Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 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 | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 51,485,090 | |
Entity Public Float | $ 1 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 282,909 | $ 180,988 |
Inventories: | ||
Property and equipment, net | 28,041 | 28,226 |
Deferred tax assets, net | 74,888 | 99,107 |
Total Assets | 2,528,589 | 2,415,899 |
Cash and cash equivalents | 282,909 | 180,988 |
Mortgage loans held-for-sale, net | 42,600 | 23,100 |
Total Assets | 2,528,589 | 2,415,899 |
LIABILITIES AND EQUITY | ||
Total Liabilities | 1,208,519 | 1,159,607 |
Total Liabilities | 1,208,519 | 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; 51,485,090 and 48,888,424 issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 515 | 489 |
Additional paid-in-capital | 983,532 | 915,746 |
Retained earnings | 313,952 | 324,342 |
Accumulated other comprehensive income | 22,071 | 15,715 |
Total Stockholders' Equity | 1,320,070 | 1,256,292 |
Total Liabilities and Stockholders' Equity | 2,528,589 | 2,415,899 |
Homebuilding Segment [Member] | ||
ASSETS | ||
Cash and cash equivalents | 259,087 | 144,342 |
Marketable securities | 59,770 | 92,387 |
Restricted cash | 3,778 | 3,750 |
Trade and other receivables | 42,492 | 23,314 |
Inventories: | ||
Housing Completed or Under Construction | 874,199 | 747,036 |
Land and land under development | 884,615 | 1,016,926 |
Total inventories | 1,758,814 | 1,763,962 |
Property and equipment, net | 28,041 | 28,226 |
Deferred tax assets, net | 74,888 | 99,107 |
Metropolitan district bond securities (related party) | 30,162 | 25,911 |
Prepaid and other assets | 60,463 | 65,394 |
Total Assets | 2,317,495 | 2,246,393 |
Cash and cash equivalents | 259,087 | 144,342 |
Marketable securities | 59,770 | 92,387 |
Total Assets | 2,317,495 | 2,246,393 |
LIABILITIES AND EQUITY | ||
Accounts payable | 42,088 | 40,472 |
Accrued liabilities | 144,566 | 122,886 |
Revolving credit facility | 15,000 | 15,000 |
Senior notes, net | 841,646 | 840,524 |
Total Liabilities | 1,043,300 | 1,018,882 |
Total Liabilities | 1,043,300 | 1,018,882 |
Financial Services Segment [Member] | ||
ASSETS | ||
Cash and cash equivalents | 23,822 | 36,646 |
Marketable securities | 36,436 | 11,307 |
Inventories: | ||
Prepaid and other assets | 12,062 | 5,883 |
Total Assets | 211,094 | 169,506 |
Cash and cash equivalents | 23,822 | 36,646 |
Marketable securities | 36,436 | 11,307 |
Mortgage loans held-for-sale, net | 138,774 | 115,670 |
Other assets | 12,062 | 5,883 |
Total Assets | 211,094 | 169,506 |
LIABILITIES AND EQUITY | ||
Total Liabilities | 165,219 | 140,725 |
Total accounts payable and accrued liabilities | 50,734 | 52,114 |
Mortgage repurchase facility | 114,485 | 88,611 |
Total Liabilities | $ 165,219 | $ 140,725 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 51,485,090 | 48,888,424 |
Common stock, shares outstanding (in shares) | 51,485,090 | 48,888,424 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory impairments | $ (10,173) | $ (8,775) | $ (1,760) |
Interest expense | (685) | ||
Losses on early extinguishments of debt | (18,153) | ||
Other-than-temporary impairment of marketable securities | (1,443) | (3,969) | (4,293) |
Pretax income | 151,781 | 101,424 | 100,475 |
Income before income taxes | 151,781 | 101,424 | 100,475 |
Provision for income taxes | (48,570) | (35,633) | (37,332) |
Net income | 103,211 | 65,791 | 63,143 |
Other comprehensive income (loss) related to available-for-sale securities, net of tax | 6,356 | 5,260 | (1,120) |
Comprehensive income | $ 109,567 | $ 71,051 | $ 62,023 |
Earnings per share: | |||
Basic (in dollars per share) | $ 2.01 | $ 1.28 | $ 1.23 |
Diluted (in dollars per share) | $ 2 | $ 1.28 | $ 1.23 |
Weighted average common shares outstanding | |||
Basic (in shares) | 51,286,942 | 51,202,616 | 51,046,318 |
Diluted (in shares) | 51,447,147 | 51,415,580 | 51,258,444 |
Homebuilding Segment [Member] | |||
Home sales revenue | $ 2,257,153 | $ 1,847,889 | $ 1,647,398 |
Land sale revenues | 5,700 | 12,337 | 3,233 |
Total home and land sale revenues | 2,262,853 | 1,860,226 | 1,650,631 |
Home cost of sales | (1,884,391) | (1,539,396) | (1,365,621) |
Land cost of sales | (4,866) | (12,611) | (2,559) |
Inventory impairments | (10,173) | (9,993) | (1,760) |
Total cost of sales | (1,899,430) | (1,562,000) | (1,369,940) |
Gross margin | 363,423 | 298,226 | 280,691 |
Selling, general and administrative expenses | (250,540) | (226,317) | (203,253) |
Interest and other income | 7,012 | 6,709 | 26,310 |
Interest expense | (685) | ||
Other expense | (3,447) | (4,208) | (4,813) |
Losses on early extinguishments of debt | (18,153) | ||
Other-than-temporary impairment of marketable securities | (1,070) | (3,969) | (4,293) |
Pretax income | 115,378 | 70,441 | 75,804 |
Income before income taxes | 115,378 | 70,441 | 75,804 |
Financial Services Segment [Member] | |||
Other-than-temporary impairment of marketable securities | (373) | ||
Pretax income | 36,403 | 30,983 | 24,671 |
Revenues | 63,991 | 48,810 | 43,953 |
Expenses | (30,920) | (21,572) | (22,334) |
Interest and other income | 3,705 | 3,745 | 3,052 |
Income before income taxes | $ 36,403 | $ 30,983 | $ 24,671 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 48,788,887 | ||||
Balance at Dec. 31, 2013 | $ 488 | $ 908,090 | $ 293,096 | $ 11,575 | $ 1,213,249 |
Net Income | 63,143 | 63,143 | |||
Other comprehensive loss, net of tax | (1,120) | (1,120) | |||
Total comprehensive income | 62,023 | ||||
Shares issued upon exercise of stock options and awards of restricted stock (in shares) | 57,021 | ||||
Shares issued upon exercise of stock options and awards of restricted stock | 374 | 374 | |||
Cash dividends declared | (48,820) | (48,820) | |||
Stock-based compensation expense | 5,979 | 5,979 | |||
Forfeiture of restricted stock (in shares) | (14,269) | ||||
Net income tax deficiency from share-based compensation | (4,469) | (4,469) | |||
Balance (in shares) at Dec. 31, 2014 | 48,831,639 | ||||
Balance at Dec. 31, 2014 | $ 488 | 909,974 | 307,419 | 10,455 | 1,228,336 |
Net Income | 65,791 | 65,791 | |||
Other comprehensive loss, net of tax | 5,260 | 5,260 | |||
Total comprehensive income | 71,051 | ||||
Shares issued upon exercise of stock options and awards of restricted stock (in shares) | 66,721 | ||||
Shares issued upon exercise of stock options and awards of restricted stock | $ 1 | 665 | 666 | ||
Cash dividends declared | (48,868) | (48,868) | |||
Stock-based compensation expense | 10,066 | 10,066 | |||
Forfeiture of restricted stock (in shares) | (9,936) | ||||
Net income tax deficiency from share-based compensation | (4,959) | (4,959) | |||
Balance (in shares) at Dec. 31, 2015 | 48,888,424 | ||||
Balance at Dec. 31, 2015 | $ 489 | 915,746 | 324,342 | 15,715 | 1,256,292 |
Net Income | 103,211 | 103,211 | |||
Other comprehensive loss, net of tax | 6,356 | 6,356 | |||
Total comprehensive income | 109,567 | ||||
Shares issued upon exercise of stock options and awards of restricted stock (in shares) | 147,455 | ||||
Shares issued upon exercise of stock options and awards of restricted stock | $ 1 | (1) | |||
Cash dividends declared | (49,021) | (49,021) | |||
Stock-based compensation expense | 7,477 | 7,477 | |||
Net income tax deficiency from share-based compensation | (4,178) | (4,178) | |||
Balance (in shares) at Dec. 31, 2016 | 51,485,090 | ||||
Balance at Dec. 31, 2016 | $ 515 | 983,532 | 313,952 | 22,071 | 1,320,070 |
Stock dividend declared (in shares) | 2,449,211 | ||||
Stock dividend declared | $ 25 | $ 64,488 | $ (64,580) | $ (67) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Net income | $ 103,211 | $ 65,791 | $ 63,143 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Losses on early extinguishments of debt | 18,153 | ||
Stock-based compensation expense | 7,477 | 10,066 | 5,978 |
Depreciation and amortization | 5,132 | 4,069 | 3,928 |
Inventory impairments | 10,173 | 9,993 | 1,760 |
Other-than-temporary impairment of marketable securities | 1,443 | 3,969 | 4,293 |
Net realized loss (gain) on sale of marketable securities | (1,074) | 911 | (7,310) |
Amortization of discount / premiums on marketable debt securities | 100 | 566 | |
Deferred income tax expense | 16,145 | 33,333 | 34,226 |
Excess tax benefits from stock-based compensation | (26) | ||
Net changes in assets and liabilities: | |||
Restricted cash | (28) | (934) | (621) |
Trade and other receivables | (20,424) | 5,247 | (6,638) |
Mortgage loans held-for-sale | (23,104) | (27,278) | 4,186 |
Prepaid expenses and other assets | (1,036) | (7,648) | (11,873) |
Accounts payable and accrued liabilities | 21,905 | 7,535 | (16,013) |
Net cash provided by (used in) operating activities | 115,917 | 215 | (163,647) |
Investing Activities: | |||
Purchases of marketable securities | (48,050) | (53,822) | (428,709) |
Maturities of marketable securities | 1,510 | 167,339 | |
Sales of marketable securities | 61,736 | 101,165 | 687,692 |
Purchases of property and equipment | (4,468) | (1,491) | (3,242) |
Net cash provided by investing activities | 9,218 | 47,362 | 423,080 |
Financing Activities: | |||
Advances (payments) on mortgage repurchase facility, net | 25,874 | 27,789 | (2,252) |
Proceeds from issuance of senior notes | 248,375 | ||
Repayment of senior notes | (517,650) | ||
Advances on revolving credit facility, net | 15,000 | ||
Dividend payments | (49,088) | (48,868) | (48,820) |
Excess tax benefits from stock-based compensation | 26 | ||
Proceeds from exercise of stock options | 665 | 375 | |
Net cash used in financing activities | (23,214) | (20,414) | (304,946) |
Net increase (decrease) in cash and cash equivalents | 101,921 | 27,163 | (45,513) |
Cash and cash equivalents: | |||
Beginning of year | 180,988 | 153,825 | 199,338 |
End of year | 282,909 | 180,988 | 153,825 |
Housing Completed or Under Construction [Member] | |||
Net changes in assets and liabilities: | |||
Housing completed or under construction | (128,525) | (15,551) | (96,936) |
Land and Land Under Development [Member] | |||
Net changes in assets and liabilities: | |||
Housing completed or under construction | $ 124,622 | $ (89,388) | $ (160,463) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary Policies Principles of Consolidation . The 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) include the accounts of MDC and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year balances have been reclassified to conform to the current year’s presentation. Description of Business . We have homebuilding operations in Arizona, California, Colorado, Florida, Maryland, (which includes Maryland, Pennsylvania and New Jersey), Nevada, Utah, Virginia and Washington. The primary functions of our homebuilding operations include land acquisition and development, home construction, purchasing, marketing, merchandising, sales and customer service. We build and sell primarily single-family detached homes, which are designed and built to meet local customer preferences. We are the general contractor for all of our projects and retain subcontractors for site development and home construction. Our financial services operations consist of HomeAmerican Mortgage Corporation (“HomeAmerican”), which originates mortgage loans, primarily for our homebuyers, American Home Insurance Agency, Inc. (“American Home Insurance”), which offers third Presentation . Our balance sheet presentation is unclassified due to the fact that certain assets and liabilities have both short and long-term characteristics. Use of Accounting Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents three Marketable Securities December 31, 2016 2015. 320, Investments 320”), first first Restricted Cash may $3.8 $3.8 December 31, 2016 2015, Trade and Other Receivables . Trade and other receivables primarily includes home sale receivables, which reflects cash to be received from title companies or outside brokers associated with closed homes. Generally, we will receive cash from title companies and outside brokers within a few days of the home being closed. Mortgage Loans Held-for-Sale, net third Inventories Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and unsold homes. Costs capitalized to land and land under development primarily include: (1) (2) (3) (4) (5) (6) (1) (2) (3) (4) (5) In accordance with ASC Topic 360, Property, Plant, and Equipment 360”), omebuilding inventories, excluding those classified as held for sale, are carried at cost unless events and circumstances indicate that the carrying value of the underlying subdivision may • actual and trending “Operating Margin” (which is defined as home sale revenues less home cost of sales and all incremental costs associated directly with the subdivision, including sales commissions and marketing costs); • estimated future undiscounted cash flows and Operating Margin; • forecasted Operating Margin for homes in backlog; • actual and trending net home orders; • 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 If events or circumstances indicate that the carrying value of our inventory may 3 6, Fair Value Measurements , 3 If land is classified as held for sale, in accordance with ASC 360, 2 6, Fair Value Measurements . 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. Property and Equipment, net . Property and equipment is carried at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets, which range from 2 29 $4.6 $3.9 $3.8 December 31, 2016, 2015 2014, The following table sets forth the cost and carrying value of our homebuilding property and equipment by major asset category. Accumulated Depreciation and Carrying Cost Amortization Value (Dollars in thousands) December 31, 2016: Airplane $ 29,497 $ 8,250 $ 21,247 Computer software and equipment 23,909 20,329 3,580 Leasehold improvements 11,530 9,370 2,160 Other 2,410 1,356 1,054 Total $ 67,346 $ 39,305 $ 28,041 December 31, 2015: Airplane $ 28,997 $ 7,701 $ 21,296 Computer software and equipment 21,393 16,599 4,794 Leasehold improvements 10,207 8,317 1,890 Other 2,199 1,953 246 Total $ 62,796 $ 34,570 $ 28,226 Deferred Tax Asset s , net . Deferred income taxes reflect the net tax effects of temporary differences between (1) (2) 50%) Deferred Marketing Costs (1) (2) consolidated statements of operations and comprehensive income as the homes in the related subdivision are delivered. We allocate all capitalized marketing costs equally to each house within a subdivision and record expense as homes close over the life of a subdivision. All other marketing costs are expensed as incurred. Variable Interest Entities . In accordance with ASC Topic 810, Consolidation 810”), 810 December 31, 2016, Related Party Assets. 14 Goodwill. 350, Intangibles–Goodwill and Other (“ASC 350”) , we evaluate goodwill for possible impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may three first If a qualitative assessment indicates it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed to the second third third Based on our analysis, we have concluded as of December 31, 2016, not Liability for Unrecognized Tax Benefits. ASC Topic 740, Income Taxes , regarding liabilities for unrecognized tax benefits provides guidance for the recognition and measurement in financial statements of uncertain tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two first The second 50 Warranty Accrual third third first two three ten Warranty payments are recorded against the warranty accrual. Additional reserves may may We assess the reasonableness and adequacy of the reserve and the per-unit reserve amount originally included in home cost of sales, as well as the timing of the reversal of any excess reserve on a quarterly basis, using historical payment data and other relevant information. 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 . Insurance Reserves. Reserves for Construction Defect Claims . (1) (2) Litigation Reserves. 16 Derivative Financial Instruments interest rate lock commitment s 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 commitment s 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 December 31, 2016 2015, $110.9 and $ 98.4 million, respectively, at average interest rates of 4.11 % and 3.82 %, respectively. In addition, we had $42.6 $23.1 December 31, 2016 2015, $108.0 $84.5 December 31, 2016 2015, For the years ended December 31, 2016, 2015 2014, $1.5 $1.5 $(0.8) Revenue Recognition for Homebuilding Segments . We recognize revenue from home deliveries and land sales when: (1) (2) (3) (4) (5) (1) (2) (3) third (4) We defer Operating Margin related to the sale of a home if all of the following criteria are present: (1) (2) (3) third December 31, 2016, 2015 2014 Revenue Recognition for HomeAmerican . Revenues recorded by HomeAmerican primarily reflect (1) (2) third third (1) third (2) third (3) We measure mortgage loans held-for-sale at fair value with the changes in fair value being reported in earnings at each reporting date. The impact of recording changes in fair value to earnings did not have a material impact on our financial position, results of operations or cash flows during the years ended December 31, 2016, 2015 2014. $34.0 $17.8 $ 15.5 million for the years ended December 31, 2016, 2015 2014, consolidated statements of operations and comprehensive income . Home Cost of Sales When a home is closed, we generally have not yet paid or incurred all costs necessary to complete the construction of the home and certain land development costs. At the time of a home closing, we compare the home construction budgets to actual recorded costs to determine the additional estimated costs remaining to be paid on each closed home. For amounts not incurred or paid as of the time of closing a home, we record an estimated accrual associated with certain home construction and land development costs. Generally, these accruals are established based upon contracted work which has yet to be paid, open work orders not paid at the time of home closing, as well as land completion costs more likely than not to be incurred, and represent estimates believed to be adequate to cover the expected remaining home construction and land development costs. We monitor the adequacy of these accruals on a house-by-house basis and in the aggregate on a subdivision-by-subdivision basis. At December 31, 2016 2015, $8.7 million and $11.5 Stock-Based Compensation Expense ASC Topic 718, Compensation—Stock Compensation 718”) , stock-based compensation expense for all share-based payment awards is based on the grant date fair value. For stock option awards granted with just service and/or performance conditions, we estimate the fair value using a Black-Scholes option pricing model. For any stock option awards granted that contain a market condition, we estimate the fair value using a Monte Carlo simulation model . We recognize expense for share-based payment awards based on their varying vesting conditions as follows: ● Awards with service conditions only – Expense recognized on a straight-line basis over the requisite service period of the award. ● Awards with performance conditions – Expense recognized on a straight-line basis for each performance criteria tranche (if applicable) over the period between the date that it is determined the performance conditions related to each tranche (if applicable) are probable to be met and the date the award vests ● Awards with market conditions (“Market-Based”) – Expense recognized on a straight-line basis over the requisite service period, which is the lesser of the derived service period or the explicit service period, if one Earnings (Loss) Per Common Share. For purposes of calculating earnings (loss) per share (“EPS”), a company that has participating security holders (for example, holders of unvested restricted stock that has nonforfeitable dividend rights) is required to utilize the two two two 260. calculate diluted EPS, basic EPS is further adjusted to include the effect of potential dilutive stock options outstanding. Recently Issued Accounting Standards May 2014, 2014 09, Revenue from Contracts with Customers 2014 09"), 2014 09, 2014 09 January 1, 2018, December 15, 2016, 2014 09 606, 2014 09 may In February 2015, 2015 02, Consolidation (Topic 810) : Amendments to the Consolidation Analysis 2015 02”), 810, Consolidation 2015 02 January 1, 2016 In January 2016, 2016 01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01”), 2016 01, 2016 01 January 1, 2018 2016 01 may In February 2016, 2016 02, Leases 2016 02”), 2016 02 2016 02 January 1, 2019 I n March 2016, 2016 09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting 2016 09”), 718. 2016 09 January 1, 2017, did not early adopt the guidance. The primary impact from this guidance on our consolidated financial statements will be to our tax provision line item as any excess tax benefits or deficiencies from (1) (2) December 31, 2016, 540,000 December 31, 2016 2017. 2017, $2.6 2017. 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”), 2016 13 2016 13 January 1, 2021, 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, 2016 15, tatement of Cash Flows (Topic 230): 2016 15”), 230 , Statement of Cash Flows 2016 15 in practice in how certain transactions are classified in the statement of cash flows . ASU 2016 15 January 1, 2018, 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. In November 2016, 2016 18, Statement of Cash Flows (Topic 230): consensus of the FASB Emerging Issues Task Force 2016 18”), 2016 18 January 1, 2018, 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 2 - Supplemental Cash Flow
Note 2 - Supplemental Cash Flow Disclosure | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 2. The table below sets forth supplemental disclosures of cash flow information and non-cash investing and financing activities. Year Ended December 31, 2016 2015 2014 Cash paid for: (Dollars in thousands) Interest, net of interest capitalized $ 717 $ 286 $ 1,843 Income taxes $ 29,144 $ 3,023 $ 2,793 Non-cash investing and financing activities: Unrealized holding gains (losses) on marketable securities, net of tax $ 6,356 $ 5,260 $ (1,120 ) |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 12 Months Ended |
Dec. 31, 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 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) (2) (3) (4) (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) (2) (3) (4) (5) . The remaining operating segments have been aggregated into one 10 (1) (2) (3) 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 the homebuilding operations section of our consolidated statements of operations and comprehensive income . The following table summarizes home and land sale revenues for our homebuilding operations and revenues for our financial services operations. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Homebuilding West $ 1,128,513 $ 915,259 $ 770,051 Mountain 756,997 609,002 534,244 East 377,343 335,965 346,336 Total home and land sale revenues $ 2,262,853 $ 1,860,226 $ 1,650,631 Financial Services Mortgage operations $ 41,585 $ 30,276 $ 25,887 Other 22,406 18,534 18,066 Total financial services revenues $ 63,991 $ 48,810 $ 43,953 Total revenues $ 2,326,844 $ 1,909,036 $ 1,694,584 The following table summarizes pretax income (loss) for our homebuilding and financial services operations. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Homebuilding West $ 73,594 $ 64,627 $ 63,071 Mountain 73,104 52,707 39,343 East 4,949 (6,033 ) 10,730 Corporate (36,269 ) (40,860 ) (37,340 ) Total homebuilding pretax income $ 115,378 $ 70,441 $ 75,804 Financial Services Mortgage operations $ 23,845 $ 17,230 $ 14,034 Other 12,558 13,753 10,637 Total financial services pretax income $ 36,403 $ 30,983 $ 24,671 Total pretax income $ 151,781 $ 101,424 $ 100,475 The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include cash and cash equivalents, marketable securities, and our deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. December 31, 2016 2015 (Dollars in thousands) Homebuilding assets West $ 1,035,033 $ 991,393 Mountain 571,139 536,831 East 256,816 324,457 Corporate 454,507 393,712 Total homebuilding assets $ 2,317,495 $ 2,246,393 Financial services assets Mortgage operations $ 153,182 $ 123,176 Other 57,912 46,330 Total financial services assets $ 211,094 $ 169,506 Total assets $ 2,528,589 $ 2,415,899 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Per Shar e On November 21, 2016 , 5% December 20, 2016 December 6, 2016 . 260, . The following table shows our basic and diluted EPS calculations: Year Ended December 31, 2016 2015 2014 (Dollars in thousands, except per share amounts) Numerator Net income $ 103,211 $ 65,791 $ 63,143 Less: distributed earnings allocated to participating securities (163 ) (98 ) (196 ) Less: undistributed earnings allocated to participating securities (179 ) (37 ) (60 ) Net income attributable to common stockholders (numerator for basic earnings per share) 102,869 65,656 62,887 Add back: undistributed earnings allocated to participating securities 179 37 60 Less: undistributed earnings reallocated to participating securities (179 ) (37 ) (60 ) Numerator for diluted earnings per share under two class method $ 102,869 $ 65,656 $ 62,887 Denominator Weighted-average common shares outstanding 51,286,942 51,202,616 51,046,318 Add: dilutive effect of stock options 160,205 212,964 212,126 Denominator for diluted earnings per share under two class method 51,447,147 51,415,580 51,258,444 Basic Earnings Per Common Share $ 2.01 $ 1.28 $ 1.23 Diluted Earnings Per Common Share $ 2.00 $ 1.28 $ 1.23 Diluted EPS for the years ended December 31, 2016, 2015 2014 5.6 6.2 4.7 |
Note 5 - Accumulated Other Comp
Note 5 - Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities (1) Beginning balance $ 3,657 $ 2,775 $ 7,655 Other comprehensive income (loss) before reclassifications 4,738 322 (3,025 ) Amounts reclassified from AOCI (2) (665 ) 560 (1,855 ) Ending balance $ 7,730 $ 3,657 $ 2,775 Unrealized gains on available-for-sale metropolitan district bond securities (1) Beginning balance $ 12,058 $ 7,680 $ 3,920 Other comprehensive income before reclassifications 2,283 4,378 3,760 Ending balance $ 14,341 $ 12,058 $ 7,680 Total ending AOCI $ 22,071 $ 15,715 $ 10,455 (1) All amounts net-of-tax. (2) See separate table below for details about these reclassifications. The following table sets forth the activity related to reclassifications out of accumulated other comprehensive income (loss) related to available for sale securities: Year Ended December 31, Affected Line Item in the Statements of Operations 2016 2015 2014 (Dollars in thousands) Homebuilding: Interest and other income $ 2,049 $ 2,690 $ 7,210 Homebuilding: Other-than-temporary impairment of marketable securities (1,070 ) (3,969 ) (4,293 ) Financial services: Interest and other income 467 368 100 Financial services: Other-than-temporary impairment of marketable securities (373 ) - - Income before income taxes 1,073 (911 ) 3,017 Provision for income taxes (408 ) 351 (1,162 ) Net income $ 665 $ (560 ) $ 1,855 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. Fair Value Measurements ASC Topic 820, Fair Value Measurements 820”), defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. ASC 820 three 1, 2, 3, The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis: Fair Value Financial Instrument Hierarchy December 31, 2016 December 31, 2015 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 96,206 $ 103,694 Mortgage loans held-for-sale, net Level 2 $ 138,774 $ 115,670 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 30,162 $ 25,911 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of December 31, 2016 2015. Cash and cash equivalents, restricted cash, trade and other receivables, prepaid and other assets, accounts payable, accrued liabilities and borrowings on our revolving credit facility. Marketable Securities December 31, 2016 2015, marketable equity securities. However, during 2015, December 31, 2016 December 31, 2015, December 31, 2016 2015, Each quarter we assess all of our securities in an unrealized loss position for a potential OTTI. For the years ended December 31, 2016, 2015 2014, $1.4 $4.0 $4.3 consolidated statements of operations and comprehensive income . The following tables set forth the amortized cost and estimated fair value of our available-for-sale marketable securities. December 31, 2016 Amortized OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding equity securities $ 49,295 $ (1,070 ) $ 48,225 $ 59,770 Financial services equity securities 35,885 (373 ) 35,512 36,436 Total marketable equity securities $ 85,180 $ (1,443 ) $ 83,737 $ 96,206 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 December 31, 2016 2015, $12.5 $5.9 $0.5 $0.9 December 31, 2016 2015, 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 December 31, 2016 December 31, 2016 December 31, 2015 Number of Securities in Loss Position Average Loss Position Aggregate Fair Value of Securities in a Loss Position Number of Securities in Loss Position Average Loss Position Aggregate Fair Value of Securities in a Loss Position (Dollars in thousands) Marketable equity securities 5 $ (457 ) $ 6,045 4 $ (882 ) $ 6,116 The following table 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. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 2,669 $ 1,854 $ 7,719 Debt securities - 417 2,432 Total $ 2,669 $ 2,271 $ 10,151 Gross realized losses on sales of available-for-sale securities Equity securities $ (1,596 ) $ (2,949 ) $ (6,183 ) Debt securities - (233 ) (952 ) Total $ (1,596 ) $ (3,182 ) $ (7,135 ) Net realized gain (loss) on sales of available-for-sale securities $ 1,073 $ (911 ) $ 3,016 Mortgage Loans Held-for-Sale, Net. O ur mortgage loans held-for-sale, which are measured at fair value on a recurring basis include (1) (2) At December 31, 2016 December 31, 2015, $96.2 $92.6 respectively, of mortgage loans held-for-sale under commitments to sell. The fair value for those loans was based on quoted market prices for those mortgage loans, which are Level 2 At December 31, 2016 2015, $42.6 $23.1 respectively, of mortgage loans held-for-sale that were not under commitments to sell. The fair value for those loans was primarily based upon the estimated market price received from an outside party, which is a Level 2 Metropolitan District Bond Securities (Related Party). 14 fourth 2037. 2037, In accordance with ASC 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30”), 3 (1) (2) (3) fourth two December 31, 2016, Quantitative Data Sensitivity Analysis Unobservable Input Range Weighted Average Movement in Movement in Number of homes closed per year 0 to 159 107 Increase Decrease Average sales price $445,000 to $870,000 $ 548,000 Increase Decrease Discount rates 5% to 12% 8.2 % Decrease Increase The table set forth below summarizes the activity for our Metro Bonds. Year Ended December 31, 2016 2015 (Dollars in thousands) Balance at beginning of period $ 25,911 $ 18,203 Increase in fair value (recorded in other comprehensive income) 3,683 6,961 Change due to accretion of principal 1,747 1,427 Cash receipts (1,179 ) (680 ) Balance at end of period $ 30,162 $ 25,911 Mortgage Repurchase Facility. The debt associated with our Mortgage Repurchase Facility (see Note 15 30 2 Senior Notes 2 December 31, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 246,915 $ 265,611 $ 246,032 $ 257,813 $250 Million 5½% Senior Notes due January 2024, net 248,391 258,800 248,209 252,188 $350 Million 6% Senior Notes due January 2043, net 346,340 297,087 346,283 276,938 Total $ 841,646 $ 821,498 $ 840,524 $ 786,939 |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. The table below sets forth, by reportable segment, information relating to our homebuilding inventories. Included in land and land under development at December 31, 2015 $1.7 December 31, 2016. December 31, December 31, 2016 2015 (Dollars in thousands) Housing Completed or Under Construction: West $ 470,503 $ 365,867 Mountain 277,922 253,578 East 125,774 127,591 Subtotal 874,199 747,036 Land and Land Under Development: West 499,186 580,682 Mountain 271,252 259,484 East 114,177 176,760 Subtotal 884,615 1,016,926 Total Inventories $ 1,758,814 $ 1,763,962 Inventory impairments recognized by segment for the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Housing Completed or Under Construction: West $ 364 $ - $ - Mountain 574 250 234 East 1,390 1,378 1,000 Subtotal 2,328 1,628 1,234 Land and Land Under Development: West 1,036 648 - Mountain 589 569 526 East 6,220 7,148 - Subtotal 7,845 8,365 526 Total Inventories $ 10,173 $ 9,993 $ 1,760 During the year ended December 31, 2016, $10.2 $7.6 five $1.4 one $1.2 one During the year ended December 31, 2015, $10.0 $1.2 two one one 12 $8.8 nine four $3.3 three $5.2 During the year ended December 31, 2014, $1.8 four three $1 The table below provides quantitative data, for the periods presented, used in determining the fair value of the impaired inventory, excluding impairments related to land held for sale. 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% December 31, 2016 40 3,873 23,657 3 12% to 15% Total $ 10,173 $ 42,367 7 March 31, 2015 22 $ 350 $ 3,701 1 9% June 30, 2015 22 - - - N/A September 30, 2015 18 3,225 14,836 5 12% to 15% December 31, 2015 15 5,200 19,925 3 15% to 20% Total $ 8,775 $ 38,462 9 March 31, 2014 16 $ - $ - - N/A June 30, 2014 16 850 4,285 2 11% to 14% September 30, 2014 23 - - - N/A December 31, 2014 21 910 4,646 2 13% Total $ 1,760 $ 8,931 4 |
Note 8 - Capitalization of Inte
Note 8 - Capitalization of Interest | 12 Months Ended |
Dec. 31, 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 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, Qualified homebuilding assets consist of all lots and homes, excluding finished unsold homes or finished models, within projects that are actively selling or under development. The table set forth below summarizes homebuilding interest activity. The homebuilding interest expensed in the table below relates to the portion of interest incurred where our homebuilding debt exceeded our qualified inventory for such periods in accordance with ASC 835. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Homebuilding interest incurred $ 52,681 $ 53,061 $ 66,269 Less: Interest capitalized (52,681 ) (53,061 ) (65,584 ) Homebuilding interest expensed $ - $ - $ 685 Interest capitalized, beginning of period $ 77,541 $ 79,231 $ 74,155 Plus: Interest capitalized during period 52,681 53,061 65,584 Less: Previously capitalized interest included in home and land cost of sales (62,137 ) (54,751 ) (60,508 ) Interest capitalized, end of period $ 68,085 $ 77,541 $ 79,231 |
Note 9 - Homebuilding Prepaid a
Note 9 - Homebuilding Prepaid and Other Assets | 12 Months Ended |
Dec. 31, 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. December 31, 2016 2015 (Dollars in thousands) Land option deposits $ 8,683 $ 11,997 Deferred marketing costs 35,313 31,152 Prepaid expenses 4,735 6,500 Goodwill 6,008 6,008 Deferred debt issuance costs on revolving credit facility, net 4,340 5,570 Other 1,384 4,167 Total $ 60,463 $ 65,394 |
Note 10 - Homebuilding Accrued
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 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. December 31, 2016 2015 (Dollars in thousands) Accrued compensation and related expenses $ 27,830 $ 25,492 Accrued interest 23,234 23,234 Warranty accrual 20,678 15,328 Customer and escrow deposits 27,183 20,717 Land development and home construction accruals 8,695 11,465 Other accrued liabilities 36,946 26,650 Total accrued liabilities $ 144,566 $ 122,886 The following table sets forth information relating to financial services accounts payable and accrued liabilities. December 31, 2016 2015 (Dollars in thousands) Insurance reserves $ 42,204 $ 45,811 Accounts payable and other accrued liabilities 8,530 6,303 Total accounts payable and accrued liabilities $ 50,734 $ 52,114 |
Note 11 - Warranty Accrual
Note 11 - Warranty Accrual | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 11. Warranty Accrual The table set forth below summarizes accrual, adjustment and payment activity related to our warranty accrual for the years ended December 31, 2016, 2015 2014. 2016 2015, $7.5 $0.2 second 2015 2016. 2014, $2.6 December 31, 2016, 2015 2014. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance at beginning of period $ 15,328 $ 18,346 $ 22,238 Expense provisions 8,905 6,303 4,834 Cash payments (11,017 ) (9,510 ) (6,126 ) Adjustments 7,462 189 (2,600 ) Balance at end of period $ 20,678 $ 15,328 $ 18,346 |
Note 12 - Insurance and Constru
Note 12 - Insurance and Construction Defect Claim Reserves | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 12. Insurance and Construction Defect Claim Reserves The following table summarizes our insurance and defect claim reserves activity for the years ended December 31, 2016, 2015 2014. December 31, 2016 2015 2014 (Dollars in thousands) Balance at beginning of period $ 47,061 $ 51,720 $ 50,887 Expense provisions 7,531 6,452 6,316 Cash payments, net of recoveries (3,638 ) (8,611 ) (5,483 ) Adjustments - (2,500 ) - Balance at end of period $ 50,954 $ 47,061 $ 51,720 During 2015, $2.5 No December 31, 2016 2014. In the ordinary course of business, we make payments from our insurance and construction defect claim 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 years ended December 31, 2016, 2015, 2014, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 3 . Income Taxes Our provision for (benefit from) income taxes for the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Current tax provision (benefit) Federal $ 32,102 $ 2,549 $ 1,631 State 323 (249 ) 1,475 Total current 32,425 2,300 3,106 Deferred tax provision: Federal 10,960 30,268 28,630 State 5,185 3,065 5,596 Total deferred 16,145 33,333 34,226 Provision for income taxes $ 48,570 $ 35,633 $ 37,332 The provision for (benefit from) income taxes differs from the amount that would be computed by applying the statutory federal income tax rate of 35% Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Tax expense computed at federal statutory rate $ 53,123 $ 35,498 $ 35,166 State income tax expense, net of federal benefit 4,553 3,043 3,340 Other permanent differences (647 ) (935 ) (1,435 ) Domestic manufacturing deduction (5,563 ) (39 ) - Expiration of state net operating loss - 336 3,030 Tax expense (benefit) related to an increase (decrease) in unrecognized tax benefits 75 (479 ) 559 Charitable contributions statute expiration - - 181 Federal energy credits (3,428 ) (1,058 ) (1,131 ) Rate changes - 48 866 Change in valuation allowance 253 (549 ) (1,665 ) Other 204 (232 ) (1,579 ) Provision for income taxes $ 48,570 $ 35,633 $ 37,332 Effective tax (benefit) rate 32.0 % 35.1 % 37.2 % The year-over-year improvement in our effective tax rate from 2015 2016 (1) whereas we were not eligible to take this deduction in the prior year due to our utilization of remaining federal net operating loss carryforwards to offset taxable income , and (2) The year-over-year improvement in our effective tax rate from 2014 2015 (1) (2) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to the net deferred tax asset are as follows: December 31, 2016 2015 (Dollars in thousands) Deferred tax assets: State net operating loss carryforwards $ 26,015 $ 31,292 Alternative minimum tax and other tax credit carryforwards 12,325 31,993 Stock-based compensation expense 18,228 20,068 Warranty, litigation and other reserves 14,155 9,470 Receivables from related party 7,626 8,342 Accrued compensation 7,330 7,241 Asset impairment charges 6,456 5,049 Inventory, additional costs capitalized for tax purposes 6,498 5,894 Other, net 2,993 2,429 Total deferred tax assets 101,626 121,778 Valuation allowance (13,803 ) (12,868 ) Total deferred tax assets, net of valuation allowance 87,823 108,910 Deferred tax liabilities: Property, equipment and other assets 4,276 4,739 Deferred revenue 1,400 2,312 Unrealized gain on marketable securities 4,676 671 Other, net 2,583 2,081 Total deferred tax liabilities 12,935 9,803 Net deferred tax asset $ 74,888 $ 99,107 At December 31, 2016, $26.0 million in tax-effected state net operating loss carryforwards. The operating loss carryforwards, if unused, will begin to expire in 2019. At December 31, 2016 $13.8 $0.9 $6.1 $7.7 At December 31, 2016 2015, $0.4 $0.4 December 31, 2016, 2015 2014: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Gross unrecognized tax benefits at beginning of year $ 488 $ 905 $ 371 Increases related to prior year tax positions 156 139 633 Decreases related to prior year tax positions - (475 ) (85 ) Lapse of applicable statute of limitations (67 ) (81 ) (14 ) Gross unrecognized tax benefits at end of year $ 577 $ 488 $ 905 Our liability for gross unrecognized tax benefits was $0.6 million and $0.5 December 31, 2016 2015, The net expense for interest and penalties reflected in the consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 2014 $0.3 $0 $0.2 $0 and $0 December 31, 2016 2015, We have taken positions in certain taxing jurisdictions for which it is reasonably possible that the total amounts of unrecognized tax benefits may twelve $0.1 $0. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. We are subject to U.S. federal income tax examination for calendar tax years ending 2013 2016. 2012 2017 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14 . Related Party Transactions On January 30, 2017, 8 July 27, 2005 8 March 28, 2006. November 1, 2016 October 31, 2021, October 31, 2026. 5,437 $26.50 $28.68 $29.26 $31.67 We previously entered into a transaction (the “Transaction”) with The Villages at Castle Rock Metropolitan District No. 6 $22.5 2007 $1.6 $28.6 During the years ended December 31, 2016, 2015 2014, $1.2 $0.7 and $2.0 , respectively, and recorded $1.7 $1.4 $1.4 We contributed $ 1 .0 December 31, 2016, 2015, 2014. September 30, 1999. The Foundation is a non-profit organization operated exclusively for charitable, educational and other purposes beneficial to social welfare within the meaning of Section 501(c)(3) December 31, 2016, Name MDC Title Larry A. Mizel Chairman and Chief Executive Officer David D. Mandarich President Three other individuals, who are independent of the Company, also serve as directors of the Foundation. All directors of the Foundation serve without compensation. |
Note 15 - Lines of Credit and T
Note 15 - Lines of Credit and Total Debt Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 15 . Lines of Credit and Total Debt Obligations Revolving Credit Facility. may This agreement has an aggregate commitment of $550 and was amended on December 18, 2015 December 18, 2020. Each lender may 50% $1.0 (1) 0.0% (2) 55%, may 55% 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% December 31, 2016. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At December 31, 2016 2015, $23.0 and $22.5 $15.0 December 31, 2016 2015. December 31, 2016, $512.0 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, $50 $75 September 15, 2017, 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, may December 27, 2016 $75 $125 January 25, 2017. $50 $90 December 23, 2015 January 31, 2016. December 31, 2016 December 31, 2015, $114.5 $88.6 December 31, 2016. Senior Notes. On January 15, 2014, $250 5½% 2024 “5½% 5½% January 15 July 15 July 15, 2014, $248.4 $1.6 During the 2014 first 5⅜% December 2014 2014 fourth 5⅜% July 2015. $517.7 $500 $18.2 Our debt obligations at December 31, 2016 2015, December 31, 2016 2015 (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 246,915 $ 246,032 $250 Million 5½% Senior Notes due January 2024, net 248,391 248,209 $350 Million 6% Senior Notes due January 2043, net 346,340 346,283 Total $ 841,646 $ 840,524 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16 . Commitments and Contingencies Surety Bonds and Letters of Credit . We are required to obtain surety bonds and letters of credit in support of our obligations for land development and subdivision improvements, homeowner association dues, warranty work, contractor license fees and earnest money deposits. At December 31, 2016, 178.8 and $52.6 , respectively, including $29.6 million in letters of credit issued by HomeAmerican. The estimated cost to complete obligations related to these bonds and letters of credit were approximately $48.7 and $18.2 , respectively. All letters of credit as of December 31, 2016, our unsecured Revolving Credit Facility (see Note 15 . 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 Litigation Reserves . December 31, 2016 2015, $1.9 $3.6 Operating Leases. $5.4 $5.0 $4.9 2016, 2015 2014, December 31, 2016. Year Ended December 31, (Dollars in thousands) 2017 $ 6,008 2018 5,293 2019 4,923 2020 4,735 2021 4,567 Thereafter 21,566 Total $ 47,092 |
Note 17 - Concentration of Thir
Note 17 - Concentration of Third-party Mortgage Purchasers | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 17 . Concentration of Third-Party Mortgage Purchasers The following table sets forth the percent of mortgage loans sold by HomeAmerican to its primary third 2016, 2015 2014. third 10 2016, 2015 2014. Year Ended December 31, 2016 2015 2014 Wells Fargo Funding, Inc. 26 % 10 % 37 % PennyMac Loan Services, LLC 15 % 14 % 23 % Fannie Mae 10 % 7 % 10 % JP Morgan Chase Bank, N.A. 8 % 32 % 20 % |
Note 18 - Stockholders' Equity
Note 18 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 18 . Stockholders' Equity Stock Dividends. November 21, 2016 5% December 20, 2016 December 6, 2016 . Common Stock Repurchase Program . At December 31, 2016, 4,000,000 not December 31, 2016, 2015 2014. not December 31, 2016 . |
Note 19 - Equity Incentive and
Note 19 - Equity Incentive and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Equity Incentive Plans [Text Block] | 19 . Equity Incentive and Employee Benefit Plans A summary of our equity incentive plans follows. All share amounts have been adjusted for the stock dividend during distributed during 2016, Employee Equity Incentive Plans. March 2001, 2001 “2001 seven ten five March 26, 2011, 2001 may 1.7 2001 December 31, 2016 . On April 27, 2011, 2011 “2011 2011 five ten December 31, 2016, 4.1 2011 0.2 December 31, 2016 . Director Equity Incentive Plans March 2001, “2001 ten 2001 May 21, 2012 may 0.4 2001 December 31, 2016 . Effective April 27, 2011, 2011 “2011 . Effective March 29, 2016, 2011 2011 August 1 (1) 25,000 (2) 2011 six ten 2011 seven December 31, 2016, 1.2 2011 0.6 December 31, 2016 . Employee Benefit Plan 401(k) may December 31, 2016, $1.3 first 2017 2016 December 31, 2015, $1.0 first 2016 2015 December 31, 2014, $0.9 first 2015 2014 |
Note 20 - Stock Based Compensat
Note 20 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 20 . Stock Based Compensation All share and per share amounts, as applicable, have been adjusted for the stock dividend distributed in December 2016. Determining Fair Value of Share-Based Payment Awards 2015, 1 to each of the Chief Executive Officer and the Chief Operating Officer. These options were valued using a Monte Carlo simulation model. Refer to the “Market-Based Stock Option Awards” section below. The fair values for Service-Based options granted for the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Expected lives of options (in years) 5.0 3.9 4.0 Expected volatility 32.1 % 29.6 % 43.2 % Risk free interest rate 1.6 % 1.2 % 1.3 % Dividend yield rate 4.4 % 3.5 % 3.5 % Based on calculations using the Black-Scholes option pricing model, the weighted-average grant date fair values of stock options granted during 2016, 2015 2014 $4.04, $4.55 $7.12 , respectively. The expected life of options in the table above represents the weighted-average period for which the options are expected to remain outstanding and are derived primarily from historical exercise patterns. The expected volatility is determined based on our review of the implied volatility that is derived from the price of exchange traded options of the Company . The risk-free interest rate assumption is determined based upon observed interest rates appropriate for the expected term of our employee stock options. The dividend yield assumption is based on our history of dividend payouts. An annual forfeiture rate is estimated at the time of grant for all share-based payment awards which contain service and/or performance conditions. That rate is revised, if necessary, in subsequent periods if the actual forfeiture rate differs from our estimate. Stock Option Award Activity December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number of Exercise Number of Exercise Number of Exercise Shares Price Shares Price Shares Price Outstanding Stock Option Activity Outstanding, beginning of year 6,706,123 $ 30.46 5,054,623 $ 35.91 5,469,948 $ 38.03 Granted (1) 42,000 21.68 2,359,500 27.05 268,625 26.96 Exercised - - (31,250 ) 21.21 (18,000 ) 20.82 Forfeited (10,000 ) 29.80 (121,250 ) 28.61 (23,750 ) 25.16 Cancelled (586,000 ) 53.26 (555,500 ) 66.51 (642,200 ) 62.43 Outstanding, end of year 6,152,123 $ 28.23 6,706,123 $ 30.46 5,054,623 $ 35.91 Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Number of Average Number of Average Number of Average Shares Fair Value Shares Fair Value Shares Fair Value Unvested Stock Option Activity Outstanding, beginning of year 2,344,061 $ 5.63 483,312 $ 9.20 872,468 $ 8.09 Granted (1) 42,000 4.04 2,359,500 5.26 268,625 7.17 Vested (85,095 ) 8.13 (377,501 ) 6.76 (634,031 ) 8.30 Forfeited (10,000 ) 6.61 (121,250 ) 9.33 (23,750 ) 7.60 Unvested, end of year 2,290,966 $ 5.50 2,344,061 $ 5.63 483,312 $ 9.20 (1) Total options granted in 2015 2,100,000 The total intrinsic value of options (difference between price per share as of the exercise date and the exercise price, times the number of options outstanding) exercised during the years ended December 31, 2015 2014 $0.2 $0.1 , respectively. No options were exercised during the year ended December 31, 2016. The following table provides data for our stock options that are vested or expected to vest as of December 31, 2016. Exercisable or expected to vest Number outstanding 6,098,279 Weighted-average exercise price $ 28.25 Aggregate intrinsic value (in thousands) $ 3,149 Weighted-average remaining contractual term (years) 5.59 Exercisable Number outstanding 3,861,157 Weighted-average exercise price $ 28.96 Aggregate intrinsic value (in thousands) $ 2,970 Weighted-average remaining contractual term (years) 4.01 The aggregate intrinsic values in the tables above represent the total pretax intrinsic values (the difference between the closing price of MDC’s common stock on the last trading day of fiscal 2016 December 31, 2016. The following table summarizes information associated with outstanding and exercisable stock options at December 31, 2016. Options Outstanding Options Exercisable Weighted- Weighted- Average Average Remaining Weighted- Remaining Weighted- Contractual Average Contractual Average Number Life (in Exercise Number Life (in Exercise Range of Exercise Price Outstanding years) Price Outstanding years) Price $ 15.01 - $ 20.00 42,000 5.07 $ 19.95 42,000 5.07 $ 19.95 $ 20.01 - $ 25.00 1,215,375 5.44 23.21 1,119,346 5.21 23.25 $ 25.01 - $ 30.00 3,424,748 7.08 27.47 1,249,937 4.88 28.16 $ 30.01 - $ 35.00 863,625 3.14 31.82 862,312 3.14 31.82 $ 35.01 - $ 40.00 606,375 1.23 38.02 587,562 1.08 38.04 Total 6,152,123 5.61 $ 28.23 3,861,157 4.01 $ 28.96 Total compensation expense relating to stock options was $5.6 $8.1 $3.3 for the years ended December 31, 2016, 2015 2014, December 31, 2016, 2015 2014 $2.1 $3.1 $1.3 As of December 31, 2016, $0.7 million of total unrecognized compensation cost related to stock options was expected to be recognized as an expense by the Company in the future over a weighted-average period of approximately 2.0 Our realized tax benefit from stock options exercised for the years ended December 31, 2015 2014 $0.1 $0, No December 31, 2016. Marke t- Based Stock Option Awards . May 18, 2015, 1,050,000 2011 five one third third, fourth, fifth 20 30 120% $27.10 May 18, 2025. December 31, 2016, In accordance with ASC 718, $5.35 $11.2 2016 second Expected volatility 27.8 % Risk free interest rate 2.2 % Dividend yield rate 3.5 % Restricted and Unrestricted Stock Award Activity December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number of Grant Date Number of Grant Date Number of Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Unvested, beginning of year 99,442 $ 29.75 184,201 $ 32.26 298,991 $ 32.87 Granted 154,703 $ 22.06 36,896 26.44 39,381 30.85 Vested (64,535 ) $ 30.71 (111,719 ) 32.86 (141,454 ) 33.08 Forfeited - N/A (9,936 ) 29.11 (12,717 ) 33.05 Unvested, end of year 189,610 $ 23.15 99,442 $ 29.75 184,201 $ 32.26 Total compensation expense relating to restricted stock awards was $1.9 $2.0 $2.7 for the years ended December 31, 2016, 2015 2014, December 31, 2016, 2015 2014 $0.7 $0.8 $1.0 At December 31, 2016, $2.5 of unrecognized compensation expense related to non-vested restricted stock awards that is expected to be recognized as an expense by us in the future over a weighted-average period of approximately 2.9 2016 December 31, 2016 4.9 million. The total intrinsic value of restricted stock which vested during each of the years ended December 31, 2016, 2015 2014 $1.3 $2.9 $4.2 million, respectively. Performance Stock Unit Awards . July 25, 2016, 2011 three July 1, 2016 June 30, 2019 July 1, 2015 June 30, 2016. fifteen (15%) 105,000 26,250 three 10% 20%. 5% 10%, fifty 20%, In accordance with ASC 718, $22.93 $10.8 718 December 31, 2016, |
Note 21 - Results of Quarterly
Note 21 - Results of Quarterly Operations (Unaudited) (Restated for Stock Dividends) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 2 1 . Results of Quarterly Operat ions (Unaudited) (Restated for Stock D ividends) Quarter First Second Third Fourth 2016 (Dollars in thousands, except per share amounts) Total revenue $ 407,761 $ 587,334 $ 595,420 $ 736,329 Home sales revenue $ 394,420 $ 571,195 $ 575,722 $ 715,816 Asset impairments $ - $ (1,600 ) $ (4,700 ) $ (3,873 ) Gross margin from home sales (including impairments) 16.3 % 16.4 % 15.5 % 16.1 % Homebuilding selling, general and administrative expenses $ 56,277 $ 64,440 $ 61,904 $ 67,919 Income before income taxes $ 14,273 $ 40,458 $ 38,052 $ 58,998 Net income $ 9,563 $ 26,913 $ 26,359 $ 40,376 Earnings per share: Basic $ 0.19 $ 0.52 $ 0.51 $ 0.78 Diluted $ 0.19 $ 0.52 $ 0.51 $ 0.78 2015 Total revenue $ 388,510 $ 473,128 $ 468,487 $ 578,911 Home sales revenue $ 377,009 $ 461,708 $ 454,740 $ 554,432 Asset impairments $ (350 ) $ - $ (4,351 ) $ (5,292 ) Gross margin from home sales (including impairments) 15.4 % 16.6 % 16.4 % 16.1 % Homebuilding selling, general and administrative expenses $ 50,532 $ 54,781 $ 57,444 $ 63,560 Income before income taxes $ 13,326 $ 31,882 $ 23,658 $ 32,558 Net income $ 8,420 $ 19,998 $ 14,778 $ 22,595 Earnings per share: Basic $ 0.16 $ 0.39 $ 0.29 $ 0.44 Diluted $ 0.16 $ 0.39 $ 0.29 $ 0.44 |
Note 22 - Supplemental Guaranto
Note 22 - Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Supplemental Guarantor Information [Text Block] | 2 2 . 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% ● 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 (1) (2) 5% (3) 10% 15% (4) (5) December 3, 2002, 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. M.D.C. Holding s, Inc. Supplemental Condensed Combining Balance Sheet December 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Dollars in thousands ASSETS Homebuilding: Cash and cash equivalents $ 255,679 $ 3,408 $ - $ - $ 259,087 Marketable securities 59,770 - - - 59,770 Restricted cash - 3,778 - - 3,778 Trade and other receivables 5,380 39,247 - (2,135 ) 42,492 Inventories: Housing completed or under construction - 874,199 - - 874,199 Land and land under development - 884,615 - - 884,615 Total inventories - 1,758,814 - - 1,758,814 Intercompany receivables 1,475,291 2,803 5,289 (1,483,383 ) - Investment in subsidiaries 295,214 - - (295,214 ) - Property and equipment, net 25,495 2,546 - - 28,041 Deferred tax assets, net 74,119 - - 769 74,888 Metropolitan district bond securities (related party) 30,162 - - - 30,162 Other assets 5,267 55,196 - - 60,463 Total Homebuilding Assets 2,226,377 1,865,792 5,289 (1,779,963 ) 2,317,495 Financial Services: Cash and cash equivalents - - 23,822 - 23,822 Marketable securities - - 36,436 - 36,436 Intercompany receivables - - 40,042 (40,042 ) - Mortgage loans held-for-sale, net - - 138,774 - 138,774 Other assets - - 12,831 (769 ) 12,062 Total Financial Services Assets - - 251,905 (40,811 ) 211,094 Total Assets $ 2,226,377 $ 1,865,792 $ 257,194 $ (1,820,774 ) $ 2,528,589 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 42,088 $ - $ - $ 42,088 Accrued liabilities 1,527 136,615 143 6,281 144,566 Advances and notes payable to parent and subsidiaries 48,134 1,445,276 26,266 (1,519,676 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 841,646 - - - 841,646 Total Homebuilding Liabilities 906,307 1,623,979 26,409 (1,513,395 ) 1,043,300 Financial Services: Accounts payable and accrued liabilities - - 59,150 (8,416 ) 50,734 Advances and notes payable to parent and subsidiaries - - 3,749 (3,749 ) - Mortgage repurchase facility - - 114,485 - 114,485 Total Financial Services Liabilities - - 177,384 (12,165 ) 165,219 Total Liabilities 906,307 1,623,979 203,793 (1,525,560 ) 1,208,519 Equity: Total Stockholders' Equity 1,320,070 241,813 53,401 (295,214 ) 1,320,070 Total Liabilities and Stockholders' Equity $ 2,226,377 $ 1,865,792 $ 257,194 $ (1,820,774 ) $ 2,528,589 M.D.C. Holdings, Inc. Supplemental Condensed 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 assets, net 97,083 - - 2,024 99,107 Metropolitan district bond securities (related party) 25,911 - - - 25,911 Other assets, net 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, net - - 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 M.D.C. Holdings, Inc. Supplemental Condensed Combining Statements of Operations and Comprehensive Income Year Ended December 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 2,262,853 $ - $ - $ 2,262,853 Cost of Sales - (1,888,957 ) (300 ) - (1,889,257 ) Inventory impairments - (10,173 ) - - (10,173 ) Gross margin - 363,723 (300 ) - 363,423 Selling, general, and administrative expenses (39,632 ) (210,546 ) - (362 ) (250,540 ) Equity income of subsidiaries 125,431 - - (125,431 ) - Interest and other income 5,236 2,188 5 (417 ) 7,012 Other expense 1 (3,448 ) - - (3,447 ) Other-than-temporary impairment of marketable securities (1,070 ) - - - (1,070 ) Homebuilding pretax income (loss) 89,966 151,917 (295 ) (126,210 ) 115,378 Financial Services: Financial services pretax income - - 35,624 779 36,403 Income before income taxes 89,966 151,917 35,329 (125,431 ) 151,781 Provision for income taxes 13,245 (48,613 ) (13,202 ) - (48,570 ) Net income $ 103,211 $ 103,304 $ 22,127 $ (125,431 ) $ 103,211 Other comprehensive income related to available-for-sale securities, net of tax 6,356 - 1,084 (1,084 ) 6,356 Comprehensive income $ 109,567 $ 103,304 $ 23,211 $ (126,515 ) $ 109,567 Year Ended December 31, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,860,226 $ - $ - $ 1,860,226 Cost of Sales - (1,551,907 ) (100 ) - (1,552,007 ) Inventory impairments - (9,993 ) - - (9,993 ) Gross margin - 298,326 (100 ) - 298,226 Selling, general, and administrative expenses (40,356 ) (185,403 ) - (558 ) (226,317 ) Equity income of subsidiaries 91,079 - - (91,079 ) - Interest and other income 4,635 2,651 8 (585 ) 6,709 Other expense (6 ) (4,202 ) - - (4,208 ) Other-than-temporary impairment of marketable securities (3,969 ) - - - (3,969 ) Homebuilding pretax income (loss) 51,383 111,372 (92 ) (92,222 ) 70,441 Financial Services: Financial services pretax income - - 29,840 1,143 30,983 Income before income taxes 51,383 111,372 29,748 (91,079 ) 101,424 Provision for income taxes 14,408 (39,128 ) (10,913 ) - (35,633 ) Net income $ 65,791 $ 72,244 $ 18,835 $ (91,079 ) $ 65,791 Other comprehensive income related to available-for-sale securities, net of tax 5,260 - (674 ) 674 5,260 Comprehensive income $ 71,051 $ 72,244 $ 18,161 $ (90,405 ) $ 71,051 M.D.C. Holdings, Inc. Supplemental Condensed Combining Statement of Operations and Comprehensive Income Year Ended December 31, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,650,631 $ - $ - $ 1,650,631 Cost of Sales - (1,368,140 ) (40 ) - (1,368,180 ) Inventory impairments - (1,760 ) - - (1,760 ) Gross margin - 280,731 (40 ) - 280,691 Selling, general, and administrative expenses (38,290 ) (164,287 ) - (676 ) (203,253 ) Equity income of subsidiaries 86,223 - - (86,223 ) - Interest and other income 24,824 1,517 15 (46 ) 26,310 Interest expense (685 ) - - - (685 ) Other expense (8 ) (4,805 ) - - (4,813 ) Losses from early extinguishments of debt (18,153 ) - - - (18,153 ) Other-than-temporary impairment of marketable securities (4,293 ) - - - (4,293 ) Homebuilding pretax income (loss) 49,618 113,156 (25 ) (86,945 ) 75,804 Financial Services: Financial services pretax income - - 23,949 722 24,671 Income before income taxes 49,618 113,156 23,924 (86,223 ) 100,475 Provision for income taxes 13,525 (42,044 ) (8,813 ) - (37,332 ) Net income $ 63,143 $ 71,112 $ 15,111 $ (86,223 ) $ 63,143 Other comprehensive income related to available-for-sale securities, net of tax (1,120 ) - (22 ) 22 (1,120 ) Comprehensive income $ 62,023 $ 71,112 $ 15,089 $ (86,201 ) $ 62,023 M.D.C. Holdings, Inc. Supplementa l Condensed Combining Statement of Cash Flows Year Ended December 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (4,807 ) $ 124,929 $ (4,205 ) $ - $ 115,917 Net cash provided by (used in) investing activities 168,329 (1,481 ) (23,779 ) (133,851 ) 9,218 Financing activities: Payments from (advances to) subsidiaries - (123,137 ) (10,714 ) 133,851 - Advances on mortgage repurchase facility, net - - 25,874 - 25,874 Proceeds from issuance of senior notes - - - - - Repayment of senior notes - - - - - Advances on revolving credit facility, net - - - - - Dividend payments (49,088 ) - - - (49,088 ) Excess tax benefits from stock-based compensation - - - - - Proceeds from exercise of stock options - - - - - Net cash provided by (used in) financing activities (49,088 ) (123,137 ) 15,160 133,851 (23,214 ) Net increase (decrease) in cash and cash equivalents 114,434 311 (12,824 ) - 101,921 Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 255,679 $ 3,408 $ 23,822 $ - $ 282,909 Year Ended December 31, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 31,030 $ (16,109 ) $ (14,706 ) $ - $ 215 Net cash provided by (used in) investing activities 38,467 (811 ) 3,260 6,446 47,362 Financing activities: Payments from (advances to) subsidiaries - 17,326 (10,880 ) (6,446 ) - Advances on mortgage repurchase facility, net - - 27,789 - 27,789 Proceeds from issuance of senior notes - - - - - Repayment of senior notes - - - - - Advances on revolving credit facility, net - - - - - Dividend payments (48,868 ) - - - (48,868 ) Excess tax benefits from stock-based compensation - - - - - Proceeds from exercise of stock options 665 - - - 665 Net cash provided by (used in) financing activities (48,203 ) 17,326 16,909 (6,446 ) (20,414 ) Net increase (decrease) in cash and cash equivalents 21,294 406 5,463 - 27,163 Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 141,245 $ 3,097 $ 36,646 $ - $ 180,988 M.D.C. Holdings, Inc. Supplementa l Condensed Combining Statement of Cash Flows Year Ended December 31, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (62,289 ) $ (124,317 ) $ 22,959 $ - $ (163,647 ) Net cash provided by (used in) investing activities 339,754 (1,093 ) 3,692 80,727 423,080 Financing activities: Payments from (advances to) subsidiaries - 124,647 (43,920 ) (80,727 ) - Advances on mortgage repurchase facility, net - - (2,252 ) - (2,252 ) Proceeds from the issuance of senior notes 248,375 - - - 248,375 Repayment of senior notes (517,650 ) - - - (517,650 ) Advances on revolving credit facility, net 15,000 - - - 15,000 Dividend payments (48,820 ) - - - (48,820 ) Excess tax benefit from share-based awards 26 - - - 26 Proceeds from the exercise of stock options 375 - - - 375 Net cash provided by (used in) financing activities (302,694 ) 124,647 (46,172 ) (80,727 ) (304,946 ) Net increase (decrease) in cash and cash equivalents (25,229 ) (763 ) (19,521 ) - (45,513 ) Cash and cash equivalents: Beginning of period 145,180 3,454 50,704 - 199,338 End of period $ 119,951 $ 2,691 $ 31,183 $ - $ 153,825 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation . The 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) include the accounts of MDC and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year balances have been reclassified to conform to the current year’s presentation. |
Business Description, Policy [Policy Text Block] | Description of Business . We have homebuilding operations in Arizona, California, Colorado, Florida, Maryland, (which includes Maryland, Pennsylvania and New Jersey), Nevada, Utah, Virginia and Washington. The primary functions of our homebuilding operations include land acquisition and development, home construction, purchasing, marketing, merchandising, sales and customer service. We build and sell primarily single-family detached homes, which are designed and built to meet local customer preferences. We are the general contractor for all of our projects and retain subcontractors for site development and home construction. Our financial services operations consist of HomeAmerican Mortgage Corporation (“HomeAmerican”), which originates mortgage loans, primarily for our homebuyers, American Home Insurance Agency, Inc. (“American Home Insurance”), which offers third |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | Presentation . Our balance sheet presentation is unclassified due to the fact that certain assets and liabilities have both short and long-term characteristics. |
Use of Estimates, Policy [Policy Text Block] | Use of Accounting Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities December 31, 2016 2015. 320, Investments 320”), first first |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash may $3.8 $3.8 December 31, 2016 2015, |
Receivables, Policy [Policy Text Block] | Trade and Other Receivables . Trade and other receivables primarily includes home sale receivables, which reflects cash to be received from title companies or outside brokers associated with closed homes. Generally, we will receive cash from title companies and outside brokers within a few days of the home being closed. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Mortgage Loans Held-for-Sale, net third |
Inventory, Real Estate, Policy [Policy Text Block] | Inventories Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and unsold homes. Costs capitalized to land and land under development primarily include: (1) (2) (3) (4) (5) (6) (1) (2) (3) (4) (5) In accordance with ASC Topic 360, Property, Plant, and Equipment 360”), omebuilding inventories, excluding those classified as held for sale, are carried at cost unless events and circumstances indicate that the carrying value of the underlying subdivision may • actual and trending “Operating Margin” (which is defined as home sale revenues less home cost of sales and all incremental costs associated directly with the subdivision, including sales commissions and marketing costs); • estimated future undiscounted cash flows and Operating Margin; • forecasted Operating Margin for homes in backlog; • actual and trending net home orders; • 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 If events or circumstances indicate that the carrying value of our inventory may 3 6, Fair Value Measurements , 3 If land is classified as held for sale, in accordance with ASC 360, 2 6, Fair Value Measurements . 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. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net . Property and equipment is carried at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets, which range from 2 29 $4.6 $3.9 $3.8 December 31, 2016, 2015 2014, The following table sets forth the cost and carrying value of our homebuilding property and equipment by major asset category. Accumulated Depreciation and Carrying Cost Amortization Value (Dollars in thousands) December 31, 2016: Airplane $ 29,497 $ 8,250 $ 21,247 Computer software and equipment 23,909 20,329 3,580 Leasehold improvements 11,530 9,370 2,160 Other 2,410 1,356 1,054 Total $ 67,346 $ 39,305 $ 28,041 December 31, 2015: Airplane $ 28,997 $ 7,701 $ 21,296 Computer software and equipment 21,393 16,599 4,794 Leasehold improvements 10,207 8,317 1,890 Other 2,199 1,953 246 Total $ 62,796 $ 34,570 $ 28,226 |
Income Tax, Policy [Policy Text Block] | Deferred Tax Asset s , net . Deferred income taxes reflect the net tax effects of temporary differences between (1) (2) 50%) |
Deferred Marketing Costs [Policy Text Block] | Deferred Marketing Costs (1) (2) consolidated statements of operations and comprehensive income as the homes in the related subdivision are delivered. We allocate all capitalized marketing costs equally to each house within a subdivision and record expense as homes close over the life of a subdivision. All other marketing costs are expensed as incurred. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities . In accordance with ASC Topic 810, Consolidation 810”), 810 December 31, 2016, |
Related Party Assets [Policy Text Block] | Related Party Assets. 14 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill. 350, Intangibles–Goodwill and Other (“ASC 350”) , we evaluate goodwill for possible impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may three first If a qualitative assessment indicates it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed to the second third third Based on our analysis, we have concluded as of December 31, 2016, not |
Income Tax Uncertainties, Policy [Policy Text Block] | Liability for Unrecognized Tax Benefits. ASC Topic 740, Income Taxes , regarding liabilities for unrecognized tax benefits provides guidance for the recognition and measurement in financial statements of uncertain tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two first The second 50 |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Accrual third third first two three ten Warranty payments are recorded against the warranty accrual. Additional reserves may may We assess the reasonableness and adequacy of the reserve and the per-unit reserve amount originally included in home cost of sales, as well as the timing of the reversal of any excess reserve on a quarterly basis, using historical payment data and other relevant information. 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 . |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Reserves. |
Self Insurance Reserve [Policy Text Block] | Reserves for Construction Defect Claims . (1) (2) |
Commitments and Contingencies, Policy [Policy Text Block] | Litigation Reserves. 16 |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments interest rate lock commitment s 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 commitment s 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 December 31, 2016 2015, $110.9 and $ 98.4 million, respectively, at average interest rates of 4.11 % and 3.82 %, respectively. In addition, we had $42.6 $23.1 December 31, 2016 2015, $108.0 $84.5 December 31, 2016 2015, For the years ended December 31, 2016, 2015 2014, $1.5 $1.5 $(0.8) |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition for Homebuilding Segments . We recognize revenue from home deliveries and land sales when: (1) (2) (3) (4) (5) (1) (2) (3) third (4) We defer Operating Margin related to the sale of a home if all of the following criteria are present: (1) (2) (3) third December 31, 2016, 2015 2014 Revenue Recognition for HomeAmerican . Revenues recorded by HomeAmerican primarily reflect (1) (2) third third (1) third (2) third (3) We measure mortgage loans held-for-sale at fair value with the changes in fair value being reported in earnings at each reporting date. The impact of recording changes in fair value to earnings did not have a material impact on our financial position, results of operations or cash flows during the years ended December 31, 2016, 2015 2014. $34.0 $17.8 $ 15.5 million for the years ended December 31, 2016, 2015 2014, consolidated statements of operations and comprehensive income . |
Cost of Sales, Policy [Policy Text Block] | Home Cost of Sales When a home is closed, we generally have not yet paid or incurred all costs necessary to complete the construction of the home and certain land development costs. At the time of a home closing, we compare the home construction budgets to actual recorded costs to determine the additional estimated costs remaining to be paid on each closed home. For amounts not incurred or paid as of the time of closing a home, we record an estimated accrual associated with certain home construction and land development costs. Generally, these accruals are established based upon contracted work which has yet to be paid, open work orders not paid at the time of home closing, as well as land completion costs more likely than not to be incurred, and represent estimates believed to be adequate to cover the expected remaining home construction and land development costs. We monitor the adequacy of these accruals on a house-by-house basis and in the aggregate on a subdivision-by-subdivision basis. At December 31, 2016 2015, $8.7 million and $11.5 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Expense ASC Topic 718, Compensation—Stock Compensation 718”) , stock-based compensation expense for all share-based payment awards is based on the grant date fair value. For stock option awards granted with just service and/or performance conditions, we estimate the fair value using a Black-Scholes option pricing model. For any stock option awards granted that contain a market condition, we estimate the fair value using a Monte Carlo simulation model . We recognize expense for share-based payment awards based on their varying vesting conditions as follows: ● Awards with service conditions only – Expense recognized on a straight-line basis over the requisite service period of the award. ● Awards with performance conditions – Expense recognized on a straight-line basis for each performance criteria tranche (if applicable) over the period between the date that it is determined the performance conditions related to each tranche (if applicable) are probable to be met and the date the award vests ● Awards with market conditions (“Market-Based”) – Expense recognized on a straight-line basis over the requisite service period, which is the lesser of the derived service period or the explicit service period, if one |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Common Share. For purposes of calculating earnings (loss) per share (“EPS”), a company that has participating security holders (for example, holders of unvested restricted stock that has nonforfeitable dividend rights) is required to utilize the two two two 260. calculate diluted EPS, basic EPS is further adjusted to include the effect of potential dilutive stock options outstanding. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards May 2014, 2014 09, Revenue from Contracts with Customers 2014 09"), 2014 09, 2014 09 January 1, 2018, December 15, 2016, 2014 09 606, 2014 09 may In February 2015, 2015 02, Consolidation (Topic 810) : Amendments to the Consolidation Analysis 2015 02”), 810, Consolidation 2015 02 January 1, 2016 In January 2016, 2016 01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01”), 2016 01, 2016 01 January 1, 2018 2016 01 may In February 2016, 2016 02, Leases 2016 02”), 2016 02 2016 02 January 1, 2019 I n March 2016, 2016 09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting 2016 09”), 718. 2016 09 January 1, 2017, did not early adopt the guidance. The primary impact from this guidance on our consolidated financial statements will be to our tax provision line item as any excess tax benefits or deficiencies from (1) (2) December 31, 2016, 540,000 December 31, 2016 2017. 2017, $2.6 2017. 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”), 2016 13 2016 13 January 1, 2021, 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, 2016 15, tatement of Cash Flows (Topic 230): 2016 15”), 230 , Statement of Cash Flows 2016 15 in practice in how certain transactions are classified in the statement of cash flows . ASU 2016 15 January 1, 2018, 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. In November 2016, 2016 18, Statement of Cash Flows (Topic 230): consensus of the FASB Emerging Issues Task Force 2016 18”), 2016 18 January 1, 2018, 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 1 - Summary of Significa30
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Accumulated Depreciation and Carrying Cost Amortization Value (Dollars in thousands) December 31, 2016: Airplane $ 29,497 $ 8,250 $ 21,247 Computer software and equipment 23,909 20,329 3,580 Leasehold improvements 11,530 9,370 2,160 Other 2,410 1,356 1,054 Total $ 67,346 $ 39,305 $ 28,041 December 31, 2015: Airplane $ 28,997 $ 7,701 $ 21,296 Computer software and equipment 21,393 16,599 4,794 Leasehold improvements 10,207 8,317 1,890 Other 2,199 1,953 246 Total $ 62,796 $ 34,570 $ 28,226 |
Note 2 - Supplemental Cash Fl31
Note 2 - Supplemental Cash Flow Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended December 31, 2016 2015 2014 Cash paid for: (Dollars in thousands) Interest, net of interest capitalized $ 717 $ 286 $ 1,843 Income taxes $ 29,144 $ 3,023 $ 2,793 Non-cash investing and financing activities: Unrealized holding gains (losses) on marketable securities, net of tax $ 6,356 $ 5,260 $ (1,120 ) |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Homebuilding West $ 1,128,513 $ 915,259 $ 770,051 Mountain 756,997 609,002 534,244 East 377,343 335,965 346,336 Total home and land sale revenues $ 2,262,853 $ 1,860,226 $ 1,650,631 Financial Services Mortgage operations $ 41,585 $ 30,276 $ 25,887 Other 22,406 18,534 18,066 Total financial services revenues $ 63,991 $ 48,810 $ 43,953 Total revenues $ 2,326,844 $ 1,909,036 $ 1,694,584 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Homebuilding West $ 73,594 $ 64,627 $ 63,071 Mountain 73,104 52,707 39,343 East 4,949 (6,033 ) 10,730 Corporate (36,269 ) (40,860 ) (37,340 ) Total homebuilding pretax income $ 115,378 $ 70,441 $ 75,804 Financial Services Mortgage operations $ 23,845 $ 17,230 $ 14,034 Other 12,558 13,753 10,637 Total financial services pretax income $ 36,403 $ 30,983 $ 24,671 Total pretax income $ 151,781 $ 101,424 $ 100,475 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2016 2015 (Dollars in thousands) Homebuilding assets West $ 1,035,033 $ 991,393 Mountain 571,139 536,831 East 256,816 324,457 Corporate 454,507 393,712 Total homebuilding assets $ 2,317,495 $ 2,246,393 Financial services assets Mortgage operations $ 153,182 $ 123,176 Other 57,912 46,330 Total financial services assets $ 211,094 $ 169,506 Total assets $ 2,528,589 $ 2,415,899 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands, except per share amounts) Numerator Net income $ 103,211 $ 65,791 $ 63,143 Less: distributed earnings allocated to participating securities (163 ) (98 ) (196 ) Less: undistributed earnings allocated to participating securities (179 ) (37 ) (60 ) Net income attributable to common stockholders (numerator for basic earnings per share) 102,869 65,656 62,887 Add back: undistributed earnings allocated to participating securities 179 37 60 Less: undistributed earnings reallocated to participating securities (179 ) (37 ) (60 ) Numerator for diluted earnings per share under two class method $ 102,869 $ 65,656 $ 62,887 Denominator Weighted-average common shares outstanding 51,286,942 51,202,616 51,046,318 Add: dilutive effect of stock options 160,205 212,964 212,126 Denominator for diluted earnings per share under two class method 51,447,147 51,415,580 51,258,444 Basic Earnings Per Common Share $ 2.01 $ 1.28 $ 1.23 Diluted Earnings Per Common Share $ 2.00 $ 1.28 $ 1.23 |
Note 5 - Accumulated Other Co34
Note 5 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Unrealized gains (losses) on available-for-sale marketable securities (1) Beginning balance $ 3,657 $ 2,775 $ 7,655 Other comprehensive income (loss) before reclassifications 4,738 322 (3,025 ) Amounts reclassified from AOCI (2) (665 ) 560 (1,855 ) Ending balance $ 7,730 $ 3,657 $ 2,775 Unrealized gains on available-for-sale metropolitan district bond securities (1) Beginning balance $ 12,058 $ 7,680 $ 3,920 Other comprehensive income before reclassifications 2,283 4,378 3,760 Ending balance $ 14,341 $ 12,058 $ 7,680 Total ending AOCI $ 22,071 $ 15,715 $ 10,455 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, Affected Line Item in the Statements of Operations 2016 2015 2014 (Dollars in thousands) Homebuilding: Interest and other income $ 2,049 $ 2,690 $ 7,210 Homebuilding: Other-than-temporary impairment of marketable securities (1,070 ) (3,969 ) (4,293 ) Financial services: Interest and other income 467 368 100 Financial services: Other-than-temporary impairment of marketable securities (373 ) - - Income before income taxes 1,073 (911 ) 3,017 Provision for income taxes (408 ) 351 (1,162 ) Net income $ 665 $ (560 ) $ 1,855 |
Note 6 - Fair Value Measureme35
Note 6 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Financial Instrument Hierarchy December 31, 2016 December 31, 2015 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 96,206 $ 103,694 Mortgage loans held-for-sale, net Level 2 $ 138,774 $ 115,670 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 30,162 $ 25,911 |
Available-for-sale Securities [Table Text Block] | December 31, 2016 Amortized OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding equity securities $ 49,295 $ (1,070 ) $ 48,225 $ 59,770 Financial services equity securities 35,885 (373 ) 35,512 36,436 Total marketable equity securities $ 85,180 $ (1,443 ) $ 83,737 $ 96,206 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] | December 31, 2016 December 31, 2015 Number of Securities in Loss Position Average Loss Position Aggregate Fair Value of Securities in a Loss Position Number of Securities in Loss Position Average Loss Position Aggregate Fair Value of Securities in a Loss Position (Dollars in thousands) Marketable equity securities 5 $ (457 ) $ 6,045 4 $ (882 ) $ 6,116 |
Realized Gain (Loss) on Investments [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities Equity securities $ 2,669 $ 1,854 $ 7,719 Debt securities - 417 2,432 Total $ 2,669 $ 2,271 $ 10,151 Gross realized losses on sales of available-for-sale securities Equity securities $ (1,596 ) $ (2,949 ) $ (6,183 ) Debt securities - (233 ) (952 ) Total $ (1,596 ) $ (3,182 ) $ (7,135 ) Net realized gain (loss) on sales of available-for-sale securities $ 1,073 $ (911 ) $ 3,016 |
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 159 107 Increase Decrease Average sales price $445,000 to $870,000 $ 548,000 Increase Decrease Discount rates 5% to 12% 8.2 % Decrease Increase |
Schedule of Principal Amounts and Fair Values of Debt Instruments [Table Text Block] | Year Ended December 31, 2016 2015 (Dollars in thousands) Balance at beginning of period $ 25,911 $ 18,203 Increase in fair value (recorded in other comprehensive income) 3,683 6,961 Change due to accretion of principal 1,747 1,427 Cash receipts (1,179 ) (680 ) Balance at end of period $ 30,162 $ 25,911 |
Fair Value of Senior Notes [Table Text Block] | December 31, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 246,915 $ 265,611 $ 246,032 $ 257,813 $250 Million 5½% Senior Notes due January 2024, net 248,391 258,800 248,209 252,188 $350 Million 6% Senior Notes due January 2043, net 346,340 297,087 346,283 276,938 Total $ 841,646 $ 821,498 $ 840,524 $ 786,939 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory [Table Text Block] | December 31, December 31, 2016 2015 (Dollars in thousands) Housing Completed or Under Construction: West $ 470,503 $ 365,867 Mountain 277,922 253,578 East 125,774 127,591 Subtotal 874,199 747,036 Land and Land Under Development: West 499,186 580,682 Mountain 271,252 259,484 East 114,177 176,760 Subtotal 884,615 1,016,926 Total Inventories $ 1,758,814 $ 1,763,962 |
Schedule of Inventory Impairments [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Housing Completed or Under Construction: West $ 364 $ - $ - Mountain 574 250 234 East 1,390 1,378 1,000 Subtotal 2,328 1,628 1,234 Land and Land Under Development: West 1,036 648 - Mountain 589 569 526 East 6,220 7,148 - Subtotal 7,845 8,365 526 Total Inventories $ 10,173 $ 9,993 $ 1,760 |
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% December 31, 2016 40 3,873 23,657 3 12% to 15% Total $ 10,173 $ 42,367 7 March 31, 2015 22 $ 350 $ 3,701 1 9% June 30, 2015 22 - - - N/A September 30, 2015 18 3,225 14,836 5 12% to 15% December 31, 2015 15 5,200 19,925 3 15% to 20% Total $ 8,775 $ 38,462 9 March 31, 2014 16 $ - $ - - N/A June 30, 2014 16 850 4,285 2 11% to 14% September 30, 2014 23 - - - N/A December 31, 2014 21 910 4,646 2 13% Total $ 1,760 $ 8,931 4 |
Note 8 - Capitalization of In37
Note 8 - Capitalization of Interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Capitalization of Interest [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Homebuilding interest incurred $ 52,681 $ 53,061 $ 66,269 Less: Interest capitalized (52,681 ) (53,061 ) (65,584 ) Homebuilding interest expensed $ - $ - $ 685 Interest capitalized, beginning of period $ 77,541 $ 79,231 $ 74,155 Plus: Interest capitalized during period 52,681 53,061 65,584 Less: Previously capitalized interest included in home and land cost of sales (62,137 ) (54,751 ) (60,508 ) Interest capitalized, end of period $ 68,085 $ 77,541 $ 79,231 |
Note 9 - Homebuilding Prepaid38
Note 9 - Homebuilding Prepaid and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, 2016 2015 (Dollars in thousands) Land option deposits $ 8,683 $ 11,997 Deferred marketing costs 35,313 31,152 Prepaid expenses 4,735 6,500 Goodwill 6,008 6,008 Deferred debt issuance costs on revolving credit facility, net 4,340 5,570 Other 1,384 4,167 Total $ 60,463 $ 65,394 |
Note 10 - Homebuilding Accrue39
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2016 2015 (Dollars in thousands) Accrued compensation and related expenses $ 27,830 $ 25,492 Accrued interest 23,234 23,234 Warranty accrual 20,678 15,328 Customer and escrow deposits 27,183 20,717 Land development and home construction accruals 8,695 11,465 Other accrued liabilities 36,946 26,650 Total accrued liabilities $ 144,566 $ 122,886 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2016 2015 (Dollars in thousands) Insurance reserves $ 42,204 $ 45,811 Accounts payable and other accrued liabilities 8,530 6,303 Total accounts payable and accrued liabilities $ 50,734 $ 52,114 |
Note 11 - Warranty Accrual (Tab
Note 11 - Warranty Accrual (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance at beginning of period $ 15,328 $ 18,346 $ 22,238 Expense provisions 8,905 6,303 4,834 Cash payments (11,017 ) (9,510 ) (6,126 ) Adjustments 7,462 189 (2,600 ) Balance at end of period $ 20,678 $ 15,328 $ 18,346 |
Note 12 - Insurance and Const41
Note 12 - Insurance and Construction Defect Claim Reserves (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | December 31, 2016 2015 2014 (Dollars in thousands) Balance at beginning of period $ 47,061 $ 51,720 $ 50,887 Expense provisions 7,531 6,452 6,316 Cash payments, net of recoveries (3,638 ) (8,611 ) (5,483 ) Adjustments - (2,500 ) - Balance at end of period $ 50,954 $ 47,061 $ 51,720 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Current tax provision (benefit) Federal $ 32,102 $ 2,549 $ 1,631 State 323 (249 ) 1,475 Total current 32,425 2,300 3,106 Deferred tax provision: Federal 10,960 30,268 28,630 State 5,185 3,065 5,596 Total deferred 16,145 33,333 34,226 Provision for income taxes $ 48,570 $ 35,633 $ 37,332 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Tax expense computed at federal statutory rate $ 53,123 $ 35,498 $ 35,166 State income tax expense, net of federal benefit 4,553 3,043 3,340 Other permanent differences (647 ) (935 ) (1,435 ) Domestic manufacturing deduction (5,563 ) (39 ) - Expiration of state net operating loss - 336 3,030 Tax expense (benefit) related to an increase (decrease) in unrecognized tax benefits 75 (479 ) 559 Charitable contributions statute expiration - - 181 Federal energy credits (3,428 ) (1,058 ) (1,131 ) Rate changes - 48 866 Change in valuation allowance 253 (549 ) (1,665 ) Other 204 (232 ) (1,579 ) Provision for income taxes $ 48,570 $ 35,633 $ 37,332 Effective tax (benefit) rate 32.0 % 35.1 % 37.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2016 2015 (Dollars in thousands) Deferred tax assets: State net operating loss carryforwards $ 26,015 $ 31,292 Alternative minimum tax and other tax credit carryforwards 12,325 31,993 Stock-based compensation expense 18,228 20,068 Warranty, litigation and other reserves 14,155 9,470 Receivables from related party 7,626 8,342 Accrued compensation 7,330 7,241 Asset impairment charges 6,456 5,049 Inventory, additional costs capitalized for tax purposes 6,498 5,894 Other, net 2,993 2,429 Total deferred tax assets 101,626 121,778 Valuation allowance (13,803 ) (12,868 ) Total deferred tax assets, net of valuation allowance 87,823 108,910 Deferred tax liabilities: Property, equipment and other assets 4,276 4,739 Deferred revenue 1,400 2,312 Unrealized gain on marketable securities 4,676 671 Other, net 2,583 2,081 Total deferred tax liabilities 12,935 9,803 Net deferred tax asset $ 74,888 $ 99,107 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Gross unrecognized tax benefits at beginning of year $ 488 $ 905 $ 371 Increases related to prior year tax positions 156 139 633 Decreases related to prior year tax positions - (475 ) (85 ) Lapse of applicable statute of limitations (67 ) (81 ) (14 ) Gross unrecognized tax benefits at end of year $ 577 $ 488 $ 905 |
Note 15 - Lines of Credit and43
Note 15 - Lines of Credit and Total Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2016 2015 (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 246,915 $ 246,032 $250 Million 5½% Senior Notes due January 2024, net 248,391 248,209 $350 Million 6% Senior Notes due January 2043, net 346,340 346,283 Total $ 841,646 $ 840,524 |
Note 16 - Commitments and Con44
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended December 31, (Dollars in thousands) 2017 $ 6,008 2018 5,293 2019 4,923 2020 4,735 2021 4,567 Thereafter 21,566 Total $ 47,092 |
Note 17 - Concentration of Th45
Note 17 - Concentration of Third-party Mortgage Purchasers (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Ended December 31, 2016 2015 2014 Wells Fargo Funding, Inc. 26 % 10 % 37 % PennyMac Loan Services, LLC 15 % 14 % 23 % Fannie Mae 10 % 7 % 10 % JP Morgan Chase Bank, N.A. 8 % 32 % 20 % |
Note 20 - Stock Based Compens46
Note 20 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number of Exercise Number of Exercise Number of Exercise Shares Price Shares Price Shares Price Outstanding Stock Option Activity Outstanding, beginning of year 6,706,123 $ 30.46 5,054,623 $ 35.91 5,469,948 $ 38.03 Granted (1) 42,000 21.68 2,359,500 27.05 268,625 26.96 Exercised - - (31,250 ) 21.21 (18,000 ) 20.82 Forfeited (10,000 ) 29.80 (121,250 ) 28.61 (23,750 ) 25.16 Cancelled (586,000 ) 53.26 (555,500 ) 66.51 (642,200 ) 62.43 Outstanding, end of year 6,152,123 $ 28.23 6,706,123 $ 30.46 5,054,623 $ 35.91 |
Schedule of Nonvested Share Activity [Table Text Block] | Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Number of Average Number of Average Number of Average Shares Fair Value Shares Fair Value Shares Fair Value Unvested Stock Option Activity Outstanding, beginning of year 2,344,061 $ 5.63 483,312 $ 9.20 872,468 $ 8.09 Granted (1) 42,000 4.04 2,359,500 5.26 268,625 7.17 Vested (85,095 ) 8.13 (377,501 ) 6.76 (634,031 ) 8.30 Forfeited (10,000 ) 6.61 (121,250 ) 9.33 (23,750 ) 7.60 Unvested, end of year 2,290,966 $ 5.50 2,344,061 $ 5.63 483,312 $ 9.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Exercisable or expected to vest Number outstanding 6,098,279 Weighted-average exercise price $ 28.25 Aggregate intrinsic value (in thousands) $ 3,149 Weighted-average remaining contractual term (years) 5.59 Exercisable Number outstanding 3,861,157 Weighted-average exercise price $ 28.96 Aggregate intrinsic value (in thousands) $ 2,970 Weighted-average remaining contractual term (years) 4.01 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted- Weighted- Average Average Remaining Weighted- Remaining Weighted- Contractual Average Contractual Average Number Life (in Exercise Number Life (in Exercise Range of Exercise Price Outstanding years) Price Outstanding years) Price $ 15.01 - $ 20.00 42,000 5.07 $ 19.95 42,000 5.07 $ 19.95 $ 20.01 - $ 25.00 1,215,375 5.44 23.21 1,119,346 5.21 23.25 $ 25.01 - $ 30.00 3,424,748 7.08 27.47 1,249,937 4.88 28.16 $ 30.01 - $ 35.00 863,625 3.14 31.82 862,312 3.14 31.82 $ 35.01 - $ 40.00 606,375 1.23 38.02 587,562 1.08 38.04 Total 6,152,123 5.61 $ 28.23 3,861,157 4.01 $ 28.96 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number of Grant Date Number of Grant Date Number of Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Unvested, beginning of year 99,442 $ 29.75 184,201 $ 32.26 298,991 $ 32.87 Granted 154,703 $ 22.06 36,896 26.44 39,381 30.85 Vested (64,535 ) $ 30.71 (111,719 ) 32.86 (141,454 ) 33.08 Forfeited - N/A (9,936 ) 29.11 (12,717 ) 33.05 Unvested, end of year 189,610 $ 23.15 99,442 $ 29.75 184,201 $ 32.26 |
Market-Based Awards [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 27.8 % Risk free interest rate 2.2 % Dividend yield rate 3.5 % |
Employee Stock Option [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2016 2015 2014 Expected lives of options (in years) 5.0 3.9 4.0 Expected volatility 32.1 % 29.6 % 43.2 % Risk free interest rate 1.6 % 1.2 % 1.3 % Dividend yield rate 4.4 % 3.5 % 3.5 % |
Note 21 - Results of Quarterl47
Note 21 - Results of Quarterly Operations (Unaudited) (Restated for Stock Dividends) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter First Second Third Fourth 2016 (Dollars in thousands, except per share amounts) Total revenue $ 407,761 $ 587,334 $ 595,420 $ 736,329 Home sales revenue $ 394,420 $ 571,195 $ 575,722 $ 715,816 Asset impairments $ - $ (1,600 ) $ (4,700 ) $ (3,873 ) Gross margin from home sales (including impairments) 16.3 % 16.4 % 15.5 % 16.1 % Homebuilding selling, general and administrative expenses $ 56,277 $ 64,440 $ 61,904 $ 67,919 Income before income taxes $ 14,273 $ 40,458 $ 38,052 $ 58,998 Net income $ 9,563 $ 26,913 $ 26,359 $ 40,376 Earnings per share: Basic $ 0.19 $ 0.52 $ 0.51 $ 0.78 Diluted $ 0.19 $ 0.52 $ 0.51 $ 0.78 2015 Total revenue $ 388,510 $ 473,128 $ 468,487 $ 578,911 Home sales revenue $ 377,009 $ 461,708 $ 454,740 $ 554,432 Asset impairments $ (350 ) $ - $ (4,351 ) $ (5,292 ) Gross margin from home sales (including impairments) 15.4 % 16.6 % 16.4 % 16.1 % Homebuilding selling, general and administrative expenses $ 50,532 $ 54,781 $ 57,444 $ 63,560 Income before income taxes $ 13,326 $ 31,882 $ 23,658 $ 32,558 Net income $ 8,420 $ 19,998 $ 14,778 $ 22,595 Earnings per share: Basic $ 0.16 $ 0.39 $ 0.29 $ 0.44 Diluted $ 0.16 $ 0.39 $ 0.29 $ 0.44 |
Note 22 - Supplemental Guaran48
Note 22 - Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Dollars in thousands ASSETS Homebuilding: Cash and cash equivalents $ 255,679 $ 3,408 $ - $ - $ 259,087 Marketable securities 59,770 - - - 59,770 Restricted cash - 3,778 - - 3,778 Trade and other receivables 5,380 39,247 - (2,135 ) 42,492 Inventories: Housing completed or under construction - 874,199 - - 874,199 Land and land under development - 884,615 - - 884,615 Total inventories - 1,758,814 - - 1,758,814 Intercompany receivables 1,475,291 2,803 5,289 (1,483,383 ) - Investment in subsidiaries 295,214 - - (295,214 ) - Property and equipment, net 25,495 2,546 - - 28,041 Deferred tax assets, net 74,119 - - 769 74,888 Metropolitan district bond securities (related party) 30,162 - - - 30,162 Other assets 5,267 55,196 - - 60,463 Total Homebuilding Assets 2,226,377 1,865,792 5,289 (1,779,963 ) 2,317,495 Financial Services: Cash and cash equivalents - - 23,822 - 23,822 Marketable securities - - 36,436 - 36,436 Intercompany receivables - - 40,042 (40,042 ) - Mortgage loans held-for-sale, net - - 138,774 - 138,774 Other assets - - 12,831 (769 ) 12,062 Total Financial Services Assets - - 251,905 (40,811 ) 211,094 Total Assets $ 2,226,377 $ 1,865,792 $ 257,194 $ (1,820,774 ) $ 2,528,589 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 42,088 $ - $ - $ 42,088 Accrued liabilities 1,527 136,615 143 6,281 144,566 Advances and notes payable to parent and subsidiaries 48,134 1,445,276 26,266 (1,519,676 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 841,646 - - - 841,646 Total Homebuilding Liabilities 906,307 1,623,979 26,409 (1,513,395 ) 1,043,300 Financial Services: Accounts payable and accrued liabilities - - 59,150 (8,416 ) 50,734 Advances and notes payable to parent and subsidiaries - - 3,749 (3,749 ) - Mortgage repurchase facility - - 114,485 - 114,485 Total Financial Services Liabilities - - 177,384 (12,165 ) 165,219 Total Liabilities 906,307 1,623,979 203,793 (1,525,560 ) 1,208,519 Equity: Total Stockholders' Equity 1,320,070 241,813 53,401 (295,214 ) 1,320,070 Total Liabilities and Stockholders' Equity $ 2,226,377 $ 1,865,792 $ 257,194 $ (1,820,774 ) $ 2,528,589 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 assets, net 97,083 - - 2,024 99,107 Metropolitan district bond securities (related party) 25,911 - - - 25,911 Other assets, net 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, net - - 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] | Year Ended December 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 2,262,853 $ - $ - $ 2,262,853 Cost of Sales - (1,888,957 ) (300 ) - (1,889,257 ) Inventory impairments - (10,173 ) - - (10,173 ) Gross margin - 363,723 (300 ) - 363,423 Selling, general, and administrative expenses (39,632 ) (210,546 ) - (362 ) (250,540 ) Equity income of subsidiaries 125,431 - - (125,431 ) - Interest and other income 5,236 2,188 5 (417 ) 7,012 Other expense 1 (3,448 ) - - (3,447 ) Other-than-temporary impairment of marketable securities (1,070 ) - - - (1,070 ) Homebuilding pretax income (loss) 89,966 151,917 (295 ) (126,210 ) 115,378 Financial Services: Financial services pretax income - - 35,624 779 36,403 Income before income taxes 89,966 151,917 35,329 (125,431 ) 151,781 Provision for income taxes 13,245 (48,613 ) (13,202 ) - (48,570 ) Net income $ 103,211 $ 103,304 $ 22,127 $ (125,431 ) $ 103,211 Other comprehensive income related to available-for-sale securities, net of tax 6,356 - 1,084 (1,084 ) 6,356 Comprehensive income $ 109,567 $ 103,304 $ 23,211 $ (126,515 ) $ 109,567 Year Ended December 31, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,860,226 $ - $ - $ 1,860,226 Cost of Sales - (1,551,907 ) (100 ) - (1,552,007 ) Inventory impairments - (9,993 ) - - (9,993 ) Gross margin - 298,326 (100 ) - 298,226 Selling, general, and administrative expenses (40,356 ) (185,403 ) - (558 ) (226,317 ) Equity income of subsidiaries 91,079 - - (91,079 ) - Interest and other income 4,635 2,651 8 (585 ) 6,709 Other expense (6 ) (4,202 ) - - (4,208 ) Other-than-temporary impairment of marketable securities (3,969 ) - - - (3,969 ) Homebuilding pretax income (loss) 51,383 111,372 (92 ) (92,222 ) 70,441 Financial Services: Financial services pretax income - - 29,840 1,143 30,983 Income before income taxes 51,383 111,372 29,748 (91,079 ) 101,424 Provision for income taxes 14,408 (39,128 ) (10,913 ) - (35,633 ) Net income $ 65,791 $ 72,244 $ 18,835 $ (91,079 ) $ 65,791 Other comprehensive income related to available-for-sale securities, net of tax 5,260 - (674 ) 674 5,260 Comprehensive income $ 71,051 $ 72,244 $ 18,161 $ (90,405 ) $ 71,051 Year Ended December 31, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,650,631 $ - $ - $ 1,650,631 Cost of Sales - (1,368,140 ) (40 ) - (1,368,180 ) Inventory impairments - (1,760 ) - - (1,760 ) Gross margin - 280,731 (40 ) - 280,691 Selling, general, and administrative expenses (38,290 ) (164,287 ) - (676 ) (203,253 ) Equity income of subsidiaries 86,223 - - (86,223 ) - Interest and other income 24,824 1,517 15 (46 ) 26,310 Interest expense (685 ) - - - (685 ) Other expense (8 ) (4,805 ) - - (4,813 ) Losses from early extinguishments of debt (18,153 ) - - - (18,153 ) Other-than-temporary impairment of marketable securities (4,293 ) - - - (4,293 ) Homebuilding pretax income (loss) 49,618 113,156 (25 ) (86,945 ) 75,804 Financial Services: Financial services pretax income - - 23,949 722 24,671 Income before income taxes 49,618 113,156 23,924 (86,223 ) 100,475 Provision for income taxes 13,525 (42,044 ) (8,813 ) - (37,332 ) Net income $ 63,143 $ 71,112 $ 15,111 $ (86,223 ) $ 63,143 Other comprehensive income related to available-for-sale securities, net of tax (1,120 ) - (22 ) 22 (1,120 ) Comprehensive income $ 62,023 $ 71,112 $ 15,089 $ (86,201 ) $ 62,023 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (4,807 ) $ 124,929 $ (4,205 ) $ - $ 115,917 Net cash provided by (used in) investing activities 168,329 (1,481 ) (23,779 ) (133,851 ) 9,218 Financing activities: Payments from (advances to) subsidiaries - (123,137 ) (10,714 ) 133,851 - Advances on mortgage repurchase facility, net - - 25,874 - 25,874 Proceeds from issuance of senior notes - - - - - Repayment of senior notes - - - - - Advances on revolving credit facility, net - - - - - Dividend payments (49,088 ) - - - (49,088 ) Excess tax benefits from stock-based compensation - - - - - Proceeds from exercise of stock options - - - - - Net cash provided by (used in) financing activities (49,088 ) (123,137 ) 15,160 133,851 (23,214 ) Net increase (decrease) in cash and cash equivalents 114,434 311 (12,824 ) - 101,921 Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 255,679 $ 3,408 $ 23,822 $ - $ 282,909 Year Ended December 31, 2015 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 31,030 $ (16,109 ) $ (14,706 ) $ - $ 215 Net cash provided by (used in) investing activities 38,467 (811 ) 3,260 6,446 47,362 Financing activities: Payments from (advances to) subsidiaries - 17,326 (10,880 ) (6,446 ) - Advances on mortgage repurchase facility, net - - 27,789 - 27,789 Proceeds from issuance of senior notes - - - - - Repayment of senior notes - - - - - Advances on revolving credit facility, net - - - - - Dividend payments (48,868 ) - - - (48,868 ) Excess tax benefits from stock-based compensation - - - - - Proceeds from exercise of stock options 665 - - - 665 Net cash provided by (used in) financing activities (48,203 ) 17,326 16,909 (6,446 ) (20,414 ) Net increase (decrease) in cash and cash equivalents 21,294 406 5,463 - 27,163 Cash and cash equivalents: Beginning of period 119,951 2,691 31,183 - 153,825 End of period $ 141,245 $ 3,097 $ 36,646 $ - $ 180,988 Year Ended December 31, 2014 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (62,289 ) $ (124,317 ) $ 22,959 $ - $ (163,647 ) Net cash provided by (used in) investing activities 339,754 (1,093 ) 3,692 80,727 423,080 Financing activities: Payments from (advances to) subsidiaries - 124,647 (43,920 ) (80,727 ) - Advances on mortgage repurchase facility, net - - (2,252 ) - (2,252 ) Proceeds from the issuance of senior notes 248,375 - - - 248,375 Repayment of senior notes (517,650 ) - - - (517,650 ) Advances on revolving credit facility, net 15,000 - - - 15,000 Dividend payments (48,820 ) - - - (48,820 ) Excess tax benefit from share-based awards 26 - - - 26 Proceeds from the exercise of stock options 375 - - - 375 Net cash provided by (used in) financing activities (302,694 ) 124,647 (46,172 ) (80,727 ) (304,946 ) Net increase (decrease) in cash and cash equivalents (25,229 ) (763 ) (19,521 ) - (45,513 ) Cash and cash equivalents: Beginning of period 145,180 3,454 50,704 - 199,338 End of period $ 119,951 $ 2,691 $ 31,183 $ - $ 153,825 |
Note 1 - Summary of Significa49
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnest Money Deposits | $ 3,800 | $ 3,800 | ||
Depreciation, Depletion and Amortization | 4,600 | 3,900 | $ 3,800 | |
Goodwill, Impairment Loss | 0 | |||
Derivative, Notional Amount | 108,000 | 84,500 | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 42,600 | 23,100 | ||
Derivative, Gain (Loss) on Derivative, Net | 1,500 | 1,500 | (800) | |
Gain (Loss) on Sale of Mortgage Loans | 34,000 | 17,800 | 15,500 | |
Land Development and Home Construction Accruals, Current and Noncurrent | $ 8,700 | 11,500 | ||
Stock Options, Number of Shares With Exercise Prices Below the Closing Share Price | 540,000 | |||
Income Tax Expense (Benefit) | $ 48,570 | 35,633 | $ 37,332 | |
Expense from Expiration of Stock Options [Member] | Scenario, Forecast [Member] | ||||
Income Tax Expense (Benefit) | $ 2,600 | |||
Interest Rate Lock Commitments [Member] | ||||
Derivative, Notional Amount | $ 110,900 | $ 98,400 | ||
Derivative, Average Fixed Interest Rate | 4.11% | 3.82% | ||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 29 years |
Note 1 - Summary of Significa50
Note 1 - Summary of Significant Accounting Policies - Cost and Carrying Value of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cost | $ 67,346 | $ 62,796 |
Accumulated Depreciation and Amortization | 39,305 | 34,570 |
Property and equipment, net | 28,041 | 28,226 |
Airplane [Member] | ||
Cost | 29,497 | 28,997 |
Accumulated Depreciation and Amortization | 8,250 | 7,701 |
Property and equipment, net | 21,247 | 21,296 |
Computer, Software and Equipment [Member] | ||
Cost | 23,909 | 21,393 |
Accumulated Depreciation and Amortization | 20,329 | 16,599 |
Property and equipment, net | 3,580 | 4,794 |
Leasehold Improvements [Member] | ||
Cost | 11,530 | 10,207 |
Accumulated Depreciation and Amortization | 9,370 | 8,317 |
Property and equipment, net | 2,160 | 1,890 |
Other Capitalized Property Plant and Equipment [Member] | ||
Cost | 2,410 | 2,199 |
Accumulated Depreciation and Amortization | 1,356 | 1,953 |
Property and equipment, net | $ 1,054 | $ 246 |
Note 2 - Supplemental Cash Fl51
Note 2 - Supplemental Cash Flow Disclosure - Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest, net of interest capitalized | $ 717 | $ 286 | $ 1,843 |
Income taxes | 29,144 | 3,023 | 2,793 |
Non-cash investing and financing activities: | |||
Unrealized holding gains (losses) on marketable securities, net of tax | $ 6,356 | $ 5,260 | $ (1,120) |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenue | $ 736,329 | $ 595,420 | $ 587,334 | $ 407,761 | $ 578,911 | $ 468,487 | $ 473,128 | $ 388,510 | $ 2,326,844 | $ 1,909,036 | $ 1,694,584 |
Homebuilding Segment [Member] | |||||||||||
Home and land sale revenues | 2,262,853 | 1,860,226 | 1,650,631 | ||||||||
Total revenue | 2,262,853 | 1,860,226 | 1,650,631 | ||||||||
Homebuilding Segment [Member] | Reportable Segment, West [Member] | |||||||||||
Home and land sale revenues | 1,128,513 | 915,259 | 770,051 | ||||||||
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | |||||||||||
Home and land sale revenues | 756,997 | 609,002 | 534,244 | ||||||||
Homebuilding Segment [Member] | Reportable Segment, East [Member] | |||||||||||
Home and land sale revenues | 377,343 | 335,965 | 346,336 | ||||||||
Financial Services Segment [Member] | |||||||||||
Revenues | 63,991 | 48,810 | 43,953 | ||||||||
Financial Services Segment [Member] | Mortgage Operations [Member] | |||||||||||
Revenues | 41,585 | 30,276 | 25,887 | ||||||||
Financial Services Segment [Member] | Other Financial Services [Member] | |||||||||||
Revenues | $ 22,406 | $ 18,534 | $ 18,066 |
Note 3 - Segment Reporting - 54
Note 3 - Segment Reporting - Reconciliation of Pretax Operating Income From Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income before income taxes | $ 58,998 | $ 38,052 | $ 40,458 | $ 14,273 | $ 32,558 | $ 23,658 | $ 31,882 | $ 13,326 | $ 151,781 | $ 101,424 | $ 100,475 |
Homebuilding Segment [Member] | |||||||||||
Income before income taxes | 115,378 | 70,441 | 75,804 | ||||||||
Homebuilding Segment [Member] | Corporate, Non-Segment [Member] | |||||||||||
Income before income taxes | (36,269) | (40,860) | (37,340) | ||||||||
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member] | |||||||||||
Income before income taxes | 73,594 | 64,627 | 63,071 | ||||||||
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member] | |||||||||||
Income before income taxes | 73,104 | 52,707 | 39,343 | ||||||||
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member] | |||||||||||
Income before income taxes | 4,949 | (6,033) | 10,730 | ||||||||
Financial Services Segment [Member] | |||||||||||
Income before income taxes | 36,403 | 30,983 | 24,671 | ||||||||
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member] | |||||||||||
Income before income taxes | 23,845 | 17,230 | 14,034 | ||||||||
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member] | |||||||||||
Income before income taxes | $ 12,558 | $ 13,753 | $ 10,637 |
Note 3 - Segment Reporting - To
Note 3 - Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | $ 2,528,589 | $ 2,415,899 |
Homebuilding Segment [Member] | ||
Assets | 2,317,495 | 2,246,393 |
Homebuilding Segment [Member] | Corporate, Non-Segment [Member] | ||
Assets | 454,507 | 393,712 |
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member] | ||
Assets | 1,035,033 | 991,393 |
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member] | ||
Assets | 571,139 | 536,831 |
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member] | ||
Assets | 256,816 | 324,457 |
Financial Services Segment [Member] | ||
Assets | 211,094 | 169,506 |
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member] | ||
Assets | 153,182 | 123,176 |
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member] | ||
Assets | $ 57,912 | $ 46,330 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares shares in Millions | Dec. 20, 2016 | Nov. 21, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stock Dividend Rate, Percentage | 5.00% | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5.6 | 6.2 | 4.7 | ||
Stock Dividend [Member] | |||||
Dividends Payable, Date Declared | Nov. 21, 2016 | ||||
Dividends Payable, Date of Record | Dec. 6, 2016 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 40,376 | $ 26,359 | $ 26,913 | $ 9,563 | $ 22,595 | $ 14,778 | $ 19,998 | $ 8,420 | $ 103,211 | $ 65,791 | $ 63,143 |
Less: distributed earnings allocated to participating securities | (163) | (98) | (196) | ||||||||
Less: undistributed earnings allocated to participating securities | (179) | (37) | (60) | ||||||||
Net income attributable to common stockholders (numerator for basic earnings per share) | 102,869 | 65,656 | 62,887 | ||||||||
Add back: undistributed earnings allocated to participating securities | 179 | 37 | 60 | ||||||||
Less: undistributed earnings reallocated to participating securities | (179) | (37) | (60) | ||||||||
Numerator for diluted earnings per share under two class method | $ 102,869 | $ 65,656 | $ 62,887 | ||||||||
Weighted-average common shares outstanding (in shares) | 51,286,942 | 51,202,616 | 51,046,318 | ||||||||
Denominator for diluted earnings per share under two class method (in shares) | 51,447,147 | 51,415,580 | 51,258,444 | ||||||||
Basic Earnings Per Common Share (in dollars per share) | $ 0.78 | $ 0.51 | $ 0.52 | $ 0.19 | $ 0.44 | $ 0.29 | $ 0.39 | $ 0.16 | $ 2.01 | $ 1.28 | $ 1.23 |
Diluted Earnings Per Common Share (in dollars per share) | $ 0.78 | $ 0.51 | $ 0.52 | $ 0.19 | $ 0.44 | $ 0.29 | $ 0.39 | $ 0.16 | $ 2 | $ 1.28 | $ 1.23 |
Employee Stock Option [Member] | |||||||||||
Add: dilutive effect of stock options (in shares) | 160,205 | 212,964 | 212,126 |
Note 5 - Accumulated Other Co58
Note 5 - Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Beginning balance | $ 15,715 | |||
Ending balance | 22,071 | $ 15,715 | ||
Ending balance | 22,071 | 15,715 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Beginning balance | [1] | 15,715 | 10,455 | |
Ending balance | [1] | 22,071 | 15,715 | $ 10,455 |
Ending balance | [1] | 22,071 | 15,715 | 10,455 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Metropolitan District Bond Securities [Member] | ||||
Beginning balance | [1] | 12,058 | 7,680 | 3,920 |
Other comprehensive income (loss) before reclassifications | [1] | 2,283 | 4,378 | 3,760 |
Ending balance | [1] | 14,341 | 12,058 | 7,680 |
Ending balance | [1] | 12,058 | 12,058 | 7,680 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Marketable Securities [Member] | ||||
Beginning balance | [1] | 3,657 | 2,775 | 7,655 |
Other comprehensive income (loss) before reclassifications | [1] | 4,738 | 322 | (3,025) |
Amounts reclassified from AOCI | [1],[2] | (665) | 560 | (1,855) |
Ending balance | [1] | 7,730 | 3,657 | 2,775 |
Ending balance | [1] | $ 3,657 | $ 3,657 | $ 2,775 |
[1] | All amounts net-of-tax. | |||
[2] | See separate table below for details about these reclassifications. |
Note 5 - Accumulated Other Co59
Note 5 - Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other-than-temporary impairment of marketable securities | $ (1,443) | $ (3,969) | $ (4,293) | ||||||||
Income before income taxes | $ 58,998 | $ 38,052 | $ 40,458 | $ 14,273 | $ 32,558 | $ 23,658 | $ 31,882 | $ 13,326 | 151,781 | 101,424 | 100,475 |
Provision for income taxes | (48,570) | (35,633) | (37,332) | ||||||||
Net income | $ 40,376 | $ 26,359 | $ 26,913 | $ 9,563 | $ 22,595 | $ 14,778 | $ 19,998 | $ 8,420 | 103,211 | 65,791 | 63,143 |
Homebuilding Segment [Member] | |||||||||||
Interest and other income | 7,012 | 6,709 | 26,310 | ||||||||
Other-than-temporary impairment of marketable securities | (1,070) | (3,969) | (4,293) | ||||||||
Income before income taxes | 115,378 | 70,441 | 75,804 | ||||||||
Financial Services Segment [Member] | |||||||||||
Other-than-temporary impairment of marketable securities | (373) | ||||||||||
Income before income taxes | 36,403 | 30,983 | 24,671 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||
Income before income taxes | 1,073 | (911) | 3,017 | ||||||||
Provision for income taxes | (408) | 351 | (1,162) | ||||||||
Net income | 665 | (560) | 1,855 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Homebuilding Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||
Interest and other income | 2,049 | 2,690 | 7,210 | ||||||||
Other-than-temporary impairment of marketable securities | (1,070) | (3,969) | (4,293) | ||||||||
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 | 467 | 368 | 100 | ||||||||
Other-than-temporary impairment of marketable securities | $ (373) |
Note 6 - Fair Value Measureme60
Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 1,443 | $ 3,969 | $ 4,293 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 12,500 | 5,900 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 457 | 882 | |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 42,600 | 23,100 | |
Minimum [Member] | |||
Short Term Borrowings Maturity Period | 30 days | ||
Fair Value, Inputs, Level 2 [Member] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 138,774 | 115,670 | |
Fair Value, Inputs, Level 2 [Member] | Under Commitment to Sell [Member] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 96,200 | 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 | $ 42,600 | $ 23,100 |
Note 6 - Fair Value Measureme61
Note 6 - Fair Value Measurements - Fair Value Methods Used for Measuring Fair Values of Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage loans held-for-sale, net | $ 42,600 | $ 23,100 | |
Metropolitan District Bond Securities [Member] | |||
Metropolitan district bond securities (related party) (available-for-sale) | 30,162 | 25,911 | $ 18,203 |
Fair Value, Inputs, Level 1 [Member] | |||
Marketable equity securities (available-for-sale) | 96,206 | 103,694 | |
Fair Value, Inputs, Level 2 [Member] | |||
Mortgage loans held-for-sale, net | 138,774 | 115,670 | |
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member] | |||
Metropolitan district bond securities (related party) (available-for-sale) | $ 30,162 | $ 25,911 |
Note 6 - Fair Value Measureme62
Note 6 - Fair Value Measurements - Amortized Cost and Estimated Fair Value of Available-for-sale Marketable Securities (Details) - Equity Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amortized Cost | $ 85,180 | $ 101,764 |
OTTI | (1,443) | (3,969) |
Net Amortized Cost | 83,737 | 97,795 |
Fair Value | 96,206 | 103,694 |
Homebuilding Segment [Member] | ||
Amortized Cost | 49,295 | 89,738 |
OTTI | (1,070) | (3,969) |
Net Amortized Cost | 48,225 | 85,769 |
Fair Value | 59,770 | 92,387 |
Financial Services Segment [Member] | ||
Amortized Cost | 35,885 | 12,026 |
OTTI | (373) | |
Net Amortized Cost | 35,512 | 12,026 |
Fair Value | $ 36,436 | $ 11,307 |
Note 6 - Fair Value Measureme63
Note 6 - Fair Value Measurements - Aggregate Fair Value of Securities in Unrealized Loss Positions (Details) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Number of Securities in Loss Position | 5 | 4 |
Aggregate Loss Position | $ (457) | $ (882) |
Aggregate Fair Value of Securities in a Loss Position | $ 6,045 | $ 6,116 |
Note 6 - Fair Value Measureme64
Note 6 - Fair Value Measurements - Gross Realized Gains and Gross Realized Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross realized gains on sales of available-for-sale securities | $ 2,669 | $ 2,271 | $ 10,151 |
Gross realized losses on sales of available-for-sale securities | (1,596) | (3,182) | (7,135) |
Net realized gain (loss) on sales of available-for-sale securities | 1,073 | (911) | 3,016 |
Equity Securities [Member] | |||
Gross realized gains on sales of available-for-sale securities | 2,669 | 1,854 | 7,719 |
Gross realized losses on sales of available-for-sale securities | (1,596) | (2,949) | (6,183) |
Debt Securities [Member] | |||
Gross realized gains on sales of available-for-sale securities | 417 | 2,432 | |
Gross realized losses on sales of available-for-sale securities | $ (233) | $ (952) |
Note 6 - Fair Value Measureme65
Note 6 - Fair Value Measurements - Quantitative Data Regarding Unobservable Inputs and Sensitivity Analysis (Details) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2016 | |
Number of homes closed per year | Increase | ||||||||
Number of homes closed per year | Decrease | ||||||||
Average sales price | Increase | ||||||||
Average sales price | Decrease | ||||||||
Discount rates | 9.00% | 13.00% | |||||||
Discount rates | Decrease | ||||||||
Discount rates | Increase | ||||||||
Minimum [Member] | |||||||||
Number of homes closed per year | 0 | ||||||||
Average sales price | 445,000 | ||||||||
Discount rates | 12.00% | 15.00% | 12.00% | 15.00% | 12.00% | 11.00% | 5.00% | ||
Maximum [Member] | |||||||||
Number of homes closed per year | 159 | ||||||||
Average sales price | 870,000 | ||||||||
Discount rates | 15.00% | 18.00% | 15.00% | 20.00% | 15.00% | 14.00% | 12.00% | ||
Weighted Average [Member] | |||||||||
Number of homes closed per year | 107 | ||||||||
Average sales price | 548,000 | ||||||||
Discount rates | 8.20% |
Note 6 - Fair Value Measureme66
Note 6 - Fair Value Measurements - Summary of Activity for Metro Bonds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change due to accretion of principal | $ 1,700 | $ 1,400 | $ 1,400 |
Metropolitan District Bond Securities [Member] | |||
Balance at beginning of period | 25,911 | 18,203 | |
Increase in fair value (recorded in other comprehensive income) | 3,683 | 6,961 | |
Change due to accretion of principal | 1,747 | 1,427 | |
Cash receipts | (1,179) | (680) | |
Balance at end of period | $ 30,162 | $ 25,911 | $ 18,203 |
Note 6 - Fair Value Measureme67
Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Amount | $ 841,646 | $ 840,524 |
Fair Value | 821,498 | 786,939 |
5.625% Senior Notes Due February 2020 [Member] | ||
Carrying Amount | 246,915 | 246,032 |
Fair Value | 265,611 | 257,813 |
Senior Notes 5.5% Due 2024 [Member] | ||
Carrying Amount | 248,391 | 248,209 |
Fair Value | 258,800 | 252,188 |
Senior Notes 6.00% Due January 2043 [Member] | ||
Carrying Amount | 346,340 | 346,283 |
Fair Value | $ 297,087 | $ 276,938 |
Note 6 - Fair Value Measureme68
Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
5.625% Senior Notes Due February 2020 [Member] | ||
Senior Notes, interest rate | 5.625% | 5.625% |
Senior Notes, face amount | $ 250 | $ 250 |
Senior Notes 5.5% Due 2024 [Member] | ||
Senior Notes, interest rate | 5.50% | 5.50% |
Senior Notes, face amount | $ 250 | $ 250 |
Senior Notes 6.00% Due January 2043 [Member] | ||
Senior Notes, interest rate | 6.00% | 6.00% |
Senior Notes, face amount | $ 350 | $ 350 |
Note 7 - Inventories (Details T
Note 7 - Inventories (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Inventory Write-down | $ 3,873 | $ 4,700 | $ 1,600 | $ 5,200 | $ 3,225 | $ 350 | $ 910 | $ 850 | $ 10,173 | $ 8,775 | $ 1,760 | ||||
Number of Projects or Properties With Inventory Impairments During Period | 4 | ||||||||||||||
Maryland Division [Member] | |||||||||||||||
Inventory Write-down | $ 1,000 | ||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 3 | ||||||||||||||
Reportable Segment, East [Member] | |||||||||||||||
Inventory Write-down | $ 7,600 | ||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 5 | ||||||||||||||
Reportable Segment, West [Member] | |||||||||||||||
Inventory Write-down | $ 1,400 | ||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 1 | ||||||||||||||
Reportable Segment, Mountain [Member] | |||||||||||||||
Inventory Write-down | $ 1,200 | ||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 1 | ||||||||||||||
Land Held for Sale [Member] | |||||||||||||||
Inventory, Real Estate, Land and Land Development Costs | $ 1,700 | 1,700 | |||||||||||||
Inventory Write-down | $ 1,200 | ||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 2 | ||||||||||||||
Land Held for Sale [Member] | Reportable Segment, West [Member] | |||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 1 | ||||||||||||||
Land Held for Sale [Member] | Reportable Segment, Mountain [Member] | |||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 1 | ||||||||||||||
Other Than Land Held for Sale [Member] | |||||||||||||||
Inventory Write-down | $ 8,800 | ||||||||||||||
Other Than Land Held for Sale [Member] | Maryland Division [Member] | |||||||||||||||
Inventory Write-down | $ 3,300 | ||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 4 | ||||||||||||||
Other Than Land Held for Sale [Member] | Virginia Division [Member] | |||||||||||||||
Inventory Write-down | $ 5,200 | ||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 3 | ||||||||||||||
Other Than Land Held for Sale [Member] | Reportable Segment, East [Member] | Majority from the East [Member] | |||||||||||||||
Number of Projects or Properties With Inventory Impairments During Period | 9 |
Note 7 - Inventories - Summary
Note 7 - Inventories - Summary of Inventory (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Housing Completed or Under Construction: | ||
Housing Completed or Under Construction | $ 874,199 | $ 747,036 |
Land and Land Under Development: | ||
Land and Land Under Development | 884,615 | 1,016,926 |
Total Inventories | 1,758,814 | 1,763,962 |
Reportable Segment, West [Member] | ||
Housing Completed or Under Construction: | ||
Housing Completed or Under Construction | 470,503 | 365,867 |
Land and Land Under Development: | ||
Land and Land Under Development | 499,186 | 580,682 |
Reportable Segment, Mountain [Member] | ||
Housing Completed or Under Construction: | ||
Housing Completed or Under Construction | 277,922 | 253,578 |
Land and Land Under Development: | ||
Land and Land Under Development | 271,252 | 259,484 |
Reportable Segment, East [Member] | ||
Housing Completed or Under Construction: | ||
Housing Completed or Under Construction | 125,774 | 127,591 |
Land and Land Under Development: | ||
Land and Land Under Development | $ 114,177 | $ 176,760 |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventory Impairments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impairment Data; Inventory Impairments | $ 3,873 | $ 4,700 | $ 1,600 | $ 5,200 | $ 3,225 | $ 350 | $ 910 | $ 850 | $ 10,173 | $ 8,775 | $ 1,760 | ||||
Reportable Segment, West [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 1,400 | ||||||||||||||
Reportable Segment, Mountain [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 1,200 | ||||||||||||||
Reportable Segment, East [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 7,600 | ||||||||||||||
Homebuilding Segment [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 10,173 | 9,993 | 1,760 | ||||||||||||
Homebuilding Segment [Member] | Housing Completed or Under Construction [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 2,328 | 1,628 | 1,234 | ||||||||||||
Homebuilding Segment [Member] | Land and Land Under Development [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 7,845 | 8,365 | 526 | ||||||||||||
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Housing Completed or Under Construction [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 364 | ||||||||||||||
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Land and Land Under Development [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 1,036 | 648 | |||||||||||||
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Housing Completed or Under Construction [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 574 | 250 | 234 | ||||||||||||
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Land and Land Under Development [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 589 | 569 | 526 | ||||||||||||
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Housing Completed or Under Construction [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | 1,390 | 1,378 | 1,000 | ||||||||||||
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Land and Land Under Development [Member] | |||||||||||||||
Impairment Data; Inventory Impairments | $ 6,220 | $ 7,148 |
Note 7 - Inventories - Fair Val
Note 7 - Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Impairment Data; Total Subdivisions Tested | 40 | 25 | 17 | 14 | 15 | 18 | 22 | 22 | 21 | 23 | 16 | 16 | |||
Impairment Data; Inventory Impairments | $ 3,873 | $ 4,700 | $ 1,600 | $ 5,200 | $ 3,225 | $ 350 | $ 910 | $ 850 | $ 10,173 | $ 8,775 | $ 1,760 | ||||
Impairment Data; Fair Value of Inventory After Impairments | $ 23,657 | $ 12,295 | $ 6,415 | $ 19,925 | $ 14,836 | $ 3,701 | $ 4,646 | $ 4,285 | $ 42,367 | $ 38,462 | $ 8,931 | ||||
Impairment Data; Number of Subdivisions Impaired | 3 | 2 | 2 | 3 | 5 | 1 | 2 | 2 | 7 | 9 | 4 | ||||
Quantitative Data; Discount Rate | 9.00% | 13.00% | |||||||||||||
Minimum [Member] | |||||||||||||||
Quantitative Data; Discount Rate | 12.00% | 15.00% | 12.00% | 15.00% | 12.00% | 11.00% | 5.00% | ||||||||
Maximum [Member] | |||||||||||||||
Quantitative Data; Discount Rate | 15.00% | 18.00% | 15.00% | 20.00% | 15.00% | 14.00% | 12.00% |
Note 8 - Capitalization of In73
Note 8 - Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Homebuilding interest incurred | $ 52,681 | $ 53,061 | $ 66,269 |
Less: Interest capitalized | (52,681) | (53,061) | (65,584) |
Homebuilding interest expensed | 685 | ||
Interest capitalized, beginning of period | 77,541 | 79,231 | 74,155 |
Plus: Interest capitalized during period | 52,681 | 53,061 | 65,584 |
Less: Previously capitalized interest included in home and land cost of sales | (62,137) | (54,751) | (60,508) |
Interest capitalized, end of period | $ 68,085 | $ 77,541 | $ 79,231 |
Note 9 - Homebuilding Prepaid74
Note 9 - Homebuilding Prepaid and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Land option deposits | $ 8,683 | $ 11,997 |
Deferred marketing costs | 35,313 | 31,152 |
Prepaid expenses | 4,735 | 6,500 |
Goodwill | 6,008 | 6,008 |
Deferred debt issuance costs on revolving credit facility, net | 4,340 | 5,570 |
Other | 1,384 | 4,167 |
Total | $ 60,463 | $ 65,394 |
Note 10 - Homebuilding Accrue75
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Warranty accrual | $ 20,678 | $ 15,328 | $ 18,346 | $ 22,238 |
Homebuilding Segment [Member] | ||||
Accrued compensation and related expenses | 27,830 | 25,492 | ||
Accrued interest | 23,234 | 23,234 | ||
Warranty accrual | 20,678 | 15,328 | ||
Customer and escrow deposits | 27,183 | 20,717 | ||
Land development and home construction accruals | 144,566 | 122,886 | ||
Other accrued liabilities | 36,946 | 26,650 | ||
Homebuilding Segment [Member] | Land Development and Home Construction Accruals [Member] | ||||
Land development and home construction accruals | $ 8,695 | $ 11,465 |
Note 10 - Homebuilding Accrue76
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Financial Services Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Insurance reserves | $ 50,954 | $ 47,061 | $ 51,720 | $ 50,887 |
Financial Services Segment [Member] | ||||
Insurance reserves | 42,204 | 45,811 | ||
Accounts payable and other accrued liabilities | 8,530 | 6,303 | ||
Total accounts payable and accrued liabilities | $ 50,734 | $ 52,114 |
Note 11 - Warranty Accrual (Det
Note 11 - Warranty Accrual (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ 7,462 | $ 189 | $ (2,600) |
Note 11 - Warranty Accrual - Wa
Note 11 - Warranty Accrual - Warranty Accrual and Payment Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at beginning of period | $ 15,328 | $ 18,346 | $ 22,238 |
Expense provisions | 8,905 | 6,303 | 4,834 |
Cash payments | (11,017) | (9,510) | (6,126) |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 7,462 | 189 | (2,600) |
Balance at end of period | $ 20,678 | $ 15,328 | $ 18,346 |
Note 12 - Insurance and Const79
Note 12 - Insurance and Construction Defect Claim Reserves (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Self Insurance Reserve | $ 0 | $ (2,500) | $ 0 |
Note 12 - Insurance and Const80
Note 12 - Insurance and Construction Defect Claim Reserves - Summary of Insurance and Defect Claim Reserves Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at beginning of period | $ 47,061 | $ 51,720 | $ 50,887 |
Expense provisions | 7,531 | 6,452 | 6,316 |
Cash payments, net of recoveries | (3,638) | (8,611) | (5,483) |
Adjustments | 0 | (2,500) | 0 |
Balance at end of period | $ 50,954 | $ 47,061 | $ 51,720 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 26,015,000 | $ 31,292,000 | |
Deferred Tax Assets, Valuation Allowance | 13,803,000 | 12,868,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 900,000 | ||
Liability for Uncertainty in Income Taxes, Current | 400,000 | 400,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 600,000 | 500,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 300,000 | 0 | $ 200,000 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0 | $ 0 | |
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2,013 | ||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2,016 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,012 | ||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,017 | ||
Maximum [Member] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 100,000 | ||
Minimum [Member] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0 | ||
Operating Loss Carryforwards [Member] | |||
Deferred Tax Assets, Valuation Allowance | 6,100,000 | ||
Metropolitan District Bond Securities [Member] | |||
Deferred Tax Assets, Valuation Allowance | $ 7,700,000 |
Note 13 - Income Taxes - Summar
Note 13 - Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax provision (benefit) | |||
Federal | $ 32,102 | $ 2,549 | $ 1,631 |
State | 323 | (249) | 1,475 |
Total current | 32,425 | 2,300 | 3,106 |
Deferred tax provision: | |||
Federal | 10,960 | 30,268 | 28,630 |
State | 5,185 | 3,065 | 5,596 |
Total deferred | 16,145 | 33,333 | 34,226 |
Provision for income taxes | $ 48,570 | $ 35,633 | $ 37,332 |
Note 13 - Income Taxes - Summ83
Note 13 - Income Taxes - Summary of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax expense computed at federal statutory rate | $ 53,123 | $ 35,498 | $ 35,166 |
State income tax expense, net of federal benefit | 4,553 | 3,043 | 3,340 |
Other permanent differences | (647) | (935) | (1,435) |
Domestic manufacturing deduction | (5,563) | (39) | |
Expiration of state net operating loss | 336 | 3,030 | |
Tax expense (benefit) related to an increase (decrease) in unrecognized tax benefits | 75 | (479) | 559 |
Charitable contributions statute expiration | 181 | ||
Federal energy credits | (3,428) | (1,058) | (1,131) |
Rate changes | 48 | 866 | |
Change in valuation allowance | 253 | (549) | (1,665) |
Other | 204 | (232) | (1,579) |
Income Tax Expense (Benefit) | $ 48,570 | $ 35,633 | $ 37,332 |
Effective tax (benefit) rate | 32.00% | 35.10% | 37.20% |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
State net operating loss carryforwards | $ 26,015 | $ 31,292 |
Alternative minimum tax and other tax credit carryforwards | 12,325 | 31,993 |
Stock-based compensation expense | 18,228 | 20,068 |
Warranty, litigation and other reserves | 14,155 | 9,470 |
Receivables from related party | 7,626 | 8,342 |
Accrued compensation | 7,330 | 7,241 |
Asset impairment charges | 6,456 | 5,049 |
Inventory, additional costs capitalized for tax purposes | 6,498 | 5,894 |
Other, net | 2,993 | 2,429 |
Total deferred tax assets | 101,626 | 121,778 |
Valuation allowance | (13,803) | (12,868) |
Total deferred tax assets, net of valuation allowance | 87,823 | 108,910 |
Deferred tax liabilities: | ||
Property, equipment and other assets | 4,276 | 4,739 |
Deferred revenue | 1,400 | 2,312 |
Unrealized gain on marketable securities | 4,676 | 671 |
Other, net | 2,583 | 2,081 |
Total deferred tax liabilities | 12,935 | 9,803 |
Net deferred tax asset | $ 74,888 | $ 99,107 |
Note 13 - Income Taxes - Liabil
Note 13 - Income Taxes - Liability Associated With Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross unrecognized tax benefits at beginning of year | $ 488 | $ 905 | $ 371 |
Increases related to prior year tax positions | 156 | 139 | 633 |
Decreases related to prior year tax positions | (475) | (85) | |
Lapse of applicable statute of limitations | (67) | (81) | (14) |
Gross unrecognized tax benefits at end of year | $ 577 | $ 488 | $ 905 |
Note 14 - Related Party Trans86
Note 14 - Related Party Transactions (Details Textual) $ in Millions | Oct. 31, 2026$ / ft² | Nov. 01, 2020$ / ft² | Oct. 31, 2020$ / ft² | Jan. 30, 2017ft²$ / ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument, Fair Value Adjustments | $ 1.7 | $ 1.4 | $ 1.4 | ||||
Cash Contribution Committed to Charitable Foundation | 1 | 1 | 1 | ||||
District [Member] | |||||||
Bond Receivable, Amount in Exchange of Land Development Improvement | 28.6 | ||||||
Debt Instrument, Cash Receipts | $ (1.2) | (0.7) | $ (2) | ||||
District [Member] | Capital Appreciation Bonds [Member] | |||||||
Investment Owned, at Cost | 22.5 | ||||||
District [Member] | Subordinate Bond [Member] | |||||||
Investment Owned, at Cost | $ 1.6 | ||||||
Sublease Agreement [Member] | CVentures, Inc. [Member] | Scenario, Forecast [Member] | |||||||
Operating Leases, Yearly Rental Rate Per Rentable Square Foot | $ / ft² | 31.67 | 29.26 | 28.68 | ||||
Sublease Agreement [Member] | CVentures, Inc. [Member] | Subsequent Event [Member] | |||||||
Area of Real Estate Property | ft² | 5,437 | ||||||
Operating Leases, Yearly Rental Rate Per Rentable Square Foot | $ / ft² | 26.5 |
Note 15 - Lines of Credit and87
Note 15 - Lines of Credit and Total Debt Obligations (Details Textual) - USD ($) $ in Thousands | Jan. 15, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 27, 2016 | Dec. 26, 2016 | Sep. 16, 2016 | Dec. 23, 2015 | Dec. 22, 2015 | Dec. 18, 2015 | Nov. 12, 2008 |
Letters of Credit Outstanding, Amount | $ 52,600 | |||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 248,375 | |||||||||||
Gain (Loss) on Extinguishment of Debt | $ (18,153) | |||||||||||
5.5 % Senior Notes Due 2024 [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 250,000 | |||||||||||
Proceeds from Issuance of Senior Long-term Debt | 248,400 | |||||||||||
Payments of Financing Costs | $ 1,600 | |||||||||||
5.375% Senior Notes Due December 2014 [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 500,000 | |||||||||||
Extinguishment of Debt, Amount | 517,700 | |||||||||||
Gain (Loss) on Extinguishment of Debt | $ (18,200) | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 550,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||||||||||
Debt Instrument, Covenant, Maximum Leverage Ratio | 55.00% | |||||||||||
Debt Instrument, Covenant, Minimum Common Stock Outstanding Ownership, Percentage | 50.00% | |||||||||||
Long-term Line of Credit | $ 15,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 512,000 | |||||||||||
Standby Letters of Credit [Member] | ||||||||||||
Line of Credit Facility Maximum Borrowing Capacity Percentage | 50.00% | |||||||||||
Letters of Credit Outstanding, Amount | $ 23,000 | 22,500 | ||||||||||
Mortgage Repurchase Facility [Member] | Warehouse Agreement Borrowings [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | $ 75,000 | $ 75,000 | $ 90,000 | $ 50,000 | $ 50,000 | ||||||
Long-term Line of Credit | $ 114,500 | $ 88,600 |
Note 15 - Lines of Credit and88
Note 15 - Lines of Credit and Total Debt Obligations - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Senior Notes | $ 841,646 | $ 840,524 |
5.625% Senior Notes Due February 2020 [Member] | ||
Senior Notes | 246,915 | 246,032 |
Senior Notes 5.5% Due 2024 [Member] | ||
Senior Notes | 248,391 | 248,209 |
Senior Notes 6.00% Due January 2043 [Member] | ||
Senior Notes | $ 346,340 | $ 346,283 |
Note 15 - Lines of Credit and89
Note 15 - Lines of Credit and Total Debt Obligations - Carrying Amount of Senior Notes (Details) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
5.625% Senior Notes Due February 2020 [Member] | ||
Senior Notes, interest rate | 5.625% | 5.625% |
Senior notes, maturity date | Feb. 28, 2020 | Feb. 28, 2020 |
Senior Notes, face amount | $ 250 | $ 250 |
Senior Notes 5.5% Due 2024 [Member] | ||
Senior Notes, interest rate | 5.50% | 5.50% |
Senior notes, maturity date | Jan. 31, 2024 | Jan. 31, 2024 |
Senior Notes, face amount | $ 250 | $ 250 |
Senior Notes 6.00% Due January 2043 [Member] | ||
Senior Notes, interest rate | 6.00% | 6.00% |
Senior notes, maturity date | Jan. 31, 2043 | Jan. 31, 2043 |
Senior Notes, face amount | $ 350 | $ 350 |
Note 16 - Commitments and Con90
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Surety Bonds, Outstanding, Amount | $ 178.8 | ||
Letters of Credit Outstanding, Amount | 52.6 | ||
Estimated Cost Related to Bonds | 48.7 | ||
Estimated Cost Related to Letters of Credit | 18.2 | ||
Estimated Litigation Liability | 1.9 | $ 3.6 | |
Selling, General and Administrative Expenses [Member] | |||
Operating Leases, Rent Expense | 5.4 | $ 5 | $ 4.9 |
HomeAmerican [Member] | |||
Letters of Credit Outstanding, Amount | $ 29.6 |
Note 16 - Commitments and Con91
Note 16 - Commitments and Contingencies - Summary of Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 6,008 |
2,018 | 5,293 |
2,019 | 4,923 |
2,020 | 4,735 |
2,021 | 4,567 |
Thereafter | 21,566 |
Total | $ 47,092 |
Note 17 - Concentration of Th92
Note 17 - Concentration of Third-party Mortgage Purchasers - Percent of Mortgage Loans Sold to Third-party Purchasers (Details) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Wells Fargo Funding, Inc. [Member] | |||
Percentage of mortgage loans sold to third-party purchasers | 26.00% | 10.00% | 37.00% |
PennyMac Loan Services, LLC [Member] | |||
Percentage of mortgage loans sold to third-party purchasers | 15.00% | 14.00% | 23.00% |
Fannie Mae [Member] | |||
Percentage of mortgage loans sold to third-party purchasers | 10.00% | 7.00% | 10.00% |
JPMorgan Chase Bank, N.A. [Member] | |||
Percentage of mortgage loans sold to third-party purchasers | 8.00% | 32.00% | 20.00% |
Note 18 - Stockholders' Equity
Note 18 - Stockholders' Equity (Details Textual) - shares | Dec. 20, 2016 | Nov. 21, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stock Dividend Rate, Percentage | 5.00% | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 4,000,000 | ||||
Treasury Stock, Shares, Acquired | 0 | 0 | 0 | ||
Treasury Stock, Shares | 0 | ||||
Stock Dividend [Member] | |||||
Dividends Payable, Date Declared | Nov. 21, 2016 | ||||
Dividends Payable, Date of Record | Dec. 6, 2016 |
Note 19 - Equity Incentive an94
Note 19 - Equity Incentive and Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan, Cost Recognized | $ 1.3 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1 | $ 0.9 | |
Equity Incentive Plan 2001 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,700,000 | ||
Equity Incentive Plan 2011 [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 4,100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 200,000 | ||
Equity Incentive Plan 2011 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Director Stock Option Plan 2001 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Common Stock, Capital Shares Reserved for Future Issuance | 400,000 | ||
2011 Director Stock Option Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 600,000 | ||
2011 Director Stock Option Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 210 days | ||
2011 Director Stock Option Plan [Member] | Nonqualified Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 25,000 | ||
2011 Director Stock Option Plan [Member] | Stock Options [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Exercisable Period | 180 days | ||
Maximum [Member] | Equity Incentive Plan 2001 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||
Maximum [Member] | Equity Incentive Plan 2001 [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 20 - Stock Based Compens95
Note 20 - Stock Based Compensation (Details Textual) - USD ($) | May 18, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 4.04 | $ 5.26 | $ 7.17 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | [1],[2] | 42,000 | 2,359,500 | 268,625 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 200,000 | $ 100,000 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 700,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 700,000 | |||||
Share Price | $ 27.10 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 23.15 | $ 29.75 | $ 32.26 | $ 32.87 | ||
Employee Stock Option [Member] | ||||||
Allocated Share-based Compensation Expense | $ 5,600,000 | $ 8,100,000 | $ 3,300,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 2,100,000 | 3,100,000 | 1,300,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 0 | 100,000 | 0 | |||
Employee Stock Option [Member] | Equity Incentive Plan 2011 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Restricted Stock [Member] | ||||||
Allocated Share-based Compensation Expense | $ 1,900,000 | 2,000,000 | 2,700,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 800,000 | $ 1,000,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ 4,900,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share | $ 1,300,000 | $ 2,900,000 | $ 4,200,000 | |||
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
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 | $ 22.93 | |||||
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] | 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] | 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] | 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] | 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] | 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% | |||||
CEO and COO [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,100,000 | |||||
CEO and COO [Member] | Nonqualified Stock Option [Member] | Equity Incentive Plan 2011 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.35 | |||||
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% | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 11,200,000 | |||||
Chief Executive Officer [Member] | Nonqualified Stock Option [Member] | Equity Incentive Plan 2011 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,050,000 | |||||
Chief Executive Officer [Member] | Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Goal Number of Shares | 105,000 | |||||
Chief Operating Officer [Member] | Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Goal Number of Shares | 105,000 | |||||
Chief Financial Officer [Member] | Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Goal Number of Shares | 26,250 | |||||
Black-Scholes Option Pricing Model [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.04 | $ 4.55 | $ 7.12 | |||
[1] | Total options granted in 2015 include a total of 2,100,000 Market-Based options granted to our CEO and COO. See further discussion regarding these grants in the "Market-Based Stock Option Awards" section below. | |||||
[2] | Total options granted in 2015 include a total of 2,100,000 Market-Based options granted to our CEO and COO. See further discussion regarding these grants in the "Market-Based Stock Option Awards" section below. |
Note 20 - Stock Based Compens96
Note 20 - Stock Based Compensation - Fair Value of Share-based Payment Awards (Details) - Employee Stock Option [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected lives of options (in years) (Year) | 5 years | 3 years 328 days | 4 years |
Expected volatility | 32.10% | 29.60% | 43.20% |
Risk free interest rate | 1.60% | 1.20% | 1.30% |
Dividend yield rate | 4.40% | 3.50% | 3.50% |
Note 20 - Stock Based Compens97
Note 20 - Stock Based Compensation - Stock Option Award Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Outstanding, beginning of year (in shares) | 6,706,123 | 5,054,623 | 5,469,948 | |
Outstanding, weighted average exercise price, beginning of year (in dollars per share) | $ 30.46 | $ 35.91 | $ 38.03 | |
Granted (in shares) | [1],[2] | 42,000 | 2,359,500 | 268,625 |
Granted, weighted-average exercise price (in dollars per share) | [1] | $ 21.68 | $ 27.05 | $ 26.96 |
Exercised (in shares) | (31,250) | (18,000) | ||
Exercised, weighted-average exercise price (in dollars per share) | $ 21.21 | $ 20.82 | ||
Forfeited (in shares) | (10,000) | (121,250) | (23,750) | |
Forfeited, weighted-average exercise price (in dollars per share) | $ 29.80 | $ 28.61 | $ 25.16 | |
Cancelled (in shares) | (586,000) | (555,500) | (642,200) | |
Cancelled, weighted-average exercise price (in dollars per share) | $ 53.26 | $ 66.51 | $ 62.43 | |
Outstanding, end of year (in shares) | 6,152,123 | 6,706,123 | 5,054,623 | |
Outstanding, end of year (in dollars per share) | $ 28.23 | $ 30.46 | $ 35.91 | |
[1] | Total options granted in 2015 include a total of 2,100,000 Market-Based options granted to our CEO and COO. See further discussion regarding these grants in the "Market-Based Stock Option Awards" section below. | |||
[2] | Total options granted in 2015 include a total of 2,100,000 Market-Based options granted to our CEO and COO. See further discussion regarding these grants in the "Market-Based Stock Option Awards" section below. |
Note 20 - Share Based Compensat
Note 20 - Share Based Compensation - Unvested Stock Award Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Outstanding, beginning of year (in shares) | 2,344,061 | 483,312 | 872,468 | |
Outstanding, weigted-average fair value, beginning of year (in dollars per share) | $ 5.63 | $ 9.20 | $ 8.09 | |
Granted (in shares) | [1],[2] | 42,000 | 2,359,500 | 268,625 |
Granted, weighted-average fair value (in dollars per share) | [2] | $ 4.04 | $ 5.26 | $ 7.17 |
Vested (in shares) | (85,095) | (377,501) | (634,031) | |
Vested, weighted-average fair value (in dollars per share) | $ 8.13 | $ 6.76 | $ 8.30 | |
Forfeited (in shares) | (10,000) | (121,250) | (23,750) | |
Forfeited, weighted-average fair value (in dollars per share) | $ 6.61 | $ 9.33 | $ 7.60 | |
Unvested, end of year (in shares) | 2,290,966 | 2,344,061 | 483,312 | |
Unvested, end of year (in dollars per share) | $ 5.50 | $ 5.63 | $ 9.20 | |
[1] | Total options granted in 2015 include a total of 2,100,000 Market-Based options granted to our CEO and COO. See further discussion regarding these grants in the "Market-Based Stock Option Awards" section below. | |||
[2] | Total options granted in 2015 include a total of 2,100,000 Market-Based options granted to our CEO and COO. See further discussion regarding these grants in the "Market-Based Stock Option Awards" section below. |
Note 20 - Stock Based Compens99
Note 20 - Stock Based Compensation - Options Vested and Expected to Vest (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Number outstanding (in shares) | shares | 6,098,279 |
Weighted-average exercise price (in dollars per share) | $ / shares | $ 28.25 |
Aggregate intrinsic value (in thousands) | $ | $ 3,149 |
Weighted-average remaining contractual term (years) (Year) | 5 years 215 days |
Number outstanding (in shares) | shares | 3,861,157 |
Weighted-average exercise price (in dollars per share) | $ / shares | $ 28.96 |
Aggregate intrinsic value (in thousands) | $ | $ 2,970 |
Weighted-average remaining contractual term (years) (Year) | 4 years 3 days |
Note 20 - Stock Based Compen100
Note 20 - Stock Based Compensation - Outstanding and Exercisable Stock Options (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Options Outstanding Number Outstanding (in shares) | shares | 6,152,123 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 5 years 222 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 28.23 |
Options Exercisable Number Outstanding (in shares) | shares | 3,861,157 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 4 years 3 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 28.96 |
Exercise Price Range 1 [Member] | |
Range of Exercise Price, Lower (in dollars per share) | 15.01 |
Range of Exercise Price, Upper (in dollars per share) | $ 20 |
Options Outstanding Number Outstanding (in shares) | shares | 42,000 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 5 years 25 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 19.95 |
Options Exercisable Number Outstanding (in shares) | shares | 42,000 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 5 years 25 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 19.95 |
Exercise Price Range 2 [Member] | |
Range of Exercise Price, Lower (in dollars per share) | 20.01 |
Range of Exercise Price, Upper (in dollars per share) | $ 25 |
Options Outstanding Number Outstanding (in shares) | shares | 1,215,375 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 5 years 160 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 23.21 |
Options Exercisable Number Outstanding (in shares) | shares | 1,119,346 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 5 years 76 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 23.25 |
Exercise Price Range 3 [Member] | |
Range of Exercise Price, Lower (in dollars per share) | 25.01 |
Range of Exercise Price, Upper (in dollars per share) | $ 30 |
Options Outstanding Number Outstanding (in shares) | shares | 3,424,748 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 7 years 29 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 27.47 |
Options Exercisable Number Outstanding (in shares) | shares | 1,249,937 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 4 years 321 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 28.16 |
Exercise Price Range 4 [Member] | |
Range of Exercise Price, Lower (in dollars per share) | 30.01 |
Range of Exercise Price, Upper (in dollars per share) | $ 35 |
Options Outstanding Number Outstanding (in shares) | shares | 863,625 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 3 years 51 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 31.82 |
Options Exercisable Number Outstanding (in shares) | shares | 862,312 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 3 years 51 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 31.82 |
Exercise Price Range 5 [Member] | |
Range of Exercise Price, Lower (in dollars per share) | 35.01 |
Range of Exercise Price, Upper (in dollars per share) | $ 40 |
Options Outstanding Number Outstanding (in shares) | shares | 606,375 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 1 year 83 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 38.02 |
Options Exercisable Number Outstanding (in shares) | shares | 587,562 |
Options Exercisable Weighted Average Remaining Contractual Life (Year) | 1 year 29 days |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 38.04 |
Note 20 - Stock Based Compen101
Note 20 - Stock Based Compensation - Fair Value of Market-based Awards (Details) - Market-Based Awards [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Expected volatility | 27.80% |
Risk free interest rate | 2.20% |
Dividend yield rate | 3.50% |
Note 20 - Stock Based Compen102
Note 20 - Stock Based Compensation - Restricted and Unrestricted Stock Award Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unvested, beginning of year (in shares) | 99,442 | 184,201 | 298,991 |
Unvested, beginning of year (in dollars per share) | $ 29.75 | $ 32.26 | $ 32.87 |
Granted (in shares) | 154,703 | 36,896 | 39,381 |
Granted (in dollars per share) | $ 22.06 | $ 26.44 | $ 30.85 |
Vested (in shares) | (64,535) | (111,719) | (141,454) |
Vested (in dollars per share) | $ 30.71 | $ 32.86 | $ 33.08 |
Forfeited (in shares) | (9,936) | (12,717) | |
Forfeited (in dollars per share) | $ 29.11 | $ 33.05 | |
Unvested, end of year (in shares) | 189,610 | 99,442 | 184,201 |
Unvested, end of year (in dollars per share) | $ 23.15 | $ 29.75 | $ 32.26 |
Note 21 - Results of Quarter103
Note 21 - Results of Quarterly Operations (Unaudited) (Restated for Stock Dividends) - Results of Quarterly Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenue | $ 736,329 | $ 595,420 | $ 587,334 | $ 407,761 | $ 578,911 | $ 468,487 | $ 473,128 | $ 388,510 | $ 2,326,844 | $ 1,909,036 | $ 1,694,584 |
Home sales revenue | 715,816 | 575,722 | 571,195 | 394,420 | 554,432 | 454,740 | 461,708 | 377,009 | |||
Asset impairments | $ (3,873) | $ (4,700) | $ (1,600) | $ (5,292) | $ (4,351) | $ (350) | |||||
Gross margin from home sales (including impairments) | 16.10% | 15.50% | 16.40% | 16.30% | 16.10% | 16.40% | 16.60% | 15.40% | |||
Homebuilding selling, general and administrative expenses | $ 67,919 | $ 61,904 | $ 64,440 | $ 56,277 | $ 63,560 | $ 57,444 | $ 54,781 | $ 50,532 | |||
Income before income taxes | 58,998 | 38,052 | 40,458 | 14,273 | 32,558 | 23,658 | 31,882 | 13,326 | 151,781 | 101,424 | 100,475 |
Net income | $ 40,376 | $ 26,359 | $ 26,913 | $ 9,563 | $ 22,595 | $ 14,778 | $ 19,998 | $ 8,420 | $ 103,211 | $ 65,791 | $ 63,143 |
Basic (in dollars per share) | $ 0.78 | $ 0.51 | $ 0.52 | $ 0.19 | $ 0.44 | $ 0.29 | $ 0.39 | $ 0.16 | $ 2.01 | $ 1.28 | $ 1.23 |
Diluted (in dollars per share) | $ 0.78 | $ 0.51 | $ 0.52 | $ 0.19 | $ 0.44 | $ 0.29 | $ 0.39 | $ 0.16 | $ 2 | $ 1.28 | $ 1.23 |
Note 22 - Supplemental Guara104
Note 22 - Supplemental Guarantor Information (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Maximum Percentage of Consolidated Net Worth of Guarantor for Suspension of Guarantee | 5.00% |
Maximum Aggregate Percentage of Consolidated Net Worth of All Guarantors for Suspension of Guarantee | 10.00% |
Maximum Aggregate Percentage of Consolidated Net Worth of All Guarantors for Suspension of Guarantee to Permit Cure of Default | 15.00% |
Guarantor Subsidiaries [Member] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Note 22 - Supplemental Guara105
Note 22 - Supplemental Guarantor Information - Supplemental Condensed Combining Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 282,909 | $ 180,988 | $ 153,825 | $ 199,338 |
Property and equipment, net | 28,041 | 28,226 | ||
Deferred tax assets, net | 74,888 | 99,107 | ||
Total Homebuilding Assets | 2,528,589 | 2,415,899 | ||
Mortgage loans held-for-sale, net | 42,600 | 23,100 | ||
Total Homebuilding Liabilities | 1,208,519 | 1,159,607 | ||
Total Stockholders' Equity | 1,320,070 | 1,256,292 | ||
Total Liabilities and Stockholders' Equity | 2,528,589 | 2,415,899 | ||
Homebuilding Segment [Member] | ||||
Cash and cash equivalents | 259,087 | 144,342 | ||
Marketable securities | 59,770 | 92,387 | ||
Restricted cash | 3,778 | 3,750 | ||
Trade and other receivables | 42,492 | 23,314 | ||
Housing completed or under construction | 874,199 | 747,036 | ||
Land and land under development | 884,615 | 1,016,926 | ||
Total inventories | 1,758,814 | 1,763,962 | ||
Intercompany receivables | ||||
Investment in subsidiaries | ||||
Property and equipment, net | 28,041 | 28,226 | ||
Deferred tax assets, net | 74,888 | 99,107 | ||
Metropolitan district bond securities (related party) | 30,162 | 25,911 | ||
Other assets | 60,463 | 65,394 | ||
Total Homebuilding Assets | 2,317,495 | 2,246,393 | ||
Accounts payable | 42,088 | 40,472 | ||
Accrued liabilities | 144,566 | 122,886 | ||
Advances and notes payable to parent and subsidiaries | ||||
Revolving credit facility | 15,000 | 15,000 | ||
Senior notes, net | 841,646 | 840,524 | ||
Total Homebuilding Liabilities | 1,043,300 | 1,018,882 | ||
Financial Services Segment [Member] | ||||
Cash and cash equivalents | 23,822 | 36,646 | ||
Marketable securities | 36,436 | 11,307 | ||
Intercompany receivables | ||||
Other assets | 12,062 | 5,883 | ||
Total Homebuilding Assets | 211,094 | 169,506 | ||
Mortgage loans held-for-sale, net | 138,774 | 115,670 | ||
Advances and notes payable to parent and subsidiaries | ||||
Total Homebuilding Liabilities | 165,219 | 140,725 | ||
Accounts payable and accrued liabilities | 50,734 | 52,114 | ||
Mortgage repurchase facility | 114,485 | 88,611 | ||
Consolidation, Eliminations [Member] | ||||
Cash and cash equivalents | ||||
Total Homebuilding Assets | (1,820,774) | (1,826,404) | ||
Total Homebuilding Liabilities | (1,525,560) | (1,559,213) | ||
Total Stockholders' Equity | (295,214) | (267,191) | ||
Total Liabilities and Stockholders' Equity | (1,820,774) | (1,826,404) | ||
Consolidation, Eliminations [Member] | Homebuilding Segment [Member] | ||||
Cash and cash equivalents | ||||
Marketable securities | ||||
Restricted cash | ||||
Trade and other receivables | (2,135) | (2,287) | ||
Housing completed or under construction | ||||
Land and land under development | ||||
Total inventories | ||||
Intercompany receivables | (1,483,383) | (1,517,692) | ||
Investment in subsidiaries | (295,214) | (267,191) | ||
Property and equipment, net | ||||
Deferred tax assets, net | 769 | 2,024 | ||
Metropolitan district bond securities (related party) | ||||
Other assets | ||||
Total Homebuilding Assets | (1,779,963) | (1,785,146) | ||
Accounts payable | ||||
Accrued liabilities | 6,281 | 2,947 | ||
Advances and notes payable to parent and subsidiaries | (1,519,676) | (1,553,500) | ||
Revolving credit facility | ||||
Senior notes, net | ||||
Total Homebuilding Liabilities | (1,513,395) | (1,550,553) | ||
Consolidation, Eliminations [Member] | Financial Services Segment [Member] | ||||
Cash and cash equivalents | ||||
Marketable securities | ||||
Intercompany receivables | (40,042) | (39,234) | ||
Other assets | (769) | (2,024) | ||
Total Homebuilding Assets | (40,811) | (41,258) | ||
Mortgage loans held-for-sale, net | ||||
Advances and notes payable to parent and subsidiaries | (3,749) | (3,426) | ||
Total Homebuilding Liabilities | (12,165) | (8,660) | ||
Accounts payable and accrued liabilities | (8,416) | (5,234) | ||
Mortgage repurchase facility | ||||
MDC Holdings [Member] | Reportable Legal Entities [Member] | ||||
Cash and cash equivalents | 255,679 | 141,245 | 119,951 | 145,180 |
Total Homebuilding Assets | 2,226,377 | 2,170,718 | ||
Total Homebuilding Liabilities | 906,307 | 914,426 | ||
Total Stockholders' Equity | 1,320,070 | 1,256,292 | ||
Total Liabilities and Stockholders' Equity | 2,226,377 | 2,170,718 | ||
MDC Holdings [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member] | ||||
Cash and cash equivalents | 255,679 | 141,245 | ||
Marketable securities | 59,770 | 92,387 | ||
Restricted cash | ||||
Trade and other receivables | 5,380 | 5,304 | ||
Housing completed or under construction | ||||
Land and land under development | ||||
Total inventories | ||||
Intercompany receivables | 1,475,291 | 1,509,551 | ||
Investment in subsidiaries | 295,214 | 267,191 | ||
Property and equipment, net | 25,495 | 26,073 | ||
Deferred tax assets, net | 74,119 | 97,083 | ||
Metropolitan district bond securities (related party) | 30,162 | 25,911 | ||
Other assets | 5,267 | 5,973 | ||
Total Homebuilding Assets | 2,226,377 | 2,170,718 | ||
Accounts payable | ||||
Accrued liabilities | 1,527 | 11,527 | ||
Advances and notes payable to parent and subsidiaries | 48,134 | 47,375 | ||
Revolving credit facility | 15,000 | 15,000 | ||
Senior notes, net | 841,646 | 840,524 | ||
Total Homebuilding Liabilities | 906,307 | 914,426 | ||
MDC Holdings [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member] | ||||
Cash and cash equivalents | ||||
Marketable securities | ||||
Intercompany receivables | ||||
Other assets | ||||
Total Homebuilding Assets | ||||
Mortgage loans held-for-sale, net | ||||
Advances and notes payable to parent and subsidiaries | ||||
Total Homebuilding Liabilities | ||||
Accounts payable and accrued liabilities | ||||
Mortgage repurchase facility | ||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash and cash equivalents | 3,408 | 3,097 | 2,691 | 3,454 |
Total Homebuilding Assets | 1,865,792 | 1,855,530 | ||
Total Homebuilding Liabilities | 1,623,979 | 1,629,506 | ||
Total Stockholders' Equity | 241,813 | 226,024 | ||
Total Liabilities and Stockholders' Equity | 1,865,792 | 1,855,530 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member] | ||||
Cash and cash equivalents | 3,408 | 3,097 | ||
Marketable securities | ||||
Restricted cash | 3,778 | 3,750 | ||
Trade and other receivables | 39,247 | 20,297 | ||
Housing completed or under construction | 874,199 | 747,036 | ||
Land and land under development | 884,615 | 1,016,926 | ||
Total inventories | 1,758,814 | 1,763,962 | ||
Intercompany receivables | 2,803 | 2,850 | ||
Investment in subsidiaries | ||||
Property and equipment, net | 2,546 | 2,153 | ||
Deferred tax assets, net | ||||
Metropolitan district bond securities (related party) | ||||
Other assets | 55,196 | 59,421 | ||
Total Homebuilding Assets | 1,865,792 | 1,855,530 | ||
Accounts payable | 42,088 | 40,472 | ||
Accrued liabilities | 136,615 | 108,445 | ||
Advances and notes payable to parent and subsidiaries | 1,445,276 | 1,480,589 | ||
Revolving credit facility | ||||
Senior notes, net | ||||
Total Homebuilding Liabilities | 1,623,979 | 1,629,506 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member] | ||||
Cash and cash equivalents | ||||
Marketable securities | ||||
Intercompany receivables | ||||
Other assets | ||||
Total Homebuilding Assets | ||||
Mortgage loans held-for-sale, net | ||||
Advances and notes payable to parent and subsidiaries | ||||
Total Homebuilding Liabilities | ||||
Accounts payable and accrued liabilities | ||||
Mortgage repurchase facility | ||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash and cash equivalents | 23,822 | 36,646 | $ 31,183 | $ 50,704 |
Total Homebuilding Assets | 257,194 | 216,055 | ||
Total Homebuilding Liabilities | 203,793 | 174,888 | ||
Total Stockholders' Equity | 53,401 | 41,167 | ||
Total Liabilities and Stockholders' Equity | 257,194 | 216,055 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [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 | 5,289 | 5,291 | ||
Investment in subsidiaries | ||||
Property and equipment, net | ||||
Deferred tax assets, net | ||||
Metropolitan district bond securities (related party) | ||||
Other assets | ||||
Total Homebuilding Assets | 5,289 | 5,291 | ||
Accounts payable | ||||
Accrued liabilities | 143 | (33) | ||
Advances and notes payable to parent and subsidiaries | 26,266 | 25,536 | ||
Revolving credit facility | ||||
Senior notes, net | ||||
Total Homebuilding Liabilities | 26,409 | 25,503 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member] | ||||
Cash and cash equivalents | 23,822 | 36,646 | ||
Marketable securities | 36,436 | 11,307 | ||
Intercompany receivables | 40,042 | 39,234 | ||
Other assets | 12,831 | 7,907 | ||
Total Homebuilding Assets | 251,905 | 210,764 | ||
Mortgage loans held-for-sale, net | 138,774 | 115,670 | ||
Advances and notes payable to parent and subsidiaries | 3,749 | 3,426 | ||
Total Homebuilding Liabilities | 177,384 | 149,385 | ||
Accounts payable and accrued liabilities | 59,150 | 57,348 | ||
Mortgage repurchase facility | $ 114,485 | $ 88,611 |
Note 22 - Supplemental Guara106
Note 22 - Supplemental Guarantor Information - Supplemental Condensed Combining Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 736,329 | $ 595,420 | $ 587,334 | $ 407,761 | $ 578,911 | $ 468,487 | $ 473,128 | $ 388,510 | $ 2,326,844 | $ 1,909,036 | $ 1,694,584 | ||||
Inventory impairments | (3,873) | (4,700) | (1,600) | (5,200) | (3,225) | (350) | $ (910) | $ (850) | (10,173) | (8,775) | (1,760) | ||||
Selling, general, and administrative expenses | (67,919) | (61,904) | (64,440) | (56,277) | (63,560) | (57,444) | (54,781) | (50,532) | |||||||
Other-than-temporary impairment of marketable securities | (1,443) | (3,969) | (4,293) | ||||||||||||
Homebuilding pretax income (loss) | 151,781 | 101,424 | 100,475 | ||||||||||||
Provision for income taxes | (48,570) | (35,633) | (37,332) | ||||||||||||
Net income | $ 40,376 | $ 26,359 | $ 26,913 | $ 9,563 | $ 22,595 | $ 14,778 | $ 19,998 | $ 8,420 | 103,211 | 65,791 | 63,143 | ||||
Other comprehensive income related to available-for-sale securities, net of tax | 6,356 | 5,260 | (1,120) | ||||||||||||
Comprehensive income | 109,567 | 71,051 | 62,023 | ||||||||||||
Interest expense | (685) | ||||||||||||||
Gain (Loss) on Extinguishment of Debt | (18,153) | ||||||||||||||
Homebuilding Segment [Member] | |||||||||||||||
Revenues | 2,262,853 | 1,860,226 | 1,650,631 | ||||||||||||
Cost of Sales | (1,889,257) | (1,552,007) | (1,368,180) | ||||||||||||
Inventory impairments | (10,173) | (9,993) | (1,760) | ||||||||||||
Gross margin | 363,423 | 298,226 | 280,691 | ||||||||||||
Selling, general, and administrative expenses | (250,540) | (226,317) | (203,253) | ||||||||||||
Equity income of subsidiaries | |||||||||||||||
Interest and other income | 7,012 | 6,709 | 26,310 | ||||||||||||
Other expense | (3,447) | (4,208) | (4,813) | ||||||||||||
Other-than-temporary impairment of marketable securities | (1,070) | (3,969) | (4,293) | ||||||||||||
Homebuilding pretax income (loss) | 115,378 | 70,441 | 75,804 | ||||||||||||
Cost of Sales | (1,889,257) | (1,552,007) | (1,368,180) | ||||||||||||
Interest expense | (685) | ||||||||||||||
Gain (Loss) on Extinguishment of Debt | (18,153) | ||||||||||||||
Financial Services Segment [Member] | |||||||||||||||
Other-than-temporary impairment of marketable securities | (373) | ||||||||||||||
Homebuilding pretax income (loss) | 36,403 | 30,983 | 24,671 | ||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||
Homebuilding pretax income (loss) | (125,431) | (91,079) | (86,223) | ||||||||||||
Provision for income taxes | |||||||||||||||
Net income | (125,431) | (91,079) | (86,223) | ||||||||||||
Other comprehensive income related to available-for-sale securities, net of tax | (1,084) | 674 | 22 | ||||||||||||
Comprehensive income | (126,515) | (90,405) | (86,201) | ||||||||||||
Consolidation, Eliminations [Member] | Homebuilding Segment [Member] | |||||||||||||||
Revenues | |||||||||||||||
Cost of Sales | |||||||||||||||
Inventory impairments | |||||||||||||||
Gross margin | |||||||||||||||
Selling, general, and administrative expenses | (362) | (558) | (676) | ||||||||||||
Equity income of subsidiaries | (125,431) | (91,079) | (86,223) | ||||||||||||
Interest and other income | (417) | (585) | (46) | ||||||||||||
Other expense | |||||||||||||||
Other-than-temporary impairment of marketable securities | |||||||||||||||
Homebuilding pretax income (loss) | (126,210) | (92,222) | (86,945) | ||||||||||||
Cost of Sales | |||||||||||||||
Interest expense | |||||||||||||||
Gain (Loss) on Extinguishment of Debt | |||||||||||||||
Consolidation, Eliminations [Member] | Financial Services Segment [Member] | |||||||||||||||
Homebuilding pretax income (loss) | 779 | 1,143 | 722 | ||||||||||||
MDC Holdings [Member] | Reportable Legal Entities [Member] | |||||||||||||||
Homebuilding pretax income (loss) | 89,966 | 51,383 | 49,618 | ||||||||||||
Provision for income taxes | 13,245 | 14,408 | 13,525 | ||||||||||||
Net income | 103,211 | 65,791 | 63,143 | ||||||||||||
Other comprehensive income related to available-for-sale securities, net of tax | 6,356 | 5,260 | (1,120) | ||||||||||||
Comprehensive income | 109,567 | 71,051 | 62,023 | ||||||||||||
MDC Holdings [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member] | |||||||||||||||
Revenues | |||||||||||||||
Cost of Sales | |||||||||||||||
Inventory impairments | |||||||||||||||
Gross margin | |||||||||||||||
Selling, general, and administrative expenses | (39,632) | (40,356) | (38,290) | ||||||||||||
Equity income of subsidiaries | 125,431 | 91,079 | 86,223 | ||||||||||||
Interest and other income | 5,236 | 4,635 | 24,824 | ||||||||||||
Other expense | 1 | (6) | (8) | ||||||||||||
Other-than-temporary impairment of marketable securities | (1,070) | (3,969) | (4,293) | ||||||||||||
Homebuilding pretax income (loss) | 89,966 | 51,383 | 49,618 | ||||||||||||
Cost of Sales | |||||||||||||||
Interest expense | (685) | ||||||||||||||
Gain (Loss) on Extinguishment of Debt | (18,153) | ||||||||||||||
MDC Holdings [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member] | |||||||||||||||
Homebuilding pretax income (loss) | |||||||||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||||||
Homebuilding pretax income (loss) | 151,917 | 111,372 | 113,156 | ||||||||||||
Provision for income taxes | (48,613) | (39,128) | (42,044) | ||||||||||||
Net income | 103,304 | 72,244 | 71,112 | ||||||||||||
Other comprehensive income related to available-for-sale securities, net of tax | |||||||||||||||
Comprehensive income | 103,304 | 72,244 | 71,112 | ||||||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member] | |||||||||||||||
Revenues | 2,262,853 | 1,860,226 | 1,650,631 | ||||||||||||
Cost of Sales | (1,888,957) | (1,551,907) | (1,368,140) | ||||||||||||
Inventory impairments | (10,173) | (9,993) | (1,760) | ||||||||||||
Gross margin | 363,723 | 298,326 | 280,731 | ||||||||||||
Selling, general, and administrative expenses | (210,546) | (185,403) | (164,287) | ||||||||||||
Equity income of subsidiaries | |||||||||||||||
Interest and other income | 2,188 | 2,651 | 1,517 | ||||||||||||
Other expense | (3,448) | (4,202) | (4,805) | ||||||||||||
Other-than-temporary impairment of marketable securities | |||||||||||||||
Homebuilding pretax income (loss) | 151,917 | 111,372 | 113,156 | ||||||||||||
Cost of Sales | (1,888,957) | (1,551,907) | (1,368,140) | ||||||||||||
Interest expense | |||||||||||||||
Gain (Loss) on Extinguishment of Debt | |||||||||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member] | |||||||||||||||
Homebuilding pretax income (loss) | |||||||||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||||||
Homebuilding pretax income (loss) | 35,329 | 29,748 | 23,924 | ||||||||||||
Provision for income taxes | (13,202) | (10,913) | (8,813) | ||||||||||||
Net income | 22,127 | 18,835 | 15,111 | ||||||||||||
Other comprehensive income related to available-for-sale securities, net of tax | 1,084 | (674) | (22) | ||||||||||||
Comprehensive income | 23,211 | 18,161 | 15,089 | ||||||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member] | |||||||||||||||
Revenues | |||||||||||||||
Cost of Sales | (300) | (100) | (40) | ||||||||||||
Inventory impairments | |||||||||||||||
Gross margin | (300) | (100) | (40) | ||||||||||||
Selling, general, and administrative expenses | |||||||||||||||
Equity income of subsidiaries | |||||||||||||||
Interest and other income | 5 | 8 | 15 | ||||||||||||
Other expense | |||||||||||||||
Other-than-temporary impairment of marketable securities | |||||||||||||||
Homebuilding pretax income (loss) | (295) | (92) | (25) | ||||||||||||
Cost of Sales | (300) | (100) | (40) | ||||||||||||
Interest expense | |||||||||||||||
Gain (Loss) on Extinguishment of Debt | |||||||||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member] | |||||||||||||||
Homebuilding pretax income (loss) | $ 35,624 | $ 29,840 | $ 23,949 |
Note 22 - Supplemental Guara107
Note 22 - Supplemental Guarantor Information - Supplemental Condensed Combining Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net cash provided by (used in) operating activities | $ 115,917 | $ 215 | $ (163,647) |
Net cash provided by (used in) investing activities | 9,218 | 47,362 | 423,080 |
Payments from (advances to) subsidiaries | |||
Advances on mortgage repurchase facility, net | 25,874 | 27,789 | (2,252) |
Proceeds from Issuance of Senior Long-term Debt | 248,375 | ||
Repayment of senior notes | (517,650) | ||
Advances on revolving credit facility, net | 15,000 | ||
Dividend payments | (49,088) | (48,868) | (48,820) |
Excess tax benefits from stock-based compensation | 26 | ||
Proceeds from exercise of stock options | 665 | 375 | |
Net cash provided by (used in) financing activities | (23,214) | (20,414) | (304,946) |
Net increase (decrease) in cash and cash equivalents | 101,921 | 27,163 | (45,513) |
Beginning of year | 180,988 | 153,825 | 199,338 |
End of year | 282,909 | 180,988 | 153,825 |
Consolidation, Eliminations [Member] | |||
Net cash provided by (used in) operating activities | |||
Net cash provided by (used in) investing activities | (133,851) | 6,446 | 80,727 |
Payments from (advances to) subsidiaries | 133,851 | (6,446) | (80,727) |
Advances on mortgage repurchase facility, net | |||
Proceeds from Issuance of Senior Long-term Debt | |||
Repayment of senior notes | |||
Advances on revolving credit facility, net | |||
Dividend payments | |||
Excess tax benefits from stock-based compensation | |||
Proceeds from exercise of stock options | |||
Net cash provided by (used in) financing activities | 133,851 | (6,446) | (80,727) |
Net increase (decrease) in cash and cash equivalents | |||
Beginning of year | |||
End of year | |||
MDC Holdings [Member] | Reportable Legal Entities [Member] | |||
Net cash provided by (used in) operating activities | (4,807) | 31,030 | (62,289) |
Net cash provided by (used in) investing activities | 168,329 | 38,467 | 339,754 |
Payments from (advances to) subsidiaries | |||
Advances on mortgage repurchase facility, net | |||
Proceeds from Issuance of Senior Long-term Debt | 248,375 | ||
Repayment of senior notes | (517,650) | ||
Advances on revolving credit facility, net | 15,000 | ||
Dividend payments | (49,088) | (48,868) | (48,820) |
Excess tax benefits from stock-based compensation | 26 | ||
Proceeds from exercise of stock options | 665 | 375 | |
Net cash provided by (used in) financing activities | (49,088) | (48,203) | (302,694) |
Net increase (decrease) in cash and cash equivalents | 114,434 | 21,294 | (25,229) |
Beginning of year | 141,245 | 119,951 | 145,180 |
End of year | 255,679 | 141,245 | 119,951 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||
Net cash provided by (used in) operating activities | 124,929 | (16,109) | (124,317) |
Net cash provided by (used in) investing activities | (1,481) | (811) | (1,093) |
Payments from (advances to) subsidiaries | (123,137) | 17,326 | 124,647 |
Advances on mortgage repurchase facility, net | |||
Proceeds from Issuance of Senior Long-term Debt | |||
Repayment of senior notes | |||
Advances on revolving credit facility, net | |||
Dividend payments | |||
Excess tax benefits from stock-based compensation | |||
Proceeds from exercise of stock options | |||
Net cash provided by (used in) financing activities | (123,137) | 17,326 | 124,647 |
Net increase (decrease) in cash and cash equivalents | 311 | 406 | (763) |
Beginning of year | 3,097 | 2,691 | 3,454 |
End of year | 3,408 | 3,097 | 2,691 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||
Net cash provided by (used in) operating activities | (4,205) | (14,706) | 22,959 |
Net cash provided by (used in) investing activities | (23,779) | 3,260 | 3,692 |
Payments from (advances to) subsidiaries | (10,714) | (10,880) | (43,920) |
Advances on mortgage repurchase facility, net | 25,874 | 27,789 | (2,252) |
Proceeds from Issuance of Senior Long-term Debt | |||
Repayment of senior notes | |||
Advances on revolving credit facility, net | |||
Dividend payments | |||
Excess tax benefits from stock-based compensation | |||
Proceeds from exercise of stock options | |||
Net cash provided by (used in) financing activities | 15,160 | 16,909 | (46,172) |
Net increase (decrease) in cash and cash equivalents | (12,824) | 5,463 | (19,521) |
Beginning of year | 36,646 | 31,183 | 50,704 |
End of year | $ 23,822 | $ 36,646 | $ 31,183 |