Homebuilding: | ' | ' |
Total available-for-sale marketable securities | $588,067 | $551,938 |
Note_6_Fair_Value_Measurements5
Note 6 - Fair Value Measurements (Details) - Aggregate Fair Value of Securities in Unrealized Loss Positions (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Type of Investment | ' | ' |
Number of Securities in Loss Position | 79 | 89 |
Aggregate Loss Position | ($1,143) | ($2,654) |
Aggregate Fair Value of Securities in a Loss Position | 60,614 | 156,672 |
Debt Securities [Member] | ' | ' |
Type of Investment | ' | ' |
Number of Securities in Loss Position | 72 | 88 |
Aggregate Loss Position | -430 | -594 |
Aggregate Fair Value of Securities in a Loss Position | 46,440 | 103,684 |
Equity Securities [Member] | ' | ' |
Type of Investment | ' | ' |
Number of Securities in Loss Position | 7 | 1 |
Aggregate Loss Position | -713 | -2,060 |
Aggregate Fair Value of Securities in a Loss Position | $14,174 | $52,988 |
Note_6_Fair_Value_Measurements6
Note 6 - Fair Value Measurements (Details) - Gross Realized Gains and Gross Realized Losses (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gross realized gains on sales of available-for-sale securities | ' | ' | ' |
Gross realized gains on sales of available-for-sale securities | $1,334 | $608 | $1,246 |
Gross realized losses on sales of available-for-sale securities | ' | ' | ' |
Gross realized losses on sales of available-for-sale securities | -3,794 | -1,287 | -1,231 |
Net realized gain (loss) on sales of available-for-sale securities | -2,460 | -679 | 15 |
Equity Securities [Member] | ' | ' | ' |
Gross realized gains on sales of available-for-sale securities | ' | ' | ' |
Gross realized gains on sales of available-for-sale securities | 1,251 | ' | ' |
Debt Securities [Member] | ' | ' | ' |
Gross realized gains on sales of available-for-sale securities | ' | ' | ' |
Gross realized gains on sales of available-for-sale securities | 83 | 608 | 1,246 |
Gross realized losses on sales of available-for-sale securities | ' | ' | ' |
Gross realized losses on sales of available-for-sale securities | ($3,794) | ($1,287) | ($1,231) |
Note_6_Fair_Value_Measurements7
Note 6 - Fair Value Measurements (Details) - Quantitative Data Regarding Unobservable Inputs and Sensitivity Analysis | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Discount rate | 10.00% |
Discount rate | 'Decrease |
Discount rate | 'Increase |
Number of homes closed per year | 88 |
Number of homes closed per year | 'Increase |
Number of homes closed per year | 'Decrease |
Minimum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Discount rate | 6.00% |
Number of homes closed per year | 0 |
Maximum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Discount rate | 16.00% |
Number of homes closed per year | 155 |
Note_6_Fair_Value_Measurements8
Note 6 - Fair Value Measurements (Details) - Summary of Activity for Metro Bonds (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 6 - Fair Value Measurements (Details) - Summary of Activity for Metro Bonds [Line Items] | ' | ' |
Balance at end of period | $12,729 | $5,818 |
Metropolitan District Bond Securities [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) - Summary of Activity for Metro Bonds [Line Items] | ' | ' |
Balance at beginning of period | 5,818 | 6,663 |
Balance at end of period | 12,729 | 5,818 |
Increase in fair value (recorded in other comprehensive income) | 6,373 | 0 |
Change due to accretion of principal | 1,192 | 0 |
Cash receipts | ($654) | ($845) |
Note_6_Fair_Value_Measurements9
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | $1,095,620 | $744,842 |
Fair Value | 1,086,083 | 809,200 |
5.375% Senior Notes Due December 2014 [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | 249,814 | 249,621 |
Fair Value | 258,750 | 267,208 |
5.375% Senior Notes Due July 2015 [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | 249,935 | 249,895 |
Fair Value | 262,562 | 268,867 |
5.625% Senior Notes Due 2020 [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | 245,871 | 245,326 |
Fair Value | 259,688 | 273,125 |
6.000% Senior Notes Due January 2043 [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | 350,000 | ' |
Fair Value | $305,083 | ' |
Recovered_Sheet1
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 10, 2013 | |
5.375% Senior Notes Due December 2014 [Member] | ' | ' | ' |
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) [Line Items] | ' | ' | ' |
Senior Notes, maturity date | '2014 | '2014 | ' |
Senior Notes, interest rate | 5.38% | 5.38% | ' |
5.375% Senior Notes Due July 2015 [Member] | ' | ' | ' |
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) [Line Items] | ' | ' | ' |
Senior Notes, maturity date | '2015 | '2015 | ' |
Senior Notes, interest rate | 5.38% | 5.38% | ' |
5.625% Senior Notes Due 2020 [Member] | ' | ' | ' |
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) [Line Items] | ' | ' | ' |
Senior Notes, maturity date | '2020 | '2020 | ' |
Senior Notes, interest rate | 5.63% | 5.63% | ' |
6.000% Senior Notes Due January 2043 [Member] | ' | ' | ' |
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) [Line Items] | ' | ' | ' |
Senior Notes, maturity date | '2043 | '2043 | ' |
Senior Notes, interest rate | 6.00% | 6.00% | 6.00% |
Recovered_Sheet2
Note 6 - Fair Value Measurements (Details) - Carrying value of Impaired Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 6 - Fair Value Measurements (Details) - Carrying value of Impaired Inventories [Line Items] | ' | ' |
Carrying Value of Impaired Inventory | $4,187 | $2,775 |
East [Member] | ' | ' |
Note 6 - Fair Value Measurements (Details) - Carrying value of Impaired Inventories [Line Items] | ' | ' |
Carrying Value of Impaired Inventory | $4,187 | $2,775 |
Note_7_Inventories_Details
Note 7 - Inventories (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Other Asset Impairment Charges (in Dollars) | $919 | $1,105 | $12,965 |
East [Member] | Maryland Division [Member] | ' | ' | ' |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Other Asset Impairment Charges (in Dollars) | 900 | 1,100 | ' |
Number of Projects | 3 | 2 | ' |
Inventories [Member] | ' | ' | ' |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Other Asset Impairment Charges (in Dollars) | ' | ' | $13,000 |
Minimum [Member] | Inventory Impairments [Member] | ' | ' | ' |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Discount Rate | 10.00% | 10.00% | 10.00% |
Minimum [Member] | ' | ' | ' |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Discount Rate | 6.00% | ' | ' |
Maximum [Member] | Inventory Impairments [Member] | ' | ' | ' |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Discount Rate | 18.00% | 18.00% | 18.00% |
Maximum [Member] | ' | ' | ' |
Note 7 - Inventories (Details) [Line Items] | ' | ' | ' |
Fair Value Inputs, Discount Rate | 16.00% | ' | ' |
Note_7_Inventories_Details_Sum
Note 7 - Inventories (Details) - Summary of Inventory (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Housing Completed or Under Construction: | ' | ' |
Housing completed or under construction | $636,700 | $512,949 |
Land and Land Under Development: | ' | ' |
Land and land under development | 774,961 | 489,572 |
Total Inventories | 1,411,661 | 1,002,521 |
West [Member] | ' | ' |
Housing Completed or Under Construction: | ' | ' |
Housing completed or under construction | 270,778 | 200,858 |
Land and Land Under Development: | ' | ' |
Land and land under development | 459,512 | 230,344 |
Mountain [Member] | ' | ' |
Housing Completed or Under Construction: | ' | ' |
Housing completed or under construction | 194,101 | 183,522 |
Land and Land Under Development: | ' | ' |
Land and land under development | 211,526 | 137,221 |
East [Member] | ' | ' |
Housing Completed or Under Construction: | ' | ' |
Housing completed or under construction | 171,821 | 128,569 |
Land and Land Under Development: | ' | ' |
Land and land under development | $103,923 | $122,007 |
Note_7_Inventories_Details_Sum1
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment [Line Items] | ' | ' | ' |
Inventory impairments | $919 | $1,105 | $12,965 |
West [Member] | Housing Completed Or Under Construction [Member] | ' | ' | ' |
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment [Line Items] | ' | ' | ' |
Inventory impairments | ' | ' | 7,270 |
West [Member] | Land And Land Under Development [Member] | ' | ' | ' |
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment [Line Items] | ' | ' | ' |
Inventory impairments | ' | ' | 1,499 |
Mountain [Member] | Housing Completed Or Under Construction [Member] | ' | ' | ' |
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment [Line Items] | ' | ' | ' |
Inventory impairments | ' | ' | 1,850 |
Mountain [Member] | Land And Land Under Development [Member] | ' | ' | ' |
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment [Line Items] | ' | ' | ' |
Inventory impairments | ' | ' | 449 |
East [Member] | Housing Completed Or Under Construction [Member] | ' | ' | ' |
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment [Line Items] | ' | ' | ' |
Inventory impairments | 802 | 295 | 1,804 |
East [Member] | Land And Land Under Development [Member] | ' | ' | ' |
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment [Line Items] | ' | ' | ' |
Inventory impairments | 117 | 810 | 93 |
Housing Completed Or Under Construction [Member] | ' | ' | ' |
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment [Line Items] | ' | ' | ' |
Inventory impairments | 802 | 295 | 10,924 |
Land And Land Under Development [Member] | ' | ' | ' |
Note 7 - Inventories (Details) - Summary of Inventory Impairments, by Segment [Line Items] | ' | ' | ' |
Inventory impairments | $117 | $810 | $2,041 |
Note_8_Capitalization_of_Inter2
Note 8 - Capitalization of Interest (Details) - Interest Activity (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Activity [Abstract] | ' | ' | ' |
Homebuilding interest incurred | $61,634 | $42,315 | $62,290 |
Less: Interest capitalized | -59,908 | -41,507 | -41,448 |
Homebuilding interest expensed | 1,726 | 808 | 20,842 |
Interest capitalized, beginning of year | 68,508 | 58,107 | 37,811 |
Interest capitalized during year | 59,908 | 41,507 | 41,448 |
Less: Previously capitalized interest included in home cost of sales | -54,261 | -31,106 | -21,152 |
Interest capitalized, end of year | $74,155 | $68,508 | $58,107 |
Note_9_Homebuilding_Prepaid_Ex2
Note 9 - Homebuilding Prepaid Expenses and Other Assets (Details) - Summary of Homebuilding Prepaid Expenses and Other Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of Homebuilding Prepaid Expenses and Other Assets [Abstract] | ' | ' |
Land option deposits | $15,221 | $8,246 |
Deferred marketing costs | 15,830 | 13,874 |
Metro district bond securities (related party) | 12,729 | 5,818 |
Prepaid expenses | 10,046 | 5,575 |
Goodwill | 6,008 | 6,008 |
Deferred debt issuance costs, net | 5,830 | 2,641 |
Other | 590 | 2,615 |
Total | $66,254 | $44,777 |
Note_10_Homebuilding_Accrued_L2
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities [Line Items] | ' | ' | ' | ' |
Warranty reserves | $22,238 | $23,151 | $25,525 | $34,704 |
Homebuilding [Member] | Land Development And Home Construction Accruals [Member] | ' | ' | ' | ' |
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities [Line Items] | ' | ' | ' | ' |
Accrued liabilities current and non-current | 9,592 | 9,545 | ' | ' |
Homebuilding [Member] | ' | ' | ' | ' |
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities [Line Items] | ' | ' | ' | ' |
Accrued compensation and related expenses | 35,990 | 16,864 | ' | ' |
Accrued executive deferred compensation | 30,796 | 28,475 | ' | ' |
Accrued interest payable | 24,198 | 13,698 | ' | ' |
Warranty reserves | 22,238 | 23,151 | ' | ' |
Customer and escrow deposits | 10,759 | 9,413 | ' | ' |
Accrued liabilities current and non-current | 152,821 | 118,456 | ' | ' |
Other accrued liabilities | $19,248 | $17,310 | ' | ' |
Note_10_Homebuilding_Accrued_L3
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Financial Services Accounts Payable and Accrued Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financial Services Accounts Payable and Accrued Liabilities [Abstract] | ' | ' | ' | ' |
Insurance reserves | $49,637 | $47,852 | $49,376 | $51,576 |
Accounts payable and other accrued liabilities | 6,002 | 4,012 | ' | ' |
Total accounts payable and accrued liabilities | $55,639 | $51,864 | ' | ' |
Note_11_Warranty_Accrual_Detai
Note 11 - Warranty Accrual (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 |
Product Warranties Disclosures [Abstract] | ' |
Product Warranty Accrual, Period Increase (Decrease) | ($5,478) |
Note_11_Warranty_Accrual_Detai1
Note 11 - Warranty Accrual (Details) - Warranty Accrual and Payment Activity (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Warranty Accrual and Payment Activity [Abstract] | ' | ' | ' |
Balance at beginning of period | $23,151 | $25,525 | $34,704 |
Expense provisions | 5,562 | 4,216 | 4,224 |
Cash payments | -6,475 | -6,590 | -7,925 |
Adjustments | ' | ' | -5,478 |
Balance at end of period | $22,238 | $23,151 | $25,525 |
Note_12_Insurance_Reserves_Det
Note 12 - Insurance Reserves (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Insurance Loss Reserves [Abstract] | ' | ' | ' |
Increase (Decrease) in Self Insurance Reserve | $0 | $1,931 | $2,409 |
Note_12_Insurance_Reserves_Det1
Note 12 - Insurance Reserves (Details) - Insurance Reserves (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Insurance Reserves [Abstract] | ' | ' | ' |
Balance at beginning of period | $47,852 | $49,376 | $51,576 |
Expense provisions | 7,065 | 4,565 | 2,506 |
Cash payments, net of recoveries | -5,280 | -8,020 | -7,115 |
Adjustments | 0 | 1,931 | 2,409 |
Balance at end of period | $49,637 | $47,852 | $49,376 |
Note_13_Deferred_Compensation_1
Note 13 - Deferred Compensation Retirement Plans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 13 - Deferred Compensation Retirement Plans (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Valuation Allowance | $8,201,000 | $248,306,000 |
Termination of Retirement Benefits [Member] | ' | ' |
Note 13 - Deferred Compensation Retirement Plans (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Valuation Allowance | 11,900,000 | ' |
Chairman Of The Board And Chief Executive Officer [Member] | ' | ' |
Note 13 - Deferred Compensation Retirement Plans (Details) [Line Items] | ' | ' |
Deferred Compensation Arrangement with Individual, Recorded Liability | 14,800,000 | ' |
President And Chief Operating Officer [Member] | ' | ' |
Note 13 - Deferred Compensation Retirement Plans (Details) [Line Items] | ' | ' |
Deferred Compensation Arrangement with Individual, Recorded Liability | $16,000,000 | ' |
Note_14_Income_Taxes_Details
Note 14 - Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ($184,560,000) | ($1,584,000) | ($9,082,000) |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 187,600,000 | 11,900,000 | ' | ' |
Deferred Tax Assets, Deferred Income | 121,700,000 | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | ' | 8,201,000 | 248,306,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | ' | 72,915,000 | 129,695,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | ' | 40,227,000 | 49,551,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | ' | 3,300,000 | ' | ' |
Liability for Uncertain Tax Positions, Current | ' | 300,000 | 800,000 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | ' | 300,000 | 600,000 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ' | 0 | -400,000 | -4,800,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | 300,000 | 400,000 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | ' | 0 | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | ' | 300,000 | ' | ' |
Energy Credits [Member] | ' | ' | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' |
Other Tax Expense (Benefit) | ' | ($6,500,000) | ' | ' |
Note_14_Income_Taxes_Details_S
Note 14 - Income Taxes (Details) - Summary of Income Tax Expense Benefit (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current tax benefit: | ' | ' | ' |
Federal | $2,611 | ($374) | ($3,652) |
State | ' | -1,210 | -5,430 |
Total Current | 2,611 | -1,584 | -9,082 |
Deferred expense | ' | ' | ' |
Federal | -171,037 | ' | ' |
State | -16,134 | ' | ' |
Total deferred | -187,171 | ' | ' |
Benefit from income taxes | ($184,560) | ($1,584) | ($9,082) |
Note_14_Income_Taxes_Details_S1
Note 14 - Income Taxes (Details) - Summary of Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Tax expense (benefit) computed at federal statutory rate | $45,439 | $21,390 | ($37,615) |
State income tax expense (benefit), net of federal benefit | 4,544 | 2,139 | -3,762 |
Permanent differences | -358 | 1,771 | 93 |
Expiration of state net operating loss | 3,874 | 2,634 | ' |
Liability for unrecognized tax benefits | -552 | -1,857 | -9,173 |
Write-off of deferred tax asset for deferred compensation retirement plans | 11,856 | ' | ' |
Federal Energy Credits | -6,530 | ' | ' |
Change in valuation allowance | -242,833 | -27,661 | 41,375 |
Benefit from income taxes | ($184,560) | ($1,584) | ($9,082) |
Effective tax (benefit) rate | -142.20% | -2.60% | -8.50% |
Note_14_Income_Taxes_Details_C
Note 14 - Income Taxes (Details) - Components of Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Federal net operating loss carryforwards | $72,915 | $129,695 |
State net operating loss carryforwards | 40,227 | 49,551 |
Alternative minimum tax and other tax credit carryforwards | 24,196 | 10,988 |
Stock-based compensation expense | 26,651 | 29,196 |
Warranty, litigation and other reserves | 15,543 | 14,556 |
Deferred compensation retirement plans | ' | 11,252 |
Accrued compensation | 11,136 | ' |
Asset impairment charges | 5,889 | 14,080 |
Inventory, additional costs capitalized for tax purposes | 7,064 | 3,930 |
Other, net | 3,446 | 2,063 |
Total deferred tax assets | 207,067 | 265,311 |
Valuation allowance | -8,201 | -248,306 |
Total deferred tax assets, net of valuation allowance | 198,866 | 17,005 |
Deferred tax liabilities: | ' | ' |
Property, equipment and other assets | 5,512 | 5,753 |
Discount on notes receivable | 4,204 | 4,204 |
Deferred revenue | 3,985 | 3,796 |
Unrealized gain on marketable securities | 7,368 | 1,863 |
Other, net | 1,535 | 1,389 |
Total deferred tax liabilities | 22,604 | 17,005 |
Net deferred tax asset | $176,262 | ' |
Note_14_Income_Taxes_Details_L
Note 14 - Income Taxes (Details) - Liability Associated with Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Liability Associated with Unrecognized Tax Benefits [Abstract] | ' | ' | ' |
Gross unrecognized tax benefits at beginning of year | $575 | $2,712 | $48,963 |
Gross unrecognized tax benefits at end of year | 371 | 575 | 2,712 |
Increases related to prior year tax positions | 124 | 63 | ' |
Decreases related to prior year tax positions | -53 | -84 | -286 |
Increases related to current year tax positions | ' | ' | 85 |
Settlements with taxing authorities | ' | ' | -38,543 |
Lapse of applicable statute of limitations | ($275) | ($2,116) | ($7,507) |
Note_15_Related_Party_Transact1
Note 15 - Related Party Transactions (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2007 | |
District [Member] | District [Member] | District [Member] | District [Member] | District [Member] | Subordinate Bond [Member] | 2007 Bonds [Member] | 2007 Bonds [Member] | 2007 Bonds [Member] | ||||
Capital Appreciation Bonds [Member] | Subordinate Bond [Member] | |||||||||||
Note 15 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special Assessment Bond | ' | ' | ' | $22,500,000 | $1,600,000 | ' | ' | ' | ' | ' | ' | ' |
Bond Receivable Amount In Exchange Of Land Development Improvement | ' | ' | ' | ' | ' | 28,600,000 | ' | ' | ' | ' | ' | ' |
Metropolitan district bond securities (related party) | 12,729,000 | 5,818,000 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 8,900,000 |
Cost-method Investments, Other than Temporary Impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Municipal Debt Securities, at Carrying Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,700,000 | ' |
Proceeds from (Repayments of) Related Party Debt | ' | ' | ' | ' | ' | 700,000 | 800,000 | 700,000 | ' | ' | ' | ' |
Cash Contribution Committed To Charitable Foundation | $1,000,000 | $1,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_16_Lines_of_Credit_and_To2
Note 16 - Lines of Credit and Total Debt Obligations (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | 8-May-13 | Jan. 10, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Upon Request [Member] | Borrowing Base is Required [Member] | Borrowing Base Is Not Required [Member] | Subject to Acceleration [Member] | Senior Notes [Member] | 6.000% Senior Notes Due January 2043 [Member] | 6.000% Senior Notes Due January 2043 [Member] | 6.000% Senior Notes Due January 2043 [Member] | 6.000% Senior Notes Due January 2043 [Member] | Revolving Credit Facility [Member] | Standby Letters of Credit [Member] | Mortgage Repurchase Facility [Member] | Mortgage Repurchase Facility [Member] | Maximum [Member] | Minimum [Member] | ||||
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Mortgage Repurchase Facility [Member] | Mortgage Repurchase Facility [Member] | |||||||||||||||
Note 16 - Lines of Credit and Total Debt Obligations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $450,000,000 | ' | $80,000,000 | $50,000,000 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Dec-18 | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Line of Credit Facility, Leverage Ratio | ' | ' | ' | ' | 55.00% | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Ownership Percentage | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 14,900,000 | 63,100,000 | 76,300,000 | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.75% |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | 537,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | 100,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 1,095,620,000 | ' | 744,842,000 | ' | ' | ' | ' | 498,900,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | -38,795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | 346,938,000 | ' | ' | ' | ' | ' | ' | ' | 346,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | $3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_16_Lines_of_Credit_and_To3
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations [Line Items] | ' | ' |
Senior Notes | $1,095,620 | $744,842 |
5.375% Senior Notes Due December 2014 [Member] | ' | ' |
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations [Line Items] | ' | ' |
Senior Notes | 249,814 | 249,621 |
5.375% Senior Notes Due July 2015 [Member] | ' | ' |
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations [Line Items] | ' | ' |
Senior Notes | 249,935 | 249,895 |
5.625% Senior Notes Due 2020 [Member] | ' | ' |
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations [Line Items] | ' | ' |
Senior Notes | 245,871 | 245,326 |
6.000% Senior Notes Due January 2043 [Member] | ' | ' |
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations [Line Items] | ' | ' |
Senior Notes | $350,000 | ' |
Note_16_Lines_of_Credit_and_To4
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations (Parentheticals) | Dec. 31, 2013 | Jan. 10, 2013 | Dec. 31, 2012 |
5.375% Senior Notes Due December 2014 [Member] | ' | ' | ' |
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations (Parentheticals) [Line Items] | ' | ' | ' |
SP5nior NotP5s, intP5rP5st ratP5 | 5.38% | ' | 5.38% |
SP5nior NotP5s, maturity datP5 | '2014 | ' | '2014 |
5.375% Senior Notes Due July 2015 [Member] | ' | ' | ' |
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations (Parentheticals) [Line Items] | ' | ' | ' |
SP5nior NotP5s, intP5rP5st ratP5 | 5.38% | ' | 5.38% |
SP5nior NotP5s, maturity datP5 | '2015 | ' | '2015 |
5.625% Senior Notes Due 2020 [Member] | ' | ' | ' |
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations (Parentheticals) [Line Items] | ' | ' | ' |
SP5nior NotP5s, intP5rP5st ratP5 | 5.63% | ' | 5.63% |
SP5nior NotP5s, maturity datP5 | '2020 | ' | '2020 |
6.000% Senior Notes Due January 2043 [Member] | ' | ' | ' |
Note 16 - Lines of Credit and Total Debt Obligations (Details) - Debt obligations (Parentheticals) [Line Items] | ' | ' | ' |
SP5nior NotP5s, intP5rP5st ratP5 | 6.00% | 6.00% | 6.00% |
SP5nior NotP5s, maturity datP5 | '2043 | ' | '2043 |
Note_17_Commitments_and_Contin2
Note 17 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 17 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Surety Bonds Issued And Outstanding | $97.90 | ' | ' |
Letters of Credit Outstanding, Amount | 30.2 | ' | ' |
Estimated Cost Related To Bonds | 45.5 | ' | ' |
Estimated Cost Related To Letters Of Credit | 8.1 | ' | ' |
Estimated Litigation Liability | 5.9 | 2.3 | ' |
Operating Leases, Rent Expense, Net | 5.2 | 6.6 | 7.7 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Note 17 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Legal Recoveries | ' | 9.8 | ' |
Homeamerican [Member] | ' | ' | ' |
Note 17 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Letters of Credit Outstanding, Amount | 15.3 | ' | ' |
Loss Contingency Accrual, Period Increase (Decrease) | ' | ' | 8 |
Loss Contingency Accrual, Payments | ' | ' | $14.50 |
Note_17_Commitments_and_Contin3
Note 17 - Commitments and Contingencies (Details) - Mortgage Loan Loss Reserve Activity (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Mortgage Loan Loss Reserve Activity [Abstract] | ' | ' | ' |
Balance at beginning of year | $976 | $830 | $7,120 |
Expense provisions | 1,172 | 437 | 149 |
Cash payments | -734 | -226 | -14,450 |
Adjustments | -44 | -65 | 8,011 |
Balance at end of year | $1,370 | $976 | $830 |
Note_17_Commitments_and_Contin4
Note 17 - Commitments and Contingencies (Details) - Summary of Non-Cancelable Operating Leases (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Summary of Non-Cancelable Operating Leases [Abstract] | ' |
2014 | $4,462 |
2015 | 4,435 |
2016 | 3,748 |
2017 | 1,161 |
2018 | 638 |
Thereafter | 421 |
Total | $14,865 |
Note_18_Concentration_of_Third2
Note 18 - Concentration of Third-Party Mortgage Purchasers (Details) - Percent of Mortgage Loans Sold to Third-Party Purchasers (Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Wells Fargo Funding, Inc. [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration of credit risk | 40.00% | 58.00% | 52.00% |
JPMorgan Chase Bank, N.A. [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration of credit risk | 46.00% | 36.00% | 29.00% |
Bank of America, N.A. [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration of credit risk | 0.00% | 0.00% | 17.00% |
Note_19_Stockholders_Equity_De
Note 19 - Stockholders' Equity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | 4,000,000 |
Treasury Stock, Number of Shares Held | 59,912 | ' |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $11 | ' |
Note_20_Equity_Incentive_and_E1
Note 20 - Equity Incentive and Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 20 - Equity Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Cost Recognized (in Dollars) | $0.90 | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | ' | $0.20 |
Restricted Stock [Member] | 2001 Equity Incentive Plan [Member] | Maximum [Member] | ' | ' |
Note 20 - Equity Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' |
Employee Stock Option [Member] | 2011 Equity Incentive Plan [Member] | ' | ' |
Note 20 - Equity Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' |
Employee Stock Option [Member] | Maximum [Member] | ' | ' |
Note 20 - Equity Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '7 years | ' |
2001 Equity Incentive Plan [Member] | ' | ' |
Note 20 - Equity Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 3,000,000 | ' |
2001 Equity Incentive Plan [Member] | Maximum [Member] | ' | ' |
Note 20 - Equity Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '7 years | ' |
2011 Equity Incentive Plan [Member] | ' | ' |
Note 20 - Equity Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 2,500,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,200,000 | ' |
2001 Director Stock Option Plan [Member] | ' | ' |
Note 20 - Equity Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 800,000 | ' |
2011 Director Stock Option Plan [Member] | ' | ' |
Note 20 - Equity Incentive and Employee Benefit Plans (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 800,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 600,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 25,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Exercisable Period | '6 months | ' |
Note_21_Stock_Based_Compensati2
Note 21 - Stock Based Compensation (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |||
Year One [Member] | Year One [Member] | Year Two [Member] | Year Two [Member] | Year Three [Member] | Year Three [Member] | Perfomance-based Options Terms [Member] | Perfomance-based Options Terms [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2011 Equity Incentive Plan [Member] | 2011 Equity Incentive Plan [Member] | 2011 Equity Incentive Plan [Member] | Executives [Member] | CEO and COO [Member] | Minimum [Member] | Maximum [Member] | |||||||
Perfomance-based Options Terms [Member] | Perfomance-based Options Terms [Member] | Perfomance-based Options Terms [Member] | Perfomance-based Options Terms [Member] | Perfomance-based Options Terms [Member] | Perfomance-based Options Terms [Member] | 2011 Equity Incentive Plan [Member] | Minimum [Member] | Maximum [Member] | 2011 Equity Incentive Plan [Member] | 2011 Equity Incentive Plan [Member] | Chief Executive Officer [Member] | Chief Operating Officer [Member] | Non-Executives [Member] | Non-Executives [Member] | ||||||||||||||||
Minimum [Member] | Minimum [Member] | Minimum [Member] | ||||||||||||||||||||||||||||
Note 21 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $9.75 | [1] | $7.54 | [1] | $7.42 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.42 | ' | ' | ' | ' |
Annual Forfeiture Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 20.00% | 45.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 237,500 | [1] | 1,382,500 | [1] | 265,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | ' | ' | 1,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $1.10 | $7 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.6 | 10.6 | 9 | ' | 6.2 | ' | 4 | 5.6 | 6.4 | ' | ' | ' | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 2.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 4.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 328 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 109 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one third | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Home Gross Margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percen tIncrease In Total Revenue | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) | ' | ' | ' | 166,667 | ' | 166,667 | ' | 166,666 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage Increase In Revenue Net | ' | ' | ' | ' | ' | ' | 15.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated Performance Based Stock Option Grant Expense Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,500,000 | $5,900,000 | $1,900,000 | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Total shares granted in 2012 include 1,000,000 performance based options granted to our CEO and COO. See further discussion regarding these grants in the "Performance Based Stock Award Activity" section below. |
Note_21_Stock_Based_Compensati3
Note 21 - Stock Based Compensation (Details) - Fair Value of Share-Based Payment Awards | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value of Share-Based Payment Awards [Abstract] | ' | ' | ' |
Expected lives of options (years) | '4 years | '7 years 292 days | '4 years 219 days |
Expected volatility | 45.30% | 44.60% | 47.80% |
Risk free interest rate | 0.80% | 1.70% | 1.30% |
Dividend yield rate | 3.00% | 4.00% | 4.10% |
Note_21_Stock_Based_Compensati4
Note 21 - Stock Based Compensation (Details) - Stock Option Award Activity (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Outstanding Stock Option Activity | ' | ' | ' | |||
Outstanding, beginning of year | 5,879,573 | 5,306,506 | 6,002,174 | |||
Outstanding, beginning of year (in Dollars per share) | $41.29 | $42.69 | $40.72 | |||
Outstanding, end of year | 5,282,366 | 5,879,573 | 5,306,506 | |||
Outstanding, end of year (in Dollars per share) | $40.83 | $41.29 | $42.69 | |||
Granted (1) | 237,500 | [1] | 1,382,500 | [1] | 265,000 | [1] |
Granted (1) (in Dollars per share) | $33.82 | [1] | $25.33 | [1] | $25.07 | [1] |
Exercised | -153,665 | -704,242 | -489,324 | |||
Exercised (in Dollars per share) | $32.94 | $23.69 | $18.47 | |||
Forfeited | -10,000 | -55,710 | -124,710 | |||
Forfeited (in Dollars per share) | $37.25 | $27.46 | $32.20 | |||
Cancelled | -671,042 | -49,481 | -346,634 | |||
Cancelled (in Dollars per share) | $44.25 | $44.75 | $33.87 | |||
[1] | Total shares granted in 2012 include 1,000,000 performance based options granted to our CEO and COO. See further discussion regarding these grants in the "Performance Based Stock Award Activity" section below. |
Note_21_Stock_Based_Compensati5
Note 21 - Stock Based Compensation (Details) - Unvested Stock Award Activity (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Unvested Stock Option Activity | ' | ' | ' | |||
Outstanding, beginning of year | 2,045,000 | 1,251,328 | 1,790,425 | |||
Outstanding, beginning of year (in Dollars per share) | $8.63 | $10.74 | $12.65 | |||
Unvested, end of year | 838,541 | 2,045,000 | 1,251,328 | |||
Unvested, end of year (in Dollars per share) | $9.50 | $8.63 | $10.74 | |||
Granted (1) | 237,500 | [1] | 1,382,500 | [1] | 265,000 | [1] |
Granted (1) (in Dollars per share) | $9.75 | [1] | $7.54 | [1] | $7.42 | [1] |
Vested | -1,433,959 | -533,118 | -679,387 | |||
Vested (in Dollars per share) | $8.28 | $8.61 | $13.31 | |||
Forfeited | -10,000 | -55,710 | -124,710 | |||
Forfeited (in Dollars per share) | $12.72 | $8.45 | $10.13 | |||
[1] | Total shares granted in 2012 include 1,000,000 performance based options granted to our CEO and COO. See further discussion regarding these grants in the "Performance Based Stock Award Activity" section below. |
Note_21_Stock_Based_Compensati6
Note 21 - Stock Based Compensation (Details) - Options Vested and Expected to Vest (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Exercisable or expected to vest | ' |
Number outstanding | 5,238,762 |
Weighted-average exercise price (in Dollars per share) | $40.92 |
Aggregate intrinsic value (in thousands) (in Dollars) | $11,798 |
Weighted-average remaining contractual term (years) | '5 years 25 days |
Exercisable | ' |
Number outstanding | 4,443,825 |
Weighted-average exercise price (in Dollars per share) | $42.84 |
Aggregate intrinsic value (in thousands) (in Dollars) | $8,786 |
Weighted-average remaining contractual term (years) | '4 years 215 days |
Note_21_Stock_Based_Compensati7
Note 21 - Stock Based Compensation (Details) - Outstanding and Exercisable Stock Options (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding - Number Outstanding | 5,282,366 |
Options Outstanding - Weighted- Average Remaining Contractual Life | '5 years 36 days |
Options Outstanding - Weighted- Average Exercise Price (in Dollars per share) | $40.83 |
Options Exercisable - Number Exercisable | 4,443,825 |
Options Exercisable - Weighted- Average Remaining Contractual Life | '4 years 215 days |
Options Exercisable - Weighted- Average Exercise Price (in Dollars per share) | $42.84 |
Exercise Price Range of $15.84 - $23.77 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding - Number Outstanding | 175,500 |
Options Outstanding - Weighted- Average Remaining Contractual Life | '7 years 357 days |
Options Outstanding - Weighted- Average Exercise Price (in Dollars per share) | $20.91 |
Options Exercisable - Number Exercisable | 45,500 |
Options Exercisable - Weighted- Average Remaining Contractual Life | '7 years 9 months |
Options Exercisable - Weighted- Average Exercise Price (in Dollars per share) | $21.70 |
Exercise Price Range of $23.78 - $39.61 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding - Number Outstanding | 2,981,666 |
Options Outstanding - Weighted- Average Remaining Contractual Life | '6 years 328 days |
Options Outstanding - Weighted- Average Exercise Price (in Dollars per share) | $29.74 |
Options Exercisable - Number Exercisable | 2,323,125 |
Options Exercisable - Weighted- Average Remaining Contractual Life | '6 years 248 days |
Options Exercisable - Weighted- Average Exercise Price (in Dollars per share) | $29.30 |
Exercise Price Range of $39.62 - $47.53 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding - Number Outstanding | 615,700 |
Options Outstanding - Weighted- Average Remaining Contractual Life | '3 years 255 days |
Options Outstanding - Weighted- Average Exercise Price (in Dollars per share) | $43.01 |
Options Exercisable - Number Exercisable | 565,700 |
Options Exercisable - Weighted- Average Remaining Contractual Life | '3 years 80 days |
Options Exercisable - Weighted- Average Exercise Price (in Dollars per share) | $43.30 |
Exercise Price Range of $47.54 - $63.38 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding - Number Outstanding | 892,500 |
Options Outstanding - Weighted- Average Remaining Contractual Life | '2 years 21 days |
Options Outstanding - Weighted- Average Exercise Price (in Dollars per share) | $60.41 |
Options Exercisable - Number Exercisable | 892,500 |
Options Exercisable - Weighted- Average Remaining Contractual Life | '2 years 21 days |
Options Exercisable - Weighted- Average Exercise Price (in Dollars per share) | $60.41 |
Exercise Price Range of $63.39 - $71.30 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding - Number Outstanding | 492,000 |
Options Outstanding - Weighted- Average Remaining Contractual Life | '1 year 109 days |
Options Outstanding - Weighted- Average Exercise Price (in Dollars per share) | $67.17 |
Options Exercisable - Number Exercisable | 492,000 |
Options Exercisable - Weighted- Average Remaining Contractual Life | '1 year 109 days |
Options Exercisable - Weighted- Average Exercise Price (in Dollars per share) | $67.17 |
Exercise Price Range of $71.31 - $78.89 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding - Number Outstanding | 125,000 |
Options Outstanding - Weighted- Average Remaining Contractual Life | '1 year 9 months |
Options Outstanding - Weighted- Average Exercise Price (in Dollars per share) | $79.89 |
Options Exercisable - Number Exercisable | 125,000 |
Options Exercisable - Weighted- Average Remaining Contractual Life | '1 year 9 months |
Options Exercisable - Weighted- Average Exercise Price (in Dollars per share) | $78.89 |
Note_21_Stock_Based_Compensati8
Note 21 - Stock Based Compensation (Details) - Restricted and Unrestricted Stock Award Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted and Unrestricted Stock Award Activity [Abstract] | ' | ' | ' |
Unvested, beginning of year | 507,367 | 667,849 | 443,112 |
Unvested, beginning of year (in Dollars per share) | $31.69 | $33.19 | $36.15 |
Granted | 25,072 | 48,613 | 329,703 |
Granted (in Dollars per share) | $37.52 | $27.85 | $30.24 |
Vested | -144,841 | -197,801 | -100,677 |
Vested (in Dollars per share) | $31.88 | $35.88 | $36.34 |
Forfeited | -88,607 | -11,294 | -4,289 |
Forfeited (in Dollars per share) | $29.02 | $30.62 | $38.88 |
Unvested, end of year | 298,991 | 507,367 | 667,849 |
Unvested, end of year (in Dollars per share) | $32.87 | $31.69 | $33.19 |
Note_22_Subsequent_Events_Deta
Note 22 - Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2013 | Jan. 31, 2014 | Jan. 15, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | ||
5.5% Senior Notes Due 2024 [Member] | 5.5% Senior Notes Due 2024 [Member] | ||
Note 22 - Subsequent Events (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | $250,000,000 |
Proceeds from Issuance of Senior Long-term Debt | 346,938,000 | 248,400,000 | ' |
Debt Issuance Cost | ' | $1,600,000 | ' |
Note_23_Results_of_Quarterly_O2
Note 23 - Results of Quarterly Operations (Unaudited) (Details) - Results of Quarterly Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 23 - Results of Quarterly Operations (Unaudited) (Details) - Results of Quarterly Operations [Line Items] | ' | ' | ' |
Earnings (loss) before income taxes | $129,825 | $61,115 | ($107,472) |
Net income (loss) | 314,385 | 62,699 | -98,390 |
Earnings per share basic (in Dollars per share) | $6.39 | $1.29 | ($2.12) |
Earnings per share diluted (in Dollars per share) | $6.34 | $1.29 | ($2.12) |
First Quarter [Member] | ' | ' | ' |
Note 23 - Results of Quarterly Operations (Unaudited) (Details) - Results of Quarterly Operations [Line Items] | ' | ' | ' |
Home sales revenue | 331,748 | 184,678 | ' |
Total revenue | 344,254 | 193,988 | ' |
Gross margin from home sales | 17.40% | 14.10% | ' |
Homebuilding selling, general and administrative expenses | 48,201 | 34,124 | ' |
Earnings (loss) before income taxes | 22,586 | 2,125 | ' |
Net income (loss) | 22,516 | 2,265 | ' |
Earnings per share basic (in Dollars per share) | $0.46 | $0.04 | ' |
Earnings per share diluted (in Dollars per share) | $0.45 | $0.04 | ' |
Second Quarter [Member] | ' | ' | ' |
Note 23 - Results of Quarterly Operations (Unaudited) (Details) - Results of Quarterly Operations [Line Items] | ' | ' | ' |
Home sales revenue | 400,327 | 256,532 | ' |
Total revenue | 416,018 | 268,934 | ' |
Gross margin from home sales | 18.10% | 14.20% | ' |
Homebuilding selling, general and administrative expenses | 51,908 | 39,223 | ' |
Earnings (loss) before income taxes | 38,012 | 9,655 | ' |
Net income (loss) | 224,909 | 10,638 | ' |
Earnings per share basic (in Dollars per share) | $4.60 | $0.22 | ' |
Earnings per share diluted (in Dollars per share) | $4.56 | $0.22 | ' |
Third Quarter [Member] | ' | ' | ' |
Note 23 - Results of Quarterly Operations (Unaudited) (Details) - Results of Quarterly Operations [Line Items] | ' | ' | ' |
Home sales revenue | 433,693 | 320,647 | ' |
Total revenue | 448,000 | 334,330 | ' |
Asset impairments | -350 | ' | ' |
Gross margin from home sales | 18.10% | 15.50% | ' |
Homebuilding selling, general and administrative expenses | 57,753 | 44,788 | ' |
Earnings (loss) before income taxes | 34,909 | 19,484 | ' |
Net income (loss) | 36,251 | 20,126 | ' |
Earnings per share basic (in Dollars per share) | $0.73 | $0.41 | ' |
Earnings per share diluted (in Dollars per share) | $0.73 | $0.41 | ' |
Fourth Quarter [Member] | ' | ' | ' |
Note 23 - Results of Quarterly Operations (Unaudited) (Details) - Results of Quarterly Operations [Line Items] | ' | ' | ' |
Home sales revenue | 460,939 | 389,141 | ' |
Total revenue | 472,162 | 405,773 | ' |
Asset impairments | -569 | 1,105 | ' |
Gross margin from home sales | 17.40% | 16.70% | ' |
Homebuilding selling, general and administrative expenses | 55,421 | 49,160 | ' |
Earnings (loss) before income taxes | 34,318 | 29,851 | ' |
Net income (loss) | $30,709 | $29,670 | ' |
Earnings per share basic (in Dollars per share) | $0.62 | $0.60 | ' |
Earnings per share diluted (in Dollars per share) | $0.62 | $0.59 | ' |
Note_24_Supplemental_Guarantor2
Note 24 - Supplemental Guarantor Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Note 24 - Supplemental Guarantor Information (Details) [Line Items] | ' |
Maximum Percentage Of Consolidated Net Worth Of Guarantor For Suspension Of Guarantee | 5.00% |
Maximum Aggregate Percentage Of Consolidated Net Worth Of All Guarantors For Suspension Of Guarantee | 10.00% |
Maximum Aggregate Percentage Of Consolidated Net Worth Of All Guarantors For Suspension Of Guarantee To Permit Cure Of Default | 15.00% |
Guarantor Subsidiaries [Member] | ' |
Note 24 - Supplemental Guarantor Information (Details) [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 100.00% |
Note_24_Supplemental_Guarantor3
Note 24 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Thousands, unless otherwise specified | |||||
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | $199,338 | $160,095 | [1] | $343,361 | $572,225 |
Inventories: | ' | ' | ' | ' | |
Housing completed or under construction | 636,700 | 512,949 | ' | ' | |
Land and land under development | 774,961 | 489,572 | ' | ' | |
Total inventories | 1,411,661 | 1,002,521 | ' | ' | |
Deferred tax asset | 176,262 | ' | ' | ' | |
Total Assets | 2,595,449 | 1,945,441 | ' | ' | |
Financial Services: | ' | ' | ' | ' | |
Mortgage loans held-for-sale, net | 25,900 | 11,700 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Total Liabilities | 1,382,200 | 1,064,544 | ' | ' | |
Financial Services: | ' | ' | ' | ' | |
Accounts payable and other liabilities | 55,639 | 51,864 | ' | ' | |
Equity: | ' | ' | ' | ' | |
Total Stockholderbs Equity | 1,213,249 | 880,897 | ' | ' | |
Total Liabilities and Stockholdersb Equity | 2,595,449 | 1,945,441 | ' | ' | |
Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Trade Receivables | -5,459 | ' | ' | ' | |
Inventories: | ' | ' | ' | ' | |
Intercompany receivables | -1,148,767 | -815,320 | ' | ' | |
Investment in subsidiaries | -335,870 | -198,465 | ' | ' | |
Deferred tax asset | 3,287 | ' | ' | ' | |
Total Assets | -1,486,809 | -1,013,785 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Accrued liabilities | -1,207 | ' | ' | ' | |
Advances and notes payable to parent and subsidiaries | -1,156,941 | -825,062 | ' | ' | |
Total Liabilities | -1,158,148 | -825,062 | ' | ' | |
Homebuilding [Member] | MDC Holdings [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | 145,180 | 125,904 | ' | ' | |
Marketable securities | 569,021 | 519,465 | ' | ' | |
Trade Receivables | 915 | 6,563 | ' | ' | |
Inventories: | ' | ' | ' | ' | |
Intercompany receivables | 1,144,292 | 812,731 | ' | ' | |
Investment in subsidiaries | 335,870 | 198,465 | ' | ' | |
Deferred tax asset | 172,975 | ' | ' | ' | |
Other assets, net | 53,933 | 40,565 | ' | ' | |
Total Assets | 2,422,186 | 1,703,693 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Accounts payable | 13 | ' | ' | ' | |
Accrued liabilities | 97,612 | 63,886 | ' | ' | |
Advances and notes payable to parent and subsidiaries | 15,692 | 14,068 | ' | ' | |
Senior notes, net | 1,095,620 | 744,842 | ' | ' | |
Total Liabilities | 1,208,937 | 822,796 | ' | ' | |
Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | 3,454 | 3,631 | ' | ' | |
Restricted cash | 2,195 | 1,859 | ' | ' | |
Trade Receivables | 27,951 | 21,600 | ' | ' | |
Inventories: | ' | ' | ' | ' | |
Housing completed or under construction | 636,700 | 512,949 | ' | ' | |
Land and land under development | 774,961 | 489,572 | ' | ' | |
Total inventories | 1,411,661 | 1,002,521 | ' | ' | |
Intercompany receivables | 2,576 | 2,589 | ' | ' | |
Other assets, net | 43,569 | 37,337 | ' | ' | |
Total Assets | 1,491,406 | 1,069,537 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Accounts payable | 15,033 | 73,055 | ' | ' | |
Accrued liabilities | 56,334 | 48,980 | ' | ' | |
Advances and notes payable to parent and subsidiaries | 1,121,581 | 794,179 | ' | ' | |
Total Liabilities | 1,192,948 | 916,214 | ' | ' | |
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | |
Inventories: | ' | ' | ' | ' | |
Intercompany receivables | 1,899 | ' | ' | ' | |
Total Assets | 1,899 | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Accrued liabilities | 82 | 5,590 | ' | ' | |
Advances and notes payable to parent and subsidiaries | 19,668 | 16,815 | ' | ' | |
Total Liabilities | 19,750 | 22,405 | ' | ' | |
Homebuilding [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | 148,634 | 129,535 | ' | ' | |
Marketable securities | 569,021 | 519,465 | ' | ' | |
Restricted cash | 2,195 | 1,859 | ' | ' | |
Trade Receivables | 23,407 | 28,163 | ' | ' | |
Inventories: | ' | ' | ' | ' | |
Housing completed or under construction | 636,700 | 512,949 | ' | ' | |
Land and land under development | 774,961 | 489,572 | ' | ' | |
Total inventories | 1,411,661 | 1,002,521 | ' | ' | |
Deferred tax asset | 176,262 | ' | ' | ' | |
Other assets, net | 97,502 | 77,902 | ' | ' | |
Total Assets | 2,428,682 | 1,759,445 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Accounts payable | 15,046 | 73,055 | ' | ' | |
Accrued liabilities | 152,821 | 118,456 | ' | ' | |
Senior notes, net | 1,095,620 | 744,842 | ' | ' | |
Total Liabilities | 1,263,487 | 936,353 | ' | ' | |
Financial Services [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | |
Inventories: | ' | ' | ' | ' | |
Intercompany receivables | -11,216 | -9,779 | ' | ' | |
Other assets, net | -3,287 | -1,700 | ' | ' | |
Total Assets | -14,503 | -11,479 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Advances and notes payable to parent and subsidiaries | ' | -1,737 | ' | ' | |
Total Liabilities | -7,294 | -1,737 | ' | ' | |
Financial Services: | ' | ' | ' | ' | |
Accounts payable and other liabilities | -4,252 | ' | ' | ' | |
Intercompany payables | -3,042 | ' | ' | ' | |
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | 50,704 | 30,560 | ' | ' | |
Marketable securities | 19,046 | 32,473 | ' | ' | |
Inventories: | ' | ' | ' | ' | |
Intercompany receivables | 11,216 | 9,779 | ' | ' | |
Other assets, net | 7,726 | 4,710 | ' | ' | |
Total Assets | 181,270 | 197,475 | ' | ' | |
Financial Services: | ' | ' | ' | ' | |
Mortgage loans held-for-sale, net | 92,578 | 119,953 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Advances and notes payable to parent and subsidiaries | ' | 1,737 | ' | ' | |
Total Liabilities | 126,007 | 129,928 | ' | ' | |
Financial Services: | ' | ' | ' | ' | |
Accounts payable and other liabilities | 59,891 | 51,864 | ' | ' | |
Intercompany payables | 3,042 | ' | ' | ' | |
Mortgage repurchase facility | 63,074 | 76,327 | ' | ' | |
Financial Services [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | 50,704 | 30,560 | ' | ' | |
Marketable securities | 19,046 | 32,473 | ' | ' | |
Inventories: | ' | ' | ' | ' | |
Other assets, net | 4,439 | 3,010 | ' | ' | |
Total Assets | 166,767 | 185,996 | ' | ' | |
Financial Services: | ' | ' | ' | ' | |
Mortgage loans held-for-sale, net | 92,578 | 119,953 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Total Liabilities | 118,713 | 128,191 | ' | ' | |
Financial Services: | ' | ' | ' | ' | |
Accounts payable and other liabilities | 55,639 | 51,864 | ' | ' | |
Mortgage repurchase facility | 63,074 | 76,327 | ' | ' | |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | ' | ' | [1] | ' | ' |
Inventories: | ' | ' | ' | ' | |
Total Assets | -1,501,312 | -1,025,264 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Total Liabilities | -1,165,442 | -826,799 | ' | ' | |
Equity: | ' | ' | ' | ' | |
Total Stockholderbs Equity | -335,870 | -198,465 | ' | ' | |
Total Liabilities and Stockholdersb Equity | -1,501,312 | -1,025,264 | ' | ' | |
MDC Holdings [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | 145,180 | 125,904 | [1] | 313,566 | 535,035 |
Inventories: | ' | ' | ' | ' | |
Total Assets | 2,422,186 | 1,703,693 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Total Liabilities | 1,208,937 | 822,796 | ' | ' | |
Equity: | ' | ' | ' | ' | |
Total Stockholderbs Equity | 1,213,249 | 880,897 | ' | ' | |
Total Liabilities and Stockholdersb Equity | 2,422,186 | 1,703,693 | ' | ' | |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | 3,454 | 3,631 | [1] | 2,852 | 4,287 |
Inventories: | ' | ' | ' | ' | |
Total Assets | 1,491,406 | 1,069,537 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Total Liabilities | 1,192,948 | 916,214 | ' | ' | |
Equity: | ' | ' | ' | ' | |
Total Stockholderbs Equity | 298,458 | 153,323 | ' | ' | |
Total Liabilities and Stockholdersb Equity | 1,491,406 | 1,069,537 | ' | ' | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Cash and cash equivalents | 50,704 | 30,560 | [1] | 26,943 | 32,903 |
Inventories: | ' | ' | ' | ' | |
Total Assets | 183,169 | 197,475 | ' | ' | |
Homebuilding: | ' | ' | ' | ' | |
Total Liabilities | 145,757 | 152,333 | ' | ' | |
Equity: | ' | ' | ' | ' | |
Total Stockholderbs Equity | 37,412 | 45,142 | ' | ' | |
Total Liabilities and Stockholdersb Equity | $183,169 | $197,475 | ' | ' | |
[1] | As a result of our Richmond American Homes of Washington, Inc. subsidiary becoming a guarantor subsidiary in 2013, cash and cash equivalents at the beginning of 2013 in the guarantor and non-guarantor columns will not equal the cash and cash equivalents at December 31, 2012 in the Supplemental Condensed Combining Balance Sheet. |
Note_24_Supplemental_Guarantor4
Note 24 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Homebuilding: | ' | ' | ' |
Interest expense | ($1,726) | ($808) | ($20,842) |
Income (loss) before income taxes | 129,825 | 61,115 | -107,472 |
Financial Services: | ' | ' | ' |
(Provision) benefit for income taxes | 184,560 | 1,584 | 9,082 |
Net income (loss) | 314,385 | 62,699 | -98,390 |
Other comprehensive income related to available for sale securities, net of tax | 6,737 | 12,078 | -12,124 |
Comprehensive income | 321,122 | 74,777 | -110,514 |
Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Revenues | -1,248 | -6,534 | -9,633 |
Cost of Sales | 1,248 | 6,534 | 9,633 |
Selling, general, and administrative expenses | -353 | ' | ' |
Equity income (loss) of subsidiaries | -163,157 | -81,836 | 18,966 |
Other income (expense), net | -48 | ' | ' |
Income (loss) before income taxes | -163,558 | -81,836 | 18,966 |
Homebuilding [Member] | MDC Holdings [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Selling, general, and administrative expenses | -63,506 | -52,880 | -57,811 |
Equity income (loss) of subsidiaries | 163,157 | 81,836 | -18,966 |
Interest income | 26,928 | 23,381 | 26,039 |
Interest expense | -1,726 | -778 | -20,687 |
Other income (expense), net | 1,387 | 528 | -35,479 |
Income (loss) before income taxes | 126,240 | 52,087 | -106,904 |
Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Revenues | 1,630,423 | 1,162,676 | 826,656 |
Cost of Sales | -1,340,187 | -984,477 | -707,576 |
Inventory impairments | -919 | -1,105 | -12,965 |
Gross margin | 289,317 | 177,094 | 106,115 |
Selling, general, and administrative expenses | -149,424 | -119,135 | -123,095 |
Interest income | 10 | 16 | 29 |
Interest expense | ' | -30 | -155 |
Other income (expense), net | -2,276 | -306 | -7,894 |
Income (loss) before income taxes | 137,627 | 57,639 | -25,000 |
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Cost of Sales | ' | ' | 486 |
Gross margin | ' | ' | 486 |
Selling, general, and administrative expenses | ' | 4,720 | 1,801 |
Interest income | ' | 1 | ' |
Other income (expense), net | 14 | 6 | 23 |
Income (loss) before income taxes | 14 | 4,727 | 2,310 |
Homebuilding [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Revenues | 1,629,175 | 1,156,142 | 817,023 |
Cost of Sales | -1,338,939 | -977,943 | -697,457 |
Inventory impairments | -919 | -1,105 | -12,965 |
Gross margin | 289,317 | 177,094 | 106,601 |
Selling, general, and administrative expenses | -213,283 | -167,295 | -179,105 |
Interest income | 26,938 | 23,398 | 26,068 |
Interest expense | -1,726 | -808 | -20,842 |
Other income (expense), net | -923 | 228 | -43,350 |
Income (loss) before income taxes | 100,323 | 32,617 | -110,628 |
Financial Services [Member] | Consolidation, Eliminations [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Income (loss) before income taxes | 401 | ' | ' |
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Income (loss) before income taxes | 29,101 | 28,498 | 3,156 |
Financial Services [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Revenues | 51,259 | 46,881 | 26,086 |
Income (loss) before income taxes | 29,502 | 28,498 | 3,156 |
Consolidation, Eliminations [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Income (loss) before income taxes | -163,157 | -81,836 | 18,966 |
Financial Services: | ' | ' | ' |
Net income (loss) | -163,157 | -81,836 | 18,966 |
Other comprehensive income related to available for sale securities, net of tax | 119 | -100 | 154 |
Comprehensive income | -163,038 | -81,936 | 19,120 |
MDC Holdings [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Income (loss) before income taxes | 126,240 | 52,087 | -106,904 |
Financial Services: | ' | ' | ' |
(Provision) benefit for income taxes | 188,145 | 10,612 | 8,514 |
Net income (loss) | 314,385 | 62,699 | -98,390 |
Other comprehensive income related to available for sale securities, net of tax | 6,737 | 12,078 | -12,124 |
Comprehensive income | 321,122 | 74,777 | -110,514 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Income (loss) before income taxes | 137,627 | 57,639 | -25,000 |
Financial Services: | ' | ' | ' |
(Provision) benefit for income taxes | 7,507 | 1,435 | 2,027 |
Net income (loss) | 145,134 | 59,074 | -22,973 |
Comprehensive income | 145,134 | 59,074 | -22,973 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Homebuilding: | ' | ' | ' |
Income (loss) before income taxes | 29,115 | 33,225 | 5,466 |
Financial Services: | ' | ' | ' |
(Provision) benefit for income taxes | -11,092 | -10,463 | -1,459 |
Net income (loss) | 18,023 | 22,762 | 4,007 |
Other comprehensive income related to available for sale securities, net of tax | -119 | 100 | -154 |
Comprehensive income | $17,904 | $22,862 | $3,853 |
Note_24_Supplemental_Guarantor5
Note 24 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Statements of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash provided by (used in) operating activities | ($269,549) | ($108,819) | ($80,284) | ||
Net cash used in investing activities | -30,402 | -21,781 | 404,264 | ||
Financing activities: | ' | ' | ' | ||
Extinguishment of senior notes | ' | ' | -537,724 | ||
Mortgage repurchase facility | -13,253 | 27,625 | 23,268 | ||
Dividend payments | ' | -96,915 | -47,432 | ||
Proceeds from issuance of senior notes | 346,938 | ' | ' | ||
Excess tax benefit from share-based awards | 391 | ' | ' | ||
Proceeds from the exercise of stock options | 5,118 | 16,624 | 9,044 | ||
Net cash provided by (used in) financing activities | 339,194 | -52,666 | -552,844 | ||
Net increase in cash and cash equivalents | 39,243 | -183,266 | -228,864 | ||
Cash and cash equivalents: | ' | ' | ' | ||
Beginning of period | 160,095 | [1] | 343,361 | 572,225 | |
End of period | 199,338 | 160,095 | [1] | 343,361 | |
Consolidation, Eliminations [Member] | ' | ' | ' | ||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash used in investing activities | 302,872 | 86,333 | 63,927 | ||
Financing activities: | ' | ' | ' | ||
Intercompany advances (repayments) | -302,872 | -86,333 | -63,927 | ||
Net cash provided by (used in) financing activities | -302,872 | -86,333 | -63,927 | ||
Cash and cash equivalents: | ' | ' | ' | ||
Beginning of period | ' | [1] | ' | ' | |
End of period | ' | ' | [1] | ' | |
MDC Holdings [Member] | ' | ' | ' | ||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash provided by (used in) operating activities | 11,994 | 1,961 | -20,496 | ||
Net cash used in investing activities | -345,165 | -109,332 | 375,139 | ||
Financing activities: | ' | ' | ' | ||
Extinguishment of senior notes | ' | ' | -537,724 | ||
Dividend payments | ' | -96,915 | -47,432 | ||
Proceeds from issuance of senior notes | 346,938 | ' | ' | ||
Excess tax benefit from share-based awards | 391 | ' | ' | ||
Proceeds from the exercise of stock options | 5,118 | 16,624 | 9,044 | ||
Net cash provided by (used in) financing activities | 352,447 | -80,291 | -576,112 | ||
Net increase in cash and cash equivalents | 19,276 | -187,662 | -221,469 | ||
Cash and cash equivalents: | ' | ' | ' | ||
Beginning of period | 125,904 | [1] | 313,566 | 535,035 | |
End of period | 145,180 | 125,904 | [1] | 313,566 | |
Guarantor Subsidiaries [Member] | ' | ' | ' | ||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash provided by (used in) operating activities | -324,812 | -96,947 | -37,048 | ||
Net cash used in investing activities | -1,260 | -841 | -30,541 | ||
Financing activities: | ' | ' | ' | ||
Intercompany advances (repayments) | 325,895 | 98,567 | 66,154 | ||
Net cash provided by (used in) financing activities | 325,895 | 98,567 | 66,154 | ||
Net increase in cash and cash equivalents | -177 | 779 | -1,435 | ||
Cash and cash equivalents: | ' | ' | ' | ||
Beginning of period | 3,631 | [1] | 2,852 | 4,287 | |
End of period | 3,454 | 3,631 | [1] | 2,852 | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash provided by (used in) operating activities | 43,269 | -13,833 | -22,740 | ||
Net cash used in investing activities | 13,151 | 2,059 | -4,261 | ||
Financing activities: | ' | ' | ' | ||
Intercompany advances (repayments) | -23,023 | -12,234 | -2,227 | ||
Mortgage repurchase facility | -13,253 | 27,625 | 23,268 | ||
Net cash provided by (used in) financing activities | -36,276 | 15,391 | 21,041 | ||
Net increase in cash and cash equivalents | 20,144 | 3,617 | -5,960 | ||
Cash and cash equivalents: | ' | ' | ' | ||
Beginning of period | 30,560 | [1] | 26,943 | 32,903 | |
End of period | $50,704 | $30,560 | [1] | $26,943 | |
[1] | As a result of our Richmond American Homes of Washington, Inc. subsidiary becoming a guarantor subsidiary in 2013, cash and cash equivalents at the beginning of 2013 in the guarantor and non-guarantor columns will not equal the cash and cash equivalents at December 31, 2012 in the Supplemental Condensed Combining Balance Sheet. |