Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 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) | 51,877,619 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 337,976 | $ 282,909 |
Inventories: | ||
Deferred tax asset, net | 62,400 | 74,900 |
Total Assets | 2,536,411 | 2,528,589 |
Total Assets | 2,536,411 | 2,528,589 |
LIABILITIES AND EQUITY | ||
Total Liabilities | 1,172,758 | 1,208,519 |
Total Liabilities | 1,172,758 | 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; 51,862,230 and 51,485,090 issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 519 | 515 |
Additional paid-in-capital | 992,870 | 983,532 |
Retained earnings | 344,263 | 313,952 |
Accumulated other comprehensive income | 26,001 | 22,071 |
Total Stockholders' Equity | 1,363,653 | 1,320,070 |
Total Liabilities and Stockholders' Equity | 2,536,411 | 2,528,589 |
Homebuilding Segment [Member] | ||
ASSETS | ||
Cash and cash equivalents | 314,814 | 259,087 |
Marketable securities | 65,268 | 59,770 |
Restricted cash | 5,027 | 3,778 |
Trade and other receivables | 37,747 | 42,492 |
Inventories: | ||
Housing Completed or Under Construction | 909,911 | 874,199 |
Land and Land Under Development | 846,825 | 884,615 |
Total inventories | 1,756,736 | 1,758,814 |
Property and equipment, net | 27,194 | 28,041 |
Deferred tax asset, net | 62,446 | 74,888 |
Metropolitan district bond securities (related party) | 31,864 | 30,162 |
Prepaid and other assets | 67,009 | 60,463 |
Other assets | 1,453 | 1,384 |
Total Assets | 2,368,105 | 2,317,495 |
Total Assets | 2,368,105 | 2,317,495 |
LIABILITIES AND EQUITY | ||
Accounts payable | 48,327 | 42,088 |
Accrued liabilities | 148,199 | 144,566 |
Revolving credit facility | 15,000 | 15,000 |
Senior notes, net | 842,232 | 841,646 |
Total Liabilities | 1,053,758 | 1,043,300 |
Total Liabilities | 1,053,758 | 1,043,300 |
Financial Services Segment [Member] | ||
Accounts payable and accrued liabilities | 49,873 | 50,734 |
Mortgage repurchase facility | 69,127 | 114,485 |
ASSETS | ||
Cash and cash equivalents | 23,162 | 23,822 |
Marketable securities | 38,666 | 36,436 |
Inventories: | ||
Mortgage loans held-for-sale, net | 95,283 | 138,774 |
Other assets | 11,195 | 12,062 |
Total Assets | 168,306 | 211,094 |
Total Assets | 168,306 | 211,094 |
LIABILITIES AND EQUITY | ||
Total Liabilities | 119,000 | 165,219 |
Total Liabilities | $ 119,000 | $ 165,219 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 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) | 51,862,230 | 51,485,090 |
Common stock, shares outstanding (in shares) | 51,862,230 | 51,485,090 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Inventory impairments | $ (4,850) | $ (1,600) | ||
Other-than-temporary impairment of marketable securities | $ (100) | $ (300) | (182) | (719) |
Pretax income | 51,894 | 40,458 | 88,254 | 54,731 |
Income before income taxes | 51,894 | 40,458 | 88,254 | 54,731 |
Provision for income taxes | (18,023) | (13,545) | (32,134) | (18,255) |
Net income | 33,871 | 26,913 | 56,120 | 36,476 |
Other comprehensive income related to available for sale securities, net of tax | (1,944) | (895) | (3,930) | (2,843) |
Comprehensive income | $ 35,815 | $ 27,808 | $ 60,050 | $ 39,319 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.65 | $ 0.52 | $ 1.09 | $ 0.71 |
Diluted (in dollars per share) | $ 0.64 | $ 0.52 | $ 1.07 | $ 0.71 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 51,514,309 | 51,293,917 | 51,428,079 | 51,281,643 |
Diluted (in shares) | 52,444,123 | 51,304,829 | 52,065,968 | 51,291,359 |
Dividends declared per share (in dollars per share) | $ 0.25 | $ 0.24 | $ 0.50 | $ 0.48 |
Homebuilding Segment [Member] | ||||
Home sale revenues | $ 647,620 | $ 571,195 | $ 1,211,099 | $ 965,615 |
Land sale revenues | 1,351 | 316 | 1,598 | 2,640 |
Total home and land sale revenues | 648,971 | 571,511 | 1,212,697 | 968,255 |
Home cost of sales | (539,077) | (475,836) | (1,008,019) | (805,862) |
Land cost of sales | (1,202) | (216) | (1,413) | (1,879) |
Inventory impairments | (1,600) | (4,850) | (1,600) | |
Total cost of sales | (540,279) | (477,652) | (1,014,282) | (809,341) |
Gross margin | 108,692 | 93,859 | 198,415 | 158,914 |
Selling, general and administrative expenses | (70,709) | (64,440) | (137,007) | (120,717) |
Interest and other income | 2,847 | 2,553 | 5,174 | 3,489 |
Other expense | (666) | (278) | (1,017) | (905) |
Other-than-temporary impairment of marketable securities | (1) | (288) | (51) | (719) |
Pretax income | 40,163 | 31,406 | 65,514 | 40,062 |
Income before income taxes | 40,163 | 31,406 | 65,514 | 40,062 |
Financial Services Segment [Member] | ||||
Interest and other income | 1,238 | 772 | 2,217 | 1,613 |
Other-than-temporary impairment of marketable securities | (80) | (131) | ||
Pretax income | 11,731 | 9,052 | 22,740 | 14,669 |
Financial services revenues | 19,073 | 15,823 | 37,052 | 26,840 |
Expenses | (8,500) | (7,543) | (16,398) | (13,784) |
Income before income taxes | $ 11,731 | $ 9,052 | $ 22,740 | $ 14,669 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities: | ||
Net income | $ 56,120 | $ 36,476 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Stock-based compensation expense | 2,038 | 6,163 |
Depreciation and amortization | 2,704 | 2,367 |
Impairment Data; Inventory Impairments | 4,850 | 1,600 |
Other-than-temporary impairment of marketable securities | 182 | 719 |
Gain on sale of marketable securities | (1,758) | (262) |
Deferred income tax expense | 10,033 | 7,873 |
Net changes in assets and liabilities: | ||
Restricted cash | (1,249) | (196) |
Trade and other receivables | 5,419 | (26,235) |
Mortgage loans held-for-sale | 43,491 | (3,029) |
Prepaid expenses and other assets | (7,602) | (2,975) |
Accounts payable and accrued liabilities | 8,845 | 19,517 |
Net cash provided by (used in) operating activities | 120,887 | (22,086) |
Investing Activities: | ||
Purchases of marketable securities | (12,043) | (15,426) |
Sales of marketable securities | 11,450 | 50,765 |
Purchases of property and equipment | (1,364) | (3,117) |
Net cash provided by (used in) investing activities | (1,957) | 32,222 |
Financing Activities: | ||
Advances (payments) on mortgage repurchase facility, net | (45,358) | 4,686 |
Dividend payments | (25,809) | (24,504) |
Proceeds from exercise of stock options | 7,304 | |
Net cash used in financing activities | (63,863) | (19,818) |
Net increase (decrease) in cash and cash equivalents | 55,067 | (9,682) |
Cash and cash equivalents: | ||
Beginning of period | 282,909 | 180,988 |
End of period | 337,976 | 171,306 |
Housing Completed or Under Construction [Member] | ||
Net changes in assets and liabilities: | ||
Housing completed or under construction and land under development | (39,707) | (186,805) |
Land and Land Under Development [Member] | ||
Net changes in assets and liabilities: | ||
Housing completed or under construction and land under development | $ 37,521 | $ 122,701 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 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 June 30, 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 no 10 10 8 |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 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" 606 606” 2014 09, 2014 09 January 1, 2018, December 15, 2016, 2018 first not 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, no 2016 01 January 1, 2018 2016 01 not may In February 2016, 2016 02, Leases 2016 02” 2016 02 2016 02 January 1, 2019 not 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 six June 30, 2017, $0.1 June 30, 2017, 567,000 1 June 30, 2017 2 2017 fourth 2017, $2.6 2017. 2016 09 not not 2016 09 not not 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 2016 13 not 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 2016 15 not 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 2016 18 not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 6 Months Ended |
Jun. 30, 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 not 10 1 2 not 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 Homebuilding (Dollars in thousands) West $ 323,758 $ 270,031 $ 632,837 $ 461,406 Mountain 224,356 190,334 397,492 328,158 East 100,857 111,146 182,368 178,691 Total homebuilding revenues $ 648,971 $ 571,511 $ 1,212,697 $ 968,255 Financial Services Mortgage operations $ 12,697 $ 10,702 $ 24,880 $ 17,572 Other 6,376 5,121 12,172 9,268 Total financial services revenues $ 19,073 $ 15,823 $ 37,052 $ 26,840 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Homebuilding (Dollars in thousands) West $ 21,134 $ 15,740 $ 36,589 $ 25,438 Mountain 24,541 20,748 42,771 30,832 East 4,734 4,500 7,376 5,867 Corporate (10,246 ) (9,582 ) (21,222 ) (22,075 ) Total homebuilding pretax income $ 40,163 $ 31,406 $ 65,514 $ 40,062 Financial Services Mortgage operations $ 7,670 $ 6,445 $ 15,236 $ 9,768 Other 4,061 2,607 7,504 4,901 Total financial services pretax income $ 11,731 $ 9,052 $ 22,740 $ 14,669 Total pretax income $ 51,894 $ 40,458 $ 88,254 $ 54,731 The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include our cash and cash equivalents, marketable securities and deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. June 30, December 31, 2017 2016 Homebuilding assets (Dollars in thousands) West $ 1,005,590 $ 1,035,033 Mountain 630,621 571,139 East 230,096 256,816 Corporate 501,798 454,507 Total homebuilding assets $ 2,368,105 $ 2,317,495 Financial services assets Mortgage operations $ 107,904 $ 153,182 Other 60,402 57,912 Total financial services assets $ 168,306 $ 211,094 Total assets $ 2,536,411 $ 2,528,589 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 6 Months Ended |
Jun. 30, 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 have non-forfeitable 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands, except per share amounts) Numerator Net income $ 33,871 $ 26,913 $ 56,120 $ 36,476 Less: distributed earnings allocated to participating securities (61 ) (39 ) (128 ) (79 ) Less: undistributed earnings allocated to participating securities (98 ) (47 ) (140 ) (36 ) Net income attributable to common stockholders (numerator for basic earnings per share) 33,712 26,827 55,852 36,361 Add back: undistributed earnings allocated to participating securities 98 47 140 36 Less: undistributed earnings reallocated to participating securities (96 ) (47 ) (138 ) (36 ) Numerator for diluted earnings per share under two class method $ 33,714 $ 26,827 $ 55,854 $ 36,361 Denominator Weighted-average common shares outstanding 51,514,309 51,293,917 51,428,079 51,281,643 Add: dilutive effect of stock options 929,814 10,912 637,889 9,716 Denominator for diluted earnings per share under two class method 52,444,123 51,304,829 52,065,968 51,291,359 Basic Earnings Per Common Share $ 0.65 $ 0.52 $ 1.09 $ 0.71 Diluted Earnings Per Common Share $ 0.64 $ 0.52 $ 1.07 $ 0.71 Diluted EPS for the three six June 30, 2017 0.9 1.4 2016, 6.4 6.5 three six June 30, 2017 |
Note 5 - Accumulated Other Comp
Note 5 - Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Unrealized gains on available-for-sale marketable securities 1 Beginning balance $ 9,479 $ 5,016 $ 7,730 $ 3,657 Other comprehensive income before reclassifications 2,389 880 4,423 1,404 Amounts reclassified from AOCI 2 (692 ) (552 ) (977 ) 283 Ending balance $ 11,176 $ 5,344 $ 11,176 $ 5,344 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 14,578 $ 12,647 $ 14,341 $ 12,058 Other comprehensive income before reclassifications 247 567 484 1,156 Amounts reclassified from AOCI - - - - Ending balance $ 14,825 $ 13,214 $ 14,825 $ 13,214 Total ending AOCI $ 26,001 $ 18,558 $ 26,001 $ 18,558 ( 1 All amounts net-of-tax. ( 2 See separate table below for details about these reclassifications The following table sets forth the activity related to reclassifications out of accumulated other comprehensive income related to available for sale securities: Three Months Ended Six Months Ended June 30, June 30, Affected Line Item in the Statements of Operations 2017 2016 2017 2016 (Dollars in thousands) Homebuilding: Interest and other income $ 889 $ 1,177 $ 1,411 $ 262 Homebuilding: Other-than-temporary impairment of marketable securities (1 ) (288 ) (51 ) (719 ) Financial services: Interest and other income 308 - 347 - Financial services: Other-than-temporary impairment of marketable securities (80 ) - (131 ) - Income before income taxes 1,116 889 1,576 (457 ) Provision for income taxes (424 ) (337 ) (599 ) 174 Net income $ 692 $ 552 $ 977 $ (283 ) |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 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, no The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis: Fair Value Financial Instrument Hierarchy June 30, 2017 December 31, 2016 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 103,934 $ 96,206 Mortgage loans held-for-sale, net Level 2 $ 95,283 $ 138,774 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 31,864 $ 30,162 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of June 30, 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 June 30, 2017 December 31, 2016, June 30, 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 six June 30, 2017, $0.1 $0.2 2016, $0.3 $0.7 The following tables set forth the cost and estimated fair value of our available-for-sale marketable securities: June 30, 2017 Cost Basis OTTI Net Cost Basis Fair Value (Dollars in thousands) Homebuilding equity securities $ 50,676 $ (556 ) $ 50,120 $ 65,268 Financial services equity securities 36,125 (337 ) 35,788 38,666 Total marketable equity securities $ 86,801 $ (893 ) $ 85,908 $ 103,934 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 June 30, 2017 December 31, 2016, $18.0 $12.5 $0.7 $0.5 June 30, 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 We do not June 30, 2017 June 30, 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 1 $ (703 ) $ 1,296 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities $ 1,198 $ 1,379 $ 1,788 $ 1,470 Gross realized losses on sales of available-for-sale securities (1 ) (202 ) (30 ) (1,208 ) Net realized gain on sales of available-for-sale securities $ 1,197 $ 1,177 $ 1,758 $ 262 Mortgage l oans h eld-for- s ale, n et. 1 2 not June 30, 2017 December 31, 2016, $76.1 $96.2 2 June 30, 2017 December 31, 2016, $19.2 $42.6 not 2 Gains on sales of mortgage loans, net, are included as a component of revenues in the financial services section of our consolidated statements of operations and comprehensive income. For the three six June 30, 2017, $10.2 $18.7 $6.9 $12.5 Metropolitan district bond securities (related party). fourth 2037. not 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 June 30, 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 $465,000 to $1,200,000 $567,000 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 31,004 $ 27,277 $ 30,162 $ 25,911 Increase in fair value (recorded in other comprehensive income) 398 915 780 1,865 Change due to accretion of principal 462 412 922 828 Cash receipts - - - - Balance at end of period $ 31,864 $ 28,604 $ 31,864 $ 28,604 Mortgage Repurchase Facility. The debt associated with our mortgage repurchase facility (see Note 18 30 2 Senior Notes 2 June 30, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,377 $ 267,406 $ 246,915 $ 265,611 5½% Senior Notes due January 2024, net 248,487 266,958 248,391 258,800 6% Senior Notes due January 2043, net 346,368 326,285 346,340 297,087 Total $ 842,232 $ 860,649 $ 841,646 $ 821,498 |
Note 7 - Inventories
Note 7 - Inventories | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2017 2016 (Dollars in thousands) Housing Completed or Under Construction: West $ 464,759 $ 470,503 Mountain 308,177 277,922 East 136,975 125,774 Subtotal 909,911 874,199 Land and Land Under Development: West 475,237 499,186 Mountain 292,074 271,252 East 79,514 114,177 Subtotal 846,825 884,615 Total Inventories $ 1,756,736 $ 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 not • 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 not If events or circumstances indicate that the carrying value of our inventory may not 3 3 If land is classified as held for sale, in accordance with ASC 360, 2 not not Impairments of homebuilding inventory by segment for the three six June 30, 2017 2016 Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) West $ - $ 1,400 $ 4,100 $ 1,400 Mountain - - - - East - 200 750 200 Total Inventory Impairments $ - $ 1,600 $ 4,850 $ 1,600 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% June 30, 2017 35 $ - $ - - N/A March 31, 2016 14 $ - $ - - N/A June 30, 2016 17 $ 1,600 $ 6,415 2 12% to 15% |
Note 8 - Capitalization of Inte
Note 8 - Capitalization of Interest | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding interest incurred $ 13,194 $ 13,106 $ 26,382 $ 26,324 Less: Interest capitalized (13,194 ) (13,106 ) (26,382 ) (26,324 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 66,076 $ 79,783 $ 68,085 $ 77,541 Plus: Interest capitalized during period 13,194 13,106 26,382 26,324 Less: Previously capitalized interest included in home and land cost of sales (17,179 ) (15,739 ) (32,376 ) (26,715 ) Interest capitalized, end of period $ 62,091 $ 77,150 $ 62,091 $ 77,150 |
Note 9 - Homebuilding Prepaid a
Note 9 - Homebuilding Prepaid and Other Assets | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2017 2016 (Dollars in thousands) Deferred marketing costs $ 36,322 $ 35,313 Land option deposits 15,727 8,683 Goodwill 6,008 6,008 Prepaid expenses 3,713 4,735 Deferred debt issuance costs on revolving credit facility, net 3,786 4,340 Other 1,453 1,384 Total $ 67,009 $ 60,463 |
Note 10 - Homebuilding Accrued
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2017 2016 (Dollars in thousands) Customer and escrow deposits $ 37,156 $ 27,183 Warranty accrual 20,965 20,678 Accrued compensation and related expenses 20,127 27,830 Accrued interest 23,234 23,234 Land development and home construction accruals 7,009 8,695 Other accrued liabilities 39,708 36,946 Total accrued liabilities $ 148,199 $ 144,566 The following table sets forth information relating to financial services accounts payable and accrued liabilities: June 30, December 31, 2017 2016 (Dollars in thousands) Insurance reserves $ 41,705 $ 42,204 Accounts payable and other accrued liabilities 8,168 8,530 Total accounts payable and accrued liabilities $ 49,873 $ 50,734 |
Note 11 - Warranty Accrual
Note 11 - Warranty Accrual | 6 Months Ended |
Jun. 30, 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 not 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 six June 30, 2017 2016. six June 30, 2017, $0.1 No three June 30, 2017. three six June 30, 2016, $0.3 $3.2 2016 Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 20,770 $ 16,852 $ 20,678 $ 15,328 Expense provisions 2,836 2,305 5,243 3,757 Cash payments (2,641 ) (2,190 ) (5,006 ) (5,105 ) Adjustments - 250 50 3,237 Balance at end of period $ 20,965 $ 17,217 $ 20,965 $ 17,217 |
Note 12 - Insurance and Constru
Note 12 - Insurance and Construction Defect Claim Reserves | 6 Months Ended |
Jun. 30, 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 not The table set forth below summarizes our insurance and construction defect claim reserves activity for the three six June 30, 2017 2016. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 51,851 $ 46,379 $ 50,954 $ 45,811 Expense provisions 2,385 1,946 4,501 3,334 Cash payments, net of recoveries (4,589 ) (1,425 ) (5,808 ) (2,245 ) Balance at end of period $ 49,647 $ 46,900 $ 49,647 $ 46,900 In the ordinary course of business, we make payments from our insurance and construction defect claim reserves to settle litigation claims arising 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 six June 30, 2017 2016 not |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 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 34.7% 36.4% three six June 30, 2017, 33.5% 33.4% three six June 30, 2016, three six June 30, 2017 $18.0 $32.1 $13.5 $18.3 three six June 30, 2016. three June 30, 2017 2016 2017 no not six June 30, 2017, 2017 first At June 30, 2017 December 31, 2016 $62.4 $74.9 1 2 |
Note 14 - Senior Notes
Note 14 - Senior Notes | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 1 4 . Senior Notes The carrying value of our senior notes as of June 30, 2017 December 31, 2016, June 30, December 31, 2017 2016 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,377 $ 246,915 5½% Senior Notes due January 2024, net 248,487 248,391 6% Senior Notes due January 2043, net 346,368 346,340 Total $ 842,232 $ 841,646 Our senior notes are not not |
Note 15 - Stock Based Compensat
Note 15 - Stock Based Compensation | 6 Months Ended |
Jun. 30, 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 six June 30, 2017 2016: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Stock option grants expense $ 80 $ 2,643 $ 356 $ 5,293 Restricted stock awards expense 460 533 779 870 Performance share units expense 903 - 903 - Total stock based compensation $ 1,443 $ 3,176 $ 2,038 $ 6,163 On May 18, 2015, 1,050,000 2011 five one third fifth 20 30 120% $27.10 May 18, 2025. 718, $5.35 $11.2 2016 second or the three six June 30, 2016, in the table above, was $2.5 $5.0 2017 second On July 25, 2016 June 20, 2017, 2011 three fifteen 15% three 10% 20%. 5% 10% 50% 20%, 200% 2017, Threshold Goal Target Goal Maximum Goal Maximum Potential Awardee Date of Award Performance Period Base Period Base Period Revenues PSUs Home Sale Revenues PSUs Home Sale Revenues PSUs Home Sale Revenues Fair Value per Share Expense to be Recognized CEO July 1, 2016 July 1, 2015 52,500 105,000 210,000 $ 4,815 COO July 25, 2016 to to $1.975 billion 52,500 $2.074 billion 105,000 $2.173 billion 210,000 $2.370 billion $ 22.93 4,815 CFO June 30, 2019 June 30, 2016 13,125 26,250 52,500 1,204 $ 10,834 CEO April 1, 2017 April 1, 2016 55,000 110,000 220,000 $ 6,802 COO June 20, 2017 to to $2.426 billion 55,000 $2.547 billion 110,000 $2.669 billion 220,000 $2.911 billion $ 30.92 6,802 CFO March 31, 2020 March 31, 2017 13,750 27,500 55,000 1,701 $ 15,305 In accordance with ASC 718, 718 not June 30, 2017, 2016 $0.9 2017, not no June 30, 2017. |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. Commitments and Contingencies Surety Bonds and Letters of Credit. June 30, 2017, $175.8 $64.6 $31.8 $24.1 $32.3 June 30, 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 We have made no third Litigation Reserves. not Lot Option Contracts June 30, 2017, $14.5 $3.1 5,090 |
Note 17 - Derivative Financial
Note 17 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 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 At June 30, 2017, $110.7 million. Additionally, we had $18.6 June 30, 2017 not In order to hedge the changes in fair value of our interest rate lock commitments and mortgage loans held-for-sale that had not $106.0 million at June 30, 2017. For the three six June 30, 2017, $0.2 $0.0 $0.4 $1.0 2016. |
Note 18 - Lines of Credit
Note 18 - Lines of Credit | 6 Months Ended |
Jun. 30, 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 not no 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 not 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% June 30, 2017. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At June 30, 2017 December 31, 2016, $32.8 $23.0 June 30, 2017 December 31, 2016, $15.0 June 30, 2017, $502.2 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 June 28, 2017 $75 $100 July 27, 2017. $75 $125 December 27, 2016 January 25, 2017. June 30, 2017 December 31, 2016, $69.1 $114.5 June 30, 2017. |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 19. Related Party Transactions We contributed $1.5 $1.0 six June 30, 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 3 June 30, 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 Note 6 |
Note 20 - Supplemental Guaranto
Note 20 - Supplemental Guarantor Information | 6 Months Ended |
Jun. 30, 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 may 1 no 2 5% 3 10% 15% 4 not 5 December 3, 2002, We have determined that separate, full financial statements of the Guarantor Subsidiaries would not Supplemental Condensed Combining Balance Sheet June 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 310,329 $ 4,485 $ - $ - $ 314,814 Marketable securities 65,268 - - - 65,268 Restricted cash - 5,027 - - 5,027 Trade and other receivables 5,490 34,378 - (2,121 ) 37,747 Inventories: Housing completed or under construction - 909,911 - - 909,911 Land and land under development - 846,825 - - 846,825 Total inventories - 1,756,736 - - 1,756,736 Intercompany receivables 1,442,812 2,802 5,645 (1,451,259 ) - Investment in subsidiaries 354,952 - - (354,952 ) - Property and equipment, net 25,057 2,137 - - 27,194 Deferred tax asset, net 63,094 - - (648 ) 62,446 Metropolitan district bond securities (related party) 31,864 - - - 31,864 Prepaid and other assets 3,464 63,545 - - 67,009 Total homebuilding assets 2,302,330 1,869,110 5,645 (1,808,980 ) 2,368,105 Financial Services: Cash and cash equivalents - - 23,162 - 23,162 Marketable securities - - 38,666 - 38,666 Intercompany receivables - - 39,342 (39,342 ) - Mortgage loans held-for-sale, net - - 95,283 - 95,283 Other assets - - 10,547 648 11,195 Total financial services assets - - 207,000 (38,694 ) 168,306 Total Assets $ 2,302,330 $ 1,869,110 $ 212,645 $ (1,847,674 ) $ 2,536,411 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 48,327 $ - $ - $ 48,327 Accrued liabilities 33,656 111,794 99 2,650 148,199 Advances and notes payable to parent and subsidiaries 47,789 1,412,036 27,016 (1,486,841 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 842,232 - - - 842,232 Total homebuilding liabilities 938,677 1,572,157 27,115 (1,484,191 ) 1,053,758 Financial Services: Accounts payable and other liabilities - - 54,644 (4,771 ) 49,873 Advances and notes payable to parent and subsidiaries - - 3,760 (3,760 ) - Mortgage repurchase facility - - 69,127 - 69,127 Total financial services liabilities - - 127,531 (8,531 ) 119,000 Total Liabilities 938,677 1,572,157 154,646 (1,492,722 ) 1,172,758 Equity: Total Stockholders' Equity 1,363,653 296,953 57,999 (354,952 ) 1,363,653 Total Liabilities and Stockholders' Equity $ 2,302,330 $ 1,869,110 $ 212,645 $ (1,847,674 ) $ 2,536,411 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 June 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 648,971 $ - $ - $ 648,971 Cost of sales - (540,279 ) - - (540,279 ) Inventory impairments - - - - - Gross margin - 108,692 - - 108,692 Selling, general, and administrative expenses (12,233 ) (58,284 ) - (192 ) (70,709 ) Equity income of subsidiaries 40,109 - - (40,109 ) - Interest and other income 2,332 666 3 (154 ) 2,847 Other expense 8 (674 ) - - (666 ) Other-than-temporary impairment of marketable securities (1 ) - - - (1 ) Homebuilding pretax income (loss) 30,215 50,400 3 (40,455 ) 40,163 Financial Services: Financial services pretax income - - 11,385 346 11,731 Income before income taxes 30,215 50,400 11,388 (40,109 ) 51,894 (Provision) benefit for income taxes 3,656 (17,479 ) (4,200 ) - (18,023 ) Net income $ 33,871 $ 32,921 $ 7,188 $ (40,109 ) $ 33,871 Other comprehensive income related to available-for-sale securities, net of tax 1,944 - 456 (456 ) 1,944 Comprehensive income $ 35,815 $ 32,921 $ 7,644 $ (40,565 ) $ 35,815 Three Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 571,511 $ - $ - $ 571,511 Cost of sales - (476,052 ) - - (476,052 ) Inventory impairments - (1,600 ) - - (1,600 ) Gross margin - 93,859 - - 93,859 Selling, general, and administrative expenses (11,228 ) (53,024 ) - (188 ) (64,440 ) Equity income of subsidiaries 32,909 - - (32,909 ) - Interest and other income 2,020 423 2 108 2,553 Interest expense - - - - - Other expense (1 ) (277 ) - - (278 ) Other-than-temporary impairment of marketable securities (288 ) - - - (288 ) Homebuilding pretax income (loss) 23,412 40,981 2 (32,989 ) 31,406 Financial Services: Financial services pretax income - - 8,972 80 9,052 Income before income taxes 23,412 40,981 8,974 (32,909 ) 40,458 (Provision) benefit for income taxes 3,501 (13,746 ) (3,300 ) - (13,545 ) Net income $ 26,913 $ 27,235 $ 5,674 $ (32,909 ) $ 26,913 Other comprehensive income related to available-for-sale securities, net of tax 895 - 371 (371 ) 895 Comprehensive income $ 27,808 $ 27,235 $ 6,045 $ (33,280 ) $ 27,808 Supplementa l Condensed Combining Statement of Operations Six Months Ended June 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,212,697 $ - $ - $ 1,212,697 Home and land cost of sales - (1,009,432 ) - - (1,009,432 ) Inventory impairments - (4,850 ) - - (4,850 ) Gross margin - 198,415 - - 198,415 Selling, general, and administrative expenses (24,628 ) (112,005 ) - (374 ) (137,007 ) Equity income of subsidiaries 69,140 - - (69,140 ) - Interest and other income 4,008 1,340 4 (178 ) 5,174 Other expense 16 (1,033 ) - - (1,017 ) Other-than-temporary impairment of marketable securities (51 ) - - - (51 ) Homebuilding pretax income (loss) 48,485 86,717 4 (69,692 ) 65,514 Financial Services: Financial services pretax income - - 22,188 552 22,740 Income before income taxes 48,485 86,717 22,192 (69,140 ) 88,254 (Provision) benefit for income taxes 7,635 (31,574 ) (8,195 ) - (32,134 ) Net income $ 56,120 $ 55,143 $ 13,997 $ (69,140 ) $ 56,120 Other comprehensive income related to available for sale securities, net of tax 3,930 - 1,290 (1,290 ) 3,930 Comprehensive income $ 60,050 $ 55,143 $ 15,287 $ (70,430 ) $ 60,050 Six Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 968,255 $ - $ - $ 968,255 Home and land cost of sales - (807,441 ) (300 ) - (807,741 ) Inventory impairments - (1,600 ) - - (1,600 ) Gross margin - 159,214 (300 ) - 158,914 Selling, general, and administrative expenses (23,330 ) (97,040 ) - (347 ) (120,717 ) Equity income of subsidiaries 50,279 - - (50,279 ) - Interest and other income 2,492 1,152 3 (158 ) 3,489 Other expense (3 ) (902 ) - - (905 ) Other-than-temporary impairment of marketable securities (719 ) - - - (719 ) Homebuilding pretax income (loss) 28,719 62,424 (297 ) (50,784 ) 40,062 Financial Services: Financial services pretax income - - 14,164 505 14,669 Income before income taxes 28,719 62,424 13,867 (50,279 ) 54,731 (Provision) benefit for income taxes 7,757 (20,822 ) (5,190 ) - (18,255 ) Net income $ 36,476 $ 41,602 $ 8,677 $ (50,279 ) $ 36,476 Other comprehensive income related to available for sale securities, net of tax 2,843 - 370 (370 ) 2,843 Comprehensive income $ 39,319 $ 41,602 $ 9,047 $ (50,649 ) $ 39,319 Supplementa l Condensed Combining Statement of Cash Flows Six Months Ended June 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 32,086 $ 34,505 $ 54,296 $ - $ 120,887 Net cash provided by (used in) investing activities 41,069 (88 ) (59 ) (42,879 ) (1,957 ) Financing activities: Payments from (advances to) subsidiaries - (33,340 ) (9,539 ) 42,879 - Mortgage repurchase facility - - (45,358 ) - (45,358 ) Dividend payments (25,809 ) - - - (25,809 ) Proceeds from exercise of stock options 7,304 - - - 7,304 Net cash provided by (used in) financing activities (18,505 ) (33,340 ) (54,897 ) 42,879 (63,863 ) Net increase in cash and cash equivalents 54,650 1,077 (660 ) - 55,067 Cash and cash equivalents: Beginning of period 255,679 3,408 23,822 - 282,909 End of period $ 310,329 $ 4,485 $ 23,162 $ - $ 337,976 Six Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 17,988 $ (45,748 ) $ 5,674 $ - $ (22,086 ) Net cash provided by (used in) investing activities (6,756 ) (1,132 ) (2,967 ) 43,077 32,222 Financing activities: Payments from (advances to) subsidiaries - 47,816 (4,739 ) (43,077 ) - Mortgage repurchase facility - - 4,686 - 4,686 Dividend payments (24,504 ) - - - (24,504 ) Proceeds from the exercise of stock options - - - - - Net cash provided by (used in) financing activities (24,504 ) 47,816 (53 ) (43,077 ) (19,818 ) Net increase in cash and cash equivalents (13,272 ) 936 2,654 - (9,682 ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 127,973 $ 4,033 $ 39,300 $ - $ 171,306 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Homebuilding (Dollars in thousands) West $ 323,758 $ 270,031 $ 632,837 $ 461,406 Mountain 224,356 190,334 397,492 328,158 East 100,857 111,146 182,368 178,691 Total homebuilding revenues $ 648,971 $ 571,511 $ 1,212,697 $ 968,255 Financial Services Mortgage operations $ 12,697 $ 10,702 $ 24,880 $ 17,572 Other 6,376 5,121 12,172 9,268 Total financial services revenues $ 19,073 $ 15,823 $ 37,052 $ 26,840 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Homebuilding (Dollars in thousands) West $ 21,134 $ 15,740 $ 36,589 $ 25,438 Mountain 24,541 20,748 42,771 30,832 East 4,734 4,500 7,376 5,867 Corporate (10,246 ) (9,582 ) (21,222 ) (22,075 ) Total homebuilding pretax income $ 40,163 $ 31,406 $ 65,514 $ 40,062 Financial Services Mortgage operations $ 7,670 $ 6,445 $ 15,236 $ 9,768 Other 4,061 2,607 7,504 4,901 Total financial services pretax income $ 11,731 $ 9,052 $ 22,740 $ 14,669 Total pretax income $ 51,894 $ 40,458 $ 88,254 $ 54,731 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2017 2016 Homebuilding assets (Dollars in thousands) West $ 1,005,590 $ 1,035,033 Mountain 630,621 571,139 East 230,096 256,816 Corporate 501,798 454,507 Total homebuilding assets $ 2,368,105 $ 2,317,495 Financial services assets Mortgage operations $ 107,904 $ 153,182 Other 60,402 57,912 Total financial services assets $ 168,306 $ 211,094 Total assets $ 2,536,411 $ 2,528,589 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands, except per share amounts) Numerator Net income $ 33,871 $ 26,913 $ 56,120 $ 36,476 Less: distributed earnings allocated to participating securities (61 ) (39 ) (128 ) (79 ) Less: undistributed earnings allocated to participating securities (98 ) (47 ) (140 ) (36 ) Net income attributable to common stockholders (numerator for basic earnings per share) 33,712 26,827 55,852 36,361 Add back: undistributed earnings allocated to participating securities 98 47 140 36 Less: undistributed earnings reallocated to participating securities (96 ) (47 ) (138 ) (36 ) Numerator for diluted earnings per share under two class method $ 33,714 $ 26,827 $ 55,854 $ 36,361 Denominator Weighted-average common shares outstanding 51,514,309 51,293,917 51,428,079 51,281,643 Add: dilutive effect of stock options 929,814 10,912 637,889 9,716 Denominator for diluted earnings per share under two class method 52,444,123 51,304,829 52,065,968 51,291,359 Basic Earnings Per Common Share $ 0.65 $ 0.52 $ 1.09 $ 0.71 Diluted Earnings Per Common Share $ 0.64 $ 0.52 $ 1.07 $ 0.71 |
Note 5 - Accumulated Other Co28
Note 5 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Unrealized gains on available-for-sale marketable securities 1 Beginning balance $ 9,479 $ 5,016 $ 7,730 $ 3,657 Other comprehensive income before reclassifications 2,389 880 4,423 1,404 Amounts reclassified from AOCI 2 (692 ) (552 ) (977 ) 283 Ending balance $ 11,176 $ 5,344 $ 11,176 $ 5,344 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 14,578 $ 12,647 $ 14,341 $ 12,058 Other comprehensive income before reclassifications 247 567 484 1,156 Amounts reclassified from AOCI - - - - Ending balance $ 14,825 $ 13,214 $ 14,825 $ 13,214 Total ending AOCI $ 26,001 $ 18,558 $ 26,001 $ 18,558 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, Affected Line Item in the Statements of Operations 2017 2016 2017 2016 (Dollars in thousands) Homebuilding: Interest and other income $ 889 $ 1,177 $ 1,411 $ 262 Homebuilding: Other-than-temporary impairment of marketable securities (1 ) (288 ) (51 ) (719 ) Financial services: Interest and other income 308 - 347 - Financial services: Other-than-temporary impairment of marketable securities (80 ) - (131 ) - Income before income taxes 1,116 889 1,576 (457 ) Provision for income taxes (424 ) (337 ) (599 ) 174 Net income $ 692 $ 552 $ 977 $ (283 ) |
Note 6 - Fair Value Measureme29
Note 6 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Financial Instrument Hierarchy June 30, 2017 December 31, 2016 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 103,934 $ 96,206 Mortgage loans held-for-sale, net Level 2 $ 95,283 $ 138,774 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ 31,864 $ 30,162 |
Available-for-sale Securities [Table Text Block] | June 30, 2017 Cost Basis OTTI Net Cost Basis Fair Value (Dollars in thousands) Homebuilding equity securities $ 50,676 $ (556 ) $ 50,120 $ 65,268 Financial services equity securities 36,125 (337 ) 35,788 38,666 Total marketable equity securities $ 86,801 $ (893 ) $ 85,908 $ 103,934 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] | June 30, 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 1 $ (703 ) $ 1,296 5 $ (457 ) $ 6,045 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities $ 1,198 $ 1,379 $ 1,788 $ 1,470 Gross realized losses on sales of available-for-sale securities (1 ) (202 ) (30 ) (1,208 ) Net realized gain on sales of available-for-sale securities $ 1,197 $ 1,177 $ 1,758 $ 262 |
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 $465,000 to $1,200,000 $567,000 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 31,004 $ 27,277 $ 30,162 $ 25,911 Increase in fair value (recorded in other comprehensive income) 398 915 780 1,865 Change due to accretion of principal 462 412 922 828 Cash receipts - - - - Balance at end of period $ 31,864 $ 28,604 $ 31,864 $ 28,604 |
Fair Value of Senior Notes [Table Text Block] | June 30, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,377 $ 267,406 $ 246,915 $ 265,611 5½% Senior Notes due January 2024, net 248,487 266,958 248,391 258,800 6% Senior Notes due January 2043, net 346,368 326,285 346,340 297,087 Total $ 842,232 $ 860,649 $ 841,646 $ 821,498 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory [Table Text Block] | June 30, December 31, 2017 2016 (Dollars in thousands) Housing Completed or Under Construction: West $ 464,759 $ 470,503 Mountain 308,177 277,922 East 136,975 125,774 Subtotal 909,911 874,199 Land and Land Under Development: West 475,237 499,186 Mountain 292,074 271,252 East 79,514 114,177 Subtotal 846,825 884,615 Total Inventories $ 1,756,736 $ 1,758,814 |
Schedule of Inventory Impairments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) West $ - $ 1,400 $ 4,100 $ 1,400 Mountain - - - - East - 200 750 200 Total Inventory Impairments $ - $ 1,600 $ 4,850 $ 1,600 |
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% June 30, 2017 35 $ - $ - - N/A March 31, 2016 14 $ - $ - - N/A June 30, 2016 17 $ 1,600 $ 6,415 2 12% to 15% |
Note 8 - Capitalization of In31
Note 8 - Capitalization of Interest (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Capitalization of Interest [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding interest incurred $ 13,194 $ 13,106 $ 26,382 $ 26,324 Less: Interest capitalized (13,194 ) (13,106 ) (26,382 ) (26,324 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 66,076 $ 79,783 $ 68,085 $ 77,541 Plus: Interest capitalized during period 13,194 13,106 26,382 26,324 Less: Previously capitalized interest included in home and land cost of sales (17,179 ) (15,739 ) (32,376 ) (26,715 ) Interest capitalized, end of period $ 62,091 $ 77,150 $ 62,091 $ 77,150 |
Note 9 - Homebuilding Prepaid32
Note 9 - Homebuilding Prepaid and Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | June 30, December 31, 2017 2016 (Dollars in thousands) Deferred marketing costs $ 36,322 $ 35,313 Land option deposits 15,727 8,683 Goodwill 6,008 6,008 Prepaid expenses 3,713 4,735 Deferred debt issuance costs on revolving credit facility, net 3,786 4,340 Other 1,453 1,384 Total $ 67,009 $ 60,463 |
Note 10 - Homebuilding Accrue33
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2017 2016 (Dollars in thousands) Customer and escrow deposits $ 37,156 $ 27,183 Warranty accrual 20,965 20,678 Accrued compensation and related expenses 20,127 27,830 Accrued interest 23,234 23,234 Land development and home construction accruals 7,009 8,695 Other accrued liabilities 39,708 36,946 Total accrued liabilities $ 148,199 $ 144,566 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, December 31, 2017 2016 (Dollars in thousands) Insurance reserves $ 41,705 $ 42,204 Accounts payable and other accrued liabilities 8,168 8,530 Total accounts payable and accrued liabilities $ 49,873 $ 50,734 |
Note 11 - Warranty Accrual (Tab
Note 11 - Warranty Accrual (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 20,770 $ 16,852 $ 20,678 $ 15,328 Expense provisions 2,836 2,305 5,243 3,757 Cash payments (2,641 ) (2,190 ) (5,006 ) (5,105 ) Adjustments - 250 50 3,237 Balance at end of period $ 20,965 $ 17,217 $ 20,965 $ 17,217 |
Note 12 - Insurance and Const35
Note 12 - Insurance and Construction Defect Claim Reserves (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 51,851 $ 46,379 $ 50,954 $ 45,811 Expense provisions 2,385 1,946 4,501 3,334 Cash payments, net of recoveries (4,589 ) (1,425 ) (5,808 ) (2,245 ) Balance at end of period $ 49,647 $ 46,900 $ 49,647 $ 46,900 |
Note 14 - Senior Notes (Tables)
Note 14 - Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, December 31, 2017 2016 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,377 $ 246,915 5½% Senior Notes due January 2024, net 248,487 248,391 6% Senior Notes due January 2043, net 346,368 346,340 Total $ 842,232 $ 841,646 |
Note 15 - Stock Based Compens37
Note 15 - Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (Dollars in thousands) Stock option grants expense $ 80 $ 2,643 $ 356 $ 5,293 Restricted stock awards expense 460 533 779 870 Performance share units expense 903 - 903 - Total stock based compensation $ 1,443 $ 3,176 $ 2,038 $ 6,163 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | Threshold Goal Target Goal Maximum Goal Maximum Potential Awardee Date of Award Performance Period Base Period Base Period Revenues PSUs Home Sale Revenues PSUs Home Sale Revenues PSUs Home Sale Revenues Fair Value per Share Expense to be Recognized CEO July 1, 2016 July 1, 2015 52,500 105,000 210,000 $ 4,815 COO July 25, 2016 to to $1.975 billion 52,500 $2.074 billion 105,000 $2.173 billion 210,000 $2.370 billion $ 22.93 4,815 CFO June 30, 2019 June 30, 2016 13,125 26,250 52,500 1,204 $ 10,834 CEO April 1, 2017 April 1, 2016 55,000 110,000 220,000 $ 6,802 COO June 20, 2017 to to $2.426 billion 55,000 $2.547 billion 110,000 $2.669 billion 220,000 $2.911 billion $ 30.92 6,802 CFO March 31, 2020 March 31, 2017 13,750 27,500 55,000 1,701 $ 15,305 |
Note 20 - Supplemental Guaran38
Note 20 - Supplemental Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | June 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 310,329 $ 4,485 $ - $ - $ 314,814 Marketable securities 65,268 - - - 65,268 Restricted cash - 5,027 - - 5,027 Trade and other receivables 5,490 34,378 - (2,121 ) 37,747 Inventories: Housing completed or under construction - 909,911 - - 909,911 Land and land under development - 846,825 - - 846,825 Total inventories - 1,756,736 - - 1,756,736 Intercompany receivables 1,442,812 2,802 5,645 (1,451,259 ) - Investment in subsidiaries 354,952 - - (354,952 ) - Property and equipment, net 25,057 2,137 - - 27,194 Deferred tax asset, net 63,094 - - (648 ) 62,446 Metropolitan district bond securities (related party) 31,864 - - - 31,864 Prepaid and other assets 3,464 63,545 - - 67,009 Total homebuilding assets 2,302,330 1,869,110 5,645 (1,808,980 ) 2,368,105 Financial Services: Cash and cash equivalents - - 23,162 - 23,162 Marketable securities - - 38,666 - 38,666 Intercompany receivables - - 39,342 (39,342 ) - Mortgage loans held-for-sale, net - - 95,283 - 95,283 Other assets - - 10,547 648 11,195 Total financial services assets - - 207,000 (38,694 ) 168,306 Total Assets $ 2,302,330 $ 1,869,110 $ 212,645 $ (1,847,674 ) $ 2,536,411 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 48,327 $ - $ - $ 48,327 Accrued liabilities 33,656 111,794 99 2,650 148,199 Advances and notes payable to parent and subsidiaries 47,789 1,412,036 27,016 (1,486,841 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 842,232 - - - 842,232 Total homebuilding liabilities 938,677 1,572,157 27,115 (1,484,191 ) 1,053,758 Financial Services: Accounts payable and other liabilities - - 54,644 (4,771 ) 49,873 Advances and notes payable to parent and subsidiaries - - 3,760 (3,760 ) - Mortgage repurchase facility - - 69,127 - 69,127 Total financial services liabilities - - 127,531 (8,531 ) 119,000 Total Liabilities 938,677 1,572,157 154,646 (1,492,722 ) 1,172,758 Equity: Total Stockholders' Equity 1,363,653 296,953 57,999 (354,952 ) 1,363,653 Total Liabilities and Stockholders' Equity $ 2,302,330 $ 1,869,110 $ 212,645 $ (1,847,674 ) $ 2,536,411 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 June 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 648,971 $ - $ - $ 648,971 Cost of sales - (540,279 ) - - (540,279 ) Inventory impairments - - - - - Gross margin - 108,692 - - 108,692 Selling, general, and administrative expenses (12,233 ) (58,284 ) - (192 ) (70,709 ) Equity income of subsidiaries 40,109 - - (40,109 ) - Interest and other income 2,332 666 3 (154 ) 2,847 Other expense 8 (674 ) - - (666 ) Other-than-temporary impairment of marketable securities (1 ) - - - (1 ) Homebuilding pretax income (loss) 30,215 50,400 3 (40,455 ) 40,163 Financial Services: Financial services pretax income - - 11,385 346 11,731 Income before income taxes 30,215 50,400 11,388 (40,109 ) 51,894 (Provision) benefit for income taxes 3,656 (17,479 ) (4,200 ) - (18,023 ) Net income $ 33,871 $ 32,921 $ 7,188 $ (40,109 ) $ 33,871 Other comprehensive income related to available-for-sale securities, net of tax 1,944 - 456 (456 ) 1,944 Comprehensive income $ 35,815 $ 32,921 $ 7,644 $ (40,565 ) $ 35,815 Three Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 571,511 $ - $ - $ 571,511 Cost of sales - (476,052 ) - - (476,052 ) Inventory impairments - (1,600 ) - - (1,600 ) Gross margin - 93,859 - - 93,859 Selling, general, and administrative expenses (11,228 ) (53,024 ) - (188 ) (64,440 ) Equity income of subsidiaries 32,909 - - (32,909 ) - Interest and other income 2,020 423 2 108 2,553 Interest expense - - - - - Other expense (1 ) (277 ) - - (278 ) Other-than-temporary impairment of marketable securities (288 ) - - - (288 ) Homebuilding pretax income (loss) 23,412 40,981 2 (32,989 ) 31,406 Financial Services: Financial services pretax income - - 8,972 80 9,052 Income before income taxes 23,412 40,981 8,974 (32,909 ) 40,458 (Provision) benefit for income taxes 3,501 (13,746 ) (3,300 ) - (13,545 ) Net income $ 26,913 $ 27,235 $ 5,674 $ (32,909 ) $ 26,913 Other comprehensive income related to available-for-sale securities, net of tax 895 - 371 (371 ) 895 Comprehensive income $ 27,808 $ 27,235 $ 6,045 $ (33,280 ) $ 27,808 Six Months Ended June 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,212,697 $ - $ - $ 1,212,697 Home and land cost of sales - (1,009,432 ) - - (1,009,432 ) Inventory impairments - (4,850 ) - - (4,850 ) Gross margin - 198,415 - - 198,415 Selling, general, and administrative expenses (24,628 ) (112,005 ) - (374 ) (137,007 ) Equity income of subsidiaries 69,140 - - (69,140 ) - Interest and other income 4,008 1,340 4 (178 ) 5,174 Other expense 16 (1,033 ) - - (1,017 ) Other-than-temporary impairment of marketable securities (51 ) - - - (51 ) Homebuilding pretax income (loss) 48,485 86,717 4 (69,692 ) 65,514 Financial Services: Financial services pretax income - - 22,188 552 22,740 Income before income taxes 48,485 86,717 22,192 (69,140 ) 88,254 (Provision) benefit for income taxes 7,635 (31,574 ) (8,195 ) - (32,134 ) Net income $ 56,120 $ 55,143 $ 13,997 $ (69,140 ) $ 56,120 Other comprehensive income related to available for sale securities, net of tax 3,930 - 1,290 (1,290 ) 3,930 Comprehensive income $ 60,050 $ 55,143 $ 15,287 $ (70,430 ) $ 60,050 Six Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 968,255 $ - $ - $ 968,255 Home and land cost of sales - (807,441 ) (300 ) - (807,741 ) Inventory impairments - (1,600 ) - - (1,600 ) Gross margin - 159,214 (300 ) - 158,914 Selling, general, and administrative expenses (23,330 ) (97,040 ) - (347 ) (120,717 ) Equity income of subsidiaries 50,279 - - (50,279 ) - Interest and other income 2,492 1,152 3 (158 ) 3,489 Other expense (3 ) (902 ) - - (905 ) Other-than-temporary impairment of marketable securities (719 ) - - - (719 ) Homebuilding pretax income (loss) 28,719 62,424 (297 ) (50,784 ) 40,062 Financial Services: Financial services pretax income - - 14,164 505 14,669 Income before income taxes 28,719 62,424 13,867 (50,279 ) 54,731 (Provision) benefit for income taxes 7,757 (20,822 ) (5,190 ) - (18,255 ) Net income $ 36,476 $ 41,602 $ 8,677 $ (50,279 ) $ 36,476 Other comprehensive income related to available for sale securities, net of tax 2,843 - 370 (370 ) 2,843 Comprehensive income $ 39,319 $ 41,602 $ 9,047 $ (50,649 ) $ 39,319 |
Condensed Cash Flow Statement [Table Text Block] | Six Months Ended June 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 32,086 $ 34,505 $ 54,296 $ - $ 120,887 Net cash provided by (used in) investing activities 41,069 (88 ) (59 ) (42,879 ) (1,957 ) Financing activities: Payments from (advances to) subsidiaries - (33,340 ) (9,539 ) 42,879 - Mortgage repurchase facility - - (45,358 ) - (45,358 ) Dividend payments (25,809 ) - - - (25,809 ) Proceeds from exercise of stock options 7,304 - - - 7,304 Net cash provided by (used in) financing activities (18,505 ) (33,340 ) (54,897 ) 42,879 (63,863 ) Net increase in cash and cash equivalents 54,650 1,077 (660 ) - 55,067 Cash and cash equivalents: Beginning of period 255,679 3,408 23,822 - 282,909 End of period $ 310,329 $ 4,485 $ 23,162 $ - $ 337,976 Six Months Ended June 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 17,988 $ (45,748 ) $ 5,674 $ - $ (22,086 ) Net cash provided by (used in) investing activities (6,756 ) (1,132 ) (2,967 ) 43,077 32,222 Financing activities: Payments from (advances to) subsidiaries - 47,816 (4,739 ) (43,077 ) - Mortgage repurchase facility - - 4,686 - 4,686 Dividend payments (24,504 ) - - - (24,504 ) Proceeds from the exercise of stock options - - - - - Net cash provided by (used in) financing activities (24,504 ) 47,816 (53 ) (43,077 ) (19,818 ) Net increase in cash and cash equivalents (13,272 ) 936 2,654 - (9,682 ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 127,973 $ 4,033 $ 39,300 $ - $ 171,306 |
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 Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | |
Stock Options, Number of Shares with Exercise Prices Above the Closing Share Price | 567,000 | 567,000 | |||
Income Tax Expense (Benefit) | $ 18,023 | $ 13,545 | $ 32,134 | $ 18,255 | |
Expense from Expiration of Stock Options [Member] | Scenario, Forecast [Member] | |||||
Income Tax Expense (Benefit) | $ 2,600 | ||||
Accounting Standards Update 2016-09 [Member] | |||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ (100) | $ (100) |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Homebuilding Segment [Member] | ||||
Homebuilding revenues | $ 648,971 | $ 571,511 | $ 1,212,697 | $ 968,255 |
Homebuilding Segment [Member] | Reportable Segment, West [Member] | ||||
Homebuilding revenues | 323,758 | 270,031 | 632,837 | 461,406 |
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | ||||
Homebuilding revenues | 224,356 | 190,334 | 397,492 | 328,158 |
Homebuilding Segment [Member] | Reportable Segment, East [Member] | ||||
Homebuilding revenues | 100,857 | 111,146 | 182,368 | 178,691 |
Financial Services Segment [Member] | ||||
Financial services revenues | 19,073 | 15,823 | 37,052 | 26,840 |
Financial Services Segment [Member] | Mortgage Operations [Member] | ||||
Financial services revenues | 12,697 | 10,702 | 24,880 | 17,572 |
Financial Services Segment [Member] | Other Financial Services [Member] | ||||
Financial services revenues | $ 6,376 | $ 5,121 | $ 12,172 | $ 9,268 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pretax income | $ 51,894 | $ 40,458 | $ 88,254 | $ 54,731 |
Homebuilding Segment [Member] | ||||
Pretax income | 40,163 | 31,406 | 65,514 | 40,062 |
Homebuilding Segment [Member] | Corporate, Non-Segment [Member] | ||||
Pretax income | (10,246) | (9,582) | (21,222) | (22,075) |
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member] | ||||
Pretax income | 21,134 | 15,740 | 36,589 | 25,438 |
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member] | ||||
Pretax income | 24,541 | 20,748 | 42,771 | 30,832 |
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member] | ||||
Pretax income | 4,734 | 4,500 | 7,376 | 5,867 |
Financial Services Segment [Member] | ||||
Pretax income | 11,731 | 9,052 | 22,740 | 14,669 |
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member] | ||||
Pretax income | 7,670 | 6,445 | 15,236 | 9,768 |
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member] | ||||
Pretax income | $ 4,061 | $ 2,607 | $ 7,504 | $ 4,901 |
Note 3 - Segment Reporting - To
Note 3 - Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | $ 2,536,411 | $ 2,528,589 |
Homebuilding Segment [Member] | ||
Assets | 2,368,105 | 2,317,495 |
Homebuilding Segment [Member] | Corporate, Non-Segment [Member] | ||
Assets | 501,798 | 454,507 |
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member] | ||
Assets | 1,005,590 | 1,035,033 |
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member] | ||
Assets | 630,621 | 571,139 |
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member] | ||
Assets | 230,096 | 256,816 |
Financial Services Segment [Member] | ||
Assets | 168,306 | 211,094 |
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member] | ||
Assets | 107,904 | 153,182 |
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member] | ||
Assets | $ 60,402 | $ 57,912 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.9 | 6.4 | 1.4 | 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 33,871 | $ 26,913 | $ 56,120 | $ 36,476 |
Less: distributed earnings allocated to participating securities | (61) | (39) | (128) | (79) |
Less: undistributed earnings allocated to participating securities | (98) | (47) | (140) | (36) |
Net income attributable to common stockholders (numerator for basic earnings per share) | 33,712 | 26,827 | 55,852 | 36,361 |
Add back: undistributed earnings allocated to participating securities | 98 | 47 | 140 | 36 |
Less: undistributed earnings reallocated to participating securities | (96) | (47) | (138) | (36) |
Numerator for diluted earnings per share under two class method | $ 33,714 | $ 26,827 | $ 55,854 | $ 36,361 |
Weighted-average common shares outstanding (in shares) | 51,514,309 | 51,293,917 | 51,428,079 | 51,281,643 |
Denominator for diluted earnings per share under two class method (in shares) | 52,444,123 | 51,304,829 | 52,065,968 | 51,291,359 |
Basic Earnings Per Common Share (in dollars per share) | $ 0.65 | $ 0.52 | $ 1.09 | $ 0.71 |
Diluted Earnings Per Common Share (in dollars per share) | $ 0.64 | $ 0.52 | $ 1.07 | $ 0.71 |
Employee Stock Option [Member] | ||||
Add: dilutive effect of stock options (in shares) | 929,814 | 10,912 | 637,889 | 9,716 |
Note 5 - Accumulated Other Co47
Note 5 - Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Beginning balance | $ 22,071 | ||||
Ending balance | $ 26,001 | 26,001 | |||
Total ending AOCI | 26,001 | 26,001 | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Ending balance | [1] | 26,001 | $ 18,558 | 26,001 | $ 18,558 |
Total ending AOCI | [1] | 26,001 | 18,558 | 26,001 | 18,558 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Metropolitan District Bond Securities [Member] | |||||
Beginning balance | [1] | 14,578 | 12,647 | 14,341 | 12,058 |
Other comprehensive income before reclassifications | [1] | 247 | 567 | 484 | 1,156 |
Amounts reclassified from AOCI | |||||
Ending balance | [1] | 14,825 | 13,214 | 14,825 | 13,214 |
Total ending AOCI | [1] | 14,578 | 12,647 | 14,341 | 12,058 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Marketable Securities [Member] | |||||
Beginning balance | [1] | 9,479 | 5,016 | 7,730 | 3,657 |
Other comprehensive income before reclassifications | [1] | 2,389 | 880 | 4,423 | 1,404 |
Amounts reclassified from AOCI | [1],[2] | (692) | (552) | (977) | 283 |
Ending balance | [1] | 11,176 | 5,344 | 11,176 | 5,344 |
Total ending AOCI | [1] | $ 9,479 | $ 5,016 | $ 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other-than-temporary impairment of marketable securities | $ (100) | $ (300) | $ (182) | $ (719) |
Income before income taxes | 51,894 | 40,458 | 88,254 | 54,731 |
Provision for income taxes | (18,023) | (13,545) | (32,134) | (18,255) |
Net income | 33,871 | 26,913 | 56,120 | 36,476 |
Homebuilding Segment [Member] | ||||
Interest and other income | 2,847 | 2,553 | 5,174 | 3,489 |
Other-than-temporary impairment of marketable securities | (1) | (288) | (51) | (719) |
Income before income taxes | 40,163 | 31,406 | 65,514 | 40,062 |
Financial Services Segment [Member] | ||||
Interest and other income | 1,238 | 772 | 2,217 | 1,613 |
Other-than-temporary impairment of marketable securities | (80) | (131) | ||
Income before income taxes | 11,731 | 9,052 | 22,740 | 14,669 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Income before income taxes | 1,116 | 889 | 1,576 | (457) |
Provision for income taxes | (424) | (337) | (599) | 174 |
Net income | 692 | 552 | 977 | (283) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Homebuilding Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Interest and other income | 889 | 1,177 | 1,411 | 262 |
Other-than-temporary impairment of marketable securities | (1) | (288) | (51) | (719) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Financial Services Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Interest and other income | 308 | 347 | ||
Other-than-temporary impairment of marketable securities | $ (80) | $ (131) |
Note 6 - Fair Value Measureme49
Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 100 | $ 300 | $ 182 | $ 719 | |
Available-for-sale Securities, Net Unrealized Gain Position | 18,000 | 18,000 | $ 12,500 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 703 | $ 703 | 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 | 80 | $ 131 | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 95,283 | 95,283 | 138,774 | ||
Gain (Loss) on Sale of Mortgage Loans | 10,200 | $ 6,900 | 18,700 | $ 12,500 | |
Fair Value, Inputs, Level 2 [Member] | |||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 95,283 | 95,283 | 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 | 76,100 | 76,100 | 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 | $ 19,200 | $ 19,200 | $ 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 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Metropolitan District Bond Securities [Member] | ||||||
Metropolitan district bond securities (related party) (available-for-sale) | $ 31,864 | $ 31,004 | $ 30,162 | $ 28,604 | $ 27,277 | $ 25,911 |
Fair Value, Inputs, Level 1 [Member] | ||||||
Marketable equity securities (available-for-sale) | 103,934 | 96,206 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Mortgage loans held-for-sale, net | 95,283 | 138,774 | ||||
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member] | ||||||
Metropolitan district bond securities (related party) (available-for-sale) | $ 31,864 | $ 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Amortized Cost | $ 86,801 | $ 84,795 |
OTTI | (893) | (1,058) |
Net Amortized Cost | 85,908 | 83,737 |
Fair Value | 103,934 | 96,206 |
Homebuilding Segment [Member] | ||
Amortized Cost | 50,676 | 48,910 |
OTTI | (556) | (685) |
Net Amortized Cost | 50,120 | 48,225 |
Fair Value | 65,268 | 59,770 |
Financial Services Segment [Member] | ||
Amortized Cost | 36,125 | 35,885 |
OTTI | (337) | (373) |
Net Amortized Cost | 35,788 | 35,512 |
Fair Value | $ 38,666 | $ 36,436 |
Note 6 - Fair Value Measureme52
Note 6 - Fair Value Measurements - Aggregate Fair Value of Securities in Unrealized Loss Positions (Details) $ in Thousands | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Aggregate Loss Position | $ (703) | $ (457) |
Aggregate Fair Value of Securities in a Loss Position | $ 1,296 | $ 6,045 |
Number of Securities in Loss Position | 1 | 5 |
Note 6 - Fair Value Measureme53
Note 6 - Fair Value Measurements - Gross Realized Gains and Gross Realized Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Gross realized gains on sales of available-for-sale securities | $ 1,198 | $ 1,379 | $ 1,788 | $ 1,470 |
Gross realized losses on sales of available-for-sale securities | (1) | (202) | (30) | (1,208) |
Net realized gain on sales of available-for-sale securities | $ 1,197 | $ 1,177 | $ 1,758 | $ 262 |
Note 6 - Fair Value Measureme54
Note 6 - Fair Value Measurements - Quantitative Data Regarding Unobservable Inputs and Sensitivity Analysis (Details) | 6 Months Ended |
Jun. 30, 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 | $ 465,000 |
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 | $ 567,000 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Balance at beginning of period | $ 31,004 | $ 27,277 | $ 30,162 | $ 25,911 |
Increase in fair value (recorded in other comprehensive income) | 398 | 915 | 780 | 1,865 |
Change due to accretion of principal | 462 | 412 | 922 | 828 |
Cash receipts | ||||
Balance at end of period | $ 31,864 | $ 28,604 | $ 31,864 | $ 28,604 |
Note 6 - Fair Value Measureme56
Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair value | $ 860,649 | $ 821,498 |
Carrying amount | 842,232 | 841,646 |
Senior Notes 5.625% Due February 2020 [Member] | ||
Fair value | 267,406 | 265,611 |
Carrying amount | 247,377 | 246,915 |
Senior Notes 5.5% Due January 2024 [Member] | ||
Fair value | 266,958 | 258,800 |
Carrying amount | 248,487 | 248,391 |
Senior Notes 6% Due January 2043 [Member] | ||
Fair value | 326,285 | 297,087 |
Carrying amount | $ 346,368 | $ 346,340 |
Note 6 - Fair Value Measureme57
Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) (Parentheticals) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 - Summary
Note 7 - Inventories - Summary of Inventory (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Housing Completed or Under Construction | $ 909,911 | $ 874,199 |
Land and Land Under Development | 846,825 | 884,615 |
Total Inventories | 1,756,736 | 1,758,814 |
Reportable Segment, West [Member] | ||
Housing Completed or Under Construction | 464,759 | 470,503 |
Land and Land Under Development | 475,237 | 499,186 |
Reportable Segment, Mountain [Member] | ||
Housing Completed or Under Construction | 308,177 | 277,922 |
Land and Land Under Development | 292,074 | 271,252 |
Reportable Segment, East [Member] | ||
Housing Completed or Under Construction | 136,975 | 125,774 |
Land and Land Under Development | $ 79,514 | $ 114,177 |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventory Impairments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Impairment Data; Inventory Impairments | $ 4,850 | $ 1,600 | |||
Homebuilding Segment [Member] | |||||
Impairment Data; Inventory Impairments | $ 4,850 | $ 1,600 | 4,850 | 1,600 | |
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Housing Completed or Under Construction [Member] | |||||
Impairment Data; Inventory Impairments | 1,400 | 4,100 | 1,400 | ||
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Housing Completed or Under Construction [Member] | |||||
Impairment Data; Inventory Impairments | |||||
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Housing Completed or Under Construction [Member] | |||||
Impairment Data; Inventory Impairments | $ 200 | $ 750 | $ 200 |
Note 7 - Inventories - Fair Val
Note 7 - Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016 | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Impairment Data; Inventory Impairments | $ 4,850 | $ 1,600 | ||||
Minimum [Member] | ||||||
Quantitative Data; Discount Rate | 5.00% | |||||
Maximum [Member] | ||||||
Quantitative Data; Discount Rate | 12.00% | |||||
Homebuilding Segment [Member] | ||||||
Impairment Data; Number of Subdivisions Impaired | 2 | 2 | ||||
Impairment Data; Total Subdivisions Tested | 35 | 33 | 17 | 14 | ||
Impairment Data; Inventory Impairments | $ 4,850 | $ 1,600 | $ 4,850 | $ 1,600 | ||
Impairment Data; Fair Value of Inventory After Impairments | $ 19,952 | $ 6,415 | ||||
Homebuilding Segment [Member] | Minimum [Member] | ||||||
Quantitative Data; Discount Rate | 12.00% | 12.00% | ||||
Homebuilding Segment [Member] | Maximum [Member] | ||||||
Quantitative Data; Discount Rate | 18.00% | 15.00% |
Note 8 - Capitalization of In61
Note 8 - Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Homebuilding interest incurred | $ 13,194 | $ 13,106 | $ 26,382 | $ 26,324 |
Less: Interest capitalized | (13,194) | (13,106) | (26,382) | (26,324) |
Homebuilding interest expensed | ||||
Interest capitalized, beginning of period | 66,076 | 79,783 | 68,085 | 77,541 |
Plus: Interest capitalized during period | 13,194 | 13,106 | 26,382 | 26,324 |
Less: Previously capitalized interest included in home and land cost of sales | (17,179) | (15,739) | (32,376) | (26,715) |
Interest capitalized, end of period | $ 62,091 | $ 77,150 | $ 62,091 | $ 77,150 |
Note 9 - Homebuilding Prepaid62
Note 9 - Homebuilding Prepaid and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred marketing costs | $ 36,322 | $ 35,313 |
Land option deposits | 15,727 | 8,683 |
Goodwill | 6,008 | 6,008 |
Prepaid expenses | 3,713 | 4,735 |
Deferred debt issuance costs on revolving credit facility, net | 3,786 | 4,340 |
Other | 1,453 | 1,384 |
Total | $ 67,009 | $ 60,463 |
Note 10 - Homebuilding Accrue63
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Warranty accrual | $ 20,965 | $ 20,770 | $ 20,678 | $ 17,217 | $ 16,852 | $ 15,328 |
Homebuilding Segment [Member] | ||||||
Customer and escrow deposits | 37,156 | 27,183 | ||||
Warranty accrual | 20,965 | 20,678 | ||||
Accrued compensation and related expenses | 20,127 | 27,830 | ||||
Accrued interest | 23,234 | 23,234 | ||||
Land development and home construction accruals | 148,199 | 144,566 | ||||
Other accrued liabilities | 39,708 | 36,946 | ||||
Total accrued liabilities | 148,199 | 144,566 | ||||
Homebuilding Segment [Member] | Land Development and Home Construction Accruals [Member] | ||||||
Land development and home construction accruals | 7,009 | 8,695 | ||||
Total accrued liabilities | $ 7,009 | $ 8,695 |
Note 10 - Homebuilding Accrue64
Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Financial Services Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Insurance reserves | $ 49,647 | $ 51,851 | $ 50,954 | $ 46,900 | $ 46,379 | $ 45,811 |
Financial Services Segment [Member] | ||||||
Insurance reserves | 41,705 | 42,204 | ||||
Accounts payable and other accrued liabilities | 8,168 | 8,530 | ||||
Total accounts payable and accrued liabilities | $ 49,873 | $ 50,734 |
Note 11 - Warranty Accrual (Det
Note 11 - Warranty Accrual (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Product Warranty, First Term for Performing Work | 2 years | |||
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ 0 | $ 250 | $ 50 | $ 3,237 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Balance at beginning of period | $ 20,770 | $ 16,852 | $ 20,678 | $ 15,328 |
Expense provisions | 2,836 | 2,305 | 5,243 | 3,757 |
Cash payments | (2,641) | (2,190) | (5,006) | (5,105) |
Adjustments | 0 | 250 | 50 | 3,237 |
Balance at end of period | $ 20,965 | $ 17,217 | $ 20,965 | $ 17,217 |
Note 12 - Insurance and Const67
Note 12 - Insurance and Construction Defect Claim Reserves - Summary of Insurance and Defect Claim Reserves Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Balance at beginning of period | $ 51,851 | $ 46,379 | $ 50,954 | $ 45,811 |
Expense provisions | 2,385 | 1,946 | 4,501 | 3,334 |
Cash payments, net of recoveries | (4,589) | (1,425) | (5,808) | (2,245) |
Balance at end of period | $ 49,647 | $ 46,900 | $ 49,647 | $ 46,900 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.70% | 33.50% | 36.40% | 33.40% | |
Income Tax Expense (Benefit) | $ 18,023 | $ 13,545 | $ 32,134 | $ 18,255 | |
Deferred Tax Assets, Net | $ 62,400 | $ 62,400 | $ 74,900 |
Note 14 - Senior Notes - Carryi
Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Carrying amount | $ 842,232 | $ 841,646 |
Senior Notes 5.625% Due February 2020 [Member] | ||
Carrying amount | 247,377 | 246,915 |
Senior Notes 5.5% Due January 2024 [Member] | ||
Carrying amount | 248,487 | 248,391 |
Senior Notes 6% Due January 2043 [Member] | ||
Carrying amount | $ 346,368 | $ 346,340 |
Note 14 - Senior Notes - Carr70
Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) (Parentheticals) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 Compens71
Note 15 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 25, 2016 | May 18, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Share Price | $ 27.10 | |||||
Allocated Share-based Compensation Expense | $ 1,443 | $ 3,176 | $ 2,038 | $ 6,163 | ||
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 | |||||
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 | |||||
Allocated Share-based Compensation Expense | $ 11,200 | 2,500 | 5,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Performance Shares [Member] | ||||||
Allocated Share-based Compensation Expense | $ 903 | 903 | ||||
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted in 2016 [Member] | ||||||
Allocated Share-based Compensation Expense | 900 | |||||
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted In 2017 [Member] | ||||||
Allocated Share-based Compensation Expense | $ 0 | |||||
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, 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, 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% |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based compensation expense | $ 1,443 | $ 3,176 | $ 2,038 | $ 6,163 |
Employee Stock Option [Member] | ||||
Share-based compensation expense | 80 | 2,643 | 356 | 5,293 |
Restricted Stock [Member] | ||||
Share-based compensation expense | 460 | 533 | 779 | 870 |
Performance Shares [Member] | ||||
Share-based compensation expense | $ 903 | $ 903 |
Note 15 - Stock-based Compens73
Note 15 - Stock-based Compensation - Performance Stock Units Granted (Details) - Performance Shares [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
July 25, 2016 [Member] | |
Maximum potential expense to be recognized | $ 10,834 |
June 20, 2017 [Member] | |
Maximum potential expense to be recognized | 15,305 |
Chief Executive Officer [Member] | July 25, 2016 [Member] | |
Maximum potential expense to be recognized | 4,815 |
Base period revenues | $ 1,975,000 |
Threshold goal, number of PSUs (in shares) | shares | 52,500 |
Threshold goal, home sale revenues | $ 2,074,000 |
Target goal, number of PSUs (in shares) | shares | 105,000 |
Target goal, home sale revenues | $ 2,173,000 |
Maximum goal, number of PSUs (in shares) | shares | 210,000 |
Maximum goal, home sale revenues | $ 2,370,000 |
Fair value per share (in dollars per share) | $ / shares | $ 22.93 |
Chief Executive Officer [Member] | June 20, 2017 [Member] | |
Maximum potential expense to be recognized | $ 6,802 |
Base period revenues | $ 2,426,000 |
Threshold goal, number of PSUs (in shares) | shares | 55,000 |
Threshold goal, home sale revenues | $ 2,547,000 |
Target goal, number of PSUs (in shares) | shares | 110,000 |
Target goal, home sale revenues | $ 2,669,000 |
Maximum goal, number of PSUs (in shares) | shares | 220,000 |
Maximum goal, home sale revenues | $ 2,911,000 |
Fair value per share (in dollars per share) | $ / shares | $ 30.92 |
Chief Operating Officer [Member] | July 25, 2016 [Member] | |
Maximum potential expense to be recognized | $ 4,815 |
Base period revenues | $ 1,975,000 |
Threshold goal, number of PSUs (in shares) | shares | 52,500 |
Threshold goal, home sale revenues | $ 2,074,000 |
Target goal, number of PSUs (in shares) | shares | 105,000 |
Target goal, home sale revenues | $ 2,173,000 |
Maximum goal, number of PSUs (in shares) | shares | 210,000 |
Maximum goal, home sale revenues | $ 2,370,000 |
Fair value per share (in dollars per share) | $ / shares | $ 22.93 |
Chief Operating Officer [Member] | June 20, 2017 [Member] | |
Maximum potential expense to be recognized | $ 6,802 |
Base period revenues | $ 2,426,000 |
Threshold goal, number of PSUs (in shares) | shares | 55,000 |
Threshold goal, home sale revenues | $ 2,547,000 |
Target goal, number of PSUs (in shares) | shares | 110,000 |
Target goal, home sale revenues | $ 2,669,000 |
Maximum goal, number of PSUs (in shares) | shares | 220,000 |
Maximum goal, home sale revenues | $ 2,911,000 |
Fair value per share (in dollars per share) | $ / shares | $ 30.92 |
Chief Financial Officer [Member] | July 25, 2016 [Member] | |
Maximum potential expense to be recognized | $ 1,204 |
Base period revenues | $ 1,975,000 |
Threshold goal, number of PSUs (in shares) | shares | 13,125 |
Threshold goal, home sale revenues | $ 2,074,000 |
Target goal, number of PSUs (in shares) | shares | 26,250 |
Target goal, home sale revenues | $ 2,173,000 |
Maximum goal, number of PSUs (in shares) | shares | 52,500 |
Maximum goal, home sale revenues | $ 2,370,000 |
Fair value per share (in dollars per share) | $ / shares | $ 22.93 |
Chief Financial Officer [Member] | June 20, 2017 [Member] | |
Maximum potential expense to be recognized | $ 1,701 |
Base period revenues | $ 2,426,000 |
Threshold goal, number of PSUs (in shares) | shares | 13,750 |
Threshold goal, home sale revenues | $ 2,547,000 |
Target goal, number of PSUs (in shares) | shares | 27,500 |
Target goal, home sale revenues | $ 2,669,000 |
Maximum goal, number of PSUs (in shares) | shares | 55,000 |
Maximum goal, home sale revenues | $ 2,911,000 |
Fair value per share (in dollars per share) | $ / shares | $ 30.92 |
Note 16 - Commitments and Con74
Note 16 - Commitments and Contingencies (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Surety Bonds, Outstanding, Amount | $ 175.8 |
Letters of Credit Outstanding, Amount | 64.6 |
Estimated Cost Related to Bonds | 24.1 |
Estimated Cost Related to Letters of Credit | 32.3 |
Option Contracts [Member] | |
Earnest Money Deposits | 14.5 |
Letters of Credit Outstanding, Amount | $ 3.1 |
Right to Acquire Lots Under Options Contract | 5,090 |
HomeAmerican [Member] | |
Letters of Credit Outstanding, Amount | $ 31.8 |
Note 17 - Derivative Financia75
Note 17 - Derivative Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative, Gain (Loss) on Derivative, Net | $ 200,000 | $ 400,000 | $ 0 | $ 1,000,000 |
Commitment to Originate Mortgage Loans [Member] | ||||
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights | 110,700,000 | 110,700,000 | ||
No Commitment to Originate Mortgage Loans [Member] | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 18,600,000 | 18,600,000 | ||
Forward Sales of Mortgage Backed Securities [Member] | ||||
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights | $ 106,000,000 | $ 106,000,000 |
Note 18 - Lines of Credit (Deta
Note 18 - Lines of Credit (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |||||||||
Mar. 31, 2017 | Jun. 30, 2017 | Jun. 29, 2017 | Jun. 28, 2017 | Dec. 31, 2016 | Dec. 27, 2016 | Dec. 26, 2016 | Sep. 26, 2016 | Dec. 18, 2015 | Nov. 12, 2008 | |
Letters of Credit Outstanding, Amount | $ 64.6 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
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 | 502.2 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | $ 550 | ||||||||
Standby Letters of Credit [Member] | ||||||||||
Line of Credit Facility Maximum Borrowing Capacity Percentage | 50.00% | |||||||||
Letters of Credit Outstanding, Amount | 32.8 | 23 | ||||||||
Mortgage Repurchase Facility [Member] | Warehouse Agreement Borrowings [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | $ 75 | $ 125 | $ 75 | $ 75 | $ 50 | ||||
Warehouse Agreement Borrowings | $ 69.1 | $ 114.5 |
Note 19 - Related Party Trans77
Note 19 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Contribution Committed to Charitable Foundation | $ 1.5 | $ 1 |
Note 20 - Supplemental Guaran78
Note 20 - Supplemental Guarantor Information (Details Textual) | 6 Months Ended |
Jun. 30, 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% |
Note 20 - Supplemental Guaran79
Note 20 - Supplemental Guarantor Information - Supplemental Condensed Combining Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Total Assets | $ 2,536,411 | $ 2,528,589 | ||
Total Liabilities | 1,172,758 | 1,208,519 | ||
Total Stockholders' Equity | 1,363,653 | 1,320,070 | ||
Total Liabilities and Stockholders' Equity | 2,536,411 | 2,528,589 | ||
Cash and cash equivalents | 337,976 | 282,909 | $ 171,306 | $ 180,988 |
Deferred tax asset, net | 62,400 | 74,900 | ||
Homebuilding Segment [Member] | ||||
Prepaid and other assets | 67,009 | 60,463 | ||
Other assets | 1,453 | 1,384 | ||
Total Assets | 2,368,105 | 2,317,495 | ||
Accounts payable | 48,327 | 42,088 | ||
Accrued liabilities | 148,199 | 144,566 | ||
Advances and notes payable to parent and subsidiaries | ||||
Revolving credit facility | 15,000 | 15,000 | ||
Senior notes, net | 842,232 | 841,646 | ||
Total Liabilities | 1,053,758 | 1,043,300 | ||
Cash and cash equivalents | 314,814 | 259,087 | ||
Marketable securities | 65,268 | 59,770 | ||
Restricted cash | 5,027 | 3,778 | ||
Trade and other receivables | 37,747 | 42,492 | ||
Housing Completed or Under Construction | 909,911 | 874,199 | ||
Land and Land Under Development | 846,825 | 884,615 | ||
Total Inventories | 1,756,736 | 1,758,814 | ||
Intercompany receivables | ||||
Investment in subsidiaries | ||||
Property and equipment, net | 27,194 | 28,041 | ||
Deferred tax asset, net | 62,446 | 74,888 | ||
Metropolitan district bond securities (related party) | 31,864 | 30,162 | ||
Financial Services Segment [Member] | ||||
Mortgage loans held-for-sale, net | 95,283 | 138,774 | ||
Other assets | 11,195 | 12,062 | ||
Total Assets | 168,306 | 211,094 | ||
Accounts payable and accrued liabilities | 49,873 | 50,734 | ||
Advances and notes payable to parent and subsidiaries | ||||
Mortgage repurchase facility | 69,127 | 114,485 | ||
Total Liabilities | 119,000 | 165,219 | ||
Cash and cash equivalents | 23,162 | 23,822 | ||
Marketable securities | 38,666 | 36,436 | ||
Intercompany receivables | ||||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Total Assets | 2,302,330 | 2,226,377 | ||
Total Liabilities | 938,677 | 906,307 | ||
Total Stockholders' Equity | 1,363,653 | 1,320,070 | ||
Total Liabilities and Stockholders' Equity | 2,302,330 | 2,226,377 | ||
Cash and cash equivalents | 310,329 | 255,679 | 127,973 | 141,245 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Total Assets | 1,869,110 | 1,865,792 | ||
Total Liabilities | 1,572,157 | 1,623,979 | ||
Total Stockholders' Equity | 296,953 | 241,813 | ||
Total Liabilities and Stockholders' Equity | 1,869,110 | 1,865,792 | ||
Cash and cash equivalents | 4,485 | 3,408 | 4,033 | 3,097 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Total Assets | 212,645 | 257,194 | ||
Total Liabilities | 154,646 | 203,793 | ||
Total Stockholders' Equity | 57,999 | 53,401 | ||
Total Liabilities and Stockholders' Equity | 212,645 | 257,194 | ||
Cash and cash equivalents | 23,162 | 23,822 | 39,300 | 36,646 |
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Parent Company [Member] | ||||
Prepaid and other assets | 3,464 | 5,267 | ||
Total Assets | 2,302,330 | 2,226,377 | ||
Accounts payable | ||||
Accrued liabilities | 33,656 | 1,527 | ||
Advances and notes payable to parent and subsidiaries | 47,789 | 48,134 | ||
Revolving credit facility | 15,000 | 15,000 | ||
Senior notes, net | 842,232 | 841,646 | ||
Total Liabilities | 938,677 | 906,307 | ||
Cash and cash equivalents | 310,329 | 255,679 | ||
Marketable securities | 65,268 | 59,770 | ||
Restricted cash | ||||
Trade and other receivables | 5,490 | 5,380 | ||
Housing Completed or Under Construction | ||||
Land and Land Under Development | ||||
Total Inventories | ||||
Intercompany receivables | 1,442,812 | 1,475,291 | ||
Investment in subsidiaries | 354,952 | 295,214 | ||
Property and equipment, net | 25,057 | 25,495 | ||
Deferred tax asset, net | 63,094 | 74,119 | ||
Metropolitan district bond securities (related party) | 31,864 | 30,162 | ||
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member] | ||||
Prepaid and other assets | 63,545 | 55,196 | ||
Total Assets | 1,869,110 | 1,865,792 | ||
Accounts payable | 48,327 | 42,088 | ||
Accrued liabilities | 111,794 | 136,615 | ||
Advances and notes payable to parent and subsidiaries | 1,412,036 | 1,445,276 | ||
Revolving credit facility | ||||
Senior notes, net | ||||
Total Liabilities | 1,572,157 | 1,623,979 | ||
Cash and cash equivalents | 4,485 | 3,408 | ||
Marketable securities | ||||
Restricted cash | 5,027 | 3,778 | ||
Trade and other receivables | 34,378 | 39,247 | ||
Housing Completed or Under Construction | 909,911 | 874,199 | ||
Land and Land Under Development | 846,825 | 884,615 | ||
Total Inventories | 1,756,736 | 1,758,814 | ||
Intercompany receivables | 2,802 | 2,803 | ||
Investment in subsidiaries | ||||
Property and equipment, net | 2,137 | 2,546 | ||
Deferred tax asset, net | ||||
Metropolitan district bond securities (related party) | ||||
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Prepaid and other assets | ||||
Total Assets | 5,645 | 5,289 | ||
Accounts payable | ||||
Accrued liabilities | 99 | 143 | ||
Advances and notes payable to parent and subsidiaries | 27,016 | 26,266 | ||
Revolving credit facility | ||||
Senior notes, net | ||||
Total Liabilities | 27,115 | 26,409 | ||
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 | 5,645 | 5,289 | ||
Investment in subsidiaries | ||||
Property and equipment, net | ||||
Deferred tax asset, net | ||||
Metropolitan district bond securities (related party) | ||||
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Parent Company [Member] | ||||
Mortgage loans held-for-sale, net | ||||
Other assets | ||||
Total Assets | ||||
Accounts payable and accrued liabilities | ||||
Advances and notes payable to parent and subsidiaries | ||||
Mortgage repurchase facility | ||||
Total Liabilities | ||||
Cash and cash equivalents | ||||
Marketable securities | ||||
Intercompany receivables | ||||
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Guarantor Subsidiaries [Member] | ||||
Mortgage loans held-for-sale, net | ||||
Other assets | ||||
Total Assets | ||||
Accounts payable and accrued liabilities | ||||
Advances and notes payable to parent and subsidiaries | ||||
Mortgage repurchase facility | ||||
Total Liabilities | ||||
Cash and cash equivalents | ||||
Marketable securities | ||||
Intercompany receivables | ||||
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Mortgage loans held-for-sale, net | 95,283 | 138,774 | ||
Other assets | 10,547 | 12,831 | ||
Total Assets | 207,000 | 251,905 | ||
Accounts payable and accrued liabilities | 54,644 | 59,150 | ||
Advances and notes payable to parent and subsidiaries | 3,760 | 3,749 | ||
Mortgage repurchase facility | 69,127 | 114,485 | ||
Total Liabilities | 127,531 | 177,384 | ||
Cash and cash equivalents | 23,162 | 23,822 | ||
Marketable securities | 38,666 | 36,436 | ||
Intercompany receivables | 39,342 | 40,042 | ||
Consolidation, Eliminations [Member] | ||||
Total Assets | (1,847,674) | (1,820,774) | ||
Total Liabilities | (1,492,722) | (1,525,560) | ||
Total Stockholders' Equity | (354,952) | (295,214) | ||
Total Liabilities and Stockholders' Equity | (1,847,674) | (1,820,774) | ||
Cash and cash equivalents | ||||
Consolidation, Eliminations [Member] | Homebuilding Segment [Member] | ||||
Prepaid and other assets | ||||
Total Assets | (1,808,980) | (1,779,963) | ||
Accounts payable | ||||
Accrued liabilities | 2,650 | 6,281 | ||
Advances and notes payable to parent and subsidiaries | (1,486,841) | (1,519,676) | ||
Revolving credit facility | ||||
Senior notes, net | ||||
Total Liabilities | (1,484,191) | (1,513,395) | ||
Cash and cash equivalents | ||||
Marketable securities | ||||
Restricted cash | ||||
Trade and other receivables | (2,121) | (2,135) | ||
Housing Completed or Under Construction | ||||
Land and Land Under Development | ||||
Total Inventories | ||||
Intercompany receivables | (1,451,259) | (1,483,383) | ||
Investment in subsidiaries | (354,952) | (295,214) | ||
Property and equipment, net | ||||
Deferred tax asset, net | (648) | 769 | ||
Metropolitan district bond securities (related party) | ||||
Consolidation, Eliminations [Member] | Financial Services Segment [Member] | ||||
Mortgage loans held-for-sale, net | ||||
Other assets | 648 | (769) | ||
Total Assets | (38,694) | (40,811) | ||
Accounts payable and accrued liabilities | (4,771) | (8,416) | ||
Advances and notes payable to parent and subsidiaries | (3,760) | (3,749) | ||
Mortgage repurchase facility | ||||
Total Liabilities | (8,531) | (12,165) | ||
Cash and cash equivalents | ||||
Marketable securities | ||||
Intercompany receivables | $ (39,342) | $ (40,042) |
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 | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Comprehensive income | $ 35,815 | $ 27,808 | $ 60,050 | $ 39,319 | |
Inventory impairments | (4,850) | (1,600) | |||
Interest expense | |||||
Other-than-temporary impairment of marketable securities | (100) | (300) | (182) | (719) | |
Pretax income (loss) | 51,894 | 40,458 | 88,254 | 54,731 | |
(Provision) benefit for income taxes | (18,023) | (13,545) | (32,134) | (18,255) | |
Net income | 33,871 | 26,913 | 56,120 | 36,476 | |
Other comprehensive income related to available-for-sale securities, net of tax | 1,944 | 895 | 3,930 | 2,843 | |
Homebuilding Segment [Member] | |||||
Revenues | 648,971 | 571,511 | 1,212,697 | 968,255 | |
Cost of sales | (540,279) | (476,052) | (1,009,432) | (807,741) | |
Inventory impairments | $ (4,850) | (1,600) | (4,850) | (1,600) | |
Gross margin | 108,692 | 93,859 | 198,415 | 158,914 | |
Selling, general, and administrative expenses | (70,709) | (64,440) | (137,007) | (120,717) | |
Equity income of subsidiaries | |||||
Interest and other income | 2,847 | 2,553 | 5,174 | 3,489 | |
Interest expense | |||||
Other expense | (666) | (278) | (1,017) | (905) | |
Other-than-temporary impairment of marketable securities | (1) | (288) | (51) | (719) | |
Pretax income (loss) | 40,163 | 31,406 | 65,514 | 40,062 | |
Financial Services Segment [Member] | |||||
Other-than-temporary impairment of marketable securities | (80) | (131) | |||
Pretax income (loss) | 11,731 | 9,052 | 22,740 | 14,669 | |
Reportable Legal Entities [Member] | Parent Company [Member] | |||||
Comprehensive income | 35,815 | 27,808 | 60,050 | 39,319 | |
Pretax income (loss) | 30,215 | 23,412 | 48,485 | 28,719 | |
(Provision) benefit for income taxes | 3,656 | 3,501 | 7,635 | 7,757 | |
Net income | 33,871 | 26,913 | 56,120 | 36,476 | |
Other comprehensive income related to available-for-sale securities, net of tax | 1,944 | 895 | 3,930 | 2,843 | |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Comprehensive income | 32,921 | 27,235 | 55,143 | 41,602 | |
Pretax income (loss) | 50,400 | 40,981 | 86,717 | 62,424 | |
(Provision) benefit for income taxes | (17,479) | (13,746) | (31,574) | (20,822) | |
Net income | 32,921 | 27,235 | 55,143 | 41,602 | |
Other comprehensive income related to available-for-sale securities, net of tax | |||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Comprehensive income | 7,644 | 6,045 | 15,287 | 9,047 | |
Pretax income (loss) | 11,388 | 8,974 | 22,192 | 13,867 | |
(Provision) benefit for income taxes | (4,200) | (3,300) | (8,195) | (5,190) | |
Net income | 7,188 | 5,674 | 13,997 | 8,677 | |
Other comprehensive income related to available-for-sale securities, net of tax | 456 | 371 | 1,290 | 370 | |
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Parent Company [Member] | |||||
Revenues | |||||
Cost of sales | |||||
Inventory impairments | |||||
Gross margin | |||||
Selling, general, and administrative expenses | (12,233) | (11,228) | (24,628) | (23,330) | |
Equity income of subsidiaries | 40,109 | 32,909 | 69,140 | 50,279 | |
Interest and other income | 2,332 | 2,020 | 4,008 | 2,492 | |
Interest expense | |||||
Other expense | 8 | (1) | 16 | (3) | |
Other-than-temporary impairment of marketable securities | (1) | (288) | (51) | (719) | |
Pretax income (loss) | 30,215 | 23,412 | 48,485 | 28,719 | |
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member] | |||||
Revenues | 648,971 | 571,511 | 1,212,697 | 968,255 | |
Cost of sales | (540,279) | (476,052) | (1,009,432) | (807,441) | |
Inventory impairments | (1,600) | (4,850) | (1,600) | ||
Gross margin | 108,692 | 93,859 | 198,415 | 159,214 | |
Selling, general, and administrative expenses | (58,284) | (53,024) | (112,005) | (97,040) | |
Equity income of subsidiaries | |||||
Interest and other income | 666 | 423 | 1,340 | 1,152 | |
Interest expense | |||||
Other expense | (674) | (277) | (1,033) | (902) | |
Other-than-temporary impairment of marketable securities | |||||
Pretax income (loss) | 50,400 | 40,981 | 86,717 | 62,424 | |
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Revenues | |||||
Cost of sales | (300) | ||||
Inventory impairments | |||||
Gross margin | (300) | ||||
Selling, general, and administrative expenses | |||||
Equity income of subsidiaries | |||||
Interest and other income | 3 | 2 | 4 | 3 | |
Interest expense | |||||
Other expense | |||||
Other-than-temporary impairment of marketable securities | |||||
Pretax income (loss) | 3 | 2 | 4 | (297) | |
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Parent Company [Member] | |||||
Pretax income (loss) | |||||
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Guarantor Subsidiaries [Member] | |||||
Pretax income (loss) | |||||
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Pretax income (loss) | 11,385 | 8,972 | 22,188 | 14,164 | |
Consolidation, Eliminations [Member] | |||||
Comprehensive income | (40,565) | (33,280) | (70,430) | (50,649) | |
Pretax income (loss) | (40,109) | (32,909) | (69,140) | (50,279) | |
(Provision) benefit for income taxes | |||||
Net income | (40,109) | (32,909) | (69,140) | (50,279) | |
Other comprehensive income related to available-for-sale securities, net of tax | (456) | (371) | (1,290) | (370) | |
Consolidation, Eliminations [Member] | Homebuilding Segment [Member] | |||||
Revenues | |||||
Cost of sales | |||||
Inventory impairments | |||||
Gross margin | |||||
Selling, general, and administrative expenses | (192) | (188) | (374) | (347) | |
Equity income of subsidiaries | (40,109) | (32,909) | (69,140) | (50,279) | |
Interest and other income | (154) | 108 | (178) | (158) | |
Interest expense | |||||
Other expense | |||||
Other-than-temporary impairment of marketable securities | |||||
Pretax income (loss) | (40,455) | (32,989) | (69,692) | (50,784) | |
Consolidation, Eliminations [Member] | Financial Services Segment [Member] | |||||
Pretax income (loss) | $ 346 | $ 80 | $ 552 | $ 505 |
Note 20 - Supplemental Guaran81
Note 20 - Supplemental Guarantor Information - Supplemental Condensed Combining Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Payments from (advances to) subsidiaries | ||
Mortgage repurchase facility | (45,358) | 4,686 |
Dividend payments | (25,809) | (24,504) |
Proceeds from exercise of stock options | 7,304 | |
Net cash provided by (used in) financing activities | (63,863) | (19,818) |
Net increase in cash and cash equivalents | 55,067 | (9,682) |
Cash and cash equivalents: | ||
Beginning of period | 282,909 | 180,988 |
Net cash provided by (used in) operating activities | 120,887 | (22,086) |
Net cash provided by (used in) investing activities | (1,957) | 32,222 |
Financing Activities: | ||
End of period | 337,976 | 171,306 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Payments from (advances to) subsidiaries | ||
Mortgage repurchase facility | ||
Dividend payments | (25,809) | (24,504) |
Proceeds from exercise of stock options | 7,304 | |
Net cash provided by (used in) financing activities | (18,505) | (24,504) |
Net increase in cash and cash equivalents | 54,650 | (13,272) |
Cash and cash equivalents: | ||
Beginning of period | 255,679 | 141,245 |
Net cash provided by (used in) operating activities | 32,086 | 17,988 |
Net cash provided by (used in) investing activities | 41,069 | (6,756) |
Financing Activities: | ||
End of period | 310,329 | 127,973 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Payments from (advances to) subsidiaries | (33,340) | 47,816 |
Mortgage repurchase facility | ||
Dividend payments | ||
Proceeds from exercise of stock options | ||
Net cash provided by (used in) financing activities | (33,340) | 47,816 |
Net increase in cash and cash equivalents | 1,077 | 936 |
Cash and cash equivalents: | ||
Beginning of period | 3,408 | 3,097 |
Net cash provided by (used in) operating activities | 34,505 | (45,748) |
Net cash provided by (used in) investing activities | (88) | (1,132) |
Financing Activities: | ||
End of period | 4,485 | 4,033 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Payments from (advances to) subsidiaries | (9,539) | (4,739) |
Mortgage repurchase facility | (45,358) | 4,686 |
Dividend payments | ||
Proceeds from exercise of stock options | ||
Net cash provided by (used in) financing activities | (54,897) | (53) |
Net increase in cash and cash equivalents | (660) | 2,654 |
Cash and cash equivalents: | ||
Beginning of period | 23,822 | 36,646 |
Net cash provided by (used in) operating activities | 54,296 | 5,674 |
Net cash provided by (used in) investing activities | (59) | (2,967) |
Financing Activities: | ||
End of period | 23,162 | 39,300 |
Consolidation, Eliminations [Member] | ||
Payments from (advances to) subsidiaries | 42,879 | (43,077) |
Mortgage repurchase facility | ||
Dividend payments | ||
Proceeds from exercise of stock options | ||
Net cash provided by (used in) financing activities | 42,879 | (43,077) |
Net increase in cash and cash equivalents | ||
Cash and cash equivalents: | ||
Beginning of period | ||
Net cash provided by (used in) operating activities | ||
Net cash provided by (used in) investing activities | (42,879) | 43,077 |
Financing Activities: | ||
End of period |