Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
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 | 48,883,924 | |
Amendment Flag | false | |
Entity Central Index Key | 773,141 | |
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 | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Homebuilding: | |||
Cash and cash equivalents | $ 180,288 | $ 153,825 | |
Inventories: | |||
Housing completed or under construction | 774,069 | 732,692 | |
Land and land under development | 898,398 | 935,268 | |
Total inventories | 1,672,467 | 1,667,960 | |
Deferred tax asset, net | 136,900 | 153,500 | |
Prepaid and other assets | 68,702 | 67,996 | |
Total Assets | 2,351,936 | 2,358,438 | |
Homebuilding: | |||
Total Liabilities | 1,115,711 | 1,130,102 | |
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; 48,885,411 and 48,831,639 issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 489 | 488 | |
Additional paid-in-capital | 912,921 | 909,974 | |
Retained earnings | 311,412 | 307,419 | |
Accumulated other comprehensive income | 11,403 | [1] | 10,455 |
Total Stockholders' Equity | 1,236,225 | 1,228,336 | |
Total Liabilities and Stockholders' Equity | 2,351,936 | 2,358,438 | |
Homebuilding [Member] | |||
Homebuilding: | |||
Cash and cash equivalents | 148,226 | 122,642 | |
Marketable securities | 123,105 | 140,878 | |
Restricted cash | 4,944 | 2,816 | |
Trade and other receivables | 27,120 | 28,555 | |
Inventories: | |||
Housing completed or under construction | 774,069 | 732,692 | |
Land and land under development | 898,398 | 935,268 | |
Total inventories | 1,672,467 | 1,667,960 | |
Property and equipment, net | 29,101 | 30,491 | |
Deferred tax asset, net | 123,519 | 140,486 | |
Metropolitan district bond securities (related party) | 22,259 | 18,203 | |
Prepaid and other assets | 68,702 | 67,996 | |
Total Assets | 2,219,443 | 2,220,027 | |
Homebuilding: | |||
Accounts payable | 33,956 | 35,445 | |
Accrued liabilities | 116,034 | 115,117 | |
Revolving credit facility | 15,000 | 15,000 | |
Senior notes, net | 846,752 | 846,450 | |
Total Liabilities | 1,011,742 | 1,012,012 | |
Financial Services [Member] | |||
Homebuilding: | |||
Cash and cash equivalents | 32,062 | 31,183 | |
Marketable securities | 14,438 | 15,262 | |
Mortgage loans held-for-sale, net | 79,728 | 88,392 | |
Other assets | 6,265 | 3,574 | |
Inventories: | |||
Total Assets | 132,493 | 138,411 | |
Homebuilding: | |||
Total Liabilities | 103,969 | 118,090 | |
Financial Services: | |||
Accounts payable and accrued liabilities | 53,969 | 57,268 | |
Mortgage repurchase facility | $ 50,000 | $ 60,822 | |
[1] | All amounts net-of-tax. |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
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 | 48,885,411 | 48,831,639 |
Common stock, shares outstanding | 48,885,411 | 48,831,639 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Homebuilding: | ||||
Interest expense | $ (685) | |||
Loss on early extinguishment of debt | (9,412) | |||
Income (loss) before income taxes | $ 31,882 | $ 34,026 | $ 45,208 | 52,666 |
Provision for income taxes | (11,884) | (12,484) | (16,790) | (19,620) |
Net income | 19,998 | 21,542 | 28,418 | 33,046 |
Other comprehensive income (loss) related to available for sale securities, net of tax | (360) | 2,327 | 948 | (1,719) |
Comprehensive income | $ 19,638 | $ 23,869 | $ 29,366 | $ 31,327 |
Earnings per share: | ||||
Basic (in Dollars per share) | $ 0.41 | $ 0.44 | $ 0.58 | $ 0.68 |
Diluted (in Dollars per share) | $ 0.41 | $ 0.44 | $ 0.58 | $ 0.67 |
Weighted average common shares outstanding | ||||
Basic (in Shares) | 48,768,021 | 48,640,979 | 48,741,476 | 48,613,521 |
Diluted (in Shares) | 49,005,037 | 48,852,696 | 48,954,059 | 48,842,527 |
Dividends declared per share (in Dollars per share) | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 |
Homebuilding [Member] | ||||
Homebuilding: | ||||
Home sale revenues | $ 461,708 | $ 430,743 | $ 838,717 | $ 749,277 |
Land sale revenues | 518 | 910 | 518 | |
Total home and land sale revenues | 461,708 | 431,261 | 839,627 | 749,795 |
Home cost of sales | (385,019) | (356,175) | (703,661) | (615,653) |
Land cost of sales | (522) | (1,125) | (522) | |
Inventory impairments | (850) | (350) | (850) | |
Total cost of sales | (385,019) | (357,547) | (705,136) | (617,025) |
Gross margin | 76,689 | 73,714 | 134,491 | 132,770 |
Selling, general and administrative expenses | (54,781) | (49,798) | (105,313) | (98,140) |
Interest and other income | 2,720 | 4,613 | 4,574 | 18,162 |
Interest expense | (685) | |||
Other expense | (1,055) | (1,080) | (2,189) | (1,693) |
Loss on early extinguishment of debt | (9,412) | |||
Income (loss) before income taxes | 23,573 | 27,449 | 31,563 | 41,002 |
Financial Services [Member] | ||||
Homebuilding: | ||||
Income (loss) before income taxes | 8,309 | 6,577 | 13,645 | 11,664 |
Financial Services: | ||||
Revenues | 11,420 | 11,491 | 22,011 | 20,714 |
Expenses | (4,207) | (5,615) | (10,366) | (10,539) |
Interest and other income | $ 1,096 | $ 701 | $ 2,000 | $ 1,489 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities: | ||
Net income | $ 28,418 | $ 33,046 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Loss on early extinguishment of debt | 9,412 | |
Stock-based compensation expense | 2,591 | 2,550 |
Depreciation and amortization | 2,092 | 1,933 |
Inventory impairments | 350 | |
Gain on sale of marketable securities | (462) | (6,356) |
Amortization of discount / premiums on marketable debt securities, net | 100 | 422 |
Deferred income tax expense (benefit) | 16,267 | 19,554 |
Net changes in assets and liabilities: | ||
Restricted cash | (2,128) | 7 |
Trade and other receivables | (292) | (8,409) |
Mortgage loans held-for-sale | 8,664 | 34,201 |
Prepaid expenses and other assets | (3,118) | (9,615) |
Accounts payable and accrued liabilities | (3,418) | 12,097 |
Net cash provided by (used in) operating activities | 44,509 | (96,272) |
Investing Activities: | ||
Purchases of marketable securities | (34,679) | (382,279) |
Maturities of marketable securities | 1,510 | 159,789 |
Sales of marketable securities | 50,179 | 306,769 |
Purchases of property and equipment | (421) | (1,354) |
Net cash provided by investing activities | 16,589 | 82,925 |
Financing Activities: | ||
Payments on mortgage repurchase facility, net | (10,822) | (30,876) |
Proceeds from issuance of senior notes | 248,375 | |
Repayment of senior notes | (259,118) | |
Advances on revolving credit facility | 10,000 | |
Dividend payments | (24,425) | (24,412) |
Proceeds from exercise of stock options | 612 | 71 |
Net cash used in financing activities | (34,635) | (55,960) |
Net increase (decrease) in cash and cash equivalents | 26,463 | (69,307) |
Cash and cash equivalents: | ||
Beginning of period | 153,825 | 199,338 |
End of period | 180,288 | 130,031 |
Housing Completed Or Under Construction [Member] | ||
Net changes in assets and liabilities: | ||
Land and Housing Inventories | (41,474) | (122,368) |
Land And Land Under Development [Member] | ||
Net changes in assets and liabilities: | ||
Land and Housing Inventories | $ 36,919 | $ (62,746) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 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, 2014. |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which is a comprehensive new revenue recognition model. Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. ASU 2014-09 is effective for our interim and annual reporting periods beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We do not plan to early adopt the guidance and are currently evaluating the impact the pronouncement will have on our consolidated financial statements and related disclosures. In June 2014, the FASB issued ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures ("ASU 2014-11"), which makes limited amendments to Accounting Standards Codification (“ASC”) Topic 860, "Transfers and Servicing." ASU 2014-11 requires entities to account for repurchase-to-maturity transactions as secured borrowings, eliminates accounting guidance on linked repurchase financing transactions, and expands disclosure requirements related to certain transfers of financial assets. The only changes in ASU 2014-11 that are applicable to our consolidated financial statements are the disclosures for repurchase agreements effective for our fiscal periods beginning January 1, 2015 and interim periods beginning April 1, 2015. This guidance did not have a material impact on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which amends the consolidation requirements in ASC 810, primarily related to limited partnerships and variable interest entities. ASU 2015-02 is effective for our interim and annual reporting periods beginning January 1, 2016. Early adoption is permitted. This guidance is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30) (“ASU 2015-03”), which changes the presentation of debt issuance costs in financial statements. Under ASU 2015-03, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. ASU 2015-03 is effective for our interim and annual reporting periods beginning January 1, 2016. This guidance is not expected to have a material impact on our consolidated financial statements. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements (“ASU 2015-10”), which amends previously issued guidance on several topics. ASU 2015-10 is effective for our interim and annual reporting periods beginning January 1, 2016. The amendments in ASU 2015-10 are not expected to have a material impact on our consolidated financial statements. |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting Our operating segments are defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. We have identified our CODM as two key executives—the Chief Executive Officer and the Chief Operating Officer. We have identified each homebuilding division as an operating segment. Our homebuilding operating segments have been aggregated into the reportable segments noted below because they are similar in the following regards: (1) economic characteristics; (2) housing products; (3) class of homebuyer; (4) regulatory environments; and (5) methods used to construct and sell homes. Our homebuilding reportable segments are as follows: ● West (Arizona, California, Nevada and Washington) ● Mountain (Colorado and Utah) ● East (Virginia, Florida and Maryland, which includes Pennsylvania 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 and land sale revenues for our homebuilding operations and revenues for our financial services operations. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding West $ 217,701 $ 189,661 $ 394,518 $ 326,083 Mountain 156,893 146,665 280,914 247,610 East 87,114 94,935 164,195 176,102 Total home and land sale revenues $ 461,708 $ 431,261 $ 839,627 $ 749,795 Financial Services Mortgage operations $ 7,104 $ 7,352 $ 13,753 $ 12,471 Other 4,316 4,139 8,258 8,243 Total financial services revenues $ 11,420 $ 11,491 $ 22,011 $ 20,714 The following table summarizes pretax income for our homebuilding and financial services operations: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding West $ 15,597 $ 16,695 $ 24,100 $ 29,345 Mountain 14,970 12,182 22,390 19,541 East 19 5,296 (402 ) 7,957 Corporate (7,013 ) (6,724 ) (14,525 ) (15,841 ) Total homebuilding pretax income $ 23,573 $ 27,449 $ 31,563 $ 41,002 Financial Services Mortgage operations $ 4,097 $ 4,501 $ 6,889 $ 7,060 Other 4,212 2,076 6,756 4,604 Total financial services pretax income $ 8,309 $ 6,577 $ 13,645 $ 11,664 Total pretax income $ 31,882 $ 34,026 $ 45,208 $ 52,666 The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include cash and cash equivalents, marketable securities and our deferred tax asset. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. June 30, December 31, 2015 2014 (Dollars in thousands) Homebuilding assets West $ 916,311 $ 893,970 Mountain 508,749 516,971 East 339,147 343,718 Corporate 455,236 465,368 Total homebuilding assets $ 2,219,443 $ 2,220,027 Financial services assets Mortgage operations $ 87,596 $ 94,265 Other 44,897 44,146 Total financial services assets $ 132,493 $ 138,411 Total assets $ 2,351,936 $ 2,358,438 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 4 . 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands, except per share amounts) Numerator Net income $ 19,998 $ 21,542 $ 28,418 $ 33,046 Less: distributed earnings allocated to participating securities (23 ) (49 ) (48 ) (101 ) Less: undistributed earnings allocated to participating securities (15 ) (37 ) (9 ) (39 ) Net income attributable to common stockholders (numerator for basic earnings per share) 19,960 21,456 28,361 32,906 Add back: undistributed earnings allocated to participating securities 15 37 9 39 Less: undistributed earnings reallocated to participating securities (15 ) (37 ) (9 ) (38 ) Numerator for diluted earnings per share under two class method $ 19,960 $ 21,456 $ 28,361 $ 32,907 Denominator Weighted-average common shares outstanding 48,768,021 48,640,979 48,741,476 48,613,521 Add: dilutive effect of stock options 237,016 211,717 212,583 229,006 Denominator for diluted earnings per share under two class method 49,005,037 48,852,696 48,954,059 48,842,527 Basic Earnings Per Common Share $ 0.41 $ 0.44 $ 0.58 $ 0.68 Diluted Earnings Per Common Share $ 0.41 $ 0.44 $ 0.58 $ 0.67 Diluted EPS for the three and six months ended June 30, 2015 excluded options to purchase approximately 3.6 million and 3.6 million shares, respectively, of common stock because the effect of their inclusion would be anti-dilutive. For the same periods in 2014, diluted EPS excluded options to purchase approximately 4.2 million and 4.0 million shares, respectively. |
Note 5 - Accumulated Other Comp
Note 5 - Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 5 . Accumulated Other Comprehensive Income The following table sets forth our changes in accumulated other comprehensive income (“AOCI”): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities 1 Beginning balance $ 3,142 $ 3,609 $ 2,775 $ 7,655 Other comprehensive income (loss) before reclassifications (1,260 ) 1,633 (900 ) 1,600 Amounts reclassified from AOCI 2 (293 ) 104 (286 ) (3,909 ) Ending balance $ 1,589 $ 5,346 $ 1,589 $ 5,346 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 8,621 $ 3,920 $ 7,680 $ 3,920 Other comprehensive income before reclassifications 1,193 590 2,134 590 Amounts reclassified from AOCI - - - - Ending balance $ 9,814 $ 4,510 $ 9,814 $ 4,510 Total ending AOCI $ 11,403 $ 9,856 $ 11,403 $ 9,856 (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 related to available for sale securities: Three Months Ended Six Months Ended June 30, June 30, Affected Line Item in the Statements of Operations 2015 2014 2015 2014 (Dollars in thousands) Homebuilding interest and other income $ 137 $ (176 ) $ 125 $ 6,361 Financial services interest and other income 336 7 337 (5 ) Income before income taxes 473 (169 ) 462 6,356 Provision for income taxes (180 ) 65 (176 ) (2,447 ) Net income $ 293 $ (104 ) $ 286 $ 3,909 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 6 . Fair Value Measurements ASC Topic 820, Fair Value Measurements (“ASC 820”), defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis: Fair Value Financial Instrument Hierarchy June 30, 2015 December 31, 2014 (Dollars in thousands) Marketable securities (available-for-sale) Equity securities Level 1 $ 134,609 $ 129,560 Debt securities - maturity less than 1 year Level 2 2,399 1,511 Debt securities - maturity 1 to 5 years Level 2 167 7,643 Debt securities - maturity greater than 5 years Level 2 368 17,426 Total available-for-sale marketable securities $ 137,543 $ 156,140 Mortgage loans held-for-sale, net Level 2 $ 79,728 $ 88,392 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 22,259 $ 18,203 The following methods and assumptions were used to estimate the fair value of each class of financial instruments. Cash and cash equivalents, restricted cash, trade and other receivables, prepaid and other assets, accounts payable, and accrued liabilities. Marketable Securities As of June 30, 2015 and December 31, 2014, 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 AOCI. Each quarter we assess all of our securities in an unrealized loss position for potential other-than-temporary impairment (“OTTI”). Our assessment includes a consideration of many factors, both qualitative and quantitative, including the amount of the unrealized loss, the period of time the security has been in a loss position, the financial condition of the issuer and whether we have the intent and ability to hold the securities, among other factors. Based on our assessments, no OTTI was recorded for the three and six months ended June 30, 2015 or 2014. The following table sets forth the amortized cost and estimated fair value of our available-for-sale marketable securities: June 30, 2015 December 31, 2014 Amortized Fair Value Amortized Fair Value (Dollars in thousands) Homebuilding: Equity securities $ 120,061 $ 122,737 $ 116,009 $ 120,274 Debt securities 360 368 20,660 20,604 Total homebuilding available-for-sale marketable securities $ 120,421 $ 123,105 $ 136,669 $ 140,878 Financial Services: Equity securities $ 12,026 11,872 $ 9,028 $ 9,286 Debt securities 2,532 2,566 5,930 5,976 Total financial services available-for-sale marketable securities $ 14,558 $ 14,438 $ 14,958 $ 15,262 Total available-for-sale marketable securities $ 134,979 $ 137,543 $ 151,627 $ 156,140 As of June 30, 2015 and December 31, 2014, our marketable securities were in net unrealized gain positions totaling $2.6 million The table below sets forth the debt and equity securities that were in an aggregate loss position. We do not believe that the unrealized loss related to our equity securities as of June 30, 2015 is material to our operations. June 30, 2015 December 31, 2014 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 - $ - $ - 52 $ (359 ) $ 14,536 Equity 10 (3,066 ) 89,948 6 (2,738 ) 74,999 Total 10 $ (3,066 ) $ 89,948 58 $ (3,097 ) $ 89,535 The following 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 638 $ - $ 875 $ 5,518 Debt securities 205 100 371 1,920 Total $ 843 $ 100 $ 1,246 $ 7,438 Gross realized losses on sales of available-for-sale securities Equity securities $ (232 ) $ (467 ) $ (557 ) $ (709 ) Debt securities (138 ) (182 ) (227 ) (373 ) Total $ (370 ) $ (649 ) $ (784 ) $ (1,082 ) Net realized gain (loss) on sales of available-for-sale securities $ 473 $ (549 ) $ 462 $ 6,356 Mortgage Loans Held-for- Sale, Net. Metropolitan District Bond Securities (Related Party). 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 adjust the bond principal balance 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 update its fair value on a quarterly basis, with the adjustment being recorded through AOCI. 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. Cash receipts, which are typically only received in the fourth quarter, reduce the carrying value of the Metro Bonds. The table below provides quantitative data, as of June 30, 2015, 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 Number of homes closed per year 0 to 130 93 Increase Decrease Discount rate 5% to 12% 8.8% Decrease Increase The table set forth below summarizes the activity for our Metro Bonds: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 19,978 $ 13,027 $ 18,203 $ 12,729 Increase in fair value (recorded in other comprehensive income) 1,925 959 3,343 959 Change due to accretion of principal 356 305 713 603 Cash receipts - - - - Balance at end of period $ 22,259 $ 14,291 $ 22,259 $ 14,291 Mortgage Repurchase Facility. The debt associated with our mortgage repurchase facility (see Note 18 for further discussion) 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 June 30, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,752 $ 263,203 $ 246,450 $ 257,950 5½% Senior Notes due January 2024 250,000 245,369 250,000 242,608 6% Senior Notes due January 2043 350,000 294,000 350,000 296,555 Total $ 846,752 $ 802,572 $ 846,450 $ 797,113 |
Note 7 - Inventories
Note 7 - Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 7 . Inventories The following table sets forth, by reportable segment, information relating to our homebuilding inventories: June 30, December 31, 2015 2014 (Dollars in thousands) Housing Completed or Under Construction: West $ 389,850 $ 343,134 Mountain 249,029 220,489 East 135,190 169,069 Subtotal 774,069 732,692 Land and Land Under Development: West 483,032 507,252 Mountain 235,019 277,583 East 180,347 150,433 Subtotal 898,398 935,268 Total Inventories $ 1,672,467 $ 1,667,960 Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and speculative homes (defined as homes under construction without a sales contract and also referred to as “spec 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 • 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 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. We recognized no inventory impairments during the three months ended June 30, 2015. For the six months ended June 30, 2015, we recorded $0.4 million of inventory impairment charges related to one project in our East segment. For the three and six months ended June 30, 2014, we recorded $0.9 million of inventory impairment charges related to two projects in our East segment. |
Note 8 - Capitalization of Inte
Note 8 - Capitalization of Interest | 6 Months Ended |
Jun. 30, 2015 | |
Capitalization Disclosure [Abstract] | |
Capitalization Disclosure [Text Block] | 8 . Capitalization of Interest We capitalize interest to inventories during the period of development in accordance with ASC Topic 835, Interest 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding interest incurred $ 13,305 $ 16,530 $ 26,556 $ 35,712 Less: Interest capitalized (13,305 ) (16,530 ) (26,556 ) (35,027 ) Homebuilding interest expensed $ - $ - $ - $ 685 Interest capitalized, beginning of period $ 79,991 $ 80,928 $ 79,231 $ 74,155 Plus: Interest capitalized during period 13,305 16,530 26,556 35,027 Less: Previously capitalized interest included in home and land cost of sales (14,439 ) (16,522 ) (26,930 ) (28,246 ) Interest capitalized, end of period $ 78,857 $ 80,936 $ 78,857 $ 80,936 |
Note 9 - Homebuilding Prepaid E
Note 9 - Homebuilding Prepaid Expenses and Other Assets | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 9 . Homebuilding Prepaid Expenses and Other Assets The following table sets forth the components of homebuilding prepaid expenses and other assets: June 30, December 31, 2015 2014 (Dollars in thousands) Land option deposits $ 14,625 $ 12,895 Deferred marketing costs 30,785 29,231 Prepaid expenses 3,176 5,104 Goodwill 6,008 6,008 Deferred debt issuance costs, net 12,174 13,004 Other 1,934 1,754 Total $ 68,702 $ 67,996 |
Note 10 - Homebuilding Accrued
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10 . Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities The following table sets forth information relating to homebuilding accrued liabilities: June 30, December 31, 2015 2014 (Dollars in thousands) Customer and escrow deposits $ 23,883 $ 16,728 Warranty accrual 17,253 18,346 Accrued compensation and related expenses 19,421 27,541 Accrued interest 23,234 23,234 Land development and home construction accruals 11,670 10,108 Other accrued liabilities 20,573 19,160 Total accrued liabilities $ 116,034 $ 115,117 The following table sets forth information relating to financial services accounts payable and accrued liabilities: June 30, December 31, 2015 2014 (Dollars in thousands) Insurance reserves $ 47,389 $ 50,470 Accounts payable and other accrued liabilities 6,580 6,798 Total accounts payable and accrued liabilities $ 53,969 $ 57,268 |
Note 11 - Warranty Accrual
Note 11 - Warranty Accrual | 6 Months Ended |
Jun. 30, 2015 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Disclosure [Text Block] | 1 1 . Warranty Accrual Our homes are sold with limited third-party warranties. We record expenses and warranty accruals for general and structural warranty claims, as well as accruals for known, unusual warranty-related expenditures. Warranty accruals 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 accruals for closed homes and the evaluation of our warranty accrual balance at period end are both based on an internally developed analysis that includes known facts and interpretations of circumstances, including, among other things, our trends in historical warranty payment levels and warranty payments for claims not considered to be normal and recurring. Our warranty accrual is included in accrued liabilities in the homebuilding section of our consolidated balance sheets and adjustments to our warranty accrual are recorded as an increase or reduction to home cost of sales in the homebuilding section of our consolidated statements of operations. The table set forth below summarizes warranty accrual, payment and adjustment activity for the three and six months ended June 30, 2015 and 2014. As a result of favorable warranty payment experience relative to our estimates at the time of home closing, we reduced our warranty reserve by $0.2 million for the three and six months ended June 30, 2015 compared to $1.3 million and $2.1 million for the three and six months ended June 30, 2014, respectively. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 17,761 $ 21,447 $ 18,346 $ 22,238 Expense provisions 1,329 1,243 2,444 2,157 Cash payments (1,624 ) (1,237 ) (3,324 ) (2,142 ) Adjustments (213 ) (1,275 ) (213 ) (2,075 ) Balance at end of period $ 17,253 $ 20,178 $ 17,253 $ 20,178 |
Note 12 - Insurance Reserves
Note 12 - Insurance Reserves | 6 Months Ended |
Jun. 30, 2015 | |
Insurance Loss Reserves [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 1 2 . Insurance Reserves The establishment of reserves for estimated losses associated with insurance policies issued by Allegiant and re-insurance agreements issued by StarAmerican are based on actuarial 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 and six months ended June 30, 2015 and 2014. 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 50,015 $ 49,076 $ 50,470 $ 49,637 Expense provisions 1,576 1,737 2,849 3,047 Cash payments, net of recoveries (2,702 ) (1,450 ) (4,430 ) (3,321 ) Adjustments (1,500 ) - (1,500 ) - Balance at end of period $ 47,389 $ 49,363 $ 47,389 $ 49,363 The $1.5 million adjustment to decrease our insurance reserve during the three and six months ended June 30, 2015 primarily resulted from a decrease in insurance claim payment severity and frequency relative to prior period estimates. No such adjustment was required for the three or six months ended June 30, 2014. 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 and six months ended June 30, 2015 and 2014 are not necessarily indicative of what future cash payments will be for subsequent periods. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 1 3 . 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. Our overall effective income tax rates were 37.3% and 37.1% for the three and six months ended June 30, 2015, respectively, compared to 36.7% and 37.3% for the three and six months ended June 30, 2014, respectively. The rates for the three and six months ended June 30, 2015 resulted in income tax expense of $11.9 million and $16.8 million, respectively, compared to income tax expense of $12.5 million and $19.6 million for the three and six months ended June 30, 2014. At June 30, 2015 and December 31, 2014 we had deferred tax assets, net of deferred tax liabilities, of $136.9 million and $153.5 million, respectively. Included in our deferred tax assets at June 30, 2015 are $35.5 million and $34.0 million of federal and state net operating loss carryforwards, respectively. Our net deferred tax assets at June 30, 2015 and December 31, 2014 were partially offset by valuation allowances of $13.4 million and $13.0 million, respectively, related to (1) various state net operating loss carryforwards where realization is more uncertain at this time due to the more limited carryforward periods that exist in certain states and (2) the portion of the amount by which the carrying value of our Metro Bonds for tax purposes exceeds our carrying value for book purposes, as we believe realization of that portion is more uncertain at this time. |
Note 14 - Senior Notes
Note 14 - Senior Notes | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 1 4 . Senior Notes The following table sets forth the carrying amount of our senior notes as of June 30, 2015 and December 31, 2014, net of applicable discounts: June 30, December 31, 2015 2014 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,752 $ 246,450 5½% Senior Notes due January 2024 250,000 250,000 6% Senior Notes due January 2043 350,000 350,000 Total $ 846,752 $ 846,450 On March 26, 2014, we redeemed our 5 ⅜ % 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 Compensat
Note 15 - Stock Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
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 Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Stock option grant expense $ 1,123 $ 609 $ 1,499 $ 1,202 Restricted stock awards expense 593 649 1,092 1,348 Total stock based compensation $ 1,716 $ 1,258 $ 2,591 $ 2,550 On May 18, 2015, the Company granted a non-qualified stock option to each of the Chief Executive Officer and the Chief Operating Officer for 1,000,000 shares of common stock under the Company’s 2011 Equity Incentive Plan. The terms of each option provide that, over a five year period, one third of the option shares will vest as of each of the third, fourth, and fifth anniversary dates of the grant of the option; provided that all unvested option shares will vest immediately in the event the closing price of the Company’s stock as reported by the New York Stock Exchange in any 20 out of 30 consecutive trading days closes at a price equal to or greater than 120% of the closing price on the date of grant (the “market-based condition”). The option exercise price is equal to the closing price of the Company’s common stock on the date of grant, which was $28.45 and the expiration date of each option is May 18, 2025. In accordance with ASC 718, the market-based awards were assigned a fair value of $5.62 per share on the date of grant using a Monte Carlo simulation model. In accordance with the valuation model used, the total $11.2 million in expense is expected to be recorded on a straight-line basis by the end of the 2016 second quarter. See “ Forward-Looking Statements |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 16. Commitments and Contingencies Surety Bonds and Letters of Credit. 149.4 million and $27.3 million, respectively, including $15.2 million in letters of credit issued by HomeAmerican. The estimated cost to complete obligations related to these bonds and letters of credit was approximately $45.8 million and $6.4 million, respectively. The letters of credit as of June 30, 2015, 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. The following table summarizes the mortgage loan loss reserve activity for the three and six months ended June 30, 2015 and 2014: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 1,225 $ 873 $ 810 $ 1,370 Expense provisions - - 725 - Cash payments - - - - Adjustments (167 ) (159 ) (477 ) (656 ) Balance at end of period $ 1,058 $ 714 $ 1,058 $ 714 Legal Reserves. Lot Option Contracts |
Note 17 - Derivative Financial
Note 17 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015, we had interest rate lock commitments with an aggregate principal balance of $86.5 million. Additionally, we had $15.0 million of mortgage loans held-for-sale that were not under commitments to sell at June 30, 2015. 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 $71.0 million at June 30, 2015. For the three and six months ended June 30, 2015, we recorded net gains (losses) on our derivatives of $0 and $0.6 million, respectively, compared to $0.1 million and $(0.4) million for the same periods in 2014. |
Note 18 - Lines of Credit
Note 18 - Lines of Credit | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 18. Lines of Credit Revolving Credit Facility. 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 June 30, 2015. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At June 30, 2015 and December 31, 2014, there were $12.0 million and $10.5 million, respectively, in letters of credit outstanding, which reduced the amounts available to be borrowed under the Revolving Credit Facility. At both June 30, 2015 and December 31, 2014, we had $15.0 million in borrowings outstanding under the Revolving Credit Facility. As of June 30, 2015, availability under the Revolving Credit Facility was approximately $523.0 million. Mortgage Repurchase Facility. Forward-Looking Statements June 30, 2015. |
Note 19 - Supplemental Guaranto
Note 19 - Supplemental Guarantor Information | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Dollars in thousands ASSETS Homebuilding: Cash and cash equivalents $ 145,214 $ 3,012 $ - $ - $ 148,226 Marketable securities 123,105 - - - 123,105 Restricted cash - 4,944 - - 4,944 Trade and other receivables 5,455 24,016 - (2,351 ) 27,120 Inventories: Housing completed or under construction - 774,069 - 774,069 Land and land under development - 898,398 - 898,398 Total inventories - 1,672,467 - - 1,672,467 Intercompany receivables 1,497,794 2,855 5,645 (1,506,294 ) - Investment in subsidiaries 220,845 - - (220,845 ) - Metropolitan district bond securities (related party) 22,259 - - - 22,259 Deferred tax asset, net 121,457 - - 2,062 123,519 Other assets, net 38,034 59,769 - - 97,803 Total homebuilding assets 2,174,163 1,767,063 5,645 (1,727,428 ) 2,219,443 Financial Services: Cash and cash equivalents - - 32,062 - 32,062 Marketable securities - - 14,438 - 14,438 Intercompany receivables - - 38,585 (38,585 ) - Mortgage loans held-for-sale, net - - 79,728 - 79,728 Other assets - - 8,327 (2,062 ) 6,265 Total financial services assets - - 173,140 (40,647 ) 132,493 Total Assets $ 2,174,163 $ 1,767,063 $ 178,785 $ (1,768,075 ) $ 2,351,936 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 33,956 $ - $ - $ 33,956 Accrued liabilities 29,101 85,836 19 1,078 116,034 Advances and notes payable to parent and subsidiaries 47,085 1,464,528 25,421 (1,537,034 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 846,752 - - - 846,752 Total homebuilding liabilities 937,938 1,584,320 25,440 (1,535,956 ) 1,011,742 Financial Services: Accounts payable and other liabilities - - 57,398 (3,429 ) 53,969 Advances and notes payable to parent and subsidiaries - - 7,845 (7,845 ) - Mortgage repurchase facility - - 50,000 - 50,000 Total financial services liabilities - - 115,243 (11,274 ) 103,969 Total Liabilities 937,938 1,584,320 140,683 (1,547,230 ) 1,115,711 Equity: Total Stockholders' Equity 1,236,225 182,743 38,102 (220,845 ) 1,236,225 Total Liabilities and Stockholders' Equity $ 2,174,163 $ 1,767,063 $ 178,785 $ (1,768,075 ) $ 2,351,936 Supplemental Co ndensed Combining Balance Sheet December 31, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 119,951 $ 2,691 $ - $ - $ 122,642 Marketable securities 140,878 - - - 140,878 Restricted cash - 2,816 - - 2,816 Trade and other receivables 6,573 24,449 - (2,467 ) 28,555 Inventories: Housing completed or under construction - 732,692 - - 732,692 Land and land under development - 935,268 - - 935,268 Total inventories - 1,667,960 - - 1,667,960 Intercompany receivables 1,418,705 2,854 5,295 (1,426,854 ) - Investment in subsidiaries 260,874 - - (260,874 ) - Deferred tax asset 137,529 - - 2,957 140,486 Metropolitan district bond securities (related party) 18,203 - - - 18,203 Other assets, net 41,743 56,744 - - 98,487 Total homebuilding assets 2,144,456 1,757,514 5,295 (1,687,238 ) 2,220,027 Financial Services: Cash and cash equivalents - - 31,183 - 31,183 Marketable securities - - 15,262 - 15,262 Intercompany receivables - - 39,513 (39,513 ) - Mortgage loans held-for-sale, net - - 88,392 - 88,392 Other assets - - 6,531 (2,957 ) 3,574 Total financial services assets - - 180,881 (42,470 ) 138,411 Total Assets $ 2,144,456 $ 1,757,514 $ 186,176 $ (1,729,708 ) $ 2,358,438 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 35,445 $ - $ - $ 35,445 Accrued liabilities 7,007 105,529 67 2,514 115,117 Advances and notes payable to parent and subsidiaries 47,663 1,392,111 23,809 (1,463,583 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 846,450 - - - 846,450 Total homebuilding liabilities 916,120 1,533,085 23,876 (1,461,069 ) 1,012,012 Financial Services: Accounts payable and accrued liabilities - - 62,249 (4,981 ) 57,268 Advances and notes payable to parent and subsidiaries - - 2,784 (2,784 ) - Mortgage repurchase facility - - 60,822 - 60,822 Total financial services liabilities - - 125,855 (7,765 ) 118,090 Total Liabilities 916,120 1,533,085 149,731 (1,468,834 ) 1,130,102 Equity: Total Stockholders' Equity 1,228,336 224,429 36,445 (260,874 ) 1,228,336 Total Liabilities and Stockholders' Equity $ 2,144,456 $ 1,757,514 $ 186,176 $ (1,729,708 ) $ 2,358,438 Supplementa l Condensed Combining Statement of Operations Three Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 461,708 $ - $ - $ 461,708 Cost of sales - (385,019 ) - - (385,019 ) Gross margin - 76,689 - - 76,689 Selling, general, and administrative expenses (8,638 ) (46,048 ) - (95 ) (54,781 ) Equity income of subsidiaries 24,248 - - (24,248 ) - Interest and other income 1,728 994 - (2 ) 2,720 Interest expense 192 - - (192 ) - Other expense (1 ) (1,054 ) - - (1,055 ) Homebuilding pretax income (loss) 17,529 30,581 - (24,537 ) 23,573 Financial Services: Financial services pretax income - - 8,020 289 8,309 Income before income taxes 17,529 30,581 8,020 (24,248 ) 31,882 (Provision) benefit for income taxes 2,469 (11,408 ) (2,945 ) - (11,884 ) Net income $ 19,998 $ 19,173 $ 5,075 $ (24,248 ) $ 19,998 Other comprehensive income related to available for sale securities, net of tax (360 ) - (539 ) 539 (360 ) Comprehensive income $ 19,638 $ 19,173 $ 4,536 $ (23,709 ) $ 19,638 Three Months Ended June 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 431,261 $ - $ - $ 431,261 Cost of sales - (356,697 ) - - (356,697 ) Inventory impairments - (850 ) - - (850 ) Gross margin - 73,714 - - 73,714 Selling, general, and administrative expenses (10,644 ) (38,977 ) - (177 ) (49,798 ) Equity income of subsidiaries 25,679 - - (25,679 ) - Interest and other income 4,114 506 6 (13 ) 4,613 Other expense (2 ) (1,078 ) - - (1,080 ) Homebuilding pretax income (loss) 19,147 34,165 6 (25,869 ) 27,449 Financial Services: Financial services pretax income - - 6,387 190 6,577 Income before income taxes 19,147 34,165 6,393 (25,679 ) 34,026 (Provision) benefit for income taxes 2,395 (12,494 ) (2,385 ) - (12,484 ) Net income $ 21,542 $ 21,671 $ 4,008 $ (25,679 ) $ 21,542 Other comprehensive income related to available for sale securities, net of tax 2,327 - 53 (53 ) 2,327 Comprehensive income $ 23,869 $ 21,671 $ 4,061 $ (25,732 ) $ 23,869 Supplementa l Condensed Combining Statement of Operations Six Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 839,627 $ - $ - $ 839,627 Cost of sales - (704,786 ) - - (704,786 ) Inventory impairments - (350 ) - - (350 ) Gross margin - 134,491 - - 134,491 Selling, general, and administrative expenses (17,560 ) (87,505 ) - (248 ) (105,313 ) Equity income of subsidiaries 37,240 - - (37,240 ) - Interest and other income 3,291 1,275 5 3 4,574 Interest expense 278 - - (278 ) - Other expense (3 ) (2,186 ) - - (2,189 ) Homebuilding pretax income (loss) 23,246 46,075 5 (37,763 ) 31,563 Financial Services: Financial services pretax income - - 13,122 523 13,645 Income before income taxes 23,246 46,075 13,127 (37,240 ) 45,208 (Provision) benefit for income taxes 5,172 (17,112 ) (4,850 ) - (16,790 ) Net income $ 28,418 $ 28,963 $ 8,277 $ (37,240 ) $ 28,418 Other comprehensive income related to available for sale securities, net of tax 948 - (280 ) 280 948 Comprehensive income $ 29,366 $ 28,963 $ 7,997 $ (36,960 ) $ 29,366 Six Months Ended June 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Homebuilding: Revenues $ - $ 749,795 $ - $ - $ 749,795 Cost of sales - (616,175 ) - - (616,175 ) Inventory impairments - (850 ) - - (850 ) Gross margin - 132,770 - - 132,770 Selling, general, and administrative expenses (22,721 ) (75,087 ) - (332 ) (98,140 ) Equity income of subsidiaries 42,752 - - (42,752 ) - Interest and other income 17,341 835 9 (23 ) 18,162 Interest expense (685 ) - - - (685 ) Other expense (4 ) (1,689 ) - - (1,693 ) Loss on early extinguishment of debt (9,412 ) - - - (9,412 ) Homebuilding pretax income (loss) 27,271 56,829 9 (43,107 ) 41,002 Financial Services: Financial services pretax income - - 11,309 355 11,664 Income before income taxes 27,271 56,829 11,318 (42,752 ) 52,666 (Provision) benefit for income taxes 5,775 (21,171 ) (4,224 ) - (19,620 ) Net income $ 33,046 $ 35,658 $ 7,094 $ (42,752 ) $ 33,046 Other comprehensive income related to available for sale securities, net of tax (1,719 ) - 115 (115 ) (1,719 ) Comprehensive income $ 31,327 $ 35,658 $ 7,209 $ (42,867 ) $ 31,327 Supplementa l Condensed Combining Statement of Cash Flows Six Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 35,266 $ (895 ) $ 10,138 $ - $ 44,509 Net cash provided by (used in) investing activities 13,810 (265 ) 698 2,346 16,589 Financing activities: Payments from (advances to) subsidiaries - 1,481 865 (2,346 ) - Mortgage repurchase facility - - (10,822 ) - (10,822 ) Dividend payments (24,425 ) - - - (24,425 ) Proceeds from the exercise of stock options 612 - - - 612 Net cash provided by (used in) financing activities (23,813 ) 1,481 (9,957 ) (2,346 ) (34,635 ) Net increase in cash and cash equivalents 25,263 321 879 - 26,463 Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 145,214 $ 3,012 $ 32,062 $ - $ 180,288 Six Months Ended June 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (26,472 ) $ (110,958 ) $ 41,158 $ - $ (96,272 ) Net cash provided by (used in) investing activities 3,390 (223 ) 5,664 74,094 82,925 Financing activities: Payments from (advances to) subsidiaries - 110,863 (36,769 ) (74,094 ) - Mortgage repurchase facility - - (30,876 ) - (30,876 ) Proceeds from issuance of senior notes 248,375 - - - 248,375 Repayment of senior notes (259,118 ) - - - (259,118 ) Advances on revolving credit facility, net 10,000 - - - 10,000 Dividend payments (24,412 ) - - - (24,412 ) Proceeds from the exercise of stock options 71 - - - 71 Net cash provided by (used in) financing activities (25,084 ) 110,863 (67,645 ) (74,094 ) (55,960 ) Net increase in cash and cash equivalents (48,166 ) (318 ) (20,823 ) - (69,307 ) Cash and cash equivalents: Beginning of period 145,180 3,454 50,704 - 199,338 End of period $ 97,014 $ 3,136 $ 29,881 $ - $ 130,031 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding West $ 217,701 $ 189,661 $ 394,518 $ 326,083 Mountain 156,893 146,665 280,914 247,610 East 87,114 94,935 164,195 176,102 Total home and land sale revenues $ 461,708 $ 431,261 $ 839,627 $ 749,795 Financial Services Mortgage operations $ 7,104 $ 7,352 $ 13,753 $ 12,471 Other 4,316 4,139 8,258 8,243 Total financial services revenues $ 11,420 $ 11,491 $ 22,011 $ 20,714 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding West $ 15,597 $ 16,695 $ 24,100 $ 29,345 Mountain 14,970 12,182 22,390 19,541 East 19 5,296 (402 ) 7,957 Corporate (7,013 ) (6,724 ) (14,525 ) (15,841 ) Total homebuilding pretax income $ 23,573 $ 27,449 $ 31,563 $ 41,002 Financial Services Mortgage operations $ 4,097 $ 4,501 $ 6,889 $ 7,060 Other 4,212 2,076 6,756 4,604 Total financial services pretax income $ 8,309 $ 6,577 $ 13,645 $ 11,664 Total pretax income $ 31,882 $ 34,026 $ 45,208 $ 52,666 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2015 2014 (Dollars in thousands) Homebuilding assets West $ 916,311 $ 893,970 Mountain 508,749 516,971 East 339,147 343,718 Corporate 455,236 465,368 Total homebuilding assets $ 2,219,443 $ 2,220,027 Financial services assets Mortgage operations $ 87,596 $ 94,265 Other 44,897 44,146 Total financial services assets $ 132,493 $ 138,411 Total assets $ 2,351,936 $ 2,358,438 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands, except per share amounts) Numerator Net income $ 19,998 $ 21,542 $ 28,418 $ 33,046 Less: distributed earnings allocated to participating securities (23 ) (49 ) (48 ) (101 ) Less: undistributed earnings allocated to participating securities (15 ) (37 ) (9 ) (39 ) Net income attributable to common stockholders (numerator for basic earnings per share) 19,960 21,456 28,361 32,906 Add back: undistributed earnings allocated to participating securities 15 37 9 39 Less: undistributed earnings reallocated to participating securities (15 ) (37 ) (9 ) (38 ) Numerator for diluted earnings per share under two class method $ 19,960 $ 21,456 $ 28,361 $ 32,907 Denominator Weighted-average common shares outstanding 48,768,021 48,640,979 48,741,476 48,613,521 Add: dilutive effect of stock options 237,016 211,717 212,583 229,006 Denominator for diluted earnings per share under two class method 49,005,037 48,852,696 48,954,059 48,842,527 Basic Earnings Per Common Share $ 0.41 $ 0.44 $ 0.58 $ 0.68 Diluted Earnings Per Common Share $ 0.41 $ 0.44 $ 0.58 $ 0.67 |
Note 5 - Accumulated Other Co27
Note 5 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities 1 Beginning balance $ 3,142 $ 3,609 $ 2,775 $ 7,655 Other comprehensive income (loss) before reclassifications (1,260 ) 1,633 (900 ) 1,600 Amounts reclassified from AOCI 2 (293 ) 104 (286 ) (3,909 ) Ending balance $ 1,589 $ 5,346 $ 1,589 $ 5,346 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 8,621 $ 3,920 $ 7,680 $ 3,920 Other comprehensive income before reclassifications 1,193 590 2,134 590 Amounts reclassified from AOCI - - - - Ending balance $ 9,814 $ 4,510 $ 9,814 $ 4,510 Total ending AOCI $ 11,403 $ 9,856 $ 11,403 $ 9,856 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, Affected Line Item in the Statements of Operations 2015 2014 2015 2014 (Dollars in thousands) Homebuilding interest and other income $ 137 $ (176 ) $ 125 $ 6,361 Financial services interest and other income 336 7 337 (5 ) Income before income taxes 473 (169 ) 462 6,356 Provision for income taxes (180 ) 65 (176 ) (2,447 ) Net income $ 293 $ (104 ) $ 286 $ 3,909 |
Note 6 - Fair Value Measureme28
Note 6 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Financial Instrument Hierarchy June 30, 2015 December 31, 2014 (Dollars in thousands) Marketable securities (available-for-sale) Equity securities Level 1 $ 134,609 $ 129,560 Debt securities - maturity less than 1 year Level 2 2,399 1,511 Debt securities - maturity 1 to 5 years Level 2 167 7,643 Debt securities - maturity greater than 5 years Level 2 368 17,426 Total available-for-sale marketable securities $ 137,543 $ 156,140 Mortgage loans held-for-sale, net Level 2 $ 79,728 $ 88,392 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 22,259 $ 18,203 |
Available-for-sale Securities [Table Text Block] | June 30, 2015 December 31, 2014 Amortized Fair Value Amortized Fair Value (Dollars in thousands) Homebuilding: Equity securities $ 120,061 $ 122,737 $ 116,009 $ 120,274 Debt securities 360 368 20,660 20,604 Total homebuilding available-for-sale marketable securities $ 120,421 $ 123,105 $ 136,669 $ 140,878 Financial Services: Equity securities $ 12,026 11,872 $ 9,028 $ 9,286 Debt securities 2,532 2,566 5,930 5,976 Total financial services available-for-sale marketable securities $ 14,558 $ 14,438 $ 14,958 $ 15,262 Total available-for-sale marketable securities $ 134,979 $ 137,543 $ 151,627 $ 156,140 |
Schedule of Unrealized Loss on Investments [Table Text Block] | June 30, 2015 December 31, 2014 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 - $ - $ - 52 $ (359 ) $ 14,536 Equity 10 (3,066 ) 89,948 6 (2,738 ) 74,999 Total 10 $ (3,066 ) $ 89,948 58 $ (3,097 ) $ 89,535 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 638 $ - $ 875 $ 5,518 Debt securities 205 100 371 1,920 Total $ 843 $ 100 $ 1,246 $ 7,438 Gross realized losses on sales of available-for-sale securities Equity securities $ (232 ) $ (467 ) $ (557 ) $ (709 ) Debt securities (138 ) (182 ) (227 ) (373 ) Total $ (370 ) $ (649 ) $ (784 ) $ (1,082 ) Net realized gain (loss) on sales of available-for-sale securities $ 473 $ (549 ) $ 462 $ 6,356 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Quantitative Data Sensitivity Analysis Unobservable Input Range Weighted Average Movement in Movement in Number of homes closed per year 0 to 130 93 Increase Decrease Discount rate 5% to 12% 8.8% Decrease Increase |
Schedule Of Principal Amounts And Fair Values Of Debt Instruments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 19,978 $ 13,027 $ 18,203 $ 12,729 Increase in fair value (recorded in other comprehensive income) 1,925 959 3,343 959 Change due to accretion of principal 356 305 713 603 Cash receipts - - - - Balance at end of period $ 22,259 $ 14,291 $ 22,259 $ 14,291 |
Fair Value of Senior Notes [Table Text Block] | June 30, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,752 $ 263,203 $ 246,450 $ 257,950 5½% Senior Notes due January 2024 250,000 245,369 250,000 242,608 6% Senior Notes due January 2043 350,000 294,000 350,000 296,555 Total $ 846,752 $ 802,572 $ 846,450 $ 797,113 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventory [Table Text Block] | June 30, December 31, 2015 2014 (Dollars in thousands) Housing Completed or Under Construction: West $ 389,850 $ 343,134 Mountain 249,029 220,489 East 135,190 169,069 Subtotal 774,069 732,692 Land and Land Under Development: West 483,032 507,252 Mountain 235,019 277,583 East 180,347 150,433 Subtotal 898,398 935,268 Total Inventories $ 1,672,467 $ 1,667,960 |
Note 8 - Capitalization of In30
Note 8 - Capitalization of Interest (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Capitalization Disclosure [Abstract] | |
Capitalization Of Interest [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding interest incurred $ 13,305 $ 16,530 $ 26,556 $ 35,712 Less: Interest capitalized (13,305 ) (16,530 ) (26,556 ) (35,027 ) Homebuilding interest expensed $ - $ - $ - $ 685 Interest capitalized, beginning of period $ 79,991 $ 80,928 $ 79,231 $ 74,155 Plus: Interest capitalized during period 13,305 16,530 26,556 35,027 Less: Previously capitalized interest included in home and land cost of sales (14,439 ) (16,522 ) (26,930 ) (28,246 ) Interest capitalized, end of period $ 78,857 $ 80,936 $ 78,857 $ 80,936 |
Note 9 - Homebuilding Prepaid31
Note 9 - Homebuilding Prepaid Expenses and Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | June 30, December 31, 2015 2014 (Dollars in thousands) Land option deposits $ 14,625 $ 12,895 Deferred marketing costs 30,785 29,231 Prepaid expenses 3,176 5,104 Goodwill 6,008 6,008 Deferred debt issuance costs, net 12,174 13,004 Other 1,934 1,754 Total $ 68,702 $ 67,996 |
Note 10 - Homebuilding Accrue32
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2015 2014 (Dollars in thousands) Customer and escrow deposits $ 23,883 $ 16,728 Warranty accrual 17,253 18,346 Accrued compensation and related expenses 19,421 27,541 Accrued interest 23,234 23,234 Land development and home construction accruals 11,670 10,108 Other accrued liabilities 20,573 19,160 Total accrued liabilities $ 116,034 $ 115,117 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, December 31, 2015 2014 (Dollars in thousands) Insurance reserves $ 47,389 $ 50,470 Accounts payable and other accrued liabilities 6,580 6,798 Total accounts payable and accrued liabilities $ 53,969 $ 57,268 |
Note 11 - Warranty Accrual (Tab
Note 11 - Warranty Accrual (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 17,761 $ 21,447 $ 18,346 $ 22,238 Expense provisions 1,329 1,243 2,444 2,157 Cash payments (1,624 ) (1,237 ) (3,324 ) (2,142 ) Adjustments (213 ) (1,275 ) (213 ) (2,075 ) Balance at end of period $ 17,253 $ 20,178 $ 17,253 $ 20,178 |
Note 12 - Insurance Reserves (T
Note 12 - Insurance Reserves (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 50,015 $ 49,076 $ 50,470 $ 49,637 Expense provisions 1,576 1,737 2,849 3,047 Cash payments, net of recoveries (2,702 ) (1,450 ) (4,430 ) (3,321 ) Adjustments (1,500 ) - (1,500 ) - Balance at end of period $ 47,389 $ 49,363 $ 47,389 $ 49,363 |
Note 14 - Senior Notes (Tables)
Note 14 - Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Debt [Table Text Block] | June 30, December 31, 2015 2014 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,752 $ 246,450 5½% Senior Notes due January 2024 250,000 250,000 6% Senior Notes due January 2043 350,000 350,000 Total $ 846,752 $ 846,450 |
Note 15 - Stock Based Compens36
Note 15 - Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Stock option grant expense $ 1,123 $ 609 $ 1,499 $ 1,202 Restricted stock awards expense 593 649 1,092 1,348 Total stock based compensation $ 1,716 $ 1,258 $ 2,591 $ 2,550 |
Note 16 - Commitments and Con37
Note 16 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Mortgage Loan Loss Reserve Activity [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 1,225 $ 873 $ 810 $ 1,370 Expense provisions - - 725 - Cash payments - - - - Adjustments (167 ) (159 ) (477 ) (656 ) Balance at end of period $ 1,058 $ 714 $ 1,058 $ 714 |
Note 19 - Supplemental Guaran38
Note 19 - Supplemental Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Guarantor Information [Abstract] | |
Condensed Balance Sheet [Table Text Block] | June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Dollars in thousands ASSETS Homebuilding: Cash and cash equivalents $ 145,214 $ 3,012 $ - $ - $ 148,226 Marketable securities 123,105 - - - 123,105 Restricted cash - 4,944 - - 4,944 Trade and other receivables 5,455 24,016 - (2,351 ) 27,120 Inventories: Housing completed or under construction - 774,069 - 774,069 Land and land under development - 898,398 - 898,398 Total inventories - 1,672,467 - - 1,672,467 Intercompany receivables 1,497,794 2,855 5,645 (1,506,294 ) - Investment in subsidiaries 220,845 - - (220,845 ) - Metropolitan district bond securities (related party) 22,259 - - - 22,259 Deferred tax asset, net 121,457 - - 2,062 123,519 Other assets, net 38,034 59,769 - - 97,803 Total homebuilding assets 2,174,163 1,767,063 5,645 (1,727,428 ) 2,219,443 Financial Services: Cash and cash equivalents - - 32,062 - 32,062 Marketable securities - - 14,438 - 14,438 Intercompany receivables - - 38,585 (38,585 ) - Mortgage loans held-for-sale, net - - 79,728 - 79,728 Other assets - - 8,327 (2,062 ) 6,265 Total financial services assets - - 173,140 (40,647 ) 132,493 Total Assets $ 2,174,163 $ 1,767,063 $ 178,785 $ (1,768,075 ) $ 2,351,936 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 33,956 $ - $ - $ 33,956 Accrued liabilities 29,101 85,836 19 1,078 116,034 Advances and notes payable to parent and subsidiaries 47,085 1,464,528 25,421 (1,537,034 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 846,752 - - - 846,752 Total homebuilding liabilities 937,938 1,584,320 25,440 (1,535,956 ) 1,011,742 Financial Services: Accounts payable and other liabilities - - 57,398 (3,429 ) 53,969 Advances and notes payable to parent and subsidiaries - - 7,845 (7,845 ) - Mortgage repurchase facility - - 50,000 - 50,000 Total financial services liabilities - - 115,243 (11,274 ) 103,969 Total Liabilities 937,938 1,584,320 140,683 (1,547,230 ) 1,115,711 Equity: Total Stockholders' Equity 1,236,225 182,743 38,102 (220,845 ) 1,236,225 Total Liabilities and Stockholders' Equity $ 2,174,163 $ 1,767,063 $ 178,785 $ (1,768,075 ) $ 2,351,936 December 31, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 119,951 $ 2,691 $ - $ - $ 122,642 Marketable securities 140,878 - - - 140,878 Restricted cash - 2,816 - - 2,816 Trade and other receivables 6,573 24,449 - (2,467 ) 28,555 Inventories: Housing completed or under construction - 732,692 - - 732,692 Land and land under development - 935,268 - - 935,268 Total inventories - 1,667,960 - - 1,667,960 Intercompany receivables 1,418,705 2,854 5,295 (1,426,854 ) - Investment in subsidiaries 260,874 - - (260,874 ) - Deferred tax asset 137,529 - - 2,957 140,486 Metropolitan district bond securities (related party) 18,203 - - - 18,203 Other assets, net 41,743 56,744 - - 98,487 Total homebuilding assets 2,144,456 1,757,514 5,295 (1,687,238 ) 2,220,027 Financial Services: Cash and cash equivalents - - 31,183 - 31,183 Marketable securities - - 15,262 - 15,262 Intercompany receivables - - 39,513 (39,513 ) - Mortgage loans held-for-sale, net - - 88,392 - 88,392 Other assets - - 6,531 (2,957 ) 3,574 Total financial services assets - - 180,881 (42,470 ) 138,411 Total Assets $ 2,144,456 $ 1,757,514 $ 186,176 $ (1,729,708 ) $ 2,358,438 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 35,445 $ - $ - $ 35,445 Accrued liabilities 7,007 105,529 67 2,514 115,117 Advances and notes payable to parent and subsidiaries 47,663 1,392,111 23,809 (1,463,583 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 846,450 - - - 846,450 Total homebuilding liabilities 916,120 1,533,085 23,876 (1,461,069 ) 1,012,012 Financial Services: Accounts payable and accrued liabilities - - 62,249 (4,981 ) 57,268 Advances and notes payable to parent and subsidiaries - - 2,784 (2,784 ) - Mortgage repurchase facility - - 60,822 - 60,822 Total financial services liabilities - - 125,855 (7,765 ) 118,090 Total Liabilities 916,120 1,533,085 149,731 (1,468,834 ) 1,130,102 Equity: Total Stockholders' Equity 1,228,336 224,429 36,445 (260,874 ) 1,228,336 Total Liabilities and Stockholders' Equity $ 2,144,456 $ 1,757,514 $ 186,176 $ (1,729,708 ) $ 2,358,438 |
Condensed Income Statement [Table Text Block] | Three Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 461,708 $ - $ - $ 461,708 Cost of sales - (385,019 ) - - (385,019 ) Gross margin - 76,689 - - 76,689 Selling, general, and administrative expenses (8,638 ) (46,048 ) - (95 ) (54,781 ) Equity income of subsidiaries 24,248 - - (24,248 ) - Interest and other income 1,728 994 - (2 ) 2,720 Interest expense 192 - - (192 ) - Other expense (1 ) (1,054 ) - - (1,055 ) Homebuilding pretax income (loss) 17,529 30,581 - (24,537 ) 23,573 Financial Services: Financial services pretax income - - 8,020 289 8,309 Income before income taxes 17,529 30,581 8,020 (24,248 ) 31,882 (Provision) benefit for income taxes 2,469 (11,408 ) (2,945 ) - (11,884 ) Net income $ 19,998 $ 19,173 $ 5,075 $ (24,248 ) $ 19,998 Other comprehensive income related to available for sale securities, net of tax (360 ) - (539 ) 539 (360 ) Comprehensive income $ 19,638 $ 19,173 $ 4,536 $ (23,709 ) $ 19,638 Three Months Ended June 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 431,261 $ - $ - $ 431,261 Cost of sales - (356,697 ) - - (356,697 ) Inventory impairments - (850 ) - - (850 ) Gross margin - 73,714 - - 73,714 Selling, general, and administrative expenses (10,644 ) (38,977 ) - (177 ) (49,798 ) Equity income of subsidiaries 25,679 - - (25,679 ) - Interest and other income 4,114 506 6 (13 ) 4,613 Other expense (2 ) (1,078 ) - - (1,080 ) Homebuilding pretax income (loss) 19,147 34,165 6 (25,869 ) 27,449 Financial Services: Financial services pretax income - - 6,387 190 6,577 Income before income taxes 19,147 34,165 6,393 (25,679 ) 34,026 (Provision) benefit for income taxes 2,395 (12,494 ) (2,385 ) - (12,484 ) Net income $ 21,542 $ 21,671 $ 4,008 $ (25,679 ) $ 21,542 Other comprehensive income related to available for sale securities, net of tax 2,327 - 53 (53 ) 2,327 Comprehensive income $ 23,869 $ 21,671 $ 4,061 $ (25,732 ) $ 23,869 Six Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 839,627 $ - $ - $ 839,627 Cost of sales - (704,786 ) - - (704,786 ) Inventory impairments - (350 ) - - (350 ) Gross margin - 134,491 - - 134,491 Selling, general, and administrative expenses (17,560 ) (87,505 ) - (248 ) (105,313 ) Equity income of subsidiaries 37,240 - - (37,240 ) - Interest and other income 3,291 1,275 5 3 4,574 Interest expense 278 - - (278 ) - Other expense (3 ) (2,186 ) - - (2,189 ) Homebuilding pretax income (loss) 23,246 46,075 5 (37,763 ) 31,563 Financial Services: Financial services pretax income - - 13,122 523 13,645 Income before income taxes 23,246 46,075 13,127 (37,240 ) 45,208 (Provision) benefit for income taxes 5,172 (17,112 ) (4,850 ) - (16,790 ) Net income $ 28,418 $ 28,963 $ 8,277 $ (37,240 ) $ 28,418 Other comprehensive income related to available for sale securities, net of tax 948 - (280 ) 280 948 Comprehensive income $ 29,366 $ 28,963 $ 7,997 $ (36,960 ) $ 29,366 Six Months Ended June 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Homebuilding: Revenues $ - $ 749,795 $ - $ - $ 749,795 Cost of sales - (616,175 ) - - (616,175 ) Inventory impairments - (850 ) - - (850 ) Gross margin - 132,770 - - 132,770 Selling, general, and administrative expenses (22,721 ) (75,087 ) - (332 ) (98,140 ) Equity income of subsidiaries 42,752 - - (42,752 ) - Interest and other income 17,341 835 9 (23 ) 18,162 Interest expense (685 ) - - - (685 ) Other expense (4 ) (1,689 ) - - (1,693 ) Loss on early extinguishment of debt (9,412 ) - - - (9,412 ) Homebuilding pretax income (loss) 27,271 56,829 9 (43,107 ) 41,002 Financial Services: Financial services pretax income - - 11,309 355 11,664 Income before income taxes 27,271 56,829 11,318 (42,752 ) 52,666 (Provision) benefit for income taxes 5,775 (21,171 ) (4,224 ) - (19,620 ) Net income $ 33,046 $ 35,658 $ 7,094 $ (42,752 ) $ 33,046 Other comprehensive income related to available for sale securities, net of tax (1,719 ) - 115 (115 ) (1,719 ) Comprehensive income $ 31,327 $ 35,658 $ 7,209 $ (42,867 ) $ 31,327 |
Condensed Cash Flow Statement [Table Text Block] | Six Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 35,266 $ (895 ) $ 10,138 $ - $ 44,509 Net cash provided by (used in) investing activities 13,810 (265 ) 698 2,346 16,589 Financing activities: Payments from (advances to) subsidiaries - 1,481 865 (2,346 ) - Mortgage repurchase facility - - (10,822 ) - (10,822 ) Dividend payments (24,425 ) - - - (24,425 ) Proceeds from the exercise of stock options 612 - - - 612 Net cash provided by (used in) financing activities (23,813 ) 1,481 (9,957 ) (2,346 ) (34,635 ) Net increase in cash and cash equivalents 25,263 321 879 - 26,463 Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 145,214 $ 3,012 $ 32,062 $ - $ 180,288 Six Months Ended June 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (26,472 ) $ (110,958 ) $ 41,158 $ - $ (96,272 ) Net cash provided by (used in) investing activities 3,390 (223 ) 5,664 74,094 82,925 Financing activities: Payments from (advances to) subsidiaries - 110,863 (36,769 ) (74,094 ) - Mortgage repurchase facility - - (30,876 ) - (30,876 ) Proceeds from issuance of senior notes 248,375 - - - 248,375 Repayment of senior notes (259,118 ) - - - (259,118 ) Advances on revolving credit facility, net 10,000 - - - 10,000 Dividend payments (24,412 ) - - - (24,412 ) Proceeds from the exercise of stock options 71 - - - 71 Net cash provided by (used in) financing activities (25,084 ) 110,863 (67,645 ) (74,094 ) (55,960 ) Net increase in cash and cash equivalents (48,166 ) (318 ) (20,823 ) - (69,307 ) Cash and cash equivalents: Beginning of period 145,180 3,454 50,704 - 199,338 End of period $ 97,014 $ 3,136 $ 29,881 $ - $ 130,031 |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Other Segments [Member] | |
Note 3 - Segment Reporting (Details) [Line Items] | |
Number of Reportable Segments | 1 |
Note 3 - Segment Reporting (D40
Note 3 - Segment Reporting (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Homebuilding [Member] | ||||
Homebuilding | ||||
Homebuilding Revenues | $ 461,708 | $ 431,261 | $ 839,627 | $ 749,795 |
Financial Services [Member] | ||||
Financial Services | ||||
Financial Services Revenues | 11,420 | 11,491 | 22,011 | 20,714 |
West [Member] | Homebuilding [Member] | ||||
Homebuilding | ||||
Homebuilding Revenues | 217,701 | 189,661 | 394,518 | 326,083 |
Mountain [Member] | Homebuilding [Member] | ||||
Homebuilding | ||||
Homebuilding Revenues | 156,893 | 146,665 | 280,914 | 247,610 |
East [Member] | Homebuilding [Member] | ||||
Homebuilding | ||||
Homebuilding Revenues | 87,114 | 94,935 | 164,195 | 176,102 |
Mortgage Operations [Member] | Financial Services [Member] | ||||
Financial Services | ||||
Financial Services Revenues | 7,104 | 7,352 | 13,753 | 12,471 |
Other Financial Services [Member] | Financial Services [Member] | ||||
Financial Services | ||||
Financial Services Revenues | $ 4,316 | $ 4,139 | $ 8,258 | $ 8,243 |
Note 3 - Segment Reporting (D41
Note 3 - Segment Reporting (Details) - Reconciliation of Pretax Operating Income from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Homebuilding | ||||
Income before income taxes | $ 31,882 | $ 34,026 | $ 45,208 | $ 52,666 |
Homebuilding [Member] | ||||
Homebuilding | ||||
Income before income taxes | 23,573 | 27,449 | 31,563 | 41,002 |
Financial Services [Member] | ||||
Homebuilding | ||||
Income before income taxes | 8,309 | 6,577 | 13,645 | 11,664 |
West [Member] | Homebuilding [Member] | ||||
Homebuilding | ||||
Income before income taxes | 15,597 | 16,695 | 24,100 | 29,345 |
Mountain [Member] | Homebuilding [Member] | ||||
Homebuilding | ||||
Income before income taxes | 14,970 | 12,182 | 22,390 | 19,541 |
East [Member] | Homebuilding [Member] | ||||
Homebuilding | ||||
Income before income taxes | 19 | 5,296 | (402) | 7,957 |
Corporate Subsegment [Member] | Homebuilding [Member] | ||||
Homebuilding | ||||
Income before income taxes | (7,013) | (6,724) | (14,525) | (15,841) |
Mortgage Operations [Member] | Financial Services [Member] | ||||
Homebuilding | ||||
Income before income taxes | 4,097 | 4,501 | 6,889 | 7,060 |
Other Financial Services [Member] | Financial Services [Member] | ||||
Homebuilding | ||||
Income before income taxes | $ 4,212 | $ 2,076 | $ 6,756 | $ 4,604 |
Note 3 - Segment Reporting (D42
Note 3 - Segment Reporting (Details) - Total Assets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Homebuilding assets | ||
Total Assets | $ 2,351,936 | $ 2,358,438 |
Homebuilding [Member] | ||
Homebuilding assets | ||
Total Assets | 2,219,443 | 2,220,027 |
Financial Services [Member] | ||
Homebuilding assets | ||
Total Assets | 132,493 | 138,411 |
Reportable Geographical Components [Member] | Homebuilding [Member] | ||
Homebuilding assets | ||
Total Assets | 2,219,443 | 2,220,027 |
Reportable Geographical Components [Member] | Financial Services [Member] | ||
Homebuilding assets | ||
Total Assets | 132,493 | 138,411 |
West [Member] | Reportable Geographical Components [Member] | Homebuilding [Member] | ||
Homebuilding assets | ||
Total Assets | 916,311 | 893,970 |
Mountain [Member] | Reportable Geographical Components [Member] | Homebuilding [Member] | ||
Homebuilding assets | ||
Total Assets | 508,749 | 516,971 |
East [Member] | Reportable Geographical Components [Member] | Homebuilding [Member] | ||
Homebuilding assets | ||
Total Assets | 339,147 | 343,718 |
Corporate Subsegment [Member] | Reportable Geographical Components [Member] | Homebuilding [Member] | ||
Homebuilding assets | ||
Total Assets | 455,236 | 465,368 |
Mortgage Operations [Member] | Reportable Geographical Components [Member] | Financial Services [Member] | ||
Homebuilding assets | ||
Total Assets | 87,596 | 94,265 |
Other Financial Services [Member] | Reportable Geographical Components [Member] | Financial Services [Member] | ||
Homebuilding assets | ||
Total Assets | $ 44,897 | $ 44,146 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Stock Option [Member] | ||||
Note 4 - Earnings Per Share (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.6 | 4.2 | 3.6 | 4 |
Note 4 - Earnings Per Share (44
Note 4 - Earnings Per Share (Details) - Earnings Per Share - Basic and Diluted Loss Per Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator | ||||
Net income | $ 19,998 | $ 21,542 | $ 28,418 | $ 33,046 |
Less: distributed earnings allocated to participating securities | (23) | (49) | (48) | (101) |
Less: undistributed earnings allocated to participating securities | (15) | (37) | (9) | (39) |
Net income attributable to common stockholders (numerator for basic earnings per share) | 19,960 | 21,456 | 28,361 | 32,906 |
Add back: undistributed earnings allocated to participating securities | 15 | 37 | 9 | 39 |
Less: undistributed earnings reallocated to participating securities | (15) | (37) | (9) | (38) |
Numerator for diluted earnings per share under two class method | $ 19,960 | $ 21,456 | $ 28,361 | $ 32,907 |
Denominator | ||||
Weighted-average common shares outstanding (in Shares) | 48,768,021 | 48,640,979 | 48,741,476 | 48,613,521 |
Denominator for diluted earnings per share under two class method (in Shares) | 49,005,037 | 48,852,696 | 48,954,059 | 48,842,527 |
Basic Earnings Per Common Share (in Dollars per share) | $ 0.41 | $ 0.44 | $ 0.58 | $ 0.68 |
Diluted Earnings Per Common Share (in Dollars per share) | $ 0.41 | $ 0.44 | $ 0.58 | $ 0.67 |
Employee Stock Option [Member] | ||||
Denominator | ||||
Add: dilutive effect of stock options (in Shares) | 237,016 | 211,717 | 212,583 | 229,006 |
Note 5 - Accumulated Other Co45
Note 5 - Accumulated Other Comprehensive Income (Details) - Changes in Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Unrealized gains (losses) on available-for-sale marketable securities 1 : | |||||
Beginning balance | $ 10,455 | ||||
Ending balance | [1] | $ 11,403 | $ 9,856 | 11,403 | $ 9,856 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Unrealized gains (losses) on available-for-sale marketable securities 1 : | |||||
Beginning balance | [1] | 3,142 | 3,609 | 2,775 | 7,655 |
Other comprehensive income | [1] | (1,260) | 1,633 | (900) | 1,600 |
Amounts reclassified from AOCI | [1],[2] | (293) | 104 | (286) | (3,909) |
Ending balance | [1] | 1,589 | 5,346 | 1,589 | 5,346 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Metropolitan District Bond Securities [Member] | |||||
Unrealized gains (losses) on available-for-sale marketable securities 1 : | |||||
Beginning balance | [1] | 8,621 | 3,920 | 7,680 | 3,920 |
Other comprehensive income | [1] | $ 1,193 | $ 590 | $ 2,134 | $ 590 |
Amounts reclassified from AOCI | [1] | ||||
Ending balance | [1] | $ 9,814 | $ 4,510 | $ 9,814 | $ 4,510 |
[1] | All amounts net-of-tax. | ||||
[2] | See separate table below for details about these reclassifications. |
Note 5 - Accumulated Other Co46
Note 5 - Accumulated Other Comprehensive Income (Details) - Reclassifications out of AOCI - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income before income taxes | $ 31,882 | $ 34,026 | $ 45,208 | $ 52,666 |
Provision for income taxes | (11,884) | (12,484) | (16,790) | (19,620) |
Net income | 19,998 | 21,542 | 28,418 | 33,046 |
Homebuilding [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Interest and other income | 2,720 | 4,613 | 4,574 | 18,162 |
Income before income taxes | 23,573 | 27,449 | 31,563 | 41,002 |
Financial Services [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income before income taxes | 8,309 | 6,577 | 13,645 | 11,664 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income before income taxes | 473 | (169) | 462 | 6,356 |
Provision for income taxes | (180) | 65 | (176) | (2,447) |
Net income | 293 | (104) | 286 | 3,909 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Homebuilding [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Interest and other income | 137 | (176) | 125 | 6,361 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Financial Services [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Interest and other income | $ 336 | $ 7 | $ 337 | $ (5) |
Note 6 - Fair Value Measureme47
Note 6 - Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Note 6 - Fair Value Measurements (Details) [Line Items] | |||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,600 | 2,600 | $ 4,500 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3,066 | $ 3,066 | 3,097 | ||
Minimum [Member] | |||||
Note 6 - Fair Value Measurements (Details) [Line Items] | |||||
Short Term Borrowings Maturity Period | 30 days | ||||
Fair Value, Inputs, Level 2 [Member] | |||||
Note 6 - Fair Value Measurements (Details) [Line Items] | |||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 79,728 | $ 79,728 | 88,392 | ||
Fair Value, Inputs, Level 2 [Member] | Under Commitment To Sell [Member] | |||||
Note 6 - Fair Value Measurements (Details) [Line Items] | |||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 64,700 | 64,700 | 74,200 | ||
Fair Value, Inputs, Level 2 [Member] | Not Under Commitment To Sell [Member] | |||||
Note 6 - Fair Value Measurements (Details) [Line Items] | |||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 15,000 | $ 15,000 | $ 14,200 |
Note 6 - Fair Value Measureme48
Note 6 - Fair Value Measurements (Details) - Fair Value Methods Used for Measuring Fair Values of Financial Instruments on Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Marketable securities (available-for-sale) | ||||||
Total available-for-sale marketable securities | $ 137,543 | $ 156,140 | ||||
Metropolitan District Bond Securities [Member] | ||||||
Marketable securities (available-for-sale) | ||||||
Metropolitan district bond securities (related party) (available-for-sale) | 22,259 | $ 19,978 | 18,203 | $ 14,291 | $ 13,027 | $ 12,729 |
Fair Value, Inputs, Level 1 [Member] | ||||||
Marketable securities (available-for-sale) | ||||||
Equity securities | 134,609 | 129,560 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Marketable securities (available-for-sale) | ||||||
Debt securities - maturity less than 1 year | 2,399 | 1,511 | ||||
Debt securities - maturity 1 to 5 years | 167 | 7,643 | ||||
Debt securities - maturity greater than 5 years | 368 | 17,426 | ||||
Mortgage loans held-for-sale, net | 79,728 | 88,392 | ||||
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member] | ||||||
Marketable securities (available-for-sale) | ||||||
Metropolitan district bond securities (related party) (available-for-sale) | $ 22,259 | $ 18,203 |
Note 6 - Fair Value Measureme49
Note 6 - Fair Value Measurements (Details) - Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Homebuilding: | ||
Amortized Cost | $ 134,979 | $ 151,627 |
Fair Value | 137,543 | 156,140 |
Homebuilding [Member] | ||
Homebuilding: | ||
Amortized Cost | 120,061 | 116,009 |
Fair Value | 122,737 | 120,274 |
Amortized Cost | 360 | 20,660 |
Fair Value | 368 | 20,604 |
Amortized Cost | 120,421 | 136,669 |
Fair Value | 123,105 | 140,878 |
Financial Services [Member] | ||
Homebuilding: | ||
Amortized Cost | 12,026 | 9,028 |
Fair Value | 11,872 | 9,286 |
Amortized Cost | 2,532 | 5,930 |
Fair Value | 2,566 | 5,976 |
Amortized Cost | 14,558 | 14,958 |
Fair Value | $ 14,438 | $ 15,262 |
Note 6 - Fair Value Measureme50
Note 6 - Fair Value Measurements (Details) - Aggregate Fair Value of Securities in Unrealized Loss Positions $ in Thousands | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Type of Investment | ||
Number of Securities in Loss Position | 10 | 58 |
Aggregate Loss Position | $ (3,066) | $ (3,097) |
Aggregate Fair Value of Securities in a Loss Position | $ 89,948 | $ 89,535 |
Debt Securities [Member] | ||
Type of Investment | ||
Number of Securities in Loss Position | 52 | |
Aggregate Loss Position | $ (359) | |
Aggregate Fair Value of Securities in a Loss Position | $ 14,536 | |
Equity Securities [Member] | ||
Type of Investment | ||
Number of Securities in Loss Position | 10 | 6 |
Aggregate Loss Position | $ (3,066) | $ (2,738) |
Aggregate Fair Value of Securities in a Loss Position | $ 89,948 | $ 74,999 |
Note 6 - Fair Value Measureme51
Note 6 - Fair Value Measurements (Details) - Gross Realized Gains and Gross Realized Losses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gross realized gains on sales of available-for-sale securities | ||||
Gross realized gains on sales of available-for-sale securities | $ 843 | $ 100 | $ 1,246 | $ 7,438 |
Gross realized losses on sales of available-for-sale securities | ||||
Gross realized losses on sales of available-for-sale securities | (370) | (649) | (784) | (1,082) |
Net realized gain (loss) on sales of available-for-sale securities | 473 | (549) | 462 | 6,356 |
Equity Securities [Member] | ||||
Gross realized gains on sales of available-for-sale securities | ||||
Gross realized gains on sales of available-for-sale securities | 638 | 875 | 5,518 | |
Gross realized losses on sales of available-for-sale securities | ||||
Gross realized losses on sales of available-for-sale securities | (232) | (467) | (557) | (709) |
Debt Securities [Member] | ||||
Gross realized gains on sales of available-for-sale securities | ||||
Gross realized gains on sales of available-for-sale securities | 205 | 100 | 371 | 1,920 |
Gross realized losses on sales of available-for-sale securities | ||||
Gross realized losses on sales of available-for-sale securities | $ (138) | $ (182) | $ (227) | $ (373) |
Note 6 - Fair Value Measureme52
Note 6 - Fair Value Measurements (Details) - Quantitative Data Regarding Unobservable Inputs and Sensitivity Analysis - 6 months ended Jun. 30, 2015 | Total |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Number of homes closed per year | 93 |
Number of homes closed per year | Increase |
Number of homes closed per year | Decrease |
Discount rate | 8.80% |
Discount rate | Decrease |
Discount rate | Increase |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Number of homes closed per year | 0 |
Discount rate | 5.00% |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Number of homes closed per year | 130 |
Discount rate | 12.00% |
Note 6 - Fair Value Measureme53
Note 6 - Fair Value Measurements (Details) - Summary of Activity for Metro Bonds - Metropolitan District Bond Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Note 6 - Fair Value Measurements (Details) - Summary of Activity for Metro Bonds [Line Items] | ||||
Balance at beginning of period | $ 19,978 | $ 13,027 | $ 18,203 | $ 12,729 |
Increase in fair value (recorded in other comprehensive income) | 1,925 | 959 | 3,343 | 959 |
Change due to accretion of principal | 356 | 305 | 713 | 603 |
Cash receipts | 0 | 0 | 0 | 0 |
Balance at end of period | $ 22,259 | $ 14,291 | $ 22,259 | $ 14,291 |
Note 6 - Fair Value Measureme54
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ||
Carrying Amount | $ 846,752 | $ 846,450 |
Fair Value | 802,572 | 797,113 |
5.625% Senior Notes Due 2020 [Member] | ||
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ||
Carrying Amount | 246,752 | 246,450 |
Fair Value | 263,203 | 257,950 |
5.5% Senior Notes Due 2024 [Member] | ||
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ||
Carrying Amount | 250,000 | 250,000 |
Fair Value | 245,369 | 242,608 |
6.000% Senior Notes Due January 2043 [Member] | ||
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items] | ||
Carrying Amount | 350,000 | 350,000 |
Fair Value | $ 294,000 | $ 296,555 |
Note 6 - Fair Value Measureme55
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) | Jun. 30, 2015 | Dec. 31, 2014 |
5.625% Senior Notes Due 2020 [Member] | ||
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) [Line Items] | ||
Senior Notes, interest rate | 5.625% | 5.625% |
5.5% Senior Notes Due 2024 [Member] | ||
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) [Line Items] | ||
Senior Notes, interest rate | 5.50% | 5.50% |
6.000% Senior Notes Due January 2043 [Member] | ||
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals) [Line Items] | ||
Senior Notes, interest rate | 6.00% | 6.00% |
Note 7 - Inventories (Details)
Note 7 - Inventories (Details) - East [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Note 7 - Inventories (Details) [Line Items] | ||||
Inventory Write-down | $ 0 | |||
One Project [Member] | ||||
Note 7 - Inventories (Details) [Line Items] | ||||
Inventory Write-down | $ 0.4 | |||
Two Project [Member] | ||||
Note 7 - Inventories (Details) [Line Items] | ||||
Inventory Write-down | $ 0.9 | $ 0.9 |
Note 7 - Inventories (Details)
Note 7 - Inventories (Details) - Summary of Inventory - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Housing Completed or Under Construction: | ||
Housing Completed or Under Construction | $ 774,069 | $ 732,692 |
Land and Land Under Development: | ||
Land and Land Under Development | 898,398 | 935,268 |
Total Inventories | 1,672,467 | 1,667,960 |
West [Member] | ||
Housing Completed or Under Construction: | ||
Housing Completed or Under Construction | 389,850 | 343,134 |
Land and Land Under Development: | ||
Land and Land Under Development | 483,032 | 507,252 |
Mountain [Member] | ||
Housing Completed or Under Construction: | ||
Housing Completed or Under Construction | 249,029 | 220,489 |
Land and Land Under Development: | ||
Land and Land Under Development | 235,019 | 277,583 |
East [Member] | ||
Housing Completed or Under Construction: | ||
Housing Completed or Under Construction | 135,190 | 169,069 |
Land and Land Under Development: | ||
Land and Land Under Development | $ 180,347 | $ 150,433 |
Note 8 - Capitalization of In58
Note 8 - Capitalization of Interest (Details) - Interest Activity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest Activity [Abstract] | ||||
Homebuilding interest incurred | $ 13,305 | $ 16,530 | $ 26,556 | $ 35,712 |
Less: Interest capitalized | (13,305) | (16,530) | (26,556) | (35,027) |
Homebuilding interest expensed | 685 | |||
Interest capitalized, beginning of period | 79,991 | 80,928 | 79,231 | 74,155 |
Plus: Interest capitalized during period | 13,305 | 16,530 | 26,556 | 35,027 |
Less: Previously capitalized interest included in home and land cost of sales | (14,439) | (16,522) | (26,930) | (28,246) |
Interest capitalized, end of period | $ 78,857 | $ 80,936 | $ 78,857 | $ 80,936 |
Note 9 - Homebuilding Prepaid59
Note 9 - Homebuilding Prepaid Expenses and Other Assets (Details) - Summary of Homebuilding Prepaid Expenses and Other Assets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary of Homebuilding Prepaid Expenses and Other Assets [Abstract] | ||
Land option deposits | $ 14,625 | $ 12,895 |
Deferred marketing costs | 30,785 | 29,231 |
Prepaid expenses | 3,176 | 5,104 |
Goodwill | 6,008 | 6,008 |
Deferred debt issuance costs, net | 12,174 | 13,004 |
Other | 1,934 | 1,754 |
Total | $ 68,702 | $ 67,996 |
Note 10 - Homebuilding Accrue60
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities [Line Items] | ||||||
Warranty accrual | $ 17,253 | $ 17,761 | $ 18,346 | $ 20,178 | $ 21,447 | $ 22,238 |
Homebuilding [Member] | ||||||
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities [Line Items] | ||||||
Customer and escrow deposits | 23,883 | 16,728 | ||||
Warranty accrual | 17,253 | 18,346 | ||||
Accrued compensation and related expenses | 19,421 | 27,541 | ||||
Accrued interest | 23,234 | 23,234 | ||||
Accrued liabilities current and non-current | 116,034 | 115,117 | ||||
Other accrued liabilities | 20,573 | 19,160 | ||||
Homebuilding [Member] | Land Development And Home Construction Accruals [Member] | ||||||
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities [Line Items] | ||||||
Accrued liabilities current and non-current | $ 11,670 | $ 10,108 |
Note 10 - Homebuilding Accrue61
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Financial Services Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Financial Services Accounts Payable and Accrued Liabilities [Line Items] | ||||||
Insurance reserves | $ 47,389 | $ 50,015 | $ 50,470 | $ 49,363 | $ 49,076 | $ 49,637 |
Financial Services [Member] | ||||||
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Financial Services Accounts Payable and Accrued Liabilities [Line Items] | ||||||
Insurance reserves | 47,389 | 50,470 | ||||
Accounts payable and other accrued liabilities | 6,580 | 6,798 | ||||
Total accounts payable and accrued liabilities | $ 53,969 | $ 57,268 |
Note 11 - Warranty Accrual (Det
Note 11 - Warranty Accrual (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Product Warranties Disclosures [Abstract] | ||||
Product Warranty Accrual, Period Increase (Decrease) | $ (0.2) | $ (1.3) | $ (0.2) | $ (2.1) |
Note 11 - Warranty Accrual (D63
Note 11 - Warranty Accrual (Details) - Warranty Accrual and Payment Activity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Warranty Accrual and Payment Activity [Abstract] | ||||
Balance at beginning of period | $ 17,761 | $ 21,447 | $ 18,346 | $ 22,238 |
Expense provisions | 1,329 | 1,243 | 2,444 | 2,157 |
Cash payments | (1,624) | (1,237) | (3,324) | (2,142) |
Adjustments | (213) | (1,275) | (213) | (2,075) |
Balance at end of period | $ 17,253 | $ 20,178 | $ 17,253 | $ 20,178 |
Note 12 - Insurance Reserves (D
Note 12 - Insurance Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Insurance Loss Reserves [Abstract] | ||||
Increase (Decrease) in Self Insurance Reserve | $ (1,500) | $ 0 | $ (1,500) | $ 0 |
Note 12 - Insurance Reserves 65
Note 12 - Insurance Reserves (Details) - Insurance Reserves - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Insurance Reserves [Abstract] | ||||
Balance at beginning of period | $ 50,015 | $ 49,076 | $ 50,470 | $ 49,637 |
Balance at end of period | 47,389 | 49,363 | 47,389 | 49,363 |
Expense provisions | 1,576 | 1,737 | 2,849 | 3,047 |
Cash payments, net of recoveries | (2,702) | (1,450) | (4,430) | (3,321) |
Adjustments | $ (1,500) | $ 0 | $ (1,500) | $ 0 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Note 13 - Income Taxes (Details) [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Percent | 37.30% | 36.70% | 37.10% | 37.30% | |
Income Tax Expense (Benefit) | $ 11,884 | $ 12,484 | $ 16,790 | $ 19,620 | |
Deferred Tax Assets, Net | 136,900 | 136,900 | $ 153,500 | ||
Deferred Tax Assets, Valuation Allowance | 13,400 | 13,400 | $ 13,000 | ||
Domestic Tax Authority [Member] | |||||
Note 13 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 35,500 | 35,500 | |||
State and Local Jurisdiction [Member] | |||||
Note 13 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 34,000 | $ 34,000 |
Note 14 - Senior Notes (Details
Note 14 - Senior Notes (Details) - USD ($) $ in Thousands | Mar. 26, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
Note 14 - Senior Notes (Details) [Line Items] | ||||
Long-term Debt, Gross | $ 846,752 | $ 846,450 | ||
Gains (Losses) on Extinguishment of Debt | $ (9,412) | |||
5.375% Senior Notes Due December 2014 [Member] | ||||
Note 14 - Senior Notes (Details) [Line Items] | ||||
Early Repayment of Senior Debt | $ 259,100 | |||
Debt Instrument, Face Amount | 250,000 | |||
Long-term Debt, Gross | 249,700 | |||
Gains (Losses) on Extinguishment of Debt | $ 9,400 |
Note 14 - Senior Notes (Detai68
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items] | ||
Senior Notes | $ 846,752 | $ 846,450 |
5.625% Senior Notes Due 2020 [Member] | ||
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items] | ||
Senior Notes | 246,752 | 246,450 |
5.5% Senior Notes Due 2024 [Member] | ||
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items] | ||
Senior Notes | 250,000 | 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 (Detai69
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (Parentheticals) | Jun. 30, 2015 | Dec. 31, 2014 |
5.625% Senior Notes Due 2020 [Member] | ||
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (Parentheticals) [Line Items] | ||
Senior notes, interest rate | 5.625% | 5.625% |
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% |
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% |
Note 15 - Stock Based Compens70
Note 15 - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | May. 18, 2015 | Jun. 30, 2015 |
Note 15 - Stock Based Compensation (Details) [Line Items] | ||
Share Price | $ 28.45 | |
Non-qualified Stock Option [Member] | 2011 Equity Incentive Plan [Member] | Chief Executive Officer [Member] | ||
Note 15 - Stock Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,000,000 | |
Non-qualified Stock Option [Member] | 2011 Equity Incentive Plan [Member] | Chief Operating Officer [Member] | ||
Note 15 - Stock Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,000,000 | |
Non-qualified Stock Option [Member] | 2011 Equity Incentive Plan [Member] | CEO and COO [Member] | ||
Note 15 - Stock Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expected to Vest Immediately, Threshold Trading Days | 20 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Expected to Vest Immediately, Threshold Consecutive Trading Days | 30 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Expected to Vest Immediately, Threshold Percentage of Stock Price Trigger | 120.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.62 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 11.2 |
Note 15 - Stock Based Compens71
Note 15 - Stock Based Compensation (Details) - Share-based Award Expense Activity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Note 15 - Stock Based Compensation (Details) - Share-based Award Expense Activity [Line Items] | ||||
Stock Based Compensation | $ 1,716 | $ 1,258 | $ 2,591 | $ 2,550 |
Employee Stock Option [Member] | ||||
Note 15 - Stock Based Compensation (Details) - Share-based Award Expense Activity [Line Items] | ||||
Stock Based Compensation | 1,123 | 609 | 1,499 | 1,202 |
Restricted Stock [Member] | ||||
Note 15 - Stock Based Compensation (Details) - Share-based Award Expense Activity [Line Items] | ||||
Stock Based Compensation | $ 593 | $ 649 | $ 1,092 | $ 1,348 |
Note 16 - Commitments and Con72
Note 16 - Commitments and Contingencies (Details) - Jun. 30, 2015 $ in Millions | USD ($) |
Note 16 - Commitments and Contingencies (Details) [Line Items] | |
Surety Bonds Issued And Outstanding | $ 149.4 |
Letters of Credit Outstanding, Amount | 27.3 |
Estimated Cost Related To Bonds | 45.8 |
Estimated Cost Related To Letters Of Credit | 6.4 |
Homeamerican [Member] | |
Note 16 - Commitments and Contingencies (Details) [Line Items] | |
Letters of Credit Outstanding, Amount | 15.2 |
Option Contracts [Member] | |
Note 16 - Commitments and Contingencies (Details) [Line Items] | |
Letters of Credit Outstanding, Amount | 2.4 |
Earnest Money Deposits | $ 12.3 |
Right To Acquire Lots Under Options Contract | 2,269 |
Note 16 - Commitments and Con73
Note 16 - Commitments and Contingencies (Details) - Mortgage Loan Loss Reserve Activity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Mortgage Loan Loss Reserve Activity [Abstract] | ||||
Balance at beginning of period | $ 1,225 | $ 873 | $ 810 | $ 1,370 |
Expense provisions | 725 | |||
Adjustments | (167) | (159) | (477) | (656) |
Balance at end of period | $ 1,058 | $ 714 | $ 1,058 | $ 714 |
Note 17 - Derivative Financia74
Note 17 - Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Note 17 - Derivative Financial Instruments (Details) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0.1 | $ 0.6 | $ (0.4) |
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 | 86.5 | 86.5 | ||
No Commitment To Originate Mortgage Loans [Member] | ||||
Note 17 - Derivative Financial Instruments (Details) [Line Items] | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 15 | 15 | ||
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 | $ 71 | $ 71 |
Note 18 - Lines of Credit (Deta
Note 18 - Lines of Credit (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 29, 2014 | Dec. 28, 2014 | Dec. 17, 2014 | Dec. 31, 2013 | |
Note 18 - Lines of Credit (Details) [Line Items] | ||||||
Letters of Credit Outstanding, Amount | $ 27.3 | |||||
Revolving Credit Facility [Member] | ||||||
Note 18 - Lines of Credit (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 550 | $ 100 | ||||
Debt Instrument, Maturity Date | Dec. 13, 2019 | |||||
Long-term Line of Credit | $ 15 | $ 15 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 523 | |||||
Standby Letters of Credit [Member] | ||||||
Note 18 - Lines of Credit (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity, Percentage | 50.00% | |||||
Letters of Credit Outstanding, Amount | $ 12 | 10.5 | ||||
Mortgage Repurchase Facility [Member] | Warehouse Agreement Borrowings [Member] | ||||||
Note 18 - Lines of Credit (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50 | $ 80 | $ 50 | |||
Long-term Line of Credit | $ 50 | $ 60.8 | ||||
Maximum [Member] | Borrowing Base Is Not Required [Member] | ||||||
Note 18 - Lines of Credit (Details) [Line Items] | ||||||
Line of Credit Facility, Leverage Ratio | 55.00% | |||||
Maximum [Member] | Revolving Credit Facility [Member] | Upon Request [Member] | ||||||
Note 18 - Lines of Credit (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | |||||
Minimum [Member] | Borrowing Base is Required [Member] | ||||||
Note 18 - Lines of Credit (Details) [Line Items] | ||||||
Line of Credit Facility, Leverage Ratio | 55.00% | |||||
Minimum [Member] | Revolving Credit Facility [Member] | Subject to Acceleration [Member] | ||||||
Note 18 - Lines of Credit (Details) [Line Items] | ||||||
Line of Credit Facility, Covenant Terms, Ownership Percentage | 50.00% |
Note 19 - Supplemental Guaran76
Note 19 - Supplemental Guarantor Information (Details) - Jun. 30, 2015 | Total |
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 Guaran77
Note 19 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Homebuilding: | ||||
Cash and cash equivalents | $ 180,288 | $ 153,825 | $ 130,031 | $ 199,338 |
Inventories: | ||||
Housing completed or under construction | 774,069 | 732,692 | ||
Land and land under development | 898,398 | 935,268 | ||
Total inventories | 1,672,467 | 1,667,960 | ||
Deferred tax asset | 136,900 | 153,500 | ||
Total Assets | 2,351,936 | 2,358,438 | ||
Homebuilding: | ||||
Total Liabilities | 1,115,711 | 1,130,102 | ||
Equity: | ||||
Total Stockholder’s Equity | 1,236,225 | 1,228,336 | ||
Total Liabilities and Stockholders’ Equity | 2,351,936 | 2,358,438 | ||
Homebuilding [Member] | ||||
Homebuilding: | ||||
Cash and cash equivalents | 148,226 | 122,642 | ||
Marketable securities | 123,105 | 140,878 | ||
Restricted cash | 4,944 | 2,816 | ||
Trade Receivables | 27,120 | 28,555 | ||
Inventories: | ||||
Housing completed or under construction | 774,069 | 732,692 | ||
Land and land under development | 898,398 | 935,268 | ||
Total inventories | 1,672,467 | 1,667,960 | ||
Metropolitan district bond securities (related party) | 22,259 | 18,203 | ||
Deferred tax asset | 123,519 | 140,486 | ||
Other assets, net | 97,803 | 98,487 | ||
Total Assets | 2,219,443 | 2,220,027 | ||
Homebuilding: | ||||
Accounts payable | 33,956 | 35,445 | ||
Accrued liabilities | 116,034 | 115,117 | ||
Revolving credit facility | 15,000 | 15,000 | ||
Senior notes, net | 846,752 | 846,450 | ||
Total Liabilities | 1,011,742 | 1,012,012 | ||
Financial Services [Member] | ||||
Homebuilding: | ||||
Cash and cash equivalents | 32,062 | 31,183 | ||
Marketable securities | 14,438 | 15,262 | ||
Inventories: | ||||
Mortgage loans held-for-sale, net | 79,728 | 88,392 | ||
Other assets, net | 6,265 | 3,574 | ||
Total Assets | 132,493 | 138,411 | ||
Homebuilding: | ||||
Accounts payable and other liabilities | 53,969 | 57,268 | ||
Mortgage repurchase facility | 50,000 | 60,822 | ||
Total Liabilities | 103,969 | 118,090 | ||
MDC Holdings [Member] | ||||
Homebuilding: | ||||
Cash and cash equivalents | 145,214 | 119,951 | 97,014 | 145,180 |
Inventories: | ||||
Total Assets | 2,174,163 | 2,144,456 | ||
Homebuilding: | ||||
Total Liabilities | 937,938 | 916,120 | ||
Equity: | ||||
Total Stockholder’s Equity | 1,236,225 | 1,228,336 | ||
Total Liabilities and Stockholders’ Equity | 2,174,163 | 2,144,456 | ||
MDC Holdings [Member] | Homebuilding [Member] | ||||
Homebuilding: | ||||
Cash and cash equivalents | 145,214 | 119,951 | ||
Marketable securities | 123,105 | 140,878 | ||
Trade Receivables | 5,455 | 6,573 | ||
Inventories: | ||||
Intercompany receivables | 1,497,794 | 1,418,705 | ||
Investment in subsidiaries | 220,845 | 260,874 | ||
Metropolitan district bond securities (related party) | 22,259 | 18,203 | ||
Deferred tax asset | 121,457 | 137,529 | ||
Other assets, net | 38,034 | 41,743 | ||
Total Assets | 2,174,163 | 2,144,456 | ||
Homebuilding: | ||||
Accrued liabilities | 29,101 | 7,007 | ||
Advances and notes payable to parent and subsidiaries | 47,085 | 47,663 | ||
Revolving credit facility | 15,000 | 15,000 | ||
Senior notes, net | 846,752 | 846,450 | ||
Total Liabilities | 937,938 | 916,120 | ||
Guarantor Subsidiaries [Member] | ||||
Homebuilding: | ||||
Cash and cash equivalents | 3,012 | 2,691 | 3,136 | 3,454 |
Inventories: | ||||
Total Assets | 1,767,063 | 1,757,514 | ||
Homebuilding: | ||||
Total Liabilities | 1,584,320 | 1,533,085 | ||
Equity: | ||||
Total Stockholder’s Equity | 182,743 | 224,429 | ||
Total Liabilities and Stockholders’ Equity | 1,767,063 | 1,757,514 | ||
Guarantor Subsidiaries [Member] | Homebuilding [Member] | ||||
Homebuilding: | ||||
Cash and cash equivalents | 3,012 | 2,691 | ||
Restricted cash | 4,944 | 2,816 | ||
Trade Receivables | 24,016 | 24,449 | ||
Inventories: | ||||
Housing completed or under construction | 774,069 | 732,692 | ||
Land and land under development | 898,398 | 935,268 | ||
Total inventories | 1,672,467 | 1,667,960 | ||
Intercompany receivables | 2,855 | 2,854 | ||
Other assets, net | 59,769 | 56,744 | ||
Total Assets | 1,767,063 | 1,757,514 | ||
Homebuilding: | ||||
Accounts payable | 33,956 | 35,445 | ||
Accrued liabilities | 85,836 | 105,529 | ||
Advances and notes payable to parent and subsidiaries | 1,464,528 | 1,392,111 | ||
Total Liabilities | 1,584,320 | 1,533,085 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Homebuilding: | ||||
Cash and cash equivalents | 32,062 | 31,183 | $ 29,881 | $ 50,704 |
Inventories: | ||||
Total Assets | 178,785 | 186,176 | ||
Homebuilding: | ||||
Total Liabilities | 140,683 | 149,731 | ||
Equity: | ||||
Total Stockholder’s Equity | 38,102 | 36,445 | ||
Total Liabilities and Stockholders’ Equity | 178,785 | 186,176 | ||
Non-Guarantor Subsidiaries [Member] | Homebuilding [Member] | ||||
Inventories: | ||||
Intercompany receivables | 5,645 | 5,295 | ||
Total Assets | 5,645 | 5,295 | ||
Homebuilding: | ||||
Accrued liabilities | 19 | 67 | ||
Advances and notes payable to parent and subsidiaries | 25,421 | 23,809 | ||
Total Liabilities | 25,440 | 23,876 | ||
Non-Guarantor Subsidiaries [Member] | Financial Services [Member] | ||||
Homebuilding: | ||||
Cash and cash equivalents | 32,062 | 31,183 | ||
Marketable securities | 14,438 | 15,262 | ||
Inventories: | ||||
Intercompany receivables | 38,585 | 39,513 | ||
Mortgage loans held-for-sale, net | 79,728 | 88,392 | ||
Other assets, net | 8,327 | 6,531 | ||
Total Assets | 173,140 | 180,881 | ||
Homebuilding: | ||||
Accounts payable and other liabilities | 57,398 | 62,249 | ||
Advances and notes payable to parent and subsidiaries | 7,845 | 2,784 | ||
Mortgage repurchase facility | 50,000 | 60,822 | ||
Total Liabilities | 115,243 | 125,855 | ||
Consolidation, Eliminations [Member] | ||||
Inventories: | ||||
Total Assets | (1,768,075) | (1,729,708) | ||
Homebuilding: | ||||
Total Liabilities | (1,547,230) | (1,468,834) | ||
Equity: | ||||
Total Stockholder’s Equity | (220,845) | (260,874) | ||
Total Liabilities and Stockholders’ Equity | (1,768,075) | (1,729,708) | ||
Consolidation, Eliminations [Member] | Homebuilding [Member] | ||||
Homebuilding: | ||||
Trade Receivables | (2,351) | (2,467) | ||
Inventories: | ||||
Intercompany receivables | (1,506,294) | (1,426,854) | ||
Investment in subsidiaries | (220,845) | (260,874) | ||
Deferred tax asset | 2,062 | 2,957 | ||
Total Assets | (1,727,428) | (1,687,238) | ||
Homebuilding: | ||||
Accrued liabilities | 1,078 | 2,514 | ||
Advances and notes payable to parent and subsidiaries | (1,537,034) | (1,463,583) | ||
Total Liabilities | (1,535,956) | (1,461,069) | ||
Consolidation, Eliminations [Member] | Financial Services [Member] | ||||
Inventories: | ||||
Intercompany receivables | (38,585) | (39,513) | ||
Other assets, net | (2,062) | (2,957) | ||
Total Assets | (40,647) | (42,470) | ||
Homebuilding: | ||||
Accounts payable and other liabilities | (3,429) | (4,981) | ||
Advances and notes payable to parent and subsidiaries | (7,845) | (2,784) | ||
Total Liabilities | $ (11,274) | $ (7,765) |
Note 19 - Supplemental Guaran78
Note 19 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Homebuilding: | ||||
Interest expense | $ (685) | |||
Income before income taxes | $ 31,882 | $ 34,026 | $ 45,208 | 52,666 |
Loss on early extinguishment of debt | (9,412) | |||
Financial Services: | ||||
(Provision) benefit for income taxes | (11,884) | (12,484) | (16,790) | (19,620) |
Net income (loss) | 19,998 | 21,542 | 28,418 | 33,046 |
Other comprehensive income related to available for sale securities, net of tax | (360) | 2,327 | 948 | (1,719) |
Comprehensive income | 19,638 | 23,869 | 29,366 | 31,327 |
Homebuilding [Member] | ||||
Homebuilding: | ||||
Revenues | 461,708 | 431,261 | 839,627 | 749,795 |
Cost of Sales | (385,019) | (356,697) | (704,786) | (616,175) |
Gross margin | 76,689 | 73,714 | 134,491 | 132,770 |
Inventory impairments | (850) | (350) | (850) | |
Selling, general, and administrative expenses | (54,781) | (49,798) | (105,313) | (98,140) |
Interest income | 2,720 | 4,613 | 4,574 | 18,162 |
Interest expense | (685) | |||
Other income (expense), net | (1,055) | (1,080) | (2,189) | (1,693) |
Income before income taxes | 23,573 | 27,449 | 31,563 | 41,002 |
Loss on early extinguishment of debt | (9,412) | |||
Financial Services [Member] | ||||
Homebuilding: | ||||
Income before income taxes | 8,309 | 6,577 | 13,645 | 11,664 |
MDC Holdings [Member] | ||||
Homebuilding: | ||||
Income before income taxes | 17,529 | 19,147 | 23,246 | 27,271 |
Financial Services: | ||||
(Provision) benefit for income taxes | 2,469 | 2,395 | 5,172 | 5,775 |
Net income (loss) | 19,998 | 21,542 | 28,418 | 33,046 |
Other comprehensive income related to available for sale securities, net of tax | (360) | 2,327 | 948 | (1,719) |
Comprehensive income | 19,638 | 23,869 | 29,366 | 31,327 |
MDC Holdings [Member] | Homebuilding [Member] | ||||
Homebuilding: | ||||
Selling, general, and administrative expenses | (8,638) | (10,644) | (17,560) | (22,721) |
Equity income (loss) of subsidiaries | 24,248 | 25,679 | 37,240 | 42,752 |
Interest income | 1,728 | 4,114 | 3,291 | 17,341 |
Interest expense | 192 | 278 | (685) | |
Other income (expense), net | (1) | (2) | (3) | (4) |
Income before income taxes | 17,529 | 19,147 | 23,246 | 27,271 |
Loss on early extinguishment of debt | (9,412) | |||
Guarantor Subsidiaries [Member] | ||||
Homebuilding: | ||||
Income before income taxes | 30,581 | 34,165 | 46,075 | 56,829 |
Financial Services: | ||||
(Provision) benefit for income taxes | (11,408) | (12,494) | (17,112) | (21,171) |
Net income (loss) | 19,173 | 21,671 | 28,963 | 35,658 |
Comprehensive income | 19,173 | 21,671 | 28,963 | 35,658 |
Guarantor Subsidiaries [Member] | Homebuilding [Member] | ||||
Homebuilding: | ||||
Revenues | 461,708 | 431,261 | 839,627 | 749,795 |
Cost of Sales | (385,019) | (356,697) | (704,786) | (616,175) |
Gross margin | 76,689 | 73,714 | 134,491 | 132,770 |
Inventory impairments | (850) | (350) | (850) | |
Selling, general, and administrative expenses | (46,048) | (38,977) | (87,505) | (75,087) |
Interest income | 994 | 506 | 1,275 | 835 |
Other income (expense), net | (1,054) | (1,078) | (2,186) | (1,689) |
Income before income taxes | 30,581 | 34,165 | 46,075 | 56,829 |
Non-Guarantor Subsidiaries [Member] | ||||
Homebuilding: | ||||
Income before income taxes | 8,020 | 6,393 | 13,127 | 11,318 |
Financial Services: | ||||
(Provision) benefit for income taxes | (2,945) | (2,385) | (4,850) | (4,224) |
Net income (loss) | 5,075 | 4,008 | 8,277 | 7,094 |
Other comprehensive income related to available for sale securities, net of tax | (539) | 53 | (280) | 115 |
Comprehensive income | 4,536 | 4,061 | 7,997 | 7,209 |
Non-Guarantor Subsidiaries [Member] | Homebuilding [Member] | ||||
Homebuilding: | ||||
Interest income | 6 | 5 | 9 | |
Income before income taxes | 6 | 5 | 9 | |
Non-Guarantor Subsidiaries [Member] | Financial Services [Member] | ||||
Homebuilding: | ||||
Income before income taxes | 8,020 | 6,387 | 13,122 | 11,309 |
Consolidation, Eliminations [Member] | ||||
Homebuilding: | ||||
Income before income taxes | (24,248) | (25,679) | (37,240) | (42,752) |
Financial Services: | ||||
Net income (loss) | (24,248) | (25,679) | (37,240) | (42,752) |
Other comprehensive income related to available for sale securities, net of tax | 539 | (53) | 280 | (115) |
Comprehensive income | (23,709) | (25,732) | (36,960) | (42,867) |
Consolidation, Eliminations [Member] | Homebuilding [Member] | ||||
Homebuilding: | ||||
Selling, general, and administrative expenses | (95) | (177) | (248) | (332) |
Equity income (loss) of subsidiaries | (24,248) | (25,679) | (37,240) | (42,752) |
Interest income | (2) | (13) | 3 | (23) |
Interest expense | (192) | (278) | ||
Income before income taxes | (24,537) | (25,869) | (37,763) | (43,107) |
Consolidation, Eliminations [Member] | Financial Services [Member] | ||||
Homebuilding: | ||||
Income before income taxes | $ 289 | $ 190 | $ 523 | $ 355 |
Note 19 - Supplemental Guaran79
Note 19 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 44,509 | $ (96,272) |
Net cash used in investing activities | 16,589 | 82,925 |
Financing activities: | ||
Mortgage repurchase facility | (10,822) | (30,876) |
Proceeds from issuance of senior notes | 248,375 | |
Repayment of senior notes | (259,118) | |
Advances on revolving credit facility, net | 10,000 | |
Dividend payments | (24,425) | (24,412) |
Proceeds from the exercise of stock options | 612 | 71 |
Net cash provided by (used in) financing activities | (34,635) | (55,960) |
Net increase in cash and cash equivalents | 26,463 | (69,307) |
Cash and cash equivalents: | ||
Beginning of period | 153,825 | 199,338 |
End of period | 180,288 | 130,031 |
Consolidation, Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash used in investing activities | 2,346 | 74,094 |
Financing activities: | ||
Intercompany advances (repayments) | (2,346) | (74,094) |
Net cash provided by (used in) financing activities | (2,346) | (74,094) |
MDC Holdings [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 35,266 | (26,472) |
Net cash used in investing activities | 13,810 | 3,390 |
Financing activities: | ||
Proceeds from issuance of senior notes | 248,375 | |
Repayment of senior notes | (259,118) | |
Advances on revolving credit facility, net | 10,000 | |
Dividend payments | (24,425) | (24,412) |
Proceeds from the exercise of stock options | 612 | 71 |
Net cash provided by (used in) financing activities | (23,813) | (25,084) |
Net increase in cash and cash equivalents | 25,263 | (48,166) |
Cash and cash equivalents: | ||
Beginning of period | 119,951 | 145,180 |
End of period | 145,214 | 97,014 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (895) | (110,958) |
Net cash used in investing activities | (265) | (223) |
Financing activities: | ||
Intercompany advances (repayments) | 1,481 | 110,863 |
Net cash provided by (used in) financing activities | 1,481 | 110,863 |
Net increase in cash and cash equivalents | 321 | (318) |
Cash and cash equivalents: | ||
Beginning of period | 2,691 | 3,454 |
End of period | 3,012 | 3,136 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 10,138 | 41,158 |
Net cash used in investing activities | 698 | 5,664 |
Financing activities: | ||
Intercompany advances (repayments) | 865 | (36,769) |
Mortgage repurchase facility | (10,822) | (30,876) |
Net cash provided by (used in) financing activities | (9,957) | (67,645) |
Net increase in cash and cash equivalents | 879 | (20,823) |
Cash and cash equivalents: | ||
Beginning of period | 31,183 | 50,704 |
End of period | $ 32,062 | $ 29,881 |