Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 29, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MDC HOLDINGS INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 48,821,676 |
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-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $94,819 | $199,338 |
Housing completed or under construction | 712,069 | 636,700 |
Land and land under development | 838,703 | 774,961 |
Total inventories | 1,550,772 | 1,411,661 |
Deferred tax asset, net of valuation allowance of $8,201 at March 31, 2014 and December 31, 2013, respectively | 174,006 | 176,262 |
Prepaid and other assets | 62,138 | 53,525 |
Total Assets | 2,550,237 | 2,595,449 |
LIABILITIES AND EQUITY | ' | ' |
Total Liabilities | 1,340,548 | 1,382,200 |
Total Liabilities | 1,340,548 | 1,382,200 |
Accounts payable and accrued liabilities | 55,135 | 55,639 |
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; 48,821,676 and 48,788,887 issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 488 | 488 |
Additional paid-in-capital | 909,278 | 908,090 |
Retained earnings | 292,394 | 293,096 |
Accumulated other comprehensive income | 7,529 | 11,575 |
Total Stockholders' Equity | 1,209,689 | 1,213,249 |
Total Liabilities and Stockholders' Equity | 2,550,237 | 2,595,449 |
Homebuilding [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 68,897 | 148,634 |
Marketable securities | 508,744 | 569,021 |
Restricted cash | 1,505 | 2,195 |
Trade and other receivables | 30,134 | 23,407 |
Housing completed or under construction | 712,069 | 636,700 |
Land and land under development | 838,703 | 774,961 |
Total inventories | 1,550,772 | 1,411,661 |
Property and equipment, net | 30,897 | 31,248 |
Deferred tax asset, net of valuation allowance of $8,201 at March 31, 2014 and December 31, 2013, respectively | 174,006 | 176,262 |
Metropolitan district bond securities (related party) | 13,027 | 12,729 |
Prepaid and other assets | 62,138 | 53,525 |
Total Assets | 2,440,120 | 2,428,682 |
LIABILITIES AND EQUITY | ' | ' |
Accounts payable | 31,591 | 15,046 |
Accrued liabilities | 118,524 | 152,821 |
Senior notes, net | 1,095,958 | 1,095,620 |
Total Liabilities | 1,246,073 | 1,263,487 |
Total Liabilities | 1,246,073 | 1,263,487 |
Financial Services [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 25,922 | 50,704 |
Marketable securities | 15,870 | 19,046 |
Mortgage loans held-for-sale, net | 64,800 | 92,578 |
Other assets | 3,525 | 4,439 |
Total Assets | 110,117 | 166,767 |
LIABILITIES AND EQUITY | ' | ' |
Total Liabilities | 94,475 | 118,713 |
Total Liabilities | 94,475 | 118,713 |
Accounts payable and accrued liabilities | 55,135 | 55,639 |
Mortgage repurchase facility | $39,340 | $63,074 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Deferred tax asset, valuation allowance (in Dollars) | $8,201 | $8,201 |
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 | 48,821,676 | 48,788,887 |
Common stock, shares outstanding | 48,821,676 | 48,788,887 |
Homebuilding [Member] | ' | ' |
Deferred tax asset, valuation allowance (in Dollars) | $8,201 | $8,201 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Current Period Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Homebuilding: | ' | ' |
Interest expense | ($685) | ($817) |
Loss on early extinguishment of debt | -9,412 | ' |
Income (loss) before income taxes | 18,640 | 22,586 |
Provision for income taxes | -7,136 | -70 |
Net income | 11,504 | 22,516 |
Other comprehensive income (loss) related to available for sale securities, net of tax | -4,046 | 2,535 |
Comprehensive income | 7,458 | 25,051 |
Earnings per share: | ' | ' |
Basic (in Dollars per share) | $0.24 | $0.46 |
Diluted (in Dollars per share) | $0.23 | $0.45 |
Weighted average common shares outstanding | ' | ' |
Basic (in Shares) | 48,585,757 | 48,342,145 |
Diluted (in Shares) | 48,854,675 | 48,922,335 |
Dividends declared per share (in Dollars per share) | $0.25 | ' |
Homebuilding [Member] | ' | ' |
Homebuilding: | ' | ' |
Home sale revenues | 318,534 | 331,748 |
Home cost of sales | -259,478 | -274,076 |
Gross margin | 59,056 | 57,672 |
Selling, general and administrative expenses | -48,341 | -48,201 |
Interest and other income | 13,549 | 6,549 |
Interest expense | -685 | -817 |
Other expense | -614 | -356 |
Loss on early extinguishment of debt | -9,412 | ' |
Income (loss) before income taxes | 13,553 | 14,847 |
Financial Services [Member] | ' | ' |
Homebuilding: | ' | ' |
Home sale revenues | 9,223 | 12,506 |
Revenues | 9,223 | 12,506 |
Expenses | -4,924 | -5,642 |
Interest and other income | 788 | 875 |
Income (loss) before income taxes | $5,087 | $7,739 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Current Period Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities: | ' | ' |
Net income | $11,504 | $22,516 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Loss on early extinguishment of debt | 9,412 | ' |
Stock-based compensation expense | 1,292 | 3,376 |
Depreciation and amortization | 934 | 1,078 |
Amortization of discount (premium) on marketable debt securities | -90 | 619 |
Deferred income tax | 7,103 | ' |
Restricted cash | 690 | -667 |
Trade and other receivables | -8,711 | -3,970 |
Mortgage loans held-for-sale | 27,778 | 33,524 |
Prepaid expenses and other assets | -6,881 | -6,470 |
Accounts payable and accrued liabilities | -18,371 | -52,036 |
Net cash used in operating activities | -114,248 | -55,418 |
Investing Activities: | ' | ' |
Purchases of marketable securities | -356,287 | -150,811 |
Maturities of marketable securities | 133,724 | ' |
Sales of marketable securities | 279,450 | 44,668 |
Purchases of property and equipment | -545 | -926 |
Net cash provided by (used in) investing activities | 56,342 | -107,069 |
Financing Activities: | ' | ' |
Advances (payments) on mortgage repurchase facility, net | -23,734 | -34,859 |
Proceeds from issuance of senior notes | 248,375 | 247,813 |
Repayment of senior notes | -259,118 | ' |
Dividend payments | -12,207 | -12,207 |
Proceeds from exercise of stock options | 71 | 5,118 |
Net cash provided by (used in) financing activities | -46,613 | 218,072 |
Net increase (decrease) in cash and cash equivalents | -104,519 | 55,585 |
Beginning of period | 199,338 | 160,095 |
End of period | 94,819 | 215,680 |
Housing Completed Or Under Construction [Member] | ' | ' |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Land and Housing Inventories | -75,190 | -8,618 |
Land And Land Under Development [Member] | ' | ' |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Land and Housing Inventories | ($63,718) | ($44,770) |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' | |
1 | Basis of Presentation | |
The Unaudited Consolidated Financial Statements of M.D.C. Holdings, Inc. ("MDC," “the Company," “we,” “us,” or “our” which refers to M.D.C. Holdings, Inc. and its subsidiaries) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of MDC at March 31, 2014 and for all periods presented. These statements should be read in conjunction with MDC’s Consolidated Financial Statements and Notes thereto included in MDC’s Annual Report on Form 10-K for the year ended December 31, 2013. Certain prior year amounts have been reclassified to conform to the current year’s presentation. |
Note_2_Segment_Reporting
Note 2 - Segment Reporting | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
2 | 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 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 Insurance Company, Inc., A Risk Retention Group (“Allegiant”); (3) StarAmerican Insurance Ltd. (“StarAmerican”); (4) American Home Insurance Agency, Inc.; and (5) American Home Title and Escrow Company. Due to its contributions to consolidated pretax income we consider HomeAmerican to be a reportable segment (“Mortgage operations”). The remaining operating segments have been aggregated into one reportable segment (“Other”) because they do not individually exceed 10 percent of: (1) consolidated revenue; (2) the greater of (A) the combined reported profit of all operating segments that did not report a loss or (B) the positive value of the combined reported loss of all operating segments that reported losses; or (3) consolidated assets. | |||||||||
Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating divisions by centralizing key administrative functions such as finance 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 table set forth below summarizes home sale revenues for our homebuilding operations and revenues for our financial services operations. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Homebuilding | |||||||||
West | $ | 136,422 | $ | 134,979 | |||||
Mountain | 100,945 | 133,377 | |||||||
East | 81,167 | 63,392 | |||||||
Total home sale revenues | $ | 318,534 | $ | 331,748 | |||||
Financial Services | |||||||||
Mortgage operations | $ | 5,119 | $ | 9,044 | |||||
Other | 4,104 | 3,462 | |||||||
Total financial services revenues | $ | 9,223 | $ | 12,506 | |||||
The following table summarizes pretax income for our homebuilding and financial services operations. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Homebuilding | |||||||||
West | $ | 12,650 | $ | 10,611 | |||||
Mountain | 7,359 | 12,996 | |||||||
East | 2,661 | 1,528 | |||||||
Corporate | (9,117 | ) | (10,288 | ) | |||||
Total homebuilding pretax income | $ | 13,553 | $ | 14,847 | |||||
Financial Services | |||||||||
Mortgage operations | $ | 2,559 | $ | 5,999 | |||||
Other | 2,528 | 1,740 | |||||||
Total financial services pretax income | $ | 5,087 | $ | 7,739 | |||||
Total pretax income | $ | 18,640 | $ | 22,586 | |||||
The table set forth below 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 consist primarily of cash and cash equivalents, marketable securities and our deferred tax asset. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Homebuilding assets | |||||||||
West | $ | 837,792 | $ | 760,450 | |||||
Mountain | 467,630 | 418,796 | |||||||
East | 325,042 | 297,627 | |||||||
Corporate | 809,656 | 951,809 | |||||||
Total homebuilding assets | $ | 2,440,120 | $ | 2,428,682 | |||||
Financial services assets | |||||||||
Mortgage operations | $ | 70,848 | $ | 99,065 | |||||
Other | 39,269 | 67,702 | |||||||
Total financial services assets | $ | 110,117 | $ | 166,767 | |||||
Total assets | $ | 2,550,237 | $ | 2,595,449 | |||||
Note_3_Earnings_Loss_Per_Share
Note 3 - Earnings (Loss) Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings per share: [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
3 | Earnings Per Share | ||||||||
A company that has participating securities (for example, holders of unvested restricted stock that has nonforfeitable dividend rights) is required to utilize the two-class method to calculate earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings/(loss) between the holders of common stock and a company’s participating security holders. Under the two-class method, earnings/(loss) for the reporting period are allocated between common shareholders and other security holders based on their respective rights to receive distributed earnings (i.e., dividends) and undistributed earnings (i.e., net income/(loss)). 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. To calculate diluted EPS, basic EPS is further adjusted to include the effect of potential dilutive stock options outstanding. The following table shows basic and diluted EPS calculations: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands, except per share amounts) | |||||||||
Numerator | |||||||||
Net income | $ | 11,504 | $ | 22,516 | |||||
Less: distributed earnings allocated to participating securities | (52 | ) | - | ||||||
Less: undistributed earnings allocated to participating securities | - | (375 | ) | ||||||
Net income attributable to common stockholders (numerator for basic earnings per share) | 11,452 | 22,141 | |||||||
Add back: undistributed earnings allocated to participating securities | - | 375 | |||||||
Less: undistributed earnings reallocated to participating securities | - | (370 | ) | ||||||
Numerator for diluted earnings per share under two class method | $ | 11,452 | $ | 22,146 | |||||
Denominator | |||||||||
Weighted-average common shares outstanding | 48,585,757 | 48,342,145 | |||||||
Add: dilutive effect of stock options | 268,918 | 580,190 | |||||||
Denominator for diluted earnings per share under two class method | 48,854,675 | 48,922,335 | |||||||
Basic Earnings Per Common Share | $ | 0.24 | $ | 0.46 | |||||
Diluted Earnings Per Common Share | $ | 0.23 | $ | 0.45 | |||||
Diluted EPS for the quarters ended March 31, 2014 and 2013 excluded options to purchase approximately 3.7 million and 2.9 million shares, respectively, of common stock because the effect of their inclusion would be anti-dilutive. |
Note_4_Accumulated_Other_Compr
Note 4 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||
4 | Accumulated Other Comprehensive Income | ||||||||
The following table sets forth our changes in accumulated other comprehensive income: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Unrealized gains (losses) on available-for-sale marketable securities (1) : | |||||||||
Beginning balance | $ | 7,655 | $ | 4,838 | |||||
Other comprehensive income (loss) before reclassifications | (33 | ) | 2,221 | ||||||
Amounts reclassified from accumulated other comprehensive income (2) | (4,013 | ) | 314 | ||||||
Ending balance | $ | 3,609 | $ | 7,373 | |||||
Unrealized gains on available-for-sale metropolitan district bond securities (1) : | |||||||||
Beginning balance | $ | 3,920 | $ | - | |||||
Other comprehensive income before reclassifications | - | - | |||||||
Amounts reclassified from accumulated other comprehensive income | - | - | |||||||
Ending balance | $ | 3,920 | $ | - | |||||
Total ending accumulated other comprehensive income | $ | 7,529 | $ | 7,373 | |||||
-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: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
Affected Line Item in the Statements of Operations | 2014 | 2013 | |||||||
(Dollars in thousands) | |||||||||
Homebuilding interest and other income | $ | 6,537 | $ | (295 | ) | ||||
Financial services interest and other income | (12 | ) | (19 | ) | |||||
Income before income taxes | 6,525 | (314 | ) | ||||||
Provision for income taxes | (2,512 | ) | - | ||||||
Net income | $ | 4,013 | $ | (314 | ) | ||||
Note_5_Fair_Value_Measurements
Note 5 - Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||
5 | 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 | March 31, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Marketable securities (available-for-sale) | |||||||||||||||||||||||||
Equity securities | Level 1 | $ | 459,314 | $ | 389,323 | ||||||||||||||||||||
Debt securities - maturity less than 1 year | Level 2 | 14,053 | 72,577 | ||||||||||||||||||||||
Debt securities - maturity 1 to 5 years | Level 2 | 34,653 | 106,566 | ||||||||||||||||||||||
Debt securities - maturity greater than 5 years | Level 2 | 16,594 | 19,601 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 524,614 | $ | 588,067 | |||||||||||||||||||||
Mortgage loans held-for-sale, net | Level 2 | $ | 64,800 | $ | 92,578 | ||||||||||||||||||||
Metropolitan district bond securities (related party) (available-for-sale) | Level 3 | $ | 13,027 | $ | 12,729 | ||||||||||||||||||||
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 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. 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. We measure the fair value of our debt securities using a third party pricing service that either provides quoted market prices in active markets for identical or similar securities which are level 1 inputs, or uses observable inputs for their pricing, which are level 2 inputs. As of March 31, 2014 and December 31, 2013, 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. | |||||||||||||||||||||||||
The following tables set forth the amortized cost and estimated fair value of our available-for-sale marketable securities. | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||||||
Equity securities | $ | 450,095 | $ | 455,214 | $ | 375,142 | $ | 385,303 | |||||||||||||||||
Debt securities | 53,125 | 53,530 | 181,635 | 183,718 | |||||||||||||||||||||
Total homebuilding available-for-sale securities | $ | 503,220 | $ | 508,744 | $ | 556,777 | $ | 569,021 | |||||||||||||||||
Financial Services: | |||||||||||||||||||||||||
Equity securities | $ | 4,000 | $ | 4,100 | $ | 4,000 | $ | 4,020 | |||||||||||||||||
Debt securities | 11,482 | 11,770 | 14,721 | 15,026 | |||||||||||||||||||||
Total financial services available-for-sale debt securities | $ | 15,482 | $ | 15,870 | $ | 18,721 | $ | 19,046 | |||||||||||||||||
Total available-for-sale marketable securities | $ | 518,702 | $ | 524,614 | $ | 575,498 | $ | 588,067 | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, our marketable securities were in net unrealized gain positions totaling $5.9 millionand $12.6 million, respectively. Our marketable securities that are in unrealized loss positions aggregated to unrealized losses of $1.3 million and $1.1 million as of March 31, 2014 and December 31, 2013, 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 March 31, 2014 is material to our operations. | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | 39 | $ | (211 | ) | $ | 26,628 | 72 | $ | (430 | ) | $ | 46,440 | |||||||||||||
Equity | 6 | (1,052 | ) | 202,183 | 7 | (713 | ) | 14,174 | |||||||||||||||||
Total | 45 | $ | (1,263 | ) | $ | 228,811 | 79 | $ | (1,143 | ) | $ | 60,614 | |||||||||||||
The followings table sets forth gross realized gains and losses from the sale of available-for-sale marketable securities, which were included in either interest and other income in the homebuilding section or interest and other income in the financial services section of our consolidated statements of operations. | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | |||||||||||||||||||||||||
Equity securities | $ | 5,431 | $ | - | |||||||||||||||||||||
Debt securities | 1,261 | 46 | |||||||||||||||||||||||
Total | $ | 6,692 | $ | 46 | |||||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | |||||||||||||||||||||||||
Equity securities | $ | (154 | ) | $ | - | ||||||||||||||||||||
Debt securities | (12 | ) | (404 | ) | |||||||||||||||||||||
Total | $ | (166 | ) | $ | (404 | ) | |||||||||||||||||||
Net realized gain (loss) on sales of available-for-sale securities | $ | 6,526 | $ | (358 | ) | ||||||||||||||||||||
Mortgage Loans Held-for-Sale, Net. As of March 31, 2014, 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 March 31, 2014 and December 31, 2013, we had $46.4 million and $66.1 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 March 31, 2014 and December 31, 2013, we had $18.4 million and $26.5 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. | |||||||||||||||||||||||||
Metropolitan District Bond Securities (Related Party). The Metropolitan district bond securities (the “Metro Bonds”) are included in the homebuilding section of our accompanying consolidated balance sheets. We acquired the Metro 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. 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 Metro 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 improvements in 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 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 Metro 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 Average | Movement in | Movement in | |||||||||||||||||||||
Fair Value from | Fair Value from | ||||||||||||||||||||||||
Increase in Input | Decrease in Input | ||||||||||||||||||||||||
Number of homes closed per year | 0 to 155 | 88 | Increase | Decrease | |||||||||||||||||||||
Discount rate | 6% to 16% | 10 | % | Decrease | Increase | ||||||||||||||||||||
The table set forth below summarizes the activity for our Metro Bonds: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 12,729 | $ | 5,818 | |||||||||||||||||||||
Increase in fair value (recorded in other comprehensive income) | - | - | |||||||||||||||||||||||
Change due to accretion of principal | 298 | - | |||||||||||||||||||||||
Cash receipts | - | - | |||||||||||||||||||||||
Balance at end of period | $ | 13,027 | $ | 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-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
5⅜% Senior Notes due December 2014, net | - | - | 249,814 | 258,750 | |||||||||||||||||||||
5⅜% Senior Notes due July 2015, net | 249,946 | 260,313 | 249,935 | 262,562 | |||||||||||||||||||||
5⅝% Senior Notes due February 2020, net | 246,012 | 266,250 | 245,871 | 259,688 | |||||||||||||||||||||
5½% Senior Notes due January 2024, net | 250,000 | 255,313 | - | - | |||||||||||||||||||||
6% Senior Notes due January 2043 | 350,000 | 309,750 | 350,000 | 305,083 | |||||||||||||||||||||
Total | $ | 1,095,958 | $ | 1,091,626 | $ | 1,095,620 | $ | 1,086,083 | |||||||||||||||||
Note_6_Inventories
Note 6 - Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
6 | Inventories | ||||||||
The following table sets forth, by reportable segment, information relating to our homebuilding inventories: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Housing Completed or Under Construction: | |||||||||
West | $ | 313,078 | $ | 270,778 | |||||
Mountain | 225,403 | 194,101 | |||||||
East | 173,588 | 171,821 | |||||||
Subtotal | 712,069 | 636,700 | |||||||
Land and Land Under Development: | |||||||||
West | 492,603 | 459,512 | |||||||
Mountain | 219,944 | 211,526 | |||||||
East | 126,156 | 103,923 | |||||||
Subtotal | 838,703 | 774,961 | |||||||
Total Inventories | $ | 1,550,772 | $ | 1,411,661 | |||||
Our inventories are primarily associated with communities where we intend to construct and sell homes on the land, 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 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 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 each of the three months ended March 31, 2014 and 2013, we did not record any inventory impairment charges. |
Note_7_Capitalization_of_Inter
Note 7 - Capitalization of Interest | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Capitalization Disclosure [Abstract] | ' | ||||||||
Capitalization Disclosure [Text Block] | ' | ||||||||
7 | 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 interest incurred. Qualified homebuilding assets consist of all lots and homes, excluding finished unsold homes or finished models, within projects that are actively selling or under development. The table set forth below summarizes homebuilding interest activity. | |||||||||
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. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Homebuilding interest incurred | $ | 19,182 | $ | 14,339 | |||||
Less: Interest capitalized | (18,497 | ) | (13,522 | ) | |||||
Homebuilding interest expensed | $ | 685 | $ | 817 | |||||
Interest capitalized, beginning of period | $ | 74,155 | $ | 69,143 | |||||
Interest capitalized during period | 18,497 | 13,522 | |||||||
Less: Previously capitalized interest included in home cost of sales | (11,724 | ) | (9,874 | ) | |||||
Interest capitalized, end of period | $ | 80,928 | $ | 72,791 | |||||
Note_8_Homebuilding_Prepaid_Ex
Note 8 - Homebuilding Prepaid Expenses and Other Assets | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Other Assets Disclosure [Text Block] | ' | ||||||||
8 | Homebuilding Prepaid Expenses and Other Assets | ||||||||
The following table sets forth the components of homebuilding prepaid expenses and other assets. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Land option deposits | $ | 17,908 | $ | 15,221 | |||||
Deferred marketing costs | 20,272 | 15,830 | |||||||
Prepaid expenses | 4,260 | 4,349 | |||||||
Goodwill | 6,008 | 6,008 | |||||||
Deferred debt issuance costs, net | 13,047 | 11,527 | |||||||
Other | 643 | 590 | |||||||
Total | $ | 62,138 | $ | 53,525 | |||||
Note_9_Homebuilding_Accrued_Li
Note 9 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
9 | Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities | ||||||||
The following table sets forth information relating to homebuilding accrued liabilities. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Accrued compensation and related expenses | $ | 12,127 | $ | 35,990 | |||||
Accrued executive deferred compensation | 30,796 | 30,796 | |||||||
Accrued interest | 14,391 | 24,198 | |||||||
Warranty reserves | 21,447 | 22,238 | |||||||
Customer and escrow deposits | 11,758 | 10,759 | |||||||
Land development and home construction accruals | 8,168 | 9,592 | |||||||
Other accrued liabilities | 19,837 | 19,248 | |||||||
Total accrued liabilities | $ | 118,524 | $ | 152,821 | |||||
The following table sets forth information relating to financial services accounts payable and accrued liabilities. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Insurance reserves | $ | 49,076 | $ | 49,637 | |||||
Accounts payable and other accrued liabilities | 6,059 | 6,002 | |||||||
Total accounts payable and accrued liabilities | $ | 55,135 | $ | 55,639 | |||||
Note_10_Warranty_Accrual
Note 10 - Warranty Accrual | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||
10 | Warranty Accrual | ||||||||
Our homes are sold with limited third-party 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 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. | |||||||||
The table set forth below summarizes warranty accrual and payment activity for the three months ended March 31, 2014 and 2013. Adjustments in the three month periods ended March 31, 2014 and 2013 were not material to our operations. Furthermore, the impact of the change in our warranty expense provision rate from the first quarter of 2013 to the first quarter of 2014 did not materially affect our warranty expense or our gross margin from home sales for the three months ended March 31, 2014. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 22,238 | $ | 23,151 | |||||
Expense provisions | 991 | 1,122 | |||||||
Cash payments | (982 | ) | (1,475 | ) | |||||
Adjustments | (800 | ) | 300 | ||||||
Balance at end of period | $ | 21,447 | $ | 23,098 | |||||
Note_11_Insurance_Reserves
Note 11 - Insurance Reserves | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Insurance Loss Reserves [Abstract] | ' | ||||||||
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | ' | ||||||||
11 | 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 actuarially 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. | |||||||||
The table set forth below summarizes the insurance reserve activity for the three months ended March 31, 2014 and 2013. The insurance reserve is included as a component of accrued liabilities in the financial services section of the accompanying consolidated balance sheets. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 49,637 | $ | 47,852 | |||||
Expense provisions | 1,310 | 1,527 | |||||||
Cash payments, net of recoveries | (1,871 | ) | (430 | ) | |||||
Balance at end of period | $ | 49,076 | $ | 48,949 | |||||
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 three months ended March 31, 2014 and 2013 are not necessarily indicative of what future cash payments will be for subsequent periods. |
Note_12_Deferred_Compensation_
Note 12 - Deferred Compensation Retirement Plans | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Compensation and Employee Benefit Plans [Text Block] | ' | |
12 | 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 no longer accrues additional expenses relating to Retirement Benefits. |
Note_13_Income_Taxes
Note 13 - Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
13 | Income Taxes | ||||||||
At the end of each interim period, we are required to estimate our annual effective tax rate for the fiscal year and use that rate to provide for income taxes for the current year-to-date reporting period. As a result, we recorded income tax expense of $7.1 million and $0.1 million for the three months ended March 31, 2014 and 2013, respectively, while our overall effective income tax rates were 38.3% and 0.3% for the three months ended March 31, 2014 and 2013, respectively. The increase in the effective tax rate during the 2014 first quarter, compared with the same period during 2013, resulted primarily from the reversal of substantially all of our deferred tax asset valuation allowance of $227.3 million in the second quarter of 2013. As a result of the valuation allowance release during 2013 and changes in unrecognized tax benefits, our effective tax rate during the first quarter of 2013 was not meaningful as the income tax benefit was not directly correlated to the amount of pretax income generated in such period. | |||||||||
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 our net deferred tax asset are as follows: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Deferred tax assets: | |||||||||
Federal net operating loss carryforwards | $ | 75,706 | $ | 72,915 | |||||
State net operating loss carryforwards | 42,909 | 40,227 | |||||||
Alternative minimum tax and other tax credit carryforwards | 24,196 | 24,196 | |||||||
Stock-based compensation expense | 25,443 | 26,651 | |||||||
Warranty, litigation and other reserves | 15,313 | 15,543 | |||||||
Accrued compensation | 1,823 | 11,136 | |||||||
Asset impairment charges | 4,965 | 5,889 | |||||||
Inventory, additional costs capitalized for tax purposes | 7,021 | 7,064 | |||||||
Other, net | 3,986 | 3,446 | |||||||
Total deferred tax assets | 201,362 | 207,067 | |||||||
Valuation allowance | (8,201 | ) | (8,201 | ) | |||||
Total deferred tax assets, net of valuation allowance | 193,161 | 198,866 | |||||||
Deferred tax liabilities: | |||||||||
Property, equipment and other assets | 5,422 | 5,512 | |||||||
Discount on notes receivable | 4,204 | 4,204 | |||||||
Deferred revenue | 3,110 | 3,985 | |||||||
Unrealized gain on marketable securities | 4,754 | 7,368 | |||||||
Other, net | 1,665 | 1,535 | |||||||
Total deferred tax liabilities | 19,155 | 22,604 | |||||||
Net deferred tax asset | $ | 174,006 | $ | 176,262 | |||||
Note_14_Senior_Notes
Note 14 - Senior Notes | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
14 | Senior Notes | ||||||||
The following table sets forth the carrying amount of our senior notes as of March 31, 2014 and December 31, 2013, net of applicable discounts: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
5⅜% Senior Notes due December 2014, net | $ | - | $ | 249,814 | |||||
5⅜% Senior Notes due July 2015, net | 249,946 | 249,935 | |||||||
5⅝% Senior Notes due February 2020, net | 246,012 | 245,871 | |||||||
5½% Senior Notes due January 2024, net | 250,000 | - | |||||||
6% Senior Notes due January 2043 | 350,000 | 350,000 | |||||||
Total | $ | 1,095,958 | $ | 1,095,620 | |||||
On January 15, 2014, we issued $250 million 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, with payments commencing July 15, 2014, are general unsecured obligations of MDC and rank equally and ratably with our other general unsecured and unsubordinated indebtedness. We received proceeds of $248.4 million, net of underwriting fees of $1.6 million. | |||||||||
During the quarter, we redeemed our 5⅜% Senior Notes due December 2014. As a result of this transaction, we paid $259.1 million to extinguish $250 million in debt principal with a carrying value, including unamortized deferred financing costs, of $249.7 million and recorded a $9.4 million expense for loss on extinguishment of debt. | |||||||||
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 substantially all of our homebuilding segment subsidiaries. |
Note_15_Stock_Based_Compensati
Note 15 - Stock Based Compensation | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |
15 | Stock Based Compensation | |
We account for share-based awards in accordance with ASC 718, Compensation-Stock Compensation, which requires the fair value of stock-based compensation awards to be amortized as an expense over the vesting period. Stock-based compensation awards are valued at fair value on the date of grant. | ||
During the three months ended March 31, 2014 and 2013, we expensed $0.6 million and $2.0 million, respectively, for stock option grants. The decrease in expense was primarily driven by $1.2 million of expense recorded for performance-based awards for our CEO and COO in the first quarter of 2013, which was not recorded in the first quarter of 2014. We expensed $0.7 million and $1.4 million for restricted stock awards during the three months ended March 31, 2014 and 2013, respectively. |
Note_16_Commitments_and_Contin
Note 16 - Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
16 | Commitments and Contingencies | ||||||||
Surety Bonds and Letters of Credit. We are required to obtain surety bonds and letters of credit in support of our obligations for land development and subdivision improvements, homeowner association dues, warranty work, contractor license fees and earnest money deposits. At March 31, 2014, we had issued and outstanding surety bonds and letters of credit totaling $110.3 million and $32.2 million, respectively, including $16.7 million in letters of credit issued by HomeAmerican. The estimated cost to complete obligations related to these bonds and letters of credit was approximately $47.1 million and $5.4 million, respectively. The letters of credit as of March 31, 2014, excluding those issued by HomeAmerican, were outstanding under our unsecured revolving credit facility (see Note 18 for further discussion of the revolving credit facility). We expect that the obligations secured by these performance bonds and letters of credit generally will be performed in the ordinary course of business and in accordance with the applicable contractual terms. To the extent that the obligations are performed, the related performance bonds and letters of credit should be released and we should not have any continuing obligations. However, in the event any such performance bonds or letters of credit are called, our indemnity obligations could require us to reimburse the issuer of the performance bond or letter of credit. | |||||||||
We have made no material guarantees with respect to third-party obligations. | |||||||||
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 matters: (1) pending claims received from third-party purchasers associated with previously sold mortgage loans; (2) a current assessment of the potential exposure associated with future claims of homebuyer fraud in mortgage loans originated in prior periods; and (3) historical loss experience. 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 summarizes the mortgage loan loss reserve activity. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 1,370 | $ | 805 | |||||
Expense provisions | - | 250 | |||||||
Cash payments | - | (86 | ) | ||||||
Adjustments | (497 | ) | - | ||||||
Balance at end of period | $ | 873 | $ | 969 | |||||
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. | |||||||||
Lot Option Contracts. In the normal course of business, we enter into lot option purchase contracts (“Option Contracts”), generally through a deposit of cash or a letter of credit, for the right to purchase land or lots at a future point in time with predetermined terms. The use of such land option and other contracts generally allow us to reduce the risks associated with direct land ownership and development, reduces our capital and financial commitments and minimizes the amount of our land inventories on our consolidated balance sheets. Our obligation with respect to Option Contracts is generally limited to forfeiture of the related deposits. At March 31, 2014, we had cash deposits and letters of credit totaling $11.0 million and $3.0 million, respectively, at risk associated with the option to purchase 2,635 lots. |
Note_17_Derivative_Financial_I
Note 17 - Derivative Financial Instruments | 3 Months Ended | |
Mar. 31, 2014 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |
17 | 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 March 31, 2014, we had interest rate lock commitments with an aggregate principal balance of approximately $71.4 million. Additionally, we had $18.4 million of mortgage loans held-for-sale that were not under commitments to sell at March 31, 2014. 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 $64.0 million at March 31, 2014. | ||
For the three months ended March 31, 2014 and 2013, we recorded net gains (losses) on our derivatives of $(0.4) million and $0.8 million, respectively. |
Note_18_Lines_of_Credit_and_To
Note 18 - Lines of Credit and Total Debt Obligations | 3 Months Ended | |
Mar. 31, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Debt Disclosure [Text Block] | ' | |
18 | Lines of Credit | |
Revolving Credit Facility. On December 13, 2013, we entered into an unsecured revolving credit facility (“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 our leverage ratio, as of the last day of the most recent calendar quarter, exceeds 55%, the aggregate principal amount of all consolidated senior debt borrowings outstanding may not exceed the borrowing base. There is no borrowing base requirement if our leverage ratio, as of the last day of the most recent calendar quarter, is 55% or less. | ||
The Revolving Credit Facility is fully and unconditionally guaranteed, jointly and severally, by most of our homebuilding segment subsidiaries. The facility contains various representations, warranties and covenants that we believe are customary for agreements of this type. The financial covenants include a consolidated tangible net worth test and a leverage test, along with a consolidated tangible net worth covenant, all as defined in the 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 our outstanding common stock. We believe we were in compliance with the representations, warranties and covenants included in the Revolving Credit Facility as of March 31, 2014. | ||
We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At March 31, 2014 and December 31, 2013, there were $15.5 million and $14.9 million, respectively, in letters of credit outstanding, which reduced the amounts available to be borrowed under the Revolving Credit Facility. We did not have any borrowings outstanding under the Revolving Credit Facility as of March 31, 2014 and December 31, 2013. | ||
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, which had a temporary increase in the maximum aggregate commitment from $50 million to $80 million from December 31, 2013 through January 30, 2014, had a maximum aggregate commitment of $50 million as of March 31, 2014. At March 31, 2014 and December 31, 2013, we had $39.3 million and $63.1 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 March 31, 2014. |
Note_19_Supplemental_Guarantor
Note 19 - Supplemental Guarantor Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
Supplemental Guarantor Information [Text Block] | ' | ||||||||||||||||||||
19 | 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. | |||||||||||||||||||||
Supplemental Condensed Combining Balance Sheet | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Dollars in thousands | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and cash equivalents | $ | 65,504 | $ | 3,393 | $ | - | $ | - | $ | 68,897 | |||||||||||
Marketable securities | 508,744 | - | - | - | 508,744 | ||||||||||||||||
Restricted cash | - | 1,505 | - | - | 1,505 | ||||||||||||||||
Trade Receivables | 8,844 | 23,641 | - | (2,351 | ) | 30,134 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Housing completed or under construction | - | 712,069 | - | - | 712,069 | ||||||||||||||||
Land and land under development | - | 838,703 | - | - | 838,703 | ||||||||||||||||
Total inventories | - | 1,550,772 | - | - | 1,550,772 | ||||||||||||||||
Intercompany receivables | 1,394,954 | 2,858 | 5,827 | (1,403,639 | ) | - | |||||||||||||||
Investment in subsidiaries | 201,913 | - | - | (201,913 | ) | - | |||||||||||||||
Deferred tax asset | 170,884 | - | - | 3,122 | 174,006 | ||||||||||||||||
Metropolitan district bond securities (related party) | 13,027 | - | - | - | 13,027 | ||||||||||||||||
Other assets, net | 41,882 | 51,153 | - | - | 93,035 | ||||||||||||||||
Total Homebuilding Assets | 2,405,752 | 1,633,322 | 5,827 | (1,604,781 | ) | 2,440,120 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and cash equivalents | - | - | 25,922 | - | 25,922 | ||||||||||||||||
Marketable securities | - | - | 15,870 | - | 15,870 | ||||||||||||||||
Intercompany receivables | - | - | 39,963 | (39,963 | ) | - | |||||||||||||||
Mortgage loans held-for-sale, net | - | - | 64,800 | - | 64,800 | ||||||||||||||||
Other assets, net | - | - | 6,647 | (3,122 | ) | 3,525 | |||||||||||||||
Total Financial Services Assets | - | - | 153,202 | (43,085 | ) | 110,117 | |||||||||||||||
Total Assets | $ | 2,405,752 | $ | 1,633,322 | $ | 159,029 | $ | (1,647,866 | ) | $ | 2,550,237 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | - | $ | 31,591 | $ | - | $ | - | $ | 31,591 | |||||||||||
Accrued liabilities | 51,457 | 66,285 | 59 | 723 | 118,524 | ||||||||||||||||
Advances and notes payable to parent and subsidiaries | 48,648 | 1,368,142 | 23,791 | (1,440,581 | ) | - | |||||||||||||||
Senior notes, net | 1,095,958 | - | - | - | 1,095,958 | ||||||||||||||||
Total Homebuilding Liabilities | 1,196,063 | 1,466,018 | 23,850 | (1,439,858 | ) | 1,246,073 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | - | - | 58,209 | (3,074 | ) | 55,135 | |||||||||||||||
Advances and notes payable to parent and subsidiaries | - | - | 3,021 | (3,021 | ) | - | |||||||||||||||
Mortgage repurchase facility | - | - | 39,340 | - | 39,340 | ||||||||||||||||
Total Financial Services Liabilities | - | - | 100,570 | (6,095 | ) | 94,475 | |||||||||||||||
Total Liabilities | 1,196,063 | 1,466,018 | 124,420 | (1,445,953 | ) | 1,340,548 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,209,689 | 167,304 | 34,609 | (201,913 | ) | 1,209,689 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,405,752 | $ | 1,633,322 | $ | 159,029 | $ | (1,647,866 | ) | $ | 2,550,237 | ||||||||||
Supplemental Condensed Combining 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 | ||||||||||
Supplemental Condensed Combining Statement of Operations | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 318,534 | $ | - | $ | - | $ | 318,534 | |||||||||||
Cost of Sales | - | (259,478 | ) | - | - | (259,478 | ) | ||||||||||||||
Gross margin | - | 59,056 | - | - | 59,056 | ||||||||||||||||
Selling, general, and administrative expenses | (12,077 | ) | (36,109 | ) | - | (155 | ) | (48,341 | ) | ||||||||||||
Equity income of subsidiaries | 17,073 | - | - | (17,073 | ) | - | |||||||||||||||
Interest and other income | 13,227 | 329 | 3 | (10 | ) | 13,549 | |||||||||||||||
Interest expense | (685 | ) | - | - | - | (685 | ) | ||||||||||||||
Other expense | (2 | ) | (612 | ) | - | - | (614 | ) | |||||||||||||
Loss on extinguishment of debt | (9,412 | ) | - | - | - | (9,412 | ) | ||||||||||||||
Homebuilding pretax income (loss) | 8,124 | 22,664 | 3 | (17,238 | ) | 13,553 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 4,922 | 165 | 5,087 | ||||||||||||||||
Income before income taxes | 8,124 | 22,664 | 4,925 | (17,073 | ) | 18,640 | |||||||||||||||
(Provision) benefit for income taxes | 3,380 | (8,677 | ) | (1,839 | ) | - | (7,136 | ) | |||||||||||||
Net income | $ | 11,504 | $ | 13,987 | $ | 3,086 | $ | (17,073 | ) | $ | 11,504 | ||||||||||
Other comprehensive income related to available for sale securities, net of tax | (4,046 | ) | - | 62 | (62 | ) | (4,046 | ) | |||||||||||||
Comprehensive income | $ | 7,458 | $ | 13,987 | $ | 3,148 | $ | (17,135 | ) | $ | 7,458 | ||||||||||
Supplemental Condensed Combining Statement of Operations | |||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 332,996 | $ | - | $ | (1,248 | ) | $ | 331,748 | ||||||||||
Cost of Sales | - | (275,324 | ) | - | 1,248 | (274,076 | ) | ||||||||||||||
Gross margin | - | 57,672 | - | - | 57,672 | ||||||||||||||||
Selling, general, and administrative expenses | (15,579 | ) | (32,546 | ) | - | (76 | ) | (48,201 | ) | ||||||||||||
Equity income of subsidiaries | 29,829 | - | - | (29,829 | ) | - | |||||||||||||||
Interest and other income | 6,193 | 356 | - | - | 6,549 | ||||||||||||||||
Interest expense | (817 | ) | - | - | - | (817 | ) | ||||||||||||||
Other expense | (3 | ) | (353 | ) | - | - | (356 | ) | |||||||||||||
Homebuilding pretax income (loss) | 19,623 | 25,129 | - | (29,905 | ) | 14,847 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 7,663 | 76 | 7,739 | ||||||||||||||||
Income before income taxes | 19,623 | 25,129 | 7,663 | (29,829 | ) | 22,586 | |||||||||||||||
(Provision) benefit for income taxes | 2,893 | (78 | ) | (2,885 | ) | - | (70 | ) | |||||||||||||
Net income | $ | 22,516 | $ | 25,051 | $ | 4,778 | $ | (29,829 | ) | $ | 22,516 | ||||||||||
Other comprehensive income related to available for sale securities, net of tax | 2,535 | - | (96 | ) | 96 | 2,535 | |||||||||||||||
Comprehensive income | $ | 25,051 | $ | 25,051 | $ | 4,682 | $ | (29,733 | ) | $ | 25,051 | ||||||||||
Supplemental Condensed Combining Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (43,521 | ) | $ | (101,004 | ) | $ | 30,277 | $ | - | $ | (114,248 | ) | ||||||||
Net cash provided by (used in) investing activities | (13,276 | ) | (80 | ) | 3,187 | 66,511 | 56,342 | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Payments from (advances to) subsidiaries | - | 101,023 | (34,512 | ) | (66,511 | ) | - | ||||||||||||||
Mortgage repurchase facility | - | - | (23,734 | ) | - | (23,734 | ) | ||||||||||||||
Proceeds from issuance of senior notes | 248,375 | - | - | - | 248,375 | ||||||||||||||||
Repayment of senior notes | (259,118 | ) | - | - | - | (259,118 | ) | ||||||||||||||
Dividend payments | (12,207 | ) | - | - | - | (12,207 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 71 | - | - | - | 71 | ||||||||||||||||
Net cash provided by (used in) financing activities | (22,879 | ) | 101,023 | (58,246 | ) | (66,511 | ) | (46,613 | ) | ||||||||||||
Net increase in cash and cash equivalents | (79,676 | ) | (61 | ) | (24,782 | ) | - | (104,519 | ) | ||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | 145,180 | 3,454 | 50,704 | - | 199,338 | ||||||||||||||||
End of period | $ | 65,504 | $ | 3,393 | $ | 25,922 | $ | - | $ | 94,819 | |||||||||||
Supplemental Condensed Combining Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (7,369 | ) | $ | (151,915 | ) | $ | 103,866 | $ | - | $ | (55,418 | ) | ||||||||
Net cash used in investing activities | (192,538 | ) | (571 | ) | (909 | ) | 86,949 | (107,069 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Payments from (advances to) subsidiaries | - | 153,486 | (66,537 | ) | (86,949 | ) | - | ||||||||||||||
Mortgage repurchase facility | - | - | (34,859 | ) | - | (34,859 | ) | ||||||||||||||
Proceeds from the issuance of senior notes | 247,813 | - | - | - | 247,813 | ||||||||||||||||
Proceeds from the exercise of stock options | 5,118 | - | - | - | 5,118 | ||||||||||||||||
Net cash provided by (used in) financing activities | 252,931 | 153,486 | (101,396 | ) | (86,949 | ) | 218,072 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 53,024 | 1,000 | 1,561 | - | 55,585 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | 125,904 | 3,308 | 30,883 | - | 160,095 | ||||||||||||||||
End of period | $ | 178,928 | $ | 4,308 | $ | 32,444 | $ | - | $ | 215,680 | |||||||||||
Note_2_Segment_Reporting_Table
Note 2 - Segment Reporting (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Homebuilding | |||||||||
West | $ | 136,422 | $ | 134,979 | |||||
Mountain | 100,945 | 133,377 | |||||||
East | 81,167 | 63,392 | |||||||
Total home sale revenues | $ | 318,534 | $ | 331,748 | |||||
Financial Services | |||||||||
Mortgage operations | $ | 5,119 | $ | 9,044 | |||||
Other | 4,104 | 3,462 | |||||||
Total financial services revenues | $ | 9,223 | $ | 12,506 | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Homebuilding | |||||||||
West | $ | 12,650 | $ | 10,611 | |||||
Mountain | 7,359 | 12,996 | |||||||
East | 2,661 | 1,528 | |||||||
Corporate | (9,117 | ) | (10,288 | ) | |||||
Total homebuilding pretax income | $ | 13,553 | $ | 14,847 | |||||
Financial Services | |||||||||
Mortgage operations | $ | 2,559 | $ | 5,999 | |||||
Other | 2,528 | 1,740 | |||||||
Total financial services pretax income | $ | 5,087 | $ | 7,739 | |||||
Total pretax income | $ | 18,640 | $ | 22,586 | |||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Homebuilding assets | |||||||||
West | $ | 837,792 | $ | 760,450 | |||||
Mountain | 467,630 | 418,796 | |||||||
East | 325,042 | 297,627 | |||||||
Corporate | 809,656 | 951,809 | |||||||
Total homebuilding assets | $ | 2,440,120 | $ | 2,428,682 | |||||
Financial services assets | |||||||||
Mortgage operations | $ | 70,848 | $ | 99,065 | |||||
Other | 39,269 | 67,702 | |||||||
Total financial services assets | $ | 110,117 | $ | 166,767 | |||||
Total assets | $ | 2,550,237 | $ | 2,595,449 |
Note_3_Earnings_Loss_Per_Share1
Note 3 - Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings per share: [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands, except per share amounts) | |||||||||
Numerator | |||||||||
Net income | $ | 11,504 | $ | 22,516 | |||||
Less: distributed earnings allocated to participating securities | (52 | ) | - | ||||||
Less: undistributed earnings allocated to participating securities | - | (375 | ) | ||||||
Net income attributable to common stockholders (numerator for basic earnings per share) | 11,452 | 22,141 | |||||||
Add back: undistributed earnings allocated to participating securities | - | 375 | |||||||
Less: undistributed earnings reallocated to participating securities | - | (370 | ) | ||||||
Numerator for diluted earnings per share under two class method | $ | 11,452 | $ | 22,146 | |||||
Denominator | |||||||||
Weighted-average common shares outstanding | 48,585,757 | 48,342,145 | |||||||
Add: dilutive effect of stock options | 268,918 | 580,190 | |||||||
Denominator for diluted earnings per share under two class method | 48,854,675 | 48,922,335 | |||||||
Basic Earnings Per Common Share | $ | 0.24 | $ | 0.46 | |||||
Diluted Earnings Per Common Share | $ | 0.23 | $ | 0.45 |
Note_4_Accumulated_Other_Compr1
Note 4 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Unrealized gains (losses) on available-for-sale marketable securities (1) : | |||||||||
Beginning balance | $ | 7,655 | $ | 4,838 | |||||
Other comprehensive income (loss) before reclassifications | (33 | ) | 2,221 | ||||||
Amounts reclassified from accumulated other comprehensive income (2) | (4,013 | ) | 314 | ||||||
Ending balance | $ | 3,609 | $ | 7,373 | |||||
Unrealized gains on available-for-sale metropolitan district bond securities (1) : | |||||||||
Beginning balance | $ | 3,920 | $ | - | |||||
Other comprehensive income before reclassifications | - | - | |||||||
Amounts reclassified from accumulated other comprehensive income | - | - | |||||||
Ending balance | $ | 3,920 | $ | - | |||||
Total ending accumulated other comprehensive income | $ | 7,529 | $ | 7,373 | |||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
Affected Line Item in the Statements of Operations | 2014 | 2013 | |||||||
(Dollars in thousands) | |||||||||
Homebuilding interest and other income | $ | 6,537 | $ | (295 | ) | ||||
Financial services interest and other income | (12 | ) | (19 | ) | |||||
Income before income taxes | 6,525 | (314 | ) | ||||||
Provision for income taxes | (2,512 | ) | - | ||||||
Net income | $ | 4,013 | $ | (314 | ) |
Note_5_Fair_Value_Measurements1
Note 5 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Financial Instrument | Hierarchy | March 31, | December 31, | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Marketable securities (available-for-sale) | |||||||||||||||||||||||||
Equity securities | Level 1 | $ | 459,314 | $ | 389,323 | ||||||||||||||||||||
Debt securities - maturity less than 1 year | Level 2 | 14,053 | 72,577 | ||||||||||||||||||||||
Debt securities - maturity 1 to 5 years | Level 2 | 34,653 | 106,566 | ||||||||||||||||||||||
Debt securities - maturity greater than 5 years | Level 2 | 16,594 | 19,601 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 524,614 | $ | 588,067 | |||||||||||||||||||||
Mortgage loans held-for-sale, net | Level 2 | $ | 64,800 | $ | 92,578 | ||||||||||||||||||||
Metropolitan district bond securities (related party) (available-for-sale) | Level 3 | $ | 13,027 | $ | 12,729 | ||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||||||
Equity securities | $ | 450,095 | $ | 455,214 | $ | 375,142 | $ | 385,303 | |||||||||||||||||
Debt securities | 53,125 | 53,530 | 181,635 | 183,718 | |||||||||||||||||||||
Total homebuilding available-for-sale securities | $ | 503,220 | $ | 508,744 | $ | 556,777 | $ | 569,021 | |||||||||||||||||
Financial Services: | |||||||||||||||||||||||||
Equity securities | $ | 4,000 | $ | 4,100 | $ | 4,000 | $ | 4,020 | |||||||||||||||||
Debt securities | 11,482 | 11,770 | 14,721 | 15,026 | |||||||||||||||||||||
Total financial services available-for-sale debt securities | $ | 15,482 | $ | 15,870 | $ | 18,721 | $ | 19,046 | |||||||||||||||||
Total available-for-sale marketable securities | $ | 518,702 | $ | 524,614 | $ | 575,498 | $ | 588,067 | |||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | 39 | $ | (211 | ) | $ | 26,628 | 72 | $ | (430 | ) | $ | 46,440 | |||||||||||||
Equity | 6 | (1,052 | ) | 202,183 | 7 | (713 | ) | 14,174 | |||||||||||||||||
Total | 45 | $ | (1,263 | ) | $ | 228,811 | 79 | $ | (1,143 | ) | $ | 60,614 | |||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | |||||||||||||||||||||||||
Equity securities | $ | 5,431 | $ | - | |||||||||||||||||||||
Debt securities | 1,261 | 46 | |||||||||||||||||||||||
Total | $ | 6,692 | $ | 46 | |||||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | |||||||||||||||||||||||||
Equity securities | $ | (154 | ) | $ | - | ||||||||||||||||||||
Debt securities | (12 | ) | (404 | ) | |||||||||||||||||||||
Total | $ | (166 | ) | $ | (404 | ) | |||||||||||||||||||
Net realized gain (loss) on sales of available-for-sale securities | $ | 6,526 | $ | (358 | ) | ||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||||||||
Quantitative Data | Sensitivity Analysis | ||||||||||||||||||||||||
Unobservable Input | Range | Weighted Average | Movement in | Movement in | |||||||||||||||||||||
Fair Value from | Fair Value from | ||||||||||||||||||||||||
Increase in Input | Decrease in Input | ||||||||||||||||||||||||
Number of homes closed per year | 0 to 155 | 88 | Increase | Decrease | |||||||||||||||||||||
Discount rate | 6% to 16% | 10 | % | Decrease | Increase | ||||||||||||||||||||
Schedule Of Principal Amounts And Fair Values Of Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 12,729 | $ | 5,818 | |||||||||||||||||||||
Increase in fair value (recorded in other comprehensive income) | - | - | |||||||||||||||||||||||
Change due to accretion of principal | 298 | - | |||||||||||||||||||||||
Cash receipts | - | - | |||||||||||||||||||||||
Balance at end of period | $ | 13,027 | $ | 5,818 | |||||||||||||||||||||
Fair Value Of Senior Notes Table [Text Block] | ' | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
5⅜% Senior Notes due December 2014, net | - | - | 249,814 | 258,750 | |||||||||||||||||||||
5⅜% Senior Notes due July 2015, net | 249,946 | 260,313 | 249,935 | 262,562 | |||||||||||||||||||||
5⅝% Senior Notes due February 2020, net | 246,012 | 266,250 | 245,871 | 259,688 | |||||||||||||||||||||
5½% Senior Notes due January 2024, net | 250,000 | 255,313 | - | - | |||||||||||||||||||||
6% Senior Notes due January 2043 | 350,000 | 309,750 | 350,000 | 305,083 | |||||||||||||||||||||
Total | $ | 1,095,958 | $ | 1,091,626 | $ | 1,095,620 | $ | 1,086,083 |
Note_6_Inventories_Tables
Note 6 - Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule Of Inventory Table [Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Housing Completed or Under Construction: | |||||||||
West | $ | 313,078 | $ | 270,778 | |||||
Mountain | 225,403 | 194,101 | |||||||
East | 173,588 | 171,821 | |||||||
Subtotal | 712,069 | 636,700 | |||||||
Land and Land Under Development: | |||||||||
West | 492,603 | 459,512 | |||||||
Mountain | 219,944 | 211,526 | |||||||
East | 126,156 | 103,923 | |||||||
Subtotal | 838,703 | 774,961 | |||||||
Total Inventories | $ | 1,550,772 | $ | 1,411,661 |
Note_7_Capitalization_of_Inter1
Note 7 - Capitalization of Interest (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Capitalization Disclosure [Abstract] | ' | ||||||||
Capitalization Of Interest [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Homebuilding interest incurred | $ | 19,182 | $ | 14,339 | |||||
Less: Interest capitalized | (18,497 | ) | (13,522 | ) | |||||
Homebuilding interest expensed | $ | 685 | $ | 817 | |||||
Interest capitalized, beginning of period | $ | 74,155 | $ | 69,143 | |||||
Interest capitalized during period | 18,497 | 13,522 | |||||||
Less: Previously capitalized interest included in home cost of sales | (11,724 | ) | (9,874 | ) | |||||
Interest capitalized, end of period | $ | 80,928 | $ | 72,791 |
Note_8_Homebuilding_Prepaid_Ex1
Note 8 - Homebuilding Prepaid Expenses and Other Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Land option deposits | $ | 17,908 | $ | 15,221 | |||||
Deferred marketing costs | 20,272 | 15,830 | |||||||
Prepaid expenses | 4,260 | 4,349 | |||||||
Goodwill | 6,008 | 6,008 | |||||||
Deferred debt issuance costs, net | 13,047 | 11,527 | |||||||
Other | 643 | 590 | |||||||
Total | $ | 62,138 | $ | 53,525 |
Note_9_Homebuilding_Accrued_Li1
Note 9 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Accrued compensation and related expenses | $ | 12,127 | $ | 35,990 | |||||
Accrued executive deferred compensation | 30,796 | 30,796 | |||||||
Accrued interest | 14,391 | 24,198 | |||||||
Warranty reserves | 21,447 | 22,238 | |||||||
Customer and escrow deposits | 11,758 | 10,759 | |||||||
Land development and home construction accruals | 8,168 | 9,592 | |||||||
Other accrued liabilities | 19,837 | 19,248 | |||||||
Total accrued liabilities | $ | 118,524 | $ | 152,821 | |||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Insurance reserves | $ | 49,076 | $ | 49,637 | |||||
Accounts payable and other accrued liabilities | 6,059 | 6,002 | |||||||
Total accounts payable and accrued liabilities | $ | 55,135 | $ | 55,639 |
Note_10_Warranty_Accrual_Table
Note 10 - Warranty Accrual (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 22,238 | $ | 23,151 | |||||
Expense provisions | 991 | 1,122 | |||||||
Cash payments | (982 | ) | (1,475 | ) | |||||
Adjustments | (800 | ) | 300 | ||||||
Balance at end of period | $ | 21,447 | $ | 23,098 |
Note_11_Insurance_Reserves_Tab
Note 11 - Insurance Reserves (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Insurance Loss Reserves [Abstract] | ' | ||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 49,637 | $ | 47,852 | |||||
Expense provisions | 1,310 | 1,527 | |||||||
Cash payments, net of recoveries | (1,871 | ) | (430 | ) | |||||
Balance at end of period | $ | 49,076 | $ | 48,949 |
Note_13_Income_Taxes_Tables
Note 13 - Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Deferred tax assets: | |||||||||
Federal net operating loss carryforwards | $ | 75,706 | $ | 72,915 | |||||
State net operating loss carryforwards | 42,909 | 40,227 | |||||||
Alternative minimum tax and other tax credit carryforwards | 24,196 | 24,196 | |||||||
Stock-based compensation expense | 25,443 | 26,651 | |||||||
Warranty, litigation and other reserves | 15,313 | 15,543 | |||||||
Accrued compensation | 1,823 | 11,136 | |||||||
Asset impairment charges | 4,965 | 5,889 | |||||||
Inventory, additional costs capitalized for tax purposes | 7,021 | 7,064 | |||||||
Other, net | 3,986 | 3,446 | |||||||
Total deferred tax assets | 201,362 | 207,067 | |||||||
Valuation allowance | (8,201 | ) | (8,201 | ) | |||||
Total deferred tax assets, net of valuation allowance | 193,161 | 198,866 | |||||||
Deferred tax liabilities: | |||||||||
Property, equipment and other assets | 5,422 | 5,512 | |||||||
Discount on notes receivable | 4,204 | 4,204 | |||||||
Deferred revenue | 3,110 | 3,985 | |||||||
Unrealized gain on marketable securities | 4,754 | 7,368 | |||||||
Other, net | 1,665 | 1,535 | |||||||
Total deferred tax liabilities | 19,155 | 22,604 | |||||||
Net deferred tax asset | $ | 174,006 | $ | 176,262 |
Note_14_Senior_Notes_Tables
Note 14 - Senior Notes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
5⅜% Senior Notes due December 2014, net | $ | - | $ | 249,814 | |||||
5⅜% Senior Notes due July 2015, net | 249,946 | 249,935 | |||||||
5⅝% Senior Notes due February 2020, net | 246,012 | 245,871 | |||||||
5½% Senior Notes due January 2024, net | 250,000 | - | |||||||
6% Senior Notes due January 2043 | 350,000 | 350,000 | |||||||
Total | $ | 1,095,958 | $ | 1,095,620 |
Note_16_Commitments_and_Contin1
Note 16 - Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule Of Mortgage Loan Loss Reserve Activity [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 1,370 | $ | 805 | |||||
Expense provisions | - | 250 | |||||||
Cash payments | - | (86 | ) | ||||||
Adjustments | (497 | ) | - | ||||||
Balance at end of period | $ | 873 | $ | 969 |
Note_19_Supplemental_Guarantor1
Note 19 - Supplemental Guarantor Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Dollars in thousands | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Cash and cash equivalents | $ | 65,504 | $ | 3,393 | $ | - | $ | - | $ | 68,897 | |||||||||||
Marketable securities | 508,744 | - | - | - | 508,744 | ||||||||||||||||
Restricted cash | - | 1,505 | - | - | 1,505 | ||||||||||||||||
Trade Receivables | 8,844 | 23,641 | - | (2,351 | ) | 30,134 | |||||||||||||||
Inventories: | |||||||||||||||||||||
Housing completed or under construction | - | 712,069 | - | - | 712,069 | ||||||||||||||||
Land and land under development | - | 838,703 | - | - | 838,703 | ||||||||||||||||
Total inventories | - | 1,550,772 | - | - | 1,550,772 | ||||||||||||||||
Intercompany receivables | 1,394,954 | 2,858 | 5,827 | (1,403,639 | ) | - | |||||||||||||||
Investment in subsidiaries | 201,913 | - | - | (201,913 | ) | - | |||||||||||||||
Deferred tax asset | 170,884 | - | - | 3,122 | 174,006 | ||||||||||||||||
Metropolitan district bond securities (related party) | 13,027 | - | - | - | 13,027 | ||||||||||||||||
Other assets, net | 41,882 | 51,153 | - | - | 93,035 | ||||||||||||||||
Total Homebuilding Assets | 2,405,752 | 1,633,322 | 5,827 | (1,604,781 | ) | 2,440,120 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Cash and cash equivalents | - | - | 25,922 | - | 25,922 | ||||||||||||||||
Marketable securities | - | - | 15,870 | - | 15,870 | ||||||||||||||||
Intercompany receivables | - | - | 39,963 | (39,963 | ) | - | |||||||||||||||
Mortgage loans held-for-sale, net | - | - | 64,800 | - | 64,800 | ||||||||||||||||
Other assets, net | - | - | 6,647 | (3,122 | ) | 3,525 | |||||||||||||||
Total Financial Services Assets | - | - | 153,202 | (43,085 | ) | 110,117 | |||||||||||||||
Total Assets | $ | 2,405,752 | $ | 1,633,322 | $ | 159,029 | $ | (1,647,866 | ) | $ | 2,550,237 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Accounts payable | $ | - | $ | 31,591 | $ | - | $ | - | $ | 31,591 | |||||||||||
Accrued liabilities | 51,457 | 66,285 | 59 | 723 | 118,524 | ||||||||||||||||
Advances and notes payable to parent and subsidiaries | 48,648 | 1,368,142 | 23,791 | (1,440,581 | ) | - | |||||||||||||||
Senior notes, net | 1,095,958 | - | - | - | 1,095,958 | ||||||||||||||||
Total Homebuilding Liabilities | 1,196,063 | 1,466,018 | 23,850 | (1,439,858 | ) | 1,246,073 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Accounts payable and other liabilities | - | - | 58,209 | (3,074 | ) | 55,135 | |||||||||||||||
Advances and notes payable to parent and subsidiaries | - | - | 3,021 | (3,021 | ) | - | |||||||||||||||
Mortgage repurchase facility | - | - | 39,340 | - | 39,340 | ||||||||||||||||
Total Financial Services Liabilities | - | - | 100,570 | (6,095 | ) | 94,475 | |||||||||||||||
Total Liabilities | 1,196,063 | 1,466,018 | 124,420 | (1,445,953 | ) | 1,340,548 | |||||||||||||||
Equity: | |||||||||||||||||||||
Total Stockholders' Equity | 1,209,689 | 167,304 | 34,609 | (201,913 | ) | 1,209,689 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,405,752 | $ | 1,633,322 | $ | 159,029 | $ | (1,647,866 | ) | $ | 2,550,237 | ||||||||||
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 | ||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 318,534 | $ | - | $ | - | $ | 318,534 | |||||||||||
Cost of Sales | - | (259,478 | ) | - | - | (259,478 | ) | ||||||||||||||
Gross margin | - | 59,056 | - | - | 59,056 | ||||||||||||||||
Selling, general, and administrative expenses | (12,077 | ) | (36,109 | ) | - | (155 | ) | (48,341 | ) | ||||||||||||
Equity income of subsidiaries | 17,073 | - | - | (17,073 | ) | - | |||||||||||||||
Interest and other income | 13,227 | 329 | 3 | (10 | ) | 13,549 | |||||||||||||||
Interest expense | (685 | ) | - | - | - | (685 | ) | ||||||||||||||
Other expense | (2 | ) | (612 | ) | - | - | (614 | ) | |||||||||||||
Loss on extinguishment of debt | (9,412 | ) | - | - | - | (9,412 | ) | ||||||||||||||
Homebuilding pretax income (loss) | 8,124 | 22,664 | 3 | (17,238 | ) | 13,553 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 4,922 | 165 | 5,087 | ||||||||||||||||
Income before income taxes | 8,124 | 22,664 | 4,925 | (17,073 | ) | 18,640 | |||||||||||||||
(Provision) benefit for income taxes | 3,380 | (8,677 | ) | (1,839 | ) | - | (7,136 | ) | |||||||||||||
Net income | $ | 11,504 | $ | 13,987 | $ | 3,086 | $ | (17,073 | ) | $ | 11,504 | ||||||||||
Other comprehensive income related to available for sale securities, net of tax | (4,046 | ) | - | 62 | (62 | ) | (4,046 | ) | |||||||||||||
Comprehensive income | $ | 7,458 | $ | 13,987 | $ | 3,148 | $ | (17,135 | ) | $ | 7,458 | ||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||
Revenues | $ | - | $ | 332,996 | $ | - | $ | (1,248 | ) | $ | 331,748 | ||||||||||
Cost of Sales | - | (275,324 | ) | - | 1,248 | (274,076 | ) | ||||||||||||||
Gross margin | - | 57,672 | - | - | 57,672 | ||||||||||||||||
Selling, general, and administrative expenses | (15,579 | ) | (32,546 | ) | - | (76 | ) | (48,201 | ) | ||||||||||||
Equity income of subsidiaries | 29,829 | - | - | (29,829 | ) | - | |||||||||||||||
Interest and other income | 6,193 | 356 | - | - | 6,549 | ||||||||||||||||
Interest expense | (817 | ) | - | - | - | (817 | ) | ||||||||||||||
Other expense | (3 | ) | (353 | ) | - | - | (356 | ) | |||||||||||||
Homebuilding pretax income (loss) | 19,623 | 25,129 | - | (29,905 | ) | 14,847 | |||||||||||||||
Financial Services: | |||||||||||||||||||||
Financial services pretax income | - | - | 7,663 | 76 | 7,739 | ||||||||||||||||
Income before income taxes | 19,623 | 25,129 | 7,663 | (29,829 | ) | 22,586 | |||||||||||||||
(Provision) benefit for income taxes | 2,893 | (78 | ) | (2,885 | ) | - | (70 | ) | |||||||||||||
Net income | $ | 22,516 | $ | 25,051 | $ | 4,778 | $ | (29,829 | ) | $ | 22,516 | ||||||||||
Other comprehensive income related to available for sale securities, net of tax | 2,535 | - | (96 | ) | 96 | 2,535 | |||||||||||||||
Comprehensive income | $ | 25,051 | $ | 25,051 | $ | 4,682 | $ | (29,733 | ) | $ | 25,051 | ||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (43,521 | ) | $ | (101,004 | ) | $ | 30,277 | $ | - | $ | (114,248 | ) | ||||||||
Net cash provided by (used in) investing activities | (13,276 | ) | (80 | ) | 3,187 | 66,511 | 56,342 | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Payments from (advances to) subsidiaries | - | 101,023 | (34,512 | ) | (66,511 | ) | - | ||||||||||||||
Mortgage repurchase facility | - | - | (23,734 | ) | - | (23,734 | ) | ||||||||||||||
Proceeds from issuance of senior notes | 248,375 | - | - | - | 248,375 | ||||||||||||||||
Repayment of senior notes | (259,118 | ) | - | - | - | (259,118 | ) | ||||||||||||||
Dividend payments | (12,207 | ) | - | - | - | (12,207 | ) | ||||||||||||||
Proceeds from the exercise of stock options | 71 | - | - | - | 71 | ||||||||||||||||
Net cash provided by (used in) financing activities | (22,879 | ) | 101,023 | (58,246 | ) | (66,511 | ) | (46,613 | ) | ||||||||||||
Net increase in cash and cash equivalents | (79,676 | ) | (61 | ) | (24,782 | ) | - | (104,519 | ) | ||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | 145,180 | 3,454 | 50,704 | - | 199,338 | ||||||||||||||||
End of period | $ | 65,504 | $ | 3,393 | $ | 25,922 | $ | - | $ | 94,819 | |||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||
MDC | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | Entries | MDC | ||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (7,369 | ) | $ | (151,915 | ) | $ | 103,866 | $ | - | $ | (55,418 | ) | ||||||||
Net cash used in investing activities | (192,538 | ) | (571 | ) | (909 | ) | 86,949 | (107,069 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Payments from (advances to) subsidiaries | - | 153,486 | (66,537 | ) | (86,949 | ) | - | ||||||||||||||
Mortgage repurchase facility | - | - | (34,859 | ) | - | (34,859 | ) | ||||||||||||||
Proceeds from the issuance of senior notes | 247,813 | - | - | - | 247,813 | ||||||||||||||||
Proceeds from the exercise of stock options | 5,118 | - | - | - | 5,118 | ||||||||||||||||
Net cash provided by (used in) financing activities | 252,931 | 153,486 | (101,396 | ) | (86,949 | ) | 218,072 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 53,024 | 1,000 | 1,561 | - | 55,585 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
Beginning of period | 125,904 | 3,308 | 30,883 | - | 160,095 | ||||||||||||||||
End of period | $ | 178,928 | $ | 4,308 | $ | 32,444 | $ | - | $ | 215,680 |
Note_2_Segment_Reporting_Detai
Note 2 - Segment Reporting (Details) (Other Segments [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Other Segments [Member] | ' |
Note 2 - Segment Reporting (Details) [Line Items] | ' |
Number of Reportable Segments | 1 |
Note_2_Segment_Reporting_Detai1
Note 2 - Segment Reporting (Details) - Reconciliation of Revenue from Segments to Consolidated (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reportable Geographical Components [Member] | West [Member] | ' | ' |
Homebuilding | ' | ' |
Revenues | $136,422 | $134,979 |
Reportable Geographical Components [Member] | Mountain [Member] | ' | ' |
Homebuilding | ' | ' |
Revenues | 100,945 | 133,377 |
Reportable Geographical Components [Member] | East [Member] | ' | ' |
Homebuilding | ' | ' |
Revenues | 81,167 | 63,392 |
Reportable Geographical Components [Member] | Mortgage Operations [Member] | ' | ' |
Homebuilding | ' | ' |
Revenues | 5,119 | 9,044 |
Reportable Geographical Components [Member] | Other Financial Services [Member] | ' | ' |
Homebuilding | ' | ' |
Revenues | 4,104 | 3,462 |
Homebuilding [Member] | ' | ' |
Homebuilding | ' | ' |
Revenues | 318,534 | 331,748 |
Financial Services [Member] | ' | ' |
Homebuilding | ' | ' |
Revenues | $9,223 | $12,506 |
Note_2_Segment_Reporting_Detai2
Note 2 - Segment Reporting (Details) - Reconciliation of Pretax Operating Income from Segments to Consolidated (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Homebuilding | ' | ' |
Income before income taxes | $18,640 | $22,586 |
Reportable Geographical Components [Member] | West [Member] | ' | ' |
Homebuilding | ' | ' |
Income before income taxes | 12,650 | 10,611 |
Reportable Geographical Components [Member] | Mountain [Member] | ' | ' |
Homebuilding | ' | ' |
Income before income taxes | 7,359 | 12,996 |
Reportable Geographical Components [Member] | East [Member] | ' | ' |
Homebuilding | ' | ' |
Income before income taxes | 2,661 | 1,528 |
Reportable Geographical Components [Member] | Corporate Segment [Member] | ' | ' |
Homebuilding | ' | ' |
Income before income taxes | -9,117 | -10,288 |
Reportable Geographical Components [Member] | Homebuilding [Member] | ' | ' |
Homebuilding | ' | ' |
Income before income taxes | 13,553 | 14,847 |
Reportable Geographical Components [Member] | Mortgage Operations [Member] | ' | ' |
Homebuilding | ' | ' |
Income before income taxes | 2,559 | 5,999 |
Reportable Geographical Components [Member] | Other Financial Services [Member] | ' | ' |
Homebuilding | ' | ' |
Income before income taxes | 2,528 | 1,740 |
Homebuilding [Member] | ' | ' |
Homebuilding | ' | ' |
Income before income taxes | 13,553 | 14,847 |
Financial Services [Member] | ' | ' |
Homebuilding | ' | ' |
Income before income taxes | $5,087 | $7,739 |
Note_2_Segment_Reporting_Detai3
Note 2 - Segment Reporting (Details) - Total Assets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Homebuilding assets | ' | ' |
Total Assets | $2,550,237 | $2,595,449 |
Reportable Geographical Components [Member] | West [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 837,792 | 760,450 |
Reportable Geographical Components [Member] | Mountain [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 467,630 | 418,796 |
Reportable Geographical Components [Member] | East [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 325,042 | 297,627 |
Reportable Geographical Components [Member] | Corporate Segment [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 809,656 | 951,809 |
Reportable Geographical Components [Member] | Homebuilding [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 2,440,120 | 2,428,682 |
Reportable Geographical Components [Member] | Mortgage Operations [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 70,848 | 99,065 |
Reportable Geographical Components [Member] | Other Financial Services [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 39,269 | 67,702 |
Reportable Geographical Components [Member] | Financial Services [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 110,117 | 166,767 |
Homebuilding [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | 2,440,120 | 2,428,682 |
Financial Services [Member] | ' | ' |
Homebuilding assets | ' | ' |
Total Assets | $110,117 | $166,767 |
Note_3_Earnings_Loss_Per_Share2
Note 3 - Earnings (Loss) Per Share (Details) (Equity Option [Member]) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity Option [Member] | ' | ' |
Note 3 - Earnings (Loss) Per Share (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.7 | 2.9 |
Note_3_Earnings_Loss_Per_Share3
Note 3 - Earnings (Loss) Per Share (Details) - Earnings (Loss) Per Share - Basic and Diluted Loss Per Share (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator | ' | ' |
Net income | $11,504 | $22,516 |
Less: distributed earnings allocated to participating securities | -52 | ' |
Less: undistributed earnings allocated to participating securities | ' | -375 |
Net income attributable to common stockholders (numerator for basic earnings per share) | 11,452 | 22,141 |
Add back: undistributed earnings allocated to participating securities | ' | 375 |
Less: undistributed earnings reallocated to participating securities | ' | -370 |
Numerator for diluted earnings per share under two class method | $11,452 | $22,146 |
Denominator | ' | ' |
Weighted-average common shares outstanding (in Shares) | 48,585,757 | 48,342,145 |
Denominator for diluted earnings per share under two class method (in Shares) | 48,854,675 | 48,922,335 |
Basic Earnings Per Common Share (in Dollars per share) | $0.24 | $0.46 |
Diluted Earnings Per Common Share (in Dollars per share) | $0.23 | $0.45 |
Employee Stock Option [Member] | ' | ' |
Denominator | ' | ' |
Add: dilutive effect of stock options (in Shares) | 268,918 | 580,190 |
Note_4_Accumulated_Other_Compr2
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details) - Changes in Accumulated Other Comprehensive Income (Loss) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Metropolitan District Bond Securities [Member] | Metropolitan District Bond Securities [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
Unrealized gains (losses) on available-for-sale marketable securities (1) : | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $7,529 | $11,575 | $7,373 | $3,920 | $3,920 | $7,655 | $4,838 |
Ending Balance | 7,529 | 11,575 | 7,373 | 3,920 | 3,920 | 3,609 | 7,373 |
Total ending accumulated other comprehensive income | 7,529 | 11,575 | 7,373 | 3,920 | 3,920 | 3,609 | 7,373 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | -33 | 2,221 |
Amounts reclassified from accumulated other comprehensive income (2) | ' | ' | ' | ' | ' | ($4,013) | $314 |
Note_4_Accumulated_Other_Compr3
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details) - Reclassifications out of AOCI (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Income before income taxes | $18,640 | $22,586 |
Provision for income taxes | -7,136 | -70 |
Net income | 11,504 | 22,516 |
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 [Line Items] | ' | ' |
Homebuilding interest and other income | 6,537 | -295 |
Homebuilding [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Homebuilding interest and other income | 13,549 | 6,549 |
Income before income taxes | 13,553 | 14,847 |
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 [Line Items] | ' | ' |
Financial services interest and other income | -12 | -19 |
Financial Services [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Financial services interest and other income | 788 | 875 |
Income before income taxes | 5,087 | 7,739 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Income before income taxes | 6,525 | -314 |
Provision for income taxes | -2,512 | ' |
Net income | $4,013 | ($314) |
Note_5_Fair_Value_Measurements2
Note 5 - Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Under Commitment To Sell [Member] | Under Commitment To Sell [Member] | Not Under Commitment To Sell [Member] | Not Under Commitment To Sell [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 5 - Fair Value Measurements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) Accumulated in AOCI | $5,900,000 | $12,600,000 | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in AOCI | -1,300,000 | -1,100,000 | ' | ' | ' | ' | ' | ' | ' |
Loans Held-for-sale, Mortgages | ' | ' | $46,400,000 | $66,100,000 | $18,400,000 | $26,500,000 | $64,800,000 | $92,578,000 | ' |
Short Term Borrowings Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | '30 days |
Note_5_Fair_Value_Measurements3
Note 5 - Fair Value Measurements (Details) - Fair Value Methods Used for Measuring Fair Values of Financial Instruments on Recurring Basis (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Marketable securities (available-for-sale) | ' | ' | ' | ' |
Total available-for-sale securities | $524,614 | $588,067 | ' | ' |
Metropolitan District Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Marketable securities (available-for-sale) | ' | ' | ' | ' |
Metropolitan district bond securities (related party) (available-for-sale) | 13,027 | 12,729 | ' | ' |
Metropolitan District Bond Securities [Member] | ' | ' | ' | ' |
Marketable securities (available-for-sale) | ' | ' | ' | ' |
Metropolitan district bond securities (related party) (available-for-sale) | 13,027 | 12,729 | 5,818 | 5,818 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Marketable securities (available-for-sale) | ' | ' | ' | ' |
Equity securities | 459,314 | 389,323 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Marketable securities (available-for-sale) | ' | ' | ' | ' |
Debt securities - maturity less than 1 year | 14,053 | 72,577 | ' | ' |
Debt securities - maturity 1 to 5 years | 34,653 | 106,566 | ' | ' |
Debt securities - maturity greater than 5 years | 16,594 | 19,601 | ' | ' |
Mortgage loans held-for-sale, net | $64,800 | $92,578 | ' | ' |
Note_5_Fair_Value_Measurements4
Note 5 - Fair Value Measurements (Details) - Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Homebuilding: | ' | ' |
Total available-for-sale marketable securities | $524,614 | $588,067 |
Homebuilding [Member] | Amortized Cost [Member] | ' | ' |
Homebuilding: | ' | ' |
Equity security | 450,095 | 375,142 |
Debt securities | 53,125 | 181,635 |
Total available-for-sale marketable securities | 503,220 | 556,777 |
Homebuilding [Member] | Fair Value [Member] | ' | ' |
Homebuilding: | ' | ' |
Equity security | 455,214 | 385,303 |
Debt securities | 53,530 | 183,718 |
Total available-for-sale marketable securities | 508,744 | 569,021 |
Financial Services [Member] | Amortized Cost [Member] | ' | ' |
Homebuilding: | ' | ' |
Equity security | 4,000 | 4,000 |
Debt securities | 11,482 | 14,721 |
Total available-for-sale marketable securities | 15,482 | 18,721 |
Financial Services [Member] | Fair Value [Member] | ' | ' |
Homebuilding: | ' | ' |
Equity security | 4,100 | 4,020 |
Debt securities | 11,770 | 15,026 |
Total available-for-sale marketable securities | 15,870 | 19,046 |
Amortized Cost [Member] | ' | ' |
Homebuilding: | ' | ' |
Total available-for-sale marketable securities | 518,702 | 575,498 |
Fair Value [Member] | ' | ' |
Homebuilding: | ' | ' |
Total available-for-sale marketable securities | $524,614 | $588,067 |
Note_5_Fair_Value_Measurements5
Note 5 - Fair Value Measurements (Details) - Aggregate Fair Value of Securities in Unrealized Loss Positions (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Type of Investment | ' | ' |
Number of Securities in Loss Position | 45 | 79 |
Aggregate Loss Position | ($1,263) | ($1,143) |
Aggregate Fair Value of Securities in a Loss Position | 228,811 | 60,614 |
Debt Securities [Member] | ' | ' |
Type of Investment | ' | ' |
Number of Securities in Loss Position | 39 | 72 |
Aggregate Loss Position | -211 | -430 |
Aggregate Fair Value of Securities in a Loss Position | 26,628 | 46,440 |
Equity Securities [Member] | ' | ' |
Type of Investment | ' | ' |
Number of Securities in Loss Position | 6 | 7 |
Aggregate Loss Position | -1,052 | -713 |
Aggregate Fair Value of Securities in a Loss Position | $202,183 | $14,174 |
Note_5_Fair_Value_Measurements6
Note 5 - Fair Value Measurements (Details) - Gross Realized Gains and Gross Realized Losses (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gross realized gains on sales of available-for-sale securities | ' | ' |
Gross realized gains on sales of available-for-sale securities | $6,692 | $46 |
Gross realized losses on sales of available-for-sale securities | ' | ' |
Gross realized losses on sales of available-for-sale securities | -166 | -404 |
Net realized gain (loss) on sales of available-for-sale securities | 6,526 | -358 |
Equity Securities [Member] | ' | ' |
Gross realized gains on sales of available-for-sale securities | ' | ' |
Gross realized gains on sales of available-for-sale securities | 5,431 | ' |
Gross realized losses on sales of available-for-sale securities | ' | ' |
Gross realized losses on sales of available-for-sale securities | -154 | ' |
Debt Securities [Member] | ' | ' |
Gross realized gains on sales of available-for-sale securities | ' | ' |
Gross realized gains on sales of available-for-sale securities | 1,261 | 46 |
Gross realized losses on sales of available-for-sale securities | ' | ' |
Gross realized losses on sales of available-for-sale securities | ($12) | ($404) |
Note_5_Fair_Value_Measurements7
Note 5 - Fair Value Measurements (Details) - Quantitative Data Regarding Unobservable Inputs and Sensitivity Analysis | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Number of homes closed per year | 88 |
Discount rate | 10.00% |
Minimum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Number of homes closed per year | 0 |
Discount rate | 6.00% |
Maximum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Number of homes closed per year | 155 |
Discount rate | 16.00% |
Note_5_Fair_Value_Measurements8
Note 5 - Fair Value Measurements (Details) - Summary of Activity for Metro Bonds (Metropolitan District Bond Securities [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Metropolitan District Bond Securities [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Summary of Activity for Metro Bonds [Line Items] | ' | ' |
Balance at beginning of period | $12,729 | $5,818 |
Balance at end of period | 13,027 | 5,818 |
Increase in fair value (recorded in other comprehensive income) | ' | 0 |
Change due to accretion of principal | $298 | $0 |
Note_5_Fair_Value_Measurements9
Note 5 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 5 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | $1,095,958 | $1,095,620 |
Fair Value | 1,091,626 | 1,086,083 |
5.375% Senior Notes Due December 2014 [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | 249,700 | 249,814 |
Fair Value | ' | 258,750 |
5.375% Senior Notes Due July 2015 [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | 249,946 | 249,935 |
Fair Value | 260,313 | 262,562 |
5.625% Senior Notes Due 2020 [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | 246,012 | 245,871 |
Fair Value | 266,250 | 259,688 |
5.5% Senior Notes Due 2024 [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | 250,000 | ' |
Fair Value | 255,313 | ' |
6.000% Senior Notes Due January 2043 [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ' | ' |
Carrying Amount | 350,000 | 350,000 |
Fair Value | $309,750 | $305,083 |
Recovered_Sheet1
Note 5 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
5.375% Senior Notes Due December 2014 [Member] | ' | ' |
Note 5 - 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 5 - 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 5 - 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% |
5.5% Senior Notes Due 2024 [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) [Line Items] | ' | ' |
Senior Notes, maturity date | '2024 | '2024 |
Senior Notes, interest rate | 5.50% | 5.50% |
6.000% Senior Notes Due January 2043 [Member] | ' | ' |
Note 5 - 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% |
Note_6_Inventories_Details_Sum
Note 6 - Inventories (Details) - Summary of Inventory (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Housing Completed or Under Construction: | ' | ' |
Housing completed or under construction | $712,069 | $636,700 |
Land and Land Under Development: | ' | ' |
Land and land under development | 838,703 | 774,961 |
Total Inventories | 1,550,772 | 1,411,661 |
West [Member] | ' | ' |
Housing Completed or Under Construction: | ' | ' |
Housing completed or under construction | 313,078 | 270,778 |
Land and Land Under Development: | ' | ' |
Land and land under development | 492,603 | 459,512 |
Mountain [Member] | ' | ' |
Housing Completed or Under Construction: | ' | ' |
Housing completed or under construction | 225,403 | 194,101 |
Land and Land Under Development: | ' | ' |
Land and land under development | 219,944 | 211,526 |
East [Member] | ' | ' |
Housing Completed or Under Construction: | ' | ' |
Housing completed or under construction | 173,588 | 171,821 |
Land and Land Under Development: | ' | ' |
Land and land under development | $126,156 | $103,923 |
Note_7_Capitalization_of_Inter2
Note 7 - Capitalization of Interest (Details) - Interest Activity (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest Activity [Abstract] | ' | ' |
Homebuilding interest incurred | $19,182 | $14,339 |
Less: Interest capitalized | -18,497 | -13,522 |
Homebuilding interest expensed | 685 | 817 |
Interest capitalized | 74,155 | 69,143 |
Interest capitalized during period | 18,497 | 13,522 |
Less: Previously capitalized interest included in home cost of sales | -11,724 | -9,874 |
Interest capitalized | $80,928 | $72,791 |
Note_8_Homebuilding_Prepaid_Ex2
Note 8 - Homebuilding Prepaid Expenses and Other Assets (Details) - Summary of Homebuilding Prepaid Expenses and Other Assets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Homebuilding Prepaid Expenses and Other Assets [Abstract] | ' | ' |
Land option deposits | $17,908 | $15,221 |
Deferred marketing costs | 20,272 | 15,830 |
Prepaid expenses | 4,260 | 4,349 |
Goodwill | 6,008 | 6,008 |
Deferred debt issuance costs, net | 13,047 | 11,527 |
Other | 643 | 590 |
Total | $62,138 | $53,525 |
Note_9_Homebuilding_Accrued_Li2
Note 9 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Note 9 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities [Line Items] | ' | ' | ' | ' |
Warranty reserves | $21,447 | $22,238 | $23,098 | $23,151 |
Homebuilding [Member] | Land Development And Home Construction Accruals [Member] | ' | ' | ' | ' |
Note 9 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities [Line Items] | ' | ' | ' | ' |
Accrued liabilities current and non-current | 8,168 | 9,592 | ' | ' |
Homebuilding [Member] | ' | ' | ' | ' |
Note 9 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities [Line Items] | ' | ' | ' | ' |
Accrued compensation and related expenses | 12,127 | 35,990 | ' | ' |
Accrued executive deferred compensation | 30,796 | 30,796 | ' | ' |
Accrued interest | 14,391 | 24,198 | ' | ' |
Warranty reserves | 21,447 | 22,238 | ' | ' |
Customer and escrow deposits | 11,758 | 10,759 | ' | ' |
Accrued liabilities current and non-current | 118,524 | 152,821 | ' | ' |
Other accrued liabilities | $19,837 | $19,248 | ' | ' |
Note_9_Homebuilding_Accrued_Li3
Note 9 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Financial Services Accounts Payable and Accrued Liabilities (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financial Services Accounts Payable and Accrued Liabilities [Abstract] | ' | ' | ' | ' |
Insurance reserves | $49,076 | $49,637 | $48,949 | $47,852 |
Accounts payable and other accrued liabilities | 6,059 | 6,002 | ' | ' |
Total accounts payable and accrued liabilities | $55,135 | $55,639 | ' | ' |
Note_10_Warranty_Accrual_Detai
Note 10 - Warranty Accrual (Details) - Warranty Accrual and Payment Activity (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Warranty Accrual and Payment Activity [Abstract] | ' | ' |
Balance at beginning of period | $22,238 | $23,151 |
Expense provisions | 991 | 1,122 |
Cash payments | -982 | -1,475 |
Adjustments | -800 | 300 |
Balance at end of period | $21,447 | $23,098 |
Note_11_Insurance_Reserves_Det
Note 11 - Insurance Reserves (Details) - Insurance Reserves (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Insurance Reserves [Abstract] | ' | ' |
Balance at beginning of period | $49,637 | $47,852 |
Balance at end of period | 49,076 | 48,949 |
Expense provisions | 1,310 | 1,527 |
Cash payments, net of recoveries | ($1,871) | ($430) |
Note_12_Deferred_Compensation_1
Note 12 - Deferred Compensation Retirement Plans (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Chairman Of The Board And Chief Executive Officer [Member] | ' |
Note 12 - Deferred Compensation Retirement Plans (Details) [Line Items] | ' |
Deferred Compensation Arrangement with Individual, Recorded Liability | $14.80 |
President And Chief Operating Officer [Member] | ' |
Note 12 - Deferred Compensation Retirement Plans (Details) [Line Items] | ' |
Deferred Compensation Arrangement with Individual, Recorded Liability | $16 |
Note_13_Income_Taxes_Details
Note 13 - Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income Tax Expense (Benefit) | $7,136,000 | $70,000 | ' |
Effective Income Tax Rate Reconciliation, Percent | 38.30% | 0.30% | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | $227,300,000 |
Note_13_Income_Taxes_Details_C
Note 13 - Income Taxes (Details) - Components of Deferred Tax Assets and Liabilities (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Federal net operating loss carryforwards | $75,706 | $72,915 |
State net operating loss carryforwards | 42,909 | 40,227 |
Alternative minimum tax and other tax credit carryforwards | 24,196 | 24,196 |
Stock-based compensation expense | 25,443 | 26,651 |
Warranty, litigation and other reserves | 15,313 | 15,543 |
Accrued compensation | 1,823 | 11,136 |
Asset impairment charges | 4,965 | 5,889 |
Inventory, additional costs capitalized for tax purposes | 7,021 | 7,064 |
Other, net | 3,986 | 3,446 |
Total deferred tax assets | 201,362 | 207,067 |
Valuation allowance | -8,201 | -8,201 |
Total deferred tax assets, net of valuation allowance | 193,161 | 198,866 |
Deferred tax liabilities: | ' | ' |
Property, equipment and other assets | 5,422 | 5,512 |
Discount on notes receivable | 4,204 | 4,204 |
Deferred revenue | 3,110 | 3,985 |
Unrealized gain on marketable securities | 4,754 | 7,368 |
Other, net | 1,665 | 1,535 |
Total deferred tax liabilities | 19,155 | 22,604 |
Net deferred tax asset | $174,006 | $176,262 |
Note_14_Senior_Notes_Details
Note 14 - Senior Notes (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Note 14 - Senior Notes (Details) [Line Items] | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | $248,375,000 | $247,813,000 | ' |
Long-term Debt, Gross | 1,095,958,000 | ' | 1,095,620,000 |
Gains (Losses) on Extinguishment of Debt | -9,412,000 | ' | ' |
5.5% Senior Notes Due 2024 [Member] | ' | ' | ' |
Note 14 - Senior Notes (Details) [Line Items] | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | 250,000,000 | ' | ' |
Proceeds from Debt, Net of Issuance Costs | 248,400,000 | ' | ' |
Debt Issuance Cost | 1,600,000 | ' | ' |
5.375% Senior Notes Due December 2014 [Member] | ' | ' | ' |
Note 14 - Senior Notes (Details) [Line Items] | ' | ' | ' |
Early Repayment of Senior Debt | 259,100,000 | ' | ' |
Debt Instrument, Face Amount | 250,000,000 | ' | ' |
Long-term Debt, Gross | 249,700,000 | ' | 249,814,000 |
Gains (Losses) on Extinguishment of Debt | ($9,400,000) | ' | ' |
Note_14_Senior_Notes_Details_C
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items] | ' | ' |
Senior notes | $1,095,958 | $1,095,620 |
5.375% Senior Notes Due December 2014 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items] | ' | ' |
Senior notes | 249,700 | 249,814 |
5.375% Senior Notes Due July 2015 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items] | ' | ' |
Senior notes | 249,946 | 249,935 |
Senior Notes 5.375% Due February 2020 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items] | ' | ' |
Senior notes | 246,012 | 245,871 |
5.5% Senior Notes Due 2024 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items] | ' | ' |
Senior notes | 250,000 | ' |
6.000% Senior Notes Due January 2043 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items] | ' | ' |
Senior notes | $350,000 | $350,000 |
Note_14_Senior_Notes_Details_C1
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (Parentheticals) | Mar. 31, 2014 | Dec. 31, 2013 |
5.375% Senior Notes Due December 2014 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (Parentheticals) [Line Items] | ' | ' |
Senior notes, interest rate | 5.38% | 5.38% |
Senior notes, maturity date | ' | '2014 |
5.375% Senior Notes Due July 2015 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (Parentheticals) [Line Items] | ' | ' |
Senior notes, interest rate | 5.38% | 5.38% |
Senior notes, maturity date | '2015 | '2015 |
Senior Notes 5.375% Due February 2020 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (Parentheticals) [Line Items] | ' | ' |
Senior notes, interest rate | 5.63% | 5.63% |
Senior notes, maturity date | '2020 | '2020 |
5.5% Senior Notes Due 2024 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (Parentheticals) [Line Items] | ' | ' |
Senior notes, interest rate | 5.50% | 5.50% |
Senior notes, maturity date | '2024 | ' |
6.000% Senior Notes Due January 2043 [Member] | ' | ' |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (Parentheticals) [Line Items] | ' | ' |
Senior notes, interest rate | 6.00% | 6.00% |
Senior notes, maturity date | '2043 | '2043 |
Note_15_Stock_Based_Compensati1
Note 15 - Stock Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 |
Employee Stock Option [Member] | Employee Stock Option [Member] | Performance Shares [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |
CEO and COO [Member] | |||||
Note 15 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $0.60 | $2 | $1.20 | $1.40 | $0.70 |
Note_16_Commitments_and_Contin2
Note 16 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' |
Surety Bonds Issued And Outstanding | $110.30 |
Letters of Credit Outstanding, Amount | 32.2 |
Estimated Cost Related To Bonds | 47.1 |
Estimated Cost Related To Letters Of Credit | 5.4 |
Option Contracts [Member] | ' |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' |
Letters of Credit Outstanding, Amount | 3 |
Earnest Money Deposits | 11 |
Right To Acquire Lots Under Options Contract | 2,635 |
Homeamerican [Member] | ' |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' |
Letters of Credit Outstanding, Amount | $16.70 |
Note_16_Commitments_and_Contin3
Note 16 - Commitments and Contingencies (Details) - Mortgage Loan Loss Reserve Activity (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Mortgage Loan Loss Reserve Activity [Abstract] | ' | ' |
Balance at beginning of period | $1,370 | $805 |
Expense provisions | ' | 250 |
Cash payments | ' | -86 |
Adjustments | -497 | ' |
Balance at end of period | $873 | $969 |
Note_17_Derivative_Financial_I1
Note 17 - Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Note 17 - Derivative Financial Instruments (Details) [Line Items] | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | $0.80 | $0.40 |
Commitment to Originate Mortgage Loans [Member] | ' | ' |
Note 17 - Derivative Financial Instruments (Details) [Line Items] | ' | ' |
Notional Amount Of Forward Rate Commitments And Futures Contracts To Hedge Against Mortgage Servicing Rights | 71.4 | ' |
No Commitment to Originate Mortgage Loans [Member] | ' | ' |
Note 17 - Derivative Financial Instruments (Details) [Line Items] | ' | ' |
Notional Amount Of Forward Rate Commitments And Futures Contracts To Hedge Against Mortgage Servicing Rights | 18.4 | ' |
Forward Sales of Mortgage-backed Securities [Member] | ' | ' |
Note 17 - Derivative Financial Instruments (Details) [Line Items] | ' | ' |
Notional Amount Of Forward Rate Commitments And Futures Contracts To Hedge Against Mortgage Servicing Rights | $64 | ' |
Note_18_Lines_of_Credit_and_To1
Note 18 - Lines of Credit and Total Debt Obligations (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Upon Request [Member] | Borrowing Base is Required [Member] | Borrowing Base Is Not Required [Member] | Subject to Acceleration [Member] | Revolving Credit Facility [Member] | Standby Letters of Credit [Member] | Standby Letters of Credit [Member] | Mortgage Repurchase Facility [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 18 - Lines of Credit and Total Debt Obligations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $1,000 | ' | ' | ' | $450 | ' | ' | $50 | $80 | $50 | ' | ' |
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 | ' | ' | ' | ' | ' | $15.50 | $14.90 | $39.30 | $63.10 | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.75% |
Note_19_Supplemental_Guarantor2
Note 19 - Supplemental Guarantor Information (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Note 19 - 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 19 - Supplemental Guarantor Information (Details) [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 100.00% |
Note_19_Supplemental_Guarantor3
Note 19 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Balance Sheet (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $94,819 | $199,338 | $215,680 | $160,095 |
Housing completed or under construction | 712,069 | 636,700 | ' | ' |
Land and land under development | 838,703 | 774,961 | ' | ' |
Total inventories | 1,550,772 | 1,411,661 | ' | ' |
Deferred tax asset | 174,006 | 176,262 | ' | ' |
Total Assets | 2,550,237 | 2,595,449 | ' | ' |
Total Liabilities | 1,340,548 | 1,382,200 | ' | ' |
Total Stockholderbs Equity | 1,209,689 | 1,213,249 | ' | ' |
Total Liabilities and Stockholdersb Equity | 2,550,237 | 2,595,449 | ' | ' |
Accounts payable and other liabilities | 55,135 | 55,639 | ' | ' |
Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Trade Receivables | -2,351 | -5,459 | ' | ' |
Intercompany receivables | -1,403,639 | -1,148,767 | ' | ' |
Investment in subsidiaries | -201,913 | -335,870 | ' | ' |
Deferred tax asset | 3,122 | 3,287 | ' | ' |
Total Assets | -1,604,781 | -1,486,809 | ' | ' |
Accrued liabilities | 723 | -1,207 | ' | ' |
Advances and notes payable to parent and subsidiaries | -1,440,581 | -1,156,941 | ' | ' |
Total Liabilities | -1,439,858 | -1,158,148 | ' | ' |
Homebuilding [Member] | MDC Holdings [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 65,504 | 145,180 | ' | ' |
Marketable securities | 508,744 | 569,021 | ' | ' |
Trade Receivables | 8,844 | 915 | ' | ' |
Intercompany receivables | 1,394,954 | 1,144,292 | ' | ' |
Investment in subsidiaries | 201,913 | 335,870 | ' | ' |
Deferred tax asset | 170,884 | 172,975 | ' | ' |
Metropolitan district bond securities (related party) | 13,027 | ' | ' | ' |
Other assets, net | 41,882 | 53,933 | ' | ' |
Total Assets | 2,405,752 | 2,422,186 | ' | ' |
Accounts payable | ' | 13 | ' | ' |
Accrued liabilities | 51,457 | 97,612 | ' | ' |
Advances and notes payable to parent and subsidiaries | 48,648 | 15,692 | ' | ' |
Senior notes, net | 1,095,958 | 1,095,620 | ' | ' |
Total Liabilities | 1,196,063 | 1,208,937 | ' | ' |
Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3,393 | 3,454 | ' | ' |
Restricted cash | 1,505 | 2,195 | ' | ' |
Trade Receivables | 23,641 | 27,951 | ' | ' |
Housing completed or under construction | 712,069 | 636,700 | ' | ' |
Land and land under development | 838,703 | 774,961 | ' | ' |
Total inventories | 1,550,772 | 1,411,661 | ' | ' |
Intercompany receivables | 2,858 | 2,576 | ' | ' |
Other assets, net | 51,153 | 43,569 | ' | ' |
Total Assets | 1,633,322 | 1,491,406 | ' | ' |
Accounts payable | 31,591 | 15,033 | ' | ' |
Accrued liabilities | 66,285 | 56,334 | ' | ' |
Advances and notes payable to parent and subsidiaries | 1,368,142 | 1,121,581 | ' | ' |
Total Liabilities | 1,466,018 | 1,192,948 | ' | ' |
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Intercompany receivables | 5,827 | 1,899 | ' | ' |
Total Assets | 5,827 | 1,899 | ' | ' |
Accrued liabilities | 59 | 82 | ' | ' |
Advances and notes payable to parent and subsidiaries | 23,791 | 19,668 | ' | ' |
Total Liabilities | 23,850 | 19,750 | ' | ' |
Homebuilding [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 68,897 | 148,634 | ' | ' |
Marketable securities | 508,744 | 569,021 | ' | ' |
Restricted cash | 1,505 | 2,195 | ' | ' |
Trade Receivables | 30,134 | 23,407 | ' | ' |
Housing completed or under construction | 712,069 | 636,700 | ' | ' |
Land and land under development | 838,703 | 774,961 | ' | ' |
Total inventories | 1,550,772 | 1,411,661 | ' | ' |
Deferred tax asset | 174,006 | 176,262 | ' | ' |
Metropolitan district bond securities (related party) | 13,027 | 12,729 | ' | ' |
Other assets, net | 93,035 | 97,502 | ' | ' |
Total Assets | 2,440,120 | 2,428,682 | ' | ' |
Accounts payable | 31,591 | 15,046 | ' | ' |
Accrued liabilities | 118,524 | 152,821 | ' | ' |
Senior notes, net | 1,095,958 | 1,095,620 | ' | ' |
Total Liabilities | 1,246,073 | 1,263,487 | ' | ' |
Financial Services [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Intercompany receivables | -39,963 | -11,216 | ' | ' |
Other assets, net | -3,122 | -3,287 | ' | ' |
Total Assets | -43,085 | -14,503 | ' | ' |
Advances and notes payable to parent and subsidiaries | -3,021 | ' | ' | ' |
Total Liabilities | -6,095 | -7,294 | ' | ' |
Accounts payable and other liabilities | -3,074 | -4,252 | ' | ' |
Intercompany payables | ' | -3,042 | ' | ' |
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 25,922 | 50,704 | ' | ' |
Marketable securities | 15,870 | 19,046 | ' | ' |
Intercompany receivables | 39,963 | 11,216 | ' | ' |
Mortgage loans held-for-sale, net | 64,800 | 92,578 | ' | ' |
Other assets, net | 6,647 | 7,726 | ' | ' |
Total Assets | 153,202 | 181,270 | ' | ' |
Advances and notes payable to parent and subsidiaries | 3,021 | ' | ' | ' |
Mortgage repurchase facility | 39,340 | 63,074 | ' | ' |
Total Liabilities | 100,570 | 126,007 | ' | ' |
Accounts payable and other liabilities | 58,209 | 59,891 | ' | ' |
Intercompany payables | ' | 3,042 | ' | ' |
Financial Services [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 25,922 | 50,704 | ' | ' |
Marketable securities | 15,870 | 19,046 | ' | ' |
Mortgage loans held-for-sale, net | 64,800 | 92,578 | ' | ' |
Other assets, net | 3,525 | 4,439 | ' | ' |
Total Assets | 110,117 | 166,767 | ' | ' |
Mortgage repurchase facility | 39,340 | 63,074 | ' | ' |
Total Liabilities | 94,475 | 118,713 | ' | ' |
Accounts payable and other liabilities | 55,135 | 55,639 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Total Assets | -1,647,866 | -1,501,312 | ' | ' |
Total Liabilities | -1,445,953 | -1,165,442 | ' | ' |
Total Stockholderbs Equity | -201,913 | -335,870 | ' | ' |
Total Liabilities and Stockholdersb Equity | -1,647,866 | -1,501,312 | ' | ' |
MDC Holdings [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 65,504 | 145,180 | 178,928 | 125,904 |
Total Assets | 2,405,752 | 2,422,186 | ' | ' |
Total Liabilities | 1,196,063 | 1,208,937 | ' | ' |
Total Stockholderbs Equity | 1,209,689 | 1,213,249 | ' | ' |
Total Liabilities and Stockholdersb Equity | 2,405,752 | 2,422,186 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3,393 | 3,454 | 4,308 | 3,308 |
Total Assets | 1,633,322 | 1,491,406 | ' | ' |
Total Liabilities | 1,466,018 | 1,192,948 | ' | ' |
Total Stockholderbs Equity | 167,304 | 298,458 | ' | ' |
Total Liabilities and Stockholdersb Equity | 1,633,322 | 1,491,406 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 25,922 | 50,704 | 32,444 | 30,883 |
Total Assets | 159,029 | 183,169 | ' | ' |
Total Liabilities | 124,420 | 145,757 | ' | ' |
Total Stockholderbs Equity | 34,609 | 37,412 | ' | ' |
Total Liabilities and Stockholdersb Equity | $159,029 | $183,169 | ' | ' |
Note_19_Supplemental_Guarantor4
Note 19 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Homebuilding: | ' | ' |
Interest expense | ($685) | ($817) |
Loss on extinguishment of debt | -9,412 | ' |
Income (loss) before income taxes | 18,640 | 22,586 |
Financial Services: | ' | ' |
(Provision) benefit for income taxes | -7,136 | -70 |
Net income (loss) | 11,504 | 22,516 |
Other comprehensive income related to available for sale securities, net of tax | -4,046 | 2,535 |
Comprehensive income | 7,458 | 25,051 |
Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' |
Homebuilding: | ' | ' |
Revenues | ' | -1,248 |
Cost of Sales | ' | 1,248 |
Selling, general, and administrative expenses | -155 | -76 |
Equity income (loss) of subsidiaries | -17,073 | -29,829 |
Interest income | -10 | ' |
Income (loss) before income taxes | -17,238 | -29,905 |
Homebuilding [Member] | MDC Holdings [Member] | ' | ' |
Homebuilding: | ' | ' |
Selling, general, and administrative expenses | -12,077 | -15,579 |
Equity income (loss) of subsidiaries | 17,073 | 29,829 |
Interest income | 13,227 | 6,193 |
Interest expense | -685 | -817 |
Other income (expense), net | -2 | -3 |
Loss on extinguishment of debt | -9,412 | ' |
Income (loss) before income taxes | 8,124 | 19,623 |
Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' |
Homebuilding: | ' | ' |
Revenues | 318,534 | 332,996 |
Cost of Sales | -259,478 | -275,324 |
Gross margin | 59,056 | 57,672 |
Selling, general, and administrative expenses | -36,109 | -32,546 |
Interest income | 329 | 356 |
Other income (expense), net | -612 | -353 |
Income (loss) before income taxes | 22,664 | 25,129 |
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' |
Homebuilding: | ' | ' |
Interest income | 3 | ' |
Income (loss) before income taxes | 3 | ' |
Homebuilding [Member] | ' | ' |
Homebuilding: | ' | ' |
Revenues | 318,534 | 331,748 |
Cost of Sales | -259,478 | -274,076 |
Gross margin | 59,056 | 57,672 |
Selling, general, and administrative expenses | -48,341 | -48,201 |
Interest income | 13,549 | 6,549 |
Interest expense | -685 | -817 |
Other income (expense), net | -614 | -356 |
Loss on extinguishment of debt | -9,412 | ' |
Income (loss) before income taxes | 13,553 | 14,847 |
Financial Services [Member] | Consolidation, Eliminations [Member] | ' | ' |
Homebuilding: | ' | ' |
Income (loss) before income taxes | 165 | 76 |
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' |
Homebuilding: | ' | ' |
Income (loss) before income taxes | 4,922 | 7,663 |
Financial Services [Member] | ' | ' |
Homebuilding: | ' | ' |
Revenues | 9,223 | 12,506 |
Income (loss) before income taxes | 5,087 | 7,739 |
Consolidation, Eliminations [Member] | ' | ' |
Homebuilding: | ' | ' |
Income (loss) before income taxes | -17,073 | -29,829 |
Financial Services: | ' | ' |
Net income (loss) | -17,073 | -29,829 |
Other comprehensive income related to available for sale securities, net of tax | -62 | 96 |
Comprehensive income | -17,135 | -29,733 |
MDC Holdings [Member] | ' | ' |
Homebuilding: | ' | ' |
Income (loss) before income taxes | 8,124 | 19,623 |
Financial Services: | ' | ' |
(Provision) benefit for income taxes | 3,380 | 2,893 |
Net income (loss) | 11,504 | 22,516 |
Other comprehensive income related to available for sale securities, net of tax | -4,046 | 2,535 |
Comprehensive income | 7,458 | 25,051 |
Guarantor Subsidiaries [Member] | ' | ' |
Homebuilding: | ' | ' |
Income (loss) before income taxes | 22,664 | 25,129 |
Financial Services: | ' | ' |
(Provision) benefit for income taxes | -8,677 | -78 |
Net income (loss) | 13,987 | 25,051 |
Comprehensive income | 13,987 | 25,051 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Homebuilding: | ' | ' |
Income (loss) before income taxes | 4,925 | 7,663 |
Financial Services: | ' | ' |
(Provision) benefit for income taxes | -1,839 | -2,885 |
Net income (loss) | 3,086 | 4,778 |
Other comprehensive income related to available for sale securities, net of tax | 62 | -96 |
Comprehensive income | $3,148 | $4,682 |
Note_19_Supplemental_Guarantor5
Note 19 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | ($114,248) | ($55,418) |
Net cash used in investing activities | 56,342 | -107,069 |
Financing activities: | ' | ' |
Mortgage repurchase facility | -23,734 | -34,859 |
Proceeds from issuance of senior notes | 248,375 | 247,813 |
Repayment of senior notes | -259,118 | ' |
Dividend payments | -12,207 | -12,207 |
Proceeds from the exercise of stock options | 71 | 5,118 |
Net cash provided by (used in) financing activities | -46,613 | 218,072 |
Net increase in cash and cash equivalents | -104,519 | 55,585 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 199,338 | 160,095 |
End of period | 94,819 | 215,680 |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash used in investing activities | 66,511 | 86,949 |
Financing activities: | ' | ' |
Intercompany advances (repayments) | -66,511 | -86,949 |
Net cash provided by (used in) financing activities | -66,511 | -86,949 |
MDC Holdings [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -43,521 | -7,369 |
Net cash used in investing activities | -13,276 | -192,538 |
Financing activities: | ' | ' |
Proceeds from issuance of senior notes | 248,375 | 247,813 |
Repayment of senior notes | -259,118 | ' |
Dividend payments | ' | -12,207 |
Proceeds from the exercise of stock options | 71 | 5,118 |
Net cash provided by (used in) financing activities | -22,879 | 252,931 |
Net increase in cash and cash equivalents | -79,676 | 53,024 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 145,180 | 125,904 |
End of period | 65,504 | 178,928 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -101,004 | -151,915 |
Net cash used in investing activities | -80 | -571 |
Financing activities: | ' | ' |
Intercompany advances (repayments) | 101,023 | 153,486 |
Net cash provided by (used in) financing activities | 101,023 | 153,486 |
Net increase in cash and cash equivalents | -61 | 1,000 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 3,454 | 3,308 |
End of period | 3,393 | 4,308 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 30,277 | 103,866 |
Net cash used in investing activities | 3,187 | -909 |
Financing activities: | ' | ' |
Intercompany advances (repayments) | -34,512 | -66,537 |
Mortgage repurchase facility | -23,734 | -34,859 |
Net cash provided by (used in) financing activities | -58,246 | -101,396 |
Net increase in cash and cash equivalents | -24,782 | 1,561 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 50,704 | 30,883 |
End of period | $25,922 | $32,444 |