M.D.C. (MDC) 10-Q 3 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Document Information [Line Items]
Entity Registrant Name	MDC HOLDINGS INC
Entity Central Index Key	773,141
Trading Symbol	mdc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		49,033,981
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016		Dec. 31, 2015
Homebuilding [Member]
ASSETS
Cash and cash equivalents	$ 132,006		$ 144,342
Marketable securities	55,798		92,387
Restricted cash	3,946		3,750
Trade and other receivables	47,803		23,314
Inventories:
Housing completed or under construction	933,922		747,036
Land and land under development	893,096		1,016,926
Total inventories	1,827,018		1,763,962
Property and equipment, net	29,143		28,226
Deferred tax asset, net	89,242		99,107
Metropolitan district bond securities (related party)	28,604		25,911
Prepaid and other assets	65,254		65,394
Total homebuilding assets	2,278,814		2,246,393
Cash and cash equivalents	132,006		144,342
Marketable securities	55,798		92,387
LIABILITIES AND EQUITY
Accounts payable	48,294		40,472
Accrued liabilities	130,651		122,886
Revolving credit facility	15,000		15,000
Senior notes, net	841,076		840,524
Total homebuilding liabilities	1,035,021		1,018,882
Financial Services [Member]
ASSETS
Cash and cash equivalents	39,300		36,646
Marketable securities	14,821		11,307
Inventories:
Total homebuilding assets	182,586		169,506
Cash and cash equivalents	39,300		36,646
Marketable securities	14,821		11,307
Mortgage loans held-for-sale, net	118,699		115,670
Other assets	9,766		5,883
LIABILITIES AND EQUITY
Total homebuilding liabilities	149,357		140,725
Accounts payable and accrued liabilities	56,060		52,114
Mortgage repurchase facility	93,297		88,611
Cash and cash equivalents	171,306		180,988
Housing completed or under construction	933,922		747,036
Land and land under development	893,096		1,016,926
Total inventories	1,827,018		1,763,962
Deferred tax asset, net	89,200		99,100
Total homebuilding assets	2,461,400		2,415,899
Cash and cash equivalents	171,306		180,988
Total homebuilding liabilities	1,184,378		1,159,607
Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 250,000,000 shares authorized; 49,008,835 and 48,888,424 issued and outstanding at June 30, 2016 and December 31, 2015, respectively	490		489
Additional paid-in-capital	921,660		915,746
Retained earnings	336,314		324,342
Accumulated other comprehensive income	18,558	[1]	15,715
Total Stockholders' Equity	1,277,022		1,256,292
Total Liabilities and Stockholders' Equity	$ 2,461,400		$ 2,415,899
[1]	All amounts net-of-tax.

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	49,008,835	48,888,424
Common stock, shares outstanding (in shares)	49,008,835	48,888,424

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Homebuilding [Member]
Home sale revenues	$ 571,195,000	$ 461,708,000	$ 965,615,000	$ 838,717,000
Land sale revenues	316,000		2,640,000	910,000
Total home and land sale revenues	571,511,000	461,708,000	968,255,000	839,627,000
Home cost of sales	(475,836,000)	(385,019,000)	(805,862,000)	(703,661,000)
Land cost of sales	(216,000)		(1,879,000)	(1,125,000)
Inventory impairments	(1,600,000)		(1,600,000)	(350,000)
Total cost of sales	(477,652,000)	(385,019,000)	(809,341,000)	(705,136,000)
Gross margin	93,859,000	76,689,000	158,914,000	134,491,000
Selling, general and administrative expenses	(64,440,000)	(54,781,000)	(120,717,000)	(105,313,000)
Interest and other income	2,553,000	2,720,000	3,489,000	4,574,000
Other expense	(278,000)	(1,055,000)	(905,000)	(2,189,000)
Other-than-temporary impairment of marketable securities	(288,000)		(719,000)
Homebuilding pretax income	31,406,000	23,573,000	40,062,000	31,563,000
Financial Services [Member]
Homebuilding pretax income	9,052,000	8,309,000	14,669,000	13,645,000
Revenues	15,823,000	11,420,000	26,840,000	22,011,000
Expenses	(7,543,000)	(4,207,000)	(13,784,000)	(10,366,000)
Interest and other income	772,000	1,096,000	1,613,000	2,000,000
Inventory impairments	(1,600,000)		(1,600,000)	(350,000)
Other-than-temporary impairment of marketable securities	(300,000)	0	(719,000)	0
Homebuilding pretax income	40,458,000	31,882,000	54,731,000	45,208,000
Provision for income taxes	(13,545,000)	(11,884,000)	(18,255,000)	(16,790,000)
Net income	26,913,000	19,998,000	36,476,000	28,418,000
Other comprehensive income (loss) related to available for sale securities, net of tax	895,000	(360,000)	2,843,000	948,000
Comprehensive income	$ 27,808,000	$ 19,638,000	$ 39,319,000	$ 29,366,000
Earnings per share:
Basic (in dollars per share)	$ 0.55	$ 0.41	$ 0.74	$ 0.58
Diluted (in dollars per share)	$ 0.55	$ 0.41	$ 0.74	$ 0.58
Weighted average common shares outstanding
Basic (in shares)	48,851,350	48,768,021	48,839,660	48,741,476
Diluted (in shares)	48,861,742	49,005,037	48,848,914	48,954,059
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Housing Completed or Under Construction [Member]
Net changes in assets and liabilities:
Housing completed or under construction	$ (186,805,000)	$ (41,474,000)
Land and Land Under Development [Member]
Net changes in assets and liabilities:
Housing completed or under construction	122,701,000	36,919,000
Net income	36,476,000	28,418,000
Stock-based compensation expense	6,163,000	2,591,000
Depreciation and amortization	2,367,000	2,092,000
Inventory impairments	1,600,000	350,000
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	719,000	0
Gain on sale of marketable securities	(262,000)	(462,000)
Amortization of discount / premiums on marketable debt securities, net		100,000
Deferred income tax expense	7,873,000	16,267,000
Restricted cash	(196,000)	(2,128,000)
Trade and other receivables	(26,235,000)	(292,000)
Mortgage loans held-for-sale	(3,029,000)	8,664,000
Prepaid expenses and other assets	(2,975,000)	(3,118,000)
Accounts payable and accrued liabilities	19,517,000	(3,418,000)
Net cash provided by (used in) operating activities	(22,086,000)	44,509,000
Investing Activities:
Purchases of marketable securities	(15,426,000)	(34,679,000)
Maturities of marketable securities		1,510,000
Sales of marketable securities	50,765,000	50,179,000
Purchases of property and equipment	(3,117,000)	(421,000)
Net cash provided by investing activities	32,222,000	16,589,000
Financing Activities:
Advances (payments) on mortgage repurchase facility, net	4,686,000	(10,822,000)
Dividend payments	(24,504,000)	(24,425,000)
Proceeds from exercise of stock options		612,000
Net cash used in financing activities	(19,818,000)	(34,635,000)
Net increase (decrease) in cash and cash equivalents	(9,682,000)	26,463,000
Cash and cash equivalents:
Beginning of period	180,988,000	153,825,000
End of period	$ 171,306,000	$ 180,288,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Basis of Presentation The Unaudited Consolidated Financial Statements of M.D.C. Holdings, Inc. ("MDC," “the Company," “we,” “us,” or “our” which refers to M.D.C. Holdings, Inc. and its subsidiaries) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of MDC at June 30, 2016 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, 2015.

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	2 . In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) : Amendments to the Consolidation Analysis Consolidation In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases I n March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting Compensation – Stock Compensation We are currently evaluating the method of adoption and impact the update will have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires measurement and recognition of expected credit losses for financial assets held. The amendments in ASU 2016-13 eliminate the probable threshold for initial recognition of a credit loss in current GAAP and reflect an entity’s current estimate of all expected credit losses. ASU 2016-13 is effective for our interim and annual reporting periods beginning January 1, 2021. Earlier adoption is permitted. We are currently evaluating the method of adoption and impact the update will have on our consolidated financial statements and related disclosures.

Note 3 - Segment Reporting

Note 3 - Segment Reporting	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	3 . Segment Reporting An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. We have identified our CODM as two key executives—the 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 our 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding West $ 270,031 $ 217,701 $ 461,406 $ 394,518 Mountain 190,334 156,893 328,158 280,914 East 111,146 87,114 178,691 164,195 Total home and land sale revenues $ 571,511 $ 461,708 $ 968,255 $ 839,627 Financial Services Mortgage operations $ 10,702 $ 7,104 $ 17,572 $ 13,753 Other 5,121 4,316 9,268 8,258 Total financial services revenues $ 15,823 $ 11,420 $ 26,840 $ 22,011 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding West $ 15,740 $ 15,597 $ 25,438 $ 24,100 Mountain 20,748 14,970 30,832 22,390 East 4,500 19 5,867 (402 ) Corporate (9,582 ) (7,013 ) (22,075 ) (14,525 ) Total homebuilding pretax income $ 31,406 $ 23,573 $ 40,062 $ 31,563 Financial Services Mortgage operations $ 6,445 $ 4,097 $ 9,768 $ 6,889 Other 2,607 4,212 4,901 6,756 Total financial services pretax income $ 9,052 $ 8,309 $ 14,669 $ 13,645 Total pretax income $ 40,458 $ 31,882 $ 54,731 $ 45,208 The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include our cash and cash equivalents, 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. June 30, December 31, 2016 2015 (Dollars in thousands) Homebuilding assets West $ 1,066,722 $ 991,393 Mountain 559,287 536,831 East 317,013 324,457 Corporate 335,792 393,712 Total homebuilding assets $ 2,278,814 $ 2,246,393 Financial services assets Mortgage operations $ 131,572 $ 123,176 Other 51,014 46,330 Total financial services assets $ 182,586 $ 169,506 Total assets $ 2,461,400 $ 2,415,899

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	4 . ASC Topic 260, Earnings Per Share company that has participating security holders (for example, holders of unvested restricted stock that has nonforfeitable dividend rights) to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings/(loss) between the holders of common stock and a company’s participating security holders. Under the two-class method, earnings/(loss) for the reporting period are allocated between common shareholders and other security holders based on their respective rights to receive distributed earnings (i.e., dividends) and undistributed earnings (i.e., net income/(loss)). Our common shares outstanding are comprised of shareholder owned common stock and 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, excluding participating shares in accordance with ASC 260 . To calculate diluted EPS, basic EPS is further adjusted to include the effect of potential dilutive stock options outstanding. The table below shows basic and diluted EPS calculations: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands, except per share amounts) Numerator Net income $ 26,913 $ 19,998 $ 36,476 $ 28,418 Less: distributed earnings allocated to participating securities (39 ) (23 ) (79 ) (48 ) Less: undistributed earnings allocated to participating securities (47 ) (15 ) (36 ) (9 ) Net income attributable to common stockholders (numerator for basic earnings per share) 26,827 19,960 36,361 28,361 Add back: undistributed earnings allocated to participating securities 47 15 36 9 Less: undistributed earnings reallocated to participating securities (47 ) (15 ) (36 ) (9 ) Numerator for diluted earnings per share under two class method $ 26,827 $ 19,960 $ 36,361 $ 28,361 Denominator Weighted-average common shares outstanding 48,851,350 48,768,021 48,839,660 48,741,476 Add: dilutive effect of stock options 10,392 237,016 9,254 212,583 Denominator for diluted earnings per share under two class method 48,861,742 49,005,037 48,848,914 48,954,059 Basic Earnings Per Common Share $ 0.55 $ 0.41 $ 0.74 $ 0.58 Diluted Earnings Per Common Share $ 0.55 $ 0.41 $ 0.74 $ 0.58 Diluted EPS for the three and six months ended June 30, 2016 excluded options to purchase approximately 6.4 million and 6.5 million shares, respectively, of common stock because the effect of their inclusion would be anti-dilutive. For the same periods in 2015, diluted EPS excluded options to purchase approximately 3.6 million and 3.6 million shares, respectively.

Note 5 - Accumulated Other Comp

Note 5 - Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	5 . Accumulated Other Comprehensive Income The following table sets forth our changes in accumulated other comprehensive income (“AOCI”): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities 1 Beginning balance $ 5,016 $ 3,142 $ 3,657 $ 2,775 Other comprehensive income (loss) before reclassifications 880 (1,260 ) 1,404 (900 ) Amounts reclassified from AOCI 2 (552 ) (293 ) 283 (286 ) Ending balance $ 5,344 $ 1,589 $ 5,344 $ 1,589 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 12,647 $ 8,621 $ 12,058 $ 7,680 Other comprehensive income before reclassifications 567 1,193 1,156 2,134 Amounts reclassified from AOCI - - - - Ending balance $ 13,214 $ 9,814 $ 13,214 $ 9,814 Total ending AOCI $ 18,558 $ 11,403 $ 18,558 $ 11,403 (1) All amounts net-of-tax. (2) See separate table below for details about these reclassifications The following table sets forth the activity related to reclassifications out of accumulated other comprehensive income related to available for sale securities: Three Months Ended Six Months Ended June 30, June 30, Affected Line Item in the Statements of Operations 2016 2015 2016 2015 (Dollars in thousands) Homebuilding interest and other income $ 1,177 $ 137 $ 262 $ 125 Other-than-temporary impairment of marketable securities (288 ) - (719 ) - Financial services interest and other income - 336 - 337 Income before income taxes 889 473 (457 ) 462 Provision for income taxes (337 ) (180 ) 174 (176 ) Net income $ 552 $ 293 $ (283 ) $ 286

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 . ASC Topic 820, Fair Value Measurements The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis: Fair Value Financial Instrument Hierarchy June 30, 2016 December 31, 2015 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 70,619 $ 103,694 Mortgage loans held-for-sale, net Level 2 $ 118,699 $ 115,670 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 28,604 $ 25,911 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of June 30, 2016 and December 31, 2015. Cash and cash equivalents, restricted cash, trade and other receivables, prepaid and other assets, accounts payable, accrued liab ilities and borrowings on our revolving credit facility . Marketable s ecurities Each quarter we assess all of our securities in an unrealized loss position for a potential other-than-temporary impairment (“OTTI”) . If the unrealized loss is determined to be other-than-temporary, an OTTI is recorded in the consolidated statements of operations and comprehensive income. During the three months and six months ended June 30, 2016, we recorded pretax OTTIs of $0.3 million and $0.7 million, respectively, for certain of our equity securities that were in an unrealized 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 and comprehensive income . No such impairments were recorded during the three and six months ended June 30, 2015. The following tables set forth the cost and fair value of our marketable equity securities: June 30, 2016 Amortized OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding equity securities $ 47,923 $ (904 ) $ 47,019 $ 55,798 Financial services equity securities 14,979 - 14,979 14,821 Total marketable equity securities $ 62,902 $ (904 ) $ 61,998 $ 70,619 December 31, 2015 Amortized OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding equity securities $ 89,738 $ (3,969 ) $ 85,769 $ 92,387 Financial services equity securities 12,026 - 12,026 11,307 Total marketable equity securities $ 101,764 $ (3,969 ) $ 97,795 $ 103,694 As of June 30, 2016 and December 31, 2015, our marketable equity securities were in net unrealized gain positions totaling $8.6 million and $5.9 million, respectively. The table below sets forth the aggregated unrealized losses for individual 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 June 30, 2016 is other-than-temporary. June 30, 2016 December 31, 2015 Number of Securities in an Unrealized Loss Position Aggregate Unrealized Loss Position Aggregate Fair Value of Securities in an Unrealized Loss Position Number of Securities in an Unrealized Loss Position Aggregate Unrealized Loss Position Aggregate Fair Value of Securities in an Unrealized Loss Position (Dollars in thousands) Marketable equity securities 2 $ (604 ) $ 2,394 4 $ (882 ) $ 6,116 The table below sets forth gross realized gains and losses from the sale of available-for-sale marketable securities, which were included in other expense in the homebuilding section, or interest and other income in the financial services section, of our consolidated statements of operations and comprehensive income. Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 1,379 $ 638 $ 1,470 $ 875 Debt securities - 205 - 371 Total $ 1,379 $ 843 $ 1,470 $ 1,246 Gross realized losses on sales of available-for-sale securities Equity securities $ (202 ) $ (232 ) $ (1,208 ) $ (557 ) Debt securities - (138 ) - (227 ) Total $ (202 ) $ (370 ) $ (1,208 ) $ (784 ) Net realized gain on sales of available-for-sale securities $ 1,177 $ 473 $ 262 $ 462 Mortgage l oans h eld-for- s ale, n et. Gains on sales of mortgage loans, net, are included as a component of revenues in the financial services section of our consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2016, we recorded net gains on the sales of mortgage loans of $6.9 million and $12.5 million, respectively, compared to $4.4 million and $8.8 million for the same periods in the prior year, respectively. Metropolitan district bond securities (related party). M.D.C. HOLDINGS, INC. Notes to Unaudited Consolidated Financial Statements In accordance with ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality Quantitative Data Sensitivity Analysis Unobservable Input Range Weighted Average Movement in Movement in Number of homes closed per year 0 to 130 91 Increase Decrease Average sales price $419,000 to $1,200,000 486,000 Increase Decrease Discount rate 5% to 12% 7.4% Decrease Increase The table set forth below summarizes the activity for our Metro Bonds: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 27,277 $ 19,978 $ 25,911 $ 18,203 Increase in fair value (recorded in other comprehensive income) 915 1,925 1,865 3,343 Change due to accretion of principal 412 356 828 713 Cash receipts - - - - Balance at end of period $ 28,604 $ 22,259 $ 28,604 $ 22,259 Mortgage Repurchase Facility. The debt associated with our mortgage repurchase facility (see Note 18 for further discussion) is at floating rates or at fixed rates that approximate current market rates and have relatively short-term maturities, generally within 30 days. The fair value approximates carrying value and is based on Level 2 inputs. Senior Notes June 30, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,466 $ 261,767 $ 246,032 $ 257,813 5½% Senior Notes due January 2024 248,299 249,892 248,209 252,188 6% Senior Notes due January 2043 346,311 275,228 346,283 276,938 Total $ 841,076 $ 786,887 $ 840,524 $ 786,939

Note 7 - Inventories

Note 7 - Inventories	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	7 . Inventories The following table sets forth, by reportable segment, information relating to our homebuilding inventories: June 30, December 31, 2016 2015 (Dollars in thousands) Housing Completed or Under Construction: West $ 498,341 $ 365,867 Mountain 295,775 253,578 East 139,806 127,591 Subtotal 933,922 747,036 Land and Land Under Development: West 511,643 580,682 Mountain 232,414 259,484 East 149,039 176,760 Subtotal 893,096 1,016,926 Total Inventories $ 1,827,018 $ 1,763,962 Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and unsold homes (defined as homes under construction without a sales contract). Costs capitalized to land and land under development primarily include: (1) land costs; (2) land development costs; (3) entitlement costs; (4) capitalized interest; (5) engineering fees; and (6) title insurance, real property taxes and closing costs directly related to the purchase of the land parcel. Components of housing completed or under construction primarily include: (1) land costs transferred from land and land under development; (2) direct construction costs associated with a house; (3) real property taxes, engineering fees, permits and other fees; (4) capitalized interest; and (5) indirect construction costs, which include field construction management salaries and benefits, utilities and other construction related costs. Land costs are transferred from land and land under development to housing completed or under construction at the point in time that construction of a home on an owned lot begins. In accordance with ASC Topic 360, Property, Plant, and Equipment • actual and trending “Operating Margin” (which is defined as home sale revenues less home cost of sales and all direct incremental costs associated with the home closing, including sales commissions) for homes closed; • estimated future undiscounted cash flows and Operating Margin; • forecasted Operating Margin for homes in backlog; • actual and trending net and gross home orders; • base sales price and home sales incentive information for homes closed, homes in backlog and homes available for sale; • market information for each sub-market, including competition levels, home foreclosure levels, the size and style of homes currently being offered for sale and lot size; and • known or probable events indicating that the carrying value may not be recoverable. If events or circumstances indicate that the carrying value of our inventory may not be recoverable, assets are reviewed for impairment by comparing the undiscounted estimated future cash flows from an individual subdivision (including capitalized interest) to its carrying value. If the undiscounted future cash flows are less than the subdivision’s carrying value, the carrying value of the subdivision is written down to its then estimated fair value. We generally determine the estimated fair value of each subdivision by determining the present value of the estimated future cash flows at discount rates, which are Level 3 inputs, that are commensurate with the risk of the subdivision under evaluation. The evaluation for the recoverability of the carrying value of the assets for each individual subdivision can be impacted significantly by our estimates of future home sale revenues, home construction costs, and development costs per home, all of which are Level 3 inputs. If land is classified as held for sale, in accordance with ASC 360, we measure it at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, we primarily rely upon the most recent negotiated price which is a Level 2 input. If a negotiated price is not available, we will consider several factors including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies. 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 six months ended June 30, 2016 and 2015 are shown in the table below. Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) West $ 1,400 $ - $ 1,400 $ - Mountain - - - - East 200 - 200 350 Total Inventory Impairments $ 1,600 $ - $ 1,600 $ 350 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 Inventory Fair Value of After Impairments Number of Discount Rate (Dollars in thousands) March 31, 2016 14 $ - $ - - N/A June 30, 2016 17 $ 1,600 $ 6,415 2 12% to 15% March 31, 2015 22 $ 350 $ 3,701 1 8.7% June 30, 2015 22 $ - $ - - N/A

Note 8 - Capitalization of Inte

Note 8 - Capitalization of Interest	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Capitalization Disclosure [Text Block]	8 . Capitalization of Interest We capitalize interest to inventories during the period of development in accordance with ASC Topic 835, Interest The homebuilding interest expensed in the table below relates to the portion of interest incurred where our homebuilding debt exceeded our qualified inventory for such periods in accordance with ASC 835. Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding interest incurred $ 13,106 $ 13,305 $ 26,324 $ 26,556 Less: Interest capitalized (13,106 ) (13,305 ) (26,324 ) (26,556 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 79,783 $ 79,991 $ 77,541 $ 79,231 Plus: Interest capitalized during period 13,106 13,305 26,324 26,556 Less: Previously capitalized interest included in home and land cost of sales (15,739 ) (14,439 ) (26,715 ) (26,930 ) Interest capitalized, end of period $ 77,150 $ 78,857 $ 77,150 $ 78,857

Note 9 - Homebuilding Prepaid E

Note 9 - Homebuilding Prepaid Expenses and Other Assets	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Other Assets Disclosure [Text Block]	9 . Homebuilding Prepaid Expenses and Other Assets The following table sets forth the components of homebuilding prepaid expenses and other assets: June 30, December 31, 2016 2015 (Dollars in thousands) Land option deposits $ 8,841 $ 11,997 Deferred marketing costs 33,735 31,152 Prepaid expenses 6,119 6,500 Goodwill 6,008 6,008 Deferred debt issuance costs, net 5,004 5,570 Other 5,547 4,167 Total $ 65,254 $ 65,394

Note 10 - Homebuilding Accrued

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	10 . Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities The following table sets forth information relating to homebuilding accrued liabilities: June 30, December 31, 2016 2015 (Dollars in thousands) Customer and escrow deposits $ 30,067 $ 20,717 Warranty accrual 17,217 15,328 Accrued compensation and related expenses 21,072 25,492 Accrued interest 23,234 23,234 Land development and home construction accruals 10,904 11,465 Other accrued liabilities 28,157 26,650 Total accrued liabilities $ 130,651 $ 122,886 The following table sets forth information relating to financial services accounts payable and accrued liabilities: June 30, December 31, 2016 2015 (Dollars in thousands) Insurance reserves $ 46,900 $ 45,811 Accounts payable and other accrued liabilities 9,160 6,303 Total accounts payable and accrued liabilities $ 56,060 $ 52,114

Note 11 - Warranty Accrual

Note 11 - Warranty Accrual	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	1 1 . Warranty Accrual Our homes are sold with limited third-party warranties. We record accruals for general and structural warranty claims, as well as accruals for known, unusual warranty-related expenditures. Our warranty accruals are recorded 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 determination of the warranty accrual rate for closed homes and the evaluation of our warranty accrual balance at period end are 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 accrual, adjustment and payment activity related to our warranty accrual for the three and six months ended June 30, 2016 and 2015. For the three and six months ended June 30, 2016 we recorded adjustments of $0.3 million and $3.2 million, respectively, to increase our warranty accrual primarily due to higher than expected recent warranty related expenditures. For the same periods in the prior year, we reduced our warranty reserve by $0.2 million. Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 16,852 $ 17,761 $ 15,328 $ 18,346 Expense provisions 2,305 1,329 3,757 2,444 Cash payments (2,190 ) (1,624 ) (5,105 ) (3,324 ) Adjustments 250 (213 ) 3,237 (213 ) Balance at end of period $ 17,217 $ 17,253 $ 17,217 $ 17,253

Note 12 - Insurance Reserves

Note 12 - Insurance Reserves	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]	1 2 . Insurance Reserves The establishment of reserves for estimated losses associated with (1) insurance policies issued by Allegiant, (2) re-insurance agreements issued by StarAmerican, and (3) self-insured retentions for our homebuilding subsidiaries are based on actuarial studies that include known facts and interpretations of circumstances, including our experience with similar cases and historical trends involving claim payment patterns, pending levels of unpaid claims, product mix or concentration, claim severity, frequency patterns depending on the business conducted, and changing regulatory and legal environments. It is possible that future changes in the insurance payment experience used in estimating our ultimate insurance losses could have a material impact on our insurance reserves. The table set forth below summarizes the insurance reserve activity for the three and six months ended June 30, 2016 and 2015. The insurance reserve is included as a component of accrued liabilities in the financial services section of the consolidated balance sheets. Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 46,379 $ 50,015 $ 45,811 $ 50,470 Expense provisions 1,946 1,576 3,334 2,849 Cash payments, net of recoveries (1,425 ) (2,702 ) (2,245 ) (4,430 ) Adjustments - (1,500 ) - (1,500 ) Balance at end of period $ 46,900 $ 47,389 $ 46,900 $ 47,389 The adjustments to decrease our insurance reserve during the three and six months ended June 30, 2015 primarily resulted from a decrease in insurance claim payment severity and frequency relative to prior period estimates. In the ordinary course of business, we make payments from our insurance reserves to settle litigation claims arising primarily from our homebuilding activities. These payments are irregular in both their timing and their magnitude. As a result, the cash payments, net of recoveries shown for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of what future cash payments will be for subsequent periods.

Note 13 - Income Taxes

Note 13 - Income Taxes	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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 33.5% and 33.4% for the three and six months ended June 30, 2016, respectively, compared to 37.3% and 37.1% for the three and six months ended June 30, 2015, respectively. The rates for the three and six months ended June 30, 2016 resulted in income tax expense of $13.5 million and $18.3 million, respectively, compared to income tax expense of $11.9 million and $16.8 million for the three and six months ended June 30, 2015. The year-over-year improvements in our effective tax rates are primarily the result of our estimated 2016 full year effective tax rate including (1) an estimate for energy credits versus no such estimate as of June 30, 2015 as the credit for both 2015 and 2016 was not approved by the U.S. Congress until December of 2015 and (2) a domestic manufacturing deduction whereas we were not eligible for this deduction in the prior year due to our net operating loss carryforwards. At June 30, 2016 and December 31, 2015 we had deferred tax assets, net of valuation allowances and deferred tax liabilities, of $89.2 million and $99.1 million, respectively. The valuation allowances were related to (1) various state net operating loss carryforwards where realization is more uncertain at this time due to the limited carryforward periods that exist in certain states and (2) the portion of the amount by which the carrying value of our Metro Bonds for tax purposes exceeds our carrying value for book purposes, as we believe realization of that portion is more uncertain at this time.

Note 14 - Senior Notes

Note 14 - Senior Notes	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	1 4 . Senior Notes The carrying value of our senior notes as of June 30, 2016 and December 31, 2015, net of any unamortized debt issuance costs or discount, were as follows: June 30, December 31, 2016 2015 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,466 $ 246,032 5½% Senior Notes due January 2024 248,299 248,209 6% Senior Notes due January 2043 346,311 346,283 Total $ 841,076 $ 840,524 Our senior notes are not secured and, while the senior note indentures contain some restrictions on secured debt and other transactions, they do not contain financial covenants. Our senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by substantially all of our homebuilding segment subsidiaries.

Note 15 - Stock Based Compensat

Note 15 - Stock Based Compensation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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, which requires the fair value of stock-based compensation awards to be amortized as an expense over the vesting period. Stock-based compensation awards are valued at fair value on the date of grant. The following table sets forth share-based award expense activity for the three and six months ended June 30, 2016 and 2015: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Stock option grant expense $ 2,643 $ 1,123 $ 5,293 $ 1,499 Restricted stock awards expense 533 593 870 1,092 Total stock based compensation $ 3,176 $ 1,716 $ 6,163 $ 2,591 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 (total value of $11.2 million) on the date of grant using a Monte Carlo simulation model and, as calculated under that model, all expense was to be recorded on a straight-line basis through the end of the 2016 second quarter. Included in the stock based compensation expense f or the three and six months ended June 30, 2016, shown in the table above, was $2.5 million and $5.0 million, respectively, of stock option grant expense related to these market-based option grants. For the same periods in the prior year, $1.2 million of stock option grant compensation expense was related to these market-based option grants.

Note 16 - Commitments and Conti

Note 16 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	16. Commitments and Contingencies Surety Bonds and Letters of Credit. our unsecured revolving credit facility (see Note 18 for further discussion of the revolving credit facility) . We expect that the obligations secured by these performance bonds and letters of credit generally will be performed in the ordinary course of business and in accordance with the applicable contractual terms. To the extent that the obligations are performed, the related performance bonds and letters of credit should be released and we should not have any continuing obligations. However, in the event any such performance bonds or letters of credit are called, our indemnity obligations could require us to reimburse the issuer of the performance bond or letter of credit. We have made no material guarantees with respect to third-party obligations. Mortgage Loan Loss Reserves. The following table summarizes the mortgage loan loss reserve activity for the three and six months ended June 30, 2016 and 2015: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 160 $ 1,225 $ 201 $ 810 Expense provisions - - - 725 Cash payments - - - - Adjustments - (167 ) (41 ) (477 ) Balance at end of period $ 160 $ 1,058 $ 160 $ 1,058 Legal Reserves. Lot Option Contracts

Note 17 - Derivative Financial

Note 17 - Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
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 mortgage-backed 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 other assets or accounts payable and accrued liabilities in the financial services section of our consolidated balance sheets, depending on the nature of the change. At June 30, 2016, we had interest rate lock commitments with an aggregate principal balance of $122.8 million. Additionally, we had $23.8 million of mortgage loans held-for-sale at June 30, 2016 that had not yet been committed to a mortgage purchaser. In order to hedge the changes in fair value of our interest rate lock commitments and mortgage loans held-for-sale that had not yet been committed to a mortgage purchaser, we had forward sales of securities totaling $85.0 million at June 30, 2016. For the three and six months ended June 30, 2016, we recorded net gains on our derivatives of $0.4 million and $1.0 million, respectively, compared to $0 and $0.6 million for the same periods in 2015.

Note 18 - Lines of Credit

Note 18 - Lines of Credit	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	18. Lines of Credit Revolving Credit Facility. We have an unsecured revolving credit agreement (“Revolving Credit Facility”) with a group of lenders, which may be used for general corporate purposes. This agreement has an aggregate commitment of $550 million (the “Commitment”) and was amended on December 18, 2015 to extend the maturity to December 18, 2020. Each lender may issue letters of credit in an amount up to 50% of its commitment. The facility permits an increase in the maximum Commitment amount to $1.0 billion upon our request, subject to receipt of additional commitments from existing or additional lenders and the consent of the designated agent and the co-administrative agent. As defined in the Revolving Credit Facility agreement, interest rates on outstanding borrowings are equal to the highest of (1) 0.0% or (2) a specified eurocurrency rate, federal funds effective rate or prime rate, plus a margin that is determined based on our credit ratings and leverage ratio. At any time at which our leverage ratio, as of the last day of the most recent calendar quarter, exceeds 55%, the aggregate principal amount of all consolidated senior debt borrowings outstanding may not exceed the borrowing base. There is no borrowing base requirement if our leverage ratio, as of the last day of the most recent calendar quarter, is 55% or less. The Revolving Credit Facility 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) or a violation of anti-corruption or sanctions laws would result in an event of default. The Revolving Credit Facility is subject to acceleration upon certain specified events of default, including breach of the consolidated tangible net worth covenant, a violation of anti-corruption or sanctions laws, failure to make timely payments, breaches of certain representations or covenants, failure to pay other material indebtedness, or another person becoming beneficial owner of 50% or more of our outstanding common stock. We believe we were in compliance with the representations, warranties and covenants included in the Revolving Credit Facility as of June 30, 2016. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At June 30, 2016 and December 31, 2015, there were $27.5 million and $22.5 million, respectively, in letters of credit outstanding, which reduced the amounts available to be borrowed under the Revolving Credit Facility. At both June 30, 2016 and December 31, 2015, we had $15.0 million in outstanding borrowings under the Revolving Credit Facility. As of June 30, 2016, availability under the Revolving Credit Facility was approximately $507.5 million. Mortgage Repurchase Facility.

Note 19 - Supplemental Guaranto

Note 19 - Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Supplemental Guarantor Information [Text Block]	19. Supplemental Guarantor Information Our senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by the following subsidiaries (collectively, the "Guarantor Subsidiaries"), which are 100%-owned subsidiaries of the Company. ● M.D.C. Land Corporation ● RAH of Florida, Inc. ● Richmond American Construction, Inc. ● Richmond American Homes of Arizona, Inc. ● Richmond American Homes of Colorado, Inc. ● Richmond American Homes of Delaware, Inc. ● Richmond American Homes of Florida, LP ● Richmond American Homes of Illinois, Inc. ● Richmond American Homes of Maryland, Inc. ● Richmond American Homes of Nevada, Inc. ● Richmond American Homes of New Jersey, Inc. ● Richmond American Homes of Pennsylvania, Inc. ● Richmond American Homes of Utah, Inc. ● Richmond American Homes of Virginia, Inc. ● Richmond American Homes of Washington, Inc. The senior note indentures do not provide for a suspension of the guarantees, but do provide that any Guarantor may be released from its guarantee so long as (1) no default or event of default exists or would result from release of such guarantee, (2) the Guarantor being released has consolidated net worth of less than 5% of the Company’s consolidated net worth as of the end of the most recent fiscal quarter, (3) the Guarantors released from their guarantees in any year-end period comprise in the aggregate less than 10% (or 15% if and to the extent necessary to permit the cure of a default) of the Company’s consolidated net worth as of the end of the most recent fiscal quarter, (4) such release would not have a material adverse effect on the homebuilding business of the Company and its subsidiaries and (5) the Guarantor is released from its guarantee(s) under all Specified Indebtedness (other than by reason of payment under its guarantee of Specified Indebtedness). Upon delivery of an officers’ certificate and an opinion of counsel stating that all conditions precedent provided for in the indenture relating to such transactions have been complied with and the release is authorized, the guarantee will be automatically and unconditionally released. “Specified Indebtedness” means indebtedness under the senior notes, the Company’s Indenture dated as of December 3, 2002, the Revolving Credit Facility, and any refinancing, extension, renewal or replacement of any of the foregoing. We have determined that separate, full financial statements of the Guarantor Subsidiaries would not be material to investors and, accordingly, supplemental financial information for the Guarantor and Non-Guarantor Subsidiaries is presented below. Supplemental Condensed Combining Balance Sheet June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 127,973 $ 4,033 $ - $ - $ 132,006 Marketable securities 55,798 - - - 55,798 Restricted cash - 3,946 - - 3,946 Trade and other receivables 5,915 44,232 - (2,344 ) 47,803 Inventories: Housing completed or under construction - 933,922 - - 933,922 Land and land under development - 893,096 - - 893,096 Total inventories - 1,827,018 - - 1,827,018 Intercompany receivables 1,637,706 2,805 5,643 (1,646,154 ) - Investment in subsidiaries 232,695 - - (232,695 ) - Property and equipment, net 26,366 2,777 - - 29,143 Deferred tax asset, net 87,827 - - 1,415 89,242 Metropolitan district bond securities (related party) 28,604 - - - 28,604 Prepaid and other assets 4,238 61,016 - - 65,254 Total homebuilding assets 2,207,122 1,945,827 5,643 (1,879,778 ) 2,278,814 Financial Services: Cash and cash equivalents - - 39,300 - 39,300 Marketable securities - - 14,821 - 14,821 Intercompany receivables - - 38,651 (38,651 ) - Mortgage loans held-for-sale, net - - 118,699 - 118,699 Other assets - - 11,181 (1,415 ) 9,766 Total financial services assets - - 222,652 (40,066 ) 182,586 Total Assets $ 2,207,122 $ 1,945,827 $ 228,295 $ (1,919,844 ) $ 2,461,400 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 48,294 $ - $ - $ 48,294 Accrued liabilities 26,925 101,341 139 2,246 130,651 Advances and notes payable to parent and subsidiaries 47,099 1,607,331 26,268 (1,680,698 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 841,076 - - - 841,076 Total homebuilding liabilities 930,100 1,756,966 26,407 (1,678,452 ) 1,035,021 Financial Services: Accounts payable and other liabilities - - 60,650 (4,590 ) 56,060 Advances and notes payable to parent and subsidiaries - - 4,107 (4,107 ) - Mortgage repurchase facility - - 93,297 - 93,297 Total financial services liabilities - - 158,054 (8,697 ) 149,357 Total Liabilities 930,100 1,756,966 184,461 (1,687,149 ) 1,184,378 Equity: Total Stockholders' Equity 1,277,022 188,861 43,834 (232,695 ) 1,277,022 Total Liabilities and Stockholders' Equity $ 2,207,122 $ 1,945,827 $ 228,295 $ (1,919,844 ) $ 2,461,400 Supplemental Co ndensed Combining Balance Sheet December 31, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 141,245 $ 3,097 $ - $ - $ 144,342 Marketable securities 92,387 - - - 92,387 Restricted cash - 3,750 - - 3,750 Trade and other receivables 5,304 20,297 - (2,287 ) 23,314 Inventories: Housing completed or under construction - 747,036 - - 747,036 Land and land under development - 1,016,926 - - 1,016,926 Total inventories - 1,763,962 - - 1,763,962 Intercompany receivables 1,509,551 2,850 5,291 (1,517,692 ) - Investment in subsidiaries 267,191 - - (267,191 ) - Property and equipment, net 26,073 2,153 - - 28,226 Deferred tax asset, net 97,083 - - 2,024 99,107 Metropolitan district bond securities (related party) 25,911 - - - 25,911 Prepaid and other assets 5,973 59,421 - - 65,394 Total homebuilding assets 2,170,718 1,855,530 5,291 (1,785,146 ) 2,246,393 Financial Services: Cash and cash equivalents - - 36,646 - 36,646 Marketable securities - - 11,307 - 11,307 Intercompany receivables - - 39,234 (39,234 ) - Mortgage loans held-for-sale, net - - 115,670 - 115,670 Other assets - - 7,907 (2,024 ) 5,883 Total financial services assets - - 210,764 (41,258 ) 169,506 Total Assets $ 2,170,718 $ 1,855,530 $ 216,055 $ (1,826,404 ) $ 2,415,899 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 40,472 $ - $ - $ 40,472 Accrued liabilities 11,527 108,445 (33 ) 2,947 122,886 Advances and notes payable to parent and subsidiaries 47,375 1,480,589 25,536 (1,553,500 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 840,524 - - - 840,524 Total homebuilding liabilities 914,426 1,629,506 25,503 (1,550,553 ) 1,018,882 Financial Services: Accounts payable and accrued liabilities - - 57,348 (5,234 ) 52,114 Advances and notes payable to parent and subsidiaries - - 3,426 (3,426 ) - Mortgage repurchase facility - - 88,611 - 88,611 Total financial services liabilities - - 149,385 (8,660 ) 140,725 Total Liabilities 914,426 1,629,506 174,888 (1,559,213 ) 1,159,607 Equity: Total Stockholders' Equity 1,256,292 226,024 41,167 (267,191 ) 1,256,292 Total Liabilities and Stockholders' Equity $ 2,170,718 $ 1,855,530 $ 216,055 $ (1,826,404 ) $ 2,415,899 Supplementa l Condensed Combining Statement of Operations Three Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 571,511 $ - $ - $ 571,511 Home and land cost of sales - (476,052 ) - - (476,052 ) Inventory impairments - (1,600 ) - - (1,600 ) Total cost of sales - (477,652 ) - - (477,652 ) Gross margin - 93,859 - - 93,859 Selling, general, and administrative expenses (11,228 ) (53,024 ) - (188 ) (64,440 ) Equity income of subsidiaries 32,909 - - (32,909 ) - Interest and other income 2,020 423 2 108 2,553 Other expense (1 ) (277 ) - - (278 ) Other-than-temporary impairment of marketable securities (288 ) - - - (288 ) Homebuilding pretax income (loss) 23,412 40,981 2 (32,989 ) 31,406 Financial Services: Financial services pretax income - - 8,972 80 9,052 Income before income taxes 23,412 40,981 8,974 (32,909 ) 40,458 (Provision) benefit for income taxes 3,501 (13,746 ) (3,300 ) - (13,545 ) Net income $ 26,913 $ 27,235 $ 5,674 $ (32,909 ) $ 26,913 Other comprehensive income related to available for sale securities, net of tax 895 - 371 (371 ) 895 Comprehensive income $ 27,808 $ 27,235 $ 6,045 $ (33,280 ) $ 27,808 Three Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 461,708 $ - $ - $ 461,708 Home and land cost of sales - (385,019 ) - - (385,019 ) Inventory impairments - - - - - Total cost of sales - (385,019 ) - - (385,019 ) Gross margin - 76,689 - - 76,689 Selling, general, and administrative expenses (8,638 ) (46,048 ) - (95 ) (54,781 ) Equity income of subsidiaries 24,248 - - (24,248 ) - Interest and other income 1,728 994 - (2 ) 2,720 Interest expense 192 - - (192 ) - Other expense (1 ) (1,054 ) - - (1,055 ) Other-than-temporary impairment of marketable securities - - - - - Homebuilding pretax income (loss) 17,529 30,581 - (24,537 ) 23,573 Financial Services: Financial services pretax income - - 8,020 289 8,309 Income before income taxes 17,529 30,581 8,020 (24,248 ) 31,882 (Provision) benefit for income taxes 2,469 (11,408 ) (2,945 ) - (11,884 ) Net income $ 19,998 $ 19,173 $ 5,075 $ (24,248 ) $ 19,998 Other comprehensive income related to available for sale securities, net of tax (360 ) - (539 ) 539 (360 ) Comprehensive income $ 19,638 $ 19,173 $ 4,536 $ (23,709 ) $ 19,638 Supplementa l Condensed Combining Statement of Operations Six Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 968,255 $ - $ - $ 968,255 Home and land cost of sales - (807,441 ) (300 ) - (807,741 ) Inventory impairments - (1,600 ) - - (1,600 ) Total cost of sales - (809,041 ) (300 ) - (809,341 ) Gross margin - 159,214 (300 ) - 158,914 Selling, general, and administrative expenses (23,330 ) (97,040 ) - (347 ) (120,717 ) Equity income of subsidiaries 50,279 - - (50,279 ) - Interest and other income 2,492 1,152 3 (158 ) 3,489 Other expense (3 ) (902 ) - - (905 ) Other-than-temporary impairment of marketable securities (719 ) - - - (719 ) Homebuilding pretax income (loss) 28,719 62,424 (297 ) (50,784 ) 40,062 Financial Services: Financial services pretax income - - 14,164 505 14,669 Income before income taxes 28,719 62,424 13,867 (50,279 ) 54,731 (Provision) benefit for income taxes 7,757 (20,822 ) (5,190 ) - (18,255 ) Net income $ 36,476 $ 41,602 $ 8,677 $ (50,279 ) $ 36,476 Other comprehensive income related to available for sale securities, net of tax 2,843 - 370 (370 ) 2,843 Comprehensive income $ 39,319 $ 41,602 $ 9,047 $ (50,649 ) $ 39,319 Six Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 839,627 $ - $ - $ 839,627 Home and land cost of sales - (704,786 ) - - (704,786 ) Inventory impairments - (350 ) - - (350 ) Total cost of sales - (705,136 ) - - (705,136 ) Gross margin - 134,491 - - 134,491 Selling, general, and administrative expenses (17,560 ) (87,505 ) - (248 ) (105,313 ) Equity income of subsidiaries 37,240 - - (37,240 ) - Interest and other income 3,291 1,275 5 3 4,574 Interest expense 278 - - (278 ) - Other expense (3 ) (2,186 ) - - (2,189 ) Other-than-temporary impairment of marketable securities - - - - - Homebuilding pretax income (loss) 23,246 46,075 5 (37,763 ) 31,563 Financial Services: Financial services pretax income - - 13,122 523 13,645 Income before income taxes 23,246 46,075 13,127 (37,240 ) 45,208 (Provision) benefit for income taxes 5,172 (17,112 ) (4,850 ) - (16,790 ) Net income $ 28,418 $ 28,963 $ 8,277 $ (37,240 ) $ 28,418 Other comprehensive income related to available for sale securities, net of tax 948 - (280 ) 280 948 Comprehensive income $ 29,366 $ 28,963 $ 7,997 $ (36,960 ) $ 29,366 Supplementa l Condensed Combining Statement of Cash Flows Six Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 17,988 $ (45,748 ) $ 5,674 $ - $ (22,086 ) Net cash provided by (used in) investing activities (6,756 ) (1,132 ) (2,967 ) 43,077 32,222 Financing activities: Payments from (advances to) subsidiaries - 47,816 (4,739 ) (43,077 ) - Mortgage repurchase facility - - 4,686 - 4,686 Dividend payments (24,504 ) - - - (24,504 ) Proceeds from the exercise of stock options - - - - - Net cash provided by (used in) financing activities (24,504 ) 47,816 (53 ) (43,077 ) (19,818 ) Net increase in cash and cash equivalents (13,272 ) 936 2,654 - (9,682 ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 127,973 $ 4,033 $ 39,300 $ - $ 171,306 Six Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 35,266 $ (895 ) $ 10,138 $ - $ 44,509 Net cash provided by (used in) investing activities 13,810 (265 ) 698 2,346 16,589 Financing activities: Payments from (advances to) subsidiaries - 1,481 865 (2,346 ) - Mortgage repurchase facility - - (10,822 ) - (10,822 ) Dividend payments (24,425 ) - - - (24,425 ) Proceeds from the exercise of stock options 612 - - - 612 Net cash provided by (used in) financing activities (23,813 ) 1,481 (9,957 ) (2,346 ) (34,635 ) Net increase in cash and cash equivalents 25,263 321 879 - 26,463 Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 145,214 $ 3,012 $ 32,062 $ - $ 180,288

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding West $ 270,031 $ 217,701 $ 461,406 $ 394,518 Mountain 190,334 156,893 328,158 280,914 East 111,146 87,114 178,691 164,195 Total home and land sale revenues $ 571,511 $ 461,708 $ 968,255 $ 839,627 Financial Services Mortgage operations $ 10,702 $ 7,104 $ 17,572 $ 13,753 Other 5,121 4,316 9,268 8,258 Total financial services revenues $ 15,823 $ 11,420 $ 26,840 $ 22,011
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding West $ 15,740 $ 15,597 $ 25,438 $ 24,100 Mountain 20,748 14,970 30,832 22,390 East 4,500 19 5,867 (402 ) Corporate (9,582 ) (7,013 ) (22,075 ) (14,525 ) Total homebuilding pretax income $ 31,406 $ 23,573 $ 40,062 $ 31,563 Financial Services Mortgage operations $ 6,445 $ 4,097 $ 9,768 $ 6,889 Other 2,607 4,212 4,901 6,756 Total financial services pretax income $ 9,052 $ 8,309 $ 14,669 $ 13,645 Total pretax income $ 40,458 $ 31,882 $ 54,731 $ 45,208
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	June 30, December 31, 2016 2015 (Dollars in thousands) Homebuilding assets West $ 1,066,722 $ 991,393 Mountain 559,287 536,831 East 317,013 324,457 Corporate 335,792 393,712 Total homebuilding assets $ 2,278,814 $ 2,246,393 Financial services assets Mortgage operations $ 131,572 $ 123,176 Other 51,014 46,330 Total financial services assets $ 182,586 $ 169,506 Total assets $ 2,461,400 $ 2,415,899

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands, except per share amounts) Numerator Net income $ 26,913 $ 19,998 $ 36,476 $ 28,418 Less: distributed earnings allocated to participating securities (39 ) (23 ) (79 ) (48 ) Less: undistributed earnings allocated to participating securities (47 ) (15 ) (36 ) (9 ) Net income attributable to common stockholders (numerator for basic earnings per share) 26,827 19,960 36,361 28,361 Add back: undistributed earnings allocated to participating securities 47 15 36 9 Less: undistributed earnings reallocated to participating securities (47 ) (15 ) (36 ) (9 ) Numerator for diluted earnings per share under two class method $ 26,827 $ 19,960 $ 36,361 $ 28,361 Denominator Weighted-average common shares outstanding 48,851,350 48,768,021 48,839,660 48,741,476 Add: dilutive effect of stock options 10,392 237,016 9,254 212,583 Denominator for diluted earnings per share under two class method 48,861,742 49,005,037 48,848,914 48,954,059 Basic Earnings Per Common Share $ 0.55 $ 0.41 $ 0.74 $ 0.58 Diluted Earnings Per Common Share $ 0.55 $ 0.41 $ 0.74 $ 0.58

Note 5 - Accumulated Other Co27

Note 5 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities 1 Beginning balance $ 5,016 $ 3,142 $ 3,657 $ 2,775 Other comprehensive income (loss) before reclassifications 880 (1,260 ) 1,404 (900 ) Amounts reclassified from AOCI 2 (552 ) (293 ) 283 (286 ) Ending balance $ 5,344 $ 1,589 $ 5,344 $ 1,589 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 12,647 $ 8,621 $ 12,058 $ 7,680 Other comprehensive income before reclassifications 567 1,193 1,156 2,134 Amounts reclassified from AOCI - - - - Ending balance $ 13,214 $ 9,814 $ 13,214 $ 9,814 Total ending AOCI $ 18,558 $ 11,403 $ 18,558 $ 11,403
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, Affected Line Item in the Statements of Operations 2016 2015 2016 2015 (Dollars in thousands) Homebuilding interest and other income $ 1,177 $ 137 $ 262 $ 125 Other-than-temporary impairment of marketable securities (288 ) - (719 ) - Financial services interest and other income - 336 - 337 Income before income taxes 889 473 (457 ) 462 Provision for income taxes (337 ) (180 ) 174 (176 ) Net income $ 552 $ 293 $ (283 ) $ 286

Note 6 - Fair Value Measureme28

Note 6 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Financial Instrument Hierarchy June 30, 2016 December 31, 2015 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 70,619 $ 103,694 Mortgage loans held-for-sale, net Level 2 $ 118,699 $ 115,670 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 28,604 $ 25,911
Available-for-sale Securities [Table Text Block]	June 30, 2016 Amortized OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding equity securities $ 47,923 $ (904 ) $ 47,019 $ 55,798 Financial services equity securities 14,979 - 14,979 14,821 Total marketable equity securities $ 62,902 $ (904 ) $ 61,998 $ 70,619 December 31, 2015 Amortized OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding equity securities $ 89,738 $ (3,969 ) $ 85,769 $ 92,387 Financial services equity securities 12,026 - 12,026 11,307 Total marketable equity securities $ 101,764 $ (3,969 ) $ 97,795 $ 103,694
Schedule of Unrealized Loss on Investments [Table Text Block]	June 30, 2016 December 31, 2015 Number of Securities in an Unrealized Loss Position Aggregate Unrealized Loss Position Aggregate Fair Value of Securities in an Unrealized Loss Position Number of Securities in an Unrealized Loss Position Aggregate Unrealized Loss Position Aggregate Fair Value of Securities in an Unrealized Loss Position (Dollars in thousands) Marketable equity securities 2 $ (604 ) $ 2,394 4 $ (882 ) $ 6,116
Realized Gain (Loss) on Investments [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 1,379 $ 638 $ 1,470 $ 875 Debt securities - 205 - 371 Total $ 1,379 $ 843 $ 1,470 $ 1,246 Gross realized losses on sales of available-for-sale securities Equity securities $ (202 ) $ (232 ) $ (1,208 ) $ (557 ) Debt securities - (138 ) - (227 ) Total $ (202 ) $ (370 ) $ (1,208 ) $ (784 ) Net realized gain on sales of available-for-sale securities $ 1,177 $ 473 $ 262 $ 462
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	Quantitative Data Sensitivity Analysis Unobservable Input Range Weighted Average Movement in Movement in Number of homes closed per year 0 to 130 91 Increase Decrease Average sales price $419,000 to $1,200,000 486,000 Increase Decrease Discount rate 5% to 12% 7.4% Decrease Increase
Schedule of Principal Amounts and Fair Values of Debt Instruments [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 27,277 $ 19,978 $ 25,911 $ 18,203 Increase in fair value (recorded in other comprehensive income) 915 1,925 1,865 3,343 Change due to accretion of principal 412 356 828 713 Cash receipts - - - - Balance at end of period $ 28,604 $ 22,259 $ 28,604 $ 22,259
Fair Value of Senior Notes [Table Text Block]	June 30, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,466 $ 261,767 $ 246,032 $ 257,813 5½% Senior Notes due January 2024 248,299 249,892 248,209 252,188 6% Senior Notes due January 2043 346,311 275,228 346,283 276,938 Total $ 841,076 $ 786,887 $ 840,524 $ 786,939

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Inventory [Table Text Block]	June 30, December 31, 2016 2015 (Dollars in thousands) Housing Completed or Under Construction: West $ 498,341 $ 365,867 Mountain 295,775 253,578 East 139,806 127,591 Subtotal 933,922 747,036 Land and Land Under Development: West 511,643 580,682 Mountain 232,414 259,484 East 149,039 176,760 Subtotal 893,096 1,016,926 Total Inventories $ 1,827,018 $ 1,763,962
Schedule of Inventory Impairments [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) West $ 1,400 $ - $ 1,400 $ - Mountain - - - - East 200 - 200 350 Total Inventory Impairments $ 1,600 $ - $ 1,600 $ 350
Quantitative Data for Fair Value of the Impaired Inventory [Table Text Block]	Impairment Data Quantitative Data Three Months Ended Total Inventory Fair Value of After Impairments Number of Discount Rate (Dollars in thousands) March 31, 2016 14 $ - $ - - N/A June 30, 2016 17 $ 1,600 $ 6,415 2 12% to 15% March 31, 2015 22 $ 350 $ 3,701 1 8.7% June 30, 2015 22 $ - $ - - N/A

Note 8 - Capitalization of In30

Note 8 - Capitalization of Interest (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Capitalization of Interest [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding interest incurred $ 13,106 $ 13,305 $ 26,324 $ 26,556 Less: Interest capitalized (13,106 ) (13,305 ) (26,324 ) (26,556 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 79,783 $ 79,991 $ 77,541 $ 79,231 Plus: Interest capitalized during period 13,106 13,305 26,324 26,556 Less: Previously capitalized interest included in home and land cost of sales (15,739 ) (14,439 ) (26,715 ) (26,930 ) Interest capitalized, end of period $ 77,150 $ 78,857 $ 77,150 $ 78,857

Note 9 - Homebuilding Prepaid31

Note 9 - Homebuilding Prepaid Expenses and Other Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Other Assets [Table Text Block]	June 30, December 31, 2016 2015 (Dollars in thousands) Land option deposits $ 8,841 $ 11,997 Deferred marketing costs 33,735 31,152 Prepaid expenses 6,119 6,500 Goodwill 6,008 6,008 Deferred debt issuance costs, net 5,004 5,570 Other 5,547 4,167 Total $ 65,254 $ 65,394

Note 10 - Homebuilding Accrue32

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, 2016 2015 (Dollars in thousands) Customer and escrow deposits $ 30,067 $ 20,717 Warranty accrual 17,217 15,328 Accrued compensation and related expenses 21,072 25,492 Accrued interest 23,234 23,234 Land development and home construction accruals 10,904 11,465 Other accrued liabilities 28,157 26,650 Total accrued liabilities $ 130,651 $ 122,886
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	June 30, December 31, 2016 2015 (Dollars in thousands) Insurance reserves $ 46,900 $ 45,811 Accounts payable and other accrued liabilities 9,160 6,303 Total accounts payable and accrued liabilities $ 56,060 $ 52,114

Note 11 - Warranty Accrual (Tab

Note 11 - Warranty Accrual (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 16,852 $ 17,761 $ 15,328 $ 18,346 Expense provisions 2,305 1,329 3,757 2,444 Cash payments (2,190 ) (1,624 ) (5,105 ) (3,324 ) Adjustments 250 (213 ) 3,237 (213 ) Balance at end of period $ 17,217 $ 17,253 $ 17,217 $ 17,253

Note 12 - Insurance Reserves (T

Note 12 - Insurance Reserves (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 46,379 $ 50,015 $ 45,811 $ 50,470 Expense provisions 1,946 1,576 3,334 2,849 Cash payments, net of recoveries (1,425 ) (2,702 ) (2,245 ) (4,430 ) Adjustments - (1,500 ) - (1,500 ) Balance at end of period $ 46,900 $ 47,389 $ 46,900 $ 47,389

Note 14 - Senior Notes (Tables)

Note 14 - Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Debt [Table Text Block]	June 30, December 31, 2016 2015 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,466 $ 246,032 5½% Senior Notes due January 2024 248,299 248,209 6% Senior Notes due January 2043 346,311 346,283 Total $ 841,076 $ 840,524

Note 15 - Stock Based Compens36

Note 15 - Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Share-based Compensation, Activity [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Stock option grant expense $ 2,643 $ 1,123 $ 5,293 $ 1,499 Restricted stock awards expense 533 593 870 1,092 Total stock based compensation $ 3,176 $ 1,716 $ 6,163 $ 2,591

Note 16 - Commitments and Con37

Note 16 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Mortgage Loan Loss Reserve Activity [TableText Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 160 $ 1,225 $ 201 $ 810 Expense provisions - - - 725 Cash payments - - - - Adjustments - (167 ) (41 ) (477 ) Balance at end of period $ 160 $ 1,058 $ 160 $ 1,058

Note 19 - Supplemental Guaran38

Note 19 - Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Condensed Balance Sheet [Table Text Block]	June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 127,973 $ 4,033 $ - $ - $ 132,006 Marketable securities 55,798 - - - 55,798 Restricted cash - 3,946 - - 3,946 Trade and other receivables 5,915 44,232 - (2,344 ) 47,803 Inventories: Housing completed or under construction - 933,922 - - 933,922 Land and land under development - 893,096 - - 893,096 Total inventories - 1,827,018 - - 1,827,018 Intercompany receivables 1,637,706 2,805 5,643 (1,646,154 ) - Investment in subsidiaries 232,695 - - (232,695 ) - Property and equipment, net 26,366 2,777 - - 29,143 Deferred tax asset, net 87,827 - - 1,415 89,242 Metropolitan district bond securities (related party) 28,604 - - - 28,604 Prepaid and other assets 4,238 61,016 - - 65,254 Total homebuilding assets 2,207,122 1,945,827 5,643 (1,879,778 ) 2,278,814 Financial Services: Cash and cash equivalents - - 39,300 - 39,300 Marketable securities - - 14,821 - 14,821 Intercompany receivables - - 38,651 (38,651 ) - Mortgage loans held-for-sale, net - - 118,699 - 118,699 Other assets - - 11,181 (1,415 ) 9,766 Total financial services assets - - 222,652 (40,066 ) 182,586 Total Assets $ 2,207,122 $ 1,945,827 $ 228,295 $ (1,919,844 ) $ 2,461,400 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 48,294 $ - $ - $ 48,294 Accrued liabilities 26,925 101,341 139 2,246 130,651 Advances and notes payable to parent and subsidiaries 47,099 1,607,331 26,268 (1,680,698 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 841,076 - - - 841,076 Total homebuilding liabilities 930,100 1,756,966 26,407 (1,678,452 ) 1,035,021 Financial Services: Accounts payable and other liabilities - - 60,650 (4,590 ) 56,060 Advances and notes payable to parent and subsidiaries - - 4,107 (4,107 ) - Mortgage repurchase facility - - 93,297 - 93,297 Total financial services liabilities - - 158,054 (8,697 ) 149,357 Total Liabilities 930,100 1,756,966 184,461 (1,687,149 ) 1,184,378 Equity: Total Stockholders' Equity 1,277,022 188,861 43,834 (232,695 ) 1,277,022 Total Liabilities and Stockholders' Equity $ 2,207,122 $ 1,945,827 $ 228,295 $ (1,919,844 ) $ 2,461,400 December 31, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 141,245 $ 3,097 $ - $ - $ 144,342 Marketable securities 92,387 - - - 92,387 Restricted cash - 3,750 - - 3,750 Trade and other receivables 5,304 20,297 - (2,287 ) 23,314 Inventories: Housing completed or under construction - 747,036 - - 747,036 Land and land under development - 1,016,926 - - 1,016,926 Total inventories - 1,763,962 - - 1,763,962 Intercompany receivables 1,509,551 2,850 5,291 (1,517,692 ) - Investment in subsidiaries 267,191 - - (267,191 ) - Property and equipment, net 26,073 2,153 - - 28,226 Deferred tax asset, net 97,083 - - 2,024 99,107 Metropolitan district bond securities (related party) 25,911 - - - 25,911 Prepaid and other assets 5,973 59,421 - - 65,394 Total homebuilding assets 2,170,718 1,855,530 5,291 (1,785,146 ) 2,246,393 Financial Services: Cash and cash equivalents - - 36,646 - 36,646 Marketable securities - - 11,307 - 11,307 Intercompany receivables - - 39,234 (39,234 ) - Mortgage loans held-for-sale, net - - 115,670 - 115,670 Other assets - - 7,907 (2,024 ) 5,883 Total financial services assets - - 210,764 (41,258 ) 169,506 Total Assets $ 2,170,718 $ 1,855,530 $ 216,055 $ (1,826,404 ) $ 2,415,899 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 40,472 $ - $ - $ 40,472 Accrued liabilities 11,527 108,445 (33 ) 2,947 122,886 Advances and notes payable to parent and subsidiaries 47,375 1,480,589 25,536 (1,553,500 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 840,524 - - - 840,524 Total homebuilding liabilities 914,426 1,629,506 25,503 (1,550,553 ) 1,018,882 Financial Services: Accounts payable and accrued liabilities - - 57,348 (5,234 ) 52,114 Advances and notes payable to parent and subsidiaries - - 3,426 (3,426 ) - Mortgage repurchase facility - - 88,611 - 88,611 Total financial services liabilities - - 149,385 (8,660 ) 140,725 Total Liabilities 914,426 1,629,506 174,888 (1,559,213 ) 1,159,607 Equity: Total Stockholders' Equity 1,256,292 226,024 41,167 (267,191 ) 1,256,292 Total Liabilities and Stockholders' Equity $ 2,170,718 $ 1,855,530 $ 216,055 $ (1,826,404 ) $ 2,415,899
Condensed Income Statement [Table Text Block]	Three Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 571,511 $ - $ - $ 571,511 Home and land cost of sales - (476,052 ) - - (476,052 ) Inventory impairments - (1,600 ) - - (1,600 ) Total cost of sales - (477,652 ) - - (477,652 ) Gross margin - 93,859 - - 93,859 Selling, general, and administrative expenses (11,228 ) (53,024 ) - (188 ) (64,440 ) Equity income of subsidiaries 32,909 - - (32,909 ) - Interest and other income 2,020 423 2 108 2,553 Other expense (1 ) (277 ) - - (278 ) Other-than-temporary impairment of marketable securities (288 ) - - - (288 ) Homebuilding pretax income (loss) 23,412 40,981 2 (32,989 ) 31,406 Financial Services: Financial services pretax income - - 8,972 80 9,052 Income before income taxes 23,412 40,981 8,974 (32,909 ) 40,458 (Provision) benefit for income taxes 3,501 (13,746 ) (3,300 ) - (13,545 ) Net income $ 26,913 $ 27,235 $ 5,674 $ (32,909 ) $ 26,913 Other comprehensive income related to available for sale securities, net of tax 895 - 371 (371 ) 895 Comprehensive income $ 27,808 $ 27,235 $ 6,045 $ (33,280 ) $ 27,808 Three Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 461,708 $ - $ - $ 461,708 Home and land cost of sales - (385,019 ) - - (385,019 ) Inventory impairments - - - - - Total cost of sales - (385,019 ) - - (385,019 ) Gross margin - 76,689 - - 76,689 Selling, general, and administrative expenses (8,638 ) (46,048 ) - (95 ) (54,781 ) Equity income of subsidiaries 24,248 - - (24,248 ) - Interest and other income 1,728 994 - (2 ) 2,720 Interest expense 192 - - (192 ) - Other expense (1 ) (1,054 ) - - (1,055 ) Other-than-temporary impairment of marketable securities - - - - - Homebuilding pretax income (loss) 17,529 30,581 - (24,537 ) 23,573 Financial Services: Financial services pretax income - - 8,020 289 8,309 Income before income taxes 17,529 30,581 8,020 (24,248 ) 31,882 (Provision) benefit for income taxes 2,469 (11,408 ) (2,945 ) - (11,884 ) Net income $ 19,998 $ 19,173 $ 5,075 $ (24,248 ) $ 19,998 Other comprehensive income related to available for sale securities, net of tax (360 ) - (539 ) 539 (360 ) Comprehensive income $ 19,638 $ 19,173 $ 4,536 $ (23,709 ) $ 19,638 Six Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 968,255 $ - $ - $ 968,255 Home and land cost of sales - (807,441 ) (300 ) - (807,741 ) Inventory impairments - (1,600 ) - - (1,600 ) Total cost of sales - (809,041 ) (300 ) - (809,341 ) Gross margin - 159,214 (300 ) - 158,914 Selling, general, and administrative expenses (23,330 ) (97,040 ) - (347 ) (120,717 ) Equity income of subsidiaries 50,279 - - (50,279 ) - Interest and other income 2,492 1,152 3 (158 ) 3,489 Other expense (3 ) (902 ) - - (905 ) Other-than-temporary impairment of marketable securities (719 ) - - - (719 ) Homebuilding pretax income (loss) 28,719 62,424 (297 ) (50,784 ) 40,062 Financial Services: Financial services pretax income - - 14,164 505 14,669 Income before income taxes 28,719 62,424 13,867 (50,279 ) 54,731 (Provision) benefit for income taxes 7,757 (20,822 ) (5,190 ) - (18,255 ) Net income $ 36,476 $ 41,602 $ 8,677 $ (50,279 ) $ 36,476 Other comprehensive income related to available for sale securities, net of tax 2,843 - 370 (370 ) 2,843 Comprehensive income $ 39,319 $ 41,602 $ 9,047 $ (50,649 ) $ 39,319 Six Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 839,627 $ - $ - $ 839,627 Home and land cost of sales - (704,786 ) - - (704,786 ) Inventory impairments - (350 ) - - (350 ) Total cost of sales - (705,136 ) - - (705,136 ) Gross margin - 134,491 - - 134,491 Selling, general, and administrative expenses (17,560 ) (87,505 ) - (248 ) (105,313 ) Equity income of subsidiaries 37,240 - - (37,240 ) - Interest and other income 3,291 1,275 5 3 4,574 Interest expense 278 - - (278 ) - Other expense (3 ) (2,186 ) - - (2,189 ) Other-than-temporary impairment of marketable securities - - - - - Homebuilding pretax income (loss) 23,246 46,075 5 (37,763 ) 31,563 Financial Services: Financial services pretax income - - 13,122 523 13,645 Income before income taxes 23,246 46,075 13,127 (37,240 ) 45,208 (Provision) benefit for income taxes 5,172 (17,112 ) (4,850 ) - (16,790 ) Net income $ 28,418 $ 28,963 $ 8,277 $ (37,240 ) $ 28,418 Other comprehensive income related to available for sale securities, net of tax 948 - (280 ) 280 948 Comprehensive income $ 29,366 $ 28,963 $ 7,997 $ (36,960 ) $ 29,366
Condensed Cash Flow Statement [Table Text Block]	Six Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 17,988 $ (45,748 ) $ 5,674 $ - $ (22,086 ) Net cash provided by (used in) investing activities (6,756 ) (1,132 ) (2,967 ) 43,077 32,222 Financing activities: Payments from (advances to) subsidiaries - 47,816 (4,739 ) (43,077 ) - Mortgage repurchase facility - - 4,686 - 4,686 Dividend payments (24,504 ) - - - (24,504 ) Proceeds from the exercise of stock options - - - - - Net cash provided by (used in) financing activities (24,504 ) 47,816 (53 ) (43,077 ) (19,818 ) Net increase in cash and cash equivalents (13,272 ) 936 2,654 - (9,682 ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 127,973 $ 4,033 $ 39,300 $ - $ 171,306 Six Months Ended June 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 35,266 $ (895 ) $ 10,138 $ - $ 44,509 Net cash provided by (used in) investing activities 13,810 (265 ) 698 2,346 16,589 Financing activities: Payments from (advances to) subsidiaries - 1,481 865 (2,346 ) - Mortgage repurchase facility - - (10,822 ) - (10,822 ) Dividend payments (24,425 ) - - - (24,425 ) Proceeds from the exercise of stock options 612 - - - 612 Net cash provided by (used in) financing activities (23,813 ) 1,481 (9,957 ) (2,346 ) (34,635 ) Net increase in cash and cash equivalents 25,263 321 879 - 26,463 Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 145,214 $ 3,012 $ 32,062 $ - $ 180,288

Note 3 - Segment Reporting (Det

Note 3 - Segment Reporting (Details Textual)	6 Months Ended
	Jun. 30, 2016
Other Segments [Member]
Number of Reportable Segments	1

Note 3 - Reconciliation of Reve

Note 3 - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Homebuilding [Member] | West [Member]
Home and land sale revenues	$ 270,031	$ 217,701	$ 461,406	$ 394,518
Homebuilding [Member] | Mountain [Member]
Home and land sale revenues	190,334	156,893	328,158	280,914
Homebuilding [Member] | East [Member]
Home and land sale revenues	111,146	87,114	178,691	164,195
Homebuilding [Member]
Home and land sale revenues	571,511	461,708	968,255	839,627
Financial Services [Member] | Mortgage Operations [Member]
Financial services revenues	10,702	7,104	17,572	13,753
Financial Services [Member] | Other Financial Services [Member]
Financial services revenues	5,121	4,316	9,268	8,258
Financial Services [Member]
Financial services revenues	$ 15,823	$ 11,420	$ 26,840	$ 22,011

Note 3 - Reconciliation of Pret

Note 3 - Reconciliation of Pretax Operating Income from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Homebuilding [Member] | West [Member]
Income before income taxes	$ 15,740	$ 15,597	$ 25,438	$ 24,100
Homebuilding [Member] | Mountain [Member]
Income before income taxes	20,748	14,970	30,832	22,390
Homebuilding [Member] | East [Member]
Income before income taxes	4,500	19	5,867	(402)
Homebuilding [Member] | Corporate Subsegment [Member]
Income before income taxes	(9,582)	(7,013)	(22,075)	(14,525)
Homebuilding [Member]
Income before income taxes	31,406	23,573	40,062	31,563
Financial Services [Member] | Mortgage Operations [Member]
Income before income taxes	6,445	4,097	9,768	6,889
Financial Services [Member] | Other Financial Services [Member]
Income before income taxes	2,607	4,212	4,901	6,756
Financial Services [Member]
Income before income taxes	9,052	8,309	14,669	13,645
Income before income taxes	$ 40,458	$ 31,882	$ 54,731	$ 45,208

Note 3 - Total Assets (Details)

Note 3 - Total Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Reportable Geographical Components [Member] | Homebuilding [Member] | West [Member]
Assets	$ 1,066,722	$ 991,393
Reportable Geographical Components [Member] | Homebuilding [Member] | Mountain [Member]
Assets	559,287	536,831
Reportable Geographical Components [Member] | Homebuilding [Member] | East [Member]
Assets	317,013	324,457
Reportable Geographical Components [Member] | Homebuilding [Member] | Corporate Subsegment [Member]
Assets	335,792	393,712
Reportable Geographical Components [Member] | Homebuilding [Member]
Assets	2,278,814	2,246,393
Reportable Geographical Components [Member] | Financial Services [Member] | Mortgage Operations [Member]
Assets	131,572	123,176
Reportable Geographical Components [Member] | Financial Services [Member] | Other Financial Services [Member]
Assets	51,014	46,330
Reportable Geographical Components [Member] | Financial Services [Member]
Assets	182,586	169,506
Homebuilding [Member]
Assets	2,278,814	2,246,393
Financial Services [Member]
Assets	182,586	169,506
Assets	$ 2,461,400	$ 2,415,899

Note 4 - Earnings Per Share (De

Note 4 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6.4	3.6	6.5	3.6

Note 4 - Earnings Per Share - B

Note 4 - Earnings Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Stock Option [Member]
Add: dilutive effect of stock options (in shares)	10,392	237,016	9,254	212,583
Net income	$ 26,913	$ 19,998	$ 36,476	$ 28,418
Less: distributed earnings allocated to participating securities	(39)	(23)	(79)	(48)
Less: undistributed earnings allocated to participating securities	(47)	(15)	(36)	(9)
Net income attributable to common stockholders (numerator for basic earnings per share)	26,827	19,960	36,361	28,361
Add back: undistributed earnings allocated to participating securities	47	15	36	9
Less: undistributed earnings reallocated to participating securities	(47)	(15)	(36)	(9)
Numerator for diluted earnings per share under two class method	$ 26,827	$ 19,960	$ 36,361	$ 28,361
Weighted-average common shares outstanding (in shares)	48,851,350	48,768,021	48,839,660	48,741,476
Denominator for diluted earnings per share under two class method (in shares)	48,861,742	49,005,037	48,848,914	48,954,059
Basic Earnings Per Common Share (in dollars per share)	$ 0.55	$ 0.41	$ 0.74	$ 0.58
Diluted Earnings Per Common Share (in dollars per share)	$ 0.55	$ 0.41	$ 0.74	$ 0.58

Note 5 - Changes in Accumulated

Note 5 - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Metropolitan District Bond Securities [Member]
Beginning balance	[1]	$ 12,647	$ 8,621	$ 12,058	$ 7,680
Other comprehensive income (loss) before reclassifications	[1]	567	1,193	1,156	2,134
Amounts reclassified from AOCI	[1]
Ending balance	[1]	13,214	9,814	13,214	9,814
Ending balance	[1]	12,647	8,621	12,058	7,680
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Beginning balance	[1]	5,016	3,142	3,657	2,775
Other comprehensive income (loss) before reclassifications	[1]	880	(1,260)	1,404	(900)
Amounts reclassified from AOCI	[1],[2]	(552)	(293)	283	(286)
Ending balance	[1]	5,344	1,589	5,344	1,589
Ending balance	[1]	5,016	3,142	3,657	2,775
Beginning balance				15,715
Ending balance	[1]	18,558	11,403	18,558	11,403
Ending balance	[1]	$ 18,558	$ 11,403	$ 18,558	$ 11,403
[1]	All amounts net-of-tax.
[2]	See separate table below for details about these reclassifications

Note 5 - Reclassifications out

Note 5 - Reclassifications out of AOCI (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification out of Accumulated Other Comprehensive Income [Member] | Homebuilding [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Interest and other income	$ 1,177,000	$ 137,000	$ 262,000	$ 125,000
Other-than-temporary impairment of marketable securities	(288,000)		(719,000)
Interest and other income	1,177,000	137,000	262,000	125,000
Reclassification out of Accumulated Other Comprehensive Income [Member] | Financial Services [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Interest and other income		336,000		337,000
Interest and other income		336,000		337,000
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Income before income taxes	889,000	473,000	(457,000)	462,000
Provision for income taxes	(337,000)	(180,000)	174,000	(176,000)
Net income	552,000	293,000	(283,000)	286,000
Homebuilding [Member]
Interest and other income	2,553,000	2,720,000	3,489,000	4,574,000
Other-than-temporary impairment of marketable securities	(288,000)		(719,000)
Interest and other income	2,553,000	2,720,000	3,489,000	4,574,000
Income before income taxes	31,406,000	23,573,000	40,062,000	31,563,000
Financial Services [Member]
Income before income taxes	9,052,000	8,309,000	14,669,000	13,645,000
Other-than-temporary impairment of marketable securities	(300,000)	0	(719,000)	0
Income before income taxes	40,458,000	31,882,000	54,731,000	45,208,000
Provision for income taxes	(13,545,000)	(11,884,000)	(18,255,000)	(16,790,000)
Net income	$ 26,913,000	$ 19,998,000	$ 36,476,000	$ 28,418,000

Note 6 - Fair Value Measureme47

Note 6 - Fair Value Measurements (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 2 [Member] | Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	$ 94,900,000		$ 94,900,000			$ 92,600,000
Fair Value, Inputs, Level 2 [Member] | Not Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	23,800,000		23,800,000			23,100,000
Fair Value, Inputs, Level 2 [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	118,699,000		118,699,000			115,670,000
Financial Services [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	118,699,000		118,699,000			115,670,000
Gain (Loss) on Sale of Mortgage Loans	6,900,000	$ 4,400,000	$ 12,500,000	$ 8,800,000
Minimum [Member]
Short Term Borrowings Maturity Period			30 days
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	300,000	$ 0	$ 719,000	$ 0
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	8,600,000		8,600,000			5,900,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 604,000		$ 604,000		$ 900,000	$ 882,000

Note 6 - Fair Value Methods Use

Note 6 - Fair Value Methods Used for Measuring Fair Values of Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities (available-for-sale)	$ 70,619		$ 103,694
Fair Value, Inputs, Level 2 [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	118,699		115,670
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member]
Metropolitan district bond securities (related party) (available-for-sale)	28,604		25,911
Metropolitan District Bond Securities [Member]
Metropolitan district bond securities (related party) (available-for-sale)	$ 28,604	$ 27,277	$ 25,911	$ 22,259	$ 19,978	$ 18,203

Note 6 - Amortized Cost and Est

Note 6 - Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Homebuilding [Member] | Equity Securities [Member]
Amortized Cost	$ 47,923	$ 89,738
OTTI	(904)	(3,969)
Net Amortized Cost	47,019	85,769
Fair Value	55,798	92,387
Financial Services [Member] | Equity Securities [Member]
Amortized Cost	14,979	12,026
OTTI
Net Amortized Cost	14,979	12,026
Fair Value	14,821	11,307
Amortized Cost	62,902	101,764
OTTI	(904)	(3,969)
Net Amortized Cost	61,998	97,795
Fair Value	$ 70,619	$ 103,694

Note 6 - Aggregate Fair Value o

Note 6 - Aggregate Fair Value of Securities in Unrealized Loss Positions (Details)	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Marketable equity securities		2	4
Marketable equity securities	$ (900,000)	$ (604,000)	$ (882,000)
Marketable equity securities		$ 2,394,000	$ 6,116,000

Note 6 - Gross Realized Gains a

Note 6 - Gross Realized Gains and Gross Realized Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity Securities [Member]
Gross realized gains on sales of available-for-sale securities	$ 1,379	$ 638	$ 1,470	$ 875
Gross realized losses on sales of available-for-sale securities	(202)	(232)	(1,208)	(557)
Debt Securities [Member]
Gross realized gains on sales of available-for-sale securities		205		371
Gross realized losses on sales of available-for-sale securities		(138)		(227)
Gross realized gains on sales of available-for-sale securities	1,379	843	1,470	1,246
Gross realized losses on sales of available-for-sale securities	(202)	(370)	(1,208)	(784)
Net realized gain on sales of available-for-sale securities	$ 1,177	$ 473	$ 262	$ 462

Note 6 - Quantitative Data Rega

Note 6 - Quantitative Data Regarding Unobservable Inputs and Sensitivity Analysis (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Mar. 31, 2015	Jun. 30, 2016
Minimum [Member]
Number of homes closed per year			0
Average sales price			419,000
Discount rate	12.00%		5.00%
Maximum [Member]
Number of homes closed per year			130
Average sales price			1,200,000
Discount rate	15.00%		12.00%
Weighted Average [Member]
Number of homes closed per year			91
Average sales price			486,000
Discount rate			7.40%
Number of homes closed per year			Increase
Number of homes closed per year			Decrease
Discount rate		8.70%
Discount rate			Decrease
Discount rate			Increase

Note 6 - Summary of Activity fo

Note 6 - Summary of Activity for Metro Bonds (Details) - Metropolitan District Bond Securities [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Balance at beginning of period	$ 27,277	$ 19,978	$ 25,911	$ 18,203
Increase in fair value (recorded in other comprehensive income)	915	1,925	1,865	3,343
Change due to accretion of principal	412	356	828	713
Cash receipts
Balance at end of period	$ 28,604	$ 22,259	$ 28,604	$ 22,259

Note 6 - Estimated Fair Value o

Note 6 - Estimated Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Senior Notes 5.625 Due 2020 [Member]
Carrying Amount	$ 246,466	$ 246,032
Fair Value	261,767	257,813
Senior Notes 5.5 Due 2024 [Member]
Carrying Amount	248,299	248,209
Fair Value	249,892	252,188
Senior Notes 6.00 Due January 2043 [Member]
Carrying Amount	346,311	346,283
Fair Value	275,228	276,938
Carrying Amount	841,076	840,524
Fair Value	$ 786,887	$ 786,939

Note 6 - Estimated Fair Value55

Note 6 - Estimated Fair Value of Senior Notes (Details) (Parentheticals)	Jun. 30, 2016	Dec. 31, 2015
Senior Notes 5.625 Due 2020 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.625%	5.625%
Senior Notes 5.5 Due 2024 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.50%	5.50%
Senior Notes 6.00 Due January 2043 [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.00%	6.00%

Note 7 - Summary of Inventory (

Note 7 - Summary of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
West [Member]
Housing Completed or Under Construction:
Housing Completed or Under Construction	$ 498,341	$ 365,867
Land and Land Under Development:
Land and Land Under Development	511,643	580,682
Mountain [Member]
Housing Completed or Under Construction:
Housing Completed or Under Construction	295,775	253,578
Land and Land Under Development:
Land and Land Under Development	232,414	259,484
East [Member]
Housing Completed or Under Construction:
Housing Completed or Under Construction	139,806	127,591
Land and Land Under Development:
Land and Land Under Development	149,039	176,760
Housing Completed or Under Construction	933,922	747,036
Land and Land Under Development	893,096	1,016,926
Land and Land Under Development	$ 1,827,018	$ 1,763,962

Note 7 - Inventory Impairments

Note 7 - Inventory Impairments (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
West [Member]
Impairment Data; Inventory Impairments	$ 1,400			$ 1,400
Mountain [Member]
Impairment Data; Inventory Impairments
East [Member]
Impairment Data; Inventory Impairments	200			200	350
Impairment Data; Inventory Impairments	$ 1,600		$ 350	$ 1,600	$ 350

Note 7 - Fair Value of Impaired

Note 7 - Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016USD ($)	Mar. 31, 2016	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Minimum [Member]
Discount rate	12.00%				5.00%
Maximum [Member]
Discount rate	15.00%				12.00%
Impairment Data; Total Subdivisions Tested	17	14		22		22
Impairment Data; Inventory Impairments	$ 1,600			$ 350	$ 1,600	$ 350
Impairment Data; Fair Value of Inventory After Impairments	$ 6,415			$ 3,701
Impairment Data; Number of Subdivisions Impaired	2			1
Discount rate				8.70%

Note 8 - Interest Activity (Det

Note 8 - Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Homebuilding interest incurred	$ 13,106	$ 13,305	$ 26,324	$ 26,556
Less: Interest capitalized	(13,106)	(13,305)	(26,324)	(26,556)
Homebuilding interest expensed
Interest capitalized, beginning of period	79,783	79,991	77,541	79,231
Plus: Interest capitalized during period	13,106	13,305	26,324	26,556
Less: Previously capitalized interest included in home and land cost of sales	(15,739)	(14,439)	(26,715)	(26,930)
Interest capitalized, end of period	$ 77,150	$ 78,857	$ 77,150	$ 78,857

Note 9 - Summary of Homebuildin

Note 9 - Summary of Homebuilding Prepaid Expenses and Other Assets (Details) - Homebuilding [Member] - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Land option deposits	$ 8,841	$ 11,997
Deferred marketing costs	33,735	31,152
Prepaid expenses	6,119	6,500
Goodwill	6,008	6,008
Deferred debt issuance costs, net	5,004	5,570
Other	5,547	4,167
Total	$ 65,254	$ 65,394

Note 10 - Homebuilding Accrue61

Note 10 - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Homebuilding [Member] | Land Development and Home Construction Accruals [Member]
Land development and home construction accruals	$ 10,904		$ 11,465
Homebuilding [Member]
Customer and escrow deposits	30,067		20,717
Warranty accrual	17,217		15,328
Accrued compensation and related expenses	21,072		25,492
Accrued interest	23,234		23,234
Land development and home construction accruals	130,651		122,886
Other accrued liabilities	28,157		26,650
Warranty accrual	$ 17,217	$ 16,852	$ 15,328	$ 17,253	$ 17,761	$ 18,346

Note 10 - Financial Services Ac

Note 10 - Financial Services Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Financial Services [Member]
Insurance reserves	$ 46,900		$ 45,811
Accounts payable and other accrued liabilities	9,160		6,303
Total accounts payable and accrued liabilities	56,060		52,114
Insurance reserves	$ 46,900	$ 46,379	$ 45,811	$ 47,389	$ 50,015	$ 50,470

Note 11 - Warranty Accrual (Det

Note 11 - Warranty Accrual (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	$ 250	$ (213)	$ 3,237	$ (213)

Note 11 - Warranty Accrual and

Note 11 - Warranty Accrual and Payment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Balance at beginning of period	$ 16,852	$ 17,761	$ 15,328	$ 18,346
Expense provisions	2,305	1,329	3,757	2,444
Cash payments	(2,190)	(1,624)	(5,105)	(3,324)
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	250	(213)	3,237	(213)
Balance at end of period	$ 17,217	$ 17,253	$ 17,217	$ 17,253

Note 12 - Insurance Reserves (D

Note 12 - Insurance Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Balance at beginning of period	$ 46,379	$ 50,015	$ 45,811	$ 50,470
Expense provisions	1,946	1,576	3,334	2,849
Cash payments, net of recoveries	(1,425)	(2,702)	(2,245)	(4,430)
Adjustments		(1,500)		(1,500)
Balance at end of period	$ 46,900	$ 47,389	$ 46,900	$ 47,389

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Percent	33.50%	37.30%	33.40%	37.10%
Income Tax Expense (Benefit)	$ 13,545	$ 11,884	$ 18,255	$ 16,790
Deferred Tax Assets, Net	$ 89,200		$ 89,200		$ 99,100

Note 14 - Carrying Amount of Se

Note 14 - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Senior Notes 5.625 Due 2020 [Member]
Carrying Amount	$ 246,466	$ 246,032
Senior Notes 5.5 Due 2024 [Member]
Carrying Amount	248,299	248,209
Senior Notes 6.00 Due January 2043 [Member]
Carrying Amount	346,311	346,283
Carrying Amount	$ 841,076	$ 840,524

Note 14 - Carrying Amount of 68

Note 14 - Carrying Amount of Senior Notes (Details) (Parentheticals)	Jun. 30, 2016	Dec. 31, 2015
Senior Notes 5.625 Due 2020 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.625%	5.625%
Senior Notes 5.5 Due 2024 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.50%	5.50%
Senior Notes 6.00 Due January 2043 [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.00%	6.00%

Note 15 - Stock Based Compens69

Note 15 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	May 18, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Nonqualified Stock Option [Member] | Equity Incentive Plan 2011 [Member] | CEO and COO [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Sharebased Compensation Arrangement by Sharebased Payment Award Expected to Vest Immediately Threshold Trading Days	20 days
Sharebased Compensation Arrangement by Sharebased Payment Award Expected to Vest Immediately threshold Consecutive Trading Days	30 days
Sharebased Compensation Arrangement by Sharebased 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						$ 11,200
Allocated Share-based Compensation Expense		$ 2,500	$ 1,200	$ 5,000	$ 1,200
Share Price	$ 28.45
Allocated Share-based Compensation Expense		$ 3,176	$ 1,716	$ 6,163	$ 2,591

Note 15 - Share-based Award Exp

Note 15 - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 2,643	$ 1,123	$ 5,293	$ 1,499
Restricted Stock [Member]
Allocated Share-based Compensation Expense	533	593	870	1,092
Allocated Share-based Compensation Expense	$ 3,176	$ 1,716	$ 6,163	$ 2,591

Note 16 - Commitments and Con71

Note 16 - Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Homeamerican [Member]
Letters of Credit Outstanding, Amount	$ 43.4
Option Contracts [Member]
Letters of Credit Outstanding, Amount	2.7
Earnest Money Deposits	$ 8.1
Right to Acquire Lots Under Options Contract	2,650
Surety Bonds, Issued and Outstanding	$ 162.1
Letters of Credit Outstanding, Amount	70.9
Estimated Cost Related to Bonds	44
Estimated Cost Related to Letters of Credit	$ 47.8

Note 16 - Mortgage Loan Loss Re

Note 16 - Mortgage Loan Loss Reserve Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Balance at beginning of period	$ 160	$ 1,225	$ 201	$ 810
Expense provisions				725
Adjustments		(167)	(41)	(477)
Balance at end of period	$ 160	$ 1,058	$ 160	$ 1,058

Note 17 - Derivative Financia73

Note 17 - Derivative Financial Instruments (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Commitment to Originate Mortgage Loans [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	$ 122,800,000		$ 122,800,000
No Commitment to Originate Mortgage Loans [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	23,800,000		23,800,000
Forward Sales of Mortgage Backed Securities [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	85,000,000		85,000,000
Derivative, Gain (Loss) on Derivative, Net	$ 400,000	$ 0	$ 1,000,000	$ 600,000

Note 18 - Lines of Credit (Deta

Note 18 - Lines of Credit (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 24, 2016	Jun. 23, 2016	Dec. 31, 2015	Dec. 23, 2015	Dec. 22, 2015	Dec. 18, 2015
Revolving Credit Facility [Member] | Maximum [Member] | Upon Request [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000
Revolving Credit Facility [Member] | Minimum [Member] | Subject to Acceleration [Member]
Line of Credit Facility, Covenant Terms, Ownership Percentage	50.00%
Revolving Credit Facility [Member]
Long-term Line of Credit	$ 15			$ 15
Line of Credit Facility, Maximum Borrowing Capacity							$ 550
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Line of Credit Facility, Remaining Borrowing Capacity	$ 507.5
Standby Letters of Credit [Member]
Line of Credit Facility Maximum Borrowing Capacity Percentage	50.00%
Letters of Credit Outstanding, Amount	$ 27.5			22.5
Mortgage Repurchase Facility [Member] | Warehouse Agreement Borrowings [Member]
Long-term Line of Credit	$ 93.3			$ 88.6
Line of Credit Facility, Maximum Borrowing Capacity		$ 100	$ 50		$ 90	$ 50
Maximum [Member] | Borrowing Base is Required [Member]
Line of Credit Facility, Leverage Ratio	55.00%
Minimum [Member] | Borrowing Base is Required [Member]
Line of Credit Facility, Leverage Ratio	55.00%
Letters of Credit Outstanding, Amount	$ 70.9

Note 19 - Supplemental Guaran75

Note 19 - Supplemental Guarantor Information (Details Textual)	6 Months Ended
	Jun. 30, 2016
Guarantor Subsidiaries [Member]
Equity Method Investment, Ownership Percentage	100.00%
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%

Note 19 - Supplemental Condense

Note 19 - Supplemental Condensed Combining Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
MDC Holdings [Member] | Homebuilding [Member]
Cash and cash equivalents	$ 127,973	$ 141,245
Marketable securities	55,798	92,387
Restricted cash
Trade and other receivables	5,915	5,304
Housing Completed or Under Construction
Land and Land Under Development
Land and Land Under Development
Intercompany receivables	1,637,706	1,509,551
Investment in subsidiaries	232,695	267,191
Property and equipment, net	26,366	26,073
Deferred Tax Assets, Net	87,827	97,083
Metropolitan district bond securities (related party) (available-for-sale)	28,604	25,911
Total	4,238	5,973
Assets	2,207,122	2,170,718
Accounts payable
Land development and home construction accruals	26,925	11,527
Advances and notes payable to parent and subsidiaries	47,099	47,375
Long-term Line of Credit	15,000	15,000
Senior notes, net	841,076	840,524
Total homebuilding liabilities	930,100	914,426
MDC Holdings [Member] | Financial Services [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables
Assets
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage
Other assets
Advances and notes payable to parent and subsidiaries
Total homebuilding liabilities
Total accounts payable and accrued liabilities
Mortgage repurchase facility
MDC Holdings [Member]
Cash and cash equivalents	127,973	141,245	$ 145,214	$ 119,951
Assets	2,207,122	2,170,718
Total homebuilding liabilities	930,100	914,426
Total Stockholders' Equity	1,277,022	1,256,292
Total Liabilities and Stockholders' Equity	2,207,122	2,170,718
Guarantor Subsidiaries [Member] | Homebuilding [Member]
Cash and cash equivalents	4,033	3,097
Marketable securities
Restricted cash	3,946	3,750
Trade and other receivables	44,232	20,297
Housing Completed or Under Construction	933,922	747,036
Land and Land Under Development	893,096	1,016,926
Land and Land Under Development	1,827,018	1,763,962
Intercompany receivables	2,805	2,850
Investment in subsidiaries
Property and equipment, net	2,777	2,153
Deferred Tax Assets, Net
Metropolitan district bond securities (related party) (available-for-sale)
Total	61,016	59,421
Assets	1,945,827	1,855,530
Accounts payable	48,294	40,472
Land development and home construction accruals	101,341	108,445
Advances and notes payable to parent and subsidiaries	1,607,331	1,480,589
Long-term Line of Credit
Senior notes, net
Total homebuilding liabilities	1,756,966	1,629,506
Guarantor Subsidiaries [Member] | Financial Services [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables
Assets
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage
Other assets
Advances and notes payable to parent and subsidiaries
Total homebuilding liabilities
Total accounts payable and accrued liabilities
Mortgage repurchase facility
Guarantor Subsidiaries [Member]
Cash and cash equivalents	4,033	3,097	3,012	2,691
Assets	1,945,827	1,855,530
Total homebuilding liabilities	1,756,966	1,629,506
Total Stockholders' Equity	188,861	226,024
Total Liabilities and Stockholders' Equity	1,945,827	1,855,530
Non-Guarantor Subsidiaries [Member] | Homebuilding [Member]
Cash and cash equivalents
Marketable securities
Restricted cash
Trade and other receivables
Housing Completed or Under Construction
Land and Land Under Development
Land and Land Under Development
Intercompany receivables	5,643	5,291
Investment in subsidiaries
Property and equipment, net
Deferred Tax Assets, Net
Metropolitan district bond securities (related party) (available-for-sale)
Total
Assets	5,643	5,291
Accounts payable
Land development and home construction accruals	139	(33)
Advances and notes payable to parent and subsidiaries	26,268	25,536
Long-term Line of Credit
Senior notes, net
Total homebuilding liabilities	26,407	25,503
Non-Guarantor Subsidiaries [Member] | Financial Services [Member]
Cash and cash equivalents	39,300	36,646
Marketable securities	14,821	11,307
Intercompany receivables	38,651	39,234
Assets	222,652	210,764
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	118,699	115,670
Other assets	11,181	7,907
Advances and notes payable to parent and subsidiaries	4,107	3,426
Total homebuilding liabilities	158,054	149,385
Total accounts payable and accrued liabilities	60,650	57,348
Mortgage repurchase facility	93,297	88,611
Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	39,300	36,646	32,062	31,183
Assets	228,295	216,055
Total homebuilding liabilities	184,461	174,888
Total Stockholders' Equity	43,834	41,167
Total Liabilities and Stockholders' Equity	228,295	216,055
Consolidation, Eliminations [Member] | Homebuilding [Member]
Cash and cash equivalents
Marketable securities
Restricted cash
Trade and other receivables	(2,344)	(2,287)
Housing Completed or Under Construction
Land and Land Under Development
Land and Land Under Development
Intercompany receivables	(1,646,154)	(1,517,692)
Investment in subsidiaries	(232,695)	(267,191)
Property and equipment, net
Deferred Tax Assets, Net	1,415	2,024
Metropolitan district bond securities (related party) (available-for-sale)
Total
Assets	(1,879,778)	(1,785,146)
Accounts payable
Land development and home construction accruals	2,246	2,947
Advances and notes payable to parent and subsidiaries	(1,680,698)	(1,553,500)
Long-term Line of Credit
Senior notes, net
Total homebuilding liabilities	(1,678,452)	(1,550,553)
Consolidation, Eliminations [Member] | Financial Services [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables	(38,651)	(39,234)
Assets	(40,066)	(41,258)
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage
Other assets	(1,415)	(2,024)
Advances and notes payable to parent and subsidiaries	(4,107)	(3,426)
Total homebuilding liabilities	(8,697)	(8,660)
Total accounts payable and accrued liabilities	(4,590)	(5,234)
Mortgage repurchase facility
Consolidation, Eliminations [Member]
Cash and cash equivalents
Assets	(1,919,844)	(1,826,404)
Total homebuilding liabilities	(1,687,149)	(1,559,213)
Total Stockholders' Equity	(232,695)	(267,191)
Total Liabilities and Stockholders' Equity	(1,919,844)	(1,826,404)
Homebuilding [Member]
Cash and cash equivalents	132,006	144,342
Marketable securities	55,798	92,387
Restricted cash	3,946	3,750
Trade and other receivables	47,803	23,314
Housing Completed or Under Construction	933,922	747,036
Land and Land Under Development	893,096	1,016,926
Land and Land Under Development	1,827,018	1,763,962
Intercompany receivables
Investment in subsidiaries
Property and equipment, net	29,143	28,226
Deferred Tax Assets, Net	89,242	99,107
Metropolitan district bond securities (related party) (available-for-sale)	28,604	25,911
Total	65,254	65,394
Assets	2,278,814	2,246,393
Accounts payable	48,294	40,472
Land development and home construction accruals	130,651	122,886
Advances and notes payable to parent and subsidiaries
Long-term Line of Credit	15,000	15,000
Senior notes, net	841,076	840,524
Total homebuilding liabilities	1,035,021	1,018,882
Financial Services [Member]
Cash and cash equivalents	39,300	36,646
Marketable securities	14,821	11,307
Intercompany receivables
Assets	182,586	169,506
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	118,699	115,670
Other assets	9,766	5,883
Advances and notes payable to parent and subsidiaries
Total homebuilding liabilities	149,357	140,725
Total accounts payable and accrued liabilities	56,060	52,114
Mortgage repurchase facility	93,297	88,611
Cash and cash equivalents	171,306	180,988	$ 180,288	$ 153,825
Housing Completed or Under Construction	933,922	747,036
Land and Land Under Development	893,096	1,016,926
Land and Land Under Development	1,827,018	1,763,962
Deferred Tax Assets, Net	89,200	99,100
Assets	2,461,400	2,415,899
Total homebuilding liabilities	1,184,378	1,159,607
Total Stockholders' Equity	1,277,022	1,256,292
Total Liabilities and Stockholders' Equity	$ 2,461,400	$ 2,415,899

Note 19 - Supplemental Conden77

Note 19 - Supplemental Condensed Combining Statements of Operations and Comprehensive Income (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
MDC Holdings [Member] | Homebuilding [Member]
Revenues
Home and land cost of sales
Inventory impairments
Total cost of sales
Gross margin
Selling, general, and administrative expenses	(11,228,000)	(8,638,000)		(23,330,000)	(17,560,000)
Equity income of subsidiaries	32,909,000	24,248,000		50,279,000	37,240,000
Interest and other income	2,020,000	1,728,000		2,492,000	3,291,000
Other expense	(1,000)	(1,000)		(3,000)	(3,000)
Other-than-temporary impairment of marketable securities	(288,000)			(719,000)
Homebuilding pretax income (loss)	23,412,000	17,529,000		28,719,000	23,246,000
Interest expense		192,000			278,000
MDC Holdings [Member] | Financial Services [Member]
Homebuilding pretax income (loss)
MDC Holdings [Member]
Homebuilding pretax income (loss)	23,412,000	17,529,000		28,719,000	23,246,000
Provision for income taxes	3,501,000	2,469,000		7,757,000	5,172,000
Net income	26,913,000	19,998,000		36,476,000	28,418,000
Other comprehensive income related to available for sale securities, net of tax	895,000	(360,000)		2,843,000	948,000
Comprehensive income	27,808,000	19,638,000		39,319,000	29,366,000
Guarantor Subsidiaries [Member] | Homebuilding [Member]
Revenues	571,511,000	461,708,000		968,255,000	839,627,000
Home and land cost of sales	(476,052,000)	(385,019,000)		(807,441,000)	(704,786,000)
Inventory impairments	(1,600,000)			(1,600,000)	(350,000)
Total cost of sales	(477,652,000)	(385,019,000)		(809,041,000)	(705,136,000)
Gross margin	93,859,000	76,689,000		159,214,000	134,491,000
Selling, general, and administrative expenses	(53,024,000)	(46,048,000)		(97,040,000)	(87,505,000)
Equity income of subsidiaries
Interest and other income	423,000	994,000		1,152,000	1,275,000
Other expense	(277,000)	(1,054,000)		(902,000)	(2,186,000)
Other-than-temporary impairment of marketable securities
Homebuilding pretax income (loss)	40,981,000	30,581,000		62,424,000	46,075,000
Interest expense
Guarantor Subsidiaries [Member] | Financial Services [Member]
Homebuilding pretax income (loss)
Guarantor Subsidiaries [Member]
Homebuilding pretax income (loss)	40,981,000	30,581,000		62,424,000	46,075,000
Provision for income taxes	(13,746,000)	(11,408,000)		(20,822,000)	(17,112,000)
Net income	27,235,000	19,173,000		41,602,000	28,963,000
Other comprehensive income related to available for sale securities, net of tax
Comprehensive income	27,235,000	19,173,000		41,602,000	28,963,000
Non-Guarantor Subsidiaries [Member] | Homebuilding [Member]
Revenues
Home and land cost of sales				(300,000)
Inventory impairments
Total cost of sales				(300,000)
Gross margin				(300,000)
Selling, general, and administrative expenses
Equity income of subsidiaries
Interest and other income	2,000			3,000	5,000
Other expense
Other-than-temporary impairment of marketable securities
Homebuilding pretax income (loss)	2,000			(297,000)	5,000
Interest expense
Non-Guarantor Subsidiaries [Member] | Financial Services [Member]
Homebuilding pretax income (loss)	8,972,000	8,020,000		14,164,000	13,122,000
Non-Guarantor Subsidiaries [Member]
Homebuilding pretax income (loss)	8,974,000	8,020,000		13,867,000	13,127,000
Provision for income taxes	(3,300,000)	(2,945,000)		(5,190,000)	(4,850,000)
Net income	5,674,000	5,075,000		8,677,000	8,277,000
Other comprehensive income related to available for sale securities, net of tax	371,000	(539,000)		370,000	(280,000)
Comprehensive income	6,045,000	4,536,000		9,047,000	7,997,000
Consolidation, Eliminations [Member] | Homebuilding [Member]
Revenues
Home and land cost of sales
Inventory impairments
Total cost of sales
Gross margin
Selling, general, and administrative expenses	(188,000)	(95,000)		(347,000)	(248,000)
Equity income of subsidiaries	(32,909,000)	(24,248,000)		(50,279,000)	(37,240,000)
Interest and other income	108,000	(2,000)		(158,000)	3,000
Other expense
Other-than-temporary impairment of marketable securities
Homebuilding pretax income (loss)	(32,989,000)	(24,537,000)		(50,784,000)	(37,763,000)
Interest expense		(192,000)			(278,000)
Consolidation, Eliminations [Member] | Financial Services [Member]
Homebuilding pretax income (loss)	80,000	289,000		505,000	523,000
Consolidation, Eliminations [Member]
Homebuilding pretax income (loss)	(32,909,000)	(24,248,000)		(50,279,000)	(37,240,000)
Provision for income taxes
Net income	(32,909,000)	(24,248,000)		(50,279,000)	(37,240,000)
Other comprehensive income related to available for sale securities, net of tax	(371,000)	539,000		(370,000)	280,000
Comprehensive income	(33,280,000)	(23,709,000)		(50,649,000)	(36,960,000)
Homebuilding [Member]
Revenues	571,511,000	461,708,000		968,255,000	839,627,000
Home and land cost of sales	(476,052,000)	(385,019,000)		(807,741,000)	(704,786,000)
Inventory impairments	(1,600,000)			(1,600,000)	(350,000)
Total cost of sales	(477,652,000)	(385,019,000)		(809,341,000)	(705,136,000)
Gross margin	93,859,000	76,689,000		158,914,000	134,491,000
Selling, general, and administrative expenses	(64,440,000)	(54,781,000)		(120,717,000)	(105,313,000)
Equity income of subsidiaries
Interest and other income	2,553,000	2,720,000		3,489,000	4,574,000
Other expense	(278,000)	(1,055,000)		(905,000)	(2,189,000)
Other-than-temporary impairment of marketable securities	(288,000)			(719,000)
Homebuilding pretax income (loss)	31,406,000	23,573,000		40,062,000	31,563,000
Interest expense
Financial Services [Member]
Homebuilding pretax income (loss)	9,052,000	8,309,000		14,669,000	13,645,000
Inventory impairments	(1,600,000)		$ (350,000)	(1,600,000)	(350,000)
Other-than-temporary impairment of marketable securities	(300,000)	0		(719,000)	0
Homebuilding pretax income (loss)	40,458,000	31,882,000		54,731,000	45,208,000
Provision for income taxes	(13,545,000)	(11,884,000)		(18,255,000)	(16,790,000)
Net income	26,913,000	19,998,000		36,476,000	28,418,000
Other comprehensive income related to available for sale securities, net of tax	895,000	(360,000)		2,843,000	948,000
Comprehensive income	27,808,000	19,638,000		39,319,000	29,366,000
Interest expense

Note 19 - Supplemental Conden78

Note 19 - Supplemental Condensed Combining Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
MDC Holdings [Member]
Net cash provided by (used in) operating activities	$ 17,988	$ 35,266
Net cash provided by (used in) investing activities	(6,756)	13,810
Payments from (advances to) subsidiaries
Mortgage repurchase facility
Dividend payments	(24,504)	(24,425)
Proceeds from the exercise of stock options		612
Net cash provided by (used in) financing activities	(24,504)	(23,813)
Net increase in cash and cash equivalents	(13,272)	25,263
Beginning of period	141,245	119,951
End of period	127,973	145,214
Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	(45,748)	(895)
Net cash provided by (used in) investing activities	(1,132)	(265)
Payments from (advances to) subsidiaries	47,816	1,481
Mortgage repurchase facility
Dividend payments
Proceeds from the exercise of stock options
Net cash provided by (used in) financing activities	47,816	1,481
Net increase in cash and cash equivalents	936	321
Beginning of period	3,097	2,691
End of period	4,033	3,012
Non-Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	5,674	10,138
Net cash provided by (used in) investing activities	(2,967)	698
Payments from (advances to) subsidiaries	(4,739)	865
Mortgage repurchase facility	4,686	(10,822)
Dividend payments
Proceeds from the exercise of stock options
Net cash provided by (used in) financing activities	(53)	(9,957)
Net increase in cash and cash equivalents	2,654	879
Beginning of period	36,646	31,183
End of period	39,300	32,062
Consolidation, Eliminations [Member]
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities	43,077	2,346
Payments from (advances to) subsidiaries	(43,077)	(2,346)
Mortgage repurchase facility
Dividend payments
Proceeds from the exercise of stock options
Net cash provided by (used in) financing activities	(43,077)	(2,346)
Net increase in cash and cash equivalents
Beginning of period
End of period
Net cash provided by (used in) operating activities	(22,086)	44,509
Net cash provided by (used in) investing activities	32,222	16,589
Payments from (advances to) subsidiaries
Mortgage repurchase facility	4,686	(10,822)
Dividend payments	(24,504)	(24,425)
Proceeds from the exercise of stock options		612
Net cash provided by (used in) financing activities	(19,818)	(34,635)
Net increase in cash and cash equivalents	(9,682)	26,463
Beginning of period	180,988	153,825
End of period	$ 171,306	$ 180,288