M.D.C. (MDC) 10-Q 31 Jul 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Document Information [Line Items]
Entity Central Index Key	0000773141
Entity Shell Company	false
Entity Registrant Name	MDC HOLDINGS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Entity Small Business	false
Entity Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity File Number	1-8951
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0622967
Entity Address, Address Line One	4350 South Monaco Street, Suite 500
Entity Address, Postal Zip Code	80237
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
City Area Code	303
Local Phone Number	773-1100
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		61,954,555
6% Senior Notes [Member]
Document Information [Line Items]
Title of 12(b) Security	6% Senior Notes
Trading Symbol	552676AQ1
Security Exchange Name	NYSE
5.625% Senior Notes [Member]
Document Information [Line Items]
Title of 12(b) Security	5⅝% Senior Notes
Trading Symbol	552676AP3
Security Exchange Name	NYSE
Common Stock 1 [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	552676108
Security Exchange Name	NYSE

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 459,801	$ 470,139
Inventories:
Total Assets		3,086,097	3,001,077
Cash and cash equivalents		459,801	470,139
LIABILITIES AND EQUITY
Operating lease liability	[1]	33,340
Total Liabilities		1,424,946	1,425,077
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; 61,922,406 and 56,615,352 issued and outstanding at June 30, 2019 and December 31, 2018, respectively		619	566
Additional paid-in-capital		1,333,095	1,168,442
Retained earnings		327,437	406,992
Total Stockholders' Equity		1,661,151	1,576,000
Total Liabilities and Stockholders' Equity		3,086,097	3,001,077
Homebuilding Segment [Member]
ASSETS
Cash and cash equivalents		390,061	414,724
Restricted cash		12,911	6,363
Trade and other receivables		54,780	52,982
Inventories:
Housing Completed or Under Construction		1,071,181	952,436
Land and Land Under Development		1,156,009	1,180,558
Total inventories		2,227,190	2,132,994
Property and equipment, net		62,888	58,167
Operating lease right-of-use asset		31,600	0
Deferred tax asset, net		29,441	37,178
Prepaid and other assets		47,176	45,794
Total Assets		2,856,047	2,748,202
Cash and cash equivalents		390,061	414,724
Marketable securities		48,105	40,879
Other assets		880	995
LIABILITIES AND EQUITY
Accounts payable		58,986	50,505
Accrued liabilities		186,500	196,247
Operating lease liability		32,240	0
Revolving credit facility		15,000	15,000
Senior notes, net		988,683	987,967
Total Liabilities		1,281,409	1,249,719
Financial Services Segment [Member]
ASSETS
Cash and cash equivalents		56,829	49,052
Inventories:
Prepaid and other assets		15,779	13,733
Total Assets		230,050	252,875
Cash and cash equivalents		56,829	49,052
Marketable securities		48,105	40,879
Mortgage loans held-for-sale, net		109,337	149,211
Other assets		15,779	13,733
LIABILITIES AND EQUITY
Total Liabilities		143,537	175,358
Accounts payable and accrued liabilities		60,498	58,543
Mortgage repurchase facility		$ 83,039	$ 116,815
[1]	Financial services operating lease liabilities of $1.1 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at June 30, 2019.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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)	61,922,406	56,615,352
Common stock, shares outstanding (in shares)	61,922,406	56,615,352

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Inventory impairments	$ 0	$ (200)	$ (610)	$ (750)
Pretax income	74,331	76,616	129,937	127,148
Provision for income taxes	(19,738)	(12,717)	(34,794)	(24,485)
Net income	54,593	63,899	95,143	102,663
Comprehensive income	$ 54,593	$ 63,899	$ 95,143	$ 102,663
Earnings per share:
Basic (in dollars per share)	$ 0.88	$ 1.05	$ 1.55	$ 1.69
Diluted (in dollars per share)	$ 0.86	$ 1.03	$ 1.50	$ 1.66
Weighted average common shares outstanding:
Basic (in shares)	61,336,404	60,590,899	61,138,982	60,466,527
Diluted (in shares)	63,323,267	61,604,286	63,023,149	61,525,442
Dividends declared per share (in dollars per share)	$ 0.30	$ 0.28	$ 0.60	$ 0.56
Homebuilding Segment [Member]
Revenues	$ 732,844	$ 749,608	$ 1,380,122	$ 1,357,296
Cost of sales	(590,172)	(606,603)	(1,115,334)	(1,103,785)
Inventory impairments	0	(200)	(610)	(750)
Gross profit	142,672	143,005	264,788	253,511
Selling, general and administrative expenses	(82,712)	(81,571)	(164,973)	(152,912)
Interest and other income	2,764	1,774	5,155	3,633
Other expense	(1,110)	(871)	(2,301)	(1,434)
Pretax income	61,614	62,337	102,669	102,798
Homebuilding Segment [Member] | Home Building [Member]
Revenues	732,844	749,608	1,380,122	1,357,296
Cost of sales	(590,172)	(606,403)	(1,114,724)	(1,103,035)
Financial Services Segment [Member]
Revenues	18,597	21,372	36,001	40,407
Pretax income	12,717	14,279	27,268	24,350
Expenses	(9,574)	(9,611)	(18,531)	(18,442)
Interest and other income	1,367	1,240	2,631	2,260
Net gain on marketable equity securities	$ 2,327	$ 1,278	$ 7,167	$ 125

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2017	56,123,228
Beginning balance at Dec. 31, 2017	$ 561	$ 1,144,570	$ 258,164	$ 3,992	$ 1,407,287
Cumulative effect of newly adopted accounting standards (Note 2) at Dec. 31, 2017	0	0	5,766	(3,992)	1,774
Adjusted balance at Dec. 31, 2017	561	1,144,570	263,930	0	1,409,061
Net Income	$ 0	0	38,764	0	38,764
Shares issued upon exercise of stock options and awards of restricted stock (in shares)	97,783
Shares issued upon exercise of stock options and awards of restricted stock	$ 1	281	0	0	282
Cash dividends declared	0	0	(16,865)	0	(16,865)
Stock-based compensation expense	$ 0	1,251	0	0	1,251
Forfeiture of restricted stock (in shares)	(1,368)
Forfeiture of restricted stock	$ 0	0	0	0	0
Balance (in shares) at Mar. 31, 2018	56,219,643
Ending balance at Mar. 31, 2018	$ 562	1,146,102	285,829	0	1,432,493
Balance (in shares) at Dec. 31, 2017	56,123,228
Beginning balance at Dec. 31, 2017	$ 561	1,144,570	258,164	3,992	1,407,287
Cumulative effect of newly adopted accounting standards (Note 2) at Dec. 31, 2017	0	0	5,766	(3,992)	1,774
Adjusted balance at Dec. 31, 2017	$ 561	1,144,570	263,930	0	1,409,061
Net Income					102,663
Balance (in shares) at Jun. 30, 2018	56,435,989
Ending balance at Jun. 30, 2018	$ 564	1,156,477	332,800	0	1,489,841
Balance (in shares) at Mar. 31, 2018	56,219,643
Beginning balance at Mar. 31, 2018	$ 562	1,146,102	285,829	0	1,432,493
Net Income	$ 0	0	63,899	0	63,899
Shares issued upon exercise of stock options and awards of restricted stock (in shares)	216,850
Shares issued upon exercise of stock options and awards of restricted stock	$ 2	5,551	0	0	5,553
Cash dividends declared	0	0	(16,928)	0	(16,928)
Stock-based compensation expense	$ 0	4,824	0	0	4,824
Forfeiture of restricted stock (in shares)	(504)
Forfeiture of restricted stock	$ 0	0	0	0	0
Balance (in shares) at Jun. 30, 2018	56,435,989
Ending balance at Jun. 30, 2018	$ 564	1,156,477	332,800	0	1,489,841
Balance (in shares) at Dec. 31, 2018	56,615,352
Beginning balance at Dec. 31, 2018	$ 566	1,168,442	406,992	0	1,576,000
Cumulative effect of newly adopted accounting standards (Note 2) at Dec. 31, 2018	0	0	(67)	0	(67)
Adjusted balance at Dec. 31, 2018	566	1,168,442	406,925	0	1,575,933
Net Income	$ 0	0	40,550	0	40,550
Shares issued upon exercise of stock options and awards of restricted stock (in shares)	372,344
Shares issued upon exercise of stock options and awards of restricted stock	$ 4	7,083	0	0	7,087
Cash dividends declared	$ 0	0	(17,019)	0	(17,019)
Stock dividend declared (in shares)	4,534,908
Stock dividend declared	$ 45	138,950	(139,091)		(96)
Stock-based compensation expense	$ 0	4,251	0	0	4,251
Forfeiture of restricted stock (in shares)	(1,714)
Forfeiture of restricted stock	$ 0	0	0	0	0
Balance (in shares) at Mar. 31, 2019	61,520,890
Ending balance at Mar. 31, 2019	$ 615	1,318,726	291,365	0	1,610,706
Balance (in shares) at Dec. 31, 2018	56,615,352
Beginning balance at Dec. 31, 2018	$ 566	1,168,442	406,992	0	1,576,000
Cumulative effect of newly adopted accounting standards (Note 2) at Dec. 31, 2018	0	0	(67)	0	(67)
Adjusted balance at Dec. 31, 2018	$ 566	1,168,442	406,925	0	1,575,933
Net Income					95,143
Balance (in shares) at Jun. 30, 2019	61,922,406
Ending balance at Jun. 30, 2019	$ 619	1,333,095	327,437	0	1,661,151
Balance (in shares) at Mar. 31, 2019	61,520,890
Beginning balance at Mar. 31, 2019	$ 615	1,318,726	291,365	0	1,610,706
Net Income	$ 0	0	54,593	0	54,593
Shares issued upon exercise of stock options and awards of restricted stock (in shares)	405,094
Shares issued upon exercise of stock options and awards of restricted stock	$ 4	10,237	0	0	10,241
Cash dividends declared	0	0	(18,521)	0	(18,521)
Stock-based compensation expense	$ 0	4,132	0	0	4,132
Forfeiture of restricted stock (in shares)	(3,578)
Forfeiture of restricted stock	$ 0	0	0	0	0
Balance (in shares) at Jun. 30, 2019	61,922,406
Ending balance at Jun. 30, 2019	$ 619	$ 1,333,095	$ 327,437	$ 0	$ 1,661,151

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating Activities:
Net income	$ 54,593	$ 63,899	$ 95,143	$ 102,663
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense			8,383	6,075
Depreciation and amortization			9,941	9,952
Inventory impairments	0	200	610	750
Net gain on marketable equity securities	(2,327)	(1,278)	(7,167)	(125)
Amortization of discount / premiums on marketable debt securities, net			0	(366)
Deferred income tax expense			7,759	3,557
Net changes in assets and liabilities:
Trade and other receivables			(36)	(2,317)
Mortgage loans held-for-sale, net			39,874	30,929
Prepaid and other assets			(4,206)	(5,108)
Accounts payable and accrued liabilities			(546)	15,835
Net cash provided by (used in) operating activities			55,665	(56,188)
Investing Activities:
Purchases of marketable securities			(5,116)	(14,659)
Maturities of marketable securities			0	50,000
Sales of marketable securities			5,057	12,460
Purchases of property and equipment			(13,860)	(13,051)
Net cash provided by (used in) investing activities			(13,919)	34,750
Financing Activities:
Payments on mortgage repurchase facility, net			(33,776)	(31,521)
Dividend payments			(35,636)	(33,793)
Proceeds from exercise of stock options			17,328	5,835
Net cash used in financing activities			(52,084)	(59,479)
Net decrease in cash, cash equivalents and restricted cash			(10,338)	(80,917)
Cash, cash equivalents and restricted cash:
Beginning of period			470,139	514,240
End of period	459,801	433,323	459,801	433,323
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	459,801	433,323	459,801	433,323
End of period	459,801	433,323	459,801	433,323
Homebuilding Segment [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Inventory impairments	0	200	610	750
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	390,061	378,219	390,061	378,219
Restricted cash	12,911	7,443	12,911	7,443
Financial Services Segment [Member]
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 56,829	$ 47,661	56,829	47,661
Housing Completed or Under Construction [Member]
Net changes in assets and liabilities:
Housing completed or under construction and land under development			(118,528)	(133,576)
Land and Land Under Development [Member]
Net changes in assets and liabilities:
Housing completed or under construction and land under development			$ 24,438	$ (84,457)

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Basis of Presentation The Unaudited Consolidated Financial Statements of M.D.C. Holdings, Inc. ("MDC," “the Company," “we,” “us,” or “our,” which refers to M.D.C. Holdings, Inc. and its subsidiaries) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not June 30, 2019 10 December 31, 2018. On January 28, 2019, February 28, 2019 February 14, 2019. 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 Where 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	6 Months Ended
	Jun. 30, 2019
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”) 2016 - 02, Leases (“ASU 2016 - 02” ) is codified in ASC 842, Leases (“ASC 842” ). ASC 842 supersedes current lease guidance in ASC 840 and requires a lessee to recognize a right-of-use asset and a corresponding lease liability for substantially all leases. The lease liability will be equal to the present value of the remaining lease payments while the right-of-use asset will be similarly calculated and then adjusted for initial direct costs. In addition, ASC 842 expands the disclosure requirements to increase the transparency and comparability of the amount, timing and uncertainty of cash flows arising from leases. On January 1, 2019, we adopted ASC 842 using the modified retrospective transition method. We elected available practical expedients permitted under the transition guidance within the new standard, which among other items, allowed the Company to carry forward its historical lease classification and not reassess existing leases under the new definition of a lease in ASC 842. In addition, we will account for lease and non-lease components as a single lease component. Adoption of ASC 842 resulted in the recording of additional net lease assets and lease liabilities of million and million, respectively, as of January 1, 2019. The difference between the additional lease assets and lease liabilities, net of the deferred tax impact, was recorded as an adjustment to retained earnings. The standard did not materially impact our consolidated statements of operations and comprehensive income or consolidated cash flows. Accounting Standards Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016 - 13, Financial Instruments—Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments (“ASU 2016 - 13” ), which requires measurement and recognition of expected credit losses for financial assets held. The amendments in ASU 2016 - 13 eliminate the probable threshold for initial recognition of a credit loss in current GAAP and reflect an entity’s current estimate of all expected credit losses. ASU 2016 - 13 is effective for our interim and annual reporting periods beginning January 1, 2020, and is to be applied using a modified retrospective transition method. Earlier adoption is permitted. We do not plan to early adopt ASU 2016 - 13 and with our current holdings of financial instruments that are subject to credit losses, we do not believe adoption of this guidance will have a material impact on our financial statements.

Note 3 - Segment Reporting

Note 3 - Segment Reporting	6 Months Ended
	Jun. 30, 2019
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, Oregon and Washington) ● Mountain (Colorado and Utah) ● East (mid-Atlantic, which includes Maryland and Virginia, and Florida) Our financial services business consists of the operations of the following operating segments: ( 1 2 3 4 5 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding West $ 384,530 $ 391,806 $ 754,088 $ 711,315 Mountain 287,476 268,541 496,668 477,173 East 60,838 89,261 129,366 168,808 Total homebuilding revenues $ 732,844 $ 749,608 $ 1,380,122 $ 1,357,296 Financial Services Mortgage operations $ 11,689 $ 14,547 $ 21,863 $ 27,243 Other 6,908 6,825 14,138 13,164 Total financial services revenues $ 18,597 $ 21,372 $ 36,001 $ 40,407 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding West $ 35,350 $ 37,708 $ 68,550 $ 62,081 Mountain 35,972 35,854 57,686 60,039 East 2,152 4,141 3,625 7,516 Corporate (11,860 ) (15,366 ) (27,192 ) (26,838 ) Total homebuilding pretax income $ 61,614 $ 62,337 $ 102,669 $ 102,798 Financial Services Mortgage operations $ 6,239 $ 9,040 $ 11,232 $ 16,560 Other 6,478 5,239 16,036 7,790 Total financial services pretax income $ 12,717 $ 14,279 $ 27,268 $ 24,350 Total pretax income $ 74,331 $ 76,616 $ 129,937 $ 127,148 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 and deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. June 30, December 31, 2019 2018 (Dollars in thousands) Homebuilding assets West $ 1,368,888 $ 1,301,374 Mountain 816,993 793,150 East 188,322 169,485 Corporate 481,844 484,193 Total homebuilding assets $ 2,856,047 $ 2,748,202 Financial services assets Mortgage operations $ 122,351 $ 159,677 Other 107,699 93,198 Total financial services assets $ 230,050 $ 252,875 Total assets $ 3,086,097 $ 3,001,077

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Earnings Per Share ASC 260 two two two 260. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands, except per share amounts) Numerator Net income $ 54,593 $ 63,899 $ 95,143 $ 102,663 Less: distributed earnings allocated to participating securities (110 ) (96 ) (221 ) (201 ) Less: undistributed earnings allocated to participating securities (213 ) (204 ) (352 ) (344 ) Net income attributable to common stockholders (numerator for basic earnings per share) 54,270 63,599 94,570 102,118 Add back: undistributed earnings allocated to participating securities 213 204 352 344 Less: undistributed earnings reallocated to participating securities (209 ) (201 ) (345 ) (338 ) Numerator for diluted earnings per share under two class method $ 54,274 $ 63,602 $ 94,577 $ 102,124 Denominator Weighted-average common shares outstanding 61,336,404 60,590,899 61,138,982 60,466,527 Add: dilutive effect of stock options 1,435,739 1,013,387 1,333,043 1,058,915 Add: dilutive effect of performance stock units 551,124 551,124 Denominator for diluted earnings per share under two class method 63,323,267 61,604,286 63,023,149 61,525,442 Basic Earnings Per Common Share $ 0.88 $ 1.05 $ 1.55 $ 1.69 Diluted Earnings Per Common Share $ 0.86 $ 1.03 $ 1.50 $ 1.66 Diluted EPS for the three six June 30, 2019 2018,

Note 5 - Accumulated Other Comp

Note 5 - Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	5. Accumulated Other Comprehensive Income The following table sets forth our changes in accumulated other comprehensive income (“AOCI”): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Beginning balance 1 $ - $ - $ - $ 3,992 Adoption of accounting standards - - - (3,992 ) Ending balance $ - $ - $ - $ - ( 1 During the first 2018,

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 . Fair Value Measurements ASC Topic 820, Fair Value Measurements 820” 820 three 1, 2, 3, no The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis: Fair Value Financial Instrument Hierarchy June 30, 2019 December 31, 2018 (Dollars in thousands) Cash and cash equivalents Debt securities (available-for-sale) Level 1 $ 34,868 $ 34,866 Marketable securities Equity securities Level 1 $ 48,105 $ 40,879 Mortgage loans held-for-sale, net Level 2 $ 109,337 $ 149,211 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of June 30, 2019 December 31, 2018. 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 June 30, 2019 December 31, 2018, Debt securities June 30, 2019 December 31, 2018, The following tables set forth the cost and estimated fair value of our available-for-sale debt securities: June 30, 2019 Amortized Cost Basis OTTI Net Amortized Cost Fair Value (Dollars in thousands) Financial Services Cash and cash equivalents Debt securities $ 34,868 $ - $ 34,868 $ 34,868 December 31, 2018 Amortized Cost Basis OTTI Net Amortized Cost Fair Value Financial Services Cash and cash equivalents Debt securities $ 34,866 $ - $ 34,866 $ 34,866 The following table reconciles the net gain recognized during the three six June 30, 2019 2018 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Net gain recognized during the period on equity securities $ 2,327 $ 1,278 $ 7,167 $ 125 Less: Net gain (loss) recognized during the period on equity securities sold during the period - (63 ) 237 (435 ) Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ 2,327 $ 1,341 $ 6,930 $ 560 Mortgage loans held-for-sale, net. 1 2 not June 30, 2019 December 31, 2018, 2 June 30, 2019 December 31, 2018, not 2 Gains on sales of mortgage loans, net, are included as a component of revenues in the financial services section of our consolidated statements of operations and comprehensive income. For the three six June 30, 2019, Mortgage Repurchase Facility. 19 2 Senior Notes 2 June 30, 2019 December 31, 2018 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 249,371 $ 253,175 $ 248,850 $ 253,413 $250 Million 5½% Senior Notes due January 2024, net 248,895 267,121 248,789 242,983 $500 Million 6% Senior Notes due January 2043, net 490,417 467,200 490,328 386,552 Total $ 988,683 $ 987,496 $ 987,967 $ 882,948

Note 7 - Inventories

Note 7 - Inventories	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	7 . Inventories The following table sets forth, by reportable segment, information relating to our homebuilding inventories: June 30, December 31, 2019 2018 (Dollars in thousands) Housing completed or under construction: West $ 600,992 $ 521,960 Mountain 381,306 347,738 East 88,883 82,738 Subtotal 1,071,181 952,436 Land and land under development: West 672,586 705,591 Mountain 398,840 402,657 East 84,583 72,310 Subtotal 1,156,009 1,180,558 Total inventories $ 2,227,190 $ 2,132,994 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, we measure it in accordance with ASC 360 2 not not 3 Impairments of homebuilding inventory by segment for the three six June 30, 2019 2018 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) West $ - $ - $ - $ 375 Mountain - - 400 175 East - 200 210 200 Total inventory impairments $ - $ 200 $ 610 $ 750 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 Number of Discount Rate (Dollars in thousands) March 31, 2019 16 $ 610 $ 10,476 2 N/A June 30, 2019 12 $ - N/A 0 N/A March 31, 2018 24 $ 550 $ 5,223 2 12% June 30, 2018 17 $ 200 $ 767 1 12%

Note 8 - Capitalization of Inte

Note 8 - Capitalization of Interest	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Capitalization Disclosure [Text Block]	8. Capitalization of Interest We capitalize interest to inventories during the period of development in accordance with ASC Topic 835, Interest 835” 835, Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding interest incurred $ 15,980 $ 15,639 $ 32,011 $ 31,264 Less: Interest capitalized (15,980 ) (15,639 ) (32,011 ) (31,264 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 56,947 $ 58,738 $ 54,845 $ 57,541 Plus: Interest capitalized during period 15,980 15,639 32,011 31,264 Less: Previously capitalized interest included in home and land cost of sales (14,734 ) (16,150 ) (28,663 ) (30,578 ) Interest capitalized, end of period $ 58,193 $ 58,227 $ 58,193 $ 58,227

Note 9 - Leases

Note 9 - Leases	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	9. Leases We lease certain property, land and equipment, the majority of which comprise property related leases to provide office space where we operate our business. Leases with an initial term of 12 not Our property related leases typically have terms of between 3 and 5 years, with the exception of the lease governing the Company’s headquarters, and are classified as operating leases. These leases do not no The property related lease for the Company’s headquarters in Denver, Colorado is 10 years in length with an expiration date of October 31, 2026 2036. not Operating lease expense is included as a component of selling, general and administrative expenses and expenses in the homebuilding and financial services sections of our consolidated statements of operations and comprehensive income, respectively. Components of operating lease expense were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 (Dollars in thousands) Operating lease cost 1 $ 1,990 $ 3,970 Less: Sublease income (Note 20) (38 ) (75 ) Net lease cost $ 1,952 $ 3,895 1 Supplemental cash flow information related to leases was as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,792 $ 3,563 Leased assets obtained in exchange for new operating lease liabilities $ 553 $ 2,030 Supplemental cash flow information related to non-cash transactions also includes the recognition of operating lease right-of-use assets of $33.5 million and operating lease liabilities of $34.3 million upon adoption of ASC 842. Weighted-average remaining lease term and discount rate for operating leases were as follows: June 30, 2019 Weighted-average remaining lease term (in years) 6.6 Weighted-average discount rate 5.5 % Maturities of operating lease liabilities were as follows: Year Ended December 31, (Dollars in thousands) 2019 (excluding the six months ended June 30, 2019) $ 3,017 2020 6,438 2021 6,191 2022 5,881 2023 5,281 Thereafter 13,162 Total operating lease payments $ 39,970 Less: Interest 6,630 Present value of operating lease liabilities 1 $ 33,340 1 June 30, 2019.

Note 10 - Homebuilding Prepaid

Note 10 - Homebuilding Prepaid and Other Assets	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Other Assets Disclosure [Text Block]	10 . Homebuilding Prepaid and Other Assets The following table sets forth the components of homebuilding prepaid and other assets: June 30, December 31, 2019 2018 (Dollars in thousands) Land option deposits $ 26,154 $ 23,805 Goodwill 6,008 6,008 Prepaid expenses 7,238 7,324 Deferred debt issuance costs on revolving credit facility, net 6,896 7,662 Other 880 995 Total $ 47,176 $ 45,794

Note 11 - Homebuilding Accrued

Note 11 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	1 1 . Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities The following table sets forth information relating to homebuilding accrued liabilities: June 30, December 31, 2019 2018 (Dollars in thousands) Customer and escrow deposits $ 42,523 $ 34,463 Warranty accrual 29,349 28,262 Accrued compensation and related expenses 25,650 39,459 Accrued interest 27,734 27,734 Construction defect claim reserves 8,569 8,464 Land development and home construction accruals 9,345 8,683 Income taxes payable 459 6,245 Other accrued liabilities 42,871 42,937 Total accrued liabilities $ 186,500 $ 196,247 The following table sets forth information relating to financial services accounts payable and accrued liabilities: June 30, December 31, 2019 2018 (Dollars in thousands) Insurance reserves $ 48,249 $ 46,844 Accounts payable and other accrued liabilities 12,249 11,699 Total accounts payable and accrued liabilities $ 60,498 $ 58,543

Note 12 - Warranty Accrual

Note 12 - Warranty Accrual	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	1 2 . Warranty Accrual Our homes are sold with limited third third first two three ten not Our warranty accrual is included in accrued liabilities in the homebuilding section of our consolidated balance sheets and adjustments to our warranty accrual are recorded as an increase or reduction to home cost of sales in the homebuilding section of our consolidated statements of operations and comprehensive income. The table set forth below summarizes accrual, adjustment and payment activity related to our warranty accrual for the three six June 30, 2019 2018. three June 30, 2019, three June 30, 2018. six June 30, 2019 2018, six June 30, 2019 three six June 30, 2018 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Balance at beginning of period $ 29,992 $ 25,113 $ 28,262 $ 21,909 Expense provisions 3,737 3,749 7,085 6,347 Cash payments (2,976 ) (3,196 ) (5,469 ) (5,696 ) Adjustments (1,404 ) - (529 ) 3,106 Balance at end of period $ 29,349 $ 25,666 $ 29,349 $ 25,666

Note 13 - Insurance and Constru

Note 13 - Insurance and Construction Defect Claim Reserves	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]	1 3 . Insurance and Construction Defect Claim Reserves The establishment of reserves for estimated losses associated with insurance policies issued by Allegiant and re-insurance agreements issued by StarAmerican are based on actuarial studies that include known facts and interpretations of circumstances, including our experience with similar cases and historical trends involving claim payment patterns, pending levels of unpaid claims, product mix or concentration, claim severity, frequency patterns depending on the business conducted, and changing regulatory and legal environments. It is possible that changes in the insurance payment experience used in estimating our ultimate insurance losses could have a material impact on our insurance reserves. The establishment of reserves for estimated losses to be incurred by our homebuilding subsidiaries associated with ( 1 2 not The table set forth below summarizes our insurance and construction defect claim reserves activity for the three six June 30, 2019 2018. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Balance at beginning of period $ 56,219 $ 53,395 $ 55,308 $ 52,686 Expense provisions 2,745 2,733 5,210 5,037 Cash payments, net of recoveries (2,147 ) (5,421 ) (3,701 ) (7,016 ) Balance at end of period $ 56,817 $ 50,707 $ 56,817 $ 50,707 In the ordinary course of business, we make payments from our insurance and construction defect claim reserves to settle litigation claims arising from our homebuilding activities. These payments are irregular in both their timing and their magnitude. As a result, the cash payments, net of recoveries shown for the three six June 30, 2019 2018 not

Note 14 - Income Taxes

Note 14 - Income Taxes	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	1 4 . Income Taxes Our overall effective income tax rates were 26.6% and 26.8% for the three six June 30, 2019, three six June 30, 2018, three six June 30, 2019 three six June 30, 2018, three six June 30, 2019 2018 2019 2019. At June 30, 2019 December 31, 2018

Note 15 - Senior Notes

Note 15 - Senior Notes	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Long-term Debt [Text Block]	1 5 . Senior Notes The carrying value of our senior notes as of June 30, 2019 December 31, 2018, June 30, December 31, 2019 2018 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 249,371 $ 248,850 5½% Senior Notes due January 2024, net 248,895 248,789 6% Senior Notes due January 2043, net 490,417 490,328 Total $ 988,683 $ 987,967 Our senior notes are not not

Note 16 - Stock-based Compensat

Note 16 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	1 6 . Stock- Based Compensation We account for share-based awards in accordance with ASC Topic 718 Compensation–Stock Compensation 718” three six June 30, 2019 2018, Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Stock option grants expense $ 245 $ 141 $ 500 $ 197 Restricted stock awards expense 677 620 1,588 1,364 Performance share units expense 3,210 4,063 6,295 4,514 Total stock based compensation $ 4,132 $ 4,824 $ 8,383 $ 6,075 On May 23, 2018, June 20, 2017 July 25, 2016, 2011 fifteen three 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 61,236 122,472 244,944 $ 4,815 COO July 25, 2016 to to $1.975 billion 61,236 $2.074 billion 122,472 $2.173 billion 244,944 $2.370 billion $ 19.66 4,815 CFO June 30, 2019 June 30, 2016 15,309 30,618 61,236 1,204 $ 10,834 CEO April 1, 2017 April 1, 2016 64,152 128,304 256,608 $ 7,142 COO June 20, 2017 to to $2.426 billion 64,152 $2.547 billion 128,304 $2.669 billion 256,608 $2.911 billion $ 27.83 7,142 CFO March 31, 2020 March 31, 2017 16,038 32,076 64,152 1,786 $ 16,070 CEO April 1, 2018 April 1, 2017 64,800 129,600 259,200 $ 6,629 COO May 23, 2018 to to $2.543 billion 64,800 $2.670 billion 129,600 $2.797 billion 259,200 $3.052 billion $ 25.57 6,629 CFO March 31, 2021 March 31, 2018 16,200 32,400 64,800 1,657 $ 14,915 * Dollars in thousands In accordance with ASC 718, not 718 not 2016 . June 30, 2019, three six June 30, 2019. June 30, 2018, three six June 30, 2018. second 10 2017 June 30, 2019, three six June 30, 2019. June 30, 2018, not June 30, 2018. 2018 PSU Grant May 2018, not June 30, 2019.

Note 17 - Commitments and Conti

Note 17 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	1 7 . Commitments and Contingencies Surety Bonds and Letters of Credit. June 30, 2019, June 30, 2019, 19 not We have made no third Litigation. not Lot Option Contracts June 30, 2019, 6,454

Note 18 - Derivative Financial

Note 18 - Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	1 8 . Derivative Financial Instruments The derivative instruments we utilize in the normal course of business are interest rate lock commitments and forward sales of mortgage-backed securities, both of which typically are short-term in nature. Forward sales of mortgage-backed securities are utilized to hedge changes in fair value of our interest rate lock commitments as well as mortgage loans held-for-sale not At June 30, 2019, June 30, 2019 not not June 30, 2019. For the three six June 30, 2019, 2018.

Note 19 - Lines of Credit

Note 19 - Lines of Credit	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	1 9 . Lines of Credit Revolving Credit Facility. may November 1, 2018 1 December 18, 2023, ( 2 3 may not 1 2 3 4 may not no 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% or more of our outstanding common stock. We believe we were in compliance with the representations, warranties and covenants included in the Revolving Credit Facility as of June 30, 2019. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At June 30, 2019 December 31, 2018, June 30, 2019 December 31, 2018. June 30, 2019, Mortgage Repurchase Facility. May 23, 2019, May 21, 2020. November 12, 2008, may June 27, 2019 July 25, 2019. December 27, 2018 January 25, 2019. June 30, 2019 December 31, 2018, 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 June 30, 2019.

Note 20 - Related Party Transac

Note 20 - Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	20 . Related Party Transactions We contributed $0.5 million in cash to the MDC/Richmond American Homes Foundation (the “Foundation”) during the six June 30, 2019. 501 3 June 30, 2019, 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. The Company has a sublease agreement with CVentures, Inc. Larry A. Mizel, the Chief Executive Officer of the Company, is the President of CVentures, Inc. The sublease is for office space that CVentures, Inc. has continuously leased from the Company since 2005. November 1, 2016 October 31, 2021, October 31, 2026.

Note 21 - Supplemental Guaranto

Note 21 - Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Supplemental Guarantor Information [Text Block]	2 1 . 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%-owned subsidiaries of the Company: ● 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. ● 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 3 4 not 5 December 3, 2002, We have determined that separate, full financial statements of the Guarantor Subsidiaries would not Supplemental Condensed Combining Balance Sheet June 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 384,094 $ 5,967 $ - $ - $ 390,061 Restricted cash - 12,911 - - 12,911 Trade and other receivables 1,203 53,577 - - 54,780 Inventories: Housing completed or under construction - 1,071,181 - - 1,071,181 Land and land under development - 1,156,009 - - 1,156,009 Total inventories - 2,227,190 - - 2,227,190 Intercompany receivables 1,959,457 7,632 - (1,967,089 ) - Investment in subsidiaries 331,164 - - (331,164 ) - Property and equipment, net 23,830 39,058 - - 62,888 Operating lease right-of-use asset 25,333 6,267 - - 31,600 Deferred tax asset, net 29,765 - - (324 ) 29,441 Prepaid and other assets 11,678 35,498 - - 47,176 Total homebuilding assets 2,766,524 2,388,100 - (2,298,577 ) 2,856,047 Financial Services: Cash and cash equivalents - - 56,829 - 56,829 Marketable securities - - 48,105 - 48,105 Intercompany receivables - - 22,199 (22,199 ) - Mortgage loans held-for-sale, net - - 109,337 - 109,337 Other assets - - 15,455 324 15,779 Total financial services assets - - 251,925 (21,875 ) 230,050 Total Assets $ 2,766,524 $ 2,388,100 $ 251,925 $ (2,320,452 ) $ 3,086,097 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 5 $ 58,981 $ - $ - $ 58,986 Accrued liabilities 46,771 136,774 - 2,955 186,500 Operating lease liabilities 25,973 6,267 - - 32,240 Advances and notes payable to parent and subsidiaries 28,941 1,950,653 - (1,979,594 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 988,683 - - - 988,683 Total homebuilding liabilities 1,105,373 2,152,675 - (1,976,639 ) 1,281,409 Financial Services: Accounts payable and other liabilities - - 63,453 (2,955 ) 60,498 Advances and notes payable to parent and subsidiaries - - 9,694 (9,694 ) - Mortgage repurchase facility - - 83,039 - 83,039 Total financial services liabilities - - 156,186 (12,649 ) 143,537 Total Liabilities 1,105,373 2,152,675 156,186 (1,989,288 ) 1,424,946 Equity: Total Stockholders' Equity 1,661,151 235,425 95,739 (331,164 ) 1,661,151 Total Liabilities and Stockholders' Equity $ 2,766,524 $ 2,388,100 $ 251,925 $ (2,320,452 ) $ 3,086,097 Supplemental Co ndensed Combining Balance Sheet December 31, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Dollars in thousands ASSETS Homebuilding: Cash and cash equivalents $ 410,127 $ 4,597 $ - $ - $ 414,724 Restricted cash - 6,363 - - 6,363 Trade and other receivables 758 52,224 - - 52,982 Inventories: Housing completed or under construction - 952,436 - - 952,436 Land and land under development - 1,180,558 - - 1,180,558 Total inventories - 2,132,994 - - 2,132,994 Intercompany receivables 1,735,342 7,369 - (1,742,711 ) - Investment in subsidiaries 455,848 - - (455,848 ) - Property and equipment, net 23,896 34,271 - - 58,167 Deferred tax assets, net 36,168 - - 1,010 37,178 Metropolitan district bond securities (related party) - - - - - Other assets 12,234 33,560 - - 45,794 Total Homebuilding Assets 2,674,373 2,271,378 - (2,197,549 ) 2,748,202 Financial Services: Cash and cash equivalents - - 49,052 - 49,052 Marketable securities - - 40,879 - 40,879 Intercompany receivables - - 22,346 (22,346 ) - Mortgage loans held-for-sale, net - - 149,211 - 149,211 Other assets - - 14,743 (1,010 ) 13,733 Total Financial Services Assets - - 276,231 (23,356 ) 252,875 Total Assets $ 2,674,373 $ 2,271,378 $ 276,231 $ (2,220,905 ) $ 3,001,077 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 50,505 $ - $ - $ 50,505 Accrued liabilities 65,691 125,387 - 5,169 196,247 Advances and notes payable to parent and subsidiaries 29,715 1,727,248 295 (1,757,258 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 987,967 - - - 987,967 Total Homebuilding Liabilities 1,098,373 1,903,140 295 (1,752,089 ) 1,249,719 Financial Services: Accounts payable and accrued liabilities - - 63,712 (5,169 ) 58,543 Advances and notes payable to parent and subsidiaries - - 7,799 (7,799 ) - Mortgage repurchase facility - - 116,815 - 116,815 Total Financial Services Liabilities - - 188,326 (12,968 ) 175,358 Total Liabilities 1,098,373 1,903,140 188,621 (1,765,057 ) 1,425,077 Equity: Total Stockholders' Equity 1,576,000 368,238 87,610 (455,848 ) 1,576,000 Total Liabilities and Stockholders' Equity $ 2,674,373 $ 2,271,378 $ 276,231 $ (2,220,905 ) $ 3,001,077 Supplementa l Condensed Combining Statement of Operations Three Months Ended June 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 732,844 $ - $ - $ 732,844 Cost of sales - (590,172 ) - - (590,172 ) Inventory impairments - - - - - Gross margin - 142,672 - - 142,672 Selling, general, and administrative expenses (14,128 ) (68,459 ) - (125 ) (82,712 ) Equity income of subsidiaries 63,399 - - (63,399 ) - Interest and other income 2,719 366 - (321 ) 2,764 Other expense 8 (1,118 ) - - (1,110 ) Homebuilding pretax income (loss) 51,998 73,461 - (63,845 ) 61,614 Financial Services: Financial services pretax income - - 12,271 446 12,717 Income before income taxes 51,998 73,461 12,271 (63,399 ) 74,331 (Provision) benefit for income taxes 2,595 (19,502 ) (2,831 ) - (19,738 ) Net income $ 54,593 $ 53,959 $ 9,440 $ (63,399 ) $ 54,593 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 54,593 $ 53,959 $ 9,440 $ (63,399 ) $ 54,593 Three Months Ended June 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 749,608 $ - $ - $ 749,608 Cost of sales - (606,403 ) - - (606,403 ) Inventory impairments - (200 ) - - (200 ) Gross margin - 143,005 - - 143,005 Selling, general, and administrative expenses (16,619 ) (64,729 ) - (223 ) (81,571 ) Equity income of subsidiaries 75,341 - - (75,341 ) - Interest and other income 1,783 292 2 (303 ) 1,774 Other expense 8 (879 ) - - (871 ) Homebuilding pretax income (loss) 60,513 77,689 2 (75,867 ) 62,337 Financial Services: Financial services pretax income - - 13,753 526 14,279 Income before income taxes 60,513 77,689 13,755 (75,341 ) 76,616 (Provision) benefit for income taxes 3,386 (12,867 ) (3,236 ) - (12,717 ) Net income $ 63,899 $ 64,822 $ 10,519 $ (75,341 ) $ 63,899 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 63,899 $ 64,822 $ 10,519 $ (75,341 ) $ 63,899 Supplemental Condensed Combining Statement of Operations Six Months Ended June 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,380,122 $ - $ - $ 1,380,122 Home and land cost of sales - (1,114,724 ) - - (1,114,724 ) Inventory impairments - (610 ) - - (610 ) Gross margin - 264,788 - - 264,788 Selling, general, and administrative expenses (31,566 ) (133,160 ) - (247 ) (164,973 ) Equity income of subsidiaries 115,564 - - (115,564 ) - Interest and other income 5,128 521 - (494 ) 5,155 Other expense 15 (2,316 ) - - (2,301 ) Homebuilding pretax income (loss) 89,141 129,833 - (116,305 ) 102,669 Financial Services: Financial services pretax income - - 26,527 741 27,268 Income before income taxes 89,141 129,833 26,527 (115,564 ) 129,937 (Provision) benefit for income taxes 6,002 (34,766 ) (6,030 ) - (34,794 ) Net income $ 95,143 $ 95,067 $ 20,497 $ (115,564 ) $ 95,143 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 95,143 $ 95,067 $ 20,497 $ (115,564 ) $ 95,143 Six Months Ended June 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,357,296 $ - $ - $ 1,357,296 Home and land cost of sales - (1,103,035 ) - - (1,103,035 ) Inventory impairments - (750 ) - - (750 ) Gross margin - 253,511 - - 253,511 Selling, general, and administrative expenses (29,427 ) (123,058 ) - (427 ) (152,912 ) Equity income of subsidiaries 122,510 - - (122,510 ) - Interest and other income 3,556 610 4 (537 ) 3,633 Other expense 15 (1,449 ) - - (1,434 ) Other-than-temporary impairment of marketable securities - - - - - Homebuilding pretax income (loss) 96,654 129,614 4 (123,474 ) 102,798 Financial Services: Financial services pretax income - - 23,386 964 24,350 Income before income taxes 96,654 129,614 23,390 (122,510 ) 127,148 (Provision) benefit for income taxes 6,009 (24,959 ) (5,535 ) - (24,485 ) Net income $ 102,663 $ 104,655 $ 17,855 $ (122,510 ) $ 102,663 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 102,663 $ 104,655 $ 17,855 $ (122,510 ) $ 102,663 Supplementa l Condensed Combining Statement of Cash Flows Six Months Ended June 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (22,861 ) $ 26,173 $ 52,353 $ - $ 55,665 Net cash provided by (used in) investing activities 15,136 (13,363 ) (120 ) (15,572 ) (13,919 ) Financing activities: Payments from (advances to) subsidiaries - (4,892 ) (10,680 ) 15,572 - Mortgage repurchase facility - - (33,776 ) - (33,776 ) Dividend payments (35,636 ) - - - (35,636 ) Proceeds from exercise of stock options 17,328 - - - 17,328 Net cash provided by (used in) financing activities (18,308 ) (4,892 ) (44,456 ) 15,572 (52,084 ) Net increase (decrease) in cash and cash equivalents (26,033 ) 7,918 7,777 - (10,338 ) Cash and cash equivalents: Beginning of period 410,127 10,960 49,052 - 470,139 End of period $ 384,094 $ 18,878 $ 56,829 $ - $ 459,801 Six Months Ended June 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (3,430 ) $ (96,911 ) $ 44,153 $ - $ (56,188 ) Net cash provided by (used in) investing activities (63,986 ) (12,786 ) (2,218 ) 113,740 34,750 Financing activities: Payments from (advances to) subsidiaries - 108,964 4,776 (113,740 ) - Mortgage repurchase facility - - (31,521 ) - (31,521 ) Dividend payments (33,793 ) - - - (33,793 ) Proceeds from the exercise of stock options 5,835 - - - 5,835 Net cash provided by (used in) financing activities (27,958 ) 108,964 (26,745 ) (113,740 ) (59,479 ) Net increase (decrease) in cash and cash equivalents (95,374 ) (733 ) 15,190 - (80,917 ) Cash and cash equivalents: Beginning of period 468,718 13,051 32,471 - 514,240 End of period $ 373,344 $ 12,318 $ 47,661 $ - $ 433,323

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of New Accounting Standards Accounting Standards Update (“ASU”) 2016 - 02, Leases (“ASU 2016 - 02” ) is codified in ASC 842, Leases (“ASC 842” ). ASC 842 supersedes current lease guidance in ASC 840 and requires a lessee to recognize a right-of-use asset and a corresponding lease liability for substantially all leases. The lease liability will be equal to the present value of the remaining lease payments while the right-of-use asset will be similarly calculated and then adjusted for initial direct costs. In addition, ASC 842 expands the disclosure requirements to increase the transparency and comparability of the amount, timing and uncertainty of cash flows arising from leases. On January 1, 2019, we adopted ASC 842 using the modified retrospective transition method. We elected available practical expedients permitted under the transition guidance within the new standard, which among other items, allowed the Company to carry forward its historical lease classification and not reassess existing leases under the new definition of a lease in ASC 842. In addition, we will account for lease and non-lease components as a single lease component. Adoption of ASC 842 resulted in the recording of additional net lease assets and lease liabilities of million and million, respectively, as of January 1, 2019. The difference between the additional lease assets and lease liabilities, net of the deferred tax impact, was recorded as an adjustment to retained earnings. The standard did not materially impact our consolidated statements of operations and comprehensive income or consolidated cash flows. Accounting Standards Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016 - 13, Financial Instruments—Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments (“ASU 2016 - 13” ), which requires measurement and recognition of expected credit losses for financial assets held. The amendments in ASU 2016 - 13 eliminate the probable threshold for initial recognition of a credit loss in current GAAP and reflect an entity’s current estimate of all expected credit losses. ASU 2016 - 13 is effective for our interim and annual reporting periods beginning January 1, 2020, and is to be applied using a modified retrospective transition method. Earlier adoption is permitted. We do not plan to early adopt ASU 2016 - 13 and with our current holdings of financial instruments that are subject to credit losses, we do not believe adoption of this guidance will have a material impact on our financial statements.

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding West $ 384,530 $ 391,806 $ 754,088 $ 711,315 Mountain 287,476 268,541 496,668 477,173 East 60,838 89,261 129,366 168,808 Total homebuilding revenues $ 732,844 $ 749,608 $ 1,380,122 $ 1,357,296 Financial Services Mortgage operations $ 11,689 $ 14,547 $ 21,863 $ 27,243 Other 6,908 6,825 14,138 13,164 Total financial services revenues $ 18,597 $ 21,372 $ 36,001 $ 40,407
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding West $ 35,350 $ 37,708 $ 68,550 $ 62,081 Mountain 35,972 35,854 57,686 60,039 East 2,152 4,141 3,625 7,516 Corporate (11,860 ) (15,366 ) (27,192 ) (26,838 ) Total homebuilding pretax income $ 61,614 $ 62,337 $ 102,669 $ 102,798 Financial Services Mortgage operations $ 6,239 $ 9,040 $ 11,232 $ 16,560 Other 6,478 5,239 16,036 7,790 Total financial services pretax income $ 12,717 $ 14,279 $ 27,268 $ 24,350 Total pretax income $ 74,331 $ 76,616 $ 129,937 $ 127,148
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	June 30, December 31, 2019 2018 (Dollars in thousands) Homebuilding assets West $ 1,368,888 $ 1,301,374 Mountain 816,993 793,150 East 188,322 169,485 Corporate 481,844 484,193 Total homebuilding assets $ 2,856,047 $ 2,748,202 Financial services assets Mortgage operations $ 122,351 $ 159,677 Other 107,699 93,198 Total financial services assets $ 230,050 $ 252,875 Total assets $ 3,086,097 $ 3,001,077

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands, except per share amounts) Numerator Net income $ 54,593 $ 63,899 $ 95,143 $ 102,663 Less: distributed earnings allocated to participating securities (110 ) (96 ) (221 ) (201 ) Less: undistributed earnings allocated to participating securities (213 ) (204 ) (352 ) (344 ) Net income attributable to common stockholders (numerator for basic earnings per share) 54,270 63,599 94,570 102,118 Add back: undistributed earnings allocated to participating securities 213 204 352 344 Less: undistributed earnings reallocated to participating securities (209 ) (201 ) (345 ) (338 ) Numerator for diluted earnings per share under two class method $ 54,274 $ 63,602 $ 94,577 $ 102,124 Denominator Weighted-average common shares outstanding 61,336,404 60,590,899 61,138,982 60,466,527 Add: dilutive effect of stock options 1,435,739 1,013,387 1,333,043 1,058,915 Add: dilutive effect of performance stock units 551,124 551,124 Denominator for diluted earnings per share under two class method 63,323,267 61,604,286 63,023,149 61,525,442 Basic Earnings Per Common Share $ 0.88 $ 1.05 $ 1.55 $ 1.69 Diluted Earnings Per Common Share $ 0.86 $ 1.03 $ 1.50 $ 1.66

Note 5 - Accumulated Other Co_2

Note 5 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Beginning balance 1 $ - $ - $ - $ 3,992 Adoption of accounting standards - - - (3,992 ) Ending balance $ - $ - $ - $ -

Note 6 - Fair Value Measureme_2

Note 6 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Financial Instrument Hierarchy June 30, 2019 December 31, 2018 (Dollars in thousands) Cash and cash equivalents Debt securities (available-for-sale) Level 1 $ 34,868 $ 34,866 Marketable securities Equity securities Level 1 $ 48,105 $ 40,879 Mortgage loans held-for-sale, net Level 2 $ 109,337 $ 149,211
Available-for-sale Securities [Table Text Block]	June 30, 2019 Amortized Cost Basis OTTI Net Amortized Cost Fair Value (Dollars in thousands) Financial Services Cash and cash equivalents Debt securities $ 34,868 $ - $ 34,868 $ 34,868 December 31, 2018 Amortized Cost Basis OTTI Net Amortized Cost Fair Value Financial Services Cash and cash equivalents Debt securities $ 34,866 $ - $ 34,866 $ 34,866
Gain (Loss) on Securities [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Net gain recognized during the period on equity securities $ 2,327 $ 1,278 $ 7,167 $ 125 Less: Net gain (loss) recognized during the period on equity securities sold during the period - (63 ) 237 (435 ) Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ 2,327 $ 1,341 $ 6,930 $ 560
Fair Value of Senior Notes [Table Text Block]	June 30, 2019 December 31, 2018 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 249,371 $ 253,175 $ 248,850 $ 253,413 $250 Million 5½% Senior Notes due January 2024, net 248,895 267,121 248,789 242,983 $500 Million 6% Senior Notes due January 2043, net 490,417 467,200 490,328 386,552 Total $ 988,683 $ 987,496 $ 987,967 $ 882,948

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Inventory [Table Text Block]	June 30, December 31, 2019 2018 (Dollars in thousands) Housing completed or under construction: West $ 600,992 $ 521,960 Mountain 381,306 347,738 East 88,883 82,738 Subtotal 1,071,181 952,436 Land and land under development: West 672,586 705,591 Mountain 398,840 402,657 East 84,583 72,310 Subtotal 1,156,009 1,180,558 Total inventories $ 2,227,190 $ 2,132,994
Schedule of Inventory Impairments [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) West $ - $ - $ - $ 375 Mountain - - 400 175 East - 200 210 200 Total inventory impairments $ - $ 200 $ 610 $ 750
Quantitative Data for Fair Value of the Impaired Inventory [Table Text Block]	Impairment Data Quantitative Data Three Months Ended Total Inventory Fair Value of Number of Discount Rate (Dollars in thousands) March 31, 2019 16 $ 610 $ 10,476 2 N/A June 30, 2019 12 $ - N/A 0 N/A March 31, 2018 24 $ 550 $ 5,223 2 12% June 30, 2018 17 $ 200 $ 767 1 12%

Note 8 - Capitalization of In_2

Note 8 - Capitalization of Interest (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Capitalization of Interest [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding interest incurred $ 15,980 $ 15,639 $ 32,011 $ 31,264 Less: Interest capitalized (15,980 ) (15,639 ) (32,011 ) (31,264 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 56,947 $ 58,738 $ 54,845 $ 57,541 Plus: Interest capitalized during period 15,980 15,639 32,011 31,264 Less: Previously capitalized interest included in home and land cost of sales (14,734 ) (16,150 ) (28,663 ) (30,578 ) Interest capitalized, end of period $ 58,193 $ 58,227 $ 58,193 $ 58,227

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 (Dollars in thousands) Operating lease cost 1 $ 1,990 $ 3,970 Less: Sublease income (Note 20) (38 ) (75 ) Net lease cost $ 1,952 $ 3,895
Schedule of Lease Cash Flow Information [Table Text Block]	Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,792 $ 3,563 Leased assets obtained in exchange for new operating lease liabilities $ 553 $ 2,030
Schedule of Lease Terms and Discount Rates [Table Text Block]	June 30, 2019 Weighted-average remaining lease term (in years) 6.6 Weighted-average discount rate 5.5 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year Ended December 31, (Dollars in thousands) 2019 (excluding the six months ended June 30, 2019) $ 3,017 2020 6,438 2021 6,191 2022 5,881 2023 5,281 Thereafter 13,162 Total operating lease payments $ 39,970 Less: Interest 6,630 Present value of operating lease liabilities 1 $ 33,340

Note 10 - Homebuilding Prepai_2

Note 10 - Homebuilding Prepaid and Other Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Other Assets [Table Text Block]	June 30, December 31, 2019 2018 (Dollars in thousands) Land option deposits $ 26,154 $ 23,805 Goodwill 6,008 6,008 Prepaid expenses 7,238 7,324 Deferred debt issuance costs on revolving credit facility, net 6,896 7,662 Other 880 995 Total $ 47,176 $ 45,794

Note 11 - Homebuilding Accrue_2

Note 11 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, 2019 2018 (Dollars in thousands) Customer and escrow deposits $ 42,523 $ 34,463 Warranty accrual 29,349 28,262 Accrued compensation and related expenses 25,650 39,459 Accrued interest 27,734 27,734 Construction defect claim reserves 8,569 8,464 Land development and home construction accruals 9,345 8,683 Income taxes payable 459 6,245 Other accrued liabilities 42,871 42,937 Total accrued liabilities $ 186,500 $ 196,247
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	June 30, December 31, 2019 2018 (Dollars in thousands) Insurance reserves $ 48,249 $ 46,844 Accounts payable and other accrued liabilities 12,249 11,699 Total accounts payable and accrued liabilities $ 60,498 $ 58,543

Note 12 - Warranty Accrual (Tab

Note 12 - Warranty Accrual (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Balance at beginning of period $ 29,992 $ 25,113 $ 28,262 $ 21,909 Expense provisions 3,737 3,749 7,085 6,347 Cash payments (2,976 ) (3,196 ) (5,469 ) (5,696 ) Adjustments (1,404 ) - (529 ) 3,106 Balance at end of period $ 29,349 $ 25,666 $ 29,349 $ 25,666

Note 13 - Insurance and Const_2

Note 13 - Insurance and Construction Defect Claim Reserves (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Balance at beginning of period $ 56,219 $ 53,395 $ 55,308 $ 52,686 Expense provisions 2,745 2,733 5,210 5,037 Cash payments, net of recoveries (2,147 ) (5,421 ) (3,701 ) (7,016 ) Balance at end of period $ 56,817 $ 50,707 $ 56,817 $ 50,707

Note 15 - Senior Notes (Tables)

Note 15 - Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Debt [Table Text Block]	June 30, December 31, 2019 2018 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 249,371 $ 248,850 5½% Senior Notes due January 2024, net 248,895 248,789 6% Senior Notes due January 2043, net 490,417 490,328 Total $ 988,683 $ 987,967

Note 16 - Stock-based Compens_2

Note 16 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Share-based Payment Arrangement, Activity [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Dollars in thousands) Stock option grants expense $ 245 $ 141 $ 500 $ 197 Restricted stock awards expense 677 620 1,588 1,364 Performance share units expense 3,210 4,063 6,295 4,514 Total stock based compensation $ 4,132 $ 4,824 $ 8,383 $ 6,075
Share-based Payment Arrangement, Performance Shares, 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 61,236 122,472 244,944 $ 4,815 COO July 25, 2016 to to $1.975 billion 61,236 $2.074 billion 122,472 $2.173 billion 244,944 $2.370 billion $ 19.66 4,815 CFO June 30, 2019 June 30, 2016 15,309 30,618 61,236 1,204 $ 10,834 CEO April 1, 2017 April 1, 2016 64,152 128,304 256,608 $ 7,142 COO June 20, 2017 to to $2.426 billion 64,152 $2.547 billion 128,304 $2.669 billion 256,608 $2.911 billion $ 27.83 7,142 CFO March 31, 2020 March 31, 2017 16,038 32,076 64,152 1,786 $ 16,070 CEO April 1, 2018 April 1, 2017 64,800 129,600 259,200 $ 6,629 COO May 23, 2018 to to $2.543 billion 64,800 $2.670 billion 129,600 $2.797 billion 259,200 $3.052 billion $ 25.57 6,629 CFO March 31, 2021 March 31, 2018 16,200 32,400 64,800 1,657 $ 14,915

Note 21 - Supplemental Guaran_2

Note 21 - Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Condensed Balance Sheet [Table Text Block]	June 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 384,094 $ 5,967 $ - $ - $ 390,061 Restricted cash - 12,911 - - 12,911 Trade and other receivables 1,203 53,577 - - 54,780 Inventories: Housing completed or under construction - 1,071,181 - - 1,071,181 Land and land under development - 1,156,009 - - 1,156,009 Total inventories - 2,227,190 - - 2,227,190 Intercompany receivables 1,959,457 7,632 - (1,967,089 ) - Investment in subsidiaries 331,164 - - (331,164 ) - Property and equipment, net 23,830 39,058 - - 62,888 Operating lease right-of-use asset 25,333 6,267 - - 31,600 Deferred tax asset, net 29,765 - - (324 ) 29,441 Prepaid and other assets 11,678 35,498 - - 47,176 Total homebuilding assets 2,766,524 2,388,100 - (2,298,577 ) 2,856,047 Financial Services: Cash and cash equivalents - - 56,829 - 56,829 Marketable securities - - 48,105 - 48,105 Intercompany receivables - - 22,199 (22,199 ) - Mortgage loans held-for-sale, net - - 109,337 - 109,337 Other assets - - 15,455 324 15,779 Total financial services assets - - 251,925 (21,875 ) 230,050 Total Assets $ 2,766,524 $ 2,388,100 $ 251,925 $ (2,320,452 ) $ 3,086,097 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 5 $ 58,981 $ - $ - $ 58,986 Accrued liabilities 46,771 136,774 - 2,955 186,500 Operating lease liabilities 25,973 6,267 - - 32,240 Advances and notes payable to parent and subsidiaries 28,941 1,950,653 - (1,979,594 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 988,683 - - - 988,683 Total homebuilding liabilities 1,105,373 2,152,675 - (1,976,639 ) 1,281,409 Financial Services: Accounts payable and other liabilities - - 63,453 (2,955 ) 60,498 Advances and notes payable to parent and subsidiaries - - 9,694 (9,694 ) - Mortgage repurchase facility - - 83,039 - 83,039 Total financial services liabilities - - 156,186 (12,649 ) 143,537 Total Liabilities 1,105,373 2,152,675 156,186 (1,989,288 ) 1,424,946 Equity: Total Stockholders' Equity 1,661,151 235,425 95,739 (331,164 ) 1,661,151 Total Liabilities and Stockholders' Equity $ 2,766,524 $ 2,388,100 $ 251,925 $ (2,320,452 ) $ 3,086,097 December 31, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC Dollars in thousands ASSETS Homebuilding: Cash and cash equivalents $ 410,127 $ 4,597 $ - $ - $ 414,724 Restricted cash - 6,363 - - 6,363 Trade and other receivables 758 52,224 - - 52,982 Inventories: Housing completed or under construction - 952,436 - - 952,436 Land and land under development - 1,180,558 - - 1,180,558 Total inventories - 2,132,994 - - 2,132,994 Intercompany receivables 1,735,342 7,369 - (1,742,711 ) - Investment in subsidiaries 455,848 - - (455,848 ) - Property and equipment, net 23,896 34,271 - - 58,167 Deferred tax assets, net 36,168 - - 1,010 37,178 Metropolitan district bond securities (related party) - - - - - Other assets 12,234 33,560 - - 45,794 Total Homebuilding Assets 2,674,373 2,271,378 - (2,197,549 ) 2,748,202 Financial Services: Cash and cash equivalents - - 49,052 - 49,052 Marketable securities - - 40,879 - 40,879 Intercompany receivables - - 22,346 (22,346 ) - Mortgage loans held-for-sale, net - - 149,211 - 149,211 Other assets - - 14,743 (1,010 ) 13,733 Total Financial Services Assets - - 276,231 (23,356 ) 252,875 Total Assets $ 2,674,373 $ 2,271,378 $ 276,231 $ (2,220,905 ) $ 3,001,077 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ - $ 50,505 $ - $ - $ 50,505 Accrued liabilities 65,691 125,387 - 5,169 196,247 Advances and notes payable to parent and subsidiaries 29,715 1,727,248 295 (1,757,258 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 987,967 - - - 987,967 Total Homebuilding Liabilities 1,098,373 1,903,140 295 (1,752,089 ) 1,249,719 Financial Services: Accounts payable and accrued liabilities - - 63,712 (5,169 ) 58,543 Advances and notes payable to parent and subsidiaries - - 7,799 (7,799 ) - Mortgage repurchase facility - - 116,815 - 116,815 Total Financial Services Liabilities - - 188,326 (12,968 ) 175,358 Total Liabilities 1,098,373 1,903,140 188,621 (1,765,057 ) 1,425,077 Equity: Total Stockholders' Equity 1,576,000 368,238 87,610 (455,848 ) 1,576,000 Total Liabilities and Stockholders' Equity $ 2,674,373 $ 2,271,378 $ 276,231 $ (2,220,905 ) $ 3,001,077
Condensed Income Statement [Table Text Block]	Three Months Ended June 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 732,844 $ - $ - $ 732,844 Cost of sales - (590,172 ) - - (590,172 ) Inventory impairments - - - - - Gross margin - 142,672 - - 142,672 Selling, general, and administrative expenses (14,128 ) (68,459 ) - (125 ) (82,712 ) Equity income of subsidiaries 63,399 - - (63,399 ) - Interest and other income 2,719 366 - (321 ) 2,764 Other expense 8 (1,118 ) - - (1,110 ) Homebuilding pretax income (loss) 51,998 73,461 - (63,845 ) 61,614 Financial Services: Financial services pretax income - - 12,271 446 12,717 Income before income taxes 51,998 73,461 12,271 (63,399 ) 74,331 (Provision) benefit for income taxes 2,595 (19,502 ) (2,831 ) - (19,738 ) Net income $ 54,593 $ 53,959 $ 9,440 $ (63,399 ) $ 54,593 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 54,593 $ 53,959 $ 9,440 $ (63,399 ) $ 54,593 Three Months Ended June 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 749,608 $ - $ - $ 749,608 Cost of sales - (606,403 ) - - (606,403 ) Inventory impairments - (200 ) - - (200 ) Gross margin - 143,005 - - 143,005 Selling, general, and administrative expenses (16,619 ) (64,729 ) - (223 ) (81,571 ) Equity income of subsidiaries 75,341 - - (75,341 ) - Interest and other income 1,783 292 2 (303 ) 1,774 Other expense 8 (879 ) - - (871 ) Homebuilding pretax income (loss) 60,513 77,689 2 (75,867 ) 62,337 Financial Services: Financial services pretax income - - 13,753 526 14,279 Income before income taxes 60,513 77,689 13,755 (75,341 ) 76,616 (Provision) benefit for income taxes 3,386 (12,867 ) (3,236 ) - (12,717 ) Net income $ 63,899 $ 64,822 $ 10,519 $ (75,341 ) $ 63,899 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 63,899 $ 64,822 $ 10,519 $ (75,341 ) $ 63,899 Six Months Ended June 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,380,122 $ - $ - $ 1,380,122 Home and land cost of sales - (1,114,724 ) - - (1,114,724 ) Inventory impairments - (610 ) - - (610 ) Gross margin - 264,788 - - 264,788 Selling, general, and administrative expenses (31,566 ) (133,160 ) - (247 ) (164,973 ) Equity income of subsidiaries 115,564 - - (115,564 ) - Interest and other income 5,128 521 - (494 ) 5,155 Other expense 15 (2,316 ) - - (2,301 ) Homebuilding pretax income (loss) 89,141 129,833 - (116,305 ) 102,669 Financial Services: Financial services pretax income - - 26,527 741 27,268 Income before income taxes 89,141 129,833 26,527 (115,564 ) 129,937 (Provision) benefit for income taxes 6,002 (34,766 ) (6,030 ) - (34,794 ) Net income $ 95,143 $ 95,067 $ 20,497 $ (115,564 ) $ 95,143 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 95,143 $ 95,067 $ 20,497 $ (115,564 ) $ 95,143 Six Months Ended June 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 1,357,296 $ - $ - $ 1,357,296 Home and land cost of sales - (1,103,035 ) - - (1,103,035 ) Inventory impairments - (750 ) - - (750 ) Gross margin - 253,511 - - 253,511 Selling, general, and administrative expenses (29,427 ) (123,058 ) - (427 ) (152,912 ) Equity income of subsidiaries 122,510 - - (122,510 ) - Interest and other income 3,556 610 4 (537 ) 3,633 Other expense 15 (1,449 ) - - (1,434 ) Other-than-temporary impairment of marketable securities - - - - - Homebuilding pretax income (loss) 96,654 129,614 4 (123,474 ) 102,798 Financial Services: Financial services pretax income - - 23,386 964 24,350 Income before income taxes 96,654 129,614 23,390 (122,510 ) 127,148 (Provision) benefit for income taxes 6,009 (24,959 ) (5,535 ) - (24,485 ) Net income $ 102,663 $ 104,655 $ 17,855 $ (122,510 ) $ 102,663 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 102,663 $ 104,655 $ 17,855 $ (122,510 ) $ 102,663
Condensed Cash Flow Statement [Table Text Block]	Six Months Ended June 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (22,861 ) $ 26,173 $ 52,353 $ - $ 55,665 Net cash provided by (used in) investing activities 15,136 (13,363 ) (120 ) (15,572 ) (13,919 ) Financing activities: Payments from (advances to) subsidiaries - (4,892 ) (10,680 ) 15,572 - Mortgage repurchase facility - - (33,776 ) - (33,776 ) Dividend payments (35,636 ) - - - (35,636 ) Proceeds from exercise of stock options 17,328 - - - 17,328 Net cash provided by (used in) financing activities (18,308 ) (4,892 ) (44,456 ) 15,572 (52,084 ) Net increase (decrease) in cash and cash equivalents (26,033 ) 7,918 7,777 - (10,338 ) Cash and cash equivalents: Beginning of period 410,127 10,960 49,052 - 470,139 End of period $ 384,094 $ 18,878 $ 56,829 $ - $ 459,801 Six Months Ended June 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (3,430 ) $ (96,911 ) $ 44,153 $ - $ (56,188 ) Net cash provided by (used in) investing activities (63,986 ) (12,786 ) (2,218 ) 113,740 34,750 Financing activities: Payments from (advances to) subsidiaries - 108,964 4,776 (113,740 ) - Mortgage repurchase facility - - (31,521 ) - (31,521 ) Dividend payments (33,793 ) - - - (33,793 ) Proceeds from the exercise of stock options 5,835 - - - 5,835 Net cash provided by (used in) financing activities (27,958 ) 108,964 (26,745 ) (113,740 ) (59,479 ) Net increase (decrease) in cash and cash equivalents (95,374 ) (733 ) 15,190 - (80,917 ) Cash and cash equivalents: Beginning of period 468,718 13,051 32,471 - 514,240 End of period $ 373,344 $ 12,318 $ 47,661 $ - $ 433,323

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	Jan. 28, 2019
Dividends Payable, Date Declared	Jan. 28, 2019
Stock Dividend Rate, Percentage	8.00%
Dividends Payable, Date to be Paid	Feb. 28, 2019
Dividends Payable, Date of Record	Feb. 14, 2019

Note 2 - Recently Issued Acco_2

Note 2 - Recently Issued Accounting Standards (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019		Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Right-of-Use Asset			$ 33,500
Operating Lease, Liability, Total	$ 33,340	[1]	34,300
Homebuilding Segment [Member]
Operating Lease, Right-of-Use Asset	31,600			$ 0
Operating Lease, Liability, Total	$ 32,240			$ 0
Accounting Standards Update 2016-02 [Member] | Homebuilding Segment [Member]
Operating Lease, Right-of-Use Asset			34,200
Operating Lease, Liability, Total			$ 34,300
[1]	Financial services operating lease liabilities of $1.1 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at June 30, 2019.

Note 3 - Segment Reporting (Det

Note 3 - Segment Reporting (Details Textual)	6 Months Ended
	Jun. 30, 2019
Other Segments [Member]
Number of Reportable Segments	1

Note 3 - Segment Reporting - Re

Note 3 - Segment Reporting - Reconciliation of Revenue From Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Homebuilding Segment [Member]
Revenues	$ 732,844	$ 749,608	$ 1,380,122	$ 1,357,296
Homebuilding Segment [Member] | Reportable Segment, West [Member]
Revenues	384,530	391,806	754,088	711,315
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member]
Revenues	287,476	268,541	496,668	477,173
Homebuilding Segment [Member] | Reportable Segment, East [Member]
Revenues	60,838	89,261	129,366	168,808
Financial Services Segment [Member]
Revenues	18,597	21,372	36,001	40,407
Financial Services Segment [Member] | Mortgage Operations [Member]
Revenues	11,689	14,547	21,863	27,243
Financial Services Segment [Member] | Other Financial Services [Member]
Revenues	$ 6,908	$ 6,825	$ 14,138	$ 13,164

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pretax income	$ 74,331	$ 76,616	$ 129,937	$ 127,148
Homebuilding Segment [Member]
Pretax income	61,614	62,337	102,669	102,798
Homebuilding Segment [Member] | Operating Segments [Member] | Reportable Segment, West [Member]
Pretax income	35,350	37,708	68,550	62,081
Homebuilding Segment [Member] | Operating Segments [Member] | Reportable Segment, Mountain [Member]
Pretax income	35,972	35,854	57,686	60,039
Homebuilding Segment [Member] | Operating Segments [Member] | Reportable Segment, East [Member]
Pretax income	2,152	4,141	3,625	7,516
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Pretax income	(11,860)	(15,366)	(27,192)	(26,838)
Financial Services Segment [Member]
Pretax income	12,717	14,279	27,268	24,350
Financial Services Segment [Member] | Operating Segments [Member] | Mortgage Operations [Member]
Pretax income	6,239	9,040	11,232	16,560
Financial Services Segment [Member] | Operating Segments [Member] | Other Financial Services [Member]
Pretax income	$ 6,478	$ 5,239	$ 16,036	$ 7,790

Note 3 - Segment Reporting - To

Note 3 - Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets	$ 3,086,097	$ 3,001,077
Homebuilding Segment [Member]
Assets	2,856,047	2,748,202
Homebuilding Segment [Member] | Corporate, Non-Segment [Member]
Assets	481,844	484,193
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member]
Assets	1,368,888	1,301,374
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member]
Assets	816,993	793,150
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member]
Assets	188,322	169,485
Financial Services Segment [Member]
Assets	230,050	252,875
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member]
Assets	122,351	159,677
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member]
Assets	$ 107,699	$ 93,198

Note 4 - Earnings Per Share (De

Note 4 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.5	0.7	0.5	0.6

Note 4 - Earnings Per Share - B

Note 4 - Earnings Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income	$ 54,593	$ 40,550	$ 63,899	$ 38,764	$ 95,143	$ 102,663
Less: distributed earnings allocated to participating securities	(110)		(96)		(221)	(201)
Less: undistributed earnings allocated to participating securities	(213)		(204)		(352)	(344)
Net income attributable to common stockholders (numerator for basic earnings per share)	54,270		63,599		94,570	102,118
Add back: undistributed earnings allocated to participating securities	213		204		352	344
Less: undistributed earnings reallocated to participating securities	(209)		(201)		(345)	(338)
Numerator for diluted earnings per share under two class method	$ 54,274		$ 63,602		$ 94,577	$ 102,124
Weighted-average common shares outstanding (in shares)	61,336,404		60,590,899		61,138,982	60,466,527
Denominator for diluted earnings per share under two class method (in shares)	63,323,267		61,604,286		63,023,149	61,525,442
Basic Earnings Per Common Share (in dollars per share)	$ 0.88		$ 1.05		$ 1.55	$ 1.69
Diluted Earnings Per Common Share (in dollars per share)	$ 0.86		$ 1.03		$ 1.50	$ 1.66
Share-based Payment Arrangement, Option [Member]
Add: dilutive effect of share-based compensation (in shares)	1,435,739		1,013,387		1,333,043	1,058,915
Performance Shares [Member]
Add: dilutive effect of share-based compensation (in shares)	551,124				551,124

Note 5 - Accumulated Other Co_3

Note 5 - Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Beginning balance		$ 1,610,706	$ 1,432,493	$ 1,576,000	$ 1,407,287
Ending balance		1,661,151	1,489,841	1,661,151	1,489,841
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Equity Securities [Member]
Beginning balance	[1]	0	0	0	3,992
Adoption of accounting standards		0	0	0	(3,992)
Ending balance		$ 0	$ 0	$ 0	$ 0
[1]	Amounts net-of-tax.

Note 6 - Fair Value Measureme_3

Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Minimum [Member]
Short Term Borrowings Maturity Period			30 days
Financial Services Segment [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance	$ 109,337		$ 109,337		$ 149,211
Gain (Loss) on Sale of Mortgage Loans	12,600	$ 10,300	24,300	$ 19,300
Fair Value, Inputs, Level 2 [Member] | Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance	97,300		97,300		130,800
Fair Value, Inputs, Level 2 [Member] | Not Under Commitment to Sell [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance	$ 12,000		$ 12,000		$ 18,500

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	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Inputs, Level 1 [Member]
Equity securities	$ 48,105	$ 40,879
Fair Value, Inputs, Level 2 [Member]
Mortgage loans held-for-sale, net	109,337	149,211
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Debt securities (available-for-sale)	$ 34,868	$ 34,866

Note 6 - Fair Value Measureme_5

Note 6 - Fair Value Measurements - Amortized Cost and Estimated Fair Value of Available-for-sale Marketable Securities (Details) - Financial Services Segment [Member] - Cash and Cash Equivalents [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Amortized Cost	$ 34,868	$ 34,866
OTTI	0	0
Net Amortized Cost	34,868	34,866
Fair Value	$ 34,868	$ 34,866

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net gain recognized during the period on equity securities	$ 2,327	$ 1,278	$ 7,167	$ 125
Less: Net gain (loss) recognized during the period on equity securities sold during the period	0	(63)	237	(435)
Unrealized gain recognized during the reporting period on equity securities still held at the reporting date	$ 2,327	$ 1,341	$ 6,930	$ 560

Note 6 - Fair Value Measureme_7

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Senior Notes, Carrying Amount	$ 988,683	$ 987,967
Reported Value Measurement [Member]
Senior Notes, Carrying Amount	988,683	987,967
Estimate of Fair Value Measurement [Member]
Senior Notes, Fair Value	987,496	882,948
Senior Notes 5.625% Due February 2020 [Member]
Senior Notes, Carrying Amount	249,371	248,850
Senior Notes 5.625% Due February 2020 [Member] | Reported Value Measurement [Member]
Senior Notes, Carrying Amount	249,371	248,850
Senior Notes 5.625% Due February 2020 [Member] | Estimate of Fair Value Measurement [Member]
Senior Notes, Fair Value	253,175	253,413
Senior Notes 5.5% Due January 2024 [Member]
Senior Notes, Carrying Amount	248,895	248,789
Senior Notes 5.5% Due January 2024 [Member] | Reported Value Measurement [Member]
Senior Notes, Carrying Amount	248,895	248,789
Senior Notes 5.5% Due January 2024 [Member] | Estimate of Fair Value Measurement [Member]
Senior Notes, Fair Value	267,121	242,983
Senior Notes 6% Due January 2043 [Member]
Senior Notes, Carrying Amount	490,417	490,328
Senior Notes 6% Due January 2043 [Member] | Reported Value Measurement [Member]
Senior Notes, Carrying Amount	490,417	490,328
Senior Notes 6% Due January 2043 [Member] | Estimate of Fair Value Measurement [Member]
Senior Notes, Fair Value	$ 467,200	$ 386,552

Note 6 - Fair Value Measureme_8

Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
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	Jun. 30, 2019	Dec. 31, 2018
Housing completed or under construction:
Housing Completed or Under Construction	$ 1,071,181	$ 952,436
Land and land under development:
Land and Land Under Development	1,156,009	1,180,558
Total inventories	2,227,190	2,132,994
Reportable Segment, West [Member]
Housing completed or under construction:
Housing Completed or Under Construction	600,992	521,960
Land and land under development:
Land and Land Under Development	672,586	705,591
Reportable Segment, Mountain [Member]
Housing completed or under construction:
Housing Completed or Under Construction	381,306	347,738
Land and land under development:
Land and Land Under Development	398,840	402,657
Reportable Segment, East [Member]
Housing completed or under construction:
Housing Completed or Under Construction	88,883	82,738
Land and land under development:
Land and Land Under Development	$ 84,583	$ 72,310

Note 7 - Inventories - Inventor

Note 7 - Inventories - Inventory Impairments (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Impairment Data; Inventory Impairments	$ 0	$ 610	$ 200	$ 550	$ 610	$ 750
Homebuilding Segment [Member]
Impairment Data; Inventory Impairments	0		200		610	750
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments	0		0		0	375
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments	0		0		400	175
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Housing Completed or Under Construction [Member]
Impairment Data; Inventory Impairments	$ 0		$ 200		$ 210	$ 200

Note 7 - Inventories - Fair Val

Note 7 - Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Impairment Data; Total Subdivisions Tested	12	16	17	24
Impairment Data; Inventory Impairments	$ 0	$ 610	$ 200	$ 550	$ 610	$ 750
Impairment Data; Fair Value of Inventory After Impairments		$ 10,476	$ 767	$ 5,223
Impairment Data; Number of Subdivisions Impaired	0	2	1	2
Measurement Input, Discount Rate [Member] | Minimum [Member]
Quantitative Data; Discount Rate			0.12	0.12		0.12

Note 8 - Capitalization of In_3

Note 8 - Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Homebuilding interest incurred	$ 15,980	$ 15,639	$ 32,011	$ 31,264
Less: Interest capitalized	(15,980)	(15,639)	(32,011)	(31,264)
Homebuilding interest expensed	0	0	0	0
Interest capitalized, beginning of period	56,947	58,738	54,845	57,541
Plus: Interest capitalized during period	15,980	15,639	32,011	31,264
Less: Previously capitalized interest included in home and land cost of sales	(14,734)	(16,150)	(28,663)	(30,578)
Interest capitalized, end of period	$ 58,193	$ 58,227	$ 58,193	$ 58,227

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019		Jan. 01, 2019
Operating Lease, Right-of-Use Asset			$ 33,500
Operating Lease, Liability, Total	$ 33,340	[1]	$ 34,300
Financial Services Segment [Member] | Accounts Payable and Accrued Liabilities [Member]
Operating Lease, Liability, Total	$ 1,100
Company Headquarters [Member]
Lessee, Operating Lease, Term of Contract	10 years
Lessee, Operating Lease, Renewal Term	10 years
Minimum [Member]
Lessee, Operating Lease, Term of Contract	3 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract	5 years
[1]	Financial services operating lease liabilities of $1.1 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at June 30, 2019.

Note 9 - Leases - Components of

Note 9 - Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Operating lease cost	$ 1,990	$ 3,970
Less: Sublease income (Note 20)	(38)	(75)
Net lease cost	$ 1,952	$ 3,895

Note 9 - Leases - Supplemental

Note 9 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Operating cash flows from operating leases	$ 1,792	$ 3,563
Leased assets obtained in exchange for new operating lease liabilities	$ 553	$ 2,030

Note 9 - Leases - Weighted Aver

Note 9 - Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2019
Weighted-average remaining lease term (in years) (Year)	6 years 7 months 6 days
Weighted-average discount rate	5.50%

Note 9 - Leases - Maturities of

Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019		Jan. 01, 2019
2019 (excluding the six months ended June 30, 2019)	$ 3,017
2020	6,438
2021	6,191
2022	5,881
2023	5,281
Thereafter	13,162
Total operating lease payments	39,970
Less: Interest	6,630
Operating Lease, Liability, Total	$ 33,340	[1]	$ 34,300
[1]	Financial services operating lease liabilities of $1.1 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at June 30, 2019.

Note 10 - Homebuilding Prepai_3

Note 10 - Homebuilding Prepaid and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Land option deposits	$ 26,154	$ 23,805
Goodwill	6,008	6,008
Prepaid expenses	7,238	7,324
Deferred debt issuance costs on revolving credit facility, net	6,896	7,662
Other	880	995
Total	$ 47,176	$ 45,794

Note 11 - Homebuilding Accrue_3

Note 11 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Homebuilding Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Warranty accrual	$ 29,349	$ 29,992	$ 28,262	$ 25,666	$ 25,113	$ 21,909
Homebuilding Segment [Member]
Customer and escrow deposits	42,523		34,463
Warranty accrual	29,349		28,262
Accrued compensation and related expenses	25,650		39,459
Accrued interest	27,734		27,734
Construction defect claim reserves	8,569		8,464
Land development and home construction accruals	9,345		8,683
Income taxes payable	459		6,245
Other accrued liabilities	42,871		42,937
Total accrued liabilities	$ 186,500		$ 196,247

Note 11 - Homebuilding Accrue_4

Note 11 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Financial Services Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Insurance reserves	$ 56,817	$ 56,219	$ 55,308	$ 50,707	$ 53,395	$ 52,686
Financial Services Segment [Member]
Insurance reserves	48,249		46,844
Accounts payable and other accrued liabilities	12,249		11,699
Total accounts payable and accrued liabilities	$ 60,498		$ 58,543

Note 12 - Warranty Accrual (Det

Note 12 - Warranty Accrual (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties, Total	$ (1,404)	$ 0	$ (529)	$ 3,106

Note 12 - Warranty Accrual - Wa

Note 12 - Warranty Accrual - Warranty Accrual and Payment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Balance at beginning of period	$ 29,992	$ 25,113	$ 28,262	$ 21,909
Expense provisions	3,737	3,749	7,085	6,347
Cash payments	(2,976)	(3,196)	(5,469)	(5,696)
Adjustments	(1,404)	0	(529)	3,106
Balance at end of period	$ 29,349	$ 25,666	$ 29,349	$ 25,666

Note 13 - Insurance and Const_3

Note 13 - Insurance and Construction Defect Claim Reserves - Summary of Insurance and Defect Claim Reserves Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Balance at beginning of period	$ 56,219	$ 53,395	$ 55,308	$ 52,686
Expense provisions	2,745	2,733	5,210	5,037
Cash payments, net of recoveries	(2,147)	(5,421)	(3,701)	(7,016)
Balance at end of period	$ 56,817	$ 50,707	$ 56,817	$ 50,707

Note 14 - Income Taxes (Details

Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	26.60%	16.60%	26.80%	19.30%
Income Tax Expense (Benefit), Total	$ 19,738	$ 12,717	$ 34,794	$ 24,485
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total		$ 6,800	0	$ 8,000
Deferred Tax Assets, Net, Total	$ 29,400		$ 29,400		$ 37,200

Note 15 - Senior Notes - Carryi

Note 15 - Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Carrying amount	$ 988,683	$ 987,967
Senior Notes 5.625% Due February 2020 [Member]
Carrying amount	249,371	248,850
Senior Notes 5.5% Due January 2024 [Member]
Carrying amount	248,895	248,789
Senior Notes 6% Due January 2043 [Member]
Carrying amount	$ 490,417	$ 490,328

Note 15 - Senior Notes - Carr_2

Note 15 - Senior Notes - Carrying Amount of Senior Notes (Details) (Parentheticals)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
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 16 - Stock-based Compens_3

Note 16 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		22 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	May 23, 2018
Share-based Payment Arrangement, Expense	$ 4,132	$ 4,824	$ 8,383	$ 6,075
Performance Shares [Member]
Share-based Payment Arrangement, Expense	3,210	4,063	6,295	4,514
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted in 2016 [Member] | Expense Related to the Probable Achievement of the Threshold Goal [Member]
Share-based Payment Arrangement, Expense	900	$ 4,100	1,800	4,500
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted In 2017 [Member] | Expense Related to the Probable Achievement of the Threshold Goal [Member]
Share-based Payment Arrangement, Expense	$ 2,300		4,500	$ 0
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted in 2018 [Member]
Share-based Payment Arrangement, Expense			$ 0
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | 5% to 10% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Goal Number of Shares					50.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years
Share-based Compensation Arrangement by Share-based Payment Award, Average Gross Margin of Home Sales, Percentage, Minimum					15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues					10.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Minimum [Member] | 5% to 10% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues					5.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Minimum [Member] | 20% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues					20.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues					20.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Maximum [Member] | 5% to 10% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Performance Revenues that Exceed Base Revenues					10.00%
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Maximum [Member] | 20% Vesting Threshold [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Goal Number of Shares					200.00%

Note 16 - Stock-based Compens_4

Note 16 - Stock-based Compensation - Share-based Award Expense Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based compensation expense	$ 4,132	$ 4,824	$ 8,383	$ 6,075
Share-based Payment Arrangement, Option [Member]
Share-based compensation expense	245	141	500	197
Restricted Stock [Member]
Share-based compensation expense	677	620	1,588	1,364
Performance Shares [Member]
Share-based compensation expense	$ 3,210	$ 4,063	$ 6,295	$ 4,514

Note 16 - Stock-based Compens_5

Note 16 - Stock-based Compensation - Performance Stock Units Granted (Details) - Performance Shares [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
July 25, 2016 [Member]
Maximum potential expense to be recognized | $	$ 10,834
June 20, 2017 [Member]
Maximum potential expense to be recognized | $	16,070
May 23, 2018 [Member]
Maximum potential expense to be recognized | $	$ 14,915
Chief Executive Officer [Member] | July 25, 2016 [Member]
Threshold goal, number of PSUs (in shares)	61,236
Target goal, number of PSUs (in shares)	122,472
Maximum goal, number of PSUs (in shares)	244,944
Maximum potential expense to be recognized | $	$ 4,815
Chief Executive Officer [Member] | June 20, 2017 [Member]
Threshold goal, number of PSUs (in shares)	64,152
Target goal, number of PSUs (in shares)	128,304
Maximum goal, number of PSUs (in shares)	256,608
Maximum potential expense to be recognized | $	$ 7,142
Chief Executive Officer [Member] | May 23, 2018 [Member]
Threshold goal, number of PSUs (in shares)	64,800
Target goal, number of PSUs (in shares)	129,600
Maximum goal, number of PSUs (in shares)	259,200
Maximum potential expense to be recognized | $	$ 6,629
Chief Operating Officer [Member] | July 25, 2016 [Member]
Threshold goal, number of PSUs (in shares)	61,236
Target goal, number of PSUs (in shares)	122,472
Maximum goal, number of PSUs (in shares)	244,944
Maximum potential expense to be recognized | $	$ 4,815
Base period revenues | $	1,975,000
Threshold goal, home sale revenues | $	2,074,000
Target goal, home sale revenues | $	2,173,000
Maximum goal, home sale revenues | $	$ 2,370,000
Fair value per share (in dollars per share) | $ / shares	$ 19.66
Chief Operating Officer [Member] | June 20, 2017 [Member]
Threshold goal, number of PSUs (in shares)	64,152
Target goal, number of PSUs (in shares)	128,304
Maximum goal, number of PSUs (in shares)	256,608
Maximum potential expense to be recognized | $	$ 7,142
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	$ 27.83
Chief Operating Officer [Member] | May 23, 2018 [Member]
Threshold goal, number of PSUs (in shares)	64,800
Target goal, number of PSUs (in shares)	129,600
Maximum goal, number of PSUs (in shares)	259,200
Maximum potential expense to be recognized | $	$ 6,629
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	$ 25.57
Chief Financial Officer [Member] | July 25, 2016 [Member]
Threshold goal, number of PSUs (in shares)	15,309
Target goal, number of PSUs (in shares)	30,618
Maximum goal, number of PSUs (in shares)	61,236
Maximum potential expense to be recognized | $	$ 1,204
Chief Financial Officer [Member] | June 20, 2017 [Member]
Threshold goal, number of PSUs (in shares)	16,038
Target goal, number of PSUs (in shares)	32,076
Maximum goal, number of PSUs (in shares)	64,152
Maximum potential expense to be recognized | $	$ 1,786
Chief Financial Officer [Member] | May 23, 2018 [Member]
Threshold goal, number of PSUs (in shares)	16,200
Target goal, number of PSUs (in shares)	32,400
Maximum goal, number of PSUs (in shares)	64,800
Maximum potential expense to be recognized | $	$ 1,657

Note 17 - Commitments and Con_2

Note 17 - Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Surety Bonds, Outstanding, Amount	$ 244.8
Letters of Credit Outstanding, Amount	89.6
Estimated Cost Related to Bonds	123.3
Estimated Cost Related to Letters of Credit	43
Option Contracts [Member]
Letters of Credit Outstanding, Amount	4.5
Earnest Money Deposits	23.3
HomeAmerican [Member]
Letters of Credit Outstanding, Amount	$ 63.6

Note 18 - Derivative Financia_2

Note 18 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative, Gain (Loss) on Derivative, Net, Total	$ 0.5	$ 0.8	$ 1.4	$ 2.3
Commitment to Originate Mortgage Loans [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	148.3		148.3
No Commitment to Originate Mortgage Loans [Member]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance	11.4		11.4
Forward Sales of Mortgage Backed Securities [Member]
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights	$ 105		$ 105

Note 19 - Lines of Credit (Deta

Note 19 - Lines of Credit (Details Textual) - USD ($) $ in Millions	Nov. 01, 2018	Jun. 30, 2019	Jun. 27, 2019	Dec. 31, 2018	Dec. 27, 2018	Aug. 09, 2018	Jun. 25, 2018	Dec. 26, 2017	Sep. 29, 2017
Letters of Credit Outstanding, Amount		$ 89.6
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	$ 1,000								$ 700
Line of Credit Facility, Potential Maximum Borrowing Capacity, Subject to Additional Commitments	$ 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%
Letters of Credit Outstanding, Amount		$ 26		$ 27.8
Long-term Line of Credit, Total		15
Line of Credit Facility, Remaining Borrowing Capacity		959
Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index 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%
Mortgage Repurchase Facility [Member] | Warehouse Agreement Borrowings [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 100		$ 130	$ 75	$ 75	$ 75
Line of Credit Facility, Maximum Increase to Borrowing Capacity						$ 75
Warehouse Agreement Borrowings, Total		$ 83		$ 116.8

Note 20 - Related Party Trans_2

Note 20 - Related Party Transactions (Details Textual)	Oct. 31, 2026USD ($)	Nov. 01, 2021USD ($)	Oct. 31, 2021USD ($)	Nov. 01, 2016USD ($)ft²	Jun. 30, 2019USD ($)
Cash Contribution Committed to Charitable Foundation					$ 500,000
CVentures, Inc. [Member]
Area of Real Estate Property | ft²				5,437
Operating Leases, Yearly Rental Rate Per Rentable Square Foot				$ 26.50
CVentures, Inc. [Member] | Forecast [Member]
Operating Leases, Yearly Rental Rate Per Rentable Square Foot	$ 31.67	$ 29.26	$ 28.68

Note 21 - Supplemental Guaran_3

Note 21 - Supplemental Guarantor Information (Details Textual)	6 Months Ended
	Jun. 30, 2019
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%
All Guarantor Subsidiaries [Member]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%

Note 21 - Supplemental Guaran_4

Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019		Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and cash equivalents	$ 459,801				$ 470,139	$ 433,323		$ 514,240
Operating lease right-of-use asset				$ 33,500
Deferred tax asset, net	29,400				37,200
Assets	3,086,097				3,001,077
Operating lease liabilities	33,340	[1]		$ 34,300
Total Liabilities	1,424,946				1,425,077
Total Stockholders' Equity	1,661,151		$ 1,610,706		1,576,000	1,489,841	$ 1,432,493	1,407,287
Total Liabilities and Stockholders' Equity	3,086,097				3,001,077
Homebuilding Segment [Member]
Cash and cash equivalents	390,061				414,724	378,219
Restricted cash	12,911				6,363	7,443
Trade and other receivables	54,780				52,982
Housing completed or under construction	1,071,181				952,436
Land and land under development	1,156,009				1,180,558
Total inventories	2,227,190				2,132,994
Intercompany receivables	0				0
Investment in subsidiaries	0				0
Property and equipment, net	62,888				58,167
Operating lease right-of-use asset	31,600				0
Deferred tax asset, net	29,441				37,178
Prepaid and other assets	47,176				45,794
Assets	2,856,047				2,748,202
Marketable securities	48,105				40,879
Accounts payable	58,986				50,505
Accrued liabilities	186,500				196,247
Operating lease liabilities	32,240				0
Advances and notes payable to parent and subsidiaries	0				0
Revolving credit facility	15,000				15,000
Senior notes, net	988,683				987,967
Total Liabilities	1,281,409				1,249,719
Metropolitan district bond securities (related party)					0
Financial Services Segment [Member]
Cash and cash equivalents	56,829				49,052	47,661
Intercompany receivables	0				0
Prepaid and other assets	15,779				13,733
Assets	230,050				252,875
Marketable securities	48,105				40,879
Mortgage loans held-for-sale, net	109,337				149,211
Advances and notes payable to parent and subsidiaries	0				0
Total Liabilities	143,537				175,358
Accounts payable and other liabilities	60,498				58,543
Mortgage repurchase facility	83,039				116,815
Reportable Legal Entities [Member] | Parent Company [Member]
Cash and cash equivalents	384,094				410,127	373,344		468,718
Assets	2,766,524				2,674,373
Total Liabilities	1,105,373				1,098,373
Total Stockholders' Equity	1,661,151				1,576,000
Total Liabilities and Stockholders' Equity	2,766,524				2,674,373
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents	18,878				10,960	12,318		13,051
Assets	2,388,100				2,271,378
Total Liabilities	2,152,675				1,903,140
Total Stockholders' Equity	235,425				368,238
Total Liabilities and Stockholders' Equity	2,388,100				2,271,378
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	56,829				49,052	47,661		32,471
Assets	251,925				276,231
Total Liabilities	156,186				188,621
Total Stockholders' Equity	95,739				87,610
Total Liabilities and Stockholders' Equity	251,925				276,231
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Parent Company [Member]
Cash and cash equivalents	384,094				410,127
Restricted cash	0				0
Trade and other receivables	1,203				758
Housing completed or under construction	0				0
Land and land under development	0				0
Total inventories	0				0
Intercompany receivables	1,959,457				1,735,342
Investment in subsidiaries	331,164				455,848
Property and equipment, net	23,830				23,896
Operating lease right-of-use asset	25,333
Deferred tax asset, net	29,765				36,168
Prepaid and other assets	11,678				12,234
Assets	2,766,524				2,674,373
Accounts payable	5				0
Accrued liabilities	46,771				65,691
Operating lease liabilities	25,973
Advances and notes payable to parent and subsidiaries	28,941				29,715
Revolving credit facility	15,000				15,000
Senior notes, net	988,683				987,967
Total Liabilities	1,105,373				1,098,373
Metropolitan district bond securities (related party)					0
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents	5,967				4,597
Restricted cash	12,911				6,363
Trade and other receivables	53,577				52,224
Housing completed or under construction	1,071,181				952,436
Land and land under development	1,156,009				1,180,558
Total inventories	2,227,190				2,132,994
Intercompany receivables	7,632				7,369
Investment in subsidiaries	0				0
Property and equipment, net	39,058				34,271
Operating lease right-of-use asset	6,267
Deferred tax asset, net	0				0
Prepaid and other assets	35,498				33,560
Assets	2,388,100				2,271,378
Accounts payable	58,981				50,505
Accrued liabilities	136,774				125,387
Operating lease liabilities	6,267
Advances and notes payable to parent and subsidiaries	1,950,653				1,727,248
Revolving credit facility	0				0
Senior notes, net	0				0
Total Liabilities	2,152,675				1,903,140
Metropolitan district bond securities (related party)					0
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	0				0
Restricted cash	0				0
Trade and other receivables	0				0
Housing completed or under construction	0				0
Land and land under development	0				0
Total inventories	0				0
Intercompany receivables	0				0
Investment in subsidiaries	0				0
Property and equipment, net	0				0
Operating lease right-of-use asset	0
Deferred tax asset, net	0				0
Prepaid and other assets	0				0
Assets	0				0
Accounts payable	0				0
Accrued liabilities	0				0
Operating lease liabilities	0
Advances and notes payable to parent and subsidiaries	0				295
Revolving credit facility	0				0
Senior notes, net	0				0
Total Liabilities	0				295
Metropolitan district bond securities (related party)					0
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Parent Company [Member]
Cash and cash equivalents	0				0
Intercompany receivables	0				0
Prepaid and other assets	0				0
Assets	0				0
Marketable securities	0				0
Mortgage loans held-for-sale, net	0				0
Advances and notes payable to parent and subsidiaries	0				0
Total Liabilities	0				0
Accounts payable and other liabilities	0				0
Mortgage repurchase facility	0				0
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Guarantor Subsidiaries [Member]
Cash and cash equivalents	0				0
Intercompany receivables	0				0
Prepaid and other assets	0				0
Assets	0				0
Marketable securities	0				0
Mortgage loans held-for-sale, net	0				0
Advances and notes payable to parent and subsidiaries	0				0
Total Liabilities	0				0
Accounts payable and other liabilities	0				0
Mortgage repurchase facility	0				0
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents	56,829				49,052
Intercompany receivables	22,199				22,346
Prepaid and other assets	15,455				14,743
Assets	251,925				276,231
Marketable securities	48,105				40,879
Mortgage loans held-for-sale, net	109,337				149,211
Advances and notes payable to parent and subsidiaries	9,694				7,799
Total Liabilities	156,186				188,326
Accounts payable and other liabilities	63,453				63,712
Mortgage repurchase facility	83,039				116,815
Consolidation, Eliminations [Member]
Cash and cash equivalents	0				0	$ 0		$ 0
Assets	(2,320,452)				(2,220,905)
Total Liabilities	(1,989,288)				(1,765,057)
Total Stockholders' Equity	(331,164)				(455,848)
Total Liabilities and Stockholders' Equity	(2,320,452)				(2,220,905)
Consolidation, Eliminations [Member] | Homebuilding Segment [Member]
Cash and cash equivalents	0				0
Restricted cash	0				0
Trade and other receivables	0				0
Housing completed or under construction	0				0
Land and land under development	0				0
Total inventories	0				0
Intercompany receivables	(1,967,089)				(1,742,711)
Investment in subsidiaries	(331,164)				(455,848)
Property and equipment, net	0				0
Operating lease right-of-use asset	0
Deferred tax asset, net	(324)				1,010
Prepaid and other assets	0				0
Assets	(2,298,577)				(2,197,549)
Accounts payable	0				0
Accrued liabilities	2,955				5,169
Operating lease liabilities	0
Advances and notes payable to parent and subsidiaries	(1,979,594)				(1,757,258)
Revolving credit facility	0				0
Senior notes, net	0				0
Total Liabilities	(1,976,639)				(1,752,089)
Metropolitan district bond securities (related party)					0
Consolidation, Eliminations [Member] | Financial Services Segment [Member]
Cash and cash equivalents	0				0
Intercompany receivables	(22,199)				(22,346)
Prepaid and other assets	324				(1,010)
Assets	(21,875)				(23,356)
Marketable securities	0				0
Mortgage loans held-for-sale, net	0				0
Advances and notes payable to parent and subsidiaries	(9,694)				(7,799)
Total Liabilities	(12,649)				(12,968)
Accounts payable and other liabilities	(2,955)				(5,169)
Mortgage repurchase facility	$ 0				$ 0
[1]	Financial services operating lease liabilities of $1.1 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at June 30, 2019.

Note 21 - Supplemental Guaran_5

Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Inventory impairments	$ 0	$ (610)	$ (200)	$ (550)	$ (610)	$ (750)
Pretax income (loss)	74,331		76,616		129,937	127,148
(Provision) benefit for income taxes	(19,738)		(12,717)		(34,794)	(24,485)
Net income	54,593	$ 40,550	63,899	$ 38,764	95,143	102,663
Other comprehensive income related to available-for-sale securities, net of tax	0		0		0	0
Comprehensive income	54,593		63,899		95,143	102,663
Homebuilding Segment [Member]
Revenues	732,844		749,608		1,380,122	1,357,296
Cost of sales	(590,172)		(606,403)		(1,114,724)	1,103,035
Inventory impairments	0		(200)		(610)	(750)
Gross margin	142,672		143,005		264,788	253,511
Selling, general, and administrative expenses	(82,712)		(81,571)		(164,973)	(152,912)
Equity income of subsidiaries	0		0		0	0
Interest and other income	2,764		1,774		5,155	3,633
Other expense	(1,110)		(871)		(2,301)	(1,434)
Pretax income (loss)	61,614		62,337		102,669	102,798
Home and land cost of sales	590,172		606,403		1,114,724	(1,103,035)
Other-than-temporary impairment of marketable securities			0			0
Financial Services Segment [Member]
Revenues	18,597		21,372		36,001	40,407
Pretax income (loss)	12,717		14,279		27,268	24,350
Reportable Legal Entities [Member] | Parent Company [Member]
Pretax income (loss)	51,998		60,513		89,141	96,654
(Provision) benefit for income taxes	2,595		3,386		6,002	6,009
Net income	54,593		63,899		95,143	102,663
Other comprehensive income related to available-for-sale securities, net of tax	0		0		0	0
Comprehensive income	54,593		63,899		95,143	102,663
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Pretax income (loss)	73,461		77,689		129,833	129,614
(Provision) benefit for income taxes	(19,502)		(12,867)		(34,766)	(24,959)
Net income	53,959		64,822		95,067	104,655
Other comprehensive income related to available-for-sale securities, net of tax	0		0		0	0
Comprehensive income	53,959		64,822		95,067	104,655
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Pretax income (loss)	12,271		13,755		26,527	23,390
(Provision) benefit for income taxes	(2,831)		(3,236)		(6,030)	(5,535)
Net income	9,440		10,519		20,497	17,855
Other comprehensive income related to available-for-sale securities, net of tax	0		0		0	0
Comprehensive income	9,440		10,519		20,497	17,855
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Parent Company [Member]
Revenues	0		0		0	0
Cost of sales	0		0		0	0
Inventory impairments	0		0		0	0
Gross margin	0		0		0	0
Selling, general, and administrative expenses	(14,128)		(16,619)		(31,566)	(29,427)
Equity income of subsidiaries	63,399		75,341		115,564	122,510
Interest and other income	2,719		1,783		5,128	3,556
Other expense	8		8		15	15
Pretax income (loss)	51,998		60,513		89,141	96,654
Home and land cost of sales	0		0		0	0
Other-than-temporary impairment of marketable securities			0			0
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member]
Revenues	732,844		749,608		1,380,122	1,357,296
Cost of sales	(590,172)		(606,403)		(1,114,724)	1,103,035
Inventory impairments	0		(200)		(610)	(750)
Gross margin	142,672		143,005		264,788	253,511
Selling, general, and administrative expenses	(68,459)		(64,729)		(133,160)	(123,058)
Equity income of subsidiaries	0		0		0	0
Interest and other income	366		292		521	610
Other expense	(1,118)		(879)		(2,316)	(1,449)
Pretax income (loss)	73,461		77,689		129,833	129,614
Home and land cost of sales	590,172		606,403		1,114,724	(1,103,035)
Other-than-temporary impairment of marketable securities			0			0
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Non-Guarantor Subsidiaries [Member]
Revenues	0		0		0	0
Cost of sales	0		0		0	0
Inventory impairments	0		0		0	0
Gross margin	0		0		0	0
Selling, general, and administrative expenses	0		0		0	0
Equity income of subsidiaries	0		0		0	0
Interest and other income	0		2		0	4
Other expense	0		0		0	0
Pretax income (loss)	0		2		0	4
Home and land cost of sales	0		0		0	0
Other-than-temporary impairment of marketable securities			0			0
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Parent Company [Member]
Pretax income (loss)	0		0		0	0
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Guarantor Subsidiaries [Member]
Pretax income (loss)	0		0		0	0
Reportable Legal Entities [Member] | Financial Services Segment [Member] | Non-Guarantor Subsidiaries [Member]
Pretax income (loss)	12,271		13,753		26,527	23,386
Consolidation, Eliminations [Member]
Pretax income (loss)	(63,399)		(75,341)		(115,564)	(122,510)
(Provision) benefit for income taxes	0		0		0	0
Net income	(63,399)		(75,341)		(115,564)	(122,510)
Other comprehensive income related to available-for-sale securities, net of tax	0		0		0	0
Comprehensive income	(63,399)		(75,341)		(115,564)	(122,510)
Consolidation, Eliminations [Member] | Homebuilding Segment [Member]
Revenues	0		0		0	0
Cost of sales	0		0		0	0
Inventory impairments	0		0		0	0
Gross margin	0		0		0	0
Selling, general, and administrative expenses	(125)		(223)		(247)	(427)
Equity income of subsidiaries	(63,399)		(75,341)		(115,564)	(122,510)
Interest and other income	(321)		(303)		(494)	(537)
Other expense	0		0		0	0
Pretax income (loss)	(63,845)		(75,867)		(116,305)	(123,474)
Home and land cost of sales	0		0		0	0
Other-than-temporary impairment of marketable securities			0			0
Consolidation, Eliminations [Member] | Financial Services Segment [Member]
Pretax income (loss)	$ 446		$ 526		$ 741	$ 964

Note 21 - Supplemental Guaran_6

Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Net cash provided by (used in) operating activities	$ 55,665	$ (56,188)
Net cash provided by (used in) investing activities	(13,919)	34,750
Payments from (advances to) subsidiaries	0	0
Mortgage repurchase facility	(33,776)	(31,521)
Dividend payments	(35,636)	(33,793)
Proceeds from exercise of stock options	17,328	5,835
Net cash provided by (used in) financing activities	(52,084)	(59,479)
Net increase (decrease) in cash and cash equivalents	(10,338)	(80,917)
Beginning of period	470,139	514,240
Cash and cash equivalents	459,801	433,323
Reportable Legal Entities [Member] | Parent Company [Member]
Net cash provided by (used in) operating activities	(22,861)	(3,430)
Net cash provided by (used in) investing activities	15,136	(63,986)
Payments from (advances to) subsidiaries	0	0
Mortgage repurchase facility	0	0
Dividend payments	(35,636)	(33,793)
Proceeds from exercise of stock options	17,328	5,835
Net cash provided by (used in) financing activities	(18,308)	(27,958)
Net increase (decrease) in cash and cash equivalents	(26,033)	(95,374)
Beginning of period	410,127	468,718
Cash and cash equivalents	384,094	373,344
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	26,173	(96,911)
Net cash provided by (used in) investing activities	(13,363)	(12,786)
Payments from (advances to) subsidiaries	(4,892)	108,964
Mortgage repurchase facility	0	0
Dividend payments	0	0
Proceeds from exercise of stock options	0	0
Net cash provided by (used in) financing activities	(4,892)	108,964
Net increase (decrease) in cash and cash equivalents	7,918	(733)
Beginning of period	10,960	13,051
Cash and cash equivalents	18,878	12,318
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Net cash provided by (used in) operating activities	52,353	44,153
Net cash provided by (used in) investing activities	(120)	(2,218)
Payments from (advances to) subsidiaries	(10,680)	4,776
Mortgage repurchase facility	(33,776)	(31,521)
Dividend payments	0	0
Proceeds from exercise of stock options	0	0
Net cash provided by (used in) financing activities	(44,456)	(26,745)
Net increase (decrease) in cash and cash equivalents	7,777	15,190
Beginning of period	49,052	32,471
Cash and cash equivalents	56,829	47,661
Consolidation, Eliminations [Member]
Net cash provided by (used in) operating activities	0	0
Net cash provided by (used in) investing activities	(15,572)	113,740
Payments from (advances to) subsidiaries	15,572	(113,740)
Mortgage repurchase facility	0	0
Dividend payments	0	0
Proceeds from exercise of stock options	0	0
Net cash provided by (used in) financing activities	15,572	(113,740)
Net increase (decrease) in cash and cash equivalents	0	0
Beginning of period	0	0
Cash and cash equivalents	$ 0	$ 0