M.D.C. (MDC) 10-Q 1 Aug 17 2017 Q2 Quarterly report Financial data

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