M.D.C. (MDC) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
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)		51,561,322
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 320,062	$ 282,909
Inventories:
Deferred tax asset, net	70,500	74,900
Total Assets	2,506,548	2,528,589
Cash and cash equivalents	320,062	282,909
Total Assets	2,506,548	2,528,589
LIABILITIES AND EQUITY
Total Liabilities	1,172,938	1,208,519
Total Liabilities	1,172,938	1,208,519
Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.01 par value; 250,000,000 shares authorized; 51,649,695 and 51,485,090 issued and outstanding at March 31, 2017 and December 31, 2016, respectively	516	515
Additional paid-in-capital	985,733	983,532
Retained earnings	323,304	313,952
Accumulated other comprehensive income	24,057	22,071
Total Stockholders' Equity	1,333,610	1,320,070
Total Liabilities and Stockholders' Equity	2,506,548	2,528,589
Homebuilding Segment [Member]
ASSETS
Cash and cash equivalents	296,731	259,087
Marketable securities	62,316	59,770
Restricted cash	4,229	3,778
Trade and other receivables	36,210	42,492
Inventories:
Housing Completed or Under Construction	890,883	874,199
Land and Land Under Development	855,208	884,615
Total inventories	1,746,091	1,758,814
Property and equipment, net	27,984	28,041
Deferred tax asset, net	70,451	74,888
Metropolitan district bond securities (related party)	31,004	30,162
Prepaid and other assets	63,419	60,463
Total Assets	2,338,435	2,317,495
Cash and cash equivalents	296,731	259,087
Marketable securities	62,316	59,770
Other assets	1,386	1,384
Total Assets	2,338,435	2,317,495
LIABILITIES AND EQUITY
Accounts payable	52,351	42,088
Accrued liabilities	141,707	144,566
Revolving credit facility	15,000	15,000
Senior notes, net	841,937	841,646
Total Liabilities	1,050,995	1,043,300
Total Liabilities	1,050,995	1,043,300
Financial Services Segment [Member]
ASSETS
Cash and cash equivalents	23,331	23,822
Marketable securities	37,549	36,436
Inventories:
Total Assets	168,113	211,094
Cash and cash equivalents	23,331	23,822
Marketable securities	37,549	36,436
Mortgage loans held-for-sale, net	97,373	138,774
Other assets	9,860	12,062
Total Assets	168,113	211,094
LIABILITIES AND EQUITY
Total Liabilities	121,943	165,219
Accounts payable and accrued liabilities	51,401	50,734
Mortgage repurchase facility	70,542	114,485
Total Liabilities	$ 121,943	$ 165,219

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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)	51,649,695	51,485,090
Common stock, shares outstanding (in shares)	51,649,695	51,485,090

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other-than-temporary impairment of marketable securities	$ (101)	$ (431)
Pretax income	36,360	14,273
Income before income taxes	36,360	14,273
Provision for income taxes	(14,111)	(4,710)
Net income	22,249	9,563
Other comprehensive income related to available for sale securities, net of tax	1,986	1,948
Comprehensive income	$ 24,235	$ 11,511
Earnings per share:
Basic (in dollars per share)	$ 0.43	$ 0.19
Diluted (in dollars per share)	$ 0.43	$ 0.19
Weighted average common shares outstanding
Basic (in shares)	51,340,890	51,269,370
Diluted (in shares)	51,590,017	51,275,117
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.24
Homebuilding Segment [Member]
Home sale revenues	$ 563,479	$ 394,420
Land sale revenues	247	2,324
Total home and land sale revenues	563,726	396,744
Home cost of sales	(468,942)	(330,026)
Land cost of sales	(211)	(1,663)
Inventory impairments	(4,850)
Total cost of sales	(474,003)	(331,689)
Gross margin	89,723	65,055
Selling, general and administrative expenses	(66,298)	(56,277)
Interest and other income	2,327	1,850
Other expense	(351)	(1,541)
Other-than-temporary impairment of marketable securities	(50)	(431)
Pretax income	25,351	8,656
Income before income taxes	25,351	8,656
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities	(51)
Pretax income	11,009	5,617
Revenues	17,979	11,017
Expenses	(7,898)	(6,241)
Interest and other income	979	841
Income before income taxes	$ 11,009	$ 5,617

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities:
Net income	$ 22,249	$ 9,563
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense	595	2,987
Depreciation and amortization	1,328	1,073
Inventory impairments	4,850
Other-than-temporary impairment of marketable securities	101	431
Loss (gain) on sale of marketable securities	(561)	915
Deferred income tax expense	3,220	1,788
Net changes in assets and liabilities:
Restricted cash	(451)	401
Trade and other receivables	7,326	(15,251)
Mortgage loans held-for-sale	41,401	33,477
Prepaid expenses and other assets	(2,407)	911
Accounts payable and accrued liabilities	8,071	(4,234)
Net cash provided by (used in) operating activities	93,886	(14,985)
Investing Activities:
Purchases of marketable securities	(5,361)	(5,482)
Sales of marketable securities	4,983	20,600
Purchases of property and equipment	(1,122)	(1,944)
Net cash provided by (used in) investing activities	(1,500)	13,174
Financing Activities:
Payments on mortgage repurchase facility, net	(43,943)	(28,390)
Dividend payments	(12,897)	(12,252)
Proceeds from exercise of stock options	1,607
Net cash used in financing activities	(55,233)	(40,642)
Net increase (decrease) in cash and cash equivalents	37,153	(42,453)
Cash and cash equivalents:
Beginning of period	282,909	180,988
End of period	320,062	138,535
Housing Completed or Under Construction [Member]
Net changes in assets and liabilities:
Housing completed or under construction	(20,866)	(115,357)
Land and land under development	(20,866)	(115,357)
Land and Land Under Development [Member]
Net changes in assets and liabilities:
Housing completed or under construction	29,030	68,311
Land and land under development	$ 29,030	$ 68,311

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Basis of Presentation The Unaudited Consolidated Financial Statements of M.D.C. Holdings, Inc. ("MDC," “the Company," “we,” “us,” or “our” which refers to M.D.C. Holdings, Inc. and its subsidiaries) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of MDC at March 31, 2017 10 December 31, 2016. On November 21, 2016, 5% December 20, 2016 December 6, 2016. 260, Earnings Per Share 260”), Included in these footnotes are certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. may “may,” may 10 10 8

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	2. Recently Issued Accounting Standards In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09"), 2014 09, 2014 09 January 1, 2018, December 15, 2016, 2018 first 2014 09 606, 2014 09 may 2014 09 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, Compensation – Stock Compensation 718”). 2016 09 2017 first The primary impact from this guidance, on a prospective basis, will be to our provision for income taxes line item on our consolidated statements of operations and comprehensive income. Any excess tax benefits or deficiencies from (1) (2) three March 31, 2017, $0.1 March 31, 2017, 575,000 (1) March 31, 2017 (2) 2017. 2017, $2.7 2017. 2016 09 2016 09 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 ASU 2016 13 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 ASU 2016 15 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 ASU 2016 18

Note 3 - Segment Reporting

Note 3 - Segment Reporting	3 Months Ended
	Mar. 31, 2017
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) ● West (Arizona, California, Nevada and Washington) ● Mountain (Colorado and Utah) ● East (Virginia, Florida and Maryland) Our financial services business consists of the operations of the following operating segments: (1) (2) (3) (4) (5) 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. Three Months Ended March 31, 2017 2016 Homebuilding (Dollars in thousands) West $ 309,079 $ 191,375 Mountain 173,136 137,824 East 81,511 67,545 Total homebuilding revenues $ 563,726 $ 396,744 Financial Services Mortgage operations $ 12,183 $ 6,870 Other 5,796 4,147 Total financial services revenues $ 17,979 $ 11,017 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended March 31, 2017 2016 Homebuilding (Dollars in thousands) West $ 15,455 $ 9,698 Mountain 18,230 10,084 East 2,642 1,367 Corporate (10,976 ) (12,493 ) Total homebuilding pretax income $ 25,351 $ 8,656 Financial Services Mortgage operations $ 7,566 $ 3,323 Other 3,443 2,294 Total financial services pretax income $ 11,009 $ 5,617 Total pretax income $ 36,360 $ 14,273 The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include our cash and cash equivalents, marketable securities and deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. March 31, December 31, 2017 2016 (Dollars in thousands) Homebuilding assets West $ 987,835 $ 1,035,033 Mountain 613,068 571,139 East 247,896 256,816 Corporate 489,636 454,507 Total homebuilding assets $ 2,338,435 $ 2,317,495 Financial services assets Mortgage operations $ 108,988 $ 153,182 Other 59,125 57,912 Total financial services assets $ 168,113 $ 211,094 Total assets $ 2,506,548 $ 2,528,589

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	4 . Earnings Per Share ASC 260 company that has participating security holders (for example, holders of unvested restricted stock that has nonforfeitable dividend rights) to utilize the two two two 260 . To calculate diluted EPS, basic EPS is further adjusted to include the effect of potential dilutive stock options outstanding. The following table shows our basic and diluted EPS calculations: Three Months Ended March 31, 2017 2016 (Dollars in thousands, except per share amounts) Numerator Net income $ 22,249 $ 9,563 Less: distributed earnings allocated to participating securities (68 ) (40 ) Less: undistributed earnings allocated to participating securities (43 ) - Net income attributable to common stockholders (numerator for basic earnings per share) 22,138 9,523 Add back: undistributed earnings allocated to participating securities 43 - Less: undistributed earnings reallocated to participating securities (43 ) - Numerator for diluted earnings per share under two class method $ 22,138 $ 9,523 Denominator Weighted-average common shares outstanding 51,340,890 51,269,370 Add: dilutive effect of stock options 249,127 5,747 Denominator for diluted earnings per share under two class method 51,590,017 51,275,117 Basic Earnings Per Common Share $ 0.43 $ 0.19 Diluted Earnings Per Common Share $ 0.43 $ 0.19 Diluted EPS for the three March 31, 2017 2016 4.2 6.5

Note 5 - Accumulated Other Comp

Note 5 - Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	5 . Accumulated Other Comprehensive Income The following table sets forth our changes in accumulated other comprehensive income (“AOCI”): Three Months Ended March 31, 2017 2016 (Dollars in thousands) Unrealized gains on available-for-sale marketable securities 1 Beginning balance $ 7,730 $ 3,657 Other comprehensive income before reclassifications 2,034 524 Amounts reclassified from AOCI 2 (285 ) 835 Ending balance $ 9,479 $ 5,016 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 14,341 $ 12,058 Other comprehensive income before reclassifications 237 589 Amounts reclassified from AOCI - - Ending balance $ 14,578 $ 12,647 Total ending AOCI $ 24,057 $ 17,663 (1) All amounts net-of-tax. (2) See separate table below for details about these reclassifications The following table sets forth the activity related to reclassifications out of accumulated other comprehensive income related to available for sale securities: Three Months Ended March 31, Affected Line Item in the Statements of Operations 2017 2016 (Dollars in thousands) Homebuilding: Interest and other income $ 522 $ (915 ) Homebuilding: Other-than-temporary impairment of marketable securities (50 ) (431 ) Financial services: Interest and other income 39 - Financial services: Other-than-temporary impairment of marketable securities (51 ) - Income before income taxes 460 (1,346 ) Provision for income taxes (175 ) 511 Net income $ 285 $ (835 )

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 . Fair Value Measurements ASC Topic 820, Fair Value Measurements 820”), 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 March 31, 2017 December 31, 2016 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 99,865 $ 96,206 Mortgage loans held-for-sale, net Level 2 $ 97,373 $ 138,774 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 31,004 $ 30,162 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of March 31, 2017 December 31, 2016. Cash and cash equivalents, restricted cash, trade and other receivables, prepaid and other assets, accounts payable, accrued liab ilities and borrowings on our revolving credit facility . Marketable s ecurities March 31, 2017 December 31, 2016, March 31, 2017 December 31, 2016, Each quarter we assess all of our securities in an unrealized loss position for a potential other-than-temporary impairment (“OTTI”) . If the unrealized loss is determined to be other-than-temporary, an OTTI is recorded in other-than-temporary impairment of marketable securities in the homebuilding or financial services sections of our consolidated statements of operations and comprehensive income. During the three March 31, 2017 2016, $0.1 $0.4 The following tables set forth the cost and estimated fair value of our available-for-sale marketable securities: March 31, 2017 Cost Basis OTTI Net Cost Basis Fair Value (Dollars in thousands) Homebuilding equity securities $ 49,944 $ (730 ) $ 49,214 $ 62,316 Financial services equity securities 35,710 (348 ) 35,362 37,549 Total marketable equity securities $ 85,654 $ (1,078 ) $ 84,576 $ 99,865 December 31, 2016 Cost Basis OTTI Net Cost Basis Fair Value (Dollars in thousands) Homebuilding equity securities $ 48,910 $ (685 ) $ 48,225 $ 59,770 Financial services equity securities 35,885 (373 ) 35,512 36,436 Total marketable equity securities $ 84,795 $ (1,058 ) $ 83,737 $ 96,206 As of March 31, 2017 December 31, 2016, $15.3 $12.5 $0.5 $0.5 March 31, 2017 December 31, 2016, 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 March 31, 2017 March 31, 2017 December 31, 2016 Number of Securities in a Loss Position Aggregate Loss Position Aggregate Fair Value of Securities in a Loss Position Number of Securities in a Loss Position Aggregate Loss Position Aggregate Fair Value of Securities in a Loss Position (Dollars in thousands) Marketable equity securities 2 $ (500 ) $ 3,000 5 $ (457 ) $ 6,045 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. Three Months Ended March 31, 2017 2016 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities $ 590 $ 91 Gross realized losses on sales of available-for-sale securities (29 ) (1,006 ) Net realized gain (loss) on sales of available-for-sale securities $ 561 $ (915 ) Mortgage l oans h eld-for- s ale, n et. (1) (2) March 31, 2017 December 31, 2016, $67.7 $96.2 2 March 31, 2017 December 31, 2016, $29.7 $42.6 2 Gains on sales of mortgage loans, net, were $8.5 $5.6 three March 31, 2017 2016, Metropolitan district bond securities (related party). fourth 2037. 2037, In accordance with ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30”), 3 (1) (2) (3) fourth two March 31, 2017, Quantitative Data Sensitivity Analysis Unobservable Input Range Weighted Average Movement in Movement in Forecasted number of homes closed per year 0 to 120 107 Increase Decrease Forecasted assessed value $401,000 to $1,200,000 $ 558,000 Increase Decrease Discount rates 5% to 12% 7.5 % Decrease Increase The table set forth below summarizes the activity for our Metro Bonds: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 30,162 $ 25,911 Increase in fair value (recorded in other comprehensive income) 382 950 Change due to accretion of principal 460 416 Cash receipts - - Balance at end of period $ 31,004 $ 27,277 Mortgage Repurchase Facility. The debt associated with our mortgage repurchase facility (see Note 18 30 2 Senior Notes 2 March 31, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,144 $ 264,208 $ 246,915 $ 265,611 5½% Senior Notes due January 2024, net 248,439 257,325 248,391 258,800 6% Senior Notes due January 2043, net 346,354 309,563 346,340 297,087 Total $ 841,937 $ 831,096 $ 841,646 $ 821,498

Note 7 - Inventories

Note 7 - Inventories	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	7 . Inventories The following table sets forth, by reportable segment, information relating to our homebuilding inventories: March 31, December 31, 2017 2016 (Dollars in thousands) Housing Completed or Under Construction: West $ 454,262 $ 470,503 Mountain 299,449 277,922 East 137,172 125,774 Subtotal 890,883 874,199 Land and Land Under Development: West 470,522 499,186 Mountain 289,323 271,252 East 95,363 114,177 Subtotal 855,208 884,615 Total Inventories $ 1,746,091 $ 1,758,814 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”), 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 3 If land is classified as held for sale, in accordance with ASC 360, 2 Impairments of homebuilding inventory by segment for the three March 31, 2017 No 2016. Three Months Ended March 31, 2017 2016 (Dollars in thousands) West $ 4,100 $ - Mountain - - East 750 - Total Inventory Impairments $ 4,850 $ - The table below provides quantitative data, for the periods presented, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Total Inventory Fair Value of After Impairments Number of Discount Rate (Dollars in thousands) March 31, 2017 33 $ 4,850 $ 19,952 2 12% to 18% March 31, 2016 14 $ - $ - - N/A

Note 8 - Capitalization of Inte

Note 8 - Capitalization of Interest	3 Months Ended
	Mar. 31, 2017
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”). 835, Three Months Ended March 31, 2017 2016 (Dollars in thousands) Homebuilding interest incurred $ 13,188 $ 13,218 Less: Interest capitalized (13,188 ) (13,218 ) Homebuilding interest expensed $ - $ - Interest capitalized, beginning of period $ 68,085 $ 77,541 Plus: Interest capitalized during period 13,188 13,218 Less: Previously capitalized interest included in home and land cost of sales (15,197 ) (10,976 ) Interest capitalized, end of period $ 66,076 $ 79,783

Note 9 - Homebuilding Prepaid a

Note 9 - Homebuilding Prepaid and Other Assets	3 Months Ended
	Mar. 31, 2017
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: March 31, December 31, 2017 2016 (Dollars in thousands) Deferred marketing costs $ 35,952 $ 35,313 Land option deposits 11,532 8,683 Goodwill 6,008 6,008 Prepaid expenses 4,478 4,735 Deferred debt issuance costs on revolving credit facility, net 4,063 4,340 Other 1,386 1,384 Total $ 63,419 $ 60,463

Note 10 - Homebuilding Accrued

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
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: March 31, December 31, 2017 2016 (Dollars in thousands) Customer and escrow deposits $ 34,598 $ 27,183 Warranty accrual 20,770 20,678 Accrued compensation and related expenses 16,570 27,830 Accrued interest 11,031 23,234 Land development and home construction accruals 7,824 8,695 Other accrued liabilities 50,914 36,946 Total accrued liabilities $ 141,707 $ 144,566 The following table sets forth information relating to financial services accounts payable and accrued liabilities: March 31, December 31, 2017 2016 (Dollars in thousands) Insurance reserves $ 43,359 $ 42,204 Accounts payable and other accrued liabilities 8,042 8,530 Total accounts payable and accrued liabilities $ 51,401 $ 50,734

Note 11 - Warranty Accrual

Note 11 - Warranty Accrual	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	1 1 . Warranty Accrual Our homes are sold with limited third third first two three ten Our warranty accrual is included in accrued liabilities in the homebuilding section of our consolidated balance sheets and adjustments to our warranty accrual are recorded as an increase or reduction to home cost of sales in the homebuilding section of our consolidated statements of operations and comprehensive income. The table set forth below summarizes accrual, adjustment and payment activity related to our warranty accrual for the three March 31, 2017 2016. three March 31, 2017 2016, $0.1 $3.0 2016 first Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 20,678 $ 15,328 Expense provisions 2,407 1,452 Cash payments (2,365 ) (2,915 ) Adjustments 50 2,987 Balance at end of period $ 20,770 $ 16,852

Note 12 - Insurance and Constru

Note 12 - Insurance and Construction Defect Claim Reserves	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]	1 2 . Insurance and Construction Defect Claim Reserves The establishment of reserves for estimated losses associated with insurance policies issued by Allegiant and re-insurance agreements issued by StarAmerican are based on actuarial studies that include known facts and interpretations of circumstances, including our experience with similar cases and historical trends involving claim payment patterns, pending levels of unpaid claims, product mix or concentration, claim severity, frequency patterns depending on the business conducted, and changing regulatory and legal environments. It is possible that changes in the insurance payment experience used in estimating our ultimate insurance losses could have a material impact on our insurance reserves. The establishment of reserves for estimated losses to be incurred by our homebuilding subsidiaries associated with (1) (2) The table set forth below summarizes our insurance and defect claim reserves activity for the three March 31, 2017 2016. Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 50,954 $ 47,061 Expense provisions 2,116 1,388 Cash payments, net of recoveries (1,219 ) (820 ) Balance at end of period $ 51,851 $ 47,629 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 three March 31, 2017 2016

Note 13 - Income Taxes

Note 13 - Income Taxes	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	1 3 . Income Taxes At the end of each interim period, we are required to estimate our annual effective tax rate for the fiscal year and use that rate to provide for income taxes for the current year-to-date reporting period. Our overall effective income tax rates were 38.8% 33.0% three March 31, 2017 2016, $14.1 $4.7 (1) 2016 first 2017 2017 (2) At March 31, 2017 December 31, 2016 $70.5 $74.9 (1) (2)

Note 14 - Senior Notes

Note 14 - Senior Notes	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Long-term Debt [Text Block]	1 4 . Senior Notes The carrying value of our senior notes as of March 31, 2017 December 31, 2016, March 31, December 31, 2017 2016 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,144 $ 246,915 5½% Senior Notes due January 2024, net 248,439 248,391 6% Senior Notes due January 2043, net 346,354 346,340 Total $ 841,937 $ 841,646 Our senior notes are not secured and, while the senior note indentures contain some restrictions on secured debt and other transactions, they do not contain financial covenants. Our senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by most of our homebuilding segment subsidiaries.

Note 15 - Stock Based Compensat

Note 15 - Stock Based Compensation	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	15. Stock Based Compensation We account for share-based awards in accordance with ASC 718, three March 31, 2017 2016: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Stock option grant expense $ 276 $ 2,650 Restricted stock awards expense 319 337 Total stock based compensation $ 595 $ 2,987 On May 18, 2015, 1,050,000 2011 five one third third, fourth, fifth 20 30 120% $27.10 May 18, 2025. 718, $5.35 $11.2 2016 second three March 31, 2017 2016, $0 $2.5 On July 25, 2016, 2011 three July 1, 2016 June 30, 2019 July 1, 2015 June 30, 2016. fifteen (15%) 105,000 26,250 three $1.975 10% 20%. 5% 10%, 50% 20%, 200% In accordance with ASC 718, $22.93 $10.8 718 March 31, 2017, no 2017 first

Note 16 - Commitments and Conti

Note 16 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	16. Commitments and Contingencies Surety Bonds and Letters of Credit. March 31, 2017, $173.3 $52.9 $27.8 $43.4 $20.0 March 31, 2017, our unsecured revolving credit facility (see Note 18 . 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. Lot Option Contracts March 31, 2017, $8.0 $2.1 3,032

Note 17 - Derivative Financial

Note 17 - Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	17. Derivative Financial Instruments The derivative instruments we utilize in the normal course of business are interest rate lock commitments and forward sales of mortgage-backed securities, both of which typically are short-term in nature. Forward sales of mortgage-backed securities are utilized to hedge changes in fair value of our interest rate lock commitments as well as mortgage loans held-for-sale not under commitments to sell. For forward sales of mortgage-backed securities, as well as interest rate lock commitments that are still outstanding at the end of a reporting period, we record the changes in fair value of the derivatives in revenues in the financial services section of our consolidated statements of operations and comprehensive income with an offset to other assets or accounts payable and accrued liabilities in the financial services section of our consolidated balance sheets, depending on the nature of the change. At March 31, 2017, $122.8 million. Additionally, we had $28.6 March 31, 2017 In order to hedge the changes in fair value of our interest rate lock commitments and mortgage loans held-for-sale that had not yet been committed to a mortgage purchaser, we had forward sales of securities totaling $104.5 million at March 31, 2017. For the three March 31, 2017 2016, $0.3 $0.6

Note 18 - Lines of Credit

Note 18 - Lines of Credit	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	18. Lines of Credit Revolving Credit Facility. We have an unsecured revolving credit agreement (“Revolving Credit Facility”) with a group of lenders which may 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% March 31, 2017. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At March 31, 2017 December 31, 2016, $25.1 $23.0 March 31, 2017 December 31, 2016, $15.0 March 31, 2017, $509.9 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 March 29, 2017 $75 $100 April 27, 2017. $75 $125 December 27, 2016 January 25, 2017. March 31, 2017 December 31, 2016, $70.5 $114.5 March 31, 2017.

Note 19 - Related Party Transac

Note 19 - Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	19. Related Party Transactions We contributed $1.5 $1.0 three March 31, 2017 2016, 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) March 31, 2017, 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. See footnote 6

Note 20 - Supplemental Guaranto

Note 20 - Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Supplemental Guarantor Information [Text Block]	20 . 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. Supplemental Condensed Combining Balance Sheet March 31, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC ASSETS (Dollars in thousands) Homebuilding: Cash and cash equivalents $ 292,246 $ 4,485 $ - $ - $ 296,731 Marketable securities 62,316 - - - 62,316 Restricted cash - 4,229 - - 4,229 Trade and other receivables 5,539 32,868 - (2,197 ) 36,210 Inventories: Housing completed or under construction - 890,883 - - 890,883 Land and land under development - 855,208 - - 855,208 Total inventories - 1,746,091 - - 1,746,091 Intercompany receivables 1,455,133 2,803 5,819 (1,463,755 ) - Investment in subsidiaries 319,751 - - (319,751 ) - Property and equipment, net 25,628 2,356 - - 27,984 Deferred tax asset, net 70,606 - - (155 ) 70,451 Metropolitan district bond securities (related party) 31,004 - - - 31,004 Prepaid and other assets 4,650 58,769 - - 63,419 Total homebuilding assets 2,266,873 1,851,601 5,819 (1,785,858 ) 2,338,435 Financial Services: Cash and cash equivalents - - 23,331 - 23,331 Marketable securities - - 37,549 - 37,549 Intercompany receivables - - 38,649 (38,649 ) - Mortgage loans held-for-sale, net - - 97,373 - 97,373 Other assets - - 9,705 155 9,860 Total financial services assets - - 206,607 (38,494 ) 168,113 Total Assets $ 2,266,873 $ 1,851,601 $ 212,426 $ (1,824,352 ) $ 2,506,548 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 52,351 $ - $ - $ 52,351 Accrued liabilities 29,055 110,705 98 1,849 141,707 Advances and notes payable to parent and subsidiaries 47,271 1,424,510 27,018 (1,498,799 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 841,937 - - - 841,937 Total homebuilding liabilities 933,263 1,587,566 27,116 (1,496,950 ) 1,050,995 Financial Services: Accounts payable and other liabilities - - 55,447 (4,046 ) 51,401 Advances and notes payable to parent and subsidiaries - - 3,605 (3,605 ) - Mortgage repurchase facility - - 70,542 - 70,542 Total financial services liabilities - - 129,594 (7,651 ) 121,943 Total Liabilities 933,263 1,587,566 156,710 (1,504,601 ) 1,172,938 Equity: Total Stockholders' Equity 1,333,610 264,035 55,716 (319,751 ) 1,333,610 Total Liabilities and Stockholders' Equity $ 2,266,873 $ 1,851,601 $ 212,426 $ (1,824,352 ) $ 2,506,548 Supplemental Co ndensed 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 Supplementa l Condensed Combining Statement of Operations Three Months Ended March 31, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 563,726 $ - $ - $ 563,726 Cost of sales - (469,153 ) - - (469,153 ) Inventory impairments - (4,850 ) - - (4,850 ) Gross margin - 89,723 - - 89,723 Selling, general, and administrative expenses (12,395 ) (53,721 ) - (182 ) (66,298 ) Equity income of subsidiaries 29,031 - - (29,031 ) - Interest and other income 1,676 674 1 (24 ) 2,327 Other expense 8 (359 ) - - (351 ) Other-than-temporary impairment of marketable securities (50 ) - - - (50 ) Homebuilding pretax income (loss) 18,270 36,317 1 (29,237 ) 25,351 Financial Services: Financial services pretax income - - 10,803 206 11,009 Income before income taxes 18,270 36,317 10,804 (29,031 ) 36,360 (Provision) benefit for income taxes 3,979 (14,095 ) (3,995 ) - (14,111 ) Net income $ 22,249 $ 22,222 $ 6,809 $ (29,031 ) $ 22,249 Other comprehensive income related to available-for-sale securities, net of tax 1,986 - 834 (834 ) 1,986 Comprehensive income $ 24,235 $ 22,222 $ 7,643 $ (29,865 ) $ 24,235 Three Months Ended March 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 396,744 $ - $ - $ 396,744 Cost of sales - (331,389 ) (300 ) - (331,689 ) Inventory impairments - - - - - Gross margin - 65,355 (300 ) - 65,055 Selling, general, and administrative expenses (12,102 ) (44,016 ) - (159 ) (56,277 ) Equity income of subsidiaries 17,370 - - (17,370 ) - Interest and other income 1,386 729 1 (266 ) 1,850 Other expense (916 ) (625 ) - - (1,541 ) Other-than-temporary impairment of marketable securities (431 ) - - - (431 ) Homebuilding pretax income (loss) 5,307 21,443 (299 ) (17,795 ) 8,656 Financial Services: Financial services pretax income - - 5,192 425 5,617 Income before income taxes 5,307 21,443 4,893 (17,370 ) 14,273 (Provision) benefit for income taxes 4,256 (7,076 ) (1,890 ) - (4,710 ) Net income $ 9,563 $ 14,367 $ 3,003 $ (17,370 ) $ 9,563 Other comprehensive income related to available-for-sale securities, net of tax 1,948 - (1 ) 1 1,948 Comprehensive income $ 11,511 $ 14,367 $ 3,002 $ (17,369 ) $ 11,511 Supplementa l Condensed Combining Statement of Cash Flows Three Months Ended March 31, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 24,806 $ 21,945 $ 47,135 $ - $ 93,886 Net cash provided by (used in) investing activities 23,051 (57 ) 139 (24,633 ) (1,500 ) Financing activities: Payments from (advances to) subsidiaries - (20,811 ) (3,822 ) 24,633 - Mortgage repurchase facility - - (43,943 ) - (43,943 ) Dividend payments (12,897 ) - - - (12,897 ) Proceeds from exercise of stock options 1,607 - - - 1,607 Net cash provided by (used in) financing activities (11,290 ) (20,811 ) (47,765 ) 24,633 (55,233 ) Net increase in cash and cash equivalents 36,567 1,077 (491 ) - 37,153 Cash and cash equivalents: Beginning of period 255,679 3,408 23,822 - 282,909 End of period $ 292,246 $ 4,485 $ 23,331 $ - $ 320,062 Three Months Ended March 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 12,225 $ (62,160 ) $ 34,950 $ - $ (14,985 ) Net cash provided by (used in) investing activities (45,433 ) (528 ) (976 ) 60,111 13,174 Financing activities: Payments from (advances to) subsidiaries - 62,837 (2,726 ) (60,111 ) - Mortgage repurchase facility - - (28,390 ) - (28,390 ) Dividend payments (12,252 ) - - - (12,252 ) Net cash provided by (used in) financing activities (12,252 ) 62,837 (31,116 ) (60,111 ) (40,642 ) Net increase in cash and cash equivalents (45,460 ) 149 2,858 - (42,453 ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 95,785 $ 3,246 $ 39,504 $ - $ 138,535

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended March 31, 2017 2016 Homebuilding (Dollars in thousands) West $ 309,079 $ 191,375 Mountain 173,136 137,824 East 81,511 67,545 Total homebuilding revenues $ 563,726 $ 396,744 Financial Services Mortgage operations $ 12,183 $ 6,870 Other 5,796 4,147 Total financial services revenues $ 17,979 $ 11,017
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended March 31, 2017 2016 Homebuilding (Dollars in thousands) West $ 15,455 $ 9,698 Mountain 18,230 10,084 East 2,642 1,367 Corporate (10,976 ) (12,493 ) Total homebuilding pretax income $ 25,351 $ 8,656 Financial Services Mortgage operations $ 7,566 $ 3,323 Other 3,443 2,294 Total financial services pretax income $ 11,009 $ 5,617 Total pretax income $ 36,360 $ 14,273
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	March 31, December 31, 2017 2016 (Dollars in thousands) Homebuilding assets West $ 987,835 $ 1,035,033 Mountain 613,068 571,139 East 247,896 256,816 Corporate 489,636 454,507 Total homebuilding assets $ 2,338,435 $ 2,317,495 Financial services assets Mortgage operations $ 108,988 $ 153,182 Other 59,125 57,912 Total financial services assets $ 168,113 $ 211,094 Total assets $ 2,506,548 $ 2,528,589

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands, except per share amounts) Numerator Net income $ 22,249 $ 9,563 Less: distributed earnings allocated to participating securities (68 ) (40 ) Less: undistributed earnings allocated to participating securities (43 ) - Net income attributable to common stockholders (numerator for basic earnings per share) 22,138 9,523 Add back: undistributed earnings allocated to participating securities 43 - Less: undistributed earnings reallocated to participating securities (43 ) - Numerator for diluted earnings per share under two class method $ 22,138 $ 9,523 Denominator Weighted-average common shares outstanding 51,340,890 51,269,370 Add: dilutive effect of stock options 249,127 5,747 Denominator for diluted earnings per share under two class method 51,590,017 51,275,117 Basic Earnings Per Common Share $ 0.43 $ 0.19 Diluted Earnings Per Common Share $ 0.43 $ 0.19

Note 5 - Accumulated Other Co28

Note 5 - Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Unrealized gains on available-for-sale marketable securities 1 Beginning balance $ 7,730 $ 3,657 Other comprehensive income before reclassifications 2,034 524 Amounts reclassified from AOCI 2 (285 ) 835 Ending balance $ 9,479 $ 5,016 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 14,341 $ 12,058 Other comprehensive income before reclassifications 237 589 Amounts reclassified from AOCI - - Ending balance $ 14,578 $ 12,647 Total ending AOCI $ 24,057 $ 17,663
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended March 31, Affected Line Item in the Statements of Operations 2017 2016 (Dollars in thousands) Homebuilding: Interest and other income $ 522 $ (915 ) Homebuilding: Other-than-temporary impairment of marketable securities (50 ) (431 ) Financial services: Interest and other income 39 - Financial services: Other-than-temporary impairment of marketable securities (51 ) - Income before income taxes 460 (1,346 ) Provision for income taxes (175 ) 511 Net income $ 285 $ (835 )

Note 6 - Fair Value Measureme29

Note 6 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Financial Instrument Hierarchy March 31, 2017 December 31, 2016 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 99,865 $ 96,206 Mortgage loans held-for-sale, net Level 2 $ 97,373 $ 138,774 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 31,004 $ 30,162
Available-for-sale Securities [Table Text Block]	March 31, 2017 Cost Basis OTTI Net Cost Basis Fair Value (Dollars in thousands) Homebuilding equity securities $ 49,944 $ (730 ) $ 49,214 $ 62,316 Financial services equity securities 35,710 (348 ) 35,362 37,549 Total marketable equity securities $ 85,654 $ (1,078 ) $ 84,576 $ 99,865 December 31, 2016 Cost Basis OTTI Net Cost Basis Fair Value (Dollars in thousands) Homebuilding equity securities $ 48,910 $ (685 ) $ 48,225 $ 59,770 Financial services equity securities 35,885 (373 ) 35,512 36,436 Total marketable equity securities $ 84,795 $ (1,058 ) $ 83,737 $ 96,206
Schedule of Unrealized Loss on Investments [Table Text Block]	March 31, 2017 December 31, 2016 Number of Securities in a Loss Position Aggregate Loss Position Aggregate Fair Value of Securities in a Loss Position Number of Securities in a Loss Position Aggregate Loss Position Aggregate Fair Value of Securities in a Loss Position (Dollars in thousands) Marketable equity securities 2 $ (500 ) $ 3,000 5 $ (457 ) $ 6,045
Realized Gain (Loss) on Investments [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities $ 590 $ 91 Gross realized losses on sales of available-for-sale securities (29 ) (1,006 ) Net realized gain (loss) on sales of available-for-sale securities $ 561 $ (915 )
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	Quantitative Data Sensitivity Analysis Unobservable Input Range Weighted Average Movement in Movement in Forecasted number of homes closed per year 0 to 120 107 Increase Decrease Forecasted assessed value $401,000 to $1,200,000 $ 558,000 Increase Decrease Discount rates 5% to 12% 7.5 % Decrease Increase
Schedule of Principal Amounts and Fair Values of Debt Instruments [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 30,162 $ 25,911 Increase in fair value (recorded in other comprehensive income) 382 950 Change due to accretion of principal 460 416 Cash receipts - - Balance at end of period $ 31,004 $ 27,277
Fair Value of Senior Notes [Table Text Block]	March 31, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,144 $ 264,208 $ 246,915 $ 265,611 5½% Senior Notes due January 2024, net 248,439 257,325 248,391 258,800 6% Senior Notes due January 2043, net 346,354 309,563 346,340 297,087 Total $ 841,937 $ 831,096 $ 841,646 $ 821,498

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory [Table Text Block]	March 31, December 31, 2017 2016 (Dollars in thousands) Housing Completed or Under Construction: West $ 454,262 $ 470,503 Mountain 299,449 277,922 East 137,172 125,774 Subtotal 890,883 874,199 Land and Land Under Development: West 470,522 499,186 Mountain 289,323 271,252 East 95,363 114,177 Subtotal 855,208 884,615 Total Inventories $ 1,746,091 $ 1,758,814
Schedule of Inventory Impairments [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) West $ 4,100 $ - Mountain - - East 750 - Total Inventory Impairments $ 4,850 $ -
Quantitative Data for Fair Value of the Impaired Inventory [Table Text Block]	Impairment Data Quantitative Data Three Months Ended Total Inventory Fair Value of After Impairments Number of Discount Rate (Dollars in thousands) March 31, 2017 33 $ 4,850 $ 19,952 2 12% to 18% March 31, 2016 14 $ - $ - - N/A

Note 8 - Capitalization of In31

Note 8 - Capitalization of Interest (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Capitalization of Interest [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Homebuilding interest incurred $ 13,188 $ 13,218 Less: Interest capitalized (13,188 ) (13,218 ) Homebuilding interest expensed $ - $ - Interest capitalized, beginning of period $ 68,085 $ 77,541 Plus: Interest capitalized during period 13,188 13,218 Less: Previously capitalized interest included in home and land cost of sales (15,197 ) (10,976 ) Interest capitalized, end of period $ 66,076 $ 79,783

Note 9 - Homebuilding Prepaid32

Note 9 - Homebuilding Prepaid and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Other Assets [Table Text Block]	March 31, December 31, 2017 2016 (Dollars in thousands) Deferred marketing costs $ 35,952 $ 35,313 Land option deposits 11,532 8,683 Goodwill 6,008 6,008 Prepaid expenses 4,478 4,735 Deferred debt issuance costs on revolving credit facility, net 4,063 4,340 Other 1,386 1,384 Total $ 63,419 $ 60,463

Note 10 - Homebuilding Accrue33

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, December 31, 2017 2016 (Dollars in thousands) Customer and escrow deposits $ 34,598 $ 27,183 Warranty accrual 20,770 20,678 Accrued compensation and related expenses 16,570 27,830 Accrued interest 11,031 23,234 Land development and home construction accruals 7,824 8,695 Other accrued liabilities 50,914 36,946 Total accrued liabilities $ 141,707 $ 144,566
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	March 31, December 31, 2017 2016 (Dollars in thousands) Insurance reserves $ 43,359 $ 42,204 Accounts payable and other accrued liabilities 8,042 8,530 Total accounts payable and accrued liabilities $ 51,401 $ 50,734

Note 11 - Warranty Accrual (Tab

Note 11 - Warranty Accrual (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 20,678 $ 15,328 Expense provisions 2,407 1,452 Cash payments (2,365 ) (2,915 ) Adjustments 50 2,987 Balance at end of period $ 20,770 $ 16,852

Note 12 - Insurance and Const35

Note 12 - Insurance and Construction Defect Claim Reserves (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 50,954 $ 47,061 Expense provisions 2,116 1,388 Cash payments, net of recoveries (1,219 ) (820 ) Balance at end of period $ 51,851 $ 47,629

Note 14 - Senior Notes (Tables)

Note 14 - Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Debt [Table Text Block]	March 31, December 31, 2017 2016 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,144 $ 246,915 5½% Senior Notes due January 2024, net 248,439 248,391 6% Senior Notes due January 2043, net 346,354 346,340 Total $ 841,937 $ 841,646

Note 15 - Stock Based Compens37

Note 15 - Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Share-based Compensation, Activity [Table Text Block]	Three Months Ended March 31, 2017 2016 (Dollars in thousands) Stock option grant expense $ 276 $ 2,650 Restricted stock awards expense 319 337 Total stock based compensation $ 595 $ 2,987

Note 20 - Supplemental Guaran38

Note 20 - Supplemental Guarantor Information (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Condensed Balance Sheet [Table Text Block]	March 31, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC ASSETS (Dollars in thousands) Homebuilding: Cash and cash equivalents $ 292,246 $ 4,485 $ - $ - $ 296,731 Marketable securities 62,316 - - - 62,316 Restricted cash - 4,229 - - 4,229 Trade and other receivables 5,539 32,868 - (2,197 ) 36,210 Inventories: Housing completed or under construction - 890,883 - - 890,883 Land and land under development - 855,208 - - 855,208 Total inventories - 1,746,091 - - 1,746,091 Intercompany receivables 1,455,133 2,803 5,819 (1,463,755 ) - Investment in subsidiaries 319,751 - - (319,751 ) - Property and equipment, net 25,628 2,356 - - 27,984 Deferred tax asset, net 70,606 - - (155 ) 70,451 Metropolitan district bond securities (related party) 31,004 - - - 31,004 Prepaid and other assets 4,650 58,769 - - 63,419 Total homebuilding assets 2,266,873 1,851,601 5,819 (1,785,858 ) 2,338,435 Financial Services: Cash and cash equivalents - - 23,331 - 23,331 Marketable securities - - 37,549 - 37,549 Intercompany receivables - - 38,649 (38,649 ) - Mortgage loans held-for-sale, net - - 97,373 - 97,373 Other assets - - 9,705 155 9,860 Total financial services assets - - 206,607 (38,494 ) 168,113 Total Assets $ 2,266,873 $ 1,851,601 $ 212,426 $ (1,824,352 ) $ 2,506,548 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 52,351 $ - $ - $ 52,351 Accrued liabilities 29,055 110,705 98 1,849 141,707 Advances and notes payable to parent and subsidiaries 47,271 1,424,510 27,018 (1,498,799 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 841,937 - - - 841,937 Total homebuilding liabilities 933,263 1,587,566 27,116 (1,496,950 ) 1,050,995 Financial Services: Accounts payable and other liabilities - - 55,447 (4,046 ) 51,401 Advances and notes payable to parent and subsidiaries - - 3,605 (3,605 ) - Mortgage repurchase facility - - 70,542 - 70,542 Total financial services liabilities - - 129,594 (7,651 ) 121,943 Total Liabilities 933,263 1,587,566 156,710 (1,504,601 ) 1,172,938 Equity: Total Stockholders' Equity 1,333,610 264,035 55,716 (319,751 ) 1,333,610 Total Liabilities and Stockholders' Equity $ 2,266,873 $ 1,851,601 $ 212,426 $ (1,824,352 ) $ 2,506,548 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
Condensed Income Statement [Table Text Block]	Three Months Ended March 31, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 563,726 $ - $ - $ 563,726 Cost of sales - (469,153 ) - - (469,153 ) Inventory impairments - (4,850 ) - - (4,850 ) Gross margin - 89,723 - - 89,723 Selling, general, and administrative expenses (12,395 ) (53,721 ) - (182 ) (66,298 ) Equity income of subsidiaries 29,031 - - (29,031 ) - Interest and other income 1,676 674 1 (24 ) 2,327 Other expense 8 (359 ) - - (351 ) Other-than-temporary impairment of marketable securities (50 ) - - - (50 ) Homebuilding pretax income (loss) 18,270 36,317 1 (29,237 ) 25,351 Financial Services: Financial services pretax income - - 10,803 206 11,009 Income before income taxes 18,270 36,317 10,804 (29,031 ) 36,360 (Provision) benefit for income taxes 3,979 (14,095 ) (3,995 ) - (14,111 ) Net income $ 22,249 $ 22,222 $ 6,809 $ (29,031 ) $ 22,249 Other comprehensive income related to available-for-sale securities, net of tax 1,986 - 834 (834 ) 1,986 Comprehensive income $ 24,235 $ 22,222 $ 7,643 $ (29,865 ) $ 24,235 Three Months Ended March 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 396,744 $ - $ - $ 396,744 Cost of sales - (331,389 ) (300 ) - (331,689 ) Inventory impairments - - - - - Gross margin - 65,355 (300 ) - 65,055 Selling, general, and administrative expenses (12,102 ) (44,016 ) - (159 ) (56,277 ) Equity income of subsidiaries 17,370 - - (17,370 ) - Interest and other income 1,386 729 1 (266 ) 1,850 Other expense (916 ) (625 ) - - (1,541 ) Other-than-temporary impairment of marketable securities (431 ) - - - (431 ) Homebuilding pretax income (loss) 5,307 21,443 (299 ) (17,795 ) 8,656 Financial Services: Financial services pretax income - - 5,192 425 5,617 Income before income taxes 5,307 21,443 4,893 (17,370 ) 14,273 (Provision) benefit for income taxes 4,256 (7,076 ) (1,890 ) - (4,710 ) Net income $ 9,563 $ 14,367 $ 3,003 $ (17,370 ) $ 9,563 Other comprehensive income related to available-for-sale securities, net of tax 1,948 - (1 ) 1 1,948 Comprehensive income $ 11,511 $ 14,367 $ 3,002 $ (17,369 ) $ 11,511
Condensed Cash Flow Statement [Table Text Block]	Three Months Ended March 31, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 24,806 $ 21,945 $ 47,135 $ - $ 93,886 Net cash provided by (used in) investing activities 23,051 (57 ) 139 (24,633 ) (1,500 ) Financing activities: Payments from (advances to) subsidiaries - (20,811 ) (3,822 ) 24,633 - Mortgage repurchase facility - - (43,943 ) - (43,943 ) Dividend payments (12,897 ) - - - (12,897 ) Proceeds from exercise of stock options 1,607 - - - 1,607 Net cash provided by (used in) financing activities (11,290 ) (20,811 ) (47,765 ) 24,633 (55,233 ) Net increase in cash and cash equivalents 36,567 1,077 (491 ) - 37,153 Cash and cash equivalents: Beginning of period 255,679 3,408 23,822 - 282,909 End of period $ 292,246 $ 4,485 $ 23,331 $ - $ 320,062 Three Months Ended March 31, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 12,225 $ (62,160 ) $ 34,950 $ - $ (14,985 ) Net cash provided by (used in) investing activities (45,433 ) (528 ) (976 ) 60,111 13,174 Financing activities: Payments from (advances to) subsidiaries - 62,837 (2,726 ) (60,111 ) - Mortgage repurchase facility - - (28,390 ) - (28,390 ) Dividend payments (12,252 ) - - - (12,252 ) Net cash provided by (used in) financing activities (12,252 ) 62,837 (31,116 ) (60,111 ) (40,642 ) Net increase in cash and cash equivalents (45,460 ) 149 2,858 - (42,453 ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 95,785 $ 3,246 $ 39,504 $ - $ 138,535

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	Nov. 21, 2016
Stock Dividend Rate, Percentage	5.00%

Note 2 - Recently Issued Acco40

Note 2 - Recently Issued Accounting Standards (Details Textual) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2017
Stock Options, Number of Shares with Exercise Prices Above the Closing Share Price	575,000
Expense from Expiration of Stock Options [Member] | Scenario, Forecast [Member]
Excess Tax Benefit from Share-based Compensation, Operating Activities		$ 2.7
Accounting Standards Update 2016-09 [Member]
Excess Tax Benefit from Share-based Compensation, Operating Activities	$ (0.1)

Note 3 - Segment Reporting (Det

Note 3 - Segment Reporting (Details Textual)	3 Months Ended
	Mar. 31, 2017
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
	Mar. 31, 2017	Mar. 31, 2016
Homebuilding Segment [Member]
Home and land sale revenues	$ 563,726	$ 396,744
Homebuilding Segment [Member] | Reportable Segment, West [Member]
Home and land sale revenues	309,079	191,375
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member]
Home and land sale revenues	173,136	137,824
Homebuilding Segment [Member] | Reportable Segment, East [Member]
Home and land sale revenues	81,511	67,545
Financial Services Segment [Member]
Financial services revenues	17,979	11,017
Financial Services Segment [Member] | Mortgage Operations [Member]
Financial services revenues	12,183	6,870
Financial Services Segment [Member] | Other Financial Services [Member]
Financial services revenues	$ 5,796	$ 4,147

Note 3 - Segment Reporting - 43

Note 3 - Segment Reporting - Reconciliation of Pretax Operating Income From Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pretax income	$ 36,360	$ 14,273
Homebuilding Segment [Member]
Pretax income	25,351	8,656
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Pretax income	(10,976)	(12,493)
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member]
Pretax income	15,455	9,698
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member]
Pretax income	18,230	10,084
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member]
Pretax income	2,642	1,367
Financial Services Segment [Member]
Pretax income	11,009	5,617
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member]
Pretax income	7,566	3,323
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member]
Pretax income	$ 3,443	$ 2,294

Note 3 - Segment Reporting - To

Note 3 - Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets	$ 2,506,548	$ 2,528,589
Homebuilding Segment [Member]
Assets	2,338,435	2,317,495
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Assets	489,636	454,507
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member]
Assets	987,835	1,035,033
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member]
Assets	613,068	571,139
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member]
Assets	247,896	256,816
Financial Services Segment [Member]
Assets	168,113	211,094
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member]
Assets	108,988	153,182
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member]
Assets	$ 59,125	$ 57,912

Note 4 - Earnings Per Share (De

Note 4 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4.2	6.5

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
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 22,249	$ 9,563
Less: distributed earnings allocated to participating securities	(68)	(40)
Less: undistributed earnings allocated to participating securities	(43)
Net income attributable to common stockholders (numerator for basic earnings per share)	22,138	9,523
Add back: undistributed earnings allocated to participating securities	43
Less: undistributed earnings reallocated to participating securities	(43)
Numerator for diluted earnings per share under two class method	$ 22,138	$ 9,523
Weighted-average common shares outstanding (in shares)	51,340,890	51,269,370
Denominator for diluted earnings per share under two class method (in shares)	51,590,017	51,275,117
Basic Earnings Per Common Share (in dollars per share)	$ 0.43	$ 0.19
Diluted Earnings Per Common Share (in dollars per share)	$ 0.43	$ 0.19
Employee Stock Option [Member]
Add: dilutive effect of stock options (in shares)	249,127	5,747

Note 5 - Accumulated Other Co47

Note 5 - Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Beginning balance		$ 22,071
Ending balance		24,057
Total ending AOCI		24,057
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Ending balance	[1]	24,057	$ 17,663
Total ending AOCI	[1]	24,057	17,663
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Metropolitan District Bond Securities [Member]
Beginning balance	[1]	14,341	12,058
Other comprehensive income before reclassifications	[1]	237	589
Amounts reclassified from AOCI
Ending balance	[1]	14,578	12,647
Total ending AOCI	[1]	14,341	12,058
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Marketable Securities [Member]
Beginning balance	[1]	7,730	3,657
Other comprehensive income before reclassifications	[1]	2,034	524
Amounts reclassified from AOCI	[1],[2]	(285)	835
Ending balance	[1]	9,479	5,016
Total ending AOCI	[1]	$ 7,730	$ 3,657
[1]	All amounts net-of-tax.
[2]	See separate table below for details about these reclassifications.

Note 5 - Accumulated Other Co48

Note 5 - Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other-than-temporary impairment of marketable securities	$ (101)	$ (431)
Income before income taxes	36,360	14,273
Provision for income taxes	(14,111)	(4,710)
Net income	22,249	9,563
Homebuilding Segment [Member]
Interest and other income	2,327	1,850
Other-than-temporary impairment of marketable securities	(50)	(431)
Income before income taxes	25,351	8,656
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities	(51)
Interest and other income	979	841
Income before income taxes	11,009	5,617
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Income before income taxes	460	(1,346)
Provision for income taxes	(175)	511
Net income	285	(835)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Homebuilding Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Interest and other income	522	(915)
Other-than-temporary impairment of marketable securities	(50)	(431)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Financial Services Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Other-than-temporary impairment of marketable securities	(51)
Interest and other income	$ 39

Note 6 - Fair Value Measureme49

Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 101	$ 431
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	15,300		$ 12,500
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 500		457
Minimum [Member]
Short Term Borrowings Maturity Period	30 days
Financial Services Segment [Member]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 51
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	97,373		138,774
Gain (Loss) on Sale of Mortgage Loans	8,500	$ 5,600
Fair Value, Inputs, Level 2 [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	97,373		138,774
Fair Value, Inputs, Level 2 [Member] | Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	67,700		96,200
Fair Value, Inputs, Level 2 [Member] | Not Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	$ 29,700		$ 42,600

Note 6 - Fair Value Measureme50

Note 6 - Fair Value Measurements - Fair Value Methods Used for Measuring Fair Values of Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Metropolitan District Bond Securities [Member]
Metropolitan district bond securities (related party) (available-for-sale)	$ 31,004	$ 30,162	$ 27,277	$ 25,911
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities (available-for-sale)	99,865	96,206
Fair Value, Inputs, Level 2 [Member]
Mortgage loans held-for-sale, net	97,373	138,774
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member]
Metropolitan district bond securities (related party) (available-for-sale)	$ 31,004	$ 30,162

Note 6 - Fair Value Measureme51

Note 6 - Fair Value Measurements - Amortized Cost and Estimated Fair Value of Available-for-sale Marketable Securities (Details) - Equity Securities [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Amortized Cost	$ 85,654	$ 84,795
OTTI	(1,078)	(1,058)
Net Amortized Cost	84,576	83,737
Fair Value	99,865	96,206
Homebuilding Segment [Member]
Amortized Cost	49,944	48,910
OTTI	(730)	(685)
Net Amortized Cost	49,214	48,225
Fair Value	62,316	59,770
Financial Services Segment [Member]
Amortized Cost	35,710	35,885
OTTI	(348)	(373)
Net Amortized Cost	35,362	35,512
Fair Value	$ 37,549	$ 36,436

Note 6 - Fair Value Measureme52

Note 6 - Fair Value Measurements - Aggregate Fair Value of Securities in Unrealized Loss Positions (Details) $ in Thousands	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Number of Securities in Loss Position	2	5
Aggregate Loss Position	$ (500)	$ (457)
Aggregate Fair Value of Securities in a Loss Position	$ 3,000	$ 6,045

Note 6 - Fair Value Measureme53

Note 6 - Fair Value Measurements - Gross Realized Gains and Gross Realized Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gross realized gains on sales of available-for-sale securities	$ 590	$ 91
Gross realized losses on sales of available-for-sale securities	(29)	(1,006)
Net realized gain (loss) on sales of available-for-sale securities	$ 561	$ (915)

Note 6 - Fair Value Measureme54

Note 6 - Fair Value Measurements - Quantitative Data Regarding Unobservable Inputs and Sensitivity Analysis (Details)	3 Months Ended
	Mar. 31, 2017USD ($)
Forecasted number of homes closed per year	Increase
Forecasted number of homes closed per year	Decrease
Forecasted assessed value	Increase
Forecasted assessed value	Decrease
Discount rates	Decrease
Discount rates	Increase
Minimum [Member]
Forecasted number of homes closed per year	0
Forecasted assessed value	$ 401,000
Discount rates	5.00%
Maximum [Member]
Forecasted number of homes closed per year	120
Forecasted assessed value	$ 1,200,000
Discount rates	12.00%
Weighted Average [Member]
Forecasted number of homes closed per year	107
Forecasted assessed value	$ 558,000
Discount rates	7.50%

Note 6 - Fair Value Measureme55

Note 6 - Fair Value Measurements - Summary of Activity for Metro Bonds (Details) - Metropolitan District Bond Securities [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Balance at beginning of period	$ 30,162	$ 25,911
Increase in fair value (recorded in other comprehensive income)	382	950
Change due to accretion of principal	460	416
Cash receipts
Balance at end of period	$ 31,004	$ 27,277

Note 6 - Fair Value Measureme56

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying amount	$ 841,937	$ 841,646
Fair value	831,096	821,498
Senior Notes 5.625% Due February 2020 [Member]
Carrying amount	247,144	246,915
Fair value	264,208	265,611
Senior Notes 5.5% Due January 2024 [Member]
Carrying amount	248,439	248,391
Fair value	257,325	258,800
Senior Notes 6% Due January 2043 [Member]
Carrying amount	346,354	346,340
Fair value	$ 309,563	$ 297,087

Note 6 - Fair Value Measureme57

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) (Parentheticals)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Senior Notes 5.625% Due February 2020 [Member]
Interest rate	5.625%	5.625%
Maturity date	Feb. 29, 2020	Feb. 29, 2020
Senior Notes 5.5% Due January 2024 [Member]
Interest rate	5.50%	5.50%
Maturity date	Jan. 31, 2024	Jan. 31, 2024
Senior Notes 6% Due January 2043 [Member]
Interest rate	6.00%	6.00%
Maturity date	Jan. 31, 2043	Jan. 31, 2043

Note 7 - Inventories (Details T

Note 7 - Inventories (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Inputs, Level 2 [Member] | Land Held for Sale [Member]
Inventory Write-down	$ 0

Note 7 - Inventories - Summary

Note 7 - Inventories - Summary of Inventory (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Housing Completed or Under Construction	$ 890,883	$ 874,199
Land and Land Under Development	855,208	884,615
Total Inventories	1,746,091	1,758,814
Reportable Segment, West [Member]
Housing Completed or Under Construction	454,262	470,503
Land and Land Under Development	470,522	499,186
Reportable Segment, Mountain [Member]
Housing Completed or Under Construction	299,449	277,922
Land and Land Under Development	289,323	271,252
Reportable Segment, East [Member]
Housing Completed or Under Construction	137,172	125,774
Land and Land Under Development	$ 95,363	$ 114,177

Note 7 - Inventories - Inventor

Note 7 - Inventories - Inventory Impairments (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Inventory Impairments	$ 4,850
Reportable Segment, West [Member] | Housing Completed or Under Construction [Member]
Inventory Impairments	4,100
Reportable Segment, Mountain [Member] | Housing Completed or Under Construction [Member]
Inventory Impairments
Reportable Segment, East [Member] | Housing Completed or Under Construction [Member]
Inventory Impairments	$ 750

Note 7 - Inventories - Fair Val

Note 7 - Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Minimum [Member]
Quantitative Data; Discount Rate	5.00%
Maximum [Member]
Quantitative Data; Discount Rate	12.00%
Homebuilding Segment [Member]
Impairment Data; Total Subdivisions Tested	33	14
Impairment Data; Inventory Impairments	$ 4,850
Impairment Data; Fair Value of Inventory After Impairments	$ 19,952
Impairment Data; Number of Subdivisions Impaired	2
Homebuilding Segment [Member] | Minimum [Member]
Quantitative Data; Discount Rate	12.00%
Homebuilding Segment [Member] | Maximum [Member]
Quantitative Data; Discount Rate	18.00%

Note 8 - Capitalization of In62

Note 8 - Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Homebuilding interest incurred	$ 13,188	$ 13,218
Less: Interest capitalized	(13,188)	(13,218)
Homebuilding interest expensed
Interest capitalized, beginning of period	68,085	77,541
Plus: Interest capitalized during period	13,188	13,218
Less: Previously capitalized interest included in home and land cost of sales	(15,197)	(10,976)
Interest capitalized, end of period	$ 66,076	$ 79,783

Note 9 - Homebuilding Prepaid63

Note 9 - Homebuilding Prepaid and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred marketing costs	$ 35,952	$ 35,313
Land option deposits	11,532	8,683
Goodwill	6,008	6,008
Prepaid expenses	4,478	4,735
Deferred debt issuance costs on revolving credit facility, net	4,063	4,340
Other	1,386	1,384
Total	$ 63,419	$ 60,463

Note 10 - Homebuilding Accrue64

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Warranty accrual	$ 20,770	$ 20,678	$ 16,852	$ 15,328
Homebuilding Segment [Member]
Customer and escrow deposits	34,598	27,183
Warranty accrual	20,770	20,678
Accrued compensation and related expenses	16,570	27,830
Accrued interest	11,031	23,234
Land development and home construction accruals	141,707	144,566
Other accrued liabilities	50,914	36,946
Total accrued liabilities	141,707	144,566
Homebuilding Segment [Member] | Land Development and Home Construction Accruals [Member]
Land development and home construction accruals	7,824	8,695
Total accrued liabilities	$ 7,824	$ 8,695

Note 10 - Homebuilding Accrue65

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Financial Services Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Insurance reserves	$ 51,851	$ 50,954	$ 47,629	$ 47,061
Financial Services Segment [Member]
Insurance reserves	43,359	42,204
Accounts payable and other accrued liabilities	8,042	8,530
Total accounts payable and accrued liabilities	$ 51,401	$ 50,734

Note 11 - Warranty Accrual (Det

Note 11 - Warranty Accrual (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Product Warranty, First Term for Performing Work	2 years
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	$ 50	$ 2,987
Minimum [Member]
Product Warranty, Term for Paying for Work	3 years
Maximum [Member]
Product Warranty, Term for Paying for Work	10 years

Note 11 - Warranty Accrual - Wa

Note 11 - Warranty Accrual - Warranty Accrual and Payment Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Balance at beginning of period	$ 20,678	$ 15,328
Expense provisions	2,407	1,452
Cash payments	(2,365)	(2,915)
Adjustments	50	2,987
Balance at end of period	$ 20,770	$ 16,852

Note 12 - Insurance and Const68

Note 12 - Insurance and Construction Defect Claim Reserves - Summary of Insurance and Defect Claim Reserves Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Balance at beginning of period	$ 50,954	$ 47,061
Expense provisions	2,116	1,388
Cash payments, net of recoveries	(1,219)	(820)
Balance at end of period	$ 51,851	$ 47,629

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	38.80%	33.00%
Income Tax Expense (Benefit)	$ 14,111	$ 4,710
Deferred Tax Assets, Net	$ 70,500		$ 74,900

Note 14 - Senior Notes - Carryi

Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying amount	$ 841,937	$ 841,646
Senior Notes 5.625% Due February 2020 [Member]
Carrying amount	247,144	246,915
Senior Notes 5.5% Due January 2024 [Member]
Carrying amount	248,439	248,391
Senior Notes 6% Due January 2043 [Member]
Carrying amount	$ 346,354	$ 346,340

Note 14 - Senior Notes - Carr71

Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) (Parentheticals)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Senior Notes 5.625% Due February 2020 [Member]
Interest rate	5.625%	5.625%
Maturity date	Feb. 29, 2020	Feb. 29, 2020
Senior Notes 5.5% Due January 2024 [Member]
Interest rate	5.50%	5.50%
Maturity date	Jan. 31, 2024	Jan. 31, 2024
Senior Notes 6% Due January 2043 [Member]
Interest rate	6.00%	6.00%
Maturity date	Jan. 31, 2043	Jan. 31, 2043

Note 15 - Stock Based Compens72

Note 15 - Stock Based Compensation (Details Textual) - USD ($)	Jul. 25, 2016	May 18, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Share Price		$ 27.10
Allocated Share-based Compensation Expense			$ 595,000	$ 2,987,000
Nonqualified Stock Option [Member] | Equity Incentive Plan 2011 [Member] | CEO and COO [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		1,050,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 years
Sharebased Compensation Arrangement by Sharebased Payment Award Expected to Vest Immediately Threshold Trading Days		20 days
Sharebased Compensation Arrangement by Sharebased Payment Award Expected to Vest Immediately threshold Consecutive Trading Days		30 days
Sharebased Compensation Arrangement by Sharebased Payment Award Expected to Vest Immediately Threshold Percentage of Stock Price Trigger		120.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 5.35
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 11,200,000	0		$ 2,500,000
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, Home Sale Revenues Over the Base Period	$ 1,975,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 22.93
Allocated Share-based Compensation Expense			$ 0
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%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Maximum [Member] | 20% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues	200.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | CEO and COO [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Target Goal Number of Shares	105,000
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Target Goal Number of Shares	26,250

Note 15 - Stock-based Compensat

Note 15 - Stock-based Compensation - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based compensation expense	$ 595	$ 2,987
Employee Stock Option [Member]
Share-based compensation expense	276	2,650
Restricted Stock [Member]
Share-based compensation expense	$ 319	$ 337

Note 16 - Commitments and Con74

Note 16 - Commitments and Contingencies (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Surety Bonds, Outstanding, Amount	$ 173.3
Letters of Credit Outstanding, Amount	52.9
Estimated Cost Related to Bonds	43.4
Estimated Cost Related to Letters of Credit	20
Option Contracts [Member]
Letters of Credit Outstanding, Amount	2.1
Earnest Money Deposits	$ 8
Right to Acquire Lots Under Options Contract	3,032
HomeAmerican [Member]
Letters of Credit Outstanding, Amount	$ 27.8

Note 17 - Derivative Financia75

Note 17 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative, Gain (Loss) on Derivative, Net	$ 0.3	$ 0.6
Commitment to Originate Mortgage Loans [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	122.8
No Commitment to Originate Mortgage Loans [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	28.6
Forward Sales of Mortgage Backed Securities [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	$ 104.5

Note 18 - Lines of Credit (Deta

Note 18 - Lines of Credit (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 29, 2017	Dec. 31, 2016	Dec. 27, 2016	Dec. 26, 2016	Sep. 27, 2016	Sep. 26, 2016	Dec. 18, 2015	Nov. 12, 2008
Letters of Credit Outstanding, Amount	$ 52.9
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000							$ 550
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Debt Instrument, Covenant, Maximum Leverage Ratio	55.00%
Debt Instrument, Covenant, Minimum Common Stock Outstanding Ownership, Percentage	50.00%
Long-term Line of Credit	$ 15		$ 15
Line of Credit Facility, Remaining Borrowing Capacity	$ 509.9
Standby Letters of Credit [Member]
Line of Credit Facility Maximum Borrowing Capacity Percentage	50.00%
Letters of Credit Outstanding, Amount	$ 25.1		23
Mortgage Repurchase Facility [Member] | Warehouse Agreement Borrowings [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 100		$ 125	$ 75	$ 75	$ 75		$ 50
Long-term Line of Credit	$ 70.5		$ 114.5

Note 19 - Related Party Trans77

Note 19 - Related Party Transactions (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Contribution Committed to Charitable Foundation	$ 1.5	$ 1

Note 20 - Supplemental Guaran78

Note 20 - Supplemental Guarantor Information (Details Textual)	3 Months Ended
	Mar. 31, 2017
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 20 - Supplemental Guaran79

Note 20 - Supplemental Guarantor Information - Supplemental Condensed Combining Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Cash and cash equivalents	$ 320,062	$ 282,909	$ 138,535	$ 180,988
Deferred tax asset, net	70,500	74,900
Total Assets	2,506,548	2,528,589
Total Liabilities	1,172,938	1,208,519
Total Stockholders' Equity	1,333,610	1,320,070
Total Liabilities and Stockholders' Equity	2,506,548	2,528,589
Homebuilding Segment [Member]
Cash and cash equivalents	296,731	259,087
Marketable securities	62,316	59,770
Restricted cash	4,229	3,778
Trade and other receivables	36,210	42,492
Housing Completed or Under Construction	890,883	874,199
Land and Land Under Development	855,208	884,615
Total Inventories	1,746,091	1,758,814
Intercompany receivables
Investment in subsidiaries
Property and equipment, net	27,984	28,041
Deferred tax asset, net	70,451	74,888
Metropolitan district bond securities (related party)	31,004	30,162
Prepaid and other assets	63,419	60,463
Total Assets	2,338,435	2,317,495
Other assets	1,386	1,384
Accounts payable	52,351	42,088
Accrued liabilities	141,707	144,566
Advances and notes payable to parent and subsidiaries
Revolving credit facility	15,000	15,000
Senior notes, net	841,937	841,646
Total Liabilities	1,050,995	1,043,300
Financial Services Segment [Member]
Cash and cash equivalents	23,331	23,822
Marketable securities	37,549	36,436
Intercompany receivables
Total Assets	168,113	211,094
Mortgage loans held-for-sale, net	97,373	138,774
Other assets	9,860	12,062
Advances and notes payable to parent and subsidiaries
Total Liabilities	121,943	165,219
Accounts payable and accrued liabilities	51,401	50,734
Mortgage repurchase facility	70,542	114,485
Consolidation, Eliminations [Member]
Cash and cash equivalents
Total Assets	(1,824,352)	(1,820,774)
Total Liabilities	(1,504,601)	(1,525,560)
Total Stockholders' Equity	(319,751)	(295,214)
Total Liabilities and Stockholders' Equity	(1,824,352)	(1,820,774)
Consolidation, Eliminations [Member] | Homebuilding Segment [Member]
Cash and cash equivalents
Marketable securities
Restricted cash
Trade and other receivables	(2,197)	(2,135)
Housing Completed or Under Construction
Land and Land Under Development
Total Inventories
Intercompany receivables	(1,463,755)	(1,483,383)
Investment in subsidiaries	(319,751)	(295,214)
Property and equipment, net
Deferred tax asset, net	(155)	769
Metropolitan district bond securities (related party)
Prepaid and other assets
Total Assets	(1,785,858)	(1,779,963)
Accounts payable
Accrued liabilities	1,849	6,281
Advances and notes payable to parent and subsidiaries	(1,498,799)	(1,519,676)
Revolving credit facility
Senior notes, net
Total Liabilities	(1,496,950)	(1,513,395)
Consolidation, Eliminations [Member] | Financial Services Segment [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables	(38,649)	(40,042)
Total Assets	(38,494)	(40,811)
Mortgage loans held-for-sale, net
Other assets	155	(769)
Advances and notes payable to parent and subsidiaries	(3,605)	(3,749)
Total Liabilities	(7,651)	(12,165)
Accounts payable and accrued liabilities	(4,046)	(8,416)
Mortgage repurchase facility
MDC Holdings [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	292,246	255,679	95,785	141,245
Total Assets	2,266,873	2,226,377
Total Liabilities	933,263	906,307
Total Stockholders' Equity	1,333,610	1,320,070
Total Liabilities and Stockholders' Equity	2,266,873	2,226,377
MDC Holdings [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member]
Cash and cash equivalents	292,246	255,679
Marketable securities	62,316	59,770
Restricted cash
Trade and other receivables	5,539	5,380
Housing Completed or Under Construction
Land and Land Under Development
Total Inventories
Intercompany receivables	1,455,133	1,475,291
Investment in subsidiaries	319,751	295,214
Property and equipment, net	25,628	25,495
Deferred tax asset, net	70,606	74,119
Metropolitan district bond securities (related party)	31,004	30,162
Prepaid and other assets	4,650	5,267
Total Assets	2,266,873	2,226,377
Accounts payable
Accrued liabilities	29,055	1,527
Advances and notes payable to parent and subsidiaries	47,271	48,134
Revolving credit facility	15,000	15,000
Senior notes, net	841,937	841,646
Total Liabilities	933,263	906,307
MDC Holdings [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables
Total Assets
Mortgage loans held-for-sale, net
Other assets
Advances and notes payable to parent and subsidiaries
Total Liabilities
Accounts payable and accrued liabilities
Mortgage repurchase facility
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	4,485	3,408	3,246	3,097
Total Assets	1,851,601	1,865,792
Total Liabilities	1,587,566	1,623,979
Total Stockholders' Equity	264,035	241,813
Total Liabilities and Stockholders' Equity	1,851,601	1,865,792
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member]
Cash and cash equivalents	4,485	3,408
Marketable securities
Restricted cash	4,229	3,778
Trade and other receivables	32,868	39,247
Housing Completed or Under Construction	890,883	874,199
Land and Land Under Development	855,208	884,615
Total Inventories	1,746,091	1,758,814
Intercompany receivables	2,803	2,803
Investment in subsidiaries
Property and equipment, net	2,356	2,546
Deferred tax asset, net
Metropolitan district bond securities (related party)
Prepaid and other assets	58,769	55,196
Total Assets	1,851,601	1,865,792
Accounts payable	52,351	42,088
Accrued liabilities	110,705	136,615
Advances and notes payable to parent and subsidiaries	1,424,510	1,445,276
Revolving credit facility
Senior notes, net
Total Liabilities	1,587,566	1,623,979
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables
Total Assets
Mortgage loans held-for-sale, net
Other assets
Advances and notes payable to parent and subsidiaries
Total Liabilities
Accounts payable and accrued liabilities
Mortgage repurchase facility
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	23,331	23,822	$ 39,504	$ 36,646
Total Assets	212,426	257,194
Total Liabilities	156,710	203,793
Total Stockholders' Equity	55,716	53,401
Total Liabilities and Stockholders' Equity	212,426	257,194
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	5,819	5,289
Investment in subsidiaries
Property and equipment, net
Deferred tax asset, net
Metropolitan district bond securities (related party)
Prepaid and other assets
Total Assets	5,819	5,289
Accounts payable
Accrued liabilities	98	143
Advances and notes payable to parent and subsidiaries	27,018	26,266
Revolving credit facility
Senior notes, net
Total Liabilities	27,116	26,409
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member]
Cash and cash equivalents	23,331	23,822
Marketable securities	37,549	36,436
Intercompany receivables	38,649	40,042
Total Assets	206,607	251,905
Mortgage loans held-for-sale, net	97,373	138,774
Other assets	9,705	12,831
Advances and notes payable to parent and subsidiaries	3,605	3,749
Total Liabilities	129,594	177,384
Accounts payable and accrued liabilities	55,447	59,150
Mortgage repurchase facility	$ 70,542	$ 114,485

Note 20 - Supplemental Guaran80

Note 20 - Supplemental Guarantor Information - Supplemental Condensed Combining Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other-than-temporary impairment of marketable securities	$ (101)	$ (431)
Pretax income (loss)	36,360	14,273
(Provision) benefit for income taxes	(14,111)	(4,710)
Net income	22,249	9,563
Other comprehensive income related to available-for-sale securities, net of tax	1,986	1,948
Comprehensive income	24,235	11,511
Homebuilding Segment [Member]
Revenues	563,726	396,744
Cost of sales	(469,153)	(331,689)
Inventory impairments	(4,850)
Gross margin	89,723	65,055
Selling, general, and administrative expenses	(66,298)	(56,277)
Equity income of subsidiaries
Interest and other income	2,327	1,850
Other expense	(351)	(1,541)
Other-than-temporary impairment of marketable securities	(50)	(431)
Pretax income (loss)	25,351	8,656
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities	(51)
Pretax income (loss)	11,009	5,617
Consolidation, Eliminations [Member]
Pretax income (loss)	(29,031)	(17,370)
(Provision) benefit for income taxes
Net income	(29,031)	(17,370)
Other comprehensive income related to available-for-sale securities, net of tax	(834)	1
Comprehensive income	(29,865)	(17,369)
Consolidation, Eliminations [Member] | Homebuilding Segment [Member]
Revenues
Cost of sales
Inventory impairments
Gross margin
Selling, general, and administrative expenses	(182)	(159)
Equity income of subsidiaries	(29,031)	(17,370)
Interest and other income	(24)	(266)
Other expense
Other-than-temporary impairment of marketable securities
Pretax income (loss)	(29,237)	(17,795)
Consolidation, Eliminations [Member] | Financial Services Segment [Member]
Pretax income (loss)	206	425
MDC Holdings [Member] | Reportable Legal Entities [Member]
Pretax income (loss)	18,270	5,307
(Provision) benefit for income taxes	3,979	4,256
Net income	22,249	9,563
Other comprehensive income related to available-for-sale securities, net of tax	1,986	1,948
Comprehensive income	24,235	11,511
MDC Holdings [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member]
Revenues
Cost of sales
Inventory impairments
Gross margin
Selling, general, and administrative expenses	(12,395)	(12,102)
Equity income of subsidiaries	29,031	17,370
Interest and other income	1,676	1,386
Other expense	8	(916)
Other-than-temporary impairment of marketable securities	(50)	(431)
Pretax income (loss)	18,270	5,307
MDC Holdings [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member]
Pretax income (loss)
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Pretax income (loss)	36,317	21,443
(Provision) benefit for income taxes	(14,095)	(7,076)
Net income	22,222	14,367
Other comprehensive income related to available-for-sale securities, net of tax
Comprehensive income	22,222	14,367
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member]
Revenues	563,726	396,744
Cost of sales	(469,153)	(331,389)
Inventory impairments	(4,850)
Gross margin	89,723	65,355
Selling, general, and administrative expenses	(53,721)	(44,016)
Equity income of subsidiaries
Interest and other income	674	729
Other expense	(359)	(625)
Other-than-temporary impairment of marketable securities
Pretax income (loss)	36,317	21,443
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member]
Pretax income (loss)
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Pretax income (loss)	10,804	4,893
(Provision) benefit for income taxes	(3,995)	(1,890)
Net income	6,809	3,003
Other comprehensive income related to available-for-sale securities, net of tax	834	(1)
Comprehensive income	7,643	3,002
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Homebuilding Segment [Member]
Revenues
Cost of sales		(300)
Inventory impairments
Gross margin		(300)
Selling, general, and administrative expenses
Equity income of subsidiaries
Interest and other income	1	1
Other expense
Other-than-temporary impairment of marketable securities
Pretax income (loss)	1	(299)
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Financial Services Segment [Member]
Pretax income (loss)	$ 10,803	$ 5,192

Note 20 - Supplemental Guaran81

Note 20 - Supplemental Guarantor Information - Supplemental Condensed Combining Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net cash provided by (used in) operating activities	$ 93,886	$ (14,985)
Net cash provided by (used in) investing activities	(1,500)	13,174
Payments from (advances to) subsidiaries
Mortgage repurchase facility	(43,943)	(28,390)
Dividend payments	(12,897)	(12,252)
Proceeds from exercise of stock options	1,607
Net cash provided by (used in) financing activities	(55,233)	(40,642)
Net increase in cash and cash equivalents	37,153	(42,453)
Beginning of period	282,909	180,988
End of period	320,062	138,535
Consolidation, Eliminations [Member]
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities	(24,633)	60,111
Payments from (advances to) subsidiaries	24,633	(60,111)
Mortgage repurchase facility
Dividend payments
Proceeds from exercise of stock options
Net cash provided by (used in) financing activities	24,633	(60,111)
Net increase in cash and cash equivalents
Beginning of period
End of period
MDC Holdings [Member] | Reportable Legal Entities [Member]
Net cash provided by (used in) operating activities	24,806	12,225
Net cash provided by (used in) investing activities	23,051	(45,433)
Payments from (advances to) subsidiaries
Mortgage repurchase facility
Dividend payments	(12,897)	(12,252)
Proceeds from exercise of stock options	1,607
Net cash provided by (used in) financing activities	(11,290)	(12,252)
Net increase in cash and cash equivalents	36,567	(45,460)
Beginning of period	255,679	141,245
End of period	292,246	95,785
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Net cash provided by (used in) operating activities	21,945	(62,160)
Net cash provided by (used in) investing activities	(57)	(528)
Payments from (advances to) subsidiaries	(20,811)	62,837
Mortgage repurchase facility
Dividend payments
Proceeds from exercise of stock options
Net cash provided by (used in) financing activities	(20,811)	62,837
Net increase in cash and cash equivalents	1,077	149
Beginning of period	3,408	3,097
End of period	4,485	3,246
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Net cash provided by (used in) operating activities	47,135	34,950
Net cash provided by (used in) investing activities	139	(976)
Payments from (advances to) subsidiaries	(3,822)	(2,726)
Mortgage repurchase facility	(43,943)	(28,390)
Dividend payments
Proceeds from exercise of stock options
Net cash provided by (used in) financing activities	(47,765)	(31,116)
Net increase in cash and cash equivalents	(491)	2,858
Beginning of period	23,822	36,646
End of period	$ 23,331	$ 39,504