M.D.C. (MDC) 10-Q 27 Oct 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MDC HOLDINGS INC
Trading Symbol	mdc
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		48,886,424
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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015		Dec. 31, 2014
Homebuilding:
Cash and cash equivalents	$ 122,995		$ 153,825
Inventories:
Housing completed or under construction	821,667		732,692
Land and land under development	957,695		935,268
Total inventories	1,779,362		1,667,960
Deferred tax asset, net	128,400		153,500
Prepaid and other assets	72,448		67,996
Total Assets	2,350,868		2,358,438
Homebuilding:
Revolving credit facility	15,000
Total Liabilities	1,108,258		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; 48,886,424 and 48,831,639 issued and outstanding at September 30, 2015 and December 31, 2014, respectively	489		488
Additional paid-in-capital	916,975		909,974
Retained earnings	313,969		307,419
Accumulated other comprehensive income	11,177	[1]	10,455
Total Stockholders' Equity	1,242,610		1,228,336
Total Liabilities and Stockholders' Equity	2,350,868		2,358,438
Homebuilding [Member]
Homebuilding:
Cash and cash equivalents	85,074		122,642
Marketable securities	89,479		140,878
Restricted cash	4,800		2,816
Trade and other receivables	28,588		28,555
Inventories:
Housing completed or under construction	821,667		732,692
Land and land under development	957,695		935,268
Total inventories	1,779,362		1,667,960
Property and equipment, net	28,499		30,491
Deferred tax asset, net	115,145		140,486
Metropolitan district bond securities (related party)	24,074		18,203
Prepaid and other assets	72,448		67,996
Total Assets	2,227,469		2,220,027
Homebuilding:
Accounts payable	41,514		35,445
Accrued liabilities	106,918		115,117
Revolving credit facility	15,000		15,000
Senior notes, net	846,907		846,450
Total Liabilities	1,010,339		1,012,012
Financial Services [Member]
Homebuilding:
Cash and cash equivalents	37,921		31,183
Marketable securities	10,939		15,262
Inventories:
Total Assets	123,399		138,411
Mortgage loans held-for-sale, net	68,633		88,392
Accounts payable and accrued liabilities	54,164		57,268
Other assets	5,906		3,574
Mortgage repurchase facility	43,755		60,822
Homebuilding:
Total Liabilities	$ 97,919		$ 118,090
[1]	All amounts net-of-tax.

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 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	48,886,424	48,831,639
Common stock, shares outstanding	48,886,424	48,831,639

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Homebuilding:
Inventory impairments	$ (3,225)		$ (3,575)	$ (850)
Interest expense				(685)
Loss on early extinguishment of debt				(9,412)
Other-than-temporary impairment of marketable securities	(2,200)	$ (4,300)	(2,176)	(4,293)
Income (loss) before income taxes	23,658	23,924	68,866	76,590
Financial Services:
Provision for income taxes	(8,880)	(8,466)	(25,670)	(28,086)
Net income	14,778	15,458	43,196	48,504
Other comprehensive income (loss) related to available for sale securities, net of tax	(226)	(2,484)	722	(4,203)
Comprehensive income	$ 14,552	$ 12,974	$ 43,918	$ 44,301
Earnings per share:
Basic (in Dollars per share)	$ 0.30	$ 0.32	$ 0.88	$ 0.99
Diluted (in Dollars per share)	$ 0.30	$ 0.32	$ 0.88	$ 0.99
Weighted average common shares outstanding
Basic (in Shares)	48,785,973	48,625,685	48,756,265	48,607,425
Diluted (in Shares)	49,070,291	48,830,790	48,982,975	48,824,871
Dividends declared per share (in Dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.75
Homebuilding [Member]
Homebuilding:
Home sale revenues	$ 454,740	$ 405,051	$ 1,293,457	$ 1,154,328
Land sale revenues	906	2,653	1,816	3,171
Total home and land sale revenues	455,646	407,704	1,295,273	1,157,499
Home cost of sales	(375,948)	(338,037)	(1,079,609)	(953,690)
Land cost of sales	(819)	(1,985)	(1,944)	(2,507)
Inventory impairments	(4,351)		(4,701)	(850)
Total cost of sales	(381,118)	(340,022)	(1,086,254)	(957,047)
Gross margin	74,528	67,682	209,019	200,452
Selling, general and administrative expenses	(57,444)	(50,512)	(162,757)	(148,652)
Interest and other income	838	5,926	5,412	24,088
Interest expense				(685)
Other expense	(350)	(841)	(2,539)	(2,534)
Loss on early extinguishment of debt				(9,412)
Other-than-temporary impairment of marketable securities	(2,176)	(4,293)	(2,176)	(4,293)
Income (loss) before income taxes	15,396	17,962	46,959	58,964
Financial Services [Member]
Homebuilding:
Income (loss) before income taxes	8,262	5,962	21,907	17,626
Financial Services:
Revenues	12,841	10,699	34,852	31,413
Expenses	(5,464)	(5,643)	(15,830)	(16,182)
Interest and other income	$ 885	$ 906	$ 2,885	$ 2,395

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities:
Net income	$ 43,196	$ 48,504
Adjustments to reconcile net income to net cash used in operating activities:
Loss on early extinguishment of debt		9,412
Stock-based compensation expense	6,589	4,754
Depreciation and amortization	3,084	2,928
Inventory impairments	4,701	850
Other-than-temporary impairment of marketable securities	2,176	4,293
Loss (gain) on sale of marketable securities	126	(7,622)
Amortization of discount / premiums on marketable debt securities, net	100	501
Deferred income tax expense	24,782	28,363
Net changes in assets and liabilities:
Restricted cash	(1,984)	(839)
Trade and other receivables	(575)	(5,821)
Mortgage loans held-for-sale	19,759	34,446
Prepaid expenses and other assets	(8,072)	(14,084)
Accounts payable and accrued liabilities	(4,722)	932
Net cash used in operating activities	(26,486)	(173,256)
Investing Activities:
Purchases of marketable securities	(46,886)	(409,846)
Maturities of marketable securities	1,510	165,089
Sales of marketable securities	94,910	372,301
Purchases of property and equipment	(830)	(1,919)
Net cash provided by investing activities	48,704	125,625
Financing Activities:
Payments on mortgage repurchase facility, net	(17,067)	(31,292)
Proceeds from issuance of senior notes		248,375
Repayment of senior notes		(259,118)
Advances on revolving credit facility		10,000
Dividend payments	(36,646)	(36,616)
Proceeds from exercise of stock options	665	63
Net cash used in financing activities	(53,048)	(68,588)
Net decrease in cash and cash equivalents	(30,830)	(116,219)
Cash and cash equivalents:
Beginning of period	153,825	199,338
End of period	122,995	83,119
Housing Completed Or Under Construction [Member]
Net changes in assets and liabilities:
Land and Housing Inventories	(89,841)	(200,408)
Land And Land Under Development [Member]
Net changes in assets and liabilities:
Land and Housing Inventories	$ (25,805)	$ (79,465)

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 method of adoption and 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 related to a recognized debt liability 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. Additionally, since ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements, the FASB issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30) (“ASU 2015-15”) in August 2015. Under ASU 2015-15, an entity may present debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The guidance under these ASUs 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	9 Months Ended
	Sep. 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 homebuilding operations. The following table summarizes home and land sale revenues for our homebuilding operations and revenues for our financial services operations. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding West $ 229,743 $ 184,627 $ 624,261 $ 510,710 Mountain 147,166 144,442 428,080 392,052 East 78,737 78,635 242,932 254,737 Total home and land sale revenues $ 455,646 $ 407,704 $ 1,295,273 $ 1,157,499 Financial Services Mortgage operations $ 7,999 $ 6,416 $ 21,752 $ 18,887 Other 4,842 4,283 13,100 12,526 Total financial services revenues $ 12,841 $ 10,699 $ 34,852 $ 31,413 The following table summarizes pretax income for our homebuilding and financial services operations: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding West $ 16,708 $ 12,402 $ 40,808 $ 41,747 Mountain 12,849 11,031 35,239 30,572 East (691 ) 1,138 (1,093 ) 9,095 Corporate (13,470 ) (6,609 ) (27,995 ) (22,450 ) Total homebuilding pretax income $ 15,396 $ 17,962 $ 46,959 $ 58,964 Financial Services Mortgage operations $ 5,354 $ 3,327 $ 12,243 $ 10,387 Other 2,908 2,635 9,664 7,239 Total financial services pretax income $ 8,262 $ 5,962 $ 21,907 $ 17,626 Total pretax income $ 23,658 $ 23,924 $ 68,866 $ 76,590 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 deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. September 30, December 31, 2015 2014 (Dollars in thousands) Homebuilding assets West $ 977,257 $ 893,970 Mountain 548,454 516,971 East 349,354 343,718 Corporate 352,404 465,368 Total homebuilding assets $ 2,227,469 $ 2,220,027 Financial services assets Mortgage operations $ 78,651 $ 94,265 Other 44,748 44,146 Total financial services assets $ 123,399 $ 138,411 Total assets $ 2,350,868 $ 2,358,438

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	9 Months Ended
	Sep. 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 between the holders of common stock and a company’s participating security holders. Under the two-class method, earnings 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). 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands, except per share amounts) Numerator Net income $ 14,778 $ 15,458 $ 43,196 $ 48,504 Less: distributed earnings allocated to participating securities (25 ) (48 ) (73 ) (150 ) Less: undistributed earnings allocated to participating securities (6 ) (13 ) (15 ) (51 ) Net income attributable to common stockholders (numerator for basic earnings per share) 14,747 15,397 43,108 48,303 Add back: undistributed earnings allocated to participating securities 6 13 15 51 Less: undistributed earnings reallocated to participating securities (6 ) (13 ) (15 ) (51 ) Numerator for diluted earnings per share under two class method $ 14,747 $ 15,397 $ 43,108 $ 48,303 Denominator Weighted-average common shares outstanding 48,785,973 48,625,685 48,756,265 48,607,425 Add: dilutive effect of stock options 284,318 205,105 226,710 217,446 Denominator for diluted earnings per share under two class method 49,070,291 48,830,790 48,982,975 48,824,871 Basic Earnings Per Common Share $ 0.30 $ 0.32 $ 0.88 $ 0.99 Diluted Earnings Per Common Share $ 0.30 $ 0.32 $ 0.88 $ 0.99 Diluted EPS for the three and nine months ended September 30, 2015 excluded options to purchase approximately 3.4 million and 3.9 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 4.3 million and 4.5 million shares, respectively.

Note 5 - Accumulated Other Comp

Note 5 - Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities 1 Beginning balance $ 1,589 $ 5,346 $ 2,775 $ 7,655 Other comprehensive income (loss) before reclassifications (2,853 ) (4,836 ) (3,753 ) (3,236 ) Amounts reclassified from AOCI 2 1,714 1,862 1,428 (2,047 ) Ending balance $ 450 $ 2,372 $ 450 $ 2,372 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 9,814 $ 4,510 $ 7,680 $ 3,920 Other comprehensive income before reclassifications 913 490 3,047 1,080 Amounts reclassified from AOCI - - - - Ending balance $ 10,727 $ 5,000 $ 10,727 $ 5,000 Total ending AOCI $ 11,177 $ 7,372 $ 11,177 $ 7,372 (1) All amounts net-of-tax. (2) See separate table below for details about these reclassifications which include gains or losses on sales of available-for-sale securities sold as well as any other-than-temporary impairments taken on available-for-sale securities during the period. 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 Nine Months Ended September 30, September 30, Affected Line Item in the Statements of Operations 2015 2014 2015 2014 (Dollars in thousands) Homebuilding interest and other income $ (620 ) $ 1,167 $ (495 ) $ 7,528 Other-than-temporary impairment of marketable securities (2,176 ) (4,293 ) (2,176 ) (4,293 ) Financial services interest and other income 31 99 368 94 Income before income taxes (2,765 ) (3,027 ) (2,303 ) 3,329 Provision for income taxes 1,051 1,165 875 (1,282 ) Net income $ (1,714 ) $ (1,862 ) $ (1,428 ) $ 2,047

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2015 December 31, 2014 (Dollars in thousands) Marketable securities (available-for-sale) Equity securities Level 1 $ 100,418 $ 129,560 Debt securities - maturity less than 1 year Level 2 - 1,511 Debt securities - maturity 1 to 5 years Level 2 - 7,643 Debt securities - maturity greater than 5 years Level 2 - 17,426 Total available-for-sale marketable securities $ 100,418 $ 156,140 Mortgage loans held-for-sale, net Level 2 $ 68,633 $ 88,392 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 24,074 $ 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 September 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. During the three and nine months ended September 30, 2015 and 2014, we recorded pretax OTTIs of $2.2 million and $4.3 million, respectively, for certain of our mutual funds that were in a loss position as of the end of each respective period. The OTTIs are included in other-than-temporary impairment of marketable securities in the homebuilding section of our consolidated statements of operations. The following table sets forth the amortized cost and estimated fair value of our available-for-sale marketable securities: September 30, 2015 Amortized Cost OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding: Equity securities $ 89,841 $ (2,176 ) $ 87,665 $ 89,479 Debt securities - - - - Total homebuilding available-for-sale marketable securities $ 89,841 $ (2,176 ) $ 87,665 $ 89,479 Financial Services: Equity securities $ 12,026 - $ 12,026 $ 10,939 Debt securities - - - - Total financial services available-for-sale marketable securities $ 12,026 $ - $ 12,026 $ 10,939 Total available-for-sale marketable securities $ 101,867 $ (2,176 ) $ 99,691 $ 100,418 December 31, 2014 Amortized Cost OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding: Equity securities $ 116,009 $ - $ 116,009 $ 120,274 Debt securities 20,660 - 20,660 20,604 Total homebuilding available-for-sale marketable securities $ 136,669 $ - $ 136,669 $ 140,878 Financial Services: Equity securities $ 9,028 $ - $ 9,028 $ 9,286 Debt securities 5,930 - 5,930 5,976 Total financial services available-for-sale marketable securities $ 14,958 $ - $ 14,958 $ 15,262 Total available-for-sale marketable securities $ 151,627 $ - $ 151,627 $ 156,140 As of September 30, 2015 and December 31, 2014, our marketable securities were in a net unrealized loss position totaling $1.4 million, before recognition of the OTTIs, The table below sets forth the aggregated unrealized losses for individual debt and equity securities that were in unrealized loss positions but did not have OTTIs recognized. We do not believe the decline in the value of these marketable securities as of September 30, 2015 is other-than-temporary. September 30, 2015 December 31, 2014 Number of Securities in a Loss Position Aggregate Loss Position Aggregate Fair Value of Securities in a Loss Position Number of Securities in a 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 13 (2,989 ) 24,755 6 (2,738 ) 74,999 Total 13 $ (2,989 ) $ 24,755 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 980 $ 979 $ 1,855 $ 6,496 Debt securities 42 466 413 2,386 Total $ 1,022 $ 1,445 $ 2,268 $ 8,882 Gross realized losses on sales of available-for-sale securities Equity securities $ (1,604 ) $ (92 ) $ (2,161 ) $ (801 ) Debt securities (6 ) (87 ) (233 ) (459 ) Total $ (1,610 ) $ (179 ) $ (2,394 ) $ (1,260 ) Net realized gain (loss) on sales of available-for-sale securities $ (588 ) $ 1,266 $ (126 ) $ 7,622 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 primary unobservable inputs used in our discounted cash flow model are (1) the forecasted number of homes to be closed, as they drive increases to the tax paying base for the Metro District, (2) the forecasted assessed value of those closed homes and (3) 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 September 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 Fair Value from Increase in Input Movement in Fair Value from Decrease in Input Number of homes closed per year 0 to 122 94 Increase Decrease Average sales price $350 to $1.2 $400 Increase Decrease Discount rate 5% to 12% 8.1 % Decrease Increase The table set forth below summarizes the activity for our Metro Bonds: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 22,259 $ 14,291 $ 18,203 $ 12,729 Increase in fair value (recorded in other comprehensive income) 1,472 798 4,815 1,757 Change due to accretion of principal 343 290 1,056 893 Cash receipts - - - - Balance at end of period $ 24,074 $ 15,379 $ 24,074 $ 15,379 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 September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,907 $ 260,225 $ 246,450 $ 257,950 5½% Senior Notes due January 2024 250,000 284,258 250,000 242,608 6% Senior Notes due January 2043 350,000 254,033 350,000 296,555 Total $ 846,907 $ 798,516 $ 846,450 $ 797,113

Note 7 - Inventories

Note 7 - Inventories	9 Months Ended
	Sep. 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: September 30, December 31, 2015 2014 (Dollars in thousands) Housing Completed or Under Construction: West $ 417,403 $ 343,134 Mountain 272,727 220,489 East 131,537 169,069 Subtotal 821,667 732,692 Land and Land Under Development: West 511,000 507,252 Mountain 251,943 277,583 East 194,752 150,433 Subtotal 957,695 935,268 Total Inventories $ 1,779,362 $ 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. Included in land and land under development at September 30, 2015 was $6.9 million of land held for sale. We did not have any land held for sale at December 31, 2014. 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, which is determined using Level 3 inputs. We generally determine the estimated fair value of each subdivision by determining the present value of the estimated future cash flows at discount rates that are commensurate with the risk of the subdivision under evaluation. The primary unobservable input used in our discounted cash flow model is the discount rate. If land is classified as held for sale, we measure it at the lower of the carrying value or fair value less estimated costs to sell, in accordance with ASC 360. In determining fair value, we primarily rely upon the most recent negotiated price which is a Level 2 input. If a negotiated price is not available, we will consider several factors including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired down to its estimated fair value less costs to sell. Impairments of homebuilding inventory by segment for the three and nine months ended September 30, 2015 and 2014 are shown in the table below. In addition to the impairments shown below, using Level 2 inputs, we recorded $1.1 million of impairments on our land held for sale during the three and nine months ended September 30, 2015. No such impairments were recorded during the same periods in 2014. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) West $ - $ - $ - $ - Mountain 250 - 250 - East 2,975 - 3,325 850 Total Inventory Impairments $ 3,225 $ - $ 3,575 $ 850 The table below provides quantitative data, for the periods presented, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Total Subdivisions Tested Inventory Impairments Fair Value of Inventory After Impairments Number of Subdivisions Impaired Discount Rate (Dollars in thousands) March 31, 2015 22 $ 350 $ 3,701 1 8.7 % June 30, 2015 22 - - - N/A September 30, 2015 18 3,225 14,836 5 12.0 - 15.0 % Total 62 $ 3,575 $ 18,537 6 March 31, 2014 16 $ - $ - - N/A June 30, 2014 16 850 4,285 2 11.0 - 13.8 % September 30, 2014 23 - - - N/A Total 55 $ 850 $ 4,285 2

Note 8 - Capitalization of Inte

Note 8 - Capitalization of Interest	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding interest incurred $ 13,265 $ 16,499 $ 39,821 $ 52,211 Less: Interest capitalized (13,265 ) (16,499 ) (39,821 ) (51,526 ) Homebuilding interest expensed $ - $ - $ - $ 685 Interest capitalized, beginning of period $ 78,857 $ 80,936 $ 79,231 $ 74,155 Plus: Interest capitalized during period 13,265 16,499 39,821 51,526 Less: Previously capitalized interest included in home and land cost of sales (12,878 ) (14,966 ) (39,808 ) (43,212 ) Interest capitalized, end of period $ 79,244 $ 82,469 $ 79,244 $ 82,469

Note 9 - Homebuilding Prepaid E

Note 9 - Homebuilding Prepaid Expenses and Other Assets	9 Months Ended
	Sep. 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: September 30, December 31, 2015 2014 (Dollars in thousands) Land option deposits $ 14,971 $ 12,895 Deferred marketing costs 31,372 29,231 Prepaid expenses 5,705 5,104 Goodwill 6,008 6,008 Deferred debt issuance costs, net 11,757 13,004 Other 2,635 1,754 Total $ 72,448 $ 67,996

Note 10 - Homebuilding Accrued

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 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: September 30, 2015 December 31, 2014 (Dollars in thousands) Customer and escrow deposits $ 24,381 $ 16,728 Warranty accrual 16,081 18,346 Accrued compensation and related expenses 21,859 27,541 Accrued interest 11,031 23,234 Land development and home construction accruals 9,723 10,108 Other accrued liabilities 23,843 19,160 Total accrued liabilities $ 106,918 $ 115,117 The following table sets forth information relating to financial services accounts payable and accrued liabilities: September 30, December 31, 2015 2014 (Dollars in thousands) Insurance reserves $ 46,685 $ 50,470 Accounts payable and other accrued liabilities 7,479 6,798 Total accounts payable and accrued liabilities $ 54,164 $ 57,268

Note 11 - Warranty Accrual

Note 11 - Warranty Accrual	9 Months Ended
	Sep. 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 and comprehensive income. The table set forth below summarizes warranty accrual, payment and adjustment activity for the three and nine months ended September 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 nine months ended September 30, 2015 compared to $0.5 million and $2.6 million, respectively, for the three and nine months ended September 30, 2014. There was no such adjustment for the three months ended September 30, 2015. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 17,253 $ 20,178 $ 18,346 $ 22,238 Expense provisions 1,536 1,206 3,980 3,363 Cash payments (2,708 ) (1,758 ) (6,032 ) (3,900 ) Adjustments - (525 ) (213 ) (2,600 ) Balance at end of period $ 16,081 $ 19,101 $ 16,081 $ 19,101

Note 12 - Insurance Reserves

Note 12 - Insurance Reserves	9 Months Ended
	Sep. 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 nine months ended September 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 47,389 $ 49,363 $ 50,470 $ 49,637 Expense provisions 1,652 1,530 4,501 4,577 Cash payments, net of recoveries (2,356 ) (1,424 ) (6,786 ) (4,745 ) Adjustments - - (1,500 ) - Balance at end of period $ 46,685 $ 49,469 $ 46,685 $ 49,469 For the three and nine month periods ended September 30, 2014 and the three month period ended September 30, 2015, we had no insurance reserve adjustments. The $1.5 million adjustment to decrease our insurance reserve during the nine months ended September 30, 2015 primarily resulted from a decrease in insurance claim payment severity and frequency relative to prior period estimates. 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 nine months ended September 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	9 Months Ended
	Sep. 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 37.5% and 37.3% for the three and nine months ended September 30, 2015, respectively, compared to 35.4% and 36.7% for the three and nine months ended September 30, 2014, respectively. The rates for the three and nine months ended September 30, 2015 resulted in income tax expense of $8.9 million and $25.7 million, respectively, compared to income tax expense of $8.5 million and $28.1 million for the three and nine months ended September 30, 2014. At September 30, 2015 and December 31, 2014 we had deferred tax assets, net of deferred tax liabilities, of $128.4 million and $153.5 million, respectively. Included in our deferred tax assets at September 30, 2015 are $19.6 million and $33.6 million of federal and state net operating loss carryforwards, respectively. Our net deferred tax assets at September 30, 2015 and December 31, 2014 were partially offset by valuation allowances of $13.2 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	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014, net of applicable discounts: September 30, December 31, 2015 2014 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,907 $ 246,450 5½% Senior Notes due January 2024 250,000 250,000 6% Senior Notes due January 2043 350,000 350,000 Total $ 846,907 $ 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	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Stock option grant expense $ 3,544 $ 1,521 $ 5,043 $ 2,723 Restricted stock awards expense 454 683 1,546 2,031 Total stock based compensation $ 3,998 $ 2,204 $ 6,589 $ 4,754 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 will be recorded on a straight-line basis through the end of the 2016 second quarter. However, if at such time these options vest under the market-based condition prior to the end of the expected expense term, all remaining expense will be recognized immediately.

Note 16 - Commitments and Conti

Note 16 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	16. Commitments and Contingencies Surety Bonds and Letters of Credit. 169.1 million and $49.6 million, respectively, including $27.9 million in letters of credit issued by HomeAmerican. The estimated cost to complete obligations related to these bonds and letters of credit was approximately $60.0 million and $15.3 million, respectively. The letters of credit as of September 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 nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 1,058 $ 714 $ 810 $ 1,370 Expense provisions 39 42 764 42 Cash payments (325 ) - (325 ) (237 ) Adjustments (568 ) (160 ) (1,045 ) (579 ) Balance at end of period $ 204 $ 596 $ 204 $ 596 Legal Reserves. Lot Option Contracts

Note 17 - Derivative Financial

Note 17 - Derivative Financial Instruments	9 Months Ended
	Sep. 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 and comprehensive income 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 September 30, 2015, we had interest rate lock commitments with an aggregate principal balance of $107.1 million. Additionally, we had $21.3 million of mortgage loans held-for-sale that were not under commitments to sell at September 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 $82.0 million at September 30, 2015. For the three and nine months ended September 30, 2015, we recorded net gains (losses) on our derivatives of $0.9 million and $0.6 million, respectively, compared to $0 and $(0.4) million for the same periods in 2014.

Note 18 - Lines of Credit

Note 18 - Lines of Credit	9 Months Ended
	Sep. 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 September 30, 2015. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At September 30, 2015 and December 31, 2014, there were $21.6 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 September 30, 2015 and December 31, 2014, we had $15.0 million in borrowings outstanding under the Revolving Credit Facility. As of September 30, 2015, availability under the Revolving Credit Facility was approximately $513.4 million. Mortgage Repurchase Facility.

Note 19 - Supplemental Guaranto

Note 19 - Supplemental Guarantor Information	9 Months Ended
	Sep. 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 September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 81,358 $ 3,716 $ - $ - $ 85,074 Marketable securities 89,479 - - - 89,479 Restricted cash - 4,800 - - 4,800 Trade and other receivables 5,335 25,568 - (2,315 ) 28,588 Inventories: Housing completed or under construction - 821,667 - - 821,667 Land and land under development - 957,695 - - 957,695 Total inventories - 1,779,362 - - 1,779,362 Intercompany receivables 1,566,356 2,855 5,469 (1,574,680 ) - Investment in subsidiaries 240,112 - - (240,112 ) - Property and equipment, net 28,499 - - - 28,499 Deferred tax asset, net 112,756 - - 2,389 115,145 Metropolitan district bond securities (related party) 24,074 - - - 24,074 Prepaid and other assets 10,829 61,619 - - 72,448 Total homebuilding assets 2,158,798 1,877,920 5,469 (1,814,718 ) 2,227,469 Financial Services: Cash and cash equivalents - - 37,921 - 37,921 Marketable securities - - 10,939 - 10,939 Intercompany receivables - - 38,846 (38,846 ) - Mortgage loans held-for-sale, net - - 68,633 - 68,633 Other assets - - 8,295 (2,389 ) 5,906 Total financial services assets - - 164,634 (41,235 ) 123,399 Total Assets $ 2,158,798 $ 1,877,920 $ 170,103 $ (1,855,953 ) $ 2,350,868 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 41,514 $ - $ - $ 41,514 Accrued liabilities 7,111 97,356 96 2,355 106,918 Advances and notes payable to parent and subsidiaries 47,170 1,538,222 25,443 (1,610,835 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 846,907 - - - 846,907 Total homebuilding liabilities 916,188 1,677,092 25,539 (1,608,480 ) 1,010,339 Financial Services: Accounts payable and other liabilities - - 58,834 (4,670 ) 54,164 Advances and notes payable to parent and subsidiaries - - 2,691 (2,691 ) - Mortgage repurchase facility - - 43,755 - 43,755 Total financial services liabilities - - 105,280 (7,361 ) 97,919 Total Liabilities 916,188 1,677,092 130,819 (1,615,841 ) 1,108,258 Equity: Total Stockholders' Equity 1,242,610 200,828 39,284 (240,112 ) 1,242,610 Total Liabilities and Stockholders' Equity $ 2,158,798 $ 1,877,920 $ 170,103 $ (1,855,953 ) $ 2,350,868 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 ) - Property and equipment, net 30,491 - - - 30,491 Deferred tax asset, net 137,529 - - 2,957 140,486 Metropolitan district bond securities (related party) 18,203 - - - 18,203 Prepaid and other assets 11,252 56,744 - - 67,996 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 September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 455,646 $ - $ - $ 455,646 Home and land cost of sales - (376,667 ) (100 ) - (376,767 ) Inventory impairments - (4,351 ) - - (4,351 ) Total cost of sales - (381,018 ) (100 ) - (381,118 ) Gross margin - 74,628 (100 ) - 74,528 Selling, general, and administrative expenses (11,651 ) (45,620 ) - (173 ) (57,444 ) Equity income of subsidiaries 23,070 - - (23,070 ) - Interest and other income 539 298 2 (1 ) 838 Interest expense 155 - - (155 ) - Other expense (2 ) (348 ) - - (350 ) Other-than-temporary impairment of marketable securities (2,176 ) - - - (2,176 ) Homebuilding pretax income (loss) 9,935 28,958 (98 ) (23,399 ) 15,396 Financial Services: Financial services pretax income - - 7,933 329 8,262 Income before income taxes 9,935 28,958 7,835 (23,070 ) 23,658 (Provision) benefit for income taxes 4,843 (10,874 ) (2,849 ) - (8,880 ) Net income $ 14,778 $ 18,084 $ 4,986 $ (23,070 ) $ 14,778 Other comprehensive income related to available for sale securities, net of tax (226 ) - 1,198 (1,198 ) (226 ) Comprehensive income $ 14,552 $ 18,084 $ 6,184 $ (24,268 ) $ 14,552 Three Months Ended September 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 407,704 $ - $ - $ 407,704 Home and land cost of sales - (340,022 ) - - (340,022 ) Inventory impairments - - - - - Total cost of sales - (340,022 ) - - (340,022 ) Gross margin - 67,682 - - 67,682 Selling, general, and administrative expenses (7,813 ) (42,532 ) - (167 ) (50,512 ) Equity income of subsidiaries 19,538 - - (19,538 ) - Interest and other income 5,680 254 3 (11 ) 5,926 Interest expense - - - - - Other expense (2 ) (839 ) - - (841 ) Other-than-temporary impairment of marketable securities (4,293 ) - - - (4,293 ) Homebuilding pretax income (loss) 13,110 24,565 3 (19,716 ) 17,962 Financial Services: Financial services pretax income - - 5,784 178 5,962 Income before income taxes 13,110 24,565 5,787 (19,538 ) 23,924 (Provision) benefit for income taxes 2,348 (8,677 ) (2,137 ) - (8,466 ) Net income $ 15,458 $ 15,888 $ 3,650 $ (19,538 ) $ 15,458 Other comprehensive income related to available for sale securities, net of tax (2,484 ) - (208 ) 208 (2,484 ) Comprehensive income $ 12,974 $ 15,888 $ 3,442 $ (19,330 ) $ 12,974 Supplementa l Condensed Combining Statement of Operations Nine Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,295,273 $ - $ - $ 1,295,273 Home and land cost of sales - (1,081,453 ) (100 ) - (1,081,553 ) Inventory impairments - (4,701 ) - - (4,701 ) Total cost of sales - (1,086,154 ) (100 ) - (1,086,254 ) Gross margin - 209,119 (100 ) - 209,019 Selling, general, and administrative expenses (29,211 ) (133,125 ) - (421 ) (162,757 ) Equity income of subsidiaries 60,310 - - (60,310 ) - Interest and other income 3,830 1,573 7 2 5,412 Interest expense 433 - - (433 ) - Other expense (5 ) (2,534 ) - - (2,539 ) Loss on early extinguishment of debt - - - - - Other-than-temporary impairment of marketable securities (2,176 ) - - - (2,176 ) Homebuilding pretax income (loss) 33,181 75,033 (93 ) (61,162 ) 46,959 Financial Services: Financial services pretax income - - 21,055 852 21,907 Income before income taxes 33,181 75,033 20,962 (60,310 ) 68,866 (Provision) benefit for income taxes 10,015 (27,986 ) (7,699 ) - (25,670 ) Net income $ 43,196 $ 47,047 $ 13,263 $ (60,310 ) $ 43,196 Other comprehensive income related to available for sale securities, net of tax 722 - 918 (918 ) 722 Comprehensive income $ 43,918 $ 47,047 $ 14,181 $ (61,228 ) $ 43,918 Nine Months Ended September 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,157,499 $ - $ - $ 1,157,499 Home and land cost of sales - (956,197 ) - - (956,197 ) Inventory impairments - (850 ) - - (850 ) Total cost of sales - (957,047 ) - - (957,047 ) Gross margin - 200,452 - - 200,452 Selling, general, and administrative expenses (30,534 ) (117,619 ) - (499 ) (148,652 ) Equity income of subsidiaries 62,290 - - (62,290 ) - Interest and other income 23,021 1,089 12 (34 ) 24,088 Interest expense (685 ) - - - (685 ) Other expense (6 ) (2,528 ) - - (2,534 ) Loss on early extinguishment of debt (9,412 ) - - - (9,412 ) Other-than-temporary impairment of marketable securities (4,293 ) - - - (4,293 ) Homebuilding pretax income (loss) 40,381 81,394 12 (62,823 ) 58,964 Financial Services: Financial services pretax income - - 17,093 533 17,626 Income before income taxes 40,381 81,394 17,105 (62,290 ) 76,590 (Provision) benefit for income taxes 8,123 (29,848 ) (6,361 ) - (28,086 ) Net income $ 48,504 $ 51,546 $ 10,744 $ (62,290 ) $ 48,504 Other comprehensive income related to available for sale securities, net of tax (4,203 ) - (93 ) 93 (4,203 ) Comprehensive income $ 44,301 $ 51,546 $ 10,651 $ (62,197 ) $ 44,301 Supplementa l Condensed Combining Statement of Cash Flows Nine Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 19,057 $ (73,657 ) $ 28,114 $ - $ (26,486 ) Net cash provided by (used in) investing activities (21,669 ) (402 ) 3,260 67,515 48,704 Financing activities: Payments from (advances to) subsidiaries - 75,084 (7,569 ) (67,515 ) - Mortgage repurchase facility - - (17,067 ) - (17,067 ) Dividend payments (36,646 ) - - - (36,646 ) Proceeds from the exercise of stock options 665 - - - 665 Net cash provided by (used in) financing activities (35,981 ) 75,084 (24,636 ) (67,515 ) (53,048 ) Net increase in cash and cash equivalents (38,593 ) 1,025 6,738 - (30,830 ) Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 81,358 $ 3,716 $ 37,921 $ - $ 122,995 Nine Months Ended September 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (44,477 ) $ (174,980 ) $ 46,201 $ - $ (173,256 ) Net cash provided by (used in) investing activities (9,675 ) (428 ) 1,717 134,011 125,625 Financing activities: Payments from (advances to) subsidiaries - 174,725 (40,714 ) (134,011 ) - Mortgage repurchase facility - - (31,292 ) - (31,292 ) 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 (36,616 ) - - - (36,616 ) Proceeds from the exercise of stock options 63 - - - 63 Net cash provided by (used in) financing activities (37,296 ) 174,725 (72,006 ) (134,011 ) (68,588 ) Net increase in cash and cash equivalents (91,448 ) (683 ) (24,088 ) - (116,219 ) Cash and cash equivalents: Beginning of period 145,180 3,454 50,704 - 199,338 End of period $ 53,732 $ 2,771 $ 26,616 $ - $ 83,119

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding West $ 229,743 $ 184,627 $ 624,261 $ 510,710 Mountain 147,166 144,442 428,080 392,052 East 78,737 78,635 242,932 254,737 Total home and land sale revenues $ 455,646 $ 407,704 $ 1,295,273 $ 1,157,499 Financial Services Mortgage operations $ 7,999 $ 6,416 $ 21,752 $ 18,887 Other 4,842 4,283 13,100 12,526 Total financial services revenues $ 12,841 $ 10,699 $ 34,852 $ 31,413
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding West $ 16,708 $ 12,402 $ 40,808 $ 41,747 Mountain 12,849 11,031 35,239 30,572 East (691 ) 1,138 (1,093 ) 9,095 Corporate (13,470 ) (6,609 ) (27,995 ) (22,450 ) Total homebuilding pretax income $ 15,396 $ 17,962 $ 46,959 $ 58,964 Financial Services Mortgage operations $ 5,354 $ 3,327 $ 12,243 $ 10,387 Other 2,908 2,635 9,664 7,239 Total financial services pretax income $ 8,262 $ 5,962 $ 21,907 $ 17,626 Total pretax income $ 23,658 $ 23,924 $ 68,866 $ 76,590
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	September 30, December 31, 2015 2014 (Dollars in thousands) Homebuilding assets West $ 977,257 $ 893,970 Mountain 548,454 516,971 East 349,354 343,718 Corporate 352,404 465,368 Total homebuilding assets $ 2,227,469 $ 2,220,027 Financial services assets Mortgage operations $ 78,651 $ 94,265 Other 44,748 44,146 Total financial services assets $ 123,399 $ 138,411 Total assets $ 2,350,868 $ 2,358,438

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands, except per share amounts) Numerator Net income $ 14,778 $ 15,458 $ 43,196 $ 48,504 Less: distributed earnings allocated to participating securities (25 ) (48 ) (73 ) (150 ) Less: undistributed earnings allocated to participating securities (6 ) (13 ) (15 ) (51 ) Net income attributable to common stockholders (numerator for basic earnings per share) 14,747 15,397 43,108 48,303 Add back: undistributed earnings allocated to participating securities 6 13 15 51 Less: undistributed earnings reallocated to participating securities (6 ) (13 ) (15 ) (51 ) Numerator for diluted earnings per share under two class method $ 14,747 $ 15,397 $ 43,108 $ 48,303 Denominator Weighted-average common shares outstanding 48,785,973 48,625,685 48,756,265 48,607,425 Add: dilutive effect of stock options 284,318 205,105 226,710 217,446 Denominator for diluted earnings per share under two class method 49,070,291 48,830,790 48,982,975 48,824,871 Basic Earnings Per Common Share $ 0.30 $ 0.32 $ 0.88 $ 0.99 Diluted Earnings Per Common Share $ 0.30 $ 0.32 $ 0.88 $ 0.99

Note 5 - Accumulated Other Co27

Note 5 - Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities 1 Beginning balance $ 1,589 $ 5,346 $ 2,775 $ 7,655 Other comprehensive income (loss) before reclassifications (2,853 ) (4,836 ) (3,753 ) (3,236 ) Amounts reclassified from AOCI 2 1,714 1,862 1,428 (2,047 ) Ending balance $ 450 $ 2,372 $ 450 $ 2,372 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 9,814 $ 4,510 $ 7,680 $ 3,920 Other comprehensive income before reclassifications 913 490 3,047 1,080 Amounts reclassified from AOCI - - - - Ending balance $ 10,727 $ 5,000 $ 10,727 $ 5,000 Total ending AOCI $ 11,177 $ 7,372 $ 11,177 $ 7,372
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, Affected Line Item in the Statements of Operations 2015 2014 2015 2014 (Dollars in thousands) Homebuilding interest and other income $ (620 ) $ 1,167 $ (495 ) $ 7,528 Other-than-temporary impairment of marketable securities (2,176 ) (4,293 ) (2,176 ) (4,293 ) Financial services interest and other income 31 99 368 94 Income before income taxes (2,765 ) (3,027 ) (2,303 ) 3,329 Provision for income taxes 1,051 1,165 875 (1,282 ) Net income $ (1,714 ) $ (1,862 ) $ (1,428 ) $ 2,047

Note 6 - Fair Value Measureme28

Note 6 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Financial Instrument Hierarchy September 30, 2015 December 31, 2014 (Dollars in thousands) Marketable securities (available-for-sale) Equity securities Level 1 $ 100,418 $ 129,560 Debt securities - maturity less than 1 year Level 2 - 1,511 Debt securities - maturity 1 to 5 years Level 2 - 7,643 Debt securities - maturity greater than 5 years Level 2 - 17,426 Total available-for-sale marketable securities $ 100,418 $ 156,140 Mortgage loans held-for-sale, net Level 2 $ 68,633 $ 88,392 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 24,074 $ 18,203
Available-for-sale Securities [Table Text Block]	September 30, 2015 Amortized Cost OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding: Equity securities $ 89,841 $ (2,176 ) $ 87,665 $ 89,479 Debt securities - - - - Total homebuilding available-for-sale marketable securities $ 89,841 $ (2,176 ) $ 87,665 $ 89,479 Financial Services: Equity securities $ 12,026 - $ 12,026 $ 10,939 Debt securities - - - - Total financial services available-for-sale marketable securities $ 12,026 $ - $ 12,026 $ 10,939 Total available-for-sale marketable securities $ 101,867 $ (2,176 ) $ 99,691 $ 100,418 December 31, 2014 Amortized Cost OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding: Equity securities $ 116,009 $ - $ 116,009 $ 120,274 Debt securities 20,660 - 20,660 20,604 Total homebuilding available-for-sale marketable securities $ 136,669 $ - $ 136,669 $ 140,878 Financial Services: Equity securities $ 9,028 $ - $ 9,028 $ 9,286 Debt securities 5,930 - 5,930 5,976 Total financial services available-for-sale marketable securities $ 14,958 $ - $ 14,958 $ 15,262 Total available-for-sale marketable securities $ 151,627 $ - $ 151,627 $ 156,140
Schedule of Unrealized Loss on Investments [Table Text Block]	September 30, 2015 December 31, 2014 Number of Securities in a Loss Position Aggregate Loss Position Aggregate Fair Value of Securities in a Loss Position Number of Securities in a 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 13 (2,989 ) 24,755 6 (2,738 ) 74,999 Total 13 $ (2,989 ) $ 24,755 58 $ (3,097 ) $ 89,535
Realized Gain (Loss) on Investments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 980 $ 979 $ 1,855 $ 6,496 Debt securities 42 466 413 2,386 Total $ 1,022 $ 1,445 $ 2,268 $ 8,882 Gross realized losses on sales of available-for-sale securities Equity securities $ (1,604 ) $ (92 ) $ (2,161 ) $ (801 ) Debt securities (6 ) (87 ) (233 ) (459 ) Total $ (1,610 ) $ (179 ) $ (2,394 ) $ (1,260 ) Net realized gain (loss) on sales of available-for-sale securities $ (588 ) $ 1,266 $ (126 ) $ 7,622
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	Quantitative Data Sensitivity Analysis Unobservable Input Range Weighted Average Movement in Fair Value from Increase in Input Movement in Fair Value from Decrease in Input Number of homes closed per year 0 to 122 94 Increase Decrease Average sales price $350 to $1.2 $400 Increase Decrease Discount rate 5% to 12% 8.1 % Decrease Increase
Schedule Of Principal Amounts And Fair Values Of Debt Instruments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 22,259 $ 14,291 $ 18,203 $ 12,729 Increase in fair value (recorded in other comprehensive income) 1,472 798 4,815 1,757 Change due to accretion of principal 343 290 1,056 893 Cash receipts - - - - Balance at end of period $ 24,074 $ 15,379 $ 24,074 $ 15,379
Fair Value of Senior Notes [Table Text Block]	September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,907 $ 260,225 $ 246,450 $ 257,950 5½% Senior Notes due January 2024 250,000 284,258 250,000 242,608 6% Senior Notes due January 2043 350,000 254,033 350,000 296,555 Total $ 846,907 $ 798,516 $ 846,450 $ 797,113

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Schedule Of Inventory [Table Text Block]	September 30, December 31, 2015 2014 (Dollars in thousands) Housing Completed or Under Construction: West $ 417,403 $ 343,134 Mountain 272,727 220,489 East 131,537 169,069 Subtotal 821,667 732,692 Land and Land Under Development: West 511,000 507,252 Mountain 251,943 277,583 East 194,752 150,433 Subtotal 957,695 935,268 Total Inventories $ 1,779,362 $ 1,667,960
Schedule of Inventory Impairments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) West $ - $ - $ - $ - Mountain 250 - 250 - East 2,975 - 3,325 850 Total Inventory Impairments $ 3,225 $ - $ 3,575 $ 850
Quantitative Data for Fair Value of the Impaired Inventory [Table Text Block]	Impairment Data Quantitative Data Three Months Ended Total Subdivisions Tested Inventory Impairments Fair Value of Inventory After Impairments Number of Subdivisions Impaired Discount Rate (Dollars in thousands) March 31, 2015 22 $ 350 $ 3,701 1 8.7 % June 30, 2015 22 - - - N/A September 30, 2015 18 3,225 14,836 5 12.0 - 15.0 % Total 62 $ 3,575 $ 18,537 6 March 31, 2014 16 $ - $ - - N/A June 30, 2014 16 850 4,285 2 11.0 - 13.8 % September 30, 2014 23 - - - N/A Total 55 $ 850 $ 4,285 2

Note 8 - Capitalization of In30

Note 8 - Capitalization of Interest (Tables)	9 Months Ended
	Sep. 30, 2015
Capitalization Disclosure [Abstract]
Capitalization Of Interest [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Homebuilding interest incurred $ 13,265 $ 16,499 $ 39,821 $ 52,211 Less: Interest capitalized (13,265 ) (16,499 ) (39,821 ) (51,526 ) Homebuilding interest expensed $ - $ - $ - $ 685 Interest capitalized, beginning of period $ 78,857 $ 80,936 $ 79,231 $ 74,155 Plus: Interest capitalized during period 13,265 16,499 39,821 51,526 Less: Previously capitalized interest included in home and land cost of sales (12,878 ) (14,966 ) (39,808 ) (43,212 ) Interest capitalized, end of period $ 79,244 $ 82,469 $ 79,244 $ 82,469

Note 9 - Homebuilding Prepaid31

Note 9 - Homebuilding Prepaid Expenses and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block Supplement [Abstract]
Schedule of Other Assets [Table Text Block]	September 30, December 31, 2015 2014 (Dollars in thousands) Land option deposits $ 14,971 $ 12,895 Deferred marketing costs 31,372 29,231 Prepaid expenses 5,705 5,104 Goodwill 6,008 6,008 Deferred debt issuance costs, net 11,757 13,004 Other 2,635 1,754 Total $ 72,448 $ 67,996

Note 10 - Homebuilding Accrue32

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	September 30, 2015 December 31, 2014 (Dollars in thousands) Customer and escrow deposits $ 24,381 $ 16,728 Warranty accrual 16,081 18,346 Accrued compensation and related expenses 21,859 27,541 Accrued interest 11,031 23,234 Land development and home construction accruals 9,723 10,108 Other accrued liabilities 23,843 19,160 Total accrued liabilities $ 106,918 $ 115,117
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	September 30, December 31, 2015 2014 (Dollars in thousands) Insurance reserves $ 46,685 $ 50,470 Accounts payable and other accrued liabilities 7,479 6,798 Total accounts payable and accrued liabilities $ 54,164 $ 57,268

Note 11 - Warranty Accrual (Tab

Note 11 - Warranty Accrual (Tables)	9 Months Ended
	Sep. 30, 2015
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 17,253 $ 20,178 $ 18,346 $ 22,238 Expense provisions 1,536 1,206 3,980 3,363 Cash payments (2,708 ) (1,758 ) (6,032 ) (3,900 ) Adjustments - (525 ) (213 ) (2,600 ) Balance at end of period $ 16,081 $ 19,101 $ 16,081 $ 19,101

Note 12 - Insurance Reserves (T

Note 12 - Insurance Reserves (Tables)	9 Months Ended
	Sep. 30, 2015
Insurance Loss Reserves [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 47,389 $ 49,363 $ 50,470 $ 49,637 Expense provisions 1,652 1,530 4,501 4,577 Cash payments, net of recoveries (2,356 ) (1,424 ) (6,786 ) (4,745 ) Adjustments - - (1,500 ) - Balance at end of period $ 46,685 $ 49,469 $ 46,685 $ 49,469

Note 14 - Senior Notes (Tables)

Note 14 - Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure Text Block [Abstract]
Schedule of Debt [Table Text Block]	September 30, December 31, 2015 2014 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,907 $ 246,450 5½% Senior Notes due January 2024 250,000 250,000 6% Senior Notes due January 2043 350,000 350,000 Total $ 846,907 $ 846,450

Note 15 - Stock Based Compens36

Note 15 - Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Stock option grant expense $ 3,544 $ 1,521 $ 5,043 $ 2,723 Restricted stock awards expense 454 683 1,546 2,031 Total stock based compensation $ 3,998 $ 2,204 $ 6,589 $ 4,754

Note 16 - Commitments and Con37

Note 16 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule Of Mortgage Loan Loss Reserve Activity [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 1,058 $ 714 $ 810 $ 1,370 Expense provisions 39 42 764 42 Cash payments (325 ) - (325 ) (237 ) Adjustments (568 ) (160 ) (1,045 ) (579 ) Balance at end of period $ 204 $ 596 $ 204 $ 596

Note 19 - Supplemental Guaran38

Note 19 - Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Guarantor Information [Abstract]
Condensed Balance Sheet [Table Text Block]	September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 81,358 $ 3,716 $ - $ - $ 85,074 Marketable securities 89,479 - - - 89,479 Restricted cash - 4,800 - - 4,800 Trade and other receivables 5,335 25,568 - (2,315 ) 28,588 Inventories: Housing completed or under construction - 821,667 - - 821,667 Land and land under development - 957,695 - - 957,695 Total inventories - 1,779,362 - - 1,779,362 Intercompany receivables 1,566,356 2,855 5,469 (1,574,680 ) - Investment in subsidiaries 240,112 - - (240,112 ) - Property and equipment, net 28,499 - - - 28,499 Deferred tax asset, net 112,756 - - 2,389 115,145 Metropolitan district bond securities (related party) 24,074 - - - 24,074 Prepaid and other assets 10,829 61,619 - - 72,448 Total homebuilding assets 2,158,798 1,877,920 5,469 (1,814,718 ) 2,227,469 Financial Services: Cash and cash equivalents - - 37,921 - 37,921 Marketable securities - - 10,939 - 10,939 Intercompany receivables - - 38,846 (38,846 ) - Mortgage loans held-for-sale, net - - 68,633 - 68,633 Other assets - - 8,295 (2,389 ) 5,906 Total financial services assets - - 164,634 (41,235 ) 123,399 Total Assets $ 2,158,798 $ 1,877,920 $ 170,103 $ (1,855,953 ) $ 2,350,868 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 41,514 $ - $ - $ 41,514 Accrued liabilities 7,111 97,356 96 2,355 106,918 Advances and notes payable to parent and subsidiaries 47,170 1,538,222 25,443 (1,610,835 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 846,907 - - - 846,907 Total homebuilding liabilities 916,188 1,677,092 25,539 (1,608,480 ) 1,010,339 Financial Services: Accounts payable and other liabilities - - 58,834 (4,670 ) 54,164 Advances and notes payable to parent and subsidiaries - - 2,691 (2,691 ) - Mortgage repurchase facility - - 43,755 - 43,755 Total financial services liabilities - - 105,280 (7,361 ) 97,919 Total Liabilities 916,188 1,677,092 130,819 (1,615,841 ) 1,108,258 Equity: Total Stockholders' Equity 1,242,610 200,828 39,284 (240,112 ) 1,242,610 Total Liabilities and Stockholders' Equity $ 2,158,798 $ 1,877,920 $ 170,103 $ (1,855,953 ) $ 2,350,868 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 ) - Property and equipment, net 30,491 - - - 30,491 Deferred tax asset, net 137,529 - - 2,957 140,486 Metropolitan district bond securities (related party) 18,203 - - - 18,203 Prepaid and other assets 11,252 56,744 - - 67,996 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 September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 455,646 $ - $ - $ 455,646 Home and land cost of sales - (376,667 ) (100 ) - (376,767 ) Inventory impairments - (4,351 ) - - (4,351 ) Total cost of sales - (381,018 ) (100 ) - (381,118 ) Gross margin - 74,628 (100 ) - 74,528 Selling, general, and administrative expenses (11,651 ) (45,620 ) - (173 ) (57,444 ) Equity income of subsidiaries 23,070 - - (23,070 ) - Interest and other income 539 298 2 (1 ) 838 Interest expense 155 - - (155 ) - Other expense (2 ) (348 ) - - (350 ) Other-than-temporary impairment of marketable securities (2,176 ) - - - (2,176 ) Homebuilding pretax income (loss) 9,935 28,958 (98 ) (23,399 ) 15,396 Financial Services: Financial services pretax income - - 7,933 329 8,262 Income before income taxes 9,935 28,958 7,835 (23,070 ) 23,658 (Provision) benefit for income taxes 4,843 (10,874 ) (2,849 ) - (8,880 ) Net income $ 14,778 $ 18,084 $ 4,986 $ (23,070 ) $ 14,778 Other comprehensive income related to available for sale securities, net of tax (226 ) - 1,198 (1,198 ) (226 ) Comprehensive income $ 14,552 $ 18,084 $ 6,184 $ (24,268 ) $ 14,552 Three Months Ended September 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 407,704 $ - $ - $ 407,704 Home and land cost of sales - (340,022 ) - - (340,022 ) Inventory impairments - - - - - Total cost of sales - (340,022 ) - - (340,022 ) Gross margin - 67,682 - - 67,682 Selling, general, and administrative expenses (7,813 ) (42,532 ) - (167 ) (50,512 ) Equity income of subsidiaries 19,538 - - (19,538 ) - Interest and other income 5,680 254 3 (11 ) 5,926 Interest expense - - - - - Other expense (2 ) (839 ) - - (841 ) Other-than-temporary impairment of marketable securities (4,293 ) - - - (4,293 ) Homebuilding pretax income (loss) 13,110 24,565 3 (19,716 ) 17,962 Financial Services: Financial services pretax income - - 5,784 178 5,962 Income before income taxes 13,110 24,565 5,787 (19,538 ) 23,924 (Provision) benefit for income taxes 2,348 (8,677 ) (2,137 ) - (8,466 ) Net income $ 15,458 $ 15,888 $ 3,650 $ (19,538 ) $ 15,458 Other comprehensive income related to available for sale securities, net of tax (2,484 ) - (208 ) 208 (2,484 ) Comprehensive income $ 12,974 $ 15,888 $ 3,442 $ (19,330 ) $ 12,974 Nine Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,295,273 $ - $ - $ 1,295,273 Home and land cost of sales - (1,081,453 ) (100 ) - (1,081,553 ) Inventory impairments - (4,701 ) - - (4,701 ) Total cost of sales - (1,086,154 ) (100 ) - (1,086,254 ) Gross margin - 209,119 (100 ) - 209,019 Selling, general, and administrative expenses (29,211 ) (133,125 ) - (421 ) (162,757 ) Equity income of subsidiaries 60,310 - - (60,310 ) - Interest and other income 3,830 1,573 7 2 5,412 Interest expense 433 - - (433 ) - Other expense (5 ) (2,534 ) - - (2,539 ) Loss on early extinguishment of debt - - - - - Other-than-temporary impairment of marketable securities (2,176 ) - - - (2,176 ) Homebuilding pretax income (loss) 33,181 75,033 (93 ) (61,162 ) 46,959 Financial Services: Financial services pretax income - - 21,055 852 21,907 Income before income taxes 33,181 75,033 20,962 (60,310 ) 68,866 (Provision) benefit for income taxes 10,015 (27,986 ) (7,699 ) - (25,670 ) Net income $ 43,196 $ 47,047 $ 13,263 $ (60,310 ) $ 43,196 Other comprehensive income related to available for sale securities, net of tax 722 - 918 (918 ) 722 Comprehensive income $ 43,918 $ 47,047 $ 14,181 $ (61,228 ) $ 43,918 Nine Months Ended September 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,157,499 $ - $ - $ 1,157,499 Home and land cost of sales - (956,197 ) - - (956,197 ) Inventory impairments - (850 ) - - (850 ) Total cost of sales - (957,047 ) - - (957,047 ) Gross margin - 200,452 - - 200,452 Selling, general, and administrative expenses (30,534 ) (117,619 ) - (499 ) (148,652 ) Equity income of subsidiaries 62,290 - - (62,290 ) - Interest and other income 23,021 1,089 12 (34 ) 24,088 Interest expense (685 ) - - - (685 ) Other expense (6 ) (2,528 ) - - (2,534 ) Loss on early extinguishment of debt (9,412 ) - - - (9,412 ) Other-than-temporary impairment of marketable securities (4,293 ) - - - (4,293 ) Homebuilding pretax income (loss) 40,381 81,394 12 (62,823 ) 58,964 Financial Services: Financial services pretax income - - 17,093 533 17,626 Income before income taxes 40,381 81,394 17,105 (62,290 ) 76,590 (Provision) benefit for income taxes 8,123 (29,848 ) (6,361 ) - (28,086 ) Net income $ 48,504 $ 51,546 $ 10,744 $ (62,290 ) $ 48,504 Other comprehensive income related to available for sale securities, net of tax (4,203 ) - (93 ) 93 (4,203 ) Comprehensive income $ 44,301 $ 51,546 $ 10,651 $ (62,197 ) $ 44,301
Condensed Cash Flow Statement [Table Text Block]	Nine Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 19,057 $ (73,657 ) $ 28,114 $ - $ (26,486 ) Net cash provided by (used in) investing activities (21,669 ) (402 ) 3,260 67,515 48,704 Financing activities: Payments from (advances to) subsidiaries - 75,084 (7,569 ) (67,515 ) - Mortgage repurchase facility - - (17,067 ) - (17,067 ) Dividend payments (36,646 ) - - - (36,646 ) Proceeds from the exercise of stock options 665 - - - 665 Net cash provided by (used in) financing activities (35,981 ) 75,084 (24,636 ) (67,515 ) (53,048 ) Net increase in cash and cash equivalents (38,593 ) 1,025 6,738 - (30,830 ) Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 81,358 $ 3,716 $ 37,921 $ - $ 122,995 Nine Months Ended September 30, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (44,477 ) $ (174,980 ) $ 46,201 $ - $ (173,256 ) Net cash provided by (used in) investing activities (9,675 ) (428 ) 1,717 134,011 125,625 Financing activities: Payments from (advances to) subsidiaries - 174,725 (40,714 ) (134,011 ) - Mortgage repurchase facility - - (31,292 ) - (31,292 ) 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 (36,616 ) - - - (36,616 ) Proceeds from the exercise of stock options 63 - - - 63 Net cash provided by (used in) financing activities (37,296 ) 174,725 (72,006 ) (134,011 ) (68,588 ) Net increase in cash and cash equivalents (91,448 ) (683 ) (24,088 ) - (116,219 ) Cash and cash equivalents: Beginning of period 145,180 3,454 50,704 - 199,338 End of period $ 53,732 $ 2,771 $ 26,616 $ - $ 83,119

Note 3 - Segment Reporting (Det

Note 3 - Segment Reporting (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Homebuilding [Member]
Homebuilding
Homebuilding Revenues	$ 455,646	$ 407,704	$ 1,295,273	$ 1,157,499
Financial Services [Member]
Financial Services
Financial Services Revenues	12,841	10,699	34,852	31,413
West [Member] | Homebuilding [Member]
Homebuilding
Homebuilding Revenues	229,743	184,627	624,261	510,710
Mountain [Member] | Homebuilding [Member]
Homebuilding
Homebuilding Revenues	147,166	144,442	428,080	392,052
East [Member] | Homebuilding [Member]
Homebuilding
Homebuilding Revenues	78,737	78,635	242,932	254,737
Mortgage Operations [Member] | Financial Services [Member]
Financial Services
Financial Services Revenues	7,999	6,416	21,752	18,887
Other Financial Services [Member] | Financial Services [Member]
Financial Services
Financial Services Revenues	$ 4,842	$ 4,283	$ 13,100	$ 12,526

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Homebuilding
Income before income taxes	$ 23,658	$ 23,924	$ 68,866	$ 76,590
Homebuilding [Member]
Homebuilding
Income before income taxes	15,396	17,962	46,959	58,964
Financial Services [Member]
Homebuilding
Income before income taxes	8,262	5,962	21,907	17,626
West [Member] | Homebuilding [Member]
Homebuilding
Income before income taxes	16,708	12,402	40,808	41,747
Mountain [Member] | Homebuilding [Member]
Homebuilding
Income before income taxes	12,849	11,031	35,239	30,572
East [Member] | Homebuilding [Member]
Homebuilding
Income before income taxes	(691)	1,138	(1,093)	9,095
Corporate Subsegment [Member] | Homebuilding [Member]
Homebuilding
Income before income taxes	(13,470)	(6,609)	(27,995)	(22,450)
Mortgage Operations [Member] | Financial Services [Member]
Homebuilding
Income before income taxes	5,354	3,327	12,243	10,387
Other Financial Services [Member] | Financial Services [Member]
Homebuilding
Income before income taxes	$ 2,908	$ 2,635	$ 9,664	$ 7,239

Note 3 - Segment Reporting (D42

Note 3 - Segment Reporting (Details) - Total Assets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Homebuilding assets
Total Assets	$ 2,350,868	$ 2,358,438
Homebuilding [Member]
Homebuilding assets
Total Assets	2,227,469	2,220,027
Financial Services [Member]
Homebuilding assets
Total Assets	123,399	138,411
Reportable Geographical Components [Member] | Homebuilding [Member]
Homebuilding assets
Total Assets	2,227,469	2,220,027
Reportable Geographical Components [Member] | Financial Services [Member]
Homebuilding assets
Total Assets	123,399	138,411
West [Member] | Reportable Geographical Components [Member] | Homebuilding [Member]
Homebuilding assets
Total Assets	977,257	893,970
Mountain [Member] | Reportable Geographical Components [Member] | Homebuilding [Member]
Homebuilding assets
Total Assets	548,454	516,971
East [Member] | Reportable Geographical Components [Member] | Homebuilding [Member]
Homebuilding assets
Total Assets	349,354	343,718
Corporate Subsegment [Member] | Reportable Geographical Components [Member] | Homebuilding [Member]
Homebuilding assets
Total Assets	352,404	465,368
Mortgage Operations [Member] | Reportable Geographical Components [Member] | Financial Services [Member]
Homebuilding assets
Total Assets	78,651	94,265
Other Financial Services [Member] | Reportable Geographical Components [Member] | Financial Services [Member]
Homebuilding assets
Total Assets	$ 44,748	$ 44,146

Note 4 - Earnings Per Share (De

Note 4 - Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Employee Stock Option [Member]
Note 4 - Earnings Per Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3.4	4.3	3.9	4.5

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator
Net income	$ 14,778	$ 15,458	$ 43,196	$ 48,504
Less: distributed earnings allocated to participating securities	(25)	(48)	(73)	(150)
Less: undistributed earnings allocated to participating securities	(6)	(13)	(15)	(51)
Net income attributable to common stockholders (numerator for basic earnings per share)	14,747	15,397	43,108	48,303
Add back: undistributed earnings allocated to participating securities	6	13	15	51
Less: undistributed earnings reallocated to participating securities	(6)	(13)	(15)	(51)
Numerator for diluted earnings per share under two class method	$ 14,747	$ 15,397	$ 43,108	$ 48,303
Denominator
Weighted-average common shares outstanding (in Shares)	48,785,973	48,625,685	48,756,265	48,607,425
Denominator for diluted earnings per share under two class method (in Shares)	49,070,291	48,830,790	48,982,975	48,824,871
Basic Earnings Per Common Share (in Dollars per share)	$ 0.30	$ 0.32	$ 0.88	$ 0.99
Diluted Earnings Per Common Share (in Dollars per share)	$ 0.30	$ 0.32	$ 0.88	$ 0.99
Employee Stock Option [Member]
Denominator
Add: dilutive effect of stock options (in Shares)	284,318	205,105	226,710	217,446

Note 5 - Accumulated Other Co45

Note 5 - Accumulated Other Comprehensive Income (Details) - Changes in Accumulated Other Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Unrealized gains (losses) on available-for-sale marketable securities 1 :
Beginning balance				$ 10,455
Ending balance	[1]	$ 11,177	$ 7,372	11,177	$ 7,372
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Unrealized gains (losses) on available-for-sale marketable securities 1 :
Beginning balance	[1]	1,589	5,346	2,775	7,655
Other comprehensive income	[1]	(2,853)	(4,836)	(3,753)	(3,236)
Amounts reclassified from AOCI	[1],[2]	1,714	1,862	1,428	(2,047)
Ending balance	[1]	450	2,372	450	2,372
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]	9,814	4,510	7,680	3,920
Other comprehensive income	[1]	$ 913	$ 490	$ 3,047	$ 1,080
Amounts reclassified from AOCI	[1]
Ending balance	[1]	$ 10,727	$ 5,000	$ 10,727	$ 5,000
[1]	All amounts net-of-tax.
[2]	See separate table below for details about these reclassifications which include gains or losses on sales of available-for-sale securities sold as well as any other-than-temporary impairments taken on available-for-sale securities during the period.

Note 5 - Accumulated Other Co46

Note 5 - Accumulated Other Comprehensive Income (Details) - Reclassifications out of AOCI - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before income taxes	$ 23,658	$ 23,924	$ 68,866	$ 76,590
Provision for income taxes	(8,880)	(8,466)	(25,670)	(28,086)
Net income	14,778	15,458	43,196	48,504
Other-than-temporary impairment of marketable securities	(2,200)	(4,300)	(2,176)	(4,293)
Homebuilding [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and other income	838	5,926	5,412	24,088
Income before income taxes	15,396	17,962	46,959	58,964
Other-than-temporary impairment of marketable securities	(2,176)	(4,293)	(2,176)	(4,293)
Financial Services [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before income taxes	8,262	5,962	21,907	17,626
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	(2,765)	(3,027)	(2,303)	3,329
Provision for income taxes	1,051	1,165	875	(1,282)
Net income	(1,714)	(1,862)	(1,428)	2,047
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	(620)	1,167	(495)	7,528
Other-than-temporary impairment of marketable securities	(2,176)	(4,293)	(2,176)	(4,293)
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	$ 31	$ 99	$ 368	$ 94

Note 6 - Fair Value Measureme47

Note 6 - Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Note 6 - Fair Value Measurements (Details) [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 2,200	$ 4,300	$ 2,176	$ 4,293
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax			1,400		$ 4,500
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	2,989		$ 2,989		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	68,633		$ 68,633		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	47,300		47,300		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	$ 21,300		$ 21,300		$ 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	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Marketable securities (available-for-sale)
Total available-for-sale marketable securities	$ 100,418		$ 156,140
Metropolitan District Bond Securities [Member]
Marketable securities (available-for-sale)
Metropolitan district bond securities (related party) (available-for-sale)	24,074	$ 22,259	18,203	$ 15,379	$ 14,291	$ 12,729
Fair Value, Inputs, Level 1 [Member]
Marketable securities (available-for-sale)
Equity securities	100,418		129,560
Fair Value, Inputs, Level 2 [Member]
Marketable securities (available-for-sale)
Debt securities - maturity less than 1 year			1,511
Debt securities - maturity 1 to 5 years			7,643
Debt securities - maturity greater than 5 years			17,426
Mortgage loans held-for-sale, net	68,633		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)	$ 24,074		$ 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	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Homebuilding:
Amortized Cost Available for Sale Securities	$ 101,867	$ 151,627
OTTI Available for Sale Securities	(2,176)
Net Amortized Cost Available for Sale Securities	99,691	151,627
Fair Value Available for Sale Securities	100,418	156,140
Homebuilding [Member]
Homebuilding:
Amortized Cost Available for Sale Securities	89,841	136,669
OTTI Available for Sale Securities	(2,176)
Net Amortized Cost Available for Sale Securities	87,665	136,669
Fair Value Available for Sale Securities	89,479	140,878
Homebuilding [Member] | Equity Securities [Member]
Homebuilding:
Amortized Cost Available for Sale Securities	89,841	116,009
OTTI Available for Sale Securities	(2,176)
Net Amortized Cost Available for Sale Securities	87,665	116,009
Fair Value Available for Sale Securities	89,479	120,274
Homebuilding [Member] | Debt Securities [Member]
Homebuilding:
Amortized Cost Available for Sale Securities		20,660
Net Amortized Cost Available for Sale Securities		20,660
Fair Value Available for Sale Securities		20,604
Financial Services [Member]
Homebuilding:
Amortized Cost Available for Sale Securities	12,026	14,958
Net Amortized Cost Available for Sale Securities	12,026	14,958
Fair Value Available for Sale Securities	10,939	15,262
Financial Services [Member] | Equity Securities [Member]
Homebuilding:
Amortized Cost Available for Sale Securities	12,026	9,028
Net Amortized Cost Available for Sale Securities	12,026	9,028
Fair Value Available for Sale Securities	$ 10,939	9,286
Financial Services [Member] | Debt Securities [Member]
Homebuilding:
Amortized Cost Available for Sale Securities		5,930
Net Amortized Cost Available for Sale Securities		5,930
Fair Value Available for Sale Securities		$ 5,976

Note 6 - Fair Value Measureme50

Note 6 - Fair Value Measurements (Details) - Aggregate Fair Value of Securities in Unrealized Loss Positions $ in Thousands	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Type of Investment
Number of Securities in Loss Position	13	58
Aggregate Loss Position	$ (2,989)	$ (3,097)
Aggregate Fair Value of Securities in a Loss Position	$ 24,755	$ 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	13	6
Aggregate Loss Position	$ (2,989)	$ (2,738)
Aggregate Fair Value of Securities in a Loss Position	$ 24,755	$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gross realized gains on sales of available-for-sale securities
Gross realized gains on sales of available-for-sale securities	$ 1,022	$ 1,445	$ 2,268	$ 8,882
Gross realized losses on sales of available-for-sale securities
Gross realized losses on sales of available-for-sale securities	(1,610)	(179)	(2,394)	(1,260)
Net realized gain (loss) on sales of available-for-sale securities	(588)	1,266	(126)	7,622
Equity Securities [Member]
Gross realized gains on sales of available-for-sale securities
Gross realized gains on sales of available-for-sale securities	980	979	1,855	6,496
Gross realized losses on sales of available-for-sale securities
Gross realized losses on sales of available-for-sale securities	(1,604)	(92)	(2,161)	(801)
Debt Securities [Member]
Gross realized gains on sales of available-for-sale securities
Gross realized gains on sales of available-for-sale securities	42	466	413	2,386
Gross realized losses on sales of available-for-sale securities
Gross realized losses on sales of available-for-sale securities	$ (6)	$ (87)	$ (233)	$ (459)

Note 6 - Fair Value Measureme52

Note 6 - Fair Value Measurements (Details) - Quantitative Data Regarding Unobservable Inputs and Sensitivity Analysis $ / item in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Sep. 30, 2015$ / item
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of homes closed per year				Increase
Number of homes closed per year				Decrease
Average sales price				Increase
Average sales price				Decrease
Discount rate		8.70%
Discount rate				Decrease
Discount rate				Increase
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of homes closed per year				0
Average sales price				350
Discount rate	12.00%		11.00%	5.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of homes closed per year				122
Average sales price				1,200
Discount rate	15.00%		13.80%	12.00%
Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of homes closed per year				94
Average sales price				400
Discount rate				8.10%

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Note 6 - Fair Value Measurements (Details) - Summary of Activity for Metro Bonds [Line Items]
Balance at beginning of period	$ 22,259	$ 14,291	$ 18,203	$ 12,729
Increase in fair value (recorded in other comprehensive income)	1,472	798	4,815	1,757
Change due to accretion of principal	343	290	1,056	893
Cash receipts	0	0	0	0
Balance at end of period	$ 24,074	$ 15,379	$ 24,074	$ 15,379

Note 6 - Fair Value Measureme54

Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes [Line Items]
Carrying Amount	$ 846,907	$ 846,450
Fair Value	798,516	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	246,907	246,450
Fair Value	260,225	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	284,258	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	$ 254,033	$ 296,555

Note 6 - Fair Value Measureme55

Note 6 - Fair Value Measurements (Details) - Estimated Fair Value of Senior Notes (Parentheticals)	Sep. 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) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Note 7 - Inventories (Details) [Line Items]
Inventory, Real Estate, Land and Land Development Costs	$ 957,695,000				$ 957,695,000		$ 935,268,000
Inventory Write-down	3,225,000	$ 350,000		$ 850,000	3,575,000	$ 850,000
Land Held for Sale [Member]
Note 7 - Inventories (Details) [Line Items]
Inventory, Real Estate, Land and Land Development Costs	6,900,000				6,900,000		$ 0
Fair Value, Inputs, Level 2 [Member] | Land Held for Sale [Member]
Note 7 - Inventories (Details) [Line Items]
Inventory Write-down	$ 1,100,000		$ 0		$ 1,100,000	$ 0

Note 7 - Inventories (Details)

Note 7 - Inventories (Details) - Summary of Inventory - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Housing Completed or Under Construction:
Housing Completed or Under Construction	$ 821,667	$ 732,692
Land and Land Under Development:
Land and Land Under Development	957,695	935,268
Total Inventories	1,779,362	1,667,960
West [Member]
Housing Completed or Under Construction:
Housing Completed or Under Construction	417,403	343,134
Land and Land Under Development:
Land and Land Under Development	511,000	507,252
Mountain [Member]
Housing Completed or Under Construction:
Housing Completed or Under Construction	272,727	220,489
Land and Land Under Development:
Land and Land Under Development	251,943	277,583
East [Member]
Housing Completed or Under Construction:
Housing Completed or Under Construction	131,537	169,069
Land and Land Under Development:
Land and Land Under Development	$ 194,752	$ 150,433

Note 7 - Inventories (Details58

Note 7 - Inventories (Details) - Inventory Impairments - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Note 7 - Inventories (Details) - Inventory Impairments [Line Items]
Inventory Impairment	$ 3,225	$ 350	$ 850	$ 3,575	$ 850
Mountain [Member]
Note 7 - Inventories (Details) - Inventory Impairments [Line Items]
Inventory Impairment	250			250
East [Member]
Note 7 - Inventories (Details) - Inventory Impairments [Line Items]
Inventory Impairment	$ 2,975			$ 3,325	$ 850

Note 7 - Inventories (Details59

Note 7 - Inventories (Details) - Fair Value of Impaired Inventory $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2015USD ($)	Jun. 30, 2015	Mar. 31, 2015USD ($)	Sep. 30, 2014	Jun. 30, 2014USD ($)	Mar. 31, 2014	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Note 7 - Inventories (Details) - Fair Value of Impaired Inventory [Line Items]
Total Subdivision tested	18	22	22	23	16	16	62	55
Inventory Impairments (in Dollars)	$ 3,225		$ 350		$ 850		$ 3,575	$ 850
Fair Value of Inventory After Impairments (in Dollars)	$ 14,836		$ 3,701		$ 4,285		$ 18,537	$ 4,285
Number of Subdivision Impaired	5		1		2		6	2
Discount rate			8.70%
Minimum [Member]
Note 7 - Inventories (Details) - Fair Value of Impaired Inventory [Line Items]
Discount rate	12.00%				11.00%		5.00%
Maximum [Member]
Note 7 - Inventories (Details) - Fair Value of Impaired Inventory [Line Items]
Discount rate	15.00%				13.80%		12.00%

Note 8 - Capitalization of In60

Note 8 - Capitalization of Interest (Details) - Interest Activity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Activity [Abstract]
Homebuilding interest incurred	$ 13,265	$ 16,499	$ 39,821	$ 52,211
Less: Interest capitalized	(13,265)	(16,499)	(39,821)	(51,526)
Homebuilding interest expensed				685
Interest capitalized, beginning of period	78,857	80,936	79,231	74,155
Plus: Interest capitalized during period	13,265	16,499	39,821	51,526
Less: Previously capitalized interest included in home and land cost of sales	(12,878)	(14,966)	(39,808)	(43,212)
Interest capitalized, end of period	$ 79,244	$ 82,469	$ 79,244	$ 82,469

Note 9 - Homebuilding Prepaid61

Note 9 - Homebuilding Prepaid Expenses and Other Assets (Details) - Summary of Homebuilding Prepaid Expenses and Other Assets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Summary of Homebuilding Prepaid Expenses and Other Assets [Abstract]
Land option deposits	$ 14,971	$ 12,895
Deferred marketing costs	31,372	29,231
Prepaid expenses	5,705	5,104
Goodwill	6,008	6,008
Deferred debt issuance costs, net	11,757	13,004
Other	2,635	1,754
Total	$ 72,448	$ 67,996

Note 10 - Homebuilding Accrue62

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Homebuilding Accrued Liabilities - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 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	$ 16,081	$ 17,253	$ 18,346	$ 19,101	$ 20,178	$ 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	24,381		16,728
Warranty accrual	16,081		18,346
Accrued compensation and related expenses	21,859		27,541
Accrued interest	11,031		23,234
Accrued liabilities current and non-current	106,918		115,117
Other accrued liabilities	23,843		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	$ 9,723		$ 10,108

Note 10 - Homebuilding Accrue63

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Details) - Financial Services Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 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	$ 46,685	$ 47,389	$ 50,470	$ 49,469	$ 49,363	$ 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	46,685		50,470
Accounts payable and other accrued liabilities	7,479		6,798
Total accounts payable and accrued liabilities	$ 54,164		$ 57,268

Note 11 - Warranty Accrual (Det

Note 11 - Warranty Accrual (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Product Warranties Disclosures [Abstract]
Product Warranty Accrual, Period Increase (Decrease)	$ 0.5	$ (0.2)	$ 2.6

Note 11 - Warranty Accrual (D65

Note 11 - Warranty Accrual (Details) - Warranty Accrual and Payment Activity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Warranty Accrual and Payment Activity [Abstract]
Balance at beginning of period	$ 17,253	$ 20,178	$ 18,346	$ 22,238
Expense provisions	1,536	1,206	3,980	3,363
Cash payments	(2,708)	(1,758)	(6,032)	(3,900)
Adjustments		(525)	(213)	(2,600)
Balance at end of period	$ 16,081	$ 19,101	$ 16,081	$ 19,101

Note 12 - Insurance Reserves (D

Note 12 - Insurance Reserves (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Insurance Loss Reserves [Abstract]
Increase (Decrease) in Self Insurance Reserve	$ 0	$ 0	$ (1,500,000)	$ 0

Note 12 - Insurance Reserves 67

Note 12 - Insurance Reserves (Details) - Insurance Reserves - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Insurance Reserves [Abstract]
Balance at beginning of period	$ 47,389,000	$ 49,363,000	$ 50,470,000	$ 49,637,000
Balance at end of period	46,685,000	49,469,000	46,685,000	49,469,000
Expense provisions	1,652,000	1,530,000	4,501,000	4,577,000
Cash payments, net of recoveries	(2,356,000)	(1,424,000)	(6,786,000)	(4,745,000)
Adjustments	$ 0	$ 0	$ (1,500,000)	$ 0

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Note 13 - Income Taxes (Details) [Line Items]
Effective Income Tax Rate Reconciliation, Percent	37.50%	35.40%	37.30%	36.70%
Income Tax Expense (Benefit)	$ 8,880	$ 8,466	$ 25,670	$ 28,086
Deferred Tax Assets, Net	128,400		128,400		$ 153,500
Deferred Tax Assets, Valuation Allowance	13,200		13,200		$ 13,000
Domestic Tax Authority [Member]
Note 13 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	19,600		19,600
State and Local Jurisdiction [Member]
Note 13 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$ 33,600		$ 33,600

Note 14 - Senior Notes (Details

Note 14 - Senior Notes (Details) - USD ($) $ in Thousands	Mar. 26, 2014	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Note 14 - Senior Notes (Details) [Line Items]
Long-term Debt, Gross			$ 846,907	$ 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 (Detai70

Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items]
Senior Notes	$ 846,907	$ 846,450
5.625% Senior Notes Due 2020 [Member]
Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes [Line Items]
Senior Notes	246,907	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 (Detai71

Note 14 - Senior Notes (Details) - Carrying Amount of Senior Notes (Parentheticals)	Sep. 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 Compens72

Note 15 - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	May. 18, 2015	Sep. 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 Compens73

Note 15 - Stock Based Compensation (Details) - Share-based Award Expense Activity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Note 15 - Stock Based Compensation (Details) - Share-based Award Expense Activity [Line Items]
Stock Based Compensation	$ 3,998	$ 2,204	$ 6,589	$ 4,754
Employee Stock Option [Member]
Note 15 - Stock Based Compensation (Details) - Share-based Award Expense Activity [Line Items]
Stock Based Compensation	3,544	1,521	5,043	2,723
Restricted Stock [Member]
Note 15 - Stock Based Compensation (Details) - Share-based Award Expense Activity [Line Items]
Stock Based Compensation	$ 454	$ 683	$ 1,546	$ 2,031

Note 16 - Commitments and Con74

Note 16 - Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Note 16 - Commitments and Contingencies (Details) [Line Items]
Surety Bonds Issued And Outstanding	$ 169.1
Letters of Credit Outstanding, Amount	49.6
Estimated Cost Related To Bonds	60
Estimated Cost Related To Letters Of Credit	15.3
Homeamerican [Member]
Note 16 - Commitments and Contingencies (Details) [Line Items]
Letters of Credit Outstanding, Amount	27.9
Option Contracts [Member]
Note 16 - Commitments and Contingencies (Details) [Line Items]
Letters of Credit Outstanding, Amount	2.8
Earnest Money Deposits	$ 14.1
Right To Acquire Lots Under Options Contract	2,699

Note 16 - Commitments and Con75

Note 16 - Commitments and Contingencies (Details) - Mortgage Loan Loss Reserve Activity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Mortgage Loan Loss Reserve Activity [Abstract]
Balance at beginning of period	$ 1,058	$ 714	$ 810	$ 1,370
Expense provisions	39	42	764	42
Cash payments	(325)		(325)	(237)
Adjustments	(568)	(160)	(1,045)	(579)
Balance at end of period	$ 204	$ 596	$ 204	$ 596

Note 17 - Derivative Financia76

Note 17 - Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Note 17 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0.9	$ 0	$ 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	107.1		107.1
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	21.3		21.3
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	$ 82		$ 82

Note 18 - Lines of Credit (Deta

Note 18 - Lines of Credit (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 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	$ 49.6
Long-term Line of Credit	$ 15
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
Line of Credit Facility, Remaining Borrowing Capacity	$ 513.4
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	$ 21.6	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	$ 43.8	$ 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 Guaran78

Note 19 - Supplemental Guarantor Information (Details)	9 Months Ended
	Sep. 30, 2015
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 Guaran79

Note 19 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Homebuilding:
Cash and cash equivalents	$ 122,995	$ 153,825	$ 83,119	$ 199,338
Inventories:
Housing completed or under construction	821,667	732,692
Land and land under development	957,695	935,268
Total inventories	1,779,362	1,667,960
Deferred tax asset	128,400	153,500
Prepaid and other assets	72,448	67,996
Total Assets	2,350,868	2,358,438
Homebuilding:
Revolving credit facility	15,000
Total Liabilities	1,108,258	1,130,102
Equity:
Total Stockholder’s Equity	1,242,610	1,228,336
Total Liabilities and Stockholders’ Equity	2,350,868	2,358,438
Homebuilding [Member]
Homebuilding:
Cash and cash equivalents	85,074	122,642
Marketable securities	89,479	140,878
Restricted cash	4,800	2,816
Trade Receivables	28,588	28,555
Inventories:
Housing completed or under construction	821,667	732,692
Land and land under development	957,695	935,268
Total inventories	1,779,362	1,667,960
Property and equipment, net	28,499	30,491
Deferred tax asset	115,145	140,486
Metropolitan district bond securities (related party)	24,074	18,203
Prepaid and other assets	72,448	67,996
Total Assets	2,227,469	2,220,027
Homebuilding:
Accounts payable	41,514	35,445
Accrued liabilities	106,918	115,117
Revolving credit facility	15,000	15,000
Senior notes, net	846,907	846,450
Total Liabilities	1,010,339	1,012,012
Financial Services [Member]
Homebuilding:
Cash and cash equivalents	37,921	31,183
Marketable securities	10,939	15,262
Inventories:
Total Assets	123,399	138,411
Financial Services:
Mortgage loans held-for-sale, net	68,633	88,392
Other assets	5,906	3,574
Homebuilding:
Total Liabilities	97,919	118,090
Financial Services:
Accounts payable and other liabilities	54,164	57,268
Mortgage repurchase facility	43,755	60,822
MDC Holdings [Member]
Homebuilding:
Cash and cash equivalents	81,358	119,951	53,732	145,180
Inventories:
Prepaid and other assets		11,252
Total Assets	2,158,798	2,144,456
Homebuilding:
Total Liabilities	916,188	916,120
Equity:
Total Stockholder’s Equity	1,242,610	1,228,336
Total Liabilities and Stockholders’ Equity	2,158,798	2,144,456
MDC Holdings [Member] | Homebuilding [Member]
Homebuilding:
Cash and cash equivalents	81,358	119,951
Marketable securities	89,479	140,878
Trade Receivables	5,335	6,573
Inventories:
Intercompany receivables	1,566,356	1,418,705
Investment in subsidiaries	240,112	260,874
Property and equipment, net	28,499	30,491
Deferred tax asset	112,756	137,529
Metropolitan district bond securities (related party)	24,074	18,203
Prepaid and other assets	10,829
Total Assets	2,158,798	2,144,456
Homebuilding:
Accrued liabilities	7,111	7,007
Advances and notes payable to parent and subsidiaries	47,170	47,663
Revolving credit facility	15,000	15,000
Senior notes, net	846,907	846,450
Total Liabilities	916,188	916,120
Guarantor Subsidiaries [Member]
Homebuilding:
Cash and cash equivalents	3,716	2,691	2,771	3,454
Inventories:
Prepaid and other assets		56,744
Total Assets	1,877,920	1,757,514
Homebuilding:
Total Liabilities	1,677,092	1,533,085
Equity:
Total Stockholder’s Equity	200,828	224,429
Total Liabilities and Stockholders’ Equity	1,877,920	1,757,514
Guarantor Subsidiaries [Member] | Homebuilding [Member]
Homebuilding:
Cash and cash equivalents	3,716	2,691
Restricted cash	4,800	2,816
Trade Receivables	25,568	24,449
Inventories:
Housing completed or under construction	821,667	732,692
Land and land under development	957,695	935,268
Total inventories	1,779,362	1,667,960
Intercompany receivables	2,855	2,854
Prepaid and other assets	61,619
Total Assets	1,877,920	1,757,514
Homebuilding:
Accounts payable	41,514	35,445
Accrued liabilities	97,356	105,529
Advances and notes payable to parent and subsidiaries	1,538,222	1,392,111
Total Liabilities	1,677,092	1,533,085
Non-Guarantor Subsidiaries [Member]
Homebuilding:
Cash and cash equivalents	37,921	31,183	$ 26,616	$ 50,704
Inventories:
Total Assets	170,103	186,176
Homebuilding:
Total Liabilities	130,819	149,731
Equity:
Total Stockholder’s Equity	39,284	36,445
Total Liabilities and Stockholders’ Equity	170,103	186,176
Non-Guarantor Subsidiaries [Member] | Homebuilding [Member]
Inventories:
Intercompany receivables	5,469	5,295
Total Assets	5,469	5,295
Homebuilding:
Accrued liabilities	96	67
Advances and notes payable to parent and subsidiaries	25,443	23,809
Total Liabilities	25,539	23,876
Non-Guarantor Subsidiaries [Member] | Financial Services [Member]
Homebuilding:
Cash and cash equivalents	37,921	31,183
Marketable securities	10,939	15,262
Inventories:
Intercompany receivables	38,846	39,513
Total Assets	164,634	180,881
Financial Services:
Mortgage loans held-for-sale, net	68,633	88,392
Other assets	8,295	6,531
Homebuilding:
Advances and notes payable to parent and subsidiaries	2,691	2,784
Total Liabilities	105,280	125,855
Financial Services:
Accounts payable and other liabilities	58,834	62,249
Mortgage repurchase facility	43,755	60,822
Consolidation, Eliminations [Member]
Inventories:
Total Assets	(1,855,953)	(1,729,708)
Homebuilding:
Total Liabilities	(1,615,841)	(1,468,834)
Equity:
Total Stockholder’s Equity	(240,112)	(260,874)
Total Liabilities and Stockholders’ Equity	(1,855,953)	(1,729,708)
Consolidation, Eliminations [Member] | Homebuilding [Member]
Homebuilding:
Trade Receivables	(2,315)	(2,467)
Inventories:
Intercompany receivables	(1,574,680)	(1,426,854)
Investment in subsidiaries	(240,112)	(260,874)
Deferred tax asset	2,389	2,957
Total Assets	(1,814,718)	(1,687,238)
Homebuilding:
Accrued liabilities	2,355	2,514
Advances and notes payable to parent and subsidiaries	(1,610,835)	(1,463,583)
Total Liabilities	(1,608,480)	(1,461,069)
Consolidation, Eliminations [Member] | Financial Services [Member]
Inventories:
Intercompany receivables	(38,846)	(39,513)
Total Assets	(41,235)	(42,470)
Financial Services:
Other assets	(2,389)	(2,957)
Homebuilding:
Advances and notes payable to parent and subsidiaries	(2,691)	(2,784)
Total Liabilities	(7,361)	(7,765)
Financial Services:
Accounts payable and other liabilities	$ (4,670)	$ (4,981)

Note 19 - Supplemental Guaran80

Note 19 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Homebuilding:
Inventory impairments	$ (3,225)	$ (350)		$ (850)	$ (3,575)	$ (850)
Interest expense						(685)
Loss on early extinguishment of debt						(9,412)
Other-than-temporary impairment of marketable securities	(2,200)		$ (4,300)		(2,176)	(4,293)
Income before income taxes	23,658		23,924		68,866	76,590
Financial Services:
(Provision) benefit for income taxes	(8,880)		(8,466)		(25,670)	(28,086)
Net income (loss)	14,778		15,458		43,196	48,504
Other comprehensive income related to available for sale securities, net of tax	(226)		(2,484)		722	(4,203)
Comprehensive income	14,552		12,974		43,918	44,301
Homebuilding [Member]
Homebuilding:
Revenues	455,646		407,704		1,295,273	1,157,499
Cost of Sales	(376,767)		(340,022)		(1,081,553)	(956,197)
Inventory impairments	(4,351)				(4,701)	(850)
Total cost of sales	(381,118)		(340,022)		(1,086,254)	(957,047)
Gross margin	74,528		67,682		209,019	200,452
Selling, general, and administrative expenses	(57,444)		(50,512)		(162,757)	(148,652)
Interest income	838		5,926		5,412	24,088
Interest expense						(685)
Other income (expense), net	(350)		(841)		(2,539)	(2,534)
Loss on early extinguishment of debt						(9,412)
Other-than-temporary impairment of marketable securities	(2,176)		(4,293)		(2,176)	(4,293)
Income before income taxes	15,396		17,962		46,959	58,964
Financial Services [Member]
Homebuilding:
Income before income taxes	8,262		5,962		21,907	17,626
MDC Holdings [Member]
Homebuilding:
Other-than-temporary impairment of marketable securities					(2,176)
Income before income taxes	9,935		13,110		33,181	40,381
Financial Services:
(Provision) benefit for income taxes	4,843		2,348		10,015	8,123
Net income (loss)	14,778		15,458		43,196	48,504
Other comprehensive income related to available for sale securities, net of tax	(226)		(2,484)		722	(4,203)
Comprehensive income	14,552		12,974		43,918	44,301
MDC Holdings [Member] | Homebuilding [Member]
Homebuilding:
Total cost of sales	0
Selling, general, and administrative expenses	(11,651)		(7,813)		(29,211)	(30,534)
Equity income (loss) of subsidiaries	23,070		19,538		60,310	62,290
Interest income	539		5,680		3,830	23,021
Interest expense	155				433	(685)
Other income (expense), net	(2)		(2)		(5)	(6)
Loss on early extinguishment of debt						(9,412)
Other-than-temporary impairment of marketable securities	(2,176)		(4,293)			(4,293)
Income before income taxes	9,935		13,110		33,181	40,381
Guarantor Subsidiaries [Member]
Homebuilding:
Income before income taxes	28,958		24,565		75,033	81,394
Financial Services:
(Provision) benefit for income taxes	(10,874)		(8,677)		(27,986)	(29,848)
Net income (loss)	18,084		15,888		47,047	51,546
Comprehensive income	18,084		15,888		47,047	51,546
Guarantor Subsidiaries [Member] | Homebuilding [Member]
Homebuilding:
Revenues	455,646		407,704		1,295,273	1,157,499
Cost of Sales	(376,667)		(340,022)		(1,081,453)	(956,197)
Inventory impairments	(4,351)				(4,701)	(850)
Total cost of sales	(381,018)		(340,022)		(1,086,154)	(957,047)
Gross margin	74,628		67,682		209,119	200,452
Selling, general, and administrative expenses	(45,620)		(42,532)		(133,125)	(117,619)
Interest income	298		254		1,573	1,089
Other income (expense), net	(348)		(839)		(2,534)	(2,528)
Income before income taxes	28,958		24,565		75,033	81,394
Non-Guarantor Subsidiaries [Member]
Homebuilding:
Income before income taxes	7,835		5,787		20,962	17,105
Financial Services:
(Provision) benefit for income taxes	(2,849)		(2,137)		(7,699)	(6,361)
Net income (loss)	4,986		3,650		13,263	10,744
Other comprehensive income related to available for sale securities, net of tax	1,198		(208)		918	(93)
Comprehensive income	6,184		3,442		14,181	10,651
Non-Guarantor Subsidiaries [Member] | Homebuilding [Member]
Homebuilding:
Cost of Sales	(100)				(100)
Total cost of sales	(100)				(100)
Gross margin	(100)				(100)
Interest income	2		3		7	12
Income before income taxes	(98)		3		(93)	12
Non-Guarantor Subsidiaries [Member] | Financial Services [Member]
Homebuilding:
Income before income taxes	7,933		5,784		21,055	17,093
Consolidation, Eliminations [Member]
Homebuilding:
Income before income taxes	(23,070)		(19,538)		(60,310)	(62,290)
Financial Services:
Net income (loss)	(23,070)		(19,538)		(60,310)	(62,290)
Other comprehensive income related to available for sale securities, net of tax	(1,198)		208		(918)	93
Comprehensive income	(24,268)		(19,330)		(61,228)	(62,197)
Consolidation, Eliminations [Member] | Homebuilding [Member]
Homebuilding:
Total cost of sales	0
Selling, general, and administrative expenses	(173)		(167)		(421)	(499)
Equity income (loss) of subsidiaries	(23,070)		(19,538)		(60,310)	(62,290)
Interest income	(1)		(11)		2	(34)
Interest expense	(155)				(433)
Income before income taxes	(23,399)		(19,716)		(61,162)	(62,823)
Consolidation, Eliminations [Member] | Financial Services [Member]
Homebuilding:
Income before income taxes	$ 329		$ 178		$ 852	$ 533

Note 19 - Supplemental Guaran81

Note 19 - Supplemental Guarantor Information (Details) - Supplemental Condensed Combining Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ (26,486)	$ (173,256)
Net cash used in investing activities	48,704	125,625
Financing activities:
Mortgage repurchase facility	(17,067)	(31,292)
Proceeds from issuance of senior notes		248,375
Repayment of senior notes		(259,118)
Advances on revolving credit facility, net		10,000
Dividend payments	(36,646)	(36,616)
Proceeds from the exercise of stock options	665	63
Net cash provided by (used in) financing activities	(53,048)	(68,588)
Net increase in cash and cash equivalents	(30,830)	(116,219)
Cash and cash equivalents:
Beginning of period	153,825	199,338
End of period	122,995	83,119
Consolidation, Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in investing activities	67,515	134,011
Financing activities:
Intercompany advances (repayments)	(67,515)	(134,011)
Net cash provided by (used in) financing activities	(67,515)	(134,011)
MDC Holdings [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	19,057	(44,477)
Net cash used in investing activities	(21,669)	(9,675)
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	(36,646)	(36,616)
Proceeds from the exercise of stock options	665	63
Net cash provided by (used in) financing activities	(35,981)	(37,296)
Net increase in cash and cash equivalents	(38,593)	(91,448)
Cash and cash equivalents:
Beginning of period	119,951	145,180
End of period	81,358	53,732
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(73,657)	(174,980)
Net cash used in investing activities	(402)	(428)
Financing activities:
Intercompany advances (repayments)	75,084	174,725
Net cash provided by (used in) financing activities	75,084	174,725
Net increase in cash and cash equivalents	1,025	(683)
Cash and cash equivalents:
Beginning of period	2,691	3,454
End of period	3,716	2,771
Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	28,114	46,201
Net cash used in investing activities	3,260	1,717
Financing activities:
Intercompany advances (repayments)	(7,569)	(40,714)
Mortgage repurchase facility	(17,067)	(31,292)
Net cash provided by (used in) financing activities	(24,636)	(72,006)
Net increase in cash and cash equivalents	6,738	(24,088)
Cash and cash equivalents:
Beginning of period	31,183	50,704
End of period	$ 37,921	$ 26,616