M.D.C. (MDC) 10-Q 2 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 01, 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)		51,943,156
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 377,818	$ 282,909
Inventories:
Deferred tax asset, net	64,200	74,900
Total Assets	2,566,302	2,528,589
Cash and cash equivalents	377,818	282,909
Total Assets	2,566,302	2,528,589
LIABILITIES AND EQUITY
Total Liabilities	1,175,383	1,208,519
Total Liabilities	1,175,383	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; 51,933,969 and 51,485,090 issued and outstanding at September 30, 2017 and December 31, 2016, respectively	519	515
Additional paid-in-capital	995,132	983,532
Retained earnings	392,442	313,952
Accumulated other comprehensive income	2,826	22,071
Total Stockholders' Equity	1,390,919	1,320,070
Total Liabilities and Stockholders' Equity	2,566,302	2,528,589
Homebuilding Segment [Member]
ASSETS
Cash and cash equivalents	351,399	259,087
Marketable securities		59,770
Restricted cash	8,723	3,778
Trade and other receivables	42,904	42,492
Inventories:
Housing Completed or Under Construction	969,419	874,199
Land and Land Under Development	863,002	884,615
Total inventories	1,832,421	1,758,814
Property and equipment, net	26,304	28,041
Deferred tax asset, net	64,164	74,888
Metropolitan district bond securities (related party)		30,162
Prepaid and other assets	72,808	60,463
Total Assets	2,398,723	2,317,495
Cash and cash equivalents	351,399	259,087
Marketable securities		59,770
Other assets	1,195	1,384
Total Assets	2,398,723	2,317,495
LIABILITIES AND EQUITY
Accounts payable	49,390	42,088
Accrued liabilities	151,661	144,566
Revolving credit facility	15,000	15,000
Senior notes, net	842,532	841,646
Total Liabilities	1,058,583	1,043,300
Total Liabilities	1,058,583	1,043,300
Financial Services Segment [Member]
ASSETS
Cash and cash equivalents	26,419	23,822
Marketable securities	40,221	36,436
Inventories:
Total Assets	167,579	211,094
Cash and cash equivalents	26,419	23,822
Marketable securities	40,221	36,436
Mortgage loans held-for-sale, net	89,804	138,774
Other assets	11,135	12,062
Total Assets	167,579	211,094
LIABILITIES AND EQUITY
Total Liabilities	116,800	165,219
Accounts payable and accrued liabilities	51,697	50,734
Mortgage repurchase facility	65,103	114,485
Total Liabilities	$ 116,800	$ 165,219

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 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)	51,933,969	51,485,090
Common stock, shares outstanding (in shares)	51,933,969	51,485,090

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Inventory impairments			$ (9,390,000)	$ (6,300,000)
Other-than-temporary impairment of marketable securities	$ 0	$ (300,000)	(211,000)	(1,045,000)
Pretax income	89,680,000	38,052,000	177,934,000	92,783,000
Income before income taxes	89,680,000	38,052,000	177,934,000	92,783,000
Provision for income taxes	(28,517,000)	(11,693,000)	(60,651,000)	(29,948,000)
Net income	61,163,000	26,359,000	117,283,000	62,835,000
Other comprehensive income (loss) related to available for sale securities, net of tax	(23,175,000)	1,028,000	(19,245,000)	3,871,000
Comprehensive income	$ 37,988,000	$ 27,387,000	$ 98,038,000	$ 66,706,000
Earnings per share:
Basic (in dollars per share)	$ 1.18	$ 0.51	$ 2.27	$ 1.22
Diluted (in dollars per share)	$ 1.16	$ 0.51	$ 2.23	$ 1.22
Weighted average common shares outstanding:
Basic (in shares)	51,650,360	51,297,132	51,502,986	51,286,844
Diluted (in shares)	52,601,118	51,460,446	52,248,377	51,297,765
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.24	$ 0.75	$ 0.72
Homebuilding Segment [Member]
Home sale revenues	$ 584,947,000	$ 575,722,000	$ 1,796,046,000	$ 1,541,337,000
Land sale revenues	1,340,000	2,290,000	2,938,000	4,930,000
Total home and land sale revenues	586,287,000	578,012,000	1,798,984,000	1,546,267,000
Home cost of sales	(485,147,000)	(481,511,000)	(1,493,166,000)	(1,287,373,000)
Land cost of sales	(1,259,000)	(2,318,000)	(2,672,000)	(4,197,000)
Inventory impairments	(4,540,000)	(4,700,000)	(9,390,000)	(6,300,000)
Total cost of sales	(490,946,000)	(488,529,000)	(1,505,228,000)	(1,297,870,000)
Gross margin	95,341,000	89,483,000	293,756,000	248,397,000
Selling, general and administrative expenses	(69,102,000)	(61,904,000)	(206,109,000)	(182,621,000)
Interest and other income	54,548,000	1,869,000	59,722,000	5,358,000
Other expense	(618,000)	(1,558,000)	(1,635,000)	(2,463,000)
Other-than-temporary impairment of marketable securities		(215,000)	(51,000)	(934,000)
Pretax income	80,169,000	27,675,000	145,683,000	67,737,000
Income before income taxes	80,169,000	27,675,000	145,683,000	67,737,000
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities	(29,000)	(111,000)	(160,000)	(111,000)
Pretax income	9,511,000	10,377,000	32,251,000	25,046,000
Financial services revenues	17,464,000	17,408,000	54,516,000	44,248,000
Expenses	(8,849,000)	(7,955,000)	(25,247,000)	(21,739,000)
Interest and other income	925,000	1,035,000	3,142,000	2,648,000
Income before income taxes	$ 9,511,000	$ 10,377,000	$ 32,251,000	$ 25,046,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities:
Net income	$ 117,283,000	$ 62,835,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense	3,100,000	6,636,000
Depreciation and amortization	4,205,000	3,702,000
Inventory impairments	9,390,000	6,300,000
Other-than-temporary impairment of marketable securities	211,000	1,045,000
Gain on sale of marketable securities	(18,122,000)	(911,000)
Gain on sale of metropolitan district bond securities (related party)	(35,847,000)
Deferred income tax expense	22,795,000	11,357,000
Net changes in assets and liabilities:
Restricted cash	(4,945,000)	(871,000)
Trade and other receivables	119,000	(21,679,000)
Mortgage loans held-for-sale	48,970,000	(2,319,000)
Prepaid expenses and other assets	(11,229,000)	(4,573,000)
Accounts payable and accrued liabilities	15,345,000	18,183,000
Net cash provided by (used in) operating activities	69,164,000	(8,903,000)
Investing Activities:
Purchases of marketable securities	(17,604,000)	(28,272,000)
Sales of marketable securities	83,315,000	56,873,000
Proceeds from sale of metropolitan district bond securities (related party)	44,253,000
Purchases of property and equipment	(1,917,000)	(3,865,000)
Net cash provided by investing activities	108,047,000	24,736,000
Financing Activities:
Advances (payments) on mortgage repurchase facility, net	(49,382,000)	3,400,000
Dividend payments	(38,793,000)	(36,763,000)
Payments of deferred financing costs	(2,630,000)
Proceeds from exercise of stock options	8,503,000
Net cash used in financing activities	(82,302,000)	(33,363,000)
Net increase (decrease) in cash and cash equivalents	94,909,000	(17,530,000)
Cash and cash equivalents:
Beginning of period	282,909,000	180,988,000
End of period	377,818,000	163,458,000
Housing Completed or Under Construction [Member]
Net changes in assets and liabilities:
Housing completed or under construction and land under development	(101,997,000)	(229,739,000)
Land and Land Under Development [Member]
Net changes in assets and liabilities:
Housing completed or under construction and land under development	$ 19,886,000	$ 141,131,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	M.D.C. HOLDINGS, INC. Notes to Unaudited Consolidated Financial Statements 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 September 30, 2017 10 December 31, 2016. On November 21, 2016, ’s board of directors declared a 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	9 Months Ended
	Sep. 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, 2018 first Although we are still in the process of evaluating our contracts and updating our accounting policies, we do not 606 606, 606 606, not In addition, ASU 2014 09 eliminates the guidance in ASC Topic 970, Real Estate , 340 40, Other Assets and Deferred Costs — Contracts With Customers 340 40 340 40, not not 340 40, 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 2017 third 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 nine September 30, 2017, $0.0 $0.1 September 30, 2017, 567,000 1 September 30, 2017 2 2017 fourth 2017, $2.6 2017. 2016 09 not not 2016 09 not not December 31, 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	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding West $ 326,804 $ 284,589 $ 959,641 $ 745,995 Mountain 167,066 192,876 564,558 521,034 East 92,417 100,547 274,785 279,238 Total homebuilding revenues $ 586,287 $ 578,012 $ 1,798,984 $ 1,546,267 Financial Services Mortgage operations $ 11,176 $ 11,294 $ 36,056 $ 28,866 Other 6,288 6,114 18,460 15,382 Total financial services revenues $ 17,464 $ 17,408 $ 54,516 $ 44,248 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding West $ 17,746 $ 18,392 $ 54,335 $ 43,830 Mountain 18,326 18,856 61,097 49,688 East 2,613 (2,267 ) 9,989 3,600 Corporate 41,484 (7,306 ) 20,262 (29,381 ) Total homebuilding pretax income $ 80,169 $ 27,675 $ 145,683 $ 67,737 Financial Services Mortgage operations $ 5,857 $ 6,723 $ 21,093 $ 16,491 Other 3,654 3,654 11,158 8,555 Total financial services pretax income $ 9,511 $ 10,377 $ 32,251 $ 25,046 Total pretax income $ 89,680 $ 38,052 $ 177,934 $ 92,783 The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include our cash and cash equivalents, marketable securities and deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. September 30, December 31, 2017 2016 Homebuilding assets (Dollars in thousands) West $ 1,052,795 $ 1,035,033 Mountain 677,721 571,139 East 217,238 256,816 Corporate 450,969 454,507 Total homebuilding assets $ 2,398,723 $ 2,317,495 Financial services assets Mortgage operations $ 102,704 $ 153,182 Other 64,875 57,912 Total financial services assets $ 167,579 $ 211,094 Total assets $ 2,566,302 $ 2,528,589

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	9 Months Ended
	Sep. 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 potentially dilutive stock options outstanding. The table below shows our basic and diluted EPS calculations. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands, except per share amounts) Numerator Net income $ 61,163 $ 26,359 $ 117,283 $ 62,835 Less: distributed earnings allocated to participating securities (68 ) (45 ) (196 ) (124 ) Less: undistributed earnings allocated to participating securities (244 ) (49 ) (375 ) (83 ) Net income attributable to common stockholders (numerator for basic earnings per share) 60,851 26,265 116,712 62,628 Add back: undistributed earnings allocated to participating securities 244 49 375 83 Less: undistributed earnings reallocated to participating securities (240 ) (49 ) (369 ) (83 ) Numerator for diluted earnings per share under two class method $ 60,855 $ 26,265 $ 116,718 $ 62,628 Denominator Weighted-average common shares outstanding 51,650,360 51,297,132 51,502,986 51,286,844 Add: dilutive effect of stock options 950,758 163,314 745,391 10,921 Denominator for diluted earnings per share under two class method 52,601,118 51,460,446 52,248,377 51,297,765 Basic Earnings Per Common Share $ 1.18 $ 0.51 $ 2.27 $ 1.22 Diluted Earnings Per Common Share $ 1.16 $ 0.51 $ 2.23 $ 1.22 Diluted EPS for the three nine September 30, 2017 0.7 1.1 2016, 5.3 6.4 three nine September 30, 2017

Note 5 - Accumulated Other Comp

Note 5 - Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Unrealized gains on available-for-sale marketable securities 1 Beginning balance $ 11,176 $ 5,344 $ 7,730 $ 3,657 Other comprehensive income before reclassifications 1,778 1,156 6,201 2,559 Amounts reclassified from AOCI 2 (10,128 ) (201 ) (11,105 ) 83 Ending balance $ 2,826 $ 6,299 $ 2,826 $ 6,299 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 14,825 $ 13,214 $ 14,341 $ 12,058 Other comprehensive income before reclassifications 7,400 73 7,884 1,229 Amounts reclassified from AOCI (22,225 ) - (22,225 ) - Ending balance $ - $ 13,287 $ - $ 13,287 Total ending AOCI $ 2,826 $ 19,586 $ 2,826 $ 19,586 ( 1 All amounts net-of-tax. ( 2 See separate table below for details about these reclassifications The following table sets forth the activity related to reclassifications out of accumulated other comprehensive income related to available for sale securities: Three Months Ended Nine Months Ended September 30, September 30, Affected Line Item in the Statements of Operations 2017 2016 2017 2016 (Dollars in thousands) Homebuilding: Interest and other income $ 52,211 $ 555 $ 53,622 $ 817 Homebuilding: Other-than-temporary impairment of marketable securities - (215 ) (51 ) (934 ) Financial services: Interest and other income - 94 347 94 Financial services: Other-than-temporary impairment of marketable securities (29 ) (111 ) (160 ) (111 ) Income before income taxes 52,182 323 53,758 (134 ) Provision for income taxes (19,829 ) (122 ) (20,428 ) 51 Net income $ 32,353 $ 201 $ 33,330 $ (83 )

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2017 December 31, 2016 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 40,221 $ 96,206 Mortgage loans held-for-sale, net Level 2 $ 89,804 $ 138,774 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ - $ 30,162 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of September 30, 2017 December 31, 2016. Cash and cash equivalents, restricted cash, trade and other receivables, prepaid and other assets, accounts payable, accrued liabilities and borrowings on our revolving credit facility. Fair value approximates carrying value. Marketable s ecurities September 30, 2017 December 31, 2016, September 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 nine September 30, 2017, $0.0 $0.2 2016, $0.3 $1.0 The following tables set forth the cost and estimated fair value of our available-for-sale marketable securities: September 30, 2017 Cost Basis OTTI Net Cost Basis Fair Value (Dollars in thousands) Homebuilding equity securities $ - $ - $ - $ - Financial services equity securities 36,304 ( ) 35,938 40,221 Total marketable equity securities $ 36,304 $ ( ) $ 35,938 $ 40,221 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 September 30, 2017 December 31, 2016, $4.3 $12.5 $0.6 $0.5 September 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 September 30, 2017 September 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 $ (615 ) $ 1,384 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities $ 16,577 $ 740 $ 18,365 $ 2,210 Gross realized losses on sales of available-for-sale securities (213 ) (91 ) (243 ) (1,299 ) Net realized gain on sales of available-for-sale securities $ 16,364 $ 649 $ 18,122 $ 911 Mortgage loans held-for-sale, net. 1 2 not September 30, 2017 December 31, 2016, $75.3 $96.2 2 September 30, 2017 December 31, 2016, $14.5 $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 nine September 30, 2017, $9.8 $28.5 $10.0 $22.5 Metropolitan district bond securities (related party). The metropolitan district bond securities (the “Metro Bonds”) are included in the homebuilding section of our consolidated balance sheets. We acquired the Metro Bonds from a quasi-municipal corporation in the state of Colorado (the “Metro District”), which was formed to help fund and maintain the infrastructure associated with a master-planned community being developed by our Company. During the 2017 third $44.3 $8.4 $35.8 Mortgage Repurchase Facility. The debt associated with our mortgage repurchase facility (see Note 18 30 2 Senior Notes . The estimated values of the senior notes in the following table are based on Level 2 September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,613 $ 268,113 $ 246,915 $ 265,611 5½% Senior Notes due January 2024, net 248,535 270,250 248,391 258,800 6% Senior Notes due January 2043, net 346,384 340,423 346,340 297,087 Total $ 842,532 $ 878,786 $ 841,646 $ 821,498

Note 7 - Inventories

Note 7 - Inventories	9 Months Ended
	Sep. 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: September 30, December 31, 2017 2016 (Dollars in thousands) Housing completed or under construction: West $ 489,753 $ 470,503 Mountain 343,394 277,922 East 136,272 125,774 Subtotal 969,419 874,199 Land and land under development: West 489,758 499,186 Mountain 305,953 271,252 East 67,291 114,177 Subtotal 863,002 884,615 Total inventories $ 1,832,421 $ 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 currentl y 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 ’s carrying value, the carrying value of the subdivision is written down to its then estimated fair value. We generally determine the estimated fair value of each subdivision by determining the present value of the estimated future cash flows at discount rates, which are Level 3 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 nine September 30, 2017 2016 Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) West $ 1,885 $ - $ 5,985 $ 1,400 Mountain 370 - 370 - East 2,285 4,700 3,035 4,900 Total inventory impairments $ 4,540 $ 4,700 $ 9,390 $ 6,300 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 Subdivisions Tested Inventory Impairments Fair Value of Inventory After Impairments Number of Subdivisions Impaired Discount Rate (Dollars in thousands) March 31, 2017 33 $ 4,850 $ 19,952 2 12% to 18% June 30, 2017 35 $ - $ - - N/A September 30, 2017 33 $ 4,540 $ 52,190 9 10% to 15% March 31, 2016 14 $ - $ - - N/A June 30, 2016 17 $ 1,600 $ 6,415 2 12% to 15% September 30, 2016 25 $ 4,700 $ 12,295 2 15% to 18%

Note 8 - Capitalization of Inte

Note 8 - Capitalization of Interest	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Capitalization Disclosure [Text Block]	M.D.C. HOLDINGS, INC. Notes to Unaudited Consolidated Financial Statements 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding interest incurred $ 13,212 $ 13,187 $ 39,594 $ 39,511 Less: Interest capitalized (13,212 ) (13,187 ) (39,594 ) (39,511 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 62,091 $ 77,150 $ 68,085 $ 77,541 Plus: Interest capitalized during period 13,212 13,187 39,594 39,511 Less: Previously capitalized interest included in home and land cost of sales (15,087 ) (15,922 ) (47,463 ) (42,637 ) Interest capitalized, end of period $ 60,216 $ 74,415 $ 60,216 $ 74,415

Note 9 - Homebuilding Prepaid a

Note 9 - Homebuilding Prepaid and Other Assets	9 Months Ended
	Sep. 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: September 30, December 31, 2017 2016 (Dollars in thousands) Deferred marketing costs $ 37,178 $ 35,313 Land option deposits 16,277 8,683 Goodwill 6,008 6,008 Prepaid expenses 6,011 4,735 Deferred debt issuance costs on revolving credit facility, net 6,139 4,340 Other 1,195 1,384 Total $ 72,808 $ 60,463

Note 10 - Homebuilding Accrued

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 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: September 30, December 31, 2017 2016 (Dollars in thousands) Customer and escrow deposits $ 37,578 $ 27,183 Warranty accrual 20,725 20,678 Accrued compensation and related expenses 27,624 27,830 Accrued interest 11,031 23,234 Construction defect claim reserves 7,480 8,750 Land development and home construction accruals 6,212 8,695 Other accrued liabilities 41,011 28,196 Total accrued liabilities $ 151,661 $ 144,566 The following table sets forth information relating to financial services accounts payable and accrued liabilities: September 30, December 31, 2017 2016 (Dollars in thousands) Insurance reserves $ 43,016 $ 42,204 Accounts payable and other accrued liabilities 8,681 8,530 Total accounts payable and accrued liabilities $ 51,697 $ 50,734

Note 11 - Warranty Accrual

Note 11 - Warranty Accrual	9 Months Ended
	Sep. 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 nine September 30, 2017 2016. three nine September 30, 2017, $0.4 three nine September 30, 2016, $1.8 $5.1 2016 Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 20,965 $ 17,217 $ 20,678 $ 15,328 Expense provisions 2,448 2,390 7,691 6,147 Cash payments (2,263 ) (2,723 ) (7,269 ) (7,828 ) Adjustments (425 ) 1,825 (375 ) 5,062 Balance at end of period $ 20,725 $ 18,709 $ 20,725 $ 18,709

Note 12 - Insurance and Constru

Note 12 - Insurance and Construction Defect Claim Reserves	9 Months Ended
	Sep. 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 nine September 30, 2017 2016. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 49,647 $ 46,900 $ 50,954 $ 45,811 Expense provisions 2,383 1,888 6,884 5,222 Cash payments, net of recoveries (1,535 ) (635 ) (7,343 ) (2,880 ) Balance at end of period $ 50,495 $ 48,153 $ 50,495 $ 48,153 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 nine September 30, 2017 2016 not

Note 13 - Income Taxes

Note 13 - Income Taxes	9 Months Ended
	Sep. 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 31.8% and 34.1% three nine September 30, 2017, 30.7% 32.3% three nine September 30, 2016, three nine September 30, 2017 $28.5 $60.7 $11.7 $29.9 2016. three September 30, 2017 2016 2017 no not 2016 third 2015 2017 third no However, the impact of these items were substantially offset by the release of a valuation allowance on our Metro Bonds as a result of the gain on the sale of those securities at the end of the 2017 third nine September 30, 2017, 2017 first At September 30, 2017 December 31, 2016 $64.2 $74.9

Note 14 - Senior Notes

Note 14 - Senior Notes	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Long-term Debt [Text Block]	1 4 . Senior Notes The carrying value of our senior notes as of September 30, 2017 December 31, 2016, September 30, December 31, 2017 2016 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,613 $ 246,915 5½% Senior Notes due January 2024, net 248,535 248,391 6% Senior Notes due January 2043, net 346,384 346,340 Total $ 842,532 $ 841,646 Our senior notes are not not most of our homebuilding segment subsidiaries. Subsequent to September 30, 2017, a public offering of an additional $150 6% 2043. 20

Note 15 - Stock-Based Compensat

Note 15 - Stock-Based Compensation	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	1 5 . Stock- Based Compensation We account for share-based awards in accordance with ASC 718, The following table sets forth share-based award expense activity for the three nine September 30, 2017 2016: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Stock option grants expense $ 391 $ 328 $ 747 $ 5,621 Restricted stock awards expense 445 145 1,224 1,015 Performance share units expense 226 - 1,129 - Total stock based compensation $ 1,062 $ 473 $ 3,100 $ 6,636 On May 18, 2015, 1,050,000 ’s 2011 five one third fifth 20 30 120% $27.10 May 18, 2025. 718, $5.35 $11.2 2016 second or the nine September 30, 2016, in the table above, was $5.0 2017 second On July 25, 2016 June 20, 2017, PSUs”) to each of the CEO, the COO, and the Chief Financial Officer (“CFO”) under the Company’s 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, The grant date fair value and maximum potential expense if the Maximum Goals were met for these awards has been provided in the table above. ASC 718 not September 30, 2017, 2016 $0.2 $1.1 three nine September 30, 2017. 2017, not no September 30, 2017.

Note 16 - Commitments and Conti

Note 16 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	1 6 . Commitments and Contingencies Surety Bonds and Letters of Credit. We are required to obtain surety bonds and letters of credit in support of our obligations for land development and subdivision improvements, homeowner association dues, warranty work, contractor license fees and earnest money deposits. At September 30, 2017, $184.9 $65.5 $31.6 $33.0 $25.3 September 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 . In the ordinary course of business, we enter into lot option purchase contracts (“Option Contracts”), generally through a deposit of cash or a letter of credit, for the right to purchase land or lots at a future point in time with predetermined terms. The use of such land option and other contracts generally allow us to reduce the risks associated with direct land ownership and development, reduces our capital and financial commitments, and minimizes the amount of land inventories on our consolidated balance sheets. Our obligation with respect to Option Contracts is generally limited to forfeiture of the related deposits. At September 30, 2017, $11.4 $3.6 6,306

Note 17 - Derivative Financial

Note 17 - Derivative Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2017, $101.2 million. Additionally, we had $14.0 September 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 $85.0 million at September 30, 2017. For the three nine September 30, 2017, $0.5 $0.5 $0.1 $1.1 2016.

Note 18 - Lines of Credit

Note 18 - Lines of Credit	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	1 8 . 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 was amended on September 29, 2017 1 Revolving Credit Facility maturity to December 16, 2022, ( 2 commitment from $550 $700 3 may not $1.25 1 0.0%, 2 3 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 Revolving Credit Facility. 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% September 30, 2017. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At September 30, 2017 December 31, 2016, $34.0 $23.0 September 30, 2017 December 31, 2016, $15.0 September 30, 2017, $651.0 Mortgage Repurchase Facility. HomeAmerican has a Master Repurchase Agreement (the “Mortgage Repurchase Facility”) with U.S. Bank National Association (“USBNA”). Effective August 10, 2017, he Mortgage Repurchase Facility was amended to extend its termination date to August 9, 2018. The Mortgage Repurchase Facility provides liquidity to HomeAmerican by providing for the sale of up to an aggregate of $75 $75 November 12, 2008, may December 27, 2016 $75 $125 January 25, 2017. September 30, 2017 December 31, 2016, $65.1 $114.5 The Mortgage Repurchase Facility contains various representations, warranties and affirmative and negative covenants that we believe are customary for agreements of this type. The negative covenants include, among others, (i) a minimum Adjusted Tangible Net Worth requirement, (ii) a maximum Adjusted Tangible Net Worth ratio, (iii) a minimum adjusted net income requirement, and (iv) a minimum Liquidity requirement. The foregoing capitalized terms are defined in the Mortgage Repurchase Facility. We believe HomeAmerican was in compliance with the representations, warranties and covenants included in the Mortgage Repurchase Facility as of September 30, 2017.

Note 19 - Related Party Transac

Note 19 - Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	19. Related Party Transactions We contributed $1.5 $1.0 nine September 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 September 30, 2017, Name MDC Title Larry A. Mizel Chairman and CEO David D. Mandarich President and COO Three other individuals, who are independent of the Company, also serve as directors of the Foundation. All directors of the Foundation serve without compensation.

Note 20 - Subsequent Events

Note 20 - Subsequent Events	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	20. Su bsequent Events On October 16, 2017, $150 6% 2043 , which are of the same series and have the same terms as our senior notes issued on January 10, 2013 May 13, 2013 ( “6% The 6% January 15 July 15 $144.2 , which may .

Note 21 - Supplemental Guaranto

Note 21 - Supplemental Guarantor Information	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Supplemental Guarantor Information [Text Block]	21 . 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 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 Oregon, Inc. (formerly known as Richmond American Homes of Delaware, 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% ’s consolidated net worth as of the end of the most recent fiscal quarter, ( 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 September 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 347,217 $ 4,182 $ - $ - $ 351,399 Marketable securities - - - - - Restricted cash - 8,723 - - 8,723 Trade and other receivables 5,517 39,577 - (2,190 ) 42,904 Inventories: Housing completed or under construction - 969,419 - - 969,419 Land and land under development - 863,002 - - 863,002 Total inventories - 1,832,421 - - 1,832,421 Intercompany receivables 1,603,012 2,803 5,254 (1,611,069 ) - Investment in subsidiaries 278,885 - - (278,885 ) - Property and equipment, net 24,408 1,896 - - 26,304 Deferred tax asset, net 65,284 - - (1,120 ) 64,164 Metropolitan district bond securities (related party) - - - - - Prepaid and other assets 8,155 64,653 - - 72,808 Total homebuilding assets 2,332,478 1,954,255 5,254 (1,893,264 ) 2,398,723 Financial Services: Cash and cash equivalents - - 26,419 - 26,419 Marketable securities - - 40,221 - 40,221 Intercompany receivables - - 35,765 (35,765 ) - Mortgage loans held-for-sale, net - - 89,804 - 89,804 Other assets - - 10,015 1,120 11,135 Total financial services assets - - 202,224 (34,645 ) 167,579 Total Assets $ 2,332,478 $ 1,954,255 $ 207,478 $ (1,927,909 ) $ 2,566,302 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 49,390 $ - $ - $ 49,390 Accrued liabilities 40,205 112,986 98 (1,628 ) 151,661 Advances and notes payable to parent and subsidiaries 43,822 1,572,098 26,802 (1,642,722 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 842,532 - - - 842,532 Total homebuilding liabilities 941,559 1,734,474 26,900 (1,644,350 ) 1,058,583 Financial Services: Accounts payable and other liabilities - - 52,259 (562 ) 51,697 Advances and notes payable to parent and subsidiaries - - 4,112 (4,112 ) - Mortgage repurchase facility - - 65,103 - 65,103 Total financial services liabilities - - 121,474 (4,674 ) 116,800 Total Liabilities 941, 1,734,474 148,374 (1,649,024 ) 1,175,383 Equity: Total Stockholders' Equity 1,390,919 219,781 59,104 (278,885 ) 1,390,919 Total Liabilities and Stockholders' Equity $ 2,332,478 $ 1,954,255 $ 207,478 $ (1,927,909 ) $ 2,566,302 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 September 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 586,287 $ - $ - $ 586,287 Cost of sales - (486,406 ) - - (486,406 ) Inventory impairments - (4,540 ) - - (4,540 ) Gross margin - 95,341 - - 95,341 Selling, general, and administrative expenses (11,911 ) (56,983 ) - (208 ) (69,102 ) Equity income of subsidiaries 33,329 - - (33,329 ) - Interest and other income 53,740 941 1 (134 ) 54,548 Other expense 7 (625 ) - - (618 ) Other-than-temporary impairment of marketable securities - - - - - Homebuilding pretax income (loss) 75,165 38,674 1 (33,671 ) 80,169 Financial Services: Financial services pretax income - - 9,169 342 9,511 Income before income taxes 75,165 38,674 9,170 (33,329 ) 89,680 (Provision) benefit for income taxes (14,002 ) (11,168 ) (3,347 ) - (28,517 ) Net income $ 61,163 $ 27,506 $ 5,823 $ (33,329 ) $ 61,163 Other comprehensive income related to available-for-sale securities, net of tax (23,175 ) - 927 (927 ) (23,175 ) Comprehensive income $ 37,988 $ 27,506 $ 6,750 $ (34,256 ) $ 37,988 Three Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 578,012 $ - $ - $ 578,012 Cost of sales - (483,829 ) - - (483,829 ) Inventory impairments - (4,700 ) - - (4,700 ) Gross margin - 89,483 - - 89,483 Selling, general, and administrative expenses (8,268 ) (53,452 ) - (184 ) (61,904 ) Equity income of subsidiaries 30,711 - - (30,711 ) - Interest and other income 1,478 500 1 (110 ) 1,869 Other expense 1 (1,559 ) - - (1,558 ) Other-than-temporary impairment of marketable securities (215 ) - - - (215 ) Homebuilding pretax income (loss) 23,707 34,972 1 (31,005 ) 27,675 Financial Services: Financial services pretax income - - 10,083 294 10,377 Income before income taxes 23,707 34,972 10,084 (30,711 ) 38,052 (Provision) benefit for income taxes 2,652 (10,616 ) (3,729 ) - (11,693 ) Net income $ 26,359 $ 24,356 $ 6,355 $ (30,711 ) $ 26,359 Other comprehensive income related to available-for-sale securities, net of tax 1,028 - 310 (310 ) 1,028 Comprehensive income $ 27,387 $ 24,356 $ 6,665 $ (31,021 ) $ 27,387 Supplemental Condensed Combining Statement of Operations Nine Months Ended September 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,798,984 $ - $ - $ 1,798,984 Home and land cost of sales - (1,495,838 ) - - (1,495,838 ) Inventory impairments - (9,390 ) - - (9,390 ) Gross margin - 293,756 - - 293,756 Selling, general, and administrative expenses (36,539 ) (168,988 ) - (582 ) (206,109 ) Equity income of subsidiaries 102,469 - - (102,469 ) - Interest and other income 57,748 2,281 5 (312 ) 59,722 Other expense 23 (1,658 ) - - (1,635 ) Other-than-temporary impairment of marketable securities (51 ) - - - (51 ) Homebuilding pretax income (loss) 123,650 125,391 5 (103,363 ) 145,683 Financial Services: Financial services pretax income - - 31,357 894 32,251 Income before income taxes 123,650 125,391 31,362 (102,469 ) 177,934 (Provision) benefit for income taxes (6,367 ) (42,742 ) (11,542 ) - (60,651 ) Net income $ 117,283 $ 82,649 $ 19,820 $ (102,469 ) $ 117,283 Other comprehensive income related to available for sale securities, net of tax (19,245 ) - 2,217 (2,217 ) (19,245 ) Comprehensive income $ 98,038 $ 82,649 $ 22,037 $ (104,686 ) $ 98,038 Nine Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Homebuilding: (Dollars in thousands) Revenues $ - $ 1,546,267 $ - $ - $ 1,546,267 Home and land cost of sales - (1,291,270 ) (300 ) - (1,291,570 ) Inventory impairments - (6,300 ) - - (6,300 ) Gross margin - 248,697 (300 ) - 248,397 Selling, general, and administrative expenses (31,598 ) (150,492 ) - (531 ) (182,621 ) Equity income of subsidiaries 80,990 - - (80,990 ) - Interest and other income 3,970 1,652 4 (268 ) 5,358 Interest expense - - - - - Other expense (2 ) (2,461 ) - - (2,463 ) Other-than-temporary impairment of marketable securities (934 ) - - - (934 ) Homebuilding pretax income (loss) 52,426 97,396 (296 ) (81,789 ) 67,737 Financial Services: Financial services pretax income - - 24,247 799 25,046 Income before income taxes 52,426 97,396 23,951 (80,990 ) 92,783 (Provision) benefit for income taxes 10,409 (31,438 ) (8,919 ) - (29,948 ) Net income $ 62,835 $ 65,958 $ 15,032 $ (80,990 ) $ 62,835 Other comprehensive income related to available for sale securities, net of tax 3,871 - 680 (680 ) 3,871 Comprehensive income $ 66,706 $ 65,958 $ 15,712 $ (81,670 ) $ 66,706 Supplementa l Condensed Combining Statement of Cash Flows Nine Months Ended September 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 26,918 $ ( ) $ 63,269 $ - $ 69,164 Net cash provided by (used in) investing activities 97,540 ( ) ( ) 10,959 108,047 Financing activities: Payments from (advances to) subsidiaries - 21,995 ( ) ( ) - Mortgage repurchase facility - - ( ) - ( ) Dividend payments ( ) - - - ( ) Payments of deferred financing costs ( ) - - - ( ) Proceeds from exercise of stock options 8,503 - - - 8,503 Net cash provided by (used in) financing activities ( ) 21,995 ( ) ( ) ( ) Net increase in cash and cash equivalents 91,538 774 2,597 - 94,909 Cash and cash equivalents: Beginning of period 255,679 3,408 23,822 - 282,909 End of period $ 347,217 $ 4,182 $ 26,419 $ - $ 377,818 Nine Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ ( ) $ ( ) $ 14,596 $ - $ ( ) Net cash provided by (used in) investing activities 26,166 ( ) ( ) 9,619 24,736 Financing activities: Payments from (advances to) subsidiaries - 20,284 ( ) ( ) - Mortgage repurchase facility - - 3,400 - 3,400 Dividend payments ( ) - - - ( ) Payments of deferred financing costs - - - - - Proceeds from the exercise of stock options - - - - - Net cash provided by (used in) financing activities ( ) 20,284 ( ) ( ) ( ) Net increase in cash and cash equivalents ( ) 1,451 ( ) - ( ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 124,730 $ 4,548 $ 34,180 $ - $ 163,458

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding West $ 326,804 $ 284,589 $ 959,641 $ 745,995 Mountain 167,066 192,876 564,558 521,034 East 92,417 100,547 274,785 279,238 Total homebuilding revenues $ 586,287 $ 578,012 $ 1,798,984 $ 1,546,267 Financial Services Mortgage operations $ 11,176 $ 11,294 $ 36,056 $ 28,866 Other 6,288 6,114 18,460 15,382 Total financial services revenues $ 17,464 $ 17,408 $ 54,516 $ 44,248
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding West $ 17,746 $ 18,392 $ 54,335 $ 43,830 Mountain 18,326 18,856 61,097 49,688 East 2,613 (2,267 ) 9,989 3,600 Corporate 41,484 (7,306 ) 20,262 (29,381 ) Total homebuilding pretax income $ 80,169 $ 27,675 $ 145,683 $ 67,737 Financial Services Mortgage operations $ 5,857 $ 6,723 $ 21,093 $ 16,491 Other 3,654 3,654 11,158 8,555 Total financial services pretax income $ 9,511 $ 10,377 $ 32,251 $ 25,046 Total pretax income $ 89,680 $ 38,052 $ 177,934 $ 92,783
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	September 30, December 31, 2017 2016 Homebuilding assets (Dollars in thousands) West $ 1,052,795 $ 1,035,033 Mountain 677,721 571,139 East 217,238 256,816 Corporate 450,969 454,507 Total homebuilding assets $ 2,398,723 $ 2,317,495 Financial services assets Mortgage operations $ 102,704 $ 153,182 Other 64,875 57,912 Total financial services assets $ 167,579 $ 211,094 Total assets $ 2,566,302 $ 2,528,589

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands, except per share amounts) Numerator Net income $ 61,163 $ 26,359 $ 117,283 $ 62,835 Less: distributed earnings allocated to participating securities (68 ) (45 ) (196 ) (124 ) Less: undistributed earnings allocated to participating securities (244 ) (49 ) (375 ) (83 ) Net income attributable to common stockholders (numerator for basic earnings per share) 60,851 26,265 116,712 62,628 Add back: undistributed earnings allocated to participating securities 244 49 375 83 Less: undistributed earnings reallocated to participating securities (240 ) (49 ) (369 ) (83 ) Numerator for diluted earnings per share under two class method $ 60,855 $ 26,265 $ 116,718 $ 62,628 Denominator Weighted-average common shares outstanding 51,650,360 51,297,132 51,502,986 51,286,844 Add: dilutive effect of stock options 950,758 163,314 745,391 10,921 Denominator for diluted earnings per share under two class method 52,601,118 51,460,446 52,248,377 51,297,765 Basic Earnings Per Common Share $ 1.18 $ 0.51 $ 2.27 $ 1.22 Diluted Earnings Per Common Share $ 1.16 $ 0.51 $ 2.23 $ 1.22

Note 5 - Accumulated Other Co29

Note 5 - Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Unrealized gains on available-for-sale marketable securities 1 Beginning balance $ 11,176 $ 5,344 $ 7,730 $ 3,657 Other comprehensive income before reclassifications 1,778 1,156 6,201 2,559 Amounts reclassified from AOCI 2 (10,128 ) (201 ) (11,105 ) 83 Ending balance $ 2,826 $ 6,299 $ 2,826 $ 6,299 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ 14,825 $ 13,214 $ 14,341 $ 12,058 Other comprehensive income before reclassifications 7,400 73 7,884 1,229 Amounts reclassified from AOCI (22,225 ) - (22,225 ) - Ending balance $ - $ 13,287 $ - $ 13,287 Total ending AOCI $ 2,826 $ 19,586 $ 2,826 $ 19,586
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, Affected Line Item in the Statements of Operations 2017 2016 2017 2016 (Dollars in thousands) Homebuilding: Interest and other income $ 52,211 $ 555 $ 53,622 $ 817 Homebuilding: Other-than-temporary impairment of marketable securities - (215 ) (51 ) (934 ) Financial services: Interest and other income - 94 347 94 Financial services: Other-than-temporary impairment of marketable securities (29 ) (111 ) (160 ) (111 ) Income before income taxes 52,182 323 53,758 (134 ) Provision for income taxes (19,829 ) (122 ) (20,428 ) 51 Net income $ 32,353 $ 201 $ 33,330 $ (83 )

Note 6 - Fair Value Measureme30

Note 6 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Financial Instrument Hierarchy September 30, 2017 December 31, 2016 (Dollars in thousands) Marketable equity securities (available-for-sale) Level 1 $ 40,221 $ 96,206 Mortgage loans held-for-sale, net Level 2 $ 89,804 $ 138,774 Metropolitan district bond securities (related party) (available-for-sale) Level 3 $ - $ 30,162
Available-for-sale Securities [Table Text Block]	September 30, 2017 Cost Basis OTTI Net Cost Basis Fair Value (Dollars in thousands) Homebuilding equity securities $ - $ - $ - $ - Financial services equity securities 36,304 ( ) 35,938 40,221 Total marketable equity securities $ 36,304 $ ( ) $ 35,938 $ 40,221 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]	September 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 $ (615 ) $ 1,384 5 $ (457 ) $ 6,045
Realized Gain (Loss) on Investments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Gross realized gains on sales of available-for-sale securities $ 16,577 $ 740 $ 18,365 $ 2,210 Gross realized losses on sales of available-for-sale securities (213 ) (91 ) (243 ) (1,299 ) Net realized gain on sales of available-for-sale securities $ 16,364 $ 649 $ 18,122 $ 911
Fair Value of Senior Notes [Table Text Block]	September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,613 $ 268,113 $ 246,915 $ 265,611 5½% Senior Notes due January 2024, net 248,535 270,250 248,391 258,800 6% Senior Notes due January 2043, net 346,384 340,423 346,340 297,087 Total $ 842,532 $ 878,786 $ 841,646 $ 821,498

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Inventory [Table Text Block]	September 30, December 31, 2017 2016 (Dollars in thousands) Housing completed or under construction: West $ 489,753 $ 470,503 Mountain 343,394 277,922 East 136,272 125,774 Subtotal 969,419 874,199 Land and land under development: West 489,758 499,186 Mountain 305,953 271,252 East 67,291 114,177 Subtotal 863,002 884,615 Total inventories $ 1,832,421 $ 1,758,814
Schedule of Inventory Impairments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) West $ 1,885 $ - $ 5,985 $ 1,400 Mountain 370 - 370 - East 2,285 4,700 3,035 4,900 Total inventory impairments $ 4,540 $ 4,700 $ 9,390 $ 6,300
Quantitative Data for Fair Value of the Impaired Inventory [Table Text Block]	Impairment Data Quantitative Data Three Months Ended Total Subdivisions Tested Inventory Impairments Fair Value of Inventory After Impairments Number of Subdivisions Impaired Discount Rate (Dollars in thousands) March 31, 2017 33 $ 4,850 $ 19,952 2 12% to 18% June 30, 2017 35 $ - $ - - N/A September 30, 2017 33 $ 4,540 $ 52,190 9 10% to 15% March 31, 2016 14 $ - $ - - N/A June 30, 2016 17 $ 1,600 $ 6,415 2 12% to 15% September 30, 2016 25 $ 4,700 $ 12,295 2 15% to 18%

Note 8 - Capitalization of In32

Note 8 - Capitalization of Interest (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Capitalization of Interest [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding interest incurred $ 13,212 $ 13,187 $ 39,594 $ 39,511 Less: Interest capitalized (13,212 ) (13,187 ) (39,594 ) (39,511 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 62,091 $ 77,150 $ 68,085 $ 77,541 Plus: Interest capitalized during period 13,212 13,187 39,594 39,511 Less: Previously capitalized interest included in home and land cost of sales (15,087 ) (15,922 ) (47,463 ) (42,637 ) Interest capitalized, end of period $ 60,216 $ 74,415 $ 60,216 $ 74,415

Note 9 - Homebuilding Prepaid33

Note 9 - Homebuilding Prepaid and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Other Assets [Table Text Block]	September 30, December 31, 2017 2016 (Dollars in thousands) Deferred marketing costs $ 37,178 $ 35,313 Land option deposits 16,277 8,683 Goodwill 6,008 6,008 Prepaid expenses 6,011 4,735 Deferred debt issuance costs on revolving credit facility, net 6,139 4,340 Other 1,195 1,384 Total $ 72,808 $ 60,463

Note 10 - Homebuilding Accrue34

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, 2017 2016 (Dollars in thousands) Customer and escrow deposits $ 37,578 $ 27,183 Warranty accrual 20,725 20,678 Accrued compensation and related expenses 27,624 27,830 Accrued interest 11,031 23,234 Construction defect claim reserves 7,480 8,750 Land development and home construction accruals 6,212 8,695 Other accrued liabilities 41,011 28,196 Total accrued liabilities $ 151,661 $ 144,566
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	September 30, December 31, 2017 2016 (Dollars in thousands) Insurance reserves $ 43,016 $ 42,204 Accounts payable and other accrued liabilities 8,681 8,530 Total accounts payable and accrued liabilities $ 51,697 $ 50,734

Note 11 - Warranty Accrual (Tab

Note 11 - Warranty Accrual (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 20,965 $ 17,217 $ 20,678 $ 15,328 Expense provisions 2,448 2,390 7,691 6,147 Cash payments (2,263 ) (2,723 ) (7,269 ) (7,828 ) Adjustments (425 ) 1,825 (375 ) 5,062 Balance at end of period $ 20,725 $ 18,709 $ 20,725 $ 18,709

Note 12 - Insurance and Const36

Note 12 - Insurance and Construction Defect Claim Reserves (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 49,647 $ 46,900 $ 50,954 $ 45,811 Expense provisions 2,383 1,888 6,884 5,222 Cash payments, net of recoveries (1,535 ) (635 ) (7,343 ) (2,880 ) Balance at end of period $ 50,495 $ 48,153 $ 50,495 $ 48,153

Note 14 - Senior Notes (Tables)

Note 14 - Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Debt [Table Text Block]	September 30, December 31, 2017 2016 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 247,613 $ 246,915 5½% Senior Notes due January 2024, net 248,535 248,391 6% Senior Notes due January 2043, net 346,384 346,340 Total $ 842,532 $ 841,646

Note 15 - Stock-Based Compens38

Note 15 - Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Share-based Compensation, Activity [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (Dollars in thousands) Stock option grants expense $ 391 $ 328 $ 747 $ 5,621 Restricted stock awards expense 445 145 1,224 1,015 Performance share units expense 226 - 1,129 - Total stock based compensation $ 1,062 $ 473 $ 3,100 $ 6,636
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 21 - Supplemental Guaran39

Note 21 - Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Condensed Balance Sheet [Table Text Block]	September 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 347,217 $ 4,182 $ - $ - $ 351,399 Marketable securities - - - - - Restricted cash - 8,723 - - 8,723 Trade and other receivables 5,517 39,577 - (2,190 ) 42,904 Inventories: Housing completed or under construction - 969,419 - - 969,419 Land and land under development - 863,002 - - 863,002 Total inventories - 1,832,421 - - 1,832,421 Intercompany receivables 1,603,012 2,803 5,254 (1,611,069 ) - Investment in subsidiaries 278,885 - - (278,885 ) - Property and equipment, net 24,408 1,896 - - 26,304 Deferred tax asset, net 65,284 - - (1,120 ) 64,164 Metropolitan district bond securities (related party) - - - - - Prepaid and other assets 8,155 64,653 - - 72,808 Total homebuilding assets 2,332,478 1,954,255 5,254 (1,893,264 ) 2,398,723 Financial Services: Cash and cash equivalents - - 26,419 - 26,419 Marketable securities - - 40,221 - 40,221 Intercompany receivables - - 35,765 (35,765 ) - Mortgage loans held-for-sale, net - - 89,804 - 89,804 Other assets - - 10,015 1,120 11,135 Total financial services assets - - 202,224 (34,645 ) 167,579 Total Assets $ 2,332,478 $ 1,954,255 $ 207,478 $ (1,927,909 ) $ 2,566,302 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 49,390 $ - $ - $ 49,390 Accrued liabilities 40,205 112,986 98 (1,628 ) 151,661 Advances and notes payable to parent and subsidiaries 43,822 1,572,098 26,802 (1,642,722 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 842,532 - - - 842,532 Total homebuilding liabilities 941,559 1,734,474 26,900 (1,644,350 ) 1,058,583 Financial Services: Accounts payable and other liabilities - - 52,259 (562 ) 51,697 Advances and notes payable to parent and subsidiaries - - 4,112 (4,112 ) - Mortgage repurchase facility - - 65,103 - 65,103 Total financial services liabilities - - 121,474 (4,674 ) 116,800 Total Liabilities 941, 1,734,474 148,374 (1,649,024 ) 1,175,383 Equity: Total Stockholders' Equity 1,390,919 219,781 59,104 (278,885 ) 1,390,919 Total Liabilities and Stockholders' Equity $ 2,332,478 $ 1,954,255 $ 207,478 $ (1,927,909 ) $ 2,566,302 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 September 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 586,287 $ - $ - $ 586,287 Cost of sales - (486,406 ) - - (486,406 ) Inventory impairments - (4,540 ) - - (4,540 ) Gross margin - 95,341 - - 95,341 Selling, general, and administrative expenses (11,911 ) (56,983 ) - (208 ) (69,102 ) Equity income of subsidiaries 33,329 - - (33,329 ) - Interest and other income 53,740 941 1 (134 ) 54,548 Other expense 7 (625 ) - - (618 ) Other-than-temporary impairment of marketable securities - - - - - Homebuilding pretax income (loss) 75,165 38,674 1 (33,671 ) 80,169 Financial Services: Financial services pretax income - - 9,169 342 9,511 Income before income taxes 75,165 38,674 9,170 (33,329 ) 89,680 (Provision) benefit for income taxes (14,002 ) (11,168 ) (3,347 ) - (28,517 ) Net income $ 61,163 $ 27,506 $ 5,823 $ (33,329 ) $ 61,163 Other comprehensive income related to available-for-sale securities, net of tax (23,175 ) - 927 (927 ) (23,175 ) Comprehensive income $ 37,988 $ 27,506 $ 6,750 $ (34,256 ) $ 37,988 Three Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 578,012 $ - $ - $ 578,012 Cost of sales - (483,829 ) - - (483,829 ) Inventory impairments - (4,700 ) - - (4,700 ) Gross margin - 89,483 - - 89,483 Selling, general, and administrative expenses (8,268 ) (53,452 ) - (184 ) (61,904 ) Equity income of subsidiaries 30,711 - - (30,711 ) - Interest and other income 1,478 500 1 (110 ) 1,869 Other expense 1 (1,559 ) - - (1,558 ) Other-than-temporary impairment of marketable securities (215 ) - - - (215 ) Homebuilding pretax income (loss) 23,707 34,972 1 (31,005 ) 27,675 Financial Services: Financial services pretax income - - 10,083 294 10,377 Income before income taxes 23,707 34,972 10,084 (30,711 ) 38,052 (Provision) benefit for income taxes 2,652 (10,616 ) (3,729 ) - (11,693 ) Net income $ 26,359 $ 24,356 $ 6,355 $ (30,711 ) $ 26,359 Other comprehensive income related to available-for-sale securities, net of tax 1,028 - 310 (310 ) 1,028 Comprehensive income $ 27,387 $ 24,356 $ 6,665 $ (31,021 ) $ 27,387 Nine Months Ended September 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,798,984 $ - $ - $ 1,798,984 Home and land cost of sales - (1,495,838 ) - - (1,495,838 ) Inventory impairments - (9,390 ) - - (9,390 ) Gross margin - 293,756 - - 293,756 Selling, general, and administrative expenses (36,539 ) (168,988 ) - (582 ) (206,109 ) Equity income of subsidiaries 102,469 - - (102,469 ) - Interest and other income 57,748 2,281 5 (312 ) 59,722 Other expense 23 (1,658 ) - - (1,635 ) Other-than-temporary impairment of marketable securities (51 ) - - - (51 ) Homebuilding pretax income (loss) 123,650 125,391 5 (103,363 ) 145,683 Financial Services: Financial services pretax income - - 31,357 894 32,251 Income before income taxes 123,650 125,391 31,362 (102,469 ) 177,934 (Provision) benefit for income taxes (6,367 ) (42,742 ) (11,542 ) - (60,651 ) Net income $ 117,283 $ 82,649 $ 19,820 $ (102,469 ) $ 117,283 Other comprehensive income related to available for sale securities, net of tax (19,245 ) - 2,217 (2,217 ) (19,245 ) Comprehensive income $ 98,038 $ 82,649 $ 22,037 $ (104,686 ) $ 98,038 Nine Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Homebuilding: (Dollars in thousands) Revenues $ - $ 1,546,267 $ - $ - $ 1,546,267 Home and land cost of sales - (1,291,270 ) (300 ) - (1,291,570 ) Inventory impairments - (6,300 ) - - (6,300 ) Gross margin - 248,697 (300 ) - 248,397 Selling, general, and administrative expenses (31,598 ) (150,492 ) - (531 ) (182,621 ) Equity income of subsidiaries 80,990 - - (80,990 ) - Interest and other income 3,970 1,652 4 (268 ) 5,358 Interest expense - - - - - Other expense (2 ) (2,461 ) - - (2,463 ) Other-than-temporary impairment of marketable securities (934 ) - - - (934 ) Homebuilding pretax income (loss) 52,426 97,396 (296 ) (81,789 ) 67,737 Financial Services: Financial services pretax income - - 24,247 799 25,046 Income before income taxes 52,426 97,396 23,951 (80,990 ) 92,783 (Provision) benefit for income taxes 10,409 (31,438 ) (8,919 ) - (29,948 ) Net income $ 62,835 $ 65,958 $ 15,032 $ (80,990 ) $ 62,835 Other comprehensive income related to available for sale securities, net of tax 3,871 - 680 (680 ) 3,871 Comprehensive income $ 66,706 $ 65,958 $ 15,712 $ (81,670 ) $ 66,706
Condensed Cash Flow Statement [Table Text Block]	Nine Months Ended September 30, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ 26,918 $ ( ) $ 63,269 $ - $ 69,164 Net cash provided by (used in) investing activities 97,540 ( ) ( ) 10,959 108,047 Financing activities: Payments from (advances to) subsidiaries - 21,995 ( ) ( ) - Mortgage repurchase facility - - ( ) - ( ) Dividend payments ( ) - - - ( ) Payments of deferred financing costs ( ) - - - ( ) Proceeds from exercise of stock options 8,503 - - - 8,503 Net cash provided by (used in) financing activities ( ) 21,995 ( ) ( ) ( ) Net increase in cash and cash equivalents 91,538 774 2,597 - 94,909 Cash and cash equivalents: Beginning of period 255,679 3,408 23,822 - 282,909 End of period $ 347,217 $ 4,182 $ 26,419 $ - $ 377,818 Nine Months Ended September 30, 2016 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ ( ) $ ( ) $ 14,596 $ - $ ( ) Net cash provided by (used in) investing activities 26,166 ( ) ( ) 9,619 24,736 Financing activities: Payments from (advances to) subsidiaries - 20,284 ( ) ( ) - Mortgage repurchase facility - - 3,400 - 3,400 Dividend payments ( ) - - - ( ) Payments of deferred financing costs - - - - - Proceeds from the exercise of stock options - - - - - Net cash provided by (used in) financing activities ( ) 20,284 ( ) ( ) ( ) Net increase in cash and cash equivalents ( ) 1,451 ( ) - ( ) Cash and cash equivalents: Beginning of period 141,245 3,097 36,646 - 180,988 End of period $ 124,730 $ 4,548 $ 34,180 $ - $ 163,458

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 Acco41

Note 2 - Recently Issued Accounting Standards (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2017
Income Tax Expense (Benefit)	$ 28,517,000	$ 11,693,000	$ 60,651,000	$ 29,948,000
Stock Options, Number of Shares with Exercise Prices Above the Closing Share Price	567,000		567,000
Expense from Expiration of Stock Options [Member] | Scenario, Forecast [Member]
Income Tax Expense (Benefit)					$ 2,600,000
Accounting Standards Update 2016-09 [Member]
Income Tax Expense (Benefit)	$ 0		$ (100,000)

Note 3 - Segment Reporting (Det

Note 3 - Segment Reporting (Details Textual)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Homebuilding Segment [Member]
Homebuilding revenues	$ 586,287	$ 578,012	$ 1,798,984	$ 1,546,267
Homebuilding Segment [Member] | Reportable Segment, West [Member]
Homebuilding revenues	326,804	284,589	959,641	745,995
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member]
Homebuilding revenues	167,066	192,876	564,558	521,034
Homebuilding Segment [Member] | Reportable Segment, East [Member]
Homebuilding revenues	92,417	100,547	274,785	279,238
Financial Services Segment [Member]
Financial services revenues	17,464	17,408	54,516	44,248
Financial Services Segment [Member] | Mortgage Operations [Member]
Financial services revenues	11,176	11,294	36,056	28,866
Financial Services Segment [Member] | Other Financial Services [Member]
Financial services revenues	$ 6,288	$ 6,114	$ 18,460	$ 15,382

Note 3 - Segment Reporting - 44

Note 3 - Segment Reporting - Reconciliation of Pretax Operating Income From Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Pretax income	$ 89,680	$ 38,052	$ 177,934	$ 92,783
Homebuilding Segment [Member]
Pretax income	80,169	27,675	145,683	67,737
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Pretax income	41,484	(7,306)	20,262	(29,381)
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member]
Pretax income	17,746	18,392	54,335	43,830
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member]
Pretax income	18,326	18,856	61,097	49,688
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member]
Pretax income	2,613	(2,267)	9,989	3,600
Financial Services Segment [Member]
Pretax income	9,511	10,377	32,251	25,046
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member]
Pretax income	5,857	6,723	21,093	16,491
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member]
Pretax income	$ 3,654	$ 3,654	$ 11,158	$ 8,555

Note 3 - Segment Reporting - To

Note 3 - Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets	$ 2,566,302	$ 2,528,589
Homebuilding Segment [Member]
Assets	2,398,723	2,317,495
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Assets	450,969	454,507
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member]
Assets	1,052,795	1,035,033
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member]
Assets	677,721	571,139
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member]
Assets	217,238	256,816
Financial Services Segment [Member]
Assets	167,579	211,094
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member]
Assets	102,704	153,182
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member]
Assets	$ 64,875	$ 57,912

Note 4 - Earnings Per Share (De

Note 4 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.7	5.3	1.1	6.4

Note 4 - Earnings Per Share - B

Note 4 - Earnings Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income	$ 61,163	$ 26,359	$ 117,283	$ 62,835
Less: distributed earnings allocated to participating securities	(68)	(45)	(196)	(124)
Less: undistributed earnings allocated to participating securities	(244)	(49)	(375)	(83)
Net income attributable to common stockholders (numerator for basic earnings per share)	60,851	26,265	116,712	62,628
Add back: undistributed earnings allocated to participating securities	244	49	375	83
Less: undistributed earnings reallocated to participating securities	(240)	(49)	(369)	(83)
Numerator for diluted earnings per share under two class method	$ 60,855	$ 26,265	$ 116,718	$ 62,628
Weighted-average common shares outstanding (in shares)	51,650,360	51,297,132	51,502,986	51,286,844
Denominator for diluted earnings per share under two class method (in shares)	52,601,118	51,460,446	52,248,377	51,297,765
Basic Earnings Per Common Share (in dollars per share)	$ 1.18	$ 0.51	$ 2.27	$ 1.22
Diluted Earnings Per Common Share (in dollars per share)	$ 1.16	$ 0.51	$ 2.23	$ 1.22
Employee Stock Option [Member]
Add: dilutive effect of stock options (in shares)	950,758	163,314	745,391	10,921

Note 5 - Accumulated Other Co48

Note 5 - Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Beginning balance				$ 22,071
Ending balance		$ 2,826		2,826
Total ending AOCI		2,826		2,826
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Ending balance	[1]	2,826	$ 19,586	2,826	$ 19,586
Total ending AOCI	[1]	2,826	19,586	2,826	19,586
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Metropolitan District Bond Securities [Member]
Beginning balance	[1]	14,825	13,214	14,341	12,058
Other comprehensive income before reclassifications	[1]	7,400	73	7,884	1,229
Amounts reclassified from AOCI		(22,225)		(22,225)
Ending balance	[1]		13,287		13,287
Total ending AOCI	[1]	14,825	13,214	14,341	12,058
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Marketable Securities [Member]
Beginning balance	[1]	11,176	5,344	7,730	3,657
Other comprehensive income before reclassifications	[1]	1,778	1,156	6,201	2,559
Amounts reclassified from AOCI	[1],[2]	(10,128)	(201)	(11,105)	83
Ending balance	[1]	2,826	6,299	2,826	6,299
Total ending AOCI	[1]	$ 11,176	$ 5,344	$ 7,730	$ 3,657
[1]	All amounts net-of-tax.
[2]	See separate table below for details about these reclassifications.

Note 5 - Accumulated Other Co49

Note 5 - Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other-than-temporary impairment of marketable securities	$ 0	$ (300,000)	$ (211,000)	$ (1,045,000)
Income before income taxes	89,680,000	38,052,000	177,934,000	92,783,000
Provision for income taxes	(28,517,000)	(11,693,000)	(60,651,000)	(29,948,000)
Net income	61,163,000	26,359,000	117,283,000	62,835,000
Homebuilding Segment [Member]
Interest and other income	54,548,000	1,869,000	59,722,000	5,358,000
Other-than-temporary impairment of marketable securities		(215,000)	(51,000)	(934,000)
Income before income taxes	80,169,000	27,675,000	145,683,000	67,737,000
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities	(29,000)	(111,000)	(160,000)	(111,000)
Interest and other income	925,000	1,035,000	3,142,000	2,648,000
Income before income taxes	9,511,000	10,377,000	32,251,000	25,046,000
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Income before income taxes	52,182,000	323,000	53,758,000	(134,000)
Provision for income taxes	(19,829,000)	(122,000)	(20,428,000)	51,000
Net income	32,353,000	201,000	33,330,000	(83,000)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Homebuilding Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Interest and other income	52,211,000	555,000	53,622,000	817,000
Other-than-temporary impairment of marketable securities		(215,000)	(51,000)	(934,000)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Financial Services Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Other-than-temporary impairment of marketable securities	(29,000)	(111,000)	(160,000)	(111,000)
Interest and other income		$ 94,000	$ 347,000	$ 94,000

Note 6 - Fair Value Measureme50

Note 6 - Fair Value Measurements (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 0	$ 300,000	$ 211,000	$ 1,045,000
Available-for-sale Securities, Net Unrealized Gain Position	4,300,000		4,300,000		$ 12,500,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	615,000		615,000		457,000
Proceeds from Sale of Available-for-sale Securities			44,253,000
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments			$ 35,847,000
Minimum [Member]
Short Term Borrowings Maturity Period			30 days
Metropolitan District Bond Securities [Member]
Proceeds from Sale of Available-for-sale Securities			$ 44,300,000
Available-for-sale Securities, Amortized Cost Basis	8,400,000		8,400,000
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments	35,800,000
Financial Services Segment [Member]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	29,000	111,000	160,000	111,000
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	89,804,000		89,804,000		138,774,000
Gain (Loss) on Sale of Mortgage Loans	9,800,000	$ 10,000,000	28,500,000	$ 22,500,000
Fair Value, Inputs, Level 2 [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	89,804,000		89,804,000		138,774,000
Fair Value, Inputs, Level 2 [Member] | Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	75,300,000		75,300,000		96,200,000
Fair Value, Inputs, Level 2 [Member] | Not Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	$ 14,500,000		$ 14,500,000		$ 42,600,000

Note 6 - Fair Value Measureme51

Note 6 - Fair Value Measurements - Fair Value Methods Used for Measuring Fair Values of Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities (available-for-sale)	$ 40,221	$ 96,206
Fair Value, Inputs, Level 2 [Member]
Mortgage loans held-for-sale, net	89,804	138,774
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member]
Metropolitan district bond securities (related party) (available-for-sale)		$ 30,162

Note 6 - Fair Value Measureme52

Note 6 - Fair Value Measurements - Amortized Cost and Estimated Fair Value of Available-for-sale Marketable Securities (Details) - Equity Securities [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Amortized Cost	$ 36,304	$ 84,795
OTTI	(366)	(1,058)
Net Amortized Cost	35,938	83,737
Fair Value	40,221	96,206
Homebuilding Segment [Member]
Amortized Cost		48,910
OTTI		(685)
Net Amortized Cost		48,225
Fair Value		59,770
Financial Services Segment [Member]
Amortized Cost	36,304	35,885
OTTI	(366)	(373)
Net Amortized Cost	35,938	35,512
Fair Value	$ 40,221	$ 36,436

Note 6 - Fair Value Measureme53

Note 6 - Fair Value Measurements - Aggregate Fair Value of Securities in Unrealized Loss Positions (Details) $ in Thousands	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Number of Securities in Loss Position	1	5
Aggregate Loss Position	$ (615)	$ (457)
Aggregate Fair Value of Securities in a Loss Position	$ 1,384	$ 6,045

Note 6 - Fair Value Measureme54

Note 6 - Fair Value Measurements - Gross Realized Gains and Gross Realized Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Gross realized gains on sales of available-for-sale securities	$ 16,577	$ 740	$ 18,365	$ 2,210
Gross realized losses on sales of available-for-sale securities	(213)	(91)	(243)	(1,299)
Net realized gain on sales of available-for-sale securities	$ 16,364	$ 649	$ 18,122	$ 911

Note 6 - Fair Value Measureme55

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Carrying amount	$ 842,532	$ 841,646
Fair value	878,786	821,498
Senior Notes 5.625% Due February 2020 [Member]
Carrying amount	247,613	246,915
Fair value	268,113	265,611
Senior Notes 5.5% Due January 2024 [Member]
Carrying amount	248,535	248,391
Fair value	270,250	258,800
Senior Notes 6% Due January 2043 [Member]
Carrying amount	346,384	346,340
Fair value	$ 340,423	$ 297,087

Note 6 - Fair Value Measureme56

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) (Parentheticals)	9 Months Ended	12 Months Ended
	Sep. 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	Sep. 30, 2017	Dec. 31, 2016
Housing Completed or Under Construction	$ 969,419	$ 874,199
Land and Land Under Development	863,002	884,615
Total inventories	1,832,421	1,758,814
Reportable Segment, West [Member]
Housing Completed or Under Construction	489,753	470,503
Land and Land Under Development	489,758	499,186
Reportable Segment, Mountain [Member]
Housing Completed or Under Construction	343,394	277,922
Land and Land Under Development	305,953	271,252
Reportable Segment, East [Member]
Housing Completed or Under Construction	136,272	125,774
Land and Land Under Development	$ 67,291	$ 114,177

Note 7 - Inventories - Inventor

Note 7 - Inventories - Inventory Impairments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Impairment Data; Inventory Impairments							$ 9,390	$ 6,300
Homebuilding Segment [Member]
Impairment Data; Inventory Impairments	$ 4,540		$ 4,850	$ 4,700	$ 1,600		9,390	6,300
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments	1,885						5,985	1,400
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments	370						370
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments	$ 2,285			$ 4,700			$ 3,035	$ 4,900

Note 7 - Inventories - Fair Val

Note 7 - Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Impairment Data; Inventory Impairments							$ 9,390	$ 6,300
Homebuilding Segment [Member]
Impairment Data; Total Subdivisions Tested	33	35	33	25	17	14
Impairment Data; Inventory Impairments	$ 4,540		$ 4,850	$ 4,700	$ 1,600		$ 9,390	$ 6,300
Impairment Data; Fair Value of Inventory After Impairments	$ 52,190		$ 19,952	$ 12,295	$ 6,415
Impairment Data; Number of Subdivisions Impaired	9		2	2	2
Homebuilding Segment [Member] | Minimum [Member]
Quantitative Data; Discount Rate	10.00%		12.00%	15.00%	12.00%
Homebuilding Segment [Member] | Maximum [Member]
Quantitative Data; Discount Rate	15.00%		18.00%	18.00%	15.00%

Note 8 - Capitalization of In60

Note 8 - Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Homebuilding interest incurred	$ 13,212	$ 13,187	$ 39,594	$ 39,511
Less: Interest capitalized	(13,212)	(13,187)	(39,594)	(39,511)
Homebuilding interest expensed
Interest capitalized, beginning of period	62,091	77,150	68,085	77,541
Plus: Interest capitalized during period	13,212	13,187	39,594	39,511
Less: Previously capitalized interest included in home and land cost of sales	(15,087)	(15,922)	(47,463)	(42,637)
Interest capitalized, end of period	$ 60,216	$ 74,415	$ 60,216	$ 74,415

Note 9 - Homebuilding Prepaid61

Note 9 - Homebuilding Prepaid and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Deferred marketing costs	$ 37,178	$ 35,313
Land option deposits	16,277	8,683
Goodwill	6,008	6,008
Prepaid expenses	6,011	4,735
Deferred debt issuance costs on revolving credit facility, net	6,139	4,340
Other	1,195	1,384
Total	$ 72,808	$ 60,463

Note 10 - Homebuilding Accrue62

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Warranty accrual	$ 20,725	$ 20,965	$ 20,678	$ 18,709	$ 17,217	$ 15,328
Homebuilding Segment [Member]
Customer and escrow deposits	37,578		27,183
Warranty accrual	20,725		20,678
Accrued compensation and related expenses	27,624		27,830
Accrued interest	11,031		23,234
Construction defect claim reserves	7,480		8,750
Land development and home construction accruals	151,661		144,566
Other accrued liabilities	41,011		28,196
Total accrued liabilities	151,661		144,566
Homebuilding Segment [Member] | Land Development and Home Construction Accruals [Member]
Land development and home construction accruals	6,212		8,695
Total accrued liabilities	$ 6,212		$ 8,695

Note 10 - Homebuilding Accrue63

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Financial Services Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Insurance reserves	$ 50,495	$ 49,647	$ 50,954	$ 48,153	$ 46,900	$ 45,811
Financial Services Segment [Member]
Insurance reserves	43,016		42,204
Accounts payable and other accrued liabilities	8,681		8,530
Total accounts payable and accrued liabilities	$ 51,697		$ 50,734

Note 11 - Warranty Accrual (Det

Note 11 - Warranty Accrual (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Product Warranty, First Term for Performing Work			2 years
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	$ (425)	$ 1,825	$ (375)	$ 5,062
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Balance at beginning of period	$ 20,965	$ 17,217	$ 20,678	$ 15,328
Expense provisions	2,448	2,390	7,691	6,147
Cash payments	(2,263)	(2,723)	(7,269)	(7,828)
Adjustments	(425)	1,825	(375)	5,062
Balance at end of period	$ 20,725	$ 18,709	$ 20,725	$ 18,709

Note 12 - Insurance and Const66

Note 12 - Insurance and Construction Defect Claim Reserves - Summary of Insurance and Defect Claim Reserves Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Balance at beginning of period	$ 49,647	$ 46,900	$ 50,954	$ 45,811
Expense provisions	2,383	1,888	6,884	5,222
Cash payments, net of recoveries	(1,535)	(635)	(7,343)	(2,880)
Balance at end of period	$ 50,495	$ 48,153	$ 50,495	$ 48,153

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	31.80%	30.70%	34.10%	32.30%
Income Tax Expense (Benefit)	$ 28,517	$ 11,693	$ 60,651	$ 29,948
Deferred Tax Assets, Net	$ 64,200		$ 64,200		$ 74,900

Note 14 - Senior Notes (Details

Note 14 - Senior Notes (Details Textual) - Subsequent Event [Member] - Senior Notes 6.00% Due 2043 [Member] $ in Millions	Oct. 16, 2017USD ($)
Debt Instrument, Face Amount	$ 150
Debt Instrument, Interest Rate, Stated Percentage	6.00%

Note 14 - Senior Notes - Carryi

Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Carrying amount	$ 842,532	$ 841,646
Senior Notes 5.625% Due February 2020 [Member]
Carrying amount	247,613	246,915
Senior Notes 5.5% Due January 2024 [Member]
Carrying amount	248,535	248,391
Senior Notes 6% Due January 2043 [Member]
Carrying amount	$ 346,384	$ 346,340

Note 14 - Senior Notes - Carr70

Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) (Parentheticals)	9 Months Ended	12 Months Ended
	Sep. 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	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share Price		$ 27.10
Allocated Share-based Compensation Expense			$ 1,062	$ 473	$ 3,100	$ 6,636
Nonqualified Stock Option [Member] | Equity Incentive Plan 2011 [Member] | CEO and COO [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		1,050,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 years
Sharebased Compensation Arrangement by Sharebased Payment Award Expected to Vest Immediately Threshold Trading Days		20 days
Sharebased Compensation Arrangement by Sharebased Payment Award Expected to Vest Immediately threshold Consecutive Trading Days		30 days
Sharebased Compensation Arrangement by Sharebased Payment Award Expected to Vest Immediately Threshold Percentage of Stock Price Trigger		120.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 5.35
Allocated Share-based Compensation Expense		$ 11,200				5,000
Performance Shares [Member]
Allocated Share-based Compensation Expense			226		1,129
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted in 2016 [Member]
Allocated Share-based Compensation Expense			$ 200		1,100
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 Target Goal Number of Shares	200.00%

Note 15 - Stock-based Compens72

Note 15 - Stock-based Compensation - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based compensation expense	$ 1,062	$ 473	$ 3,100	$ 6,636
Employee Stock Option [Member]
Share-based compensation expense	391	328	747	5,621
Restricted Stock [Member]
Share-based compensation expense	445	145	1,224	1,015
Performance Shares [Member]
Share-based compensation expense	$ 226		$ 1,129

Note 15 - Stock-based Compens73

Note 15 - Stock-based Compensation - Performance Stock Units Granted (Details) - Performance Shares [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 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]
Threshold goal, number of PSUs (in shares)	52,500
Target goal, number of PSUs (in shares)	105,000
Maximum goal, number of PSUs (in shares)	210,000
Fair value per share (in dollars per share) | $ / shares	$ 22.93
Maximum potential expense to be recognized | $	$ 4,815
Chief Executive Officer [Member] | June 20, 2017 [Member]
Threshold goal, number of PSUs (in shares)	55,000
Target goal, number of PSUs (in shares)	110,000
Maximum goal, number of PSUs (in shares)	220,000
Fair value per share (in dollars per share) | $ / shares	$ 30.92
Maximum potential expense to be recognized | $	$ 6,802
Chief Operating Officer [Member] | July 25, 2016 [Member]
Threshold goal, number of PSUs (in shares)	52,500
Target goal, number of PSUs (in shares)	105,000
Maximum goal, number of PSUs (in shares)	210,000
Fair value per share (in dollars per share) | $ / shares	$ 22.93
Maximum potential expense to be recognized | $	$ 4,815
Base period revenues | $	1,975,000
Threshold goal, home sale revenues | $	2,074,000
Target goal, home sale revenues | $	2,173,000
Maximum goal, home sale revenues | $	$ 2,370,000
Chief Operating Officer [Member] | June 20, 2017 [Member]
Threshold goal, number of PSUs (in shares)	55,000
Target goal, number of PSUs (in shares)	110,000
Maximum goal, number of PSUs (in shares)	220,000
Fair value per share (in dollars per share) | $ / shares	$ 30.92
Maximum potential expense to be recognized | $	$ 6,802
Base period revenues | $	2,426,000
Threshold goal, home sale revenues | $	2,547,000
Target goal, home sale revenues | $	2,669,000
Maximum goal, home sale revenues | $	$ 2,911,000
Chief Financial Officer [Member] | July 25, 2016 [Member]
Threshold goal, number of PSUs (in shares)	13,125
Target goal, number of PSUs (in shares)	26,250
Maximum goal, number of PSUs (in shares)	52,500
Fair value per share (in dollars per share) | $ / shares	$ 22.93
Maximum potential expense to be recognized | $	$ 1,204
Chief Financial Officer [Member] | June 20, 2017 [Member]
Threshold goal, number of PSUs (in shares)	13,750
Target goal, number of PSUs (in shares)	27,500
Maximum goal, number of PSUs (in shares)	55,000
Fair value per share (in dollars per share) | $ / shares	$ 30.92
Maximum potential expense to be recognized | $	$ 1,701

Note 16 - Commitments and Con74

Note 16 - Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Surety Bonds, Outstanding, Amount	$ 184.9
Letters of Credit Outstanding, Amount	65.5
Estimated Cost Related to Bonds	33
Estimated Cost Related to Letters of Credit	25.3
Option Contracts [Member]
Letters of Credit Outstanding, Amount	3.6
Earnest Money Deposits	$ 11.4
Right to Acquire Lots Under Options Contract	6,306
HomeAmerican [Member]
Letters of Credit Outstanding, Amount	$ 31.6

Note 17 - Derivative Financia75

Note 17 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative, Gain (Loss) on Derivative, Net	$ (0.5)	$ 0.1	$ (0.5)	$ 1.1
Commitment to Originate Mortgage Loans [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	101.2		101.2
No Commitment to Originate Mortgage Loans [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	14		14
Forward Sales of Mortgage Backed Securities [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	$ 85		$ 85

Note 18 - Lines of Credit (Deta

Note 18 - Lines of Credit (Details Textual) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 29, 2017	Aug. 10, 2017	Dec. 31, 2016	Dec. 27, 2016	Sep. 26, 2016	Dec. 18, 2015
Letters of Credit Outstanding, Amount	$ 65.5
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,250	$ 700					$ 550
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Debt Instrument, Covenant, Maximum Leverage Ratio	55.00%
Debt Instrument, Covenant, Minimum Common Stock Outstanding Ownership, Percentage	50.00%
Long-term Line of Credit	$ 15			$ 15
Line of Credit Facility, Remaining Borrowing Capacity	651
Standby Letters of Credit [Member]
Letters of Credit Outstanding, Amount	34			23
Mortgage Repurchase Facility [Member] | Warehouse Agreement Borrowings [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 75		$ 125	$ 75
Line of Credit Facility, Maximum Increase to Borrowing Capacity			$ 75
Warehouse Agreement Borrowings	$ 65.1			$ 114.5

Note 19 - Related Party Trans77

Note 19 - Related Party Transactions (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Contribution Committed to Charitable Foundation	$ 1.5	$ 1

Note 20 - Subsequent Events (De

Note 20 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Senior Notes 6.00% Due 2043 [Member] $ in Millions	Oct. 16, 2017USD ($)
Debt Instrument, Face Amount	$ 150
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Proceeds from Issuance of Senior Long-term Debt	$ 144.2

Note 21 - Supplemental Guaran79

Note 21 - Supplemental Guarantor Information (Details Textual)	9 Months Ended
	Sep. 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 21 - Supplemental Guaran80

Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Cash and cash equivalents	$ 377,818	$ 282,909	$ 163,458	$ 180,988
Deferred tax asset, net	64,200	74,900
Total Assets	2,566,302	2,528,589
Total Liabilities	1,175,383	1,208,519
Total Stockholders' Equity	1,390,919	1,320,070
Total Liabilities and Stockholders' Equity	2,566,302	2,528,589
Homebuilding Segment [Member]
Cash and cash equivalents	351,399	259,087
Marketable securities		59,770
Restricted cash	8,723	3,778
Trade and other receivables	42,904	42,492
Housing Completed or Under Construction	969,419	874,199
Land and Land Under Development	863,002	884,615
Total inventories	1,832,421	1,758,814
Intercompany receivables
Investment in subsidiaries
Property and equipment, net	26,304	28,041
Deferred tax asset, net	64,164	74,888
Metropolitan district bond securities (related party)		30,162
Prepaid and other assets	72,808	60,463
Total Assets	2,398,723	2,317,495
Other assets	1,195	1,384
Accounts payable	49,390	42,088
Accrued liabilities	151,661	144,566
Advances and notes payable to parent and subsidiaries
Revolving credit facility	15,000	15,000
Senior notes, net	842,532	841,646
Total Liabilities	1,058,583	1,043,300
Financial Services Segment [Member]
Cash and cash equivalents	26,419	23,822
Marketable securities	40,221	36,436
Intercompany receivables
Total Assets	167,579	211,094
Mortgage loans held-for-sale, net	89,804	138,774
Other assets	11,135	12,062
Advances and notes payable to parent and subsidiaries
Total Liabilities	116,800	165,219
Accounts payable and accrued liabilities	51,697	50,734
Mortgage repurchase facility	65,103	114,485
Reportable Legal Entities [Member] | Parent Company [Member]
Cash and cash equivalents	347,217	255,679	124,730	141,245
Total Assets	2,332,478	2,226,377
Total Liabilities	941,559	906,307
Total Stockholders' Equity	1,390,919	1,320,070
Total Liabilities and Stockholders' Equity	2,332,478	2,226,377
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents	4,182	3,408	4,548	3,097
Total Assets	1,954,255	1,865,792
Total Liabilities	1,734,474	1,623,979
Total Stockholders' Equity	219,781	241,813
Total Liabilities and Stockholders' Equity	1,954,255	1,865,792
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	26,419	23,822	34,180	36,646
Total Assets	207,478	257,194
Total Liabilities	148,374	203,793
Total Stockholders' Equity	59,104	53,401
Total Liabilities and Stockholders' Equity	207,478	257,194
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Parent Company [Member]
Cash and cash equivalents	347,217	255,679
Marketable securities		59,770
Restricted cash
Trade and other receivables	5,517	5,380
Housing Completed or Under Construction
Land and Land Under Development
Total inventories
Intercompany receivables	1,603,012	1,475,291
Investment in subsidiaries	278,885	295,214
Property and equipment, net	24,408	25,495
Deferred tax asset, net	65,284	74,119
Metropolitan district bond securities (related party)		30,162
Prepaid and other assets	8,155	5,267
Total Assets	2,332,478	2,226,377
Accounts payable
Accrued liabilities	40,205	1,527
Advances and notes payable to parent and subsidiaries	43,822	48,134
Revolving credit facility	15,000	15,000
Senior notes, net	842,532	841,646
Total Liabilities	941,559	906,307
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents	4,182	3,408
Marketable securities
Restricted cash	8,723	3,778
Trade and other receivables	39,577	39,247
Housing Completed or Under Construction	969,419	874,199
Land and Land Under Development	863,002	884,615
Total inventories	1,832,421	1,758,814
Intercompany receivables	2,803	2,803
Investment in subsidiaries
Property and equipment, net	1,896	2,546
Deferred tax asset, net
Metropolitan district bond securities (related party)
Prepaid and other assets	64,653	55,196
Total Assets	1,954,255	1,865,792
Accounts payable	49,390	42,088
Accrued liabilities	112,986	136,615
Advances and notes payable to parent and subsidiaries	1,572,098	1,445,276
Revolving credit facility
Senior notes, net
Total Liabilities	1,734,474	1,623,979
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents
Marketable securities
Restricted cash
Trade and other receivables
Housing Completed or Under Construction
Land and Land Under Development
Total inventories
Intercompany receivables	5,254	5,289
Investment in subsidiaries
Property and equipment, net
Deferred tax asset, net
Metropolitan district bond securities (related party)
Prepaid and other assets
Total Assets	5,254	5,289
Accounts payable
Accrued liabilities	98	143
Advances and notes payable to parent and subsidiaries	26,802	26,266
Revolving credit facility
Senior notes, net
Total Liabilities	26,900	26,409
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Parent Company [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables
Total Assets
Mortgage loans held-for-sale, net
Other assets
Advances and notes payable to parent and subsidiaries
Total Liabilities
Accounts payable and accrued liabilities
Mortgage repurchase facility
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables
Total Assets
Mortgage loans held-for-sale, net
Other assets
Advances and notes payable to parent and subsidiaries
Total Liabilities
Accounts payable and accrued liabilities
Mortgage repurchase facility
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	26,419	23,822
Marketable securities	40,221	36,436
Intercompany receivables	35,765	40,042
Total Assets	202,224	251,905
Mortgage loans held-for-sale, net	89,804	138,774
Other assets	10,015	12,831
Advances and notes payable to parent and subsidiaries	4,112	3,749
Total Liabilities	121,474	177,384
Accounts payable and accrued liabilities	52,259	59,150
Mortgage repurchase facility	65,103	114,485
Consolidation, Eliminations [Member]
Cash and cash equivalents
Total Assets	(1,927,909)	(1,820,774)
Total Liabilities	(1,649,024)	(1,525,560)
Total Stockholders' Equity	(278,885)	(295,214)
Total Liabilities and Stockholders' Equity	(1,927,909)	(1,820,774)
Consolidation, Eliminations [Member] | Homebuilding Segment [Member]
Cash and cash equivalents
Marketable securities
Restricted cash
Trade and other receivables	(2,190)	(2,135)
Housing Completed or Under Construction
Land and Land Under Development
Total inventories
Intercompany receivables	(1,611,069)	(1,483,383)
Investment in subsidiaries	(278,885)	(295,214)
Property and equipment, net
Deferred tax asset, net	(1,120)	769
Metropolitan district bond securities (related party)
Prepaid and other assets
Total Assets	(1,893,264)	(1,779,963)
Accounts payable
Accrued liabilities	(1,628)	6,281
Advances and notes payable to parent and subsidiaries	(1,642,722)	(1,519,676)
Revolving credit facility
Senior notes, net
Total Liabilities	(1,644,350)	(1,513,395)
Consolidation, Eliminations [Member] | Financial Services Segment [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables	(35,765)	(40,042)
Total Assets	(34,645)	(40,811)
Mortgage loans held-for-sale, net
Other assets	1,120	(769)
Advances and notes payable to parent and subsidiaries	(4,112)	(3,749)
Total Liabilities	(4,674)	(12,165)
Accounts payable and accrued liabilities	(562)	(8,416)
Mortgage repurchase facility

Note 21 - Supplemental Guaran81

Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Statements of Operations (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Inventory impairments							$ (9,390,000)	$ (6,300,000)
Other-than-temporary impairment of marketable securities	$ 0			$ (300,000)			(211,000)	(1,045,000)
Pretax income (loss)	89,680,000			38,052,000			177,934,000	92,783,000
(Provision) benefit for income taxes	(28,517,000)			(11,693,000)			(60,651,000)	(29,948,000)
Net income	61,163,000			26,359,000			117,283,000	62,835,000
Other comprehensive income related to available-for-sale securities, net of tax	(23,175,000)			1,028,000			(19,245,000)	3,871,000
Comprehensive income	37,988,000			27,387,000			98,038,000	66,706,000
Homebuilding Segment [Member]
Revenues	586,287,000			578,012,000			1,798,984,000	1,546,267,000
Cost of sales	(486,406,000)			(483,829,000)			(1,495,838,000)	(1,291,570,000)
Inventory impairments	(4,540,000)		$ (4,850,000)	(4,700,000)	$ (1,600,000)		(9,390,000)	(6,300,000)
Gross margin	95,341,000			89,483,000			293,756,000	248,397,000
Selling, general, and administrative expenses	(69,102,000)			(61,904,000)			(206,109,000)	(182,621,000)
Equity income of subsidiaries
Interest and other income	54,548,000			1,869,000			59,722,000	5,358,000
Other expense	(618,000)			(1,558,000)			(1,635,000)	(2,463,000)
Other-than-temporary impairment of marketable securities				(215,000)			(51,000)	(934,000)
Pretax income (loss)	80,169,000			27,675,000			145,683,000	67,737,000
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities	(29,000)			(111,000)			(160,000)	(111,000)
Pretax income (loss)	9,511,000			10,377,000			32,251,000	25,046,000
Reportable Legal Entities [Member] | Parent Company [Member]
Pretax income (loss)	75,165,000			23,707,000			123,650,000	52,426,000
(Provision) benefit for income taxes	(14,002,000)			2,652,000			(6,367,000)	10,409,000
Net income	61,163,000			26,359,000			117,283,000	62,835,000
Other comprehensive income related to available-for-sale securities, net of tax	(23,175,000)			1,028,000			(19,245,000)	3,871,000
Comprehensive income	37,988,000			27,387,000			98,038,000	66,706,000
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Pretax income (loss)	38,674,000			34,972,000			125,391,000	97,396,000
(Provision) benefit for income taxes	(11,168,000)			(10,616,000)			(42,742,000)	(31,438,000)
Net income	27,506,000			24,356,000			82,649,000	65,958,000
Other comprehensive income related to available-for-sale securities, net of tax
Comprehensive income	27,506,000			24,356,000			82,649,000	65,958,000
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Pretax income (loss)	9,170,000			10,084,000			31,362,000	23,951,000
(Provision) benefit for income taxes	(3,347,000)			(3,729,000)			(11,542,000)	(8,919,000)
Net income	5,823,000			6,355,000			19,820,000	15,032,000
Other comprehensive income related to available-for-sale securities, net of tax	927,000			310,000			2,217,000	680,000
Comprehensive income	6,750,000			6,665,000			22,037,000	15,712,000
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Parent Company [Member]
Revenues
Cost of sales
Inventory impairments
Gross margin
Selling, general, and administrative expenses	(11,911,000)			(8,268,000)			(36,539,000)	(31,598,000)
Equity income of subsidiaries	33,329,000			30,711,000			102,469,000	80,990,000
Interest and other income	53,740,000			1,478,000			57,748,000	3,970,000
Other expense	7,000			1,000			23,000	(2,000)
Other-than-temporary impairment of marketable securities				(215,000)			(51,000)	(934,000)
Pretax income (loss)	75,165,000			23,707,000			123,650,000	52,426,000
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member]
Revenues	586,287,000			578,012,000			1,798,984,000	1,546,267,000
Cost of sales	(486,406,000)			(483,829,000)			(1,495,838,000)	(1,291,270,000)
Inventory impairments	(4,540,000)			(4,700,000)			(9,390,000)	(6,300,000)
Gross margin	95,341,000			89,483,000			293,756,000	248,697,000
Selling, general, and administrative expenses	(56,983,000)			(53,452,000)			(168,988,000)	(150,492,000)
Equity income of subsidiaries
Interest and other income	941,000			500,000			2,281,000	1,652,000
Other expense	(625,000)			(1,559,000)			(1,658,000)	(2,461,000)
Other-than-temporary impairment of marketable securities
Pretax income (loss)	38,674,000			34,972,000			125,391,000	97,396,000
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Non-Guarantor Subsidiaries [Member]
Revenues
Cost of sales								(300,000)
Inventory impairments
Gross margin								(300,000)
Selling, general, and administrative expenses
Equity income of subsidiaries
Interest and other income	1,000			1,000			5,000	4,000
Other expense
Other-than-temporary impairment of marketable securities
Pretax income (loss)	1,000			1,000			5,000	(296,000)
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)	9,169,000			10,083,000			31,357,000	24,247,000
Consolidation, Eliminations [Member]
Pretax income (loss)	(33,329,000)			(30,711,000)			(102,469,000)	(80,990,000)
(Provision) benefit for income taxes
Net income	(33,329,000)			(30,711,000)			(102,469,000)	(80,990,000)
Other comprehensive income related to available-for-sale securities, net of tax	(927,000)			(310,000)			(2,217,000)	(680,000)
Comprehensive income	(34,256,000)			(31,021,000)			(104,686,000)	(81,670,000)
Consolidation, Eliminations [Member] | Homebuilding Segment [Member]
Revenues
Cost of sales
Inventory impairments
Gross margin
Selling, general, and administrative expenses	(208,000)			(184,000)			(582,000)	(531,000)
Equity income of subsidiaries	(33,329,000)			(30,711,000)			(102,469,000)	(80,990,000)
Interest and other income	(134,000)			(110,000)			(312,000)	(268,000)
Other expense
Other-than-temporary impairment of marketable securities
Pretax income (loss)	(33,671,000)			(31,005,000)			(103,363,000)	(81,789,000)
Consolidation, Eliminations [Member] | Financial Services Segment [Member]
Pretax income (loss)	$ 342,000			$ 294,000			$ 894,000	$ 799,000

Note 21 - Supplemental Guaran82

Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Net cash provided by (used in) operating activities	$ 69,164	$ (8,903)
Net cash provided by (used in) investing activities	108,047	24,736
Financing Activities:
Payments from (advances to) subsidiaries
Mortgage repurchase facility	(49,382)	3,400
Dividend payments	(38,793)	(36,763)
Payments of deferred financing costs	(2,630)
Proceeds from exercise of stock options	8,503
Net cash provided by (used in) financing activities	(82,302)	(33,363)
Net increase in cash and cash equivalents	94,909	(17,530)
Cash and cash equivalents:
Beginning of period	282,909	180,988
End of period	377,818	163,458
Net cash provided by (used in) operating activities	69,164	(8,903)
Net cash provided by (used in) investing activities	108,047	24,736
Reportable Legal Entities [Member] | Parent Company [Member]
Net cash provided by (used in) operating activities	26,918	(5,918)
Net cash provided by (used in) investing activities	97,540	26,166
Financing Activities:
Payments from (advances to) subsidiaries
Mortgage repurchase facility
Dividend payments	(38,793)	(36,763)
Payments of deferred financing costs	(2,630)
Proceeds from exercise of stock options	8,503
Net cash provided by (used in) financing activities	(32,920)	(36,763)
Net increase in cash and cash equivalents	91,538	(16,515)
Cash and cash equivalents:
Beginning of period	255,679	141,245
End of period	347,217	124,730
Net cash provided by (used in) operating activities	26,918	(5,918)
Net cash provided by (used in) investing activities	97,540	26,166
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	(21,023)	(17,581)
Net cash provided by (used in) investing activities	(198)	(1,252)
Financing Activities:
Payments from (advances to) subsidiaries	21,995	20,284
Mortgage repurchase facility
Dividend payments
Payments of deferred financing costs
Proceeds from exercise of stock options
Net cash provided by (used in) financing activities	21,995	20,284
Net increase in cash and cash equivalents	774	1,451
Cash and cash equivalents:
Beginning of period	3,408	3,097
End of period	4,182	4,548
Net cash provided by (used in) operating activities	(21,023)	(17,581)
Net cash provided by (used in) investing activities	(198)	(1,252)
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	63,269	14,596
Net cash provided by (used in) investing activities	(254)	(9,797)
Financing Activities:
Payments from (advances to) subsidiaries	(11,036)	(10,665)
Mortgage repurchase facility	(49,382)	3,400
Dividend payments
Payments of deferred financing costs
Proceeds from exercise of stock options
Net cash provided by (used in) financing activities	(60,418)	(7,265)
Net increase in cash and cash equivalents	2,597	(2,466)
Cash and cash equivalents:
Beginning of period	23,822	36,646
End of period	26,419	34,180
Net cash provided by (used in) operating activities	63,269	14,596
Net cash provided by (used in) investing activities	(254)	(9,797)
Consolidation, Eliminations [Member]
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities	10,959	9,619
Financing Activities:
Payments from (advances to) subsidiaries	(10,959)	(9,619)
Mortgage repurchase facility
Dividend payments
Payments of deferred financing costs
Proceeds from exercise of stock options
Net cash provided by (used in) financing activities	(10,959)	(9,619)
Net increase in cash and cash equivalents
Cash and cash equivalents:
Beginning of period
End of period
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities	$ 10,959	$ 9,619