M.D.C. (MDC) 10-Q 1 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Homebuilding Segment [Member]
ASSETS
Cash and cash equivalents	$ 129,278	$ 144,342
Marketable securities	57,116	92,387
Restricted cash	4,621	3,750
Trade and other receivables	43,082	23,314
Housing Completed or Under Construction	976,372	747,036
Land and land under development	870,733	1,016,926
Total inventories	1,847,105	1,763,962
Property and equipment, net	28,749	28,226
Deferred tax asset, net	85,128	99,107
Metropolitan district bond securities (related party) (available-for-sale)	29,132	25,911
Prepaid and other assets	66,195	65,394
Total homebuilding assets	2,290,406	2,246,393
Total Assets	2,290,406	2,246,393
LIABILITIES AND EQUITY
Accounts payable	54,117	40,472
Land development and home construction accruals	122,227	122,886
Revolving credit facility	15,000	15,000
Senior notes, net	841,359	840,524
Total homebuilding liabilities	1,032,703	1,018,882
Total Liabilities	1,032,703	1,018,882
Financial Services Segment [Member]
ASSETS
Cash and cash equivalents	34,180	36,646
Marketable securities	22,105	11,307
Total homebuilding assets	183,864	169,506
Mortgage loans held-for-sale, net	117,989	115,670
Other assets	9,590	5,883
Total Assets	183,864	169,506
LIABILITIES AND EQUITY
Total homebuilding liabilities	148,945	140,725
Total accounts payable and accrued liabilities	56,934	52,114
Mortgage repurchase facility	92,011	88,611
Total Liabilities	148,945	140,725
Cash and cash equivalents	163,458	180,988
Deferred tax asset, net	85,100	99,100
Total homebuilding assets	2,474,270	2,415,899
Total Assets	2,474,270	2,415,899
Total homebuilding liabilities	1,181,648	1,159,607
Total Liabilities	1,181,648	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; 49,033,981 and 48,888,424 issued and outstanding at September 30, 2016 and December 31, 2015, respectively	490	489
Additional paid-in-capital	922,132	915,746
Retained earnings	350,414	324,342
Accumulated other comprehensive income	19,586	15,715
Total Stockholders' Equity	1,292,622	1,256,292
Total Liabilities and Stockholders' Equity	$ 2,474,270	$ 2,415,899

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 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)	49,033,981	48,888,424
Common stock, shares outstanding (in shares)	49,033,981	48,888,424

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Homebuilding Segment [Member]
Home sale revenues	$ 575,722	$ 454,740	$ 1,541,337	$ 1,293,457
Land sale revenues	2,290	906	4,930	1,816
Total home and land sale revenues	578,012	455,646	1,546,267	1,295,273
Home cost of sales	(481,511)	(375,948)	(1,287,373)	(1,079,609)
Land cost of sales	(2,318)	(819)	(4,197)	(1,944)
Inventory impairments	(4,700)	(3,225)	(6,300)	(3,575)
Total cost of sales	(488,529)	(381,118)	(1,297,870)	(1,086,254)
Gross margin	89,483	74,528	248,397	209,019
Selling, general and administrative expenses	(61,904)	(57,444)	(182,621)	(162,757)
Interest and other income	1,869	838	5,358	5,412
Other expense	(1,558)	(350)	(2,463)	(2,539)
Other-than-temporary impairment of marketable securities	(215)	(2,176)	(934)	(2,176)
Pretax income	27,675	15,396	67,737	46,959
Income before income taxes	27,675	15,396	67,737	46,959
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities	(111)		(111)
Pretax income	10,377	8,262	25,046	21,907
Financial services revenues	17,408	12,841	44,248	34,852
Expenses	(7,955)	(5,464)	(21,739)	(15,830)
Interest and other income	1,035	885	2,648	2,885
Income before income taxes	10,377	8,262	25,046	21,907
Inventory impairments	(4,700)	(3,225)
Other-than-temporary impairment of marketable securities	(300)	(2,200)	(1,045)	(2,176)
Pretax income	38,052	23,658	92,783	68,866
Income before income taxes	38,052	23,658	92,783	68,866
Provision for income taxes	(11,693)	(8,880)	(29,948)	(25,670)
Net income	26,359	14,778	62,835	43,196
Other comprehensive income (loss) related to available for sale securities, net of tax	1,028	(226)	3,871	722
Comprehensive income	$ 27,387	$ 14,552	$ 66,706	$ 43,918
Earnings per share:
Basic (in dollars per share)	$ 0.54	$ 0.30	$ 1.28	$ 0.88
Diluted (in dollars per share)	$ 0.54	$ 0.30	$ 1.28	$ 0.88
Weighted average common shares outstanding
Basic (in shares)	48,854,412	48,785,973	48,844,613	48,756,265
Diluted (in shares)	49,009,949	49,070,291	48,855,014	48,982,975
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.75

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Housing Completed or Under Construction [Member]
Net changes in assets and liabilities:
Housing completed or under construction	$ (229,739)	$ (89,841)
Land and Land Under Development [Member]
Net changes in assets and liabilities:
Housing completed or under construction	141,131	(25,805)
Net income	62,835	43,196
Stock-based compensation expense	6,636	6,589
Depreciation and amortization	3,702	3,084
Inventory impairments	6,300	4,701
Other-than-temporary impairment of marketable securities	1,045	2,176
Loss (gain) on sale of marketable securities	(911)	126
Amortization of discount / premiums on marketable debt securities, net		100
Deferred income tax expense	11,357	24,782
Restricted cash	(871)	(1,984)
Trade and other receivables	(21,679)	(575)
Mortgage loans held-for-sale	(2,319)	19,759
Other assets	(4,573)	(8,072)
Accounts payable and accrued liabilities	18,183	(4,722)
Net cash used in operating activities	(8,903)	(26,486)
Investing Activities:
Purchases of marketable securities	(28,272)	(46,886)
Maturities of marketable securities		1,510
Sales of marketable securities	56,873	94,910
Purchases of property and equipment	(3,865)	(830)
Net cash provided by investing activities	24,736	48,704
Financing Activities:
Advances (payments) on mortgage repurchase facility, net	3,400	(17,067)
Advances on revolving credit facility
Dividend payments	(36,763)	(36,646)
Proceeds from exercise of stock options		665
Net cash used in financing activities	(33,363)	(53,048)
Net decrease in cash and cash equivalents	(17,530)	(30,830)
Cash and cash equivalents:
Beginning of period	180,988	153,825
End of period	$ 163,458	$ 122,995

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	2. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers 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 do not plan to early adopt the guidance and we are currently evaluating the 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, and is to be applied using a modified retrospective transition method. Earlier adoption is permitted. We do not plan to early adopt the guidance and we are currently evaluating the impact the update will have on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, S tatement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) , Statement of Cash Flows in practice in how certain transactions are classified in the statement of cash flows . ASU 2016-15 is effective for our interim and annual reporting periods beginning January 1, 2018, and is to be applied using a retrospective transition method. Earlier adoption is permitted. We do not plan to early adopt the guidance and do not believe the guidance will have a material impact on our financial statements upon adoption.

Note 3 - Segment Reporting

Note 3 - Segment Reporting	9 Months Ended
	Sep. 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, treasury, information technology, insurance, 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding West $ 284,589 $ 229,743 $ 745,995 $ 624,261 Mountain 192,876 147,166 521,034 428,080 East 100,547 78,737 279,238 242,932 Total home and land sale revenues $ 578,012 $ 455,646 $ 1,546,267 $ 1,295,273 Financial Services Mortgage operations $ 11,294 $ 7,999 $ 28,866 $ 21,752 Other 6,114 4,842 15,382 13,100 Total financial services revenues $ 17,408 $ 12,841 $ 44,248 $ 34,852 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding West $ 18,392 $ 16,708 $ 43,830 $ 40,808 Mountain 18,856 12,849 49,688 35,239 East (2,267 ) (691 ) 3,600 (1,093 ) Corporate (7,306 ) (13,470 ) (29,381 ) (27,995 ) Total homebuilding pretax income $ 27,675 $ 15,396 $ 67,737 $ 46,959 Financial Services Mortgage operations $ 6,723 $ 5,354 $ 16,491 $ 12,243 Other 3,654 2,908 8,555 9,664 Total financial services pretax income $ 10,377 $ 8,262 $ 25,046 $ 21,907 Total pretax income $ 38,052 $ 23,658 $ 92,783 $ 68,866 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. September 30, December 31, 2016 2015 (Dollars in thousands) Homebuilding assets West $ 1,083,419 $ 991,393 Mountain 588,976 536,831 East 285,528 324,457 Corporate 332,483 393,712 Total homebuilding assets $ 2,290,406 $ 2,246,393 Financial services assets Mortgage operations $ 129,545 $ 123,176 Other 54,319 46,330 Total financial services assets $ 183,864 $ 169,506 Total assets $ 2,474,270 $ 2,415,899

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	4 . Earnings Per Share 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands, except per share amounts) Numerator Net income $ 26,359 $ 14,778 $ 62,835 $ 43,196 Less: distributed earnings allocated to participating securities (45 ) (25 ) (124 ) (73 ) Less: undistributed earnings allocated to participating securities (49 ) (6 ) (83 ) (15 ) Net income attributable to common stockholders (numerator for basic earnings per share) 26,265 14,747 62,628 43,108 Add back: undistributed earnings allocated to participating securities 49 6 83 15 Less: undistributed earnings reallocated to participating securities (49 ) (6 ) (83 ) (15 ) Numerator for diluted earnings per share under two class method $ 26,265 $ 14,747 $ 62,628 $ 43,108 Denominator Weighted-average common shares outstanding 48,854,412 48,785,973 48,844,613 48,756,265 Add: dilutive effect of stock options 155,537 284,318 10,401 226,710 Denominator for diluted earnings per share under two class method 49,009,949 49,070,291 48,855,014 48,982,975 Basic Earnings Per Common Share $ 0.54 $ 0.30 $ 1.28 $ 0.88 Diluted Earnings Per Common Share $ 0.54 $ 0.30 $ 1.28 $ 0.88 Diluted EPS for the three and nine months ended September 30, 2016 excluded options to purchase approximately 5.3 million and 6.4 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 3.4 million and 3.9 million shares, respectively.

Note 5 - Accumulated Other Comp

Note 5 - Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities (1) Beginning balance $ 5,344 $ 1,589 $ 3,657 $ 2,775 Other comprehensive income (loss) before reclassifications 1,156 (2,853 ) 2,559 (3,753 ) Amounts reclassified from AOCI (2) (201 ) 1,714 83 1,428 Ending balance $ 6,299 $ 450 $ 6,299 $ 450 Unrealized gains on available-for-sale metropolitan district bond securities (1) Beginning balance $ 13,214 $ 9,814 $ 12,058 $ 7,680 Other comprehensive income before reclassifications 73 913 1,229 3,047 Ending balance $ 13,287 $ 10,727 $ 13,287 $ 10,727 Total ending AOCI $ 19,586 $ 11,177 $ 19,586 $ 11,177 (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 Nine Months Ended September 30, September 30, Affected Line Item in the Statements of Operations 2016 2015 2016 2015 (Dollars in thousands) Homebuilding: Interest and other income $ 555 $ (620 ) $ 817 $ (495 ) Homebuilding: Other-than-temporary impairment of marketable securities (215 ) (2,176 ) (934 ) (2,176 ) Financial services: Interest and other income 94 31 94 368 Financial services: Other than temporary impairment of marketable securities (111 ) - (111 ) - Income before income taxes 323 (2,765 ) (134 ) (2,303 ) Provision for income taxes (122 ) 1,051 51 875 Net income $ 201 $ (1,714 ) $ (83 ) $ (1,428 )

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 . Fair Value Measurements 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 September 30, December 31, Financial Instrument Hierarchy 2016 2015 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 79,221 $ 103,694 Mortgage loans held-for-sale, net Level 2 $ 117,989 $ 115,670 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 29,132 $ 25,911 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of September 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 to the other-than-temporary impairment of marketable securities line in the homebuilding section of our consolidated statements of operations and comprehensive income. During the three months and nine months ended September 30, 2016, we recorded pretax OTTIs of $0.3 million and $1.0 million, respectively, for certain of our equity securities that were in an unrealized loss position as of the end of each respective period, compared to $2.2 million for both the three and nine months ended September 30, 2015. The following tables set forth the cost and fair value of our marketable equity securities: September 30, 2016 Amortized OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding equity securities $ 48,225 $ (958 ) $ 47,267 $ 57,116 Financial services equity securities 21,905 (112 ) 21,793 22,105 Total marketable equity securities $ 70,130 $ (1,070 ) $ 69,060 $ 79,221 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 September 30, 2016 and December 31, 2015, our marketable equity securities were in net unrealized gain positions totaling $10.2 million and $5.9 million, respectively. Our individual marketable equity securities that were in unrealized loss positions, excluding those that were impaired as part of any OTTI, aggregated to an unrealized loss of $0.5 million and $0.9 million as of September 30, 2016 and December 31, 2015, 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 September 30, 2016 is other-than-temporary. September 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 $ (450 ) $ 2,548 4 $ (882 ) $ 6,116 The table below sets forth gross realized gains and losses from the sale of available-for-sale marketable securities. We record the net amount of these gains and losses to either other expense or interest and other income, dependent upon whether there is a net realized loss or gain, respectively, in the homebuilding section or financial services section of our consolidated statements of operations and comprehensive income. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 740 $ 980 $ 2,210 $ 1,855 Debt securities - 42 - 413 Total $ 740 $ 1,022 $ 2,210 $ 2,268 Gross realized losses on sales of available-for-sale securities Equity securities $ (91 ) $ (1,604 ) $ (1,299 ) $ (2,161 ) Debt securities - (6 ) - (233 ) Total $ (91 ) $ (1,610 ) $ (1,299 ) $ (2,394 ) Net realized gain (loss) on sales of available-for-sale securities $ 649 $ (588 ) $ 911 $ (126 ) 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 nine months ended September 30, 2016, we recorded net gains on the sales of mortgage loans of $10.0 million and $22.5 million, respectively, compared to $3.4 million and $12.2 million for the same periods in the prior year, respectively. Metropolitan district bond securities (related party). 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 127 102 Increase Decrease Average sales price $400,000 to $1.3 million $527,000 Increase Decrease Discount rate 5% to 12% 9.0% Decrease Increase The table set forth below summarizes the activity for our Metro Bonds: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 28,604 $ 22,259 $ 25,911 $ 18,203 Increase in fair value (recorded in other comprehensive income) 117 1,472 1,982 4,815 Change due to accretion of principal 411 343 1,239 1,056 Cash receipts - - - - Balance at end of period $ 29,132 $ 24,074 $ 29,132 $ 24,074 Mortgage Repurchase Facility. The debt associated with our mortgage repurchase facility (see Note 18 for further discussion) is at floating rates that approximate current market rates and have relatively short-term maturities, generally within 30 days. The fair value approximates carrying value and is based on Level 2 inputs. Senior Notes September 30, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,689 $ 268,688 $ 246,032 $ 257,813 5½% Senior Notes due January 2024 248,345 263,883 248,209 252,188 6% Senior Notes due January 2043 346,325 315,887 346,283 276,938 Total $ 841,359 $ 848,458 $ 840,524 $ 786,939

Note 7 - Inventories

Note 7 - Inventories	9 Months Ended
	Sep. 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: September 30, December 31, 2016 2015 (Dollars in thousands) Housing completed or under construction: West $ 534,423 $ 365,867 Mountain 306,681 253,578 East 135,268 127,591 Total housing completed or under construction 976,372 747,036 Land and land under development: West 487,001 580,682 Mountain 252,838 259,484 East 130,894 176,760 Total land and land under development 870,733 1,016,926 Total inventories $ 1,847,105 $ 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 nine months ended September 30, 2016 and 2015 are shown in the table below. In addition to the impairments shown below, using Level 2 inputs, we recorded $1.1 million of impairments on our land held for sale during the three and nine months ended September 30, 2015. No such impairments were recorded during the same periods in 2016. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) West $ - $ - $ 1,400 $ - Mountain - 250 - 250 East 4,700 2,975 4,900 3,325 Total inventory impairments $ 4,700 $ 3,225 $ 6,300 $ 3,575 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 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% September 30, 2016 25 $ 4,700 $ 12,295 2 15% to 18% March 31, 2015 22 $ 350 $ 3,701 1 8.7% June 30, 2015 22 $ - $ - - N/A September 30, 2015 18 $ 3,225 $ 14,836 5 12% to 15%

Note 8 - Capitalization of Inte

Note 8 - Capitalization of Interest	9 Months Ended
	Sep. 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 (“ASC 835”). Homebuilding interest capitalized as a cost of inventories is included in cost of sales during the period that related units or lots are delivered. To the extent our homebuilding debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred. For all periods presented, our qualified assets exceeded our homebuilding debt and as such, all interest incurred has been capitalized. Qualified homebuilding assets consist of all lots and homes, excluding finished unsold homes or finished models, within projects that are actively selling or under development. The table set forth below summarizes homebuilding interest activity. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding interest incurred $ 13,187 $ 13,265 $ 39,511 $ 39,821 Less: Interest capitalized (13,187 ) (13,265 ) (39,511 ) (39,821 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 77,150 $ 78,857 $ 77,541 $ 79,231 Plus: Interest capitalized during period 13,187 13,265 39,511 39,821 Less: Previously capitalized interest included in home and land cost of sales (15,922 ) (12,878 ) (42,637 ) (39,808 ) Interest capitalized, end of period $ 74,415 $ 79,244 $ 74,415 $ 79,244

Note 9 - Homebuilding Prepaid a

Note 9 - Homebuilding Prepaid and Other Assets	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Other Assets Disclosure [Text Block]	9 . Homebuilding Prepaid and Other Assets The following table sets forth the components of homebuilding prepaid and other assets: September 30, December 31, 2016 2015 (Dollars in thousands) Land option deposits $ 7,360 $ 11,997 Deferred marketing costs 35,335 31,152 Prepaid expenses 7,539 6,500 Goodwill 6,008 6,008 Deferred debt issuance costs, net 4,721 5,570 Other 5,232 4,167 Total $ 66,195 $ 65,394

Note 10 - Homebuilding Accrued

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 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: September 30, December 31, 2016 2015 (Dollars in thousands) Customer and escrow deposits $ 30,875 $ 20,717 Warranty accrual 18,709 15,328 Accrued compensation and related expenses 24,723 25,492 Accrued interest 11,031 23,234 Land development and home construction accruals 7,705 11,465 Other accrued liabilities 29,184 26,650 Total accrued liabilities $ 122,227 $ 122,886 The following table sets forth information relating to financial services accounts payable and accrued liabilities: September 30, December 31, 2016 2015 (Dollars in thousands) Insurance reserves $ 48,153 $ 45,811 Accounts payable and other accrued liabilities 8,781 6,303 Total accounts payable and accrued liabilities $ 56,934 $ 52,114

Note 11 - Warranty Accrual

Note 11 - Warranty Accrual	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015. For the three and nine months ended September 30, 2016 we recorded adjustments of $1.8 million and $5.1 million, respectively, to increase our warranty accrual primarily due to higher than expected recent warranty related expenditures. For the nine months ended September 30, 2015, we reduced our warranty reserve by $0.2 million, while for the three months ended September 30, 2015 there was no adjustment. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 17,217 $ 17,253 $ 15,328 $ 18,346 Expense provisions 2,390 1,536 6,147 3,980 Cash payments (2,723 ) (2,708 ) (7,828 ) (6,032 ) Adjustments 1,825 - 5,062 (213 ) Balance at end of period $ 18,709 $ 16,081 $ 18,709 $ 16,081

Note 12 - Insurance Reserves

Note 12 - Insurance Reserves	9 Months Ended
	Sep. 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 nine months ended September 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 46,900 $ 47,389 $ 45,811 $ 50,470 Expense provisions 1,888 1,652 5,222 4,501 Cash payments, net of recoveries (635 ) (2,356 ) (2,880 ) (6,786 ) Adjustments - - - (1,500 ) Balance at end of period $ 48,153 $ 46,685 $ 48,153 $ 46,685 The adjustment to decrease our insurance reserve during the nine months ended September 30, 2015 primarily resulted from a decrease in insurance claim payment severity and frequency relative to prior period estimates. In the ordinary course of business, we make payments from our insurance reserves to settle litigation claims arising primarily from our homebuilding activities. These payments are irregular in both their timing and their magnitude. As a result, the cash payments, net of recoveries shown for the three and nine months ended September 30, 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	9 Months Ended
	Sep. 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 30.7% and 32.3% for the three and nine months ended September 30, 2016, respectively, compared to 37.5% and 37.3% for the three and nine months ended September 30, 2015, respectively. The rates for the three and nine months ended September 30, 2016 resulted in income tax expense of $11.7 million and $29.9 million, respectively, compared to income tax expense of $8.9 million and $25.7 million for the three and nine months ended September 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 September 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 September 30, 2016 and December 31, 2015 we had deferred tax assets, net of valuation allowances and deferred tax liabilities, of $85.1 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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	1 4 . Senior Notes The carrying value of our senior notes as of September 30, 2016 and December 31, 2015, net of any unamortized debt issuance costs or discount, were as follows: September 30, December 31, 2016 2015 (Dollars in thousands) 5⅝% Senior notes due February 2020, net $ 246,689 $ 246,032 5½% Senior notes due January 2024 248,345 248,209 6% Senior notes due January 2043 346,325 346,283 Total senior notes $ 841,359 $ 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Stock option grant expense $ 328 $ 3,544 $ 5,621 $ 5,043 Restricted stock awards expense 145 454 1,015 1,546 Total stock based compensation $ 473 $ 3,998 $ 6,636 $ 6,589 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 recorded on a straight-line basis through the end of the 2016 second quarter. Included in the stock based compensation expense for the three and nine months ended September 30, 2016, shown in the table above, was $0 and $5.0 million, respectively, of stock option grant expense related to these market-based option grants. For the three and nine months ended September 30, 2015, $2.5 million and $3.7 million, respectively, of stock option grant expense was related to these market-based option grants. On July 25, 2016, the Company granted long term performance stock unit awards (“PSUs”) to each of the Chief Executive Officer, the Chief Operating Officer, and the Chief Financial Officer under the Company’s 2011 Equity Incentive Plan. The PSUs will be earned based upon the Company’s performance, over a three year period commencing July 1, 2016 and ending June 30, 2019 (the “Performance Period”), measured by increasing home sale revenues over the Base Period. The “Base Period” for the awards is July 1, 2015 to June 30, 2016. The awards are conditioned upon the Company achieving an average gross margin from home sales percentage (excluding impairments) of at least fifteen percent (15%) over the Performance Period. Target goals of 100,000 shares for each of the Chief Executive Officer and the Chief Operating Officer and 25,000 shares for the Chief Financial Officer (the “Target Goals”) will be earned if the Company’s three year average home sale revenues over the Performance Period (“Performance Revenues”) exceed the home sale revenues over the Base Period (“Base Revenues”) by at least 10% but less than 20%. If Performance Revenues exceed the Base Revenues by at least 5% but less than 10%, 50% of the Target Goals will be earned. If Performance Revenues exceed the Base Revenues by at least 20%, 200% of the Target Goals will be earned. In accordance with ASC 718, the PSUs are valued at the fair value on the date of grant. The grant date fair value of these awards was $24.08 per share and the maximum potential expense that would be recognized by the Company if the maximum of the performance targets were met would be approximately $10.8 million. ASC 718 prohibits recognition of expense associated with performance based stock awards until achievement of the performance targets are probable of occurring. As of September 30, 2016, the Company concluded that achievement of the performance targets had not met the level of probability required to record compensation expense at that time and, as such, no compensation expense was recognized related to the grant of these awards during the 2016 third quarter.

Note 16 - Commitments and Conti

Note 16 - Commitments and Contingencies	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 160 $ 1,058 $ 201 $ 810 Expense provisions 6 39 6 764 Cash payments - (325 ) - (325 ) Adjustments - (568 ) (41 ) (1,045 ) Balance at end of period $ 166 $ 204 $ 166 $ 204 Legal Reserves. Lot Option Contracts

Note 17 - Derivative Financial

Note 17 - Derivative Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2016, we had interest rate lock commitments with an aggregate principal balance of $105.8 million. Additionally, we had $26.8 million of mortgage loans held-for-sale at September 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 $88.5 million at September 30, 2016. For the three and nine months ended September 30, 2016, we recorded net gains on our derivatives of $0.1 million and $1.1 million, respectively, compared to $0.9 and $1.5 million for the same periods in 2015.

Note 18 - Lines of Credit

Note 18 - Lines of Credit	9 Months Ended
	Sep. 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 September 30, 2016. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At September 30, 2016 and December 31, 2015, there were $26.2 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 September 30, 2016 and December 31, 2015, we had $15.0 million in outstanding borrowings under the Revolving Credit Facility. As of September 30, 2016, availability under the Revolving Credit Facility was approximately $508.8 million. Mortgage Repurchase Facility. entered into an Amended and Restated Master Repurchase Agreement (the “Mortgage Repurchase Facility”) with U.S. Bank National Association (“USBNA”), effective September 16, 2016 . The Mortgage Repurchase Facility amends and restates the prior Master Repurchase Agreement with USBNA dated as of November 12, 2008, as amended, which contained similar terms. The Mortgage Repurchase Facility increases the facility amount from $50 million to $75 million, extends the expiration date to September 15, 2017, adjusts the facility’s sublimits, expands the types of eligible loans, and reduces the facility fee. The Mortgage Repurchase Facility provides liquidity to HomeAmerican by providing for the sale of eligible mortgage loans to USBNA with an agreement by HomeAmerican to repurchase the mortgage loans at a future date. Until such mortgage loans are transferred back to HomeAmerican, the documents relating to such loans are held by USBNA, as custodian, pursuant to the Custody Agreement (“Custody Agreement”), dated as of November 12, 2008, by and between HomeAmerican and USBNA. In the event that an eligible mortgage loan becomes ineligible, as defined under the Mortgage Repurchase Facility, HomeAmerican may be required to repurchase the ineligible mortgage loan immediately. The maximum aggregate commitment of the Mortgage Repurchase Facility was temporarily increased on September 27, 2016 from $75 million to $110 million and was effective through October 26, 2016. The Mortgage Repurchase Facility also had a temporary increase in the maximum aggregate commitment from $50 million to $90 million from December 23, 2015 through January 31, 2016. At September 30, 2016 and December 31, 2015, there were $92.0 million and $88.6 million, respectively, of mortgage loans that HomeAmerican was obligated to repurchase under the Mortgage Repurchase Facility. Mortgage loans that HomeAmerican is obligated to repurchase under the Mortgage Repurchase Facility are accounted for as a debt financing arrangement and are reported as mortgage repurchase facility in the consolidated balance sheets. Advances under the Mortgage Repurchase Facility carry a price range that is LIBOR-based. The Mortgage Repurchase Facility contains various representations, warranties and affirmative and negative covenants that we believe are customary for agreements of this type. The negative covenants include, among others, (i) a minimum Adjusted Tangible Net Worth requirement, (ii) a maximum Adjusted Tangible Net Worth ratio, (iii) a minimum adjusted net income requirement, and (iv) a minimum Liquidity requirement. The foregoing capitalized terms are defined in the Mortgage Repurchase Facility. We believe HomeAmerican was in compliance with the representations, warranties and covenants included in the Mortgage Repurchase Facility as of September 30, 2016.

Note 19 - Supplemental Guaranto

Note 19 - Supplemental Guarantor Information	9 Months Ended
	Sep. 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 September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 124,730 $ 4,548 $ - $ - $ 129,278 Marketable securities 57,116 - - - 57,116 Restricted cash - 4,621 - - 4,621 Trade and other receivables 6,517 38,979 - (2,414 ) 43,082 Inventories: Housing completed or under construction - 976,372 - - 976,372 Land and land under development - 870,733 - - 870,733 Total inventories - 1,847,105 - - 1,847,105 Intercompany receivables 1,609,686 2,803 5,467 (1,617,956 ) - Investment in subsidiaries 258,979 - - (258,979 ) - Property and equipment, net 26,121 2,628 - - 28,749 Deferred tax asset, net 83,839 - - 1,289 85,128 Metropolitan district bond securities (related party) 29,132 - - - 29,132 Prepaid and other assets 6,153 60,042 - - 66,195 Total homebuilding assets 2,202,273 1,960,726 5,467 (1,878,060 ) 2,290,406 Financial Services: Cash and cash equivalents - - 34,180 - 34,180 Marketable securities - - 22,105 - 22,105 Intercompany receivables - - 39,479 (39,479 ) - Mortgage loans held-for-sale, net - - 117,989 - 117,989 Other assets - - 10,879 (1,289 ) 9,590 Total financial services assets - - 224,632 (40,768 ) 183,864 Total Assets $ 2,202,273 $ 1,960,726 $ 230,099 $ (1,918,828 ) $ 2,474,270 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 54,117 $ - $ - $ 54,117 Accrued liabilities 5,543 113,535 145 3,004 122,227 Advances and notes payable to parent and subsidiaries 47,749 1,579,856 26,267 (1,653,872 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 841,359 - - - 841,359 Total homebuilding liabilities 909,651 1,747,508 26,412 (1,650,868 ) 1,032,703 Financial Services: Accounts payable and other liabilities - - 62,352 (5,418 ) 56,934 Advances and notes payable to parent and subsidiaries - - 3,563 (3,563 ) - Mortgage repurchase facility - - 92,011 - 92,011 Total financial services liabilities - - 157,926 (8,981 ) 148,945 Total Liabilities 909,651 1,747,508 184,338 (1,659,849 ) 1,181,648 Equity: Total Stockholders' Equity 1,292,622 213,218 45,761 (258,979 ) 1,292,622 Total Liabilities and Stockholders' Equity $ 2,202,273 $ 1,960,726 $ 230,099 $ (1,918,828 ) $ 2,474,270 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 September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 578,012 $ - $ - $ 578,012 Home and land cost of sales - (483,829 ) - - (483,829 ) Inventory impairments - (4,700 ) - - (4,700 ) Total cost of sales - (488,529 ) - - (488,529 ) Gross margin - 89,483 - - 89,483 Selling, general, and administrative expenses (8,268 ) (53,452 ) - (184 ) (61,904 ) Equity income of subsidiaries 30,711 - - (30,711 ) - Interest and other income 1,478 500 1 (110 ) 1,869 Other expense 1 (1,559 ) - - (1,558 ) Other-than-temporary impairment of marketable securities (215 ) - - - (215 ) Homebuilding pretax income (loss) 23,707 34,972 1 (31,005 ) 27,675 Financial Services: Financial services pretax income - - 10,083 294 10,377 Income before income taxes 23,707 34,972 10,084 (30,711 ) 38,052 (Provision) benefit for income taxes 2,652 (10,616 ) (3,729 ) - (11,693 ) Net income $ 26,359 $ 24,356 $ 6,355 $ (30,711 ) $ 26,359 Other comprehensive income related to available for sale securities, net of tax 1,028 - 310 (310 ) 1,028 Comprehensive income $ 27,387 $ 24,356 $ 6,665 $ (31,021 ) $ 27,387 Three Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 455,646 $ - $ - $ 455,646 Home and land cost of sales - (376,667 ) (100 ) - (376,767 ) Inventory impairments - (4,351 ) - - (4,351 ) Total cost of sales - (381,018 ) (100 ) - (381,118 ) Gross margin - 74,628 (100 ) - 74,528 Selling, general, and administrative expenses (11,651 ) (45,620 ) - (173 ) (57,444 ) Equity income of subsidiaries 23,070 - - (23,070 ) - Interest and other income 539 298 2 (1 ) 838 Interest expense 155 - - (155 ) - Other expense (2 ) (348 ) - - (350 ) Other-than-temporary impairment of marketable securities (2,176 ) - - - (2,176 ) Homebuilding pretax income (loss) 9,935 28,958 (98 ) (23,399 ) 15,396 Financial Services: Financial services pretax income - - 7,933 329 8,262 Income before income taxes 9,935 28,958 7,835 (23,070 ) 23,658 (Provision) benefit for income taxes 4,843 (10,874 ) (2,849 ) - (8,880 ) Net income $ 14,778 $ 18,084 $ 4,986 $ (23,070 ) $ 14,778 Other comprehensive income related to available for sale securities, net of tax (226 ) - 1,198 (1,198 ) (226 ) Comprehensive income $ 14,552 $ 18,084 $ 6,184 $ (24,268 ) $ 14,552 Supplementa l Condensed Combining Statement of Operations Nine Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,546,267 $ - $ - $ 1,546,267 Home and land cost of sales - (1,291,270 ) (300 ) - (1,291,570 ) Inventory impairments - (6,300 ) - - (6,300 ) Total cost of sales - (1,297,570 ) (300 ) - (1,297,870 ) Gross margin - 248,697 (300 ) - 248,397 Selling, general, and administrative expenses (31,598 ) (150,492 ) - (531 ) (182,621 ) Equity income of subsidiaries 80,990 - - (80,990 ) - Interest and other income 3,970 1,652 4 (268 ) 5,358 Other expense (2 ) (2,461 ) - - (2,463 ) Other-than-temporary impairment of marketable securities (934 ) - - - (934 ) Homebuilding pretax income (loss) 52,426 97,396 (296 ) (81,789 ) 67,737 Financial Services: Financial services pretax income - - 24,247 799 25,046 Income before income taxes 52,426 97,396 23,951 (80,990 ) 92,783 (Provision) benefit for income taxes 10,409 (31,438 ) (8,919 ) - (29,948 ) Net income $ 62,835 $ 65,958 $ 15,032 $ (80,990 ) $ 62,835 Other comprehensive income related to available for sale securities, net of tax 3,871 - 680 (680 ) 3,871 Comprehensive income $ 66,706 $ 65,958 $ 15,712 $ (81,670 ) $ 66,706 Nine Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,295,273 $ - $ - $ 1,295,273 Home and land cost of sales - (1,081,453 ) (100 ) - (1,081,553 ) Inventory impairments - (4,701 ) - - (4,701 ) Total cost of sales - (1,086,154 ) (100 ) - (1,086,254 ) Gross margin - 209,119 (100 ) - 209,019 Selling, general, and administrative expenses (29,211 ) (133,125 ) - (421 ) (162,757 ) Equity income of subsidiaries 60,310 - - (60,310 ) - Interest and other income 3,830 1,573 7 2 5,412 Interest expense 433 - - (433 ) - Other expense (5 ) (2,534 ) - - (2,539 ) Other-than-temporary impairment of marketable securities (2,176 ) - - - (2,176 ) Homebuilding pretax income (loss) 33,181 75,033 (93 ) (61,162 ) 46,959 Financial Services: Financial services pretax income - - 21,055 852 21,907 Income before income taxes 33,181 75,033 20,962 (60,310 ) 68,866 (Provision) benefit for income taxes 10,015 (27,986 ) (7,699 ) - (25,670 ) Net income $ 43,196 $ 47,047 $ 13,263 $ (60,310 ) $ 43,196 Other comprehensive income related to available for sale securities, net of tax 722 - 918 (918 ) 722 Comprehensive income $ 43,918 $ 47,047 $ 14,181 $ (61,228 ) $ 43,918 Supplementa l Condensed Combining Statement of Cash Flows Nine Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (5,918 ) $ (17,581 ) $ 14,596 $ - $ (8,903 ) Net cash provided by (used in) investing activities 26,166 (1,252 ) (9,797 ) 9,619 24,736 Financing activities: Payments from (advances to) subsidiaries - 20,284 (10,665 ) (9,619 ) - Mortgage repurchase facility - - 3,400 - 3,400 Dividend payments (36,763 ) - - - (36,763 ) Net cash provided by (used in) financing activities (36,763 ) 20,284 (7,265 ) (9,619 ) (33,363 ) Net increase in cash and cash equivalents (16,515 ) 1,451 (2,466 ) - (17,530 ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 124,730 $ 4,548 $ 34,180 $ - $ 163,458 Nine Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 19,057 $ (73,657 ) $ 28,114 $ - $ (26,486 ) Net cash provided by (used in) investing activities (21,669 ) (402 ) 3,260 67,515 48,704 Financing activities: Payments from (advances to) subsidiaries - 75,084 (7,569 ) (67,515 ) - Mortgage repurchase facility - - (17,067 ) - (17,067 ) Dividend payments (36,646 ) - - - (36,646 ) Proceeds from the exercise of stock options 665 - - - 665 Net cash provided by (used in) financing activities (35,981 ) 75,084 (24,636 ) (67,515 ) (53,048 ) Net increase in cash and cash equivalents (38,593 ) 1,025 6,738 - (30,830 ) Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 81,358 $ 3,716 $ 37,921 $ - $ 122,995

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding West $ 284,589 $ 229,743 $ 745,995 $ 624,261 Mountain 192,876 147,166 521,034 428,080 East 100,547 78,737 279,238 242,932 Total home and land sale revenues $ 578,012 $ 455,646 $ 1,546,267 $ 1,295,273 Financial Services Mortgage operations $ 11,294 $ 7,999 $ 28,866 $ 21,752 Other 6,114 4,842 15,382 13,100 Total financial services revenues $ 17,408 $ 12,841 $ 44,248 $ 34,852
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding West $ 18,392 $ 16,708 $ 43,830 $ 40,808 Mountain 18,856 12,849 49,688 35,239 East (2,267 ) (691 ) 3,600 (1,093 ) Corporate (7,306 ) (13,470 ) (29,381 ) (27,995 ) Total homebuilding pretax income $ 27,675 $ 15,396 $ 67,737 $ 46,959 Financial Services Mortgage operations $ 6,723 $ 5,354 $ 16,491 $ 12,243 Other 3,654 2,908 8,555 9,664 Total financial services pretax income $ 10,377 $ 8,262 $ 25,046 $ 21,907 Total pretax income $ 38,052 $ 23,658 $ 92,783 $ 68,866
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	September 30, December 31, 2016 2015 (Dollars in thousands) Homebuilding assets West $ 1,083,419 $ 991,393 Mountain 588,976 536,831 East 285,528 324,457 Corporate 332,483 393,712 Total homebuilding assets $ 2,290,406 $ 2,246,393 Financial services assets Mortgage operations $ 129,545 $ 123,176 Other 54,319 46,330 Total financial services assets $ 183,864 $ 169,506 Total assets $ 2,474,270 $ 2,415,899

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands, except per share amounts) Numerator Net income $ 26,359 $ 14,778 $ 62,835 $ 43,196 Less: distributed earnings allocated to participating securities (45 ) (25 ) (124 ) (73 ) Less: undistributed earnings allocated to participating securities (49 ) (6 ) (83 ) (15 ) Net income attributable to common stockholders (numerator for basic earnings per share) 26,265 14,747 62,628 43,108 Add back: undistributed earnings allocated to participating securities 49 6 83 15 Less: undistributed earnings reallocated to participating securities (49 ) (6 ) (83 ) (15 ) Numerator for diluted earnings per share under two class method $ 26,265 $ 14,747 $ 62,628 $ 43,108 Denominator Weighted-average common shares outstanding 48,854,412 48,785,973 48,844,613 48,756,265 Add: dilutive effect of stock options 155,537 284,318 10,401 226,710 Denominator for diluted earnings per share under two class method 49,009,949 49,070,291 48,855,014 48,982,975 Basic Earnings Per Common Share $ 0.54 $ 0.30 $ 1.28 $ 0.88 Diluted Earnings Per Common Share $ 0.54 $ 0.30 $ 1.28 $ 0.88

Note 5 - Accumulated Other Co27

Note 5 - Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities (1) Beginning balance $ 5,344 $ 1,589 $ 3,657 $ 2,775 Other comprehensive income (loss) before reclassifications 1,156 (2,853 ) 2,559 (3,753 ) Amounts reclassified from AOCI (2) (201 ) 1,714 83 1,428 Ending balance $ 6,299 $ 450 $ 6,299 $ 450 Unrealized gains on available-for-sale metropolitan district bond securities (1) Beginning balance $ 13,214 $ 9,814 $ 12,058 $ 7,680 Other comprehensive income before reclassifications 73 913 1,229 3,047 Ending balance $ 13,287 $ 10,727 $ 13,287 $ 10,727 Total ending AOCI $ 19,586 $ 11,177 $ 19,586 $ 11,177
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, Affected Line Item in the Statements of Operations 2016 2015 2016 2015 (Dollars in thousands) Homebuilding: Interest and other income $ 555 $ (620 ) $ 817 $ (495 ) Homebuilding: Other-than-temporary impairment of marketable securities (215 ) (2,176 ) (934 ) (2,176 ) Financial services: Interest and other income 94 31 94 368 Financial services: Other than temporary impairment of marketable securities (111 ) - (111 ) - Income before income taxes 323 (2,765 ) (134 ) (2,303 ) Provision for income taxes (122 ) 1,051 51 875 Net income $ 201 $ (1,714 ) $ (83 ) $ (1,428 )

Note 6 - Fair Value Measureme28

Note 6 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value September 30, December 31, Financial Instrument Hierarchy 2016 2015 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 79,221 $ 103,694 Mortgage loans held-for-sale, net Level 2 $ 117,989 $ 115,670 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 29,132 $ 25,911
Available-for-sale Securities [Table Text Block]	September 30, 2016 Amortized OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding equity securities $ 48,225 $ (958 ) $ 47,267 $ 57,116 Financial services equity securities 21,905 (112 ) 21,793 22,105 Total marketable equity securities $ 70,130 $ (1,070 ) $ 69,060 $ 79,221 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]	September 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 $ (450 ) $ 2,548 4 $ (882 ) $ 6,116
Realized Gain (Loss) on Investments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 740 $ 980 $ 2,210 $ 1,855 Debt securities - 42 - 413 Total $ 740 $ 1,022 $ 2,210 $ 2,268 Gross realized losses on sales of available-for-sale securities Equity securities $ (91 ) $ (1,604 ) $ (1,299 ) $ (2,161 ) Debt securities - (6 ) - (233 ) Total $ (91 ) $ (1,610 ) $ (1,299 ) $ (2,394 ) Net realized gain (loss) on sales of available-for-sale securities $ 649 $ (588 ) $ 911 $ (126 )
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 127 102 Increase Decrease Average sales price $400,000 to $1.3 million $527,000 Increase Decrease Discount rate 5% to 12% 9.0% Decrease Increase
Schedule of Principal Amounts and Fair Values of Debt Instruments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 28,604 $ 22,259 $ 25,911 $ 18,203 Increase in fair value (recorded in other comprehensive income) 117 1,472 1,982 4,815 Change due to accretion of principal 411 343 1,239 1,056 Cash receipts - - - - Balance at end of period $ 29,132 $ 24,074 $ 29,132 $ 24,074
Fair Value of Senior Notes [Table Text Block]	September 30, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 246,689 $ 268,688 $ 246,032 $ 257,813 5½% Senior Notes due January 2024 248,345 263,883 248,209 252,188 6% Senior Notes due January 2043 346,325 315,887 346,283 276,938 Total $ 841,359 $ 848,458 $ 840,524 $ 786,939

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Inventory [Table Text Block]	September 30, December 31, 2016 2015 (Dollars in thousands) Housing completed or under construction: West $ 534,423 $ 365,867 Mountain 306,681 253,578 East 135,268 127,591 Total housing completed or under construction 976,372 747,036 Land and land under development: West 487,001 580,682 Mountain 252,838 259,484 East 130,894 176,760 Total land and land under development 870,733 1,016,926 Total inventories $ 1,847,105 $ 1,763,962
Schedule of Inventory Impairments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) West $ - $ - $ 1,400 $ - Mountain - 250 - 250 East 4,700 2,975 4,900 3,325 Total inventory impairments $ 4,700 $ 3,225 $ 6,300 $ 3,575
Quantitative Data for Fair Value of the Impaired Inventory [Table Text Block]	Impairment Data Quantitative Data Three Months Ended Total Inventory Fair Value of 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% September 30, 2016 25 $ 4,700 $ 12,295 2 15% to 18% March 31, 2015 22 $ 350 $ 3,701 1 8.7% June 30, 2015 22 $ - $ - - N/A September 30, 2015 18 $ 3,225 $ 14,836 5 12% to 15%

Note 8 - Capitalization of In30

Note 8 - Capitalization of Interest (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Capitalization of Interest [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding interest incurred $ 13,187 $ 13,265 $ 39,511 $ 39,821 Less: Interest capitalized (13,187 ) (13,265 ) (39,511 ) (39,821 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 77,150 $ 78,857 $ 77,541 $ 79,231 Plus: Interest capitalized during period 13,187 13,265 39,511 39,821 Less: Previously capitalized interest included in home and land cost of sales (15,922 ) (12,878 ) (42,637 ) (39,808 ) Interest capitalized, end of period $ 74,415 $ 79,244 $ 74,415 $ 79,244

Note 9 - Homebuilding Prepaid31

Note 9 - Homebuilding Prepaid and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Other Assets [Table Text Block]	September 30, December 31, 2016 2015 (Dollars in thousands) Land option deposits $ 7,360 $ 11,997 Deferred marketing costs 35,335 31,152 Prepaid expenses 7,539 6,500 Goodwill 6,008 6,008 Deferred debt issuance costs, net 4,721 5,570 Other 5,232 4,167 Total $ 66,195 $ 65,394

Note 10 - Homebuilding Accrue32

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, 2016 2015 (Dollars in thousands) Customer and escrow deposits $ 30,875 $ 20,717 Warranty accrual 18,709 15,328 Accrued compensation and related expenses 24,723 25,492 Accrued interest 11,031 23,234 Land development and home construction accruals 7,705 11,465 Other accrued liabilities 29,184 26,650 Total accrued liabilities $ 122,227 $ 122,886
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	September 30, December 31, 2016 2015 (Dollars in thousands) Insurance reserves $ 48,153 $ 45,811 Accounts payable and other accrued liabilities 8,781 6,303 Total accounts payable and accrued liabilities $ 56,934 $ 52,114

Note 11 - Warranty Accrual (Tab

Note 11 - Warranty Accrual (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 17,217 $ 17,253 $ 15,328 $ 18,346 Expense provisions 2,390 1,536 6,147 3,980 Cash payments (2,723 ) (2,708 ) (7,828 ) (6,032 ) Adjustments 1,825 - 5,062 (213 ) Balance at end of period $ 18,709 $ 16,081 $ 18,709 $ 16,081

Note 12 - Insurance Reserves (T

Note 12 - Insurance Reserves (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 46,900 $ 47,389 $ 45,811 $ 50,470 Expense provisions 1,888 1,652 5,222 4,501 Cash payments, net of recoveries (635 ) (2,356 ) (2,880 ) (6,786 ) Adjustments - - - (1,500 ) Balance at end of period $ 48,153 $ 46,685 $ 48,153 $ 46,685

Note 14 - Senior Notes (Tables)

Note 14 - Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Debt [Table Text Block]	September 30, December 31, 2016 2015 (Dollars in thousands) 5⅝% Senior notes due February 2020, net $ 246,689 $ 246,032 5½% Senior notes due January 2024 248,345 248,209 6% Senior notes due January 2043 346,325 346,283 Total senior notes $ 841,359 $ 840,524

Note 15 - Stock Based Compens36

Note 15 - Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Share-based Compensation, Activity [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Stock option grant expense $ 328 $ 3,544 $ 5,621 $ 5,043 Restricted stock awards expense 145 454 1,015 1,546 Total stock based compensation $ 473 $ 3,998 $ 6,636 $ 6,589

Note 16 - Commitments and Con37

Note 16 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Mortgage Loan Loss Reserve Activity [TableText Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 160 $ 1,058 $ 201 $ 810 Expense provisions 6 39 6 764 Cash payments - (325 ) - (325 ) Adjustments - (568 ) (41 ) (1,045 ) Balance at end of period $ 166 $ 204 $ 166 $ 204

Note 19 - Supplemental Guaran38

Note 19 - Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Condensed Balance Sheet [Table Text Block]	September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 124,730 $ 4,548 $ - $ - $ 129,278 Marketable securities 57,116 - - - 57,116 Restricted cash - 4,621 - - 4,621 Trade and other receivables 6,517 38,979 - (2,414 ) 43,082 Inventories: Housing completed or under construction - 976,372 - - 976,372 Land and land under development - 870,733 - - 870,733 Total inventories - 1,847,105 - - 1,847,105 Intercompany receivables 1,609,686 2,803 5,467 (1,617,956 ) - Investment in subsidiaries 258,979 - - (258,979 ) - Property and equipment, net 26,121 2,628 - - 28,749 Deferred tax asset, net 83,839 - - 1,289 85,128 Metropolitan district bond securities (related party) 29,132 - - - 29,132 Prepaid and other assets 6,153 60,042 - - 66,195 Total homebuilding assets 2,202,273 1,960,726 5,467 (1,878,060 ) 2,290,406 Financial Services: Cash and cash equivalents - - 34,180 - 34,180 Marketable securities - - 22,105 - 22,105 Intercompany receivables - - 39,479 (39,479 ) - Mortgage loans held-for-sale, net - - 117,989 - 117,989 Other assets - - 10,879 (1,289 ) 9,590 Total financial services assets - - 224,632 (40,768 ) 183,864 Total Assets $ 2,202,273 $ 1,960,726 $ 230,099 $ (1,918,828 ) $ 2,474,270 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 54,117 $ - $ - $ 54,117 Accrued liabilities 5,543 113,535 145 3,004 122,227 Advances and notes payable to parent and subsidiaries 47,749 1,579,856 26,267 (1,653,872 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 841,359 - - - 841,359 Total homebuilding liabilities 909,651 1,747,508 26,412 (1,650,868 ) 1,032,703 Financial Services: Accounts payable and other liabilities - - 62,352 (5,418 ) 56,934 Advances and notes payable to parent and subsidiaries - - 3,563 (3,563 ) - Mortgage repurchase facility - - 92,011 - 92,011 Total financial services liabilities - - 157,926 (8,981 ) 148,945 Total Liabilities 909,651 1,747,508 184,338 (1,659,849 ) 1,181,648 Equity: Total Stockholders' Equity 1,292,622 213,218 45,761 (258,979 ) 1,292,622 Total Liabilities and Stockholders' Equity $ 2,202,273 $ 1,960,726 $ 230,099 $ (1,918,828 ) $ 2,474,270 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 September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 578,012 $ - $ - $ 578,012 Home and land cost of sales - (483,829 ) - - (483,829 ) Inventory impairments - (4,700 ) - - (4,700 ) Total cost of sales - (488,529 ) - - (488,529 ) Gross margin - 89,483 - - 89,483 Selling, general, and administrative expenses (8,268 ) (53,452 ) - (184 ) (61,904 ) Equity income of subsidiaries 30,711 - - (30,711 ) - Interest and other income 1,478 500 1 (110 ) 1,869 Other expense 1 (1,559 ) - - (1,558 ) Other-than-temporary impairment of marketable securities (215 ) - - - (215 ) Homebuilding pretax income (loss) 23,707 34,972 1 (31,005 ) 27,675 Financial Services: Financial services pretax income - - 10,083 294 10,377 Income before income taxes 23,707 34,972 10,084 (30,711 ) 38,052 (Provision) benefit for income taxes 2,652 (10,616 ) (3,729 ) - (11,693 ) Net income $ 26,359 $ 24,356 $ 6,355 $ (30,711 ) $ 26,359 Other comprehensive income related to available for sale securities, net of tax 1,028 - 310 (310 ) 1,028 Comprehensive income $ 27,387 $ 24,356 $ 6,665 $ (31,021 ) $ 27,387 Three Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 455,646 $ - $ - $ 455,646 Home and land cost of sales - (376,667 ) (100 ) - (376,767 ) Inventory impairments - (4,351 ) - - (4,351 ) Total cost of sales - (381,018 ) (100 ) - (381,118 ) Gross margin - 74,628 (100 ) - 74,528 Selling, general, and administrative expenses (11,651 ) (45,620 ) - (173 ) (57,444 ) Equity income of subsidiaries 23,070 - - (23,070 ) - Interest and other income 539 298 2 (1 ) 838 Interest expense 155 - - (155 ) - Other expense (2 ) (348 ) - - (350 ) Other-than-temporary impairment of marketable securities (2,176 ) - - - (2,176 ) Homebuilding pretax income (loss) 9,935 28,958 (98 ) (23,399 ) 15,396 Financial Services: Financial services pretax income - - 7,933 329 8,262 Income before income taxes 9,935 28,958 7,835 (23,070 ) 23,658 (Provision) benefit for income taxes 4,843 (10,874 ) (2,849 ) - (8,880 ) Net income $ 14,778 $ 18,084 $ 4,986 $ (23,070 ) $ 14,778 Other comprehensive income related to available for sale securities, net of tax (226 ) - 1,198 (1,198 ) (226 ) Comprehensive income $ 14,552 $ 18,084 $ 6,184 $ (24,268 ) $ 14,552 Nine Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,546,267 $ - $ - $ 1,546,267 Home and land cost of sales - (1,291,270 ) (300 ) - (1,291,570 ) Inventory impairments - (6,300 ) - - (6,300 ) Total cost of sales - (1,297,570 ) (300 ) - (1,297,870 ) Gross margin - 248,697 (300 ) - 248,397 Selling, general, and administrative expenses (31,598 ) (150,492 ) - (531 ) (182,621 ) Equity income of subsidiaries 80,990 - - (80,990 ) - Interest and other income 3,970 1,652 4 (268 ) 5,358 Other expense (2 ) (2,461 ) - - (2,463 ) Other-than-temporary impairment of marketable securities (934 ) - - - (934 ) Homebuilding pretax income (loss) 52,426 97,396 (296 ) (81,789 ) 67,737 Financial Services: Financial services pretax income - - 24,247 799 25,046 Income before income taxes 52,426 97,396 23,951 (80,990 ) 92,783 (Provision) benefit for income taxes 10,409 (31,438 ) (8,919 ) - (29,948 ) Net income $ 62,835 $ 65,958 $ 15,032 $ (80,990 ) $ 62,835 Other comprehensive income related to available for sale securities, net of tax 3,871 - 680 (680 ) 3,871 Comprehensive income $ 66,706 $ 65,958 $ 15,712 $ (81,670 ) $ 66,706 Nine Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,295,273 $ - $ - $ 1,295,273 Home and land cost of sales - (1,081,453 ) (100 ) - (1,081,553 ) Inventory impairments - (4,701 ) - - (4,701 ) Total cost of sales - (1,086,154 ) (100 ) - (1,086,254 ) Gross margin - 209,119 (100 ) - 209,019 Selling, general, and administrative expenses (29,211 ) (133,125 ) - (421 ) (162,757 ) Equity income of subsidiaries 60,310 - - (60,310 ) - Interest and other income 3,830 1,573 7 2 5,412 Interest expense 433 - - (433 ) - Other expense (5 ) (2,534 ) - - (2,539 ) Other-than-temporary impairment of marketable securities (2,176 ) - - - (2,176 ) Homebuilding pretax income (loss) 33,181 75,033 (93 ) (61,162 ) 46,959 Financial Services: Financial services pretax income - - 21,055 852 21,907 Income before income taxes 33,181 75,033 20,962 (60,310 ) 68,866 (Provision) benefit for income taxes 10,015 (27,986 ) (7,699 ) - (25,670 ) Net income $ 43,196 $ 47,047 $ 13,263 $ (60,310 ) $ 43,196 Other comprehensive income related to available for sale securities, net of tax 722 - 918 (918 ) 722 Comprehensive income $ 43,918 $ 47,047 $ 14,181 $ (61,228 ) $ 43,918
Condensed Cash Flow Statement [Table Text Block]	Nine Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (5,918 ) $ (17,581 ) $ 14,596 $ - $ (8,903 ) Net cash provided by (used in) investing activities 26,166 (1,252 ) (9,797 ) 9,619 24,736 Financing activities: Payments from (advances to) subsidiaries - 20,284 (10,665 ) (9,619 ) - Mortgage repurchase facility - - 3,400 - 3,400 Dividend payments (36,763 ) - - - (36,763 ) Net cash provided by (used in) financing activities (36,763 ) 20,284 (7,265 ) (9,619 ) (33,363 ) Net increase in cash and cash equivalents (16,515 ) 1,451 (2,466 ) - (17,530 ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 124,730 $ 4,548 $ 34,180 $ - $ 163,458 Nine Months Ended September 30, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 19,057 $ (73,657 ) $ 28,114 $ - $ (26,486 ) Net cash provided by (used in) investing activities (21,669 ) (402 ) 3,260 67,515 48,704 Financing activities: Payments from (advances to) subsidiaries - 75,084 (7,569 ) (67,515 ) - Mortgage repurchase facility - - (17,067 ) - (17,067 ) Dividend payments (36,646 ) - - - (36,646 ) Proceeds from the exercise of stock options 665 - - - 665 Net cash provided by (used in) financing activities (35,981 ) 75,084 (24,636 ) (67,515 ) (53,048 ) Net increase in cash and cash equivalents (38,593 ) 1,025 6,738 - (30,830 ) Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 81,358 $ 3,716 $ 37,921 $ - $ 122,995

Note 3 - Segment Reporting (Det

Note 3 - Segment Reporting (Details Textual)	9 Months Ended
	Sep. 30, 2016
Other Segments [Member]
Number of Reportable Segments	1

Note 3 - Segment Reporting - Re

Note 3 - Segment Reporting - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Homebuilding Segment [Member] | Reportable Segment, West [Member]
Home and land sale revenues	$ 284,589	$ 229,743	$ 745,995	$ 624,261
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member]
Home and land sale revenues	192,876	147,166	521,034	428,080
Homebuilding Segment [Member] | Reportable Segment, East [Member]
Home and land sale revenues	100,547	78,737	279,238	242,932
Homebuilding Segment [Member]
Home and land sale revenues	578,012	455,646	1,546,267	1,295,273
Financial Services Segment [Member] | Mortgage Operations [Member]
Financial services revenues	11,294	7,999	28,866	21,752
Financial Services Segment [Member] | Other Financial Services [Member]
Financial services revenues	6,114	4,842	15,382	13,100
Financial Services Segment [Member]
Financial services revenues	$ 17,408	$ 12,841	$ 44,248	$ 34,852

Note 3 - Segment Reporting - 41

Note 3 - Segment Reporting - Reconciliation of Pretax Operating Income from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member]
Income before income taxes	$ 18,392	$ 16,708	$ 43,830	$ 40,808
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member]
Income before income taxes	18,856	12,849	49,688	35,239
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member]
Income before income taxes	(2,267)	(691)	3,600	(1,093)
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Income before income taxes	(7,306)	(13,470)	(29,381)	(27,995)
Homebuilding Segment [Member]
Income before income taxes	27,675	15,396	67,737	46,959
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member]
Income before income taxes	6,723	5,354	16,491	12,243
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member]
Income before income taxes	3,654	2,908	8,555	9,664
Financial Services Segment [Member]
Income before income taxes	10,377	8,262	25,046	21,907
Income before income taxes	$ 38,052	$ 23,658	$ 92,783	$ 68,866

Note 3 - Segment Reporting - To

Note 3 - Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member]
Assets	$ 1,083,419	$ 991,393
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member]
Assets	588,976	536,831
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member]
Assets	285,528	324,457
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Assets	332,483	393,712
Homebuilding Segment [Member]
Assets	2,290,406	2,246,393
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member]
Assets	129,545	123,176
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member]
Assets	54,319	46,330
Financial Services Segment [Member]
Assets	183,864	169,506
Assets	$ 2,474,270	$ 2,415,899

Note 4 - Earnings Per Share (De

Note 4 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5.3	3.4	6.4	3.9

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Employee Stock Option [Member]
Add: dilutive effect of stock options (in shares)	155,537	284,318	10,401	226,710
Net income	$ 26,359	$ 14,778	$ 62,835	$ 43,196
Less: distributed earnings allocated to participating securities	(45)	(25)	(124)	(73)
Less: undistributed earnings allocated to participating securities	(49)	(6)	(83)	(15)
Net income attributable to common stockholders (numerator for basic earnings per share)	26,265	14,747	62,628	43,108
Add back: undistributed earnings allocated to participating securities	49	6	83	15
Less: undistributed earnings reallocated to participating securities	(49)	(6)	(83)	(15)
Numerator for diluted earnings per share under two class method	$ 26,265	$ 14,747	$ 62,628	$ 43,108
Weighted-average common shares outstanding (in shares)	48,854,412	48,785,973	48,844,613	48,756,265
Denominator for diluted earnings per share under two class method (in shares)	49,009,949	49,070,291	48,855,014	48,982,975
Basic Earnings Per Common Share (in dollars per share)	$ 0.54	$ 0.30	$ 1.28	$ 0.88
Diluted Earnings Per Common Share (in dollars per share)	$ 0.54	$ 0.30	$ 1.28	$ 0.88

Note 5 - Accumulated Other Co45

Note 5 - Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Marketable Securities [Member]
Beginning balance	[1]	$ 5,344	$ 1,589	$ 3,657	$ 2,775
Other comprehensive income (loss) before reclassifications	[1]	1,156	(2,853)	2,559	(3,753)
Amounts reclassified from AOCI	[1],[2]	(201)	1,714	83	1,428
Ending balance	[1]	6,299	450	6,299	450
Ending balance	[1]	5,344	1,589	3,657	2,775
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Metropolitan District Bond Securities [Member]
Beginning balance	[1]	13,214	9,814	12,058	7,680
Other comprehensive income (loss) before reclassifications	[1]	73	913	1,229	3,047
Ending balance	[1]	13,287	10,727	13,287	10,727
Ending balance	[1]	13,214	9,814	12,058	7,680
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Ending balance	[1]	19,586	11,177	19,586	11,177
Ending balance	[1]	19,586	$ 11,177	19,586	$ 11,177
Beginning balance				15,715
Ending balance		19,586		19,586
Ending balance		$ 19,586		$ 19,586
[1]	All amounts net-of-tax.
[2]	See separate table below for details about these reclassifications

Note 5 - Accumulated Other Co46

Note 5 - Accumulated Other Comprehensive Income - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification out of Accumulated Other Comprehensive Income [Member] | Homebuilding Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Interest and other income	$ 555	$ (620)	$ 817	$ (495)
Other-than-temporary impairment of marketable securities	(215)	(2,176)	(934)	(2,176)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Financial Services Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Interest and other income	94	31	94	368
Other-than-temporary impairment of marketable securities	(111)		(111)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Income before income taxes	323	(2,765)	(134)	(2,303)
Provision for income taxes	(122)	1,051	51	875
Net income	201	(1,714)	(83)	(1,428)
Homebuilding Segment [Member]
Interest and other income	1,869	838	5,358	5,412
Other-than-temporary impairment of marketable securities	(215)	(2,176)	(934)	(2,176)
Income before income taxes	27,675	15,396	67,737	46,959
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities	(111)		(111)
Income before income taxes	10,377	8,262	25,046	21,907
Other-than-temporary impairment of marketable securities	(300)	(2,200)	(1,045)	(2,176)
Income before income taxes	38,052	23,658	92,783	68,866
Provision for income taxes	(11,693)	(8,880)	(29,948)	(25,670)
Net income	$ 26,359	$ 14,778	$ 62,835	$ 43,196

Note 6 - Fair Value Measureme47

Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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	$ 90,500		$ 90,500			$ 92,600
Fair Value, Inputs, Level 2 [Member] | Not Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	27,400		27,400			23,100
Fair Value, Inputs, Level 2 [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	117,989		117,989			115,670
Financial Services Segment [Member]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	111		111
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	117,989		117,989			115,670
Gain (Loss) on Sale of Mortgage Loans	10,000	3,400	$ 22,500	12,200
Minimum [Member]
Short Term Borrowings Maturity Period			30 days
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	300	$ 2,200	$ 1,045	$ 2,176
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	10,200		10,200			5,900
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 450		$ 450		$ 900	$ 882

Note 6 - Fair Value Measureme48

Note 6 - Fair Value Measurements - Fair Value Methods Used for Measuring Fair Values of Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities (available-for-sale)	$ 79,221		$ 103,694
Fair Value, Inputs, Level 2 [Member]
Mortgage loans held-for-sale, net	117,989		115,670
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member]
Metropolitan district bond securities (related party) (available-for-sale)	29,132		25,911
Metropolitan District Bond Securities [Member]
Metropolitan district bond securities (related party) (available-for-sale)	$ 29,132	$ 28,604	$ 25,911	$ 24,074	$ 22,259	$ 18,203

Note 6 - Fair Value Measureme49

Note 6 - Fair Value Measurements - Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities (Details) - Equity Securities [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Homebuilding Segment [Member]
Amortized Cost	$ 48,225	$ 89,738
OTTI	(958)	(3,969)
Net Amortized Cost	47,267	85,769
Fair Value	57,116	92,387
Financial Services Segment [Member]
Amortized Cost	21,905	12,026
OTTI	(112)
Net Amortized Cost	21,793	12,026
Fair Value	22,105	11,307
Amortized Cost	70,130	101,764
OTTI	(1,070)	(3,969)
Net Amortized Cost	69,060	97,795
Fair Value	$ 79,221	$ 103,694

Note 6 - Fair Value Measureme50

Note 6 - Fair Value Measurements - Aggregate Fair Value of Securities in Unrealized Loss Positions (Details) $ in Thousands	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Marketable equity securities		2	4
Marketable equity securities	$ (900)	$ (450)	$ (882)
Marketable equity securities		$ 2,548	$ 6,116

Note 6 - Fair Value Measureme51

Note 6 - Fair Value Measurements - Gross Realized Gains and Gross Realized Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity Securities [Member]
Gross realized gains on sales of available-for-sale securities	$ 740	$ 980	$ 2,210	$ 1,855
Gross realized losses on sales of available-for-sale securities	(91)	(1,604)	(1,299)	(2,161)
Debt Securities [Member]
Gross realized gains on sales of available-for-sale securities		42		413
Gross realized losses on sales of available-for-sale securities		(6)		(233)
Gross realized gains on sales of available-for-sale securities	740	1,022	2,210	2,268
Gross realized losses on sales of available-for-sale securities	(91)	(1,610)	(1,299)	(2,394)
Net realized gain (loss) on sales of available-for-sale securities	$ 649	$ (588)	$ 911	$ (126)

Note 6 - Fair Value Measureme52

Note 6 - Fair Value Measurements - Quantitative Data Regarding Unobservable Inputs and Sensitivity Analysis (Details)	3 Months Ended				9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2016
Minimum [Member]
Number of homes closed per year					0
Average sales price					400,000
Discount rate	15.00%	12.00%	12.00%		5.00%
Maximum [Member]
Number of homes closed per year					127
Average sales price					1.3
Discount rate	18.00%	15.00%	15.00%		12.00%
Weighted Average [Member]
Number of homes closed per year					102
Average sales price					527,000
Discount rate					9.00%
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 - Fair Value Measureme53

Note 6 - Fair Value Measurements - Summary of Activity for Metro Bonds (Details) - Metropolitan District Bond Securities [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Balance at beginning of period	$ 28,604	$ 22,259	$ 25,911	$ 18,203
Increase in fair value (recorded in other comprehensive income)	117	1,472	1,982	4,815
Change due to accretion of principal	411	343	1,239	1,056
Cash receipts
Balance at end of period	$ 29,132	$ 24,074	$ 29,132	$ 24,074

Note 6 - Fair Value Measureme54

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Senior Notes 5.625 Due 2020 [Member]
Carrying Amount	$ 246,689	$ 246,032
Fair Value	268,688	257,813
Senior Notes 5.5 Due 2024 [Member]
Carrying Amount	248,345	248,209
Fair Value	263,883	252,188
Senior Notes 6.00 Due January 2043 [Member]
Carrying Amount	346,325	346,283
Fair Value	315,887	276,938
Carrying Amount	841,359	840,524
Fair Value	$ 848,458	$ 786,939

Note 6 - Fair Value Measureme55

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) (Parentheticals)	Sep. 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 - Inventories (Details T

Note 7 - Inventories (Details Textual) - USD ($)	3 Months Ended					9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Inputs, Level 2 [Member] | Land Held for Sale [Member]
Inventory Write-down	$ 0		$ 1,100,000			$ 0	$ 1,100,000
Inventory Write-down	$ 4,700,000	$ 1,600,000	$ 3,225,000		$ 350,000

Note 7 - Inventories - Summary

Note 7 - Inventories - Summary of Inventory (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Reportable Segment, West [Member]
Housing completed or under construction:
Housing Completed or Under Construction	$ 534,423	$ 365,867
Land and land under development:
Land and Land Under Development	487,001	580,682
Reportable Segment, Mountain [Member]
Housing completed or under construction:
Housing Completed or Under Construction	306,681	253,578
Land and land under development:
Land and Land Under Development	252,838	259,484
Reportable Segment, East [Member]
Housing completed or under construction:
Housing Completed or Under Construction	135,268	127,591
Land and land under development:
Land and Land Under Development	130,894	176,760
Housing Completed or Under Construction	976,372	747,036
Land and Land Under Development	870,733	1,016,926
Land and Land Under Development	$ 1,847,105	$ 1,763,962

Note 7 - Inventories - Inventor

Note 7 - Inventories - Inventory Impairments (Details) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Homebuilding Segment [Member] | Reportable Segment, West [Member]
Impairment Data; Inventory Impairments						$ 1,400
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member]
Impairment Data; Inventory Impairments			250				250
Homebuilding Segment [Member] | Reportable Segment, East [Member]
Impairment Data; Inventory Impairments	4,700		2,975			4,900	3,325
Homebuilding Segment [Member]
Impairment Data; Inventory Impairments	4,700		3,225			$ 6,300	$ 3,575
Impairment Data; Inventory Impairments	$ 4,700	$ 1,600	$ 3,225		$ 350

Note 7 - Inventories - Fair Val

Note 7 - Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2016
Minimum [Member]
Quantitative Data; Discount Rate	15.00%	12.00%		12.00%			5.00%
Maximum [Member]
Quantitative Data; Discount Rate	18.00%	15.00%		15.00%			12.00%
Impairment Data; Total Subdivisions Tested	25	17	14	18	22	22
Impairment Data; Inventory Impairments	$ 4,700	$ 1,600		$ 3,225		$ 350
Impairment Data; Fair Value of Inventory After Impairments	$ 12,295	$ 6,415		$ 14,836		$ 3,701
Impairment Data; Number of Subdivisions Impaired	2	2		5		1
Quantitative Data; Discount Rate						8.70%

Note 8 - Capitalization of In60

Note 8 - Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Homebuilding interest incurred	$ 13,187	$ 13,265	$ 39,511	$ 39,821
Less: Interest capitalized	(13,187)	(13,265)	(39,511)	(39,821)
Homebuilding interest expensed
Interest capitalized, beginning of period	77,150	78,857	77,541	79,231
Plus: Interest capitalized during period	13,187	13,265	39,511	39,821
Less: Previously capitalized interest included in home and land cost of sales	(15,922)	(12,878)	(42,637)	(39,808)
Interest capitalized, end of period	$ 74,415	$ 79,244	$ 74,415	$ 79,244

Note 9 - Homebuilding Prepaid E

Note 9 - Homebuilding Prepaid Expenses and Other Assets - Summary of Homebuilding Prepaid Expenses and Other Assets (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Land option deposits	$ 7,360	$ 11,997
Deferred marketing costs	35,335	31,152
Prepaid expenses	7,539	6,500
Goodwill	6,008	6,008
Deferred debt issuance costs, net	4,721	5,570
Other	5,232	4,167
Total	$ 66,195	$ 65,394

Note 10 - Homebuilding Accrue62

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Homebuilding Segment [Member] | Land Development and Home Construction Accruals [Member]
Land development and home construction accruals	$ 7,705		$ 11,465
Homebuilding Segment [Member]
Customer and escrow deposits	30,875		20,717
Warranty accrual	18,709		15,328
Accrued compensation and related expenses	24,723		25,492
Accrued interest	11,031		23,234
Land development and home construction accruals	122,227		122,886
Other accrued liabilities	29,184		26,650
Warranty accrual	$ 18,709	$ 17,217	$ 15,328	$ 16,081	$ 17,253	$ 18,346

Note 10 - Homebuilding Accrue63

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Financial Services Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Financial Services Segment [Member]
Insurance reserves	$ 48,153		$ 45,811
Accounts payable and other accrued liabilities	8,781		6,303
Total accounts payable and accrued liabilities	56,934		52,114
Insurance reserves	$ 48,153	$ 46,900	$ 45,811	$ 46,685	$ 47,389	$ 50,470

Note 11 - Warranty Accrual (Det

Note 11 - Warranty Accrual (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	$ 1,825,000	$ 0	$ 5,062,000	$ (213,000)

Note 11 - Warranty Accrual - Wa

Note 11 - Warranty Accrual - Warranty Accrual and Payment Activity (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Balance at beginning of period	$ 17,217,000	$ 17,253,000	$ 15,328,000	$ 18,346,000
Expense provisions	2,390,000	1,536,000	6,147,000	3,980,000
Cash payments	(2,723,000)	(2,708,000)	(7,828,000)	(6,032,000)
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	1,825,000	0	5,062,000	(213,000)
Balance at end of period	$ 18,709,000	$ 16,081,000	$ 18,709,000	$ 16,081,000

Note 12 - Insurance Reserves -

Note 12 - Insurance Reserves - Summary of Insurance Reserve Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Balance at beginning of period	$ 46,900	$ 47,389	$ 45,811	$ 50,470
Expense provisions	1,888	1,652	5,222	4,501
Cash payments, net of recoveries	(635)	(2,356)	(2,880)	(6,786)
Adjustments				(1,500)
Balance at end of period	$ 48,153	$ 46,685	$ 48,153	$ 46,685

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Percent	30.70%	37.50%	32.30%	37.30%
Income Tax Expense (Benefit)	$ 11,693	$ 8,880	$ 29,948	$ 25,670
Deferred Tax Assets, Net	$ 85,100		$ 85,100		$ 99,100

Note 14 - Senior Notes - Carryi

Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Senior Notes 5.625 Due 2020 [Member]
Carrying Amount	$ 246,689	$ 246,032
Senior Notes 5.5 Due 2024 [Member]
Carrying Amount	248,345	248,209
Senior Notes 6.00 Due January 2043 [Member]
Carrying Amount	346,325	346,283
Carrying Amount	$ 841,359	$ 840,524

Note 14 - Senior Notes - Carr69

Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) (Parentheticals)	Sep. 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 Compens70

Note 15 - Stock Based Compensation (Details Textual) - USD ($)	May 18, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
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		$ 11,200,000		$ 11,200,000
Allocated Share-based Compensation Expense		$ 0	$ 2,500,000	$ 5,000,000	$ 3,700,000
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Target Goal Number of Shares		100,000		100,000
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Target Goal Number of Shares		100,000		100,000
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Target Goal Number of Shares		25,000		25,000
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Minimum [Member] | 5% to 10% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues				5.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Minimum [Member] | 20% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues				20.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues				10.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Maximum [Member] | 5% to 10% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues				10.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues				20.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | 5% to 10% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Goal Number of Shares				50.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | 20% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Goal Number of Shares				200.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Pro Forma [Member]
Allocated Share-based Compensation Expense		$ 10,800,000
Performance Shares [Member] | Equity Incentive Plan 2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Allocated Share-based Compensation Expense		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Average Gross Margin of Home Sales, Percentage, Minimum		15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 24.08		$ 24.08
Share Price	$ 28.45
Allocated Share-based Compensation Expense		$ 473,000	$ 3,998,000	$ 6,636,000	$ 6,589,000

Note 15 - Stock Based Compens71

Note 15 - Stock Based Compensation - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 328	$ 3,544	$ 5,621	$ 5,043
Restricted Stock [Member]
Allocated Share-based Compensation Expense	145	454	1,015	1,546
Allocated Share-based Compensation Expense	$ 473	$ 3,998	$ 6,636	$ 6,589

Note 16 - Commitments and Con72

Note 16 - Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
HomeAmerican [Member]
Letters of Credit Outstanding, Amount	$ 32.6
Option Contracts [Member]
Letters of Credit Outstanding, Amount	2.4
Earnest Money Deposits	$ 6.9
Right to Acquire Lots Under Options Contract	2,504
Surety Bonds, Outstanding, Amount	$ 179.3
Letters of Credit Outstanding, Amount	58.9
Estimated Cost Related to Bonds	53.8
Estimated Cost Related to Letters of Credit	$ 31.9

Note 16 - Commitments and Con73

Note 16 - Commitments and Contingencies - Mortgage Loan Loss Reserve Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Balance at beginning of period	$ 160	$ 1,058	$ 201	$ 810
Expense provisions	6	39	6	764
Adjustments		(568)	(41)	(1,045)
Balance at end of period	$ 166	$ 204	$ 166	$ 204

Note 17 - Derivative Financia74

Note 17 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Commitment to Originate Mortgage Loans [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	$ 105.8		$ 105.8
No Commitment to Originate Mortgage Loans [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	26.8		26.8
Forward Sales of Mortgage Backed Securities [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	88.5		88.5
Derivative, Gain (Loss) on Derivative, Net	$ 0.1	$ 0.9	$ 1.1	$ 1.5

Note 18 - Lines of Credit (Deta

Note 18 - Lines of Credit (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Sep. 30, 2016	Sep. 27, 2016	Sep. 26, 2016	Dec. 31, 2015	Dec. 23, 2015	Dec. 22, 2015	Dec. 18, 2015	Nov. 12, 2008
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000						$ 550
Debt Instrument, Interest Rate, Stated Percentage		0.00%
Debt Instrument, Covenant, Minimum Common Stock Outstanding Ownership, Percentage		5000.00%
Long-term Line of Credit		$ 15			$ 15
Line of Credit Facility, Remaining Borrowing Capacity		508.8
Standby Letters of Credit [Member]
Line of Credit Facility Maximum Borrowing Capacity Percentage	50.00%
Letters of Credit Outstanding, Amount		26.2			22.5
Mortgage Repurchase Facility [Member] | Warehouse Agreement Borrowings [Member]
Line of Credit Facility, Maximum Borrowing Capacity		75	$ 110	$ 75		$ 90	$ 50		$ 50
Long-term Line of Credit		$ 92			$ 88.6
Debt Instrument, Covenant, Maximum Leverage Ratio		5500.00%
Letters of Credit Outstanding, Amount		$ 58.9

Note 19 - Supplemental Guaran76

Note 19 - Supplemental Guarantor Information (Details Textual)	9 Months Ended
	Sep. 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 Guaran77

Note 19 - Supplemental Guarantor Information - Supplemental Condensed Combining Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
MDC Holdings [Member] | Homebuilding Segment [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	$ 124,730	$ 141,245
Marketable securities	57,116	92,387
Restricted cash
Trade and other receivables	6,517	5,304
Housing completed or under construction
Land and land under development
Total inventories
Intercompany receivables	1,609,686	1,509,551
Investment in subsidiaries	258,979	267,191
Property and equipment, net	26,121	26,073
Deferred Tax Assets, Net	83,839	97,083
Metropolitan district bond securities (related party)	29,132	25,911
Prepaid and other assets	6,153	5,973
Assets	2,202,273	2,170,718
Accounts payable
Accrued liabilities	5,543	11,527
Advances and notes payable to parent and subsidiaries	47,749	47,375
Revolving credit facility	15,000	15,000
Senior notes, net	841,359	840,524
Total homebuilding liabilities	909,651	914,426
Total financial services liabilities	909,651	914,426
Land and Land Under Development
Long-term Line of Credit	15,000	15,000
MDC Holdings [Member] | Financial Services Segment [Member] | Reportable Legal Entities [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
Accounts payable and other liabilities
Mortgage repurchase facility
Total financial services liabilities
MDC Holdings [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	124,730	141,245	$ 81,358	$ 119,951
Assets	2,202,273	2,170,718
Total homebuilding liabilities	909,651	914,426
Total financial services liabilities	909,651	914,426
Total Stockholders' Equity	1,292,622	1,256,292
Total Liabilities and Stockholders' Equity	2,202,273	2,170,718
Guarantor Subsidiaries [Member] | Homebuilding Segment [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	4,548	3,097
Marketable securities
Restricted cash	4,621	3,750
Trade and other receivables	38,979	20,297
Housing completed or under construction	976,372	747,036
Land and land under development	870,733	1,016,926
Total inventories	1,847,105	1,763,962
Intercompany receivables	2,803	2,850
Investment in subsidiaries
Property and equipment, net	2,628	2,153
Deferred Tax Assets, Net
Metropolitan district bond securities (related party)
Prepaid and other assets	60,042	59,421
Assets	1,960,726	1,855,530
Accounts payable	54,117	40,472
Accrued liabilities	113,535	108,445
Advances and notes payable to parent and subsidiaries	1,579,856	1,480,589
Revolving credit facility
Senior notes, net
Total homebuilding liabilities	1,747,508	1,629,506
Total financial services liabilities	1,747,508	1,629,506
Land and Land Under Development	1,847,105	1,763,962
Long-term Line of Credit
Guarantor Subsidiaries [Member] | Financial Services Segment [Member] | Reportable Legal Entities [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
Accounts payable and other liabilities
Mortgage repurchase facility
Total financial services liabilities
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	4,548	3,097	3,716	2,691
Assets	1,960,726	1,855,530
Total homebuilding liabilities	1,747,508	1,629,506
Total financial services liabilities	1,747,508	1,629,506
Total Stockholders' Equity	213,218	226,024
Total Liabilities and Stockholders' Equity	1,960,726	1,855,530
Non-Guarantor Subsidiaries [Member] | Homebuilding Segment [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents
Marketable securities
Restricted cash
Trade and other receivables
Housing completed or under construction
Land and land under development
Total inventories
Intercompany receivables	5,467	5,291
Investment in subsidiaries
Property and equipment, net
Deferred Tax Assets, Net
Metropolitan district bond securities (related party)
Prepaid and other assets
Assets	5,467	5,291
Accounts payable
Accrued liabilities	145	(33)
Advances and notes payable to parent and subsidiaries	26,267	25,536
Revolving credit facility
Senior notes, net
Total homebuilding liabilities	26,412	25,503
Total financial services liabilities	26,412	25,503
Land and Land Under Development
Long-term Line of Credit
Non-Guarantor Subsidiaries [Member] | Financial Services Segment [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	34,180	36,646
Marketable securities	22,105	11,307
Intercompany receivables	39,479	39,234
Assets	224,632	210,764
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	117,989	115,670
Other assets	10,879	7,907
Advances and notes payable to parent and subsidiaries	3,563	3,426
Total homebuilding liabilities	157,926	149,385
Accounts payable and other liabilities	62,352	57,348
Mortgage repurchase facility	92,011	88,611
Total financial services liabilities	157,926	149,385
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	34,180	36,646	37,921	31,183
Assets	230,099	216,055
Total homebuilding liabilities	184,338	174,888
Total financial services liabilities	184,338	174,888
Total Stockholders' Equity	45,761	41,167
Total Liabilities and Stockholders' Equity	230,099	216,055
Homebuilding Segment [Member] | Consolidation, Eliminations [Member]
Cash and cash equivalents
Marketable securities
Restricted cash
Trade and other receivables	(2,414)	(2,287)
Housing completed or under construction
Land and land under development
Total inventories
Intercompany receivables	(1,617,956)	(1,517,692)
Investment in subsidiaries	(258,979)	(267,191)
Property and equipment, net
Deferred Tax Assets, Net	1,289	2,024
Metropolitan district bond securities (related party)
Prepaid and other assets
Assets	(1,878,060)	(1,785,146)
Accounts payable
Accrued liabilities	3,004	2,947
Advances and notes payable to parent and subsidiaries	(1,653,872)	(1,553,500)
Revolving credit facility
Senior notes, net
Total homebuilding liabilities	(1,650,868)	(1,550,553)
Total financial services liabilities	(1,650,868)	(1,550,553)
Land and Land Under Development
Long-term Line of Credit
Homebuilding Segment [Member]
Cash and cash equivalents	129,278	144,342
Marketable securities	57,116	92,387
Restricted cash	4,621	3,750
Trade and other receivables	43,082	23,314
Housing completed or under construction	976,372	747,036
Land and land under development	870,733	1,016,926
Total inventories	1,847,105	1,763,962
Intercompany receivables
Investment in subsidiaries
Property and equipment, net	28,749	28,226
Deferred Tax Assets, Net	85,128	99,107
Metropolitan district bond securities (related party)	29,132	25,911
Prepaid and other assets	66,195	65,394
Assets	2,290,406	2,246,393
Accounts payable	54,117	40,472
Accrued liabilities	122,227	122,886
Advances and notes payable to parent and subsidiaries
Revolving credit facility	15,000	15,000
Senior notes, net	841,359	840,524
Total homebuilding liabilities	1,032,703	1,018,882
Total financial services liabilities	1,032,703	1,018,882
Land and Land Under Development	1,847,105	1,763,962
Long-term Line of Credit	15,000	15,000
Financial Services Segment [Member] | Consolidation, Eliminations [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables	(39,479)	(39,234)
Assets	(40,768)	(41,258)
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage
Other assets	(1,289)	(2,024)
Advances and notes payable to parent and subsidiaries	(3,563)	(3,426)
Total homebuilding liabilities	(8,981)	(8,660)
Accounts payable and other liabilities	(5,418)	(5,234)
Mortgage repurchase facility
Total financial services liabilities	(8,981)	(8,660)
Financial Services Segment [Member]
Cash and cash equivalents	34,180	36,646
Marketable securities	22,105	11,307
Intercompany receivables
Assets	183,864	169,506
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	117,989	115,670
Other assets	9,590	5,883
Advances and notes payable to parent and subsidiaries
Total homebuilding liabilities	148,945	140,725
Accounts payable and other liabilities	56,934	52,114
Mortgage repurchase facility	92,011	88,611
Total financial services liabilities	148,945	140,725
Consolidation, Eliminations [Member]
Cash and cash equivalents
Assets	(1,918,828)	(1,826,404)
Total homebuilding liabilities	(1,659,849)	(1,559,213)
Total financial services liabilities	(1,659,849)	(1,559,213)
Total Stockholders' Equity	(258,979)	(267,191)
Total Liabilities and Stockholders' Equity	(1,918,828)	(1,826,404)
Cash and cash equivalents	163,458	180,988	$ 122,995	$ 153,825
Deferred Tax Assets, Net	85,100	99,100
Assets	2,474,270	2,415,899
Total homebuilding liabilities	1,181,648	1,159,607
Total financial services liabilities	1,181,648	1,159,607
Total Stockholders' Equity	1,292,622	1,256,292
Total Liabilities and Stockholders' Equity	$ 2,474,270	$ 2,415,899

Note 19 - Supplemental Guaran78

Note 19 - Supplemental Guarantor Information - Supplemental Condensed Combining Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
MDC Holdings [Member] | Homebuilding Segment [Member] | Reportable Legal Entities [Member]
Revenues
Home and land cost of sales
Inventory impairments
Total cost of sales
Gross margin
Selling, general, and administrative expenses	(8,268)		(11,651)			(31,598)	(29,211)
Equity income of subsidiaries	30,711		23,070			80,990	60,310
Interest and other income	1,478		539			3,970	3,830
Other expense	1		(2)			(2)	(5)
Other-than-temporary impairment of marketable securities	(215)		(2,176)			(934)	(2,176)
Homebuilding pretax income (loss)	23,707		9,935			52,426	33,181
Financial services pretax income	23,707		9,935			52,426	33,181
Interest expense			155				433
MDC Holdings [Member] | Financial Services Segment [Member] | Reportable Legal Entities [Member]
Homebuilding pretax income (loss)
Financial services pretax income
MDC Holdings [Member] | Reportable Legal Entities [Member]
Homebuilding pretax income (loss)	23,707		9,935			52,426	33,181
Financial services pretax income	23,707		9,935			52,426	33,181
(Provision) benefit for income taxes	2,652		4,843			10,409	10,015
Net income	26,359		14,778			62,835	43,196
Other comprehensive income related to available for sale securities, net of tax	1,028		(226)			3,871	722
Comprehensive income	27,387		14,552			66,706	43,918
Guarantor Subsidiaries [Member] | Homebuilding Segment [Member] | Reportable Legal Entities [Member]
Revenues	578,012		455,646			1,546,267	1,295,273
Home and land cost of sales	(483,829)		(376,667)			(1,291,270)	(1,081,453)
Inventory impairments	(4,700)		(4,351)			(6,300)	(4,701)
Total cost of sales	(488,529)		(381,018)			(1,297,570)	(1,086,154)
Gross margin	89,483		74,628			248,697	209,119
Selling, general, and administrative expenses	(53,452)		(45,620)			(150,492)	(133,125)
Equity income of subsidiaries
Interest and other income	500		298			1,652	1,573
Other expense	(1,559)		(348)			(2,461)	(2,534)
Other-than-temporary impairment of marketable securities
Homebuilding pretax income (loss)	34,972		28,958			97,396	75,033
Financial services pretax income	34,972		28,958			97,396	75,033
Interest expense
Guarantor Subsidiaries [Member] | Financial Services Segment [Member] | Reportable Legal Entities [Member]
Homebuilding pretax income (loss)
Financial services pretax income
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Homebuilding pretax income (loss)	34,972		28,958			97,396	75,033
Financial services pretax income	34,972		28,958			97,396	75,033
(Provision) benefit for income taxes	(10,616)		(10,874)			(31,438)	(27,986)
Net income	24,356		18,084			65,958	47,047
Other comprehensive income related to available for sale securities, net of tax
Comprehensive income	24,356		18,084			65,958	47,047
Non-Guarantor Subsidiaries [Member] | Homebuilding Segment [Member] | Reportable Legal Entities [Member]
Revenues
Home and land cost of sales			(100)			(300)	(100)
Inventory impairments
Total cost of sales			(100)			(300)	(100)
Gross margin			(100)			(300)	(100)
Selling, general, and administrative expenses
Equity income of subsidiaries
Interest and other income	1		2			4	7
Other expense
Other-than-temporary impairment of marketable securities
Homebuilding pretax income (loss)	1		(98)			(296)	(93)
Financial services pretax income	1		(98)			(296)	(93)
Interest expense
Non-Guarantor Subsidiaries [Member] | Financial Services Segment [Member] | Reportable Legal Entities [Member]
Homebuilding pretax income (loss)	10,083		7,933			24,247	21,055
Financial services pretax income	10,083		7,933			24,247	21,055
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Homebuilding pretax income (loss)	10,084		7,835			23,951	20,962
Financial services pretax income	10,084		7,835			23,951	20,962
(Provision) benefit for income taxes	(3,729)		(2,849)			(8,919)	(7,699)
Net income	6,355		4,986			15,032	13,263
Other comprehensive income related to available for sale securities, net of tax	310		1,198			680	918
Comprehensive income	6,665		6,184			15,712	14,181
Homebuilding Segment [Member] | Consolidation, Eliminations [Member]
Revenues
Home and land cost of sales
Inventory impairments
Total cost of sales
Gross margin
Selling, general, and administrative expenses	(184)		(173)			(531)	(421)
Equity income of subsidiaries	(30,711)		(23,070)			(80,990)	(60,310)
Interest and other income	(110)		(1)			(268)	2
Other expense
Other-than-temporary impairment of marketable securities
Homebuilding pretax income (loss)	(31,005)		(23,399)			(81,789)	(61,162)
Financial services pretax income	(31,005)		(23,399)			(81,789)	(61,162)
Interest expense			(155)				(433)
Homebuilding Segment [Member]
Revenues	578,012		455,646			1,546,267	1,295,273
Home and land cost of sales	(483,829)		(376,767)			(1,291,570)	(1,081,553)
Inventory impairments	(4,700)		(3,225)			(6,300)	(3,575)
Total cost of sales	(488,529)		(381,118)			(1,297,870)	(1,086,254)
Gross margin	89,483		74,528			248,397	209,019
Selling, general, and administrative expenses	(61,904)		(57,444)			(182,621)	(162,757)
Equity income of subsidiaries
Interest and other income	1,869		838			5,358	5,412
Other expense	(1,558)		(350)			(2,463)	(2,539)
Other-than-temporary impairment of marketable securities	(215)		(2,176)			(934)	(2,176)
Homebuilding pretax income (loss)	27,675		15,396			67,737	46,959
Financial services pretax income	27,675		15,396			67,737	46,959
Interest expense
Financial Services Segment [Member] | Consolidation, Eliminations [Member]
Homebuilding pretax income (loss)	294		329			799	852
Financial services pretax income	294		329			799	852
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities	(111)					(111)
Homebuilding pretax income (loss)	10,377		8,262			25,046	21,907
Financial services pretax income	10,377		8,262			25,046	21,907
Consolidation, Eliminations [Member]
Homebuilding pretax income (loss)	(30,711)		(23,070)			(80,990)	(60,310)
Financial services pretax income	(30,711)		(23,070)			(80,990)	(60,310)
(Provision) benefit for income taxes
Net income	(30,711)		(23,070)			(80,990)	(60,310)
Other comprehensive income related to available for sale securities, net of tax	(310)		(1,198)			(680)	(918)
Comprehensive income	(31,021)		(24,268)			(81,670)	(61,228)
Inventory impairments	(4,700)	$ (1,600)	(3,225)		$ (350)
Other-than-temporary impairment of marketable securities	(300)		(2,200)			(1,045)	(2,176)
Homebuilding pretax income (loss)	38,052		23,658			92,783	68,866
Financial services pretax income	38,052		23,658			92,783	68,866
(Provision) benefit for income taxes	(11,693)		(8,880)			(29,948)	(25,670)
Net income	26,359		14,778			62,835	43,196
Other comprehensive income related to available for sale securities, net of tax	1,028		(226)			3,871	722
Comprehensive income	27,387		14,552			66,706	43,918
Interest expense

Note 19 - Supplemental Guaran79

Note 19 - Supplemental Guarantor Information - Supplemental Condensed Combining Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
MDC Holdings [Member] | Reportable Legal Entities [Member]
Net cash provided by (used in) operating activities	$ (5,918)	$ 19,057
Net cash provided by (used in) investing activities	26,166	(21,669)
Payments from (advances to) subsidiaries
Mortgage repurchase facility
Dividend payments	(36,763)	(36,646)
Net cash provided by (used in) financing activities	(36,763)	(35,981)
Net increase in cash and cash equivalents	(16,515)	(38,593)
Beginning of period	141,245	119,951
End of period	124,730	81,358
Proceeds from the exercise of stock options		665
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Net cash provided by (used in) operating activities	(17,581)	(73,657)
Net cash provided by (used in) investing activities	(1,252)	(402)
Payments from (advances to) subsidiaries	20,284	75,084
Mortgage repurchase facility
Dividend payments
Net cash provided by (used in) financing activities	20,284	75,084
Net increase in cash and cash equivalents	1,451	1,025
Beginning of period	3,097	2,691
End of period	4,548	3,716
Proceeds from the exercise of stock options
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Net cash provided by (used in) operating activities	14,596	28,114
Net cash provided by (used in) investing activities	(9,797)	3,260
Payments from (advances to) subsidiaries	(10,665)	(7,569)
Mortgage repurchase facility	3,400	(17,067)
Dividend payments
Net cash provided by (used in) financing activities	(7,265)	(24,636)
Net increase in cash and cash equivalents	(2,466)	6,738
Beginning of period	36,646	31,183
End of period	34,180	37,921
Proceeds from the exercise of stock options
Consolidation, Eliminations [Member]
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities	9,619	67,515
Payments from (advances to) subsidiaries	(9,619)	(67,515)
Mortgage repurchase facility
Dividend payments
Net cash provided by (used in) financing activities	(9,619)	(67,515)
Net increase in cash and cash equivalents
Beginning of period
End of period
Proceeds from the exercise of stock options
Net cash provided by (used in) operating activities	(8,903)	(26,486)
Net cash provided by (used in) investing activities	24,736	48,704
Payments from (advances to) subsidiaries
Mortgage repurchase facility	3,400	(17,067)
Dividend payments	(36,763)	(36,646)
Net cash provided by (used in) financing activities	(33,363)	(53,048)
Net increase in cash and cash equivalents	(17,530)	(30,830)
Beginning of period	180,988	153,825
End of period	163,458	122,995
Proceeds from the exercise of stock options		$ 665