M.D.C. (MDC) 10-Q 1 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 30, 2018
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 Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		56,614,573
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 418,792	$ 514,240
Inventories:
Deferred tax asset, net	36,800	41,500
Total Assets	2,908,170	2,780,292
Cash and cash equivalents	418,792	514,240
LIABILITIES AND EQUITY
Total Liabilities	1,375,428	1,373,005
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; 56,614,726 and 56,123,228 issued and outstanding at September 30, 2018 and December 31, 2017, respectively	566	561
Additional paid-in-capital	1,162,924	1,144,570
Retained earnings	369,252	258,164
Accumulated other comprehensive income		3,992
Total Stockholders' Equity	1,532,742	1,407,287
Total Liabilities and Stockholders' Equity	2,908,170	2,780,292
Homebuilding Segment [Member]
ASSETS
Cash and cash equivalents	360,947	472,957
Marketable securities		49,634
Restricted cash	7,866	8,812
Trade and other receivables	56,469	53,362
Inventories:
Housing Completed or Under Construction	1,073,909	936,685
Land and Land Under Development	1,034,025	893,051
Total inventories	2,107,934	1,829,736
Property and equipment, net	56,693	26,439
Deferred tax asset, net	36,815	41,480
Prepaid and other assets	52,988	75,666
Total Assets	2,679,712	2,558,086
Cash and cash equivalents	360,947	472,957
Marketable securities		49,634
Other assets	1,157	1,220
LIABILITIES AND EQUITY
Accounts payable	52,070	39,655
Accrued liabilities	175,110	166,312
Revolving credit facility	15,000	15,000
Senior notes, net	987,617	986,597
Total Liabilities	1,229,797	1,207,564
Financial Services Segment [Member]
ASSETS
Cash and cash equivalents	49,979	32,471
Marketable securities	49,006	42,004
Inventories:
Total Assets	228,458	222,206
Cash and cash equivalents	49,979	32,471
Marketable securities	49,006	42,004
Mortgage loans held-for-sale, net	114,836	138,114
Other assets	14,637	9,617
LIABILITIES AND EQUITY
Total Liabilities	145,631	165,441
Accounts payable and accrued liabilities	54,847	53,101
Mortgage repurchase facility	$ 90,784	$ 112,340

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
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)	56,614,726	56,123,228
Common stock, shares outstanding (in shares)	56,614,726	56,123,228

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Inventory impairments	$ (11,098,000)	$ (4,540,000)	$ (11,848,000)	$ (9,390,000)
Other-than-temporary impairment of marketable securities	0	0	0	(200,000)
Pretax income	67,420,000	89,680,000	194,568,000	177,934,000
Income before income taxes	67,420,000	89,680,000	194,568,000	177,934,000
Provision for income taxes	(14,028,000)	(28,517,000)	(38,513,000)	(60,651,000)
Net income	53,392,000	61,163,000	156,055,000	117,283,000
Other comprehensive loss related to available for sale securities, net of tax		(23,175,000)		(19,245,000)
Comprehensive income	$ 53,392,000	$ 37,988,000	$ 156,055,000	$ 98,038,000
Earnings per share:
Basic (in dollars per share)	$ 0.94	$ 1.09	$ 2.77	$ 2.10
Diluted (in dollars per share)	$ 0.93	$ 1.07	$ 2.72	$ 2.07
Weighted average common shares outstanding:
Basic (in shares)	56,171,619	55,782,389	56,023,996	55,623,225
Diluted (in shares)	57,226,659	56,809,208	57,029,715	56,428,247
Dividends declared per share (in dollars per share)	$ 0.30	$ 0.23	$ 0.90	$ 0.69
Homebuilding Segment [Member]
Revenues	$ 766,027,000	$ 586,287,000	$ 2,123,323,000	$ 1,798,984,000
Cost of sales	(630,346,000)	(490,946,000)	(1,734,131,000)	(1,505,228,000)
Inventory impairments	(11,098,000)	(4,540,000)	(11,848,000)	(9,390,000)
Gross profit	135,681,000	95,341,000	389,192,000	293,756,000
Selling, general and administrative expenses	(83,523,000)	(69,102,000)	(236,435,000)	(206,109,000)
Interest and other income	1,953,000	54,548,000	5,586,000	59,722,000
Other expense	(1,128,000)	(618,000)	(2,562,000)	(1,635,000)
Other-than-temporary impairment of marketable securities				(51,000)
Pretax income	52,983,000	80,169,000	155,781,000	145,683,000
Income before income taxes	52,983,000	80,169,000	155,781,000	145,683,000
Homebuilding Segment [Member] | Home Building [Member]
Revenues	766,027,000	584,947,000	2,123,323,000	1,796,046,000
Cost of sales	(619,248,000)	(485,147,000)	(1,722,283,000)	(1,493,166,000)
Homebuilding Segment [Member] | Land [Member]
Revenues		1,340,000		2,938,000
Cost of sales		(1,259,000)		(2,672,000)
Financial Services Segment [Member]
Revenues	19,611,000	17,464,000	60,018,000	54,516,000
Other-than-temporary impairment of marketable securities		(29,000)		(160,000)
Pretax income	14,437,000	9,511,000	38,787,000	32,251,000
Expenses	(9,408,000)	(8,849,000)	(27,850,000)	(25,247,000)
Interest and other income	4,234,000	925,000	6,619,000	3,142,000
Income before income taxes	$ 14,437,000	$ 9,511,000	$ 38,787,000	$ 32,251,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating Activities:
Net income	$ 53,392	$ 61,163	$ 156,055	$ 117,283
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense			8,500	3,100
Depreciation and amortization			15,406	4,205
Inventory impairments	11,098	4,540	11,848	9,390
Other-than-temporary impairment of marketable securities				211
Net gain on sale of available-for-sale marketable securities				(18,122)
Net gain on marketable equity securities	(3,004)		(3,129)
Gain on sale of metropolitan district bond securities (related party)				(35,847)
Amortization of discount / premiums on marketable debt securities, net			(366)
Deferred income tax expense			4,092	22,795
Net changes in assets and liabilities:
Trade and other receivables			(7,049)	119
Mortgage loans held-for-sale			23,278	48,970
Prepaid and other assets			(12,328)	(11,229)
Accounts payable and accrued liabilities			26,067	15,345
Net cash provided by (used in) operating activities			(59,246)	74,109
Investing Activities:
Purchases of marketable securities			(17,183)	(17,604)
Maturities of marketable securities			50,000
Sales of marketable securities			13,310	83,315
Proceeds from sale of metropolitan district bond securities (related party)				44,253
Purchases of property and equipment			(19,899)	(1,917)
Net cash provided by investing activities			26,228	108,047
Financing Activities:
Payments on mortgage repurchase facility, net			(21,556)	(49,382)
Dividend payments			(50,733)	(38,793)
Payments of deferred financing costs				(2,630)
Proceeds from exercise of stock options			9,859	8,503
Net cash used in financing activities			(62,430)	(82,302)
Net increase (decrease) in cash, cash equivalents and restricted cash			(95,448)	99,854
Cash, cash equivalents and restricted cash:
Beginning of period			514,240	286,687
End of period	418,792	386,541	418,792	386,541
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	418,792	386,541	418,792	386,541
End of period	418,792	386,541	418,792	386,541
Homebuilding Segment [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Inventory impairments	11,098	4,540	11,848	9,390
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	360,947	351,399	360,947	351,399
Restricted cash	7,866	8,723	7,866	8,723
Financial Services Segment [Member]
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 49,979	$ 26,419	49,979	26,419
Housing Completed or Under Construction [Member]
Net changes in assets and liabilities:
Housing completed or under construction and land under development			(131,657)	(101,997)
Land and Land Under Development [Member]
Net changes in assets and liabilities:
Housing completed or under construction and land under development			$ (149,963)	$ 19,886

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1 . Basis of Presentation The Unaudited Consolidated Financial Statements of M.D.C. Holdings, Inc. ("MDC," “the Company," “we,” “us,” or “our,” which refers to M.D.C. Holdings, Inc. and its subsidiaries) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not September 30, 2018 10 December 31, 2017. On November 20, 2017, 8% December 19, 2017 December 5, 2017. 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 When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation.

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	2. Recently Issued Accounting Standards Adoption of New Accounting Standards Accounting Standards Update (“ASU”) 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 2018 02” 2018 02 December 2017 2018 02 January 1, 2018, January 1, 2018, 2018 02 not ASU 2016 18, Statement of Cash Flows (Topic 230 consensus of the FASB Emerging Issues Task Force 2016 18” 2016 18 830, Statement of Cash Flows may January 1, 2018, 2016 18 not ASU 2016 15, Statement of Cash Flows (Topic 230 2016 15” 2016 15 830, Statement of Cash Flows January 1, 2018, 2016 15 no 2016 15 not ASU 2016 01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01” January 1, 2018, 2016 01 2016 01 not three nine September 30, 2018 $2.9 $3.0 ASU 2014 09, Revenue from Contracts with Customers 2014 09” May 2014, 2014 09 606, Revenue from Contracts with Customers 606” 2014 09 340, Other Assets and Deferred Costs , 340 40, Other Assets and Deferred Costs – Contracts with Customers 340 40” January 1, 2018, 606 340 40 not January 1, 2018. 606 340 40 not 606 340 40, not no As substantially all of our contracts are completed within a year, we will not January 1, 2018 September 30, 2018, $32.6 $37.9 The cumulative effect of the changes made to our consolidated January 1, 2018 2018 02, 2016 01 2014 09 Balance at December 31, 2017 Adjustments due to Adjustments due to Adjustments due to Balance at January 1, 2018 (Dollars in thousands) Balance Sheet Assets: Homebuilding: Housing completed or under construction $ 936,685 $ - $ - $ 7,406 $ 944,091 Property and equipment, net 26,439 - - 25,270 51,709 Prepaid and other assets 75,666 - - (34,227 ) 41,439 Deferred tax asset, net 41,480 - - (573 ) 40,907 Financial Services: Other assets 9,617 - - 3,898 13,515 Stockholders' Equity: Retained earnings 258,164 (860 ) 4,852 1,774 263,930 Accumulated other comprehensive income 3,992 860 (4,852 ) - - As a result of our adoption of ASU 2014 09, Revenue Recognition for Homebuilding Segments. We generally do not 1 not 2 not third In certain states that we build, we are not not Home Cost of Sales When a home is closed, we may not 1 not 2 Costs Related to Sales Facilities. not Property and Equipment, net. 2 29 Accounting Standards Issued But Not In February 2016, 2016 02, Leases 2016 02” 2016 02 January 1, 2019, September 30, 2018, $43.1 In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments 2016 13” 2016 13 2016 13 January 1, 2021, not 2016 13 not

Note 3 - Segment Reporting

Note 3 - Segment Reporting	9 Months Ended
	Sep. 30, 2018
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, Washington and Oregon) ● 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 revenues for our homebuilding and financial services operations: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Homebuilding West $ 409,001 $ 326,804 $ 1,120,316 $ 959,641 Mountain 272,989 167,066 750,162 564,558 East 84,037 92,417 252,845 274,785 Total homebuilding revenues $ 766,027 $ 586,287 $ 2,123,323 $ 1,798,984 Financial Services Mortgage operations $ 11,919 $ 11,176 $ 39,162 $ 36,056 Other 7,692 6,288 20,856 18,460 Total financial services revenues $ 19,611 $ 17,464 $ 60,018 $ 54,516 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Homebuilding West $ 28,947 $ 17,746 $ 91,028 $ 54,335 Mountain 34,697 18,326 94,736 61,097 East 3,771 2,613 11,287 9,989 Corporate (14,432 ) 41,484 (41,270 ) 20,262 Total homebuilding pretax income $ 52,983 $ 80,169 $ 155,781 $ 145,683 Financial Services Mortgage operations $ 6,702 $ 5,857 $ 23,262 $ 21,093 Other 7,735 3,654 15,525 11,158 Total financial services pretax income $ 14,437 $ 9,511 $ 38,787 $ 32,251 Total pretax income $ 67,420 $ 89,680 $ 194,568 $ 177,934 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, 2018 2017 (Dollars in thousands) Homebuilding assets West $ 1,274,955 $ 1,084,756 Mountain 795,767 674,057 East 181,253 201,684 Corporate 427,737 597,589 Total homebuilding assets $ 2,679,712 $ 2,558,086 Financial services assets Mortgage operations $ 127,725 $ 152,345 Other 100,733 69,861 Total financial services assets $ 228,458 $ 222,206 Total assets $ 2,908,170 $ 2,780,292

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Earnings Per Share ASC 260 two two two 260. Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands, except per share amounts) Numerator Net income $ 53,392 $ 61,163 $ 156,055 $ 117,283 Less: distributed earnings allocated to participating securities (106 ) (68 ) (307 ) (196 ) Less: undistributed earnings allocated to participating securities (222 ) (244 ) (613 ) (375 ) Net income attributable to common stockholders (numerator for basic earnings per share) 53,064 60,851 155,135 116,712 Add back: undistributed earnings allocated to participating securities 222 244 613 375 Less: undistributed earnings reallocated to participating securities (218 ) (240 ) (602 ) (369 ) Numerator for diluted earnings per share under two class method $ 53,068 $ 60,855 $ 155,146 $ 116,718 Denominator Weighted-average common shares outstanding 56,171,619 55,782,389 56,023,996 55,623,225 Add: dilutive effect of stock options 1,055,040 1,026,819 1,005,719 805,022 Denominator for diluted earnings per share under two class method 57,226,659 56,809,208 57,029,715 56,428,247 Basic Earnings Per Common Share $ 0.94 $ 1.09 $ 2.77 $ 2.10 Diluted Earnings Per Common Share $ 0.93 $ 1.07 $ 2.72 $ 2.07 Diluted EPS for the three nine September 30, 2018 0.6 0.6 2017, 0.7 1.1

Note 5 - Accumulated Other Comp

Note 5 - Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2018
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, 2018 2017 2018 2017 (Dollars in thousands) Beginning balance 1 $ - $ 11,176 $ 3,992 $ 7,730 Adoption of accounting standards (Note 2) - - (3,992 ) - Other comprehensive income before reclassifications - 1,778 - 6,201 Amounts reclassified from AOCI 2 - (10,128 ) - (11,105 ) Ending balance $ - $ 2,826 $ - $ 2,826 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ - $ 14,825 $ - $ 14,341 Other comprehensive income (loss) before reclassifications - 7,400 - 7,884 Amounts reclassified from AOCI - (22,225 ) - (22,225 ) Ending balance $ - $ - $ - $ - Total ending AOCI $ - $ 2,826 $ - $ 2,826 ( 1 ( 2 During the first 2018, 2 The Metropolitan District Limited Tax General Obligation Capital Appreciation Bonds Series 2007 2017 third $44.3 $8.4 $35.8 three nine September 30, 2017. The following table sets forth the activity, including the Metro Bonds discussed above, related to reclassifications out of accumulated other comprehensive income: Three Months Ended Nine Months Ended September 30, September 30, Affected Line Item in the Statements of Operations 2018 2017 2018 2017 (Dollars in thousands) Homebuilding: Interest and other income $ - $ 52,211 $ - $ 53,622 Homebuilding: Other-than-temporary impairment of marketable securities - - - (51 ) Financial services: Interest and other income - - - 347 Financial services: Other-than-temporary impairment of marketable securities - (29 ) - (160 ) Income before income taxes - 52,182 - 53,758 Provision for income taxes - (19,829 ) - (20,428 ) Net income $ - $ 32,353 $ - $ 33,330

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
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, 2018 December 31, 2017 (Dollars in thousands) Cash and cash equivalents Debt securities (available-for-sale) Level 1 $ 34,882 $ 99,863 Marketable securities Equity securities Level 1 $ 49,006 $ 42,004 Debt securities (available-for-sale) Level 1 - 49,634 Total marketable securities $ 49,006 $ 91,638 Mortgage loans held-for-sale, net Level 2 $ 114,836 $ 138,114 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of September 30, 2018 December 31, 2017. Cash and cash equivalents (excluding debt securities with an original maturity of three , restricted cash, trade and other receivables, prepaid and other assets, accounts payable, accrued liabilities and borrowings on our revolving credit facility. E quity s ecurities September 30, 2018, December 31, 2017, 2 Debt securities September 30, 2018 December 31, 2017, Each quarter we assess all of our securities in an unrealized loss position (excluding marketable equity securities subsequent to the adoption of ASU 2016 01 2 three nine September 30, 2017, $0.0 $0.2 No three nine September 30, 2018. The following tables set forth the cost and estimated fair value of our available for sale debt securities: September 30, 2018 Amortized Cost Basis OTTI Net Amortized Cost Fair Value (Dollars in thousands) Financial Services Cash and cash equivalents Debt securities $ 34,882 $ - $ 34,882 $ 34,882 December 31, 2017 Amortized Cost Basis OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding Cash and cash equivalents Debt securities $ 99,663 $ - $ 99,663 $ 99,663 Marketable securities Debt securities $ 49,634 $ - $ 49,634 $ 49,634 Financial Services Cash and cash equivalents Debt securities $ 200 $ - $ 200 $ 200 The following table reconciles the net gain recognized during the three nine September 30, 2018 September 30, 2018 Three Months Ended Nine Months Ended (Dollars in thousands) Net gain recognized during the period on equity securities $ 3,004 $ 3,129 Less: Net loss recognized during the period on equity securities sold during the period (21 ) (484 ) Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ 3,025 $ 3,613 Mortgage loans held-for-sale, net. 1 2 not September 30, 2018 December 31, 2017, $101.7 $103.5 2 September 30, 2018 December 31, 2017, $13.1 $34.6 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, 2018, $11.8 $31.1 $9.8 $28.5 Mortgage Repurchase Facility. 18 30 2 Senior Notes 2 September 30, 2018 December 31, 2017 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 248,595 $ 256,714 $ 247,853 $ 261,991 $250 Million 5½% Senior Notes due January 2024, net 248,736 251,398 248,585 263,617 $500 Million 6% Senior Notes due January 2043, net 490,286 428,732 490,159 493,094 Total $ 987,617 $ 936,844 $ 986,597 $ 1,018,702

Note 7 - Inventories

Note 7 - Inventories	9 Months Ended
	Sep. 30, 2018
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, 2018 2017 (Dollars in thousands) Housing completed or under construction: West $ 572,820 $ 489,136 Mountain 400,892 328,897 East 100,197 118,652 Subtotal 1,073,909 936,685 Land and land under development: West 607,564 517,697 Mountain 358,567 309,072 East 67,894 66,282 Subtotal 1,034,025 893,051 Total inventories $ 2,107,934 $ 1,829,736 Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and unsold homes. Costs capitalized to land and land under development primarily include: ( 1 2 3 4 5 6 1 2 3 4 5 In accordance with ASC Topic 360, Property, Plant, and Equipment 360” may not • actual and trending “Operating Margin” (which is defined as home sale revenues less home cost of sales and all incremental costs associated directly with the subdivision, including sales commissions and marketing costs); • estimated future undiscounted cash flows and Operating Margin; • forecasted Operating Margin for homes in backlog; • actual and trending net home orders; • homes available for sale; • market information for each sub-market, including competition levels, home foreclosure levels, the size and style of homes currently being offered for sale and lot size; and • known or probable events indicating that the carrying value may not If events or circumstances indicate that the carrying value of our inventory may not 3 3 If land is classified as held for sale, in accordance with ASC 360, 2 not not 3 Impairments of homebuilding inventory by segment for the three nine September 30, 2018 2017 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) West $ 10,798 $ 1,885 $ 11,173 $ 5,985 Mountain - 370 175 370 East 300 2,285 500 3,035 Total inventory impairments $ 11,098 $ 4,540 $ 11,848 $ 9,390 The table below provides quantitative data, for the periods presented, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Total Inventory Fair Value of After Impairments Number of Discount Rate (Dollars in thousands) March 31, 2018 24 $ 550 $ 5,223 2 12% June 30, 2018 17 $ 200 $ 767 1 12% September 30, 2018 17 $ 11,098 $ 29,874 2 12% - 18% March 31, 2017 33 $ 4,850 $ 19,952 2 12% - 18% June 30, 2017 35 $ - $ - - N/A September 30, 2017 33 $ 4,540 $ 52,190 9 10% - 15%

Note 8 - Capitalization of Inte

Note 8 - Capitalization of Interest	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Capitalization Disclosure [Text Block]	8. Capitalization of Interest We capitalize interest to inventories during the period of development in accordance with ASC Topic 835, Interest 835” 835, Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Homebuilding interest incurred $ 15,641 $ 13,212 $ 46,905 $ 39,594 Less: Interest capitalized (15,641 ) (13,212 ) (46,905 ) (39,594 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 58,227 $ 62,091 $ 57,541 $ 68,085 Plus: Interest capitalized during period 15,641 13,212 46,905 39,594 Less: Previously capitalized interest included in home and land cost of sales (16,636 ) (15,087 ) (47,214 ) (47,463 ) Interest capitalized, end of period $ 57,232 $ 60,216 $ 57,232 $ 60,216

Note 9 - Homebuilding Prepaid a

Note 9 - Homebuilding Prepaid and Other Assets	9 Months Ended
	Sep. 30, 2018
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, 2018 2017 (Dollars in thousands) Deferred marketing costs (Note 2) $ - $ 34,227 Land option deposits 32,764 22,203 Goodwill 6,008 6,008 Prepaid expenses 8,029 6,128 Deferred debt issuance costs on revolving credit facility, net 5,030 5,880 Other 1,157 1,220 Total $ 52,988 $ 75,666

Note 10 - Homebuilding Accrued

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2018
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, 2018 2017 (Dollars in thousands) Customer and escrow deposits $ 41,778 $ 36,144 Warranty accrual 26,625 21,909 Accrued compensation and related expenses 35,570 32,600 Accrued interest 13,281 27,734 Construction defect claim reserves 8,388 8,406 Land development and home construction accruals 7,683 8,001 Other accrued liabilities 41,785 31,518 Total accrued liabilities $ 175,110 $ 166,312 The following table sets forth information relating to financial services accounts payable and accrued liabilities: September 30, December 31, 2018 2017 (Dollars in thousands) Insurance reserves $ 44,920 $ 44,280 Accounts payable and other accrued liabilities 9,927 8,821 Total accounts payable and accrued liabilities $ 54,847 $ 53,101

Note 11 - Warranty Accrual

Note 11 - Warranty Accrual	9 Months Ended
	Sep. 30, 2018
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, 2018 2017. nine September 30, 2018 2017, $3.1 $0.4 three September 30, 2017, $0.4 No three September 30, 2018. nine September 30, 2018 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Balance at beginning of period $ 25,666 $ 20,965 $ 21,909 $ 20,678 Expense provisions 3,757 2,448 10,104 7,691 Cash payments (2,798 ) (2,263 ) (8,494 ) (7,269 ) Adjustments - (425 ) 3,106 (375 ) Balance at end of period $ 26,625 $ 20,725 $ 26,625 $ 20,725

Note 12 - Insurance and Constru

Note 12 - Insurance and Construction Defect Claim Reserves	9 Months Ended
	Sep. 30, 2018
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, 2018 2017. Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Balance at beginning of period $ 50,707 $ 49,647 $ 52,686 $ 50,954 Expense provisions 2,865 2,383 7,902 6,884 Cash payments, net of recoveries (264 ) (1,535 ) (7,280 ) (7,343 ) Balance at end of period $ 53,308 $ 50,495 $ 53,308 $ 50,495 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, 2018 2017 not

Note 13 - Income Taxes

Note 13 - Income Taxes	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	1 3 . Income Taxes Our overall effective income tax rates were 20.8% 19.8% three nine September 30, 2018, 31.8% 34.1% three nine September 30, 2017, three nine September 30, 2018 $14.0 $38.5 $28.5 $60.7 three nine September 30, 2017, three nine September 30, 2018 ( 1 35% 21% ( 2 2017 September 30, 2017 no not 2017. February 2018, 2018 2017. three nine September 30, 2018, $3.2 $11.3 2018 2017 first nine 2018. 2017. September 30, 2018, 2018 not no 2018. ( 3 2017 first No nine September 30, 2018. At September 30, 2018 December 31, 2017 $36.8 $41.5 On August 21, 2018 2018 68 162 September 30, 2018, no December 31, 2017 September 30, 2018, 118

Note 14 - Senior Notes

Note 14 - Senior Notes	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Long-term Debt [Text Block]	1 4 . Senior Notes The carrying value of our senior notes as of September 30, 2018 December 31, 2017, September 30, December 31, 2018 2017 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 248,595 $ 247,853 5½% Senior Notes due January 2024, net 248,736 248,585 6% Senior Notes due January 2043, net 490,286 490,159 Total $ 987,617 $ 986,597 Our senior notes are not not

Note 15 - Stock-based Compensat

Note 15 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2018
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 Topic 718 Compensation–Stock Compensation 718” three nine September 30, 2018 2017: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Stock option grants expense $ 583 $ 78 $ 780 $ 250 Restricted stock awards expense 939 758 2,303 1,721 Performance share units expense 903 226 5,417 1,129 Total stock based compensation $ 2,425 $ 1,062 $ 8,500 $ 3,100 On May 23, 2018, June 20, 2017 July 25, 2016, 2011 three fifteen 15% three 10% 20% 5% 10% 50% 20% 200% 2017 2018, Threshold Goal Target Goal Maximum Goal 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 Maximum Potential Expense to be Recognized* CEO July 1, 2016 July 1, 2015 56,700 113,400 226,800 $4,815 COO July 25, 2016 to to $1.975 billion 56,700 $2.074 billion 113,400 $2.173 billion 226,800 $2.370 billion $21.23 4,815 CFO June 30, 2019 June 30, 2016 14,175 28,350 56,700 1,204 $10,834 CEO April 1, 2017 April 1, 2016 59,400 118,800 237,600 $7,142 COO June 20, 2017 to to $2.426 billion 59,400 $2.547 billion 118,800 $2.669 billion 237,600 $2.911 billion $30.06 7,142 CFO March 31, 2020 March 31, 2017 14,850 29,700 59,400 1,786 $16,070 CEO April 1, 2018 April 1, 2017 60,000 120,000 240,000 $6,629 COO May 23, 2018 to to $2.543 billion 60,000 $2.670 billion 120,000 $2.797 billion 240,000 $3.052 billion $27.62 6,629 CFO March 31, 2021 March 31, 2018 15,000 30,000 60,000 1,657 $14,915 * Dollars in thousands In accordance with ASC 718, not 718 not 2016 . 2018 second $0.9 $5.4 three nine September 30, 2018, September 30, 2017, $0.2 $1.1 three nine September 30, 2017. 2017 and 2018 PSU Grant June 2017 May 2018, not no September 30, 2018.

Note 16 - Commitments and Conti

Note 16 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	1 6 . Commitments and Contingencies Surety Bonds and Letters of Credit. September 30, 2018, $209.0 $71.4 $41.6 $94.8 $30.3 September 30, 2018, 18 not We have made no third Litigation . not Lot Option Contracts September 30, 2018, $30.4 $8.2 9,360

Note 17 - Derivative Financial

Note 17 - Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2018
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, 2018, $152.0 $12.7 September 30, 2018 not not $102.5 September 30, 2018. For the three nine September 30, 2018, $0.9 $1.4 $0.5 $0.5 2017.

Note 18 - Lines of Credit

Note 18 - Lines of Credit	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	1 8 . Lines of Credit Revolving Credit Facility. may September 29, 2017 1 December 16, 2022, ( 2 $550 $700 3 may not $1.25 1 0.0%, 2 3 1.50%, 4 1.00% 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, 2018. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At September 30, 2018 December 31, 2017, $29.8 $32.0 $15.0 September 30, 2018 December 31, 2017. September 30, 2018, $655.2 Mortgage Repurchase Facility. August 9, 2018, August 8, 2019. $75 $75 November 12, 2008, may September 26, 2018 $75 $100 October 25, 2018. $75 $115 December 27, 2017 January 25, 2018. September 30, 2018 December 31, 2017, $90.8 $112.3 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, 2018.

Note 19 - Related Party Transac

Note 19 - Related Party Transactions	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	19. Related Party Transactions We contributed $1.5 nine September 30, 2017. 501 3 September 30, 2018, 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, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	20. Subsequent Events On November 1, 2018, 1 December 18, 2023, ( 2 $700 $1 3 may not $1.5

Note 21 - Supplemental Guaranto

Note 21 - Supplemental Guarantor Information	9 Months Ended
	Sep. 30, 2018
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% 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, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 356,353 $ 4,594 $ - $ - $ 360,947 Marketable securities - - - - - Restricted cash - 7,866 - - 7,866 Trade and other receivables 530 55,939 - - 56,469 Inventories: Housing completed or under construction - 1,073,909 - - 1,073,909 Land and land under development - 1,034,025 - - 1,034,025 Total inventories - 2,107,934 - - 2,107,934 Intercompany receivables 1,794,096 9,960 - (1,804,056 ) - Investment in subsidiaries 383,876 - - (383,876 ) - Property and equipment, net 23,506 33,187 - - 56,693 Deferred tax asset, net 38,126 - - (1,311 ) 36,815 Prepaid and other assets 10,534 42,454 - - 52,988 Total homebuilding assets 2,607,021 2,261,934 - (2,189,243 ) 2,679,712 Financial Services: Cash and cash equivalents - - 49,979 - 49,979 Marketable securities - - 49,006 - 49,006 Intercompany receivables - - 17,020 (17,020 ) - Mortgage loans held-for-sale, net - - 114,836 - 114,836 Other assets - - 13,326 1,311 14,637 Total financial services assets - - 244,167 (15,709 ) 228,458 Total Assets $ 2,607,021 $ 2,261,934 $ 244,167 $ (2,204,952 ) $ 2,908,170 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 52,070 $ - $ - $ 52,070 Accrued liabilities 44,682 127,332 - 3,096 175,110 Advances and notes payable to parent and subsidiaries 26,980 1,786,840 296 (1,814,116 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 987,617 - - - 987,617 Total homebuilding liabilities 1,074,279 1,966,242 296 (1,811,020 ) 1,229,797 Financial Services: Accounts payable and other liabilities - - 57,943 (3,096 ) 54,847 Advances and notes payable to parent and subsidiaries - - 6,960 (6,960 ) - Mortgage repurchase facility - - 90,784 - 90,784 Total financial services liabilities - - 155,687 (10,056 ) 145,631 Total Liabilities 1,074,279 1,966,242 155,983 (1,821,076 ) 1,375,428 Equity: Total Stockholders' Equity 1,532,742 295,692 88,184 (383,876 ) 1,532,742 Total Liabilities and Stockholders' Equity $ 2,607,021 $ 2,261,934 $ 244,167 $ (2,204,952 ) $ 2,908,170 Supplemental Co ndensed Combining Balance Sheet December 31, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 468,718 $ 4,239 $ - $ - $ 472,957 Marketable securities 49,634 - - - 49,634 Restricted cash - 8,812 - - 8,812 Trade and other receivables 8,200 47,422 - (2,260 ) 53,362 Inventories: Housing completed or under construction - 936,685 - - 936,685 Land and land under development - 893,051 - - 893,051 Total inventories - 1,829,736 - - 1,829,736 Intercompany receivables 1,578,830 2,803 5,291 (1,586,924 ) - Investment in subsidiaries 317,400 - - (317,400 ) - Property and equipment, net 24,557 1,882 - - 26,439 Deferred tax assets, net 42,862 - - (1,382 ) 41,480 Other assets 7,260 68,406 - - 75,666 Total Homebuilding Assets 2,497,461 1,963,300 5,291 (1,907,966 ) 2,558,086 Financial Services: Cash and cash equivalents - - 32,471 - 32,471 Marketable securities - - 42,004 - 42,004 Intercompany receivables - - 40,139 (40,139 ) - Mortgage loans held-for-sale, net - - 138,114 - 138,114 Other assets - - 8,235 1,382 9,617 Total Financial Services Assets - - 260,963 (38,757 ) 222,206 Total Assets $ 2,497,461 $ 1,963,300 $ 266,254 $ (1,946,723 ) $ 2,780,292 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 39,655 $ - $ - $ 39,655 Accrued liabilities 40,344 122,544 37 3,387 166,312 Advances and notes payable to parent and subsidiaries 48,233 1,547,593 27,015 (1,622,841 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 986,597 - - - 986,597 Total Homebuilding Liabilities 1,090,174 1,709,792 27,052 (1,619,454 ) 1,207,564 Financial Services: Accounts payable and accrued liabilities - - 58,748 (5,647 ) 53,101 Advances and notes payable to parent and subsidiaries - - 4,222 (4,222 ) - Mortgage repurchase facility - - 112,340 - 112,340 Total Financial Services Liabilities - - 175,310 (9,869 ) 165,441 Total Liabilities 1,090,174 1,709,792 202,362 (1,629,323 ) 1,373,005 Equity: Total Stockholders' Equity 1,407,287 253,508 63,892 (317,400 ) 1,407,287 Total Liabilities and Stockholders' Equity $ 2,497,461 $ 1,963,300 $ 266,254 $ (1,946,723 ) $ 2,780,292 Supplementa l Condensed Combining Statement of Operations Three Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 766,027 $ - $ - $ 766,027 Cost of sales - (619,248 ) - - (619,248 ) Inventory impairments - (11,098 ) - - (11,098 ) Gross margin - 135,681 - - 135,681 Selling, general, and administrative expenses (16,172 ) (67,406 ) - 55 (83,523 ) Equity income of subsidiaries 64,345 - - (64,345 ) - Interest and other income 2,013 261 - (321 ) 1,953 Other expense 7 (1,135 ) - - (1,128 ) Homebuilding pretax income (loss) 50,193 67,401 - (64,611 ) 52,983 Financial Services: Financial services pretax income - - 14,171 266 14,437 Income before income taxes 50,193 67,401 14,171 (64,345 ) 67,420 (Provision) benefit for income taxes 3,199 (14,039 ) (3,188 ) - (14,028 ) Net income $ 53,392 $ 53,362 $ 10,983 $ (64,345 ) $ 53,392 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 53,392 $ 53,362 $ 10,983 $ (64,345 ) $ 53,392 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 (loss) 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 Supplemental Condensed Combining Statement of Operations Nine Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 2,123,323 $ - $ - $ 2,123,323 Home and land cost of sales - (1,722,283 ) - - (1,722,283 ) Inventory impairments - (11,848 ) - - (11,848 ) Gross margin - 389,192 - - 389,192 Selling, general, and administrative expenses (45,599 ) (190,464 ) - (372 ) (236,435 ) Equity income of subsidiaries 186,855 - - (186,855 ) - Interest and other income 5,569 871 4 (858 ) 5,586 Other expense 22 (2,584 ) - - (2,562 ) Homebuilding pretax income (loss) 146,847 197,015 4 (188,085 ) 155,781 Financial Services: Financial services pretax income - - 37,557 1,230 38,787 Income before income taxes 146,847 197,015 37,561 (186,855 ) 194,568 (Provision) benefit for income taxes 9,208 (38,998 ) (8,723 ) - (38,513 ) Net income $ 156,055 $ 158,017 $ 28,838 $ (186,855 ) $ 156,055 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 156,055 $ 158,017 $ 28,838 $ (186,855 ) $ 156,055 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 (loss) 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 Supplementa l Condensed Combining Statement of Cash Flows Nine Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (6,232 ) $ (99,100 ) $ 46,086 $ - $ (59,246 ) Net cash provided by (used in) investing activities (65,259 ) (19,135 ) (3,892 ) 114,514 26,228 Financing activities: Payments from (advances to) subsidiaries - 117,644 (3,130 ) (114,514 ) - Mortgage repurchase facility - - (21,556 ) - (21,556 ) Dividend payments (50,733 ) - - - (50,733 ) Proceeds from exercise of stock options 9,859 - - - 9,859 Net cash provided by (used in) financing activities (40,874 ) 117,644 (24,686 ) (114,514 ) (62,430 ) Net increase (decrease) in cash and cash equivalents (112,365 ) (591 ) 17,508 - (95,448 ) Cash and cash equivalents: Beginning of period 468,718 13,051 32,471 - 514,240 End of period $ 356,353 $ 12,460 $ 49,979 $ - $ 418,792 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 $ (16,078 ) $ 63,269 $ - $ 74,109 Net cash provided by (used in) investing activities 97,540 (198 ) (254 ) 10,959 108,047 Financing activities: Payments from (advances to) subsidiaries - 21,995 (11,036 ) (10,959 ) - Mortgage repurchase facility - - (49,382 ) - (49,382 ) Dividend payments (38,793 ) - - - (38,793 ) Payments of deferred financing costs (2,630 ) - - - (2,630 ) Proceeds from the exercise of stock options 8,503 - - - 8,503 Net cash provided by (used in) financing activities (32,920 ) 21,995 (60,418 ) (10,959 ) (82,302 ) Net increase (decrease) in cash and cash equivalents 91,538 5,719 2,597 - 99,854 Cash and cash equivalents: Beginning of period 255,679 7,186 23,822 - 286,687 End of period $ 347,217 $ 12,905 $ 26,419 $ - $ 386,541

Note 2 - Recently Issued Acco_2

Note 2 - Recently Issued Accounting Standards (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	Balance at December 31, 2017 Adjustments due to Adjustments due to Adjustments due to Balance at January 1, 2018 (Dollars in thousands) Balance Sheet Assets: Homebuilding: Housing completed or under construction $ 936,685 $ - $ - $ 7,406 $ 944,091 Property and equipment, net 26,439 - - 25,270 51,709 Prepaid and other assets 75,666 - - (34,227 ) 41,439 Deferred tax asset, net 41,480 - - (573 ) 40,907 Financial Services: Other assets 9,617 - - 3,898 13,515 Stockholders' Equity: Retained earnings 258,164 (860 ) 4,852 1,774 263,930 Accumulated other comprehensive income 3,992 860 (4,852 ) - -

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Homebuilding West $ 409,001 $ 326,804 $ 1,120,316 $ 959,641 Mountain 272,989 167,066 750,162 564,558 East 84,037 92,417 252,845 274,785 Total homebuilding revenues $ 766,027 $ 586,287 $ 2,123,323 $ 1,798,984 Financial Services Mortgage operations $ 11,919 $ 11,176 $ 39,162 $ 36,056 Other 7,692 6,288 20,856 18,460 Total financial services revenues $ 19,611 $ 17,464 $ 60,018 $ 54,516
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Homebuilding West $ 28,947 $ 17,746 $ 91,028 $ 54,335 Mountain 34,697 18,326 94,736 61,097 East 3,771 2,613 11,287 9,989 Corporate (14,432 ) 41,484 (41,270 ) 20,262 Total homebuilding pretax income $ 52,983 $ 80,169 $ 155,781 $ 145,683 Financial Services Mortgage operations $ 6,702 $ 5,857 $ 23,262 $ 21,093 Other 7,735 3,654 15,525 11,158 Total financial services pretax income $ 14,437 $ 9,511 $ 38,787 $ 32,251 Total pretax income $ 67,420 $ 89,680 $ 194,568 $ 177,934
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	September 30, December 31, 2018 2017 (Dollars in thousands) Homebuilding assets West $ 1,274,955 $ 1,084,756 Mountain 795,767 674,057 East 181,253 201,684 Corporate 427,737 597,589 Total homebuilding assets $ 2,679,712 $ 2,558,086 Financial services assets Mortgage operations $ 127,725 $ 152,345 Other 100,733 69,861 Total financial services assets $ 228,458 $ 222,206 Total assets $ 2,908,170 $ 2,780,292

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands, except per share amounts) Numerator Net income $ 53,392 $ 61,163 $ 156,055 $ 117,283 Less: distributed earnings allocated to participating securities (106 ) (68 ) (307 ) (196 ) Less: undistributed earnings allocated to participating securities (222 ) (244 ) (613 ) (375 ) Net income attributable to common stockholders (numerator for basic earnings per share) 53,064 60,851 155,135 116,712 Add back: undistributed earnings allocated to participating securities 222 244 613 375 Less: undistributed earnings reallocated to participating securities (218 ) (240 ) (602 ) (369 ) Numerator for diluted earnings per share under two class method $ 53,068 $ 60,855 $ 155,146 $ 116,718 Denominator Weighted-average common shares outstanding 56,171,619 55,782,389 56,023,996 55,623,225 Add: dilutive effect of stock options 1,055,040 1,026,819 1,005,719 805,022 Denominator for diluted earnings per share under two class method 57,226,659 56,809,208 57,029,715 56,428,247 Basic Earnings Per Common Share $ 0.94 $ 1.09 $ 2.77 $ 2.10 Diluted Earnings Per Common Share $ 0.93 $ 1.07 $ 2.72 $ 2.07

Note 5 - Accumulated Other Co_2

Note 5 - Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Beginning balance 1 $ - $ 11,176 $ 3,992 $ 7,730 Adoption of accounting standards (Note 2) - - (3,992 ) - Other comprehensive income before reclassifications - 1,778 - 6,201 Amounts reclassified from AOCI 2 - (10,128 ) - (11,105 ) Ending balance $ - $ 2,826 $ - $ 2,826 Unrealized gains on available-for-sale metropolitan district bond securities 1 Beginning balance $ - $ 14,825 $ - $ 14,341 Other comprehensive income (loss) before reclassifications - 7,400 - 7,884 Amounts reclassified from AOCI - (22,225 ) - (22,225 ) Ending balance $ - $ - $ - $ - Total ending AOCI $ - $ 2,826 $ - $ 2,826
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 2018 2017 2018 2017 (Dollars in thousands) Homebuilding: Interest and other income $ - $ 52,211 $ - $ 53,622 Homebuilding: Other-than-temporary impairment of marketable securities - - - (51 ) Financial services: Interest and other income - - - 347 Financial services: Other-than-temporary impairment of marketable securities - (29 ) - (160 ) Income before income taxes - 52,182 - 53,758 Provision for income taxes - (19,829 ) - (20,428 ) Net income $ - $ 32,353 $ - $ 33,330

Note 6 - Fair Value Measureme_2

Note 6 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Financial Instrument Hierarchy September 30, 2018 December 31, 2017 (Dollars in thousands) Cash and cash equivalents Debt securities (available-for-sale) Level 1 $ 34,882 $ 99,863 Marketable securities Equity securities Level 1 $ 49,006 $ 42,004 Debt securities (available-for-sale) Level 1 - 49,634 Total marketable securities $ 49,006 $ 91,638 Mortgage loans held-for-sale, net Level 2 $ 114,836 $ 138,114
Available-for-sale Securities [Table Text Block]	September 30, 2018 Amortized Cost Basis OTTI Net Amortized Cost Fair Value (Dollars in thousands) Financial Services Cash and cash equivalents Debt securities $ 34,882 $ - $ 34,882 $ 34,882 December 31, 2017 Amortized Cost Basis OTTI Net Amortized Cost Fair Value (Dollars in thousands) Homebuilding Cash and cash equivalents Debt securities $ 99,663 $ - $ 99,663 $ 99,663 Marketable securities Debt securities $ 49,634 $ - $ 49,634 $ 49,634 Financial Services Cash and cash equivalents Debt securities $ 200 $ - $ 200 $ 200
Gain (Loss) on Securities [Table Text Block]	September 30, 2018 Three Months Ended Nine Months Ended (Dollars in thousands) Net gain recognized during the period on equity securities $ 3,004 $ 3,129 Less: Net loss recognized during the period on equity securities sold during the period (21 ) (484 ) Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ 3,025 $ 3,613
Fair Value of Senior Notes [Table Text Block]	September 30, 2018 December 31, 2017 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 248,595 $ 256,714 $ 247,853 $ 261,991 $250 Million 5½% Senior Notes due January 2024, net 248,736 251,398 248,585 263,617 $500 Million 6% Senior Notes due January 2043, net 490,286 428,732 490,159 493,094 Total $ 987,617 $ 936,844 $ 986,597 $ 1,018,702

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Inventory [Table Text Block]	September 30, December 31, 2018 2017 (Dollars in thousands) Housing completed or under construction: West $ 572,820 $ 489,136 Mountain 400,892 328,897 East 100,197 118,652 Subtotal 1,073,909 936,685 Land and land under development: West 607,564 517,697 Mountain 358,567 309,072 East 67,894 66,282 Subtotal 1,034,025 893,051 Total inventories $ 2,107,934 $ 1,829,736
Schedule of Inventory Impairments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) West $ 10,798 $ 1,885 $ 11,173 $ 5,985 Mountain - 370 175 370 East 300 2,285 500 3,035 Total inventory impairments $ 11,098 $ 4,540 $ 11,848 $ 9,390
Quantitative Data for Fair Value of the Impaired Inventory [Table Text Block]	Impairment Data Quantitative Data Three Months Ended Total Inventory Fair Value of After Impairments Number of Discount Rate (Dollars in thousands) March 31, 2018 24 $ 550 $ 5,223 2 12% June 30, 2018 17 $ 200 $ 767 1 12% September 30, 2018 17 $ 11,098 $ 29,874 2 12% - 18% March 31, 2017 33 $ 4,850 $ 19,952 2 12% - 18% June 30, 2017 35 $ - $ - - N/A September 30, 2017 33 $ 4,540 $ 52,190 9 10% - 15%

Note 8 - Capitalization of In_2

Note 8 - Capitalization of Interest (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Capitalization of Interest [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Homebuilding interest incurred $ 15,641 $ 13,212 $ 46,905 $ 39,594 Less: Interest capitalized (15,641 ) (13,212 ) (46,905 ) (39,594 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 58,227 $ 62,091 $ 57,541 $ 68,085 Plus: Interest capitalized during period 15,641 13,212 46,905 39,594 Less: Previously capitalized interest included in home and land cost of sales (16,636 ) (15,087 ) (47,214 ) (47,463 ) Interest capitalized, end of period $ 57,232 $ 60,216 $ 57,232 $ 60,216

Note 9 - Homebuilding Prepaid_2

Note 9 - Homebuilding Prepaid and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Other Assets [Table Text Block]	September 30, December 31, 2018 2017 (Dollars in thousands) Deferred marketing costs (Note 2) $ - $ 34,227 Land option deposits 32,764 22,203 Goodwill 6,008 6,008 Prepaid expenses 8,029 6,128 Deferred debt issuance costs on revolving credit facility, net 5,030 5,880 Other 1,157 1,220 Total $ 52,988 $ 75,666

Note 10 - Homebuilding Accrue_2

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, 2018 2017 (Dollars in thousands) Customer and escrow deposits $ 41,778 $ 36,144 Warranty accrual 26,625 21,909 Accrued compensation and related expenses 35,570 32,600 Accrued interest 13,281 27,734 Construction defect claim reserves 8,388 8,406 Land development and home construction accruals 7,683 8,001 Other accrued liabilities 41,785 31,518 Total accrued liabilities $ 175,110 $ 166,312
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	September 30, December 31, 2018 2017 (Dollars in thousands) Insurance reserves $ 44,920 $ 44,280 Accounts payable and other accrued liabilities 9,927 8,821 Total accounts payable and accrued liabilities $ 54,847 $ 53,101

Note 11 - Warranty Accrual (Tab

Note 11 - Warranty Accrual (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Balance at beginning of period $ 25,666 $ 20,965 $ 21,909 $ 20,678 Expense provisions 3,757 2,448 10,104 7,691 Cash payments (2,798 ) (2,263 ) (8,494 ) (7,269 ) Adjustments - (425 ) 3,106 (375 ) Balance at end of period $ 26,625 $ 20,725 $ 26,625 $ 20,725

Note 12 - Insurance and Const_2

Note 12 - Insurance and Construction Defect Claim Reserves (Tables)	9 Months Ended
	Sep. 30, 2018
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, 2018 2017 2018 2017 (Dollars in thousands) Balance at beginning of period $ 50,707 $ 49,647 $ 52,686 $ 50,954 Expense provisions 2,865 2,383 7,902 6,884 Cash payments, net of recoveries (264 ) (1,535 ) (7,280 ) (7,343 ) Balance at end of period $ 53,308 $ 50,495 $ 53,308 $ 50,495

Note 14 - Senior Notes (Tables)

Note 14 - Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	September 30, December 31, 2018 2017 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 248,595 $ 247,853 5½% Senior Notes due January 2024, net 248,736 248,585 6% Senior Notes due January 2043, net 490,286 490,159 Total $ 987,617 $ 986,597

Note 15 - Stock-based Compens_2

Note 15 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Share-based Compensation, Activity [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (Dollars in thousands) Stock option grants expense $ 583 $ 78 $ 780 $ 250 Restricted stock awards expense 939 758 2,303 1,721 Performance share units expense 903 226 5,417 1,129 Total stock based compensation $ 2,425 $ 1,062 $ 8,500 $ 3,100
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]	Threshold Goal Target Goal Maximum Goal 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 Maximum Potential Expense to be Recognized* CEO July 1, 2016 July 1, 2015 56,700 113,400 226,800 $4,815 COO July 25, 2016 to to $1.975 billion 56,700 $2.074 billion 113,400 $2.173 billion 226,800 $2.370 billion $21.23 4,815 CFO June 30, 2019 June 30, 2016 14,175 28,350 56,700 1,204 $10,834 CEO April 1, 2017 April 1, 2016 59,400 118,800 237,600 $7,142 COO June 20, 2017 to to $2.426 billion 59,400 $2.547 billion 118,800 $2.669 billion 237,600 $2.911 billion $30.06 7,142 CFO March 31, 2020 March 31, 2017 14,850 29,700 59,400 1,786 $16,070 CEO April 1, 2018 April 1, 2017 60,000 120,000 240,000 $6,629 COO May 23, 2018 to to $2.543 billion 60,000 $2.670 billion 120,000 $2.797 billion 240,000 $3.052 billion $27.62 6,629 CFO March 31, 2021 March 31, 2018 15,000 30,000 60,000 1,657 $14,915

Note 21 - Supplemental Guaran_2

Note 21 - Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Condensed Balance Sheet [Table Text Block]	September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 356,353 $ 4,594 $ - $ - $ 360,947 Marketable securities - - - - - Restricted cash - 7,866 - - 7,866 Trade and other receivables 530 55,939 - - 56,469 Inventories: Housing completed or under construction - 1,073,909 - - 1,073,909 Land and land under development - 1,034,025 - - 1,034,025 Total inventories - 2,107,934 - - 2,107,934 Intercompany receivables 1,794,096 9,960 - (1,804,056 ) - Investment in subsidiaries 383,876 - - (383,876 ) - Property and equipment, net 23,506 33,187 - - 56,693 Deferred tax asset, net 38,126 - - (1,311 ) 36,815 Prepaid and other assets 10,534 42,454 - - 52,988 Total homebuilding assets 2,607,021 2,261,934 - (2,189,243 ) 2,679,712 Financial Services: Cash and cash equivalents - - 49,979 - 49,979 Marketable securities - - 49,006 - 49,006 Intercompany receivables - - 17,020 (17,020 ) - Mortgage loans held-for-sale, net - - 114,836 - 114,836 Other assets - - 13,326 1,311 14,637 Total financial services assets - - 244,167 (15,709 ) 228,458 Total Assets $ 2,607,021 $ 2,261,934 $ 244,167 $ (2,204,952 ) $ 2,908,170 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 52,070 $ - $ - $ 52,070 Accrued liabilities 44,682 127,332 - 3,096 175,110 Advances and notes payable to parent and subsidiaries 26,980 1,786,840 296 (1,814,116 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 987,617 - - - 987,617 Total homebuilding liabilities 1,074,279 1,966,242 296 (1,811,020 ) 1,229,797 Financial Services: Accounts payable and other liabilities - - 57,943 (3,096 ) 54,847 Advances and notes payable to parent and subsidiaries - - 6,960 (6,960 ) - Mortgage repurchase facility - - 90,784 - 90,784 Total financial services liabilities - - 155,687 (10,056 ) 145,631 Total Liabilities 1,074,279 1,966,242 155,983 (1,821,076 ) 1,375,428 Equity: Total Stockholders' Equity 1,532,742 295,692 88,184 (383,876 ) 1,532,742 Total Liabilities and Stockholders' Equity $ 2,607,021 $ 2,261,934 $ 244,167 $ (2,204,952 ) $ 2,908,170 December 31, 2017 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 468,718 $ 4,239 $ - $ - $ 472,957 Marketable securities 49,634 - - - 49,634 Restricted cash - 8,812 - - 8,812 Trade and other receivables 8,200 47,422 - (2,260 ) 53,362 Inventories: Housing completed or under construction - 936,685 - - 936,685 Land and land under development - 893,051 - - 893,051 Total inventories - 1,829,736 - - 1,829,736 Intercompany receivables 1,578,830 2,803 5,291 (1,586,924 ) - Investment in subsidiaries 317,400 - - (317,400 ) - Property and equipment, net 24,557 1,882 - - 26,439 Deferred tax assets, net 42,862 - - (1,382 ) 41,480 Other assets 7,260 68,406 - - 75,666 Total Homebuilding Assets 2,497,461 1,963,300 5,291 (1,907,966 ) 2,558,086 Financial Services: Cash and cash equivalents - - 32,471 - 32,471 Marketable securities - - 42,004 - 42,004 Intercompany receivables - - 40,139 (40,139 ) - Mortgage loans held-for-sale, net - - 138,114 - 138,114 Other assets - - 8,235 1,382 9,617 Total Financial Services Assets - - 260,963 (38,757 ) 222,206 Total Assets $ 2,497,461 $ 1,963,300 $ 266,254 $ (1,946,723 ) $ 2,780,292 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 39,655 $ - $ - $ 39,655 Accrued liabilities 40,344 122,544 37 3,387 166,312 Advances and notes payable to parent and subsidiaries 48,233 1,547,593 27,015 (1,622,841 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 986,597 - - - 986,597 Total Homebuilding Liabilities 1,090,174 1,709,792 27,052 (1,619,454 ) 1,207,564 Financial Services: Accounts payable and accrued liabilities - - 58,748 (5,647 ) 53,101 Advances and notes payable to parent and subsidiaries - - 4,222 (4,222 ) - Mortgage repurchase facility - - 112,340 - 112,340 Total Financial Services Liabilities - - 175,310 (9,869 ) 165,441 Total Liabilities 1,090,174 1,709,792 202,362 (1,629,323 ) 1,373,005 Equity: Total Stockholders' Equity 1,407,287 253,508 63,892 (317,400 ) 1,407,287 Total Liabilities and Stockholders' Equity $ 2,497,461 $ 1,963,300 $ 266,254 $ (1,946,723 ) $ 2,780,292
Condensed Income Statement [Table Text Block]	Three Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 766,027 $ - $ - $ 766,027 Cost of sales - (619,248 ) - - (619,248 ) Inventory impairments - (11,098 ) - - (11,098 ) Gross margin - 135,681 - - 135,681 Selling, general, and administrative expenses (16,172 ) (67,406 ) - 55 (83,523 ) Equity income of subsidiaries 64,345 - - (64,345 ) - Interest and other income 2,013 261 - (321 ) 1,953 Other expense 7 (1,135 ) - - (1,128 ) Homebuilding pretax income (loss) 50,193 67,401 - (64,611 ) 52,983 Financial Services: Financial services pretax income - - 14,171 266 14,437 Income before income taxes 50,193 67,401 14,171 (64,345 ) 67,420 (Provision) benefit for income taxes 3,199 (14,039 ) (3,188 ) - (14,028 ) Net income $ 53,392 $ 53,362 $ 10,983 $ (64,345 ) $ 53,392 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 53,392 $ 53,362 $ 10,983 $ (64,345 ) $ 53,392 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 (loss) 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 Nine Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 2,123,323 $ - $ - $ 2,123,323 Home and land cost of sales - (1,722,283 ) - - (1,722,283 ) Inventory impairments - (11,848 ) - - (11,848 ) Gross margin - 389,192 - - 389,192 Selling, general, and administrative expenses (45,599 ) (190,464 ) - (372 ) (236,435 ) Equity income of subsidiaries 186,855 - - (186,855 ) - Interest and other income 5,569 871 4 (858 ) 5,586 Other expense 22 (2,584 ) - - (2,562 ) Homebuilding pretax income (loss) 146,847 197,015 4 (188,085 ) 155,781 Financial Services: Financial services pretax income - - 37,557 1,230 38,787 Income before income taxes 146,847 197,015 37,561 (186,855 ) 194,568 (Provision) benefit for income taxes 9,208 (38,998 ) (8,723 ) - (38,513 ) Net income $ 156,055 $ 158,017 $ 28,838 $ (186,855 ) $ 156,055 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 156,055 $ 158,017 $ 28,838 $ (186,855 ) $ 156,055 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 (loss) 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
Condensed Cash Flow Statement [Table Text Block]	Nine Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (6,232 ) $ (99,100 ) $ 46,086 $ - $ (59,246 ) Net cash provided by (used in) investing activities (65,259 ) (19,135 ) (3,892 ) 114,514 26,228 Financing activities: Payments from (advances to) subsidiaries - 117,644 (3,130 ) (114,514 ) - Mortgage repurchase facility - - (21,556 ) - (21,556 ) Dividend payments (50,733 ) - - - (50,733 ) Proceeds from exercise of stock options 9,859 - - - 9,859 Net cash provided by (used in) financing activities (40,874 ) 117,644 (24,686 ) (114,514 ) (62,430 ) Net increase (decrease) in cash and cash equivalents (112,365 ) (591 ) 17,508 - (95,448 ) Cash and cash equivalents: Beginning of period 468,718 13,051 32,471 - 514,240 End of period $ 356,353 $ 12,460 $ 49,979 $ - $ 418,792 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 $ (16,078 ) $ 63,269 $ - $ 74,109 Net cash provided by (used in) investing activities 97,540 (198 ) (254 ) 10,959 108,047 Financing activities: Payments from (advances to) subsidiaries - 21,995 (11,036 ) (10,959 ) - Mortgage repurchase facility - - (49,382 ) - (49,382 ) Dividend payments (38,793 ) - - - (38,793 ) Payments of deferred financing costs (2,630 ) - - - (2,630 ) Proceeds from the exercise of stock options 8,503 - - - 8,503 Net cash provided by (used in) financing activities (32,920 ) 21,995 (60,418 ) (10,959 ) (82,302 ) Net increase (decrease) in cash and cash equivalents 91,538 5,719 2,597 - 99,854 Cash and cash equivalents: Beginning of period 255,679 7,186 23,822 - 286,687 End of period $ 347,217 $ 12,905 $ 26,419 $ - $ 386,541

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	Nov. 20, 2017
Stock Dividend Rate, Percentage	8.00%

Note 2 - Recently Issued Acco_3

Note 2 - Recently Issued Accounting Standards (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2018
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total	$ 67,420	$ 89,680	$ 194,568	$ 177,934
Contract with Customer, Asset, Net, Total	37,900		37,900		$ 32,600
Operating Leases, Future Minimum Payments Due, Total	43,100		$ 43,100
Minimum [Member]
Property, Plant and Equipment, Useful Life			2 years
Maximum [Member]
Property, Plant and Equipment, Useful Life			29 years
Accounting Standards Update 2016-01 [Member]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total	$ 2,900		$ 3,000

Note 2 - Recently Issued Acco_4

Note 2 - Recently Issued Accounting Standards - Cumulative Effect of the Changes Made to Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Deferred tax asset, net	$ 36,800		$ 41,500
Deferred tax asset, net	(36,800)		(41,500)
Retained earnings	369,252	$ 263,930	258,164
Accumulated other comprehensive income			3,992
Accounting Standards Update 2018-02 [Member]
Retained earnings		(860)
Accumulated other comprehensive income		860
Accounting Standards Update 2016-01 [Member]
Retained earnings		4,852
Accumulated other comprehensive income		(4,852)
Accounting Standards Update 2014-09 [Member]
Retained earnings		1,774
Accumulated other comprehensive income
Homebuilding Segment [Member]
Housing completed or under construction	1,073,909	944,091	936,685
Property and equipment, net	56,693	51,709	26,439
Prepaid and other assets	52,988	41,439	75,666
Deferred tax asset, net	36,815	40,907	41,480
Deferred tax asset, net	(36,815)	(40,907)	(41,480)
Other assets	1,157		1,220
Homebuilding Segment [Member] | Accounting Standards Update 2018-02 [Member]
Housing completed or under construction
Property and equipment, net
Prepaid and other assets
Deferred tax asset, net
Deferred tax asset, net
Homebuilding Segment [Member] | Accounting Standards Update 2016-01 [Member]
Housing completed or under construction
Property and equipment, net
Prepaid and other assets
Deferred tax asset, net
Deferred tax asset, net
Homebuilding Segment [Member] | Accounting Standards Update 2014-09 [Member]
Housing completed or under construction		7,406
Property and equipment, net		25,270
Prepaid and other assets		(34,227)
Deferred tax asset, net		573
Deferred tax asset, net		(573)
Financial Services Segment [Member]
Other assets	$ 14,637	13,515	$ 9,617
Financial Services Segment [Member] | Accounting Standards Update 2018-02 [Member]
Other assets
Financial Services Segment [Member] | Accounting Standards Update 2016-01 [Member]
Other assets
Financial Services Segment [Member] | Accounting Standards Update 2014-09 [Member]
Other assets		$ 3,898

Note 3 - Segment Reporting (Det

Note 3 - Segment Reporting (Details Textual)	9 Months Ended
	Sep. 30, 2018
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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Homebuilding Segment [Member]
Revenues	$ 766,027	$ 586,287	$ 2,123,323	$ 1,798,984
Homebuilding Segment [Member] | Reportable Segment, West [Member]
Revenues	409,001	326,804	1,120,316	959,641
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member]
Revenues	272,989	167,066	750,162	564,558
Homebuilding Segment [Member] | Reportable Segment, East [Member]
Revenues	84,037	92,417	252,845	274,785
Financial Services Segment [Member]
Revenues	19,611	17,464	60,018	54,516
Financial Services Segment [Member] | Mortgage Operations [Member]
Revenues	11,919	11,176	39,162	36,056
Financial Services Segment [Member] | Other Financial Services [Member]
Revenues	$ 7,692	$ 6,288	$ 20,856	$ 18,460

Note 3 - Segment Reporting - _2

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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income before income taxes		$ 67,420	$ 89,680	$ 194,568	$ 177,934
Homebuilding Segment [Member]
Income before income taxes		52,983	80,169	155,781	145,683
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Income before income taxes	[1]	(14,432)	41,484	(41,270)	20,262
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member]
Income before income taxes		28,947	17,746	91,028	54,335
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member]
Income before income taxes		34,697	18,326	94,736	61,097
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member]
Income before income taxes		3,771	2,613	11,287	9,989
Financial Services Segment [Member]
Income before income taxes		14,437	9,511	38,787	32,251
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member]
Income before income taxes		6,702	5,857	23,262	21,093
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member]
Income before income taxes		$ 7,735	$ 3,654	$ 15,525	$ 11,158
[1]	The pretax gain for the year ended December 31, 2017 was driven by $53.6 million in realized gains due to the sales of investments.

Note 3 - Segment Reporting - To

Note 3 - Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets	$ 2,908,170	$ 2,780,292
Homebuilding Segment [Member]
Assets	2,679,712	2,558,086
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Assets	427,737	597,589
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member]
Assets	1,274,955	1,084,756
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member]
Assets	795,767	674,057
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member]
Assets	181,253	201,684
Financial Services Segment [Member]
Assets	228,458	222,206
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member]
Assets	127,725	152,345
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member]
Assets	$ 100,733	$ 69,861

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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.6	0.7	0.6	1.1

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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 53,392	$ 61,163	$ 156,055	$ 117,283
Less: distributed earnings allocated to participating securities	(106)	(68)	(307)	(196)
Less: undistributed earnings allocated to participating securities	(222)	(244)	(613)	(375)
Net income attributable to common stockholders (numerator for basic earnings per share)	53,064	60,851	155,135	116,712
Add back: undistributed earnings allocated to participating securities	222	244	613	375
Less: undistributed earnings reallocated to participating securities	(218)	(240)	(602)	(369)
Numerator for diluted earnings per share under two class method	$ 53,068	$ 60,855	$ 155,146	$ 116,718
Weighted-average common shares outstanding (in shares)	56,171,619	55,782,389	56,023,996	55,623,225
Denominator for diluted earnings per share under two class method (in shares)	57,226,659	56,809,208	57,029,715	56,428,247
Basic Earnings Per Common Share (in dollars per share)	$ 0.94	$ 1.09	$ 2.77	$ 2.10
Diluted Earnings Per Common Share (in dollars per share)	$ 0.93	$ 1.07	$ 2.72	$ 2.07
Employee Stock Option [Member]
Add: dilutive effect of stock options (in shares)	1,055,040	1,026,819	1,005,719	805,022

Note 5 - Accumulated Other Co_3

Note 5 - Accumulated Other Comprehensive Income (Details Textual) - Metropolitan District Bond Securities [Member] $ in Millions	3 Months Ended
	Sep. 30, 2017USD ($)
Proceeds from Sale of Debt Securities, Available-for-sale	$ 44.3
Debt Securities, Available-for-sale, Amortized Cost, Total	8.4
Debt Securities, Available-for-sale, Realized Gain	$ 35.8

Note 5 - Accumulated Other Co_4

Note 5 - Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Beginning balance 1				$ 1,407,287
Ending balance		$ 1,532,742		1,532,742
Total ending AOCI		1,532,742		1,532,742
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Equity Securities [Member]
Beginning balance 1	[1]		$ 11,176	3,992	$ 7,730
Adoption of accounting standards (Note 2)	[1]			(3,992)
Other comprehensive income before reclassifications	[1]		1,778		6,201
Amounts reclassified from AOCI	[1],[2]		(10,128)		(11,105)
Ending balance	[1]		2,826		2,826
Total ending AOCI	[1]		11,176	3,992	7,730
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Metropolitan District Bond Securities [Member]
Beginning balance 1	[1]		14,825		14,341
Other comprehensive income before reclassifications	[1]		7,400		7,884
Amounts reclassified from AOCI	[1]		(22,225)		(22,225)
Ending balance	[1]
Total ending AOCI	[1]		14,825		14,341
AOCI Attributable to Parent [Member]
Ending balance			2,826		2,826
Total ending AOCI			$ 2,826		$ 2,826
[1]	All amounts net-of-tax.
[2]	See separate table below for details about these reclassifications.

Note 5 - Accumulated Other Co_5

Note 5 - Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other-than-temporary impairment of marketable securities	$ 0	$ 0	$ 0	$ (200,000)
Income before income taxes	67,420,000	89,680,000	194,568,000	177,934,000
Provision for income taxes	(14,028,000)	(28,517,000)	(38,513,000)	(60,651,000)
Net income	53,392,000	61,163,000	156,055,000	117,283,000
Homebuilding Segment [Member]
Homebuilding: Interest and other income	1,953,000	54,548,000	5,586,000	59,722,000
Other-than-temporary impairment of marketable securities				(51,000)
Income before income taxes	52,983,000	80,169,000	155,781,000	145,683,000
Financial Services Segment [Member]
Other-than-temporary impairment of marketable securities		(29,000)		(160,000)
Interest and other income	4,234,000	925,000	6,619,000	3,142,000
Income before income taxes	14,437,000	9,511,000	38,787,000	32,251,000
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Income before income taxes		52,182,000		53,758,000
Provision for income taxes		(19,829,000)		(20,428,000)
Net income		32,353,000		33,330,000
Reclassification out of Accumulated Other Comprehensive Income [Member] | Homebuilding Segment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Homebuilding: Interest and other income		52,211,000		53,622,000
Other-than-temporary impairment of marketable securities				(51,000)
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)		(160,000)
Interest and other income				$ 347,000

Note 6 - Fair Value Measureme_3

Note 6 - Fair Value Measurements (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings, Total	$ 0	$ 0	$ 0	$ 200,000
Minimum [Member]
Short Term Borrowings Maturity Period			30 days
Financial Services Segment [Member]
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings, Total		29,000		160,000
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	114,836,000		114,836,000		$ 138,114,000
Gain (Loss) on Sale of Mortgage Loans	11,800,000	$ 9,800,000	31,100,000	$ 28,500,000
Fair Value, Inputs, Level 2 [Member] | Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	101,700,000		101,700,000		103,500,000
Fair Value, Inputs, Level 2 [Member] | Not Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	$ 13,100,000		$ 13,100,000		$ 34,600,000

Note 6 - Fair Value Measureme_4

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, 2018	Dec. 31, 2017
Total marketable securities	$ 49,006	$ 91,638
Fair Value, Inputs, Level 1 [Member]
Equity securities	49,006	42,004
Debt securities (available-for-sale)		49,634
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Debt securities (available-for-sale)	34,882	99,863
Fair Value, Inputs, Level 2 [Member]
Mortgage loans held-for-sale, net	$ 114,836	$ 138,114

Note 6 - Fair Value Measureme_5

Note 6 - Fair Value Measurements - Amortized Cost and Estimated Fair Value of Available-for-sale Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Homebuilding Segment [Member] | Cash and Cash Equivalents [Member]
Amortized Cost	$ 34,882	$ 99,663
OTTI
Net Amortized Cost	34,882	99,663
Debt securities (available-for-sale)	$ 34,882	99,663
Homebuilding Segment [Member] | Marketable Securities [Member]
Amortized Cost		49,634
OTTI
Net Amortized Cost		49,634
Debt securities (available-for-sale)		49,634
Financial Services Segment [Member] | Cash and Cash Equivalents [Member]
Amortized Cost		200
OTTI
Net Amortized Cost		200
Debt securities (available-for-sale)		$ 200

Note 6 - Fair Value Measureme_6

Note 6 - Fair Value Measurements - Reconciles Net Loss to Unrealized Loss on Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Net gain recognized during the period on equity securities	$ 3,004	$ 3,129
Less: Net loss recognized during the period on equity securities sold during the period	(21)	(484)
Unrealized gain recognized during the reporting period on equity securities still held at the reporting date	$ 3,025	$ 3,613

Note 6 - Fair Value Measureme_7

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Senior Notes, Carrying Amount	$ 987,617	$ 986,597
Reported Value Measurement [Member]
Senior Notes, Carrying Amount	987,617	986,597
Estimate of Fair Value Measurement [Member]
Senior Notes, Fair Value	936,844	1,018,702
Senior Notes 5.625% Due February 2020 [Member]
Senior Notes, Carrying Amount	248,595	247,853
Senior Notes 5.625% Due February 2020 [Member] | Reported Value Measurement [Member]
Senior Notes, Carrying Amount	248,595	247,853
Senior Notes 5.625% Due February 2020 [Member] | Estimate of Fair Value Measurement [Member]
Senior Notes, Fair Value	256,714	261,991
Senior Notes 5.5% Due January 2024 [Member]
Senior Notes, Carrying Amount	248,736	248,585
Senior Notes 5.5% Due January 2024 [Member] | Reported Value Measurement [Member]
Senior Notes, Carrying Amount	248,736	248,585
Senior Notes 5.5% Due January 2024 [Member] | Estimate of Fair Value Measurement [Member]
Senior Notes, Fair Value	251,398	263,617
Senior Notes 6% Due January 2043 [Member]
Senior Notes, Carrying Amount	490,286	490,159
Senior Notes 6% Due January 2043 [Member] | Reported Value Measurement [Member]
Senior Notes, Carrying Amount	490,286	490,159
Senior Notes 6% Due January 2043 [Member] | Estimate of Fair Value Measurement [Member]
Senior Notes, Fair Value	$ 428,732	$ 493,094

Note 6 - Fair Value Measureme_8

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Senior Notes 5.625% Due February 2020 [Member]
Senior Notes, interest rate	5.625%	5.625%
Senior Notes 5.625% Due February 2020 [Member] | Reported Value Measurement [Member]
Senior Notes, interest rate	5.625%	5.625%
Senior Notes, face amount	$ 250	$ 250
Senior Notes 5.625% Due February 2020 [Member] | Estimate of Fair Value Measurement [Member]
Senior Notes, interest rate	5.625%	5.625%
Senior Notes, face amount	$ 250	$ 250
Senior Notes 5.5% Due January 2024 [Member]
Senior Notes, interest rate	5.50%	5.50%
Senior Notes 5.5% Due January 2024 [Member] | Reported Value Measurement [Member]
Senior Notes, interest rate	5.50%	5.50%
Senior Notes, face amount	$ 250	$ 250
Senior Notes 5.5% Due January 2024 [Member] | Estimate of Fair Value Measurement [Member]
Senior Notes, interest rate	5.50%	5.50%
Senior Notes, face amount	$ 250	$ 250
Senior Notes 6% Due January 2043 [Member]
Senior Notes, interest rate	6.00%	6.00%
Senior Notes 6% Due January 2043 [Member] | Reported Value Measurement [Member]
Senior Notes, interest rate	6.00%	6.00%
Senior Notes, face amount	$ 500	$ 500
Senior Notes 6% Due January 2043 [Member] | Estimate of Fair Value Measurement [Member]
Senior Notes, interest rate	6.00%	6.00%
Senior Notes, face amount	$ 500	$ 500

Note 7 - Inventories - Summary

Note 7 - Inventories - Summary of Inventory (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Housing Completed or Under Construction	$ 1,073,909	$ 944,091	$ 936,685
Land and Land Under Development	1,034,025		893,051
Total inventories	2,107,934		1,829,736
Reportable Segment, West [Member]
Housing Completed or Under Construction	572,820		489,136
Land and Land Under Development	607,564		517,697
Reportable Segment, Mountain [Member]
Housing Completed or Under Construction	400,892		328,897
Land and Land Under Development	358,567		309,072
Reportable Segment, East [Member]
Housing Completed or Under Construction	100,197		118,652
Land and Land Under Development	$ 67,894		$ 66,282

Note 7 - Inventories - Inventor

Note 7 - Inventories - Inventory Impairments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Impairment Data; Inventory Impairments	$ 11,098	$ 200	$ 550	$ 4,540		$ 4,850	$ 11,848	$ 9,390
Homebuilding Segment [Member]
Impairment Data; Inventory Impairments	11,098			4,540			11,848	9,390
Homebuilding Segment [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments	11,098			4,540			11,848	9,390
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments	10,798			1,885			11,173	5,985
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments				370			175	370
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments	$ 300			$ 2,285			$ 500	$ 3,035

Note 7 - Inventories - Fair Val

Note 7 - Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Impairment Data; Total Subdivisions Tested	17	17	24	33	35	33
Impairment Data; Inventory Impairments	$ 11,098	$ 200	$ 550	$ 4,540		$ 4,850	$ 11,848	$ 9,390
Impairment Data; Fair Value of Inventory After Impairments	$ 29,874	$ 767	$ 5,223	$ 52,190		$ 19,952
Impairment Data; Number of Subdivisions Impaired	2	1	2	9		2
Measurement Input, Discount Rate [Member]
Quantitative Data; Discount Rate		0.12	0.12
Measurement Input, Discount Rate [Member] | Minimum [Member]
Quantitative Data; Discount Rate	0.12			0.1		0.12	0.12	0.1
Measurement Input, Discount Rate [Member] | Maximum [Member]
Quantitative Data; Discount Rate	0.18			0.15		0.18	0.18	0.15

Note 8 - Capitalization of In_3

Note 8 - Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Homebuilding interest incurred	$ 15,641	$ 13,212	$ 46,905	$ 39,594
Less: Interest capitalized	(15,641)	(13,212)	(46,905)	(39,594)
Homebuilding interest expensed
Interest capitalized, beginning of period	58,227	62,091	57,541	68,085
Plus: Interest capitalized during period	15,641	13,212	46,905	39,594
Less: Previously capitalized interest included in home and land cost of sales	(16,636)	(15,087)	(47,214)	(47,463)
Interest capitalized, end of period	$ 57,232	$ 60,216	$ 57,232	$ 60,216

Note 9 - Homebuilding Prepaid_3

Note 9 - Homebuilding Prepaid and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Deferred marketing costs (Note 2)			$ 34,227
Land option deposits	32,764		22,203
Goodwill	6,008		6,008
Prepaid expenses	8,029		6,128
Deferred debt issuance costs on revolving credit facility, net	5,030		5,880
Other	1,157		1,220
Total	$ 52,988	$ 41,439	$ 75,666

Note 10 - Homebuilding Accrue_3

Note 10 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Warranty accrual	$ 26,625	$ 25,666	$ 21,909	$ 20,725	$ 20,965	$ 20,678
Homebuilding Segment [Member]
Customer and escrow deposits	41,778		36,144
Warranty accrual	26,625		21,909
Accrued compensation and related expenses	35,570		32,600
Accrued interest	13,281		27,734
Construction defect claim reserves	8,388		8,406
Land development and home construction accruals	7,683		8,001
Other accrued liabilities	41,785		31,518
Total accrued liabilities	$ 175,110		$ 166,312

Note 10 - Homebuilding Accrue_4

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, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Insurance reserves	$ 53,308	$ 50,707	$ 52,686	$ 50,495	$ 49,647	$ 50,954
Financial Services Segment [Member]
Insurance reserves	44,920		44,280
Accounts payable and other accrued liabilities	9,927		8,821
Total accounts payable and accrued liabilities	$ 54,847		$ 53,101

Note 11 - Warranty Accrual (Det

Note 11 - Warranty Accrual (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties, Total	$ 0	$ (425)	$ 3,106	$ (375)

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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Balance at beginning of period	$ 25,666	$ 20,965	$ 21,909	$ 20,678
Expense provisions	3,757	2,448	10,104	7,691
Cash payments	(2,798)	(2,263)	(8,494)	(7,269)
Adjustments	0	(425)	3,106	(375)
Balance at end of period	$ 26,625	$ 20,725	$ 26,625	$ 20,725

Note 12 - Insurance and Const_3

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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Balance at beginning of period	$ 50,707	$ 49,647	$ 52,686	$ 50,954
Expense provisions	2,865	2,383	7,902	6,884
Cash payments, net of recoveries	(264)	(1,535)	(7,280)	(7,343)
Balance at end of period	$ 53,308	$ 50,495	$ 53,308	$ 50,495

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent, Total	20.80%	31.80%	19.80%	34.10%
Income Tax Expense (Benefit), Total	$ 14,028	$ 28,517	$ 38,513	$ 60,651
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent						35.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total	3,200		11,300
Deferred Tax Assets, Net, Total	$ 36,800		$ 36,800			$ 41,500
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%

Note 14 - Senior Notes - Carryi

Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Carrying amount	$ 987,617	$ 986,597
Senior Notes 5.625% Due February 2020 [Member]
Carrying amount	248,595	247,853
Senior Notes 5.5% Due January 2024 [Member]
Carrying amount	248,736	248,585
Senior Notes 6% Due January 2043 [Member]
Carrying amount	$ 490,286	$ 490,159

Note 14 - Senior Notes - Carr_2

Note 14 - Senior Notes - Carrying Amount of Senior Notes (Details) (Parentheticals)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Senior Notes 5.625% Due February 2020 [Member]
Senior Notes, interest rate	5.625%	5.625%
Maturity date	Feb. 29, 2020	Feb. 29, 2020
Senior Notes 5.5% Due January 2024 [Member]
Senior Notes, interest rate	5.50%	5.50%
Maturity date	Jan. 31, 2024	Jan. 31, 2024
Senior Notes 6% Due January 2043 [Member]
Senior Notes, interest rate	6.00%	6.00%
Maturity date	Jan. 31, 2043	Jan. 31, 2043

Note 15 - Stock-based Compens_3

Note 15 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands	May 23, 2018	Jun. 20, 2017	Jul. 25, 2016	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Allocated Share-based Compensation Expense, Total				$ 2,425	$ 1,062	$ 8,500	$ 3,100
Performance Shares [Member]
Allocated Share-based Compensation Expense, Total				903	226	5,417	1,129
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted in 2016 [Member]
Allocated Share-based Compensation Expense, Total				$ 900	$ 200	5,400	$ 1,100
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted In 2017 [Member]
Allocated Share-based Compensation Expense, Total						$ 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%	50.00%	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	3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Average Gross Margin of Home Sales, Percentage, Minimum	15.00%	15.00%	15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues	10.00%	10.00%	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%	5.00%	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%	20.00%	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%	20.00%	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%	10.00%	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%	200.00%	200.00%

Note 15 - Stock-based Compens_4

Note 15 - Stock-based Compensation - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based compensation expense	$ 2,425	$ 1,062	$ 8,500	$ 3,100
Employee Stock Option [Member]
Share-based compensation expense	583	78	780	250
Restricted Stock [Member]
Share-based compensation expense	939	758	2,303	1,721
Performance Shares [Member]
Share-based compensation expense	$ 903	$ 226	$ 5,417	$ 1,129

Note 15 - Stock-based Compens_5

Note 15 - Stock-based Compensation - Performance Stock Units Granted (Details) - Performance Shares [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares
Maximum potential expense to be recognized | $	$ 14,915	[1]
July 25, 2016 [Member]
Maximum potential expense to be recognized | $	10,834	[1]
June 20, 2017 [Member]
Maximum potential expense to be recognized | $	$ 16,070	[1]
Chief Executive Officer [Member] | July 25, 2016 [Member]
Threshold goal, number of PSUs (in shares)	56,700
Target goal, number of PSUs (in shares)	113,400
Maximum goal, number of PSUs (in shares)	226,800
Maximum potential expense to be recognized | $	$ 4,815	[1]
Chief Executive Officer [Member] | June 20, 2017 [Member]
Threshold goal, number of PSUs (in shares)	59,400
Target goal, number of PSUs (in shares)	118,800
Maximum goal, number of PSUs (in shares)	237,600
Maximum potential expense to be recognized | $	$ 7,142	[1]
Chief Executive Officer [Member] | May 23, 2018 [Member]
Threshold goal, number of PSUs (in shares)	60,000
Target goal, number of PSUs (in shares)	120,000
Maximum goal, number of PSUs (in shares)	240,000
Maximum potential expense to be recognized | $	$ 6,629	[1]
Chief Operating Officer [Member] | July 25, 2016 [Member]
Threshold goal, number of PSUs (in shares)	56,700
Target goal, number of PSUs (in shares)	113,400
Maximum goal, number of PSUs (in shares)	226,800
Maximum potential expense to be recognized | $	$ 4,815	[1]
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
Fair value per share (in dollars per share) | $ / shares	$ 21.23
Chief Operating Officer [Member] | June 20, 2017 [Member]
Threshold goal, number of PSUs (in shares)	59,400
Target goal, number of PSUs (in shares)	118,800
Maximum goal, number of PSUs (in shares)	237,600
Maximum potential expense to be recognized | $	$ 7,142	[1]
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
Fair value per share (in dollars per share) | $ / shares	$ 30.06
Chief Operating Officer [Member] | May 23, 2018 [Member]
Threshold goal, number of PSUs (in shares)	60,000
Target goal, number of PSUs (in shares)	120,000
Maximum goal, number of PSUs (in shares)	240,000
Maximum potential expense to be recognized | $	$ 6,629	[1]
Base period revenues | $	2,543,000
Threshold goal, home sale revenues | $	2,670,000
Target goal, home sale revenues | $	2,797,000
Maximum goal, home sale revenues | $	$ 3,052,000
Fair value per share (in dollars per share) | $ / shares	$ 27.62
Chief Financial Officer [Member] | July 25, 2016 [Member]
Threshold goal, number of PSUs (in shares)	14,175
Target goal, number of PSUs (in shares)	28,350
Maximum goal, number of PSUs (in shares)	56,700
Maximum potential expense to be recognized | $	$ 1,204	[1]
Chief Financial Officer [Member] | June 20, 2017 [Member]
Threshold goal, number of PSUs (in shares)	14,850
Target goal, number of PSUs (in shares)	29,700
Maximum goal, number of PSUs (in shares)	59,400
Maximum potential expense to be recognized | $	$ 1,786	[1]
Chief Financial Officer [Member] | May 23, 2018 [Member]
Threshold goal, number of PSUs (in shares)	15,000
Target goal, number of PSUs (in shares)	30,000
Maximum goal, number of PSUs (in shares)	60,000
Maximum potential expense to be recognized | $	$ 1,657	[1]
[1]	Dollars in thousands

Note 16 - Commitments and Con_2

Note 16 - Commitments and Contingencies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Surety Bonds, Outstanding, Amount	$ 209
Letters of Credit Outstanding, Amount	71.4
Estimated Cost Related to Bonds	94.8
Estimated Cost Related to Letters of Credit	30.3
Option Contracts [Member]
Letters of Credit Outstanding, Amount	8.2
Earnest Money Deposits	$ 30.4
Right to Acquire Lots Under Options Contract	9,360
HomeAmerican [Member]
Letters of Credit Outstanding, Amount	$ 41.6

Note 17 - Derivative Financia_2

Note 17 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative, Gain (Loss) on Derivative, Net, Total	$ 0.9	$ 0.5	$ 1.4	$ 0.5
Commitment to Originate Mortgage Loans [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	152		152
No Commitment to Originate Mortgage Loans [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage	12.7		12.7
Forward Sales of Mortgage Backed Securities [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	$ 102.5		$ 102.5

Note 18 - Lines of Credit (Deta

Note 18 - Lines of Credit (Details Textual) - USD ($) $ in Millions	Sep. 29, 2017	Nov. 01, 2018	Sep. 30, 2018	Aug. 09, 2018	Jun. 26, 2018	Jun. 25, 2018	Dec. 31, 2017	Dec. 27, 2017	Dec. 26, 2017	Sep. 28, 2017
Letters of Credit Outstanding, Amount			$ 71.4
Maximum [Member] | Borrowing Base is Required [Member]
Line of Credit Facility, Leverage Ratio	55.00%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 700	$ 1,000								$ 550
Line of Credit Facility, Potential Maximum Borrowing Capacity, Subject to Additional Commitments	$ 1,250	$ 1,500
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, Total			$ 15				$ 15
Line of Credit Facility, Remaining Borrowing Capacity			655.2
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member] | Specified Eurocurrency Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Standby Letters of Credit [Member]
Letters of Credit Outstanding, Amount			29.8				32
Mortgage Repurchase Facility [Member] | Warehouse Agreement Borrowings [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 75	$ 100			$ 115	$ 75
Line of Credit Facility, Maximum Increase to Borrowing Capacity				$ 75		$ 75
Warehouse Agreement Borrowings, Total			$ 90.8				$ 112.3

Note 19 - Related Party Trans_2

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

Note 20 - Subsequent Events (De

Note 20 - Subsequent Events (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Millions	Nov. 01, 2018	Sep. 29, 2017	Sep. 28, 2017
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000	$ 700	$ 550
Line of Credit Facility, Potential Maximum Borrowing Capacity, Subject to Additional Commitments	$ 1,500	$ 1,250

Note 21 - Supplemental Guaran_3

Note 21 - Supplemental Guarantor Information (Details Textual)	9 Months Ended
	Sep. 30, 2018
Maximum Percentage of Consolidated Net Worth of Guarantor for Suspension of Guarantee	5.00%
Maximum Aggregate Percentage of Consolidated Net Worth of All Guarantors for Suspension of Guarantee	10.00%
Maximum Aggregate Percentage of Consolidated Net Worth of All Guarantors for Suspension of Guarantee to Permit Cure of Default	15.00%
Guarantor Subsidiaries [Member]
Equity Method Investment, Ownership Percentage	100.00%

Note 21 - Supplemental Guaran_4

Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Cash and cash equivalents	$ 418,792		$ 514,240	$ 386,541	$ 286,687
Deferred tax asset, net	36,800		41,500
Assets	2,908,170		2,780,292
Total Liabilities	1,375,428		1,373,005
Total Stockholders' Equity	1,532,742		1,407,287
Total Liabilities and Stockholders' Equity	2,908,170		2,780,292
Homebuilding Segment [Member]
Cash and cash equivalents	360,947		472,957	351,399
Marketable securities			49,634
Restricted cash	7,866		8,812	8,723
Trade and other receivables	56,469		53,362
Housing completed or under construction	1,073,909	$ 944,091	936,685
Land and land under development	1,034,025		893,051
Total inventories	2,107,934		1,829,736
Intercompany receivables
Investment in subsidiaries
Property and equipment, net	56,693	51,709	26,439
Deferred tax asset, net	36,815	40,907	41,480
Prepaid and other assets	52,988	41,439	75,666
Assets	2,679,712		2,558,086
Other assets	1,157		1,220
Accounts payable	52,070		39,655
Accrued liabilities	175,110		166,312
Advances and notes payable to parent and subsidiaries
Revolving credit facility	15,000		15,000
Senior notes, net	987,617		986,597
Total Liabilities	1,229,797		1,207,564
Financial Services Segment [Member]
Cash and cash equivalents	49,979		32,471	26,419
Marketable securities	49,006		42,004
Intercompany receivables
Assets	228,458		222,206
Mortgage loans held-for-sale, net	114,836		138,114
Other assets	14,637	$ 13,515	9,617
Advances and notes payable to parent and subsidiaries
Total Liabilities	145,631		165,441
Accounts payable and other liabilities	54,847		53,101
Mortgage repurchase facility	90,784		112,340
Reportable Legal Entities [Member] | Parent Company [Member]
Cash and cash equivalents	356,353		468,718	347,217	255,679
Assets	2,607,021		2,497,461
Total Liabilities	1,074,279		1,090,174
Total Stockholders' Equity	1,532,742		1,407,287
Total Liabilities and Stockholders' Equity	2,607,021		2,497,461
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents	12,460		13,051	12,905	7,186
Assets	2,261,934		1,963,300
Total Liabilities	1,966,242		1,709,792
Total Stockholders' Equity	295,692		253,508
Total Liabilities and Stockholders' Equity	2,261,934		1,963,300
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	49,979		32,471	26,419	23,822
Assets	244,167		266,254
Total Liabilities	155,983		202,362
Total Stockholders' Equity	88,184		63,892
Total Liabilities and Stockholders' Equity	244,167		266,254
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Parent Company [Member]
Cash and cash equivalents	356,353		468,718
Marketable securities			49,634
Restricted cash
Trade and other receivables	530		8,200
Housing completed or under construction
Land and land under development
Total inventories
Intercompany receivables	1,794,096		1,578,830
Investment in subsidiaries	383,876		317,400
Property and equipment, net	23,506		24,557
Deferred tax asset, net	38,126		42,862
Prepaid and other assets	10,534		7,260
Assets	2,607,021		2,497,461
Accounts payable
Accrued liabilities	44,682		40,344
Advances and notes payable to parent and subsidiaries	26,980		48,233
Revolving credit facility	15,000		15,000
Senior notes, net	987,617		986,597
Total Liabilities	1,074,279		1,090,174
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents	4,594		4,239
Marketable securities
Restricted cash	7,866		8,812
Trade and other receivables	55,939		47,422
Housing completed or under construction	1,073,909		936,685
Land and land under development	1,034,025		893,051
Total inventories	2,107,934		1,829,736
Intercompany receivables	9,960		2,803
Investment in subsidiaries
Property and equipment, net	33,187		1,882
Deferred tax asset, net
Prepaid and other assets	42,454		68,406
Assets	2,261,934		1,963,300
Accounts payable	52,070		39,655
Accrued liabilities	127,332		122,544
Advances and notes payable to parent and subsidiaries	1,786,840		1,547,593
Revolving credit facility
Senior notes, net
Total Liabilities	1,966,242		1,709,792
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			5,291
Investment in subsidiaries
Property and equipment, net
Deferred tax asset, net
Prepaid and other assets
Assets			5,291
Accounts payable
Accrued liabilities			37
Advances and notes payable to parent and subsidiaries	296		27,015
Revolving credit facility
Senior notes, net
Total Liabilities	296		27,052
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Parent Company [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables
Assets
Mortgage loans held-for-sale, net
Other assets
Advances and notes payable to parent and subsidiaries
Total Liabilities
Accounts payable and other liabilities
Mortgage repurchase facility
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables
Assets
Mortgage loans held-for-sale, net
Other assets
Advances and notes payable to parent and subsidiaries
Total Liabilities
Accounts payable and other liabilities
Mortgage repurchase facility
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	49,979		32,471
Marketable securities	49,006		42,004
Intercompany receivables	17,020		40,139
Assets	244,167		260,963
Mortgage loans held-for-sale, net	114,836		138,114
Other assets	13,326		8,235
Advances and notes payable to parent and subsidiaries	6,960		4,222
Total Liabilities	155,687		175,310
Accounts payable and other liabilities	57,943		58,748
Mortgage repurchase facility	90,784		112,340
Consolidation, Eliminations [Member]
Cash and cash equivalents
Assets	(2,204,952)		(1,946,723)
Total Liabilities	(1,821,076)		(1,629,323)
Total Stockholders' Equity	(383,876)		(317,400)
Total Liabilities and Stockholders' Equity	(2,204,952)		(1,946,723)
Consolidation, Eliminations [Member] | Homebuilding Segment [Member]
Cash and cash equivalents
Marketable securities
Restricted cash
Trade and other receivables			(2,260)
Housing completed or under construction
Land and land under development
Total inventories
Intercompany receivables	(1,804,056)		(1,586,924)
Investment in subsidiaries	(383,876)		(317,400)
Property and equipment, net
Deferred tax asset, net	(1,311)		(1,382)
Prepaid and other assets
Assets	(2,189,243)		(1,907,966)
Accounts payable
Accrued liabilities	3,096		3,387
Advances and notes payable to parent and subsidiaries	(1,814,116)		(1,622,841)
Revolving credit facility
Senior notes, net
Total Liabilities	(1,811,020)		(1,619,454)
Consolidation, Eliminations [Member] | Financial Services Segment [Member]
Cash and cash equivalents
Marketable securities
Intercompany receivables	(17,020)		(40,139)
Assets	(15,709)		(38,757)
Mortgage loans held-for-sale, net
Other assets	1,311		1,382
Advances and notes payable to parent and subsidiaries	(6,960)		(4,222)
Total Liabilities	(10,056)		(9,869)
Accounts payable and other liabilities	(3,096)		(5,647)
Mortgage repurchase facility

Note 21 - Supplemental Guaran_5

Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Statement of Operations (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Inventory impairments	$ (11,098,000)	$ (200,000)	$ (550,000)	$ (4,540,000)		$ (4,850,000)	$ (11,848,000)	$ (9,390,000)
Pretax income (loss)	67,420,000			89,680,000			194,568,000	177,934,000
(Provision) benefit for income taxes	(14,028,000)			(28,517,000)			(38,513,000)	(60,651,000)
Net income	53,392,000			61,163,000			156,055,000	117,283,000
Other comprehensive income related to available-for-sale securities, net of tax				(23,175,000)				(19,245,000)
Comprehensive income	53,392,000			37,988,000			156,055,000	98,038,000
Other-than-temporary impairment of marketable securities	0			0			0	(200,000)
Provision for income taxes	(14,028,000)			(28,517,000)			(38,513,000)	(60,651,000)
Homebuilding Segment [Member]
Revenues	766,027,000			586,287,000			2,123,323,000	1,798,984,000
Cost of sales	(619,248,000)			(486,406,000)			(1,722,283,000)	1,495,838,000
Inventory impairments	(11,098,000)			(4,540,000)			(11,848,000)	(9,390,000)
Gross margin	135,681,000			95,341,000			389,192,000	293,756,000
Selling, general, and administrative expenses	(83,523,000)			(69,102,000)			(236,435,000)	(206,109,000)
Equity income of subsidiaries
Interest and other income	1,953,000			54,548,000			5,586,000	59,722,000
Other expense	(1,128,000)			(618,000)			(2,562,000)	(1,635,000)
Pretax income (loss)	52,983,000			80,169,000			155,781,000	145,683,000
Other-than-temporary impairment of marketable securities								(51,000)
Home and land cost of sales	619,248,000			486,406,000			1,722,283,000	(1,495,838,000)
Financial Services Segment [Member]
Revenues	19,611,000			17,464,000			60,018,000	54,516,000
Pretax income (loss)	14,437,000			9,511,000			38,787,000	32,251,000
Other-than-temporary impairment of marketable securities				(29,000)				(160,000)
Reportable Legal Entities [Member] | Parent Company [Member]
Pretax income (loss)	50,193,000			75,165,000			146,847,000	123,650,000
(Provision) benefit for income taxes	3,199,000			(14,002,000)			9,208,000	(6,367,000)
Net income	53,392,000			61,163,000			156,055,000	117,283,000
Other comprehensive income related to available-for-sale securities, net of tax				(23,175,000)				(19,245,000)
Comprehensive income	53,392,000			37,988,000			156,055,000	98,038,000
Provision for income taxes	3,199,000			(14,002,000)			9,208,000	(6,367,000)
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Pretax income (loss)	67,401,000			38,674,000			197,015,000	125,391,000
(Provision) benefit for income taxes	(14,039,000)			(11,168,000)			(38,998,000)	(42,742,000)
Net income	53,362,000			27,506,000			158,017,000	82,649,000
Other comprehensive income related to available-for-sale securities, net of tax
Comprehensive income	53,362,000			27,506,000			158,017,000	82,649,000
Provision for income taxes	(14,039,000)			(11,168,000)			(38,998,000)	(42,742,000)
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Pretax income (loss)	14,171,000			9,170,000			37,561,000	31,362,000
(Provision) benefit for income taxes	(3,188,000)			(3,347,000)			(8,723,000)	(11,542,000)
Net income	10,983,000			5,823,000			28,838,000	19,820,000
Other comprehensive income related to available-for-sale securities, net of tax				927,000				2,217,000
Comprehensive income	10,983,000			6,750,000			28,838,000	22,037,000
Provision for income taxes	(3,188,000)			(3,347,000)			(8,723,000)	(11,542,000)
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Parent Company [Member]
Revenues
Cost of sales
Inventory impairments
Gross margin
Selling, general, and administrative expenses	(16,172,000)			(11,911,000)			(45,599,000)	(36,539,000)
Equity income of subsidiaries	64,345,000			33,329,000			186,855,000	102,469,000
Interest and other income	2,013,000			53,740,000			5,569,000	57,748,000
Other expense	7,000			7,000			22,000	23,000
Pretax income (loss)	50,193,000			75,165,000			146,847,000	123,650,000
Other-than-temporary impairment of marketable securities								(51,000)
Home and land cost of sales
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member]
Revenues	766,027,000			586,287,000			2,123,323,000	1,798,984,000
Cost of sales	(619,248,000)			(486,406,000)			(1,722,283,000)	1,495,838,000
Inventory impairments	(11,098,000)			(4,540,000)			(11,848,000)	(9,390,000)
Gross margin	135,681,000			95,341,000			389,192,000	293,756,000
Selling, general, and administrative expenses	(67,406,000)			(56,983,000)			(190,464,000)	(168,988,000)
Equity income of subsidiaries
Interest and other income	261,000			941,000			871,000	2,281,000
Other expense	(1,135,000)			(625,000)			(2,584,000)	(1,658,000)
Pretax income (loss)	67,401,000			38,674,000			197,015,000	125,391,000
Other-than-temporary impairment of marketable securities
Home and land cost of sales	619,248,000			486,406,000			1,722,283,000	(1,495,838,000)
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Non-Guarantor Subsidiaries [Member]
Revenues
Cost of sales
Inventory impairments
Gross margin
Selling, general, and administrative expenses
Equity income of subsidiaries
Interest and other income				1,000			4,000	5,000
Other expense
Pretax income (loss)				1,000			4,000	5,000
Other-than-temporary impairment of marketable securities
Home and land cost of sales
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)	14,171,000			9,169,000			37,557,000	31,357,000
Consolidation, Eliminations [Member]
Pretax income (loss)	(64,345,000)			(33,329,000)			(186,855,000)	(102,469,000)
(Provision) benefit for income taxes
Net income	(64,345,000)			(33,329,000)			(186,855,000)	(102,469,000)
Other comprehensive income related to available-for-sale securities, net of tax				(927,000)				(2,217,000)
Comprehensive income	(64,345,000)			(34,256,000)			(186,855,000)	(104,686,000)
Provision for income taxes
Consolidation, Eliminations [Member] | Homebuilding Segment [Member]
Revenues
Cost of sales
Inventory impairments
Gross margin
Selling, general, and administrative expenses	55,000			(208,000)			(372,000)	(582,000)
Equity income of subsidiaries	(64,345,000)			(33,329,000)			(186,855,000)	(102,469,000)
Interest and other income	(321,000)			(134,000)			(858,000)	(312,000)
Other expense
Pretax income (loss)	(64,611,000)			(33,671,000)			(188,085,000)	(103,363,000)
Other-than-temporary impairment of marketable securities
Home and land cost of sales
Consolidation, Eliminations [Member] | Financial Services Segment [Member]
Pretax income (loss)	$ 266,000			$ 342,000			$ 1,230,000	$ 894,000

Note 21 - Supplemental Guaran_6

Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Net cash provided by (used in) operating activities	$ (59,246)	$ 74,109
Net cash provided by (used in) investing activities	26,228	108,047
Payments from (advances to) subsidiaries
Mortgage repurchase facility	(21,556)	(49,382)
Dividend payments	(50,733)	(38,793)
Proceeds from exercise of stock options	9,859	8,503
Net cash provided by (used in) financing activities	(62,430)	(82,302)
Net increase (decrease) in cash and cash equivalents	(95,448)	99,854
Beginning of period	514,240	286,687
Cash and cash equivalents	418,792	386,541
Payments of deferred financing costs		(2,630)
Reportable Legal Entities [Member] | Parent Company [Member]
Net cash provided by (used in) operating activities	(6,232)	26,918
Net cash provided by (used in) investing activities	(65,259)	97,540
Payments from (advances to) subsidiaries
Mortgage repurchase facility
Dividend payments	(50,733)	(38,793)
Proceeds from exercise of stock options	9,859	8,503
Net cash provided by (used in) financing activities	(40,874)	(32,920)
Net increase (decrease) in cash and cash equivalents	(112,365)	91,538
Beginning of period	468,718	255,679
Cash and cash equivalents	356,353	347,217
Payments of deferred financing costs		(2,630)
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	(99,100)	(16,078)
Net cash provided by (used in) investing activities	(19,135)	(198)
Payments from (advances to) subsidiaries	117,644	21,995
Mortgage repurchase facility
Dividend payments
Proceeds from exercise of stock options
Net cash provided by (used in) financing activities	117,644	21,995
Net increase (decrease) in cash and cash equivalents	(591)	5,719
Beginning of period	13,051	7,186
Cash and cash equivalents	12,460	12,905
Payments of deferred financing costs
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	46,086	63,269
Net cash provided by (used in) investing activities	(3,892)	(254)
Payments from (advances to) subsidiaries	(3,130)	(11,036)
Mortgage repurchase facility	(21,556)	(49,382)
Dividend payments
Proceeds from exercise of stock options
Net cash provided by (used in) financing activities	(24,686)	(60,418)
Net increase (decrease) in cash and cash equivalents	17,508	2,597
Beginning of period	32,471	23,822
Cash and cash equivalents	49,979	26,419
Payments of deferred financing costs
Consolidation, Eliminations [Member]
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities	114,514	10,959
Payments from (advances to) subsidiaries	(114,514)	(10,959)
Mortgage repurchase facility
Dividend payments
Proceeds from exercise of stock options
Net cash provided by (used in) financing activities	(114,514)	(10,959)
Net increase (decrease) in cash and cash equivalents
Beginning of period
Cash and cash equivalents
Payments of deferred financing costs