Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 28, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000773141 | |
Entity Registrant Name | MDC HOLDINGS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 62,599,890 | |
6.000 % Senior Notes Due January 2043 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6% Senior Notes due January 2043 | |
Trading Symbol | 552676AQ1 | |
Security Exchange Name | NYSE | |
Senior Notes 5.625% Due February 2020 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5⅝% Senior Notes due February 2020 | |
Trading Symbol | 552676AP3 | |
Security Exchange Name | NYSE | |
Common Stock 1 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | 552676108 | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
ASSETS | |||
Cash and cash equivalents | $ 348,453 | $ 470,139 | |
Total Assets | 3,158,579 | 3,001,077 | |
LIABILITIES AND EQUITY | |||
Operating lease liability | [1] | 32,867 | |
Total Liabilities | 1,456,778 | 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; 62,597,390 and 56,615,352 issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 626 | 566 | |
Additional paid-in-capital | 1,341,858 | 1,168,442 | |
Retained earnings | 359,317 | 406,992 | |
Total Stockholders' Equity | 1,701,801 | 1,576,000 | |
Total Liabilities and Stockholders' Equity | 3,158,579 | 3,001,077 | |
Homebuilding Segment [Member] | |||
ASSETS | |||
Cash and cash equivalents | 285,338 | 414,724 | |
Restricted cash | 16,325 | 6,363 | |
Trade and other receivables | 58,528 | 52,982 | |
Housing completed or under construction | 1,204,641 | 952,436 | |
Land and land under development | 1,191,036 | 1,180,558 | |
Total inventories | 2,395,677 | 2,132,994 | |
Property and equipment, net | 63,673 | 58,167 | |
Operating lease right-of-use asset | 31,251 | 0 | |
Deferred tax asset, net | 27,712 | 37,178 | |
Prepaid and other assets | 46,395 | 45,794 | |
Total Assets | 2,924,899 | 2,748,202 | |
Marketable securities | 52,876 | 40,879 | |
Other assets | 1,246 | 995 | |
LIABILITIES AND EQUITY | |||
Accounts payable | 79,043 | 50,505 | |
Accrued liabilities | 189,296 | 196,247 | |
Operating lease liability | 31,887 | 0 | |
Revolving credit facility | 15,000 | 15,000 | |
Senior notes, net | 989,050 | 987,967 | |
Total Liabilities | 1,304,276 | 1,249,719 | |
Financial Services Segment [Member] | |||
ASSETS | |||
Cash and cash equivalents | 46,790 | 49,052 | |
Prepaid and other assets | 16,994 | 13,733 | |
Total Assets | 233,680 | 252,875 | |
Marketable securities | 52,876 | 40,879 | |
Mortgage loans held-for-sale, net | 117,020 | 149,211 | |
Other assets | 16,994 | 13,733 | |
LIABILITIES AND EQUITY | |||
Total Liabilities | 152,502 | 175,358 | |
Accounts payable and accrued liabilities | 62,031 | 58,543 | |
Mortgage repurchase facility | $ 90,471 | $ 116,815 | |
[1] | Financial services operating lease liabilities of $1.0 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at September 30, 2019. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 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) | 62,597,390 | 56,615,352 |
Common stock, shares outstanding (in shares) | 62,597,390 | 56,615,352 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Inventory impairments | $ 0 | $ (11,098) | $ (610) | $ (11,848) |
Gross profit | 140,958 | 135,681 | 405,746 | 389,192 |
Pretax income | 62,806 | 67,420 | 192,743 | 194,568 |
Provision for income taxes | (12,226) | (14,028) | (47,020) | (38,513) |
Net income | 50,580 | 53,392 | 145,723 | 156,055 |
Comprehensive income | $ 50,580 | $ 53,392 | $ 145,723 | $ 156,055 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.81 | $ 0.87 | $ 2.36 | $ 2.56 |
Diluted (in dollars per share) | $ 0.79 | $ 0.86 | $ 2.29 | $ 2.52 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 61,978,195 | 60,665,349 | 61,422,925 | 60,505,916 |
Diluted (in shares) | 63,968,215 | 61,804,792 | 63,360,535 | 61,592,092 |
Dividends declared per share (in dollars per share) | $ 0.30 | $ 0.28 | $ 0.90 | $ 0.83 |
Homebuilding Segment [Member] | ||||
Revenues | $ 750,274 | $ 766,027 | $ 2,130,396 | $ 2,123,323 |
Cost of sales | (609,316) | (630,346) | (1,724,650) | (1,734,131) |
Inventory impairments | 0 | (11,098) | (610) | (11,848) |
Gross profit | 140,958 | 135,681 | 405,746 | 389,192 |
Selling, general and administrative expenses | (92,716) | (83,523) | (257,689) | (236,435) |
Interest and other income | 2,336 | 1,953 | 7,491 | 5,586 |
Other expense | (1,887) | (1,128) | (4,188) | (2,562) |
Pretax income | 48,691 | 52,983 | 151,360 | 155,781 |
Homebuilding Segment [Member] | Home Building [Member] | ||||
Revenues | 750,274 | 766,027 | 2,130,396 | 2,123,323 |
Cost of sales | (609,316) | (619,248) | (1,724,040) | (1,722,283) |
Financial Services Segment [Member] | ||||
Revenues | 22,388 | 19,611 | 58,389 | 60,018 |
Pretax income | 14,115 | 14,437 | 41,383 | 38,787 |
Expenses | (10,352) | (9,408) | (28,883) | (27,850) |
Interest and other income | 1,312 | 1,230 | 3,943 | 3,490 |
Net gain on marketable equity securities | $ 767 | $ 3,004 | $ 7,934 | $ 3,129 |
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 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 under stock-based compensation programs, net (in shares) | 97,783 | ||||
Shares issued under stock-based compensation programs, net | $ 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 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 | 156,055 | ||||
Balance (in shares) at Sep. 30, 2018 | 56,614,726 | ||||
Ending balance at Sep. 30, 2018 | $ 566 | 1,162,924 | 369,252 | 0 | 1,532,742 |
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 under stock-based compensation programs, net (in shares) | 216,850 | ||||
Shares issued under stock-based compensation programs, net | $ 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 |
Net Income | $ 0 | 0 | 53,392 | 0 | 53,392 |
Shares issued under stock-based compensation programs, net (in shares) | 179,845 | ||||
Shares issued under stock-based compensation programs, net | $ 2 | 4,022 | 0 | 4,024 | |
Cash dividends declared | 0 | 0 | (16,940) | 0 | (16,940) |
Stock-based compensation expense | $ 0 | 2,425 | 0 | 2,425 | |
Forfeiture of restricted stock (in shares) | (1,108) | ||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | 0 | 0 |
Balance (in shares) at Sep. 30, 2018 | 56,614,726 | ||||
Ending balance at Sep. 30, 2018 | $ 566 | 1,162,924 | 369,252 | 0 | 1,532,742 |
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 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 under stock-based compensation programs, net (in shares) | 372,344 | ||||
Shares issued under stock-based compensation programs, net | $ 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 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 | 145,723 | ||||
Balance (in shares) at Sep. 30, 2019 | 62,597,390 | ||||
Ending balance at Sep. 30, 2019 | $ 626 | 1,341,858 | 359,317 | 0 | 1,701,801 |
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 under stock-based compensation programs, net (in shares) | 405,094 | ||||
Shares issued under stock-based compensation programs, net | $ 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 |
Net Income | $ 0 | 0 | 50,580 | 0 | 50,580 |
Shares issued under stock-based compensation programs, net (in shares) | 674,984 | ||||
Shares issued under stock-based compensation programs, net | $ 7 | (1,030) | 0 | 0 | (1,023) |
Cash dividends declared | 0 | 0 | (18,700) | 0 | (18,700) |
Stock-based compensation expense | $ 0 | 9,793 | 0 | 0 | 9,793 |
Balance (in shares) at Sep. 30, 2019 | 62,597,390 | ||||
Ending balance at Sep. 30, 2019 | $ 626 | $ 1,341,858 | $ 359,317 | $ 0 | $ 1,701,801 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities: | ||||
Net income | $ 50,580 | $ 53,392 | $ 145,723 | $ 156,055 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Stock-based compensation expense | 18,178 | 8,500 | ||
Depreciation and amortization | 15,478 | 15,406 | ||
Inventory impairments | 0 | 11,098 | 610 | 11,848 |
Net gain on marketable equity securities | (767) | (3,004) | (7,934) | (3,129) |
Amortization of discount / premiums on marketable debt securities, net | 0 | (366) | ||
Deferred income tax expense | 9,488 | 4,092 | ||
Net changes in assets and liabilities: | ||||
Trade and other receivables | (4,682) | (7,049) | ||
Mortgage loans held-for-sale, net | 32,191 | 23,278 | ||
Prepaid and other assets | (3,889) | (12,328) | ||
Accounts payable and accrued liabilities | 23,929 | 26,067 | ||
Net cash used in operating activities | (33,118) | (59,246) | ||
Investing Activities: | ||||
Purchases of marketable securities | (10,340) | (17,183) | ||
Maturities of marketable securities | 0 | 50,000 | ||
Sales of marketable securities | 6,277 | 13,310 | ||
Purchases of property and equipment | (20,128) | (19,899) | ||
Net cash provided by (used in) investing activities | (24,191) | 26,228 | ||
Financing Activities: | ||||
Payments on mortgage repurchase facility, net | (26,344) | (21,556) | ||
Dividend payments | (54,337) | (50,733) | ||
Issuance of shares under stock-based compensation programs, net | 16,304 | 9,859 | ||
Net cash used in financing activities | (64,377) | (62,430) | ||
Net decrease in cash, cash equivalents and restricted cash | (121,686) | (95,448) | ||
Cash, cash equivalents and restricted cash: | ||||
Beginning of period | 470,139 | 514,240 | ||
End of period | 348,453 | 418,792 | 348,453 | 418,792 |
Reconciliation of cash, cash equivalents and restricted cash: | ||||
Cash and cash equivalents | 348,453 | 418,792 | 348,453 | 418,792 |
End of period | 348,453 | 418,792 | 348,453 | 418,792 |
Homebuilding Segment [Member] | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Inventory impairments | 0 | 11,098 | 610 | 11,848 |
Reconciliation of cash, cash equivalents and restricted cash: | ||||
Cash and cash equivalents | 285,338 | 360,947 | 285,338 | 360,947 |
Restricted cash | 16,325 | 7,866 | 16,325 | 7,866 |
Financial Services Segment [Member] | ||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 46,790 | $ 49,979 | 46,790 | 49,979 |
Housing Completed or Under Construction [Member] | ||||
Net changes in assets and liabilities: | ||||
Housing completed or under construction and land under development | (251,749) | (131,657) | ||
Land and Land Under Development [Member] | ||||
Net changes in assets and liabilities: | ||||
Housing completed or under construction and land under development | $ (10,461) | $ (149,963) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 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 September 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 | 9 Months Ended |
Sep. 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 2016 02” 842, Leases 842” 842 840 842 January 1, 2019, 842 not 842. Adoption of ASC 842 January 1, 2019. not Accounting Standards Issued But Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments 2016 13” 2016 13 2016 13 January 1, 2020, not 2016 13 not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding West $ 410,414 $ 409,001 $ 1,164,502 $ 1,120,316 Mountain 263,802 272,989 760,470 750,162 East 76,058 84,037 205,424 252,845 Total homebuilding revenues $ 750,274 $ 766,027 $ 2,130,396 $ 2,123,323 Financial Services Mortgage operations $ 14,395 $ 11,919 $ 36,258 $ 39,162 Other 7,993 7,692 22,131 20,856 Total financial services revenues $ 22,388 $ 19,611 $ 58,389 $ 60,018 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding West $ 34,898 $ 28,947 $ 103,448 $ 91,028 Mountain 31,391 34,697 89,077 94,736 East 2,136 3,771 5,761 11,287 Corporate (19,734 ) (14,432 ) (46,926 ) (41,270 ) Total homebuilding pretax income $ 48,691 $ 52,983 $ 151,360 $ 155,781 Financial Services Mortgage operations $ 8,468 $ 6,702 $ 19,700 $ 23,262 Other 5,647 7,735 21,683 15,525 Total financial services pretax income $ 14,115 $ 14,437 $ 41,383 $ 38,787 Total pretax income $ 62,806 $ 67,420 $ 192,743 $ 194,568 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. September 30, December 31, 2019 2018 (Dollars in thousands) Homebuilding assets West $ 1,481,549 $ 1,301,374 Mountain 873,656 793,150 East 190,677 169,485 Corporate 379,017 484,193 Total homebuilding assets $ 2,924,899 $ 2,748,202 Financial services assets Mortgage operations $ 131,554 $ 159,677 Other 102,126 93,198 Total financial services assets $ 233,680 $ 252,875 Total assets $ 3,158,579 $ 3,001,077 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Earnings Per Share ASC 260 two two two 260. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands, except per share amounts) Numerator Net income $ 50,580 $ 53,392 $ 145,723 $ 156,055 Less: distributed earnings allocated to participating securities (122 ) (106 ) (343 ) (307 ) Less: undistributed earnings allocated to participating securities (202 ) (222 ) (554 ) (613 ) Net income attributable to common stockholders (numerator for basic earnings per share) 50,256 53,064 144,826 155,135 Add back: undistributed earnings allocated to participating securities 202 222 554 613 Less: undistributed earnings reallocated to participating securities (195 ) (218 ) (540 ) (602 ) Numerator for diluted earnings per share under two class method $ 50,263 $ 53,068 $ 144,840 $ 155,146 Denominator Weighted-average common shares outstanding 61,978,195 60,665,349 61,422,925 60,505,916 Add: dilutive effect of stock options 1,990,020 1,139,443 1,570,194 1,086,176 Add: dilutive effect of performance share units - - 367,416 - Denominator for diluted earnings per share under two class method 63,968,215 61,804,792 63,360,535 61,592,092 Basic Earnings Per Common Share $ 0.81 $ 0.87 $ 2.36 $ 2.56 Diluted Earnings Per Common Share $ 0.79 $ 0.86 $ 2.29 $ 2.52 Diluted EPS for the three nine September 30, 2019 2018, |
Note 5 - Accumulated Other Comp
Note 5 - Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 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 | 9 Months Ended |
Sep. 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 September 30, 2019 December 31, 2018 (Dollars in thousands) Cash and cash equivalents Debt securities (available-for-sale) Level 1 $ - $ 34,866 Marketable securities Equity securities Level 1 $ 52,876 $ 40,879 Mortgage loans held-for-sale, net Level 2 $ 117,020 $ 149,211 The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of September 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 September 30, 2019 December 31, 2018, Debt securities December 31, 2018, The following tables set forth the cost and estimated fair value of our available-for-sale debt securities: 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 nine September 30, 2019 2018 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Net gain recognized during the period on equity securities $ 767 $ 3,004 $ 7,934 $ 3,129 Less: Net gain (loss) recognized during the period on equity securities sold during the period 299 (21 ) 536 (484 ) Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ 468 $ 3,025 $ 7,398 $ 3,613 Mortgage loans held-for-sale, net. 1 2 not September 30, 2019 December 31, 2018, 2 September 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 nine September 30, 2019, Mortgage Repurchase Facility. 19 2 Senior Notes 2 September 30, 2019 December 31, 2018 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 249,638 $ 252,193 $ 248,850 $ 253,413 $250 Million 5½% Senior Notes due January 2024, net 248,950 274,104 248,789 242,983 $500 Million 6% Senior Notes due January 2043, net 490,462 516,333 490,328 386,552 Total $ 989,050 $ 1,042,630 $ 987,967 $ 882,948 |
Note 7 - Inventories
Note 7 - Inventories | 9 Months Ended |
Sep. 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: September 30, December 31, 2019 2018 (Dollars in thousands) Housing completed or under construction: West $ 689,849 $ 521,960 Mountain 415,799 347,738 East 98,993 82,738 Subtotal 1,204,641 952,436 Land and land under development: West 697,947 705,591 Mountain 417,150 402,657 East 75,939 72,310 Subtotal 1,191,036 1,180,558 Total inventories $ 2,395,677 $ 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 nine September 30, 2019 2018 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) West $ - $ 10,798 $ - $ 11,173 Mountain - - 400 175 East - 300 210 500 Total inventory impairments $ - $ 11,098 $ 610 $ 11,848 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 September 30, 2019 16 $ - N/A 0 N/A March 31, 2018 24 $ 550 $ 5,223 2 12% June 30, 2018 17 $ 200 $ 767 1 12% September 30, 2018 17 $ 11,098 $ 29,874 2 12% - 18% |
Note 8 - Capitalization of Inte
Note 8 - Capitalization of Interest | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding interest incurred $ 15,879 $ 15,641 $ 47,890 $ 46,905 Less: Interest capitalized (15,879 ) (15,641 ) (47,890 ) (46,905 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 58,193 $ 58,227 $ 54,845 $ 57,541 Plus: Interest capitalized during period 15,879 15,641 47,890 46,905 Less: Previously capitalized interest included in home and land cost of sales (14,451 ) (16,636 ) (43,114 ) (47,214 ) Interest capitalized, end of period $ 59,621 $ 57,232 $ 59,621 $ 57,232 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 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 three five not no The property related lease for the Company’s headquarters in Denver, Colorado is ten October 31, 2026 ten 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 Nine Months Ended September 30, 2019 September 30, 2019 (Dollars in thousands) Operating lease cost 1 $ 1,841 $ 5,811 Less: Sublease income (Note 20) (37 ) (112 ) Net lease cost $ 1,804 $ 5,699 1 Supplemental cash flow information related to leases was as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,834 $ 5,397 Leased assets obtained in exchange for new operating lease liabilities $ 646 $ 2,676 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: September 30, 2019 Weighted-average remaining lease term (in years) 6.3 Weighted-average discount rate 5.5 % Maturities of operating lease liabilities were as follows: Year Ended December 31, (Dollars in thousands) 2019 (excluding the nine months ended September 30, 2019) $ 1,242 2020 6,716 2021 6,477 2022 6,138 2023 5,294 Thereafter 13,162 Total operating lease payments 1 $ 39,029 Less: Interest 6,162 Present value of operating lease liabilities 2 $ 32,867 1 Operating lease payments exclude $3.3 million of legally binding lease payments for leases signed but not 2 Financial services operating lease liabilities of $1.0 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at September 30, 2019. |
Note 10 - Homebuilding Prepaid
Note 10 - Homebuilding Prepaid and Other Assets | 9 Months Ended |
Sep. 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: September 30, December 31, 2019 2018 (Dollars in thousands) Land option deposits $ 23,940 $ 23,805 Goodwill 6,008 6,008 Prepaid expenses 8,688 7,324 Deferred debt issuance costs on revolving credit facility, net 6,513 7,662 Other 1,246 995 Total $ 46,395 $ 45,794 |
Note 11 - Homebuilding Accrued
Note 11 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 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: September 30, December 31, 2019 2018 (Dollars in thousands) Customer and escrow deposits $ 48,618 $ 34,463 Warranty accrual 29,870 28,262 Accrued compensation and related expenses 35,790 39,459 Accrued interest 13,281 27,734 Construction defect claim reserves 8,379 8,464 Land development and home construction accruals 8,472 8,683 Other accrued liabilities 44,886 49,182 Total accrued liabilities $ 189,296 $ 196,247 The following table sets forth information relating to financial services accounts payable and accrued liabilities: September 30, December 31, 2019 2018 (Dollars in thousands) Insurance reserves $ 48,926 $ 46,844 Accounts payable and other accrued liabilities 13,105 11,699 Total accounts payable and accrued liabilities $ 62,031 $ 58,543 |
Note 12 - Warranty Accrual
Note 12 - Warranty Accrual | 9 Months Ended |
Sep. 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 nine September 30, 2019 2018. nine September 30, 2018, Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Balance at beginning of period $ 29,349 $ 25,666 $ 28,262 $ 21,909 Expense provisions 3,557 3,757 10,642 10,104 Cash payments (3,425 ) (2,798 ) (8,894 ) (8,494 ) Adjustments 389 - (140 ) 3,106 Balance at end of period $ 29,870 $ 26,625 $ 29,870 $ 26,625 |
Note 13 - Insurance and Constru
Note 13 - Insurance and Construction Defect Claim Reserves | 9 Months Ended |
Sep. 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 nine September 30, 2019 2018. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Balance at beginning of period $ 56,817 $ 50,707 $ 55,308 $ 52,686 Expense provisions 3,102 2,865 8,312 7,902 Cash payments, net of recoveries (2,614 ) (264 ) (6,315 ) (7,280 ) Balance at end of period $ 57,305 $ 53,308 $ 57,305 $ 53,308 In the ordinary course of business, we make payments from our insurance and construction defect claim reserves to settle litigation claims arising from our homebuilding activities. These payments are irregular in both their timing and their magnitude. As a result, the cash payments, net of recoveries shown for the three nine September 30, 2019 2018 not |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 4 . Income Taxes Our overall effective income tax rates were 19.5% and 24.4% for the three nine September 30, 2019, three nine September 30, 2018, three nine September 30, 2019 three nine September 30, 2018, nine September 30, 2019 2016 2019 third 16 2016 At September 30, 2019 December 31, 2018 |
Note 15 - Senior Notes
Note 15 - Senior Notes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 1 5 . Senior Notes The carrying values of our senior notes as of September 30, 2019 December 31, 2018, September 30, December 31, 2019 2018 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 249,638 $ 248,850 5½% Senior Notes due January 2024, net 248,950 248,789 6% Senior Notes due January 2043, net 490,462 490,328 Total $ 989,050 $ 987,967 Our senior notes are not not |
Note 16 - Stock-based Compensat
Note 16 - Stock-based Compensation | 9 Months Ended |
Sep. 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 nine September 30, 2019 2018, Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Stock option grants expense $ 429 $ 583 $ 929 $ 780 Restricted stock awards expense 1,391 939 2,979 2,303 Performance share units expense 7,975 903 14,270 5,417 Total stock-based compensation $ 9,795 $ 2,425 $ 18,178 $ 8,500 On August 5, 2019, May 23, 2018, June 20, 2017 July 25, 2016, 2011 three fifteen three 2017, 2018 2019, 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* 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 CEO January 1, 2019 January 1, 2018 60,000 120,000 240,000 $ 7,824 COO August 5, 2019 to to $2.982 billion 60,000 $3.131 billion 120,000 $3.280 billion 240,000 $3.578 billion $ 32.60 7,824 CFO December 31, 2021 December 31, 2018 15,000 30,000 60,000 1,956 $ 17,604 * Dollars in thousands In accordance with ASC 718, not 718 not 2016 . 2016 August 7, 2019 June 30, 2019 three September 30, 2019. nine September 30, 2019 September 30, 2018, three nine September 30, 2018. 2017 September 30, 2019, three nine September 30, 2019. September 30, 2018, not September 30, 2018. 2018 PSU Grant September 30, 2019, three nine September 30, 2019. September 30, 2018, not September 30, 2018. 2019 August 2019, not September 30, 2019. |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 7 . Commitments and Contingencies Surety Bonds and Letters of Credit. September 30, 2019, September 30, 2019, 19 not We have made no third Litigation. not Loan Origination Liabilities. 2009 one not Lot Option Contracts September 30, 2019, 7,345 |
Note 18 - Derivative Financial
Note 18 - Derivative Financial Instruments | 9 Months Ended |
Sep. 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 September 30, 2019, September 30, 2019 not not September 30, 2019. For the three nine September 30, 2019, 2018. |
Note 19 - Lines of Credit
Note 19 - Lines of Credit | 9 Months Ended |
Sep. 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 September 30, 2019. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At September 30, 2019 December 31, 2018, September 30, 2019 December 31, 2018. September 30, 2019, Mortgage Repurchase Facility. May 23, 2019, May 21, 2020. November 12, 2008, may September 26, 2019 October 24, 2019. December 27, 2018 January 25, 2019. September 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 September 30, 2019. |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 20 . Related Party Transactions We contributed $0.5 million and $1.0 million in cash to the MDC/Richmond American Homes Foundation (the “Foundation”) during the three nine September 30, 2019, 501 3 September 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 | 9 Months Ended |
Sep. 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 September 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 279,346 $ 5,992 $ - $ - $ 285,338 Restricted cash - 16,325 - - 16,325 Trade and other receivables 4,444 54,084 - - 58,528 Inventories: Housing completed or under construction - 1,204,641 - - 1,204,641 Land and land under development - 1,191,036 - - 1,191,036 Total inventories - 2,395,677 - - 2,395,677 Intercompany receivables 2,050,173 4,159 - (2,054,332 ) - Investment in subsidiaries 390,631 - - (390,631 ) - Property and equipment, net 23,583 40,090 - - 63,673 Operating lease right-of-use asset 24,970 6,281 - - 31,251 Deferred tax asset, net 28,080 - - (368 ) 27,712 Prepaid and other assets 12,682 33,713 - - 46,395 Total homebuilding assets 2,813,909 2,556,321 - (2,445,331 ) 2,924,899 Financial Services: Cash and cash equivalents - - 46,790 - 46,790 Marketable securities - - 52,876 - 52,876 Intercompany receivables - - 33,122 (33,122 ) - Mortgage loans held-for-sale, net - - 117,020 - 117,020 Other assets - - 16,626 368 16,994 Total financial services assets - - 266,434 (32,754 ) 233,680 Total Assets $ 2,813,909 $ 2,556,321 $ 266,434 $ (2,478,085 ) $ 3,158,579 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 31 $ 79,012 $ - $ - $ 79,043 Accrued liabilities 45,525 139,717 - 4,054 189,296 Operating lease liabilities 25,606 6,281 - - 31,887 Advances and notes payable to parent and subsidiaries 36,896 2,041,070 - (2,077,966 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 989,050 - - - 989,050 Total homebuilding liabilities 1,112,108 2,266,080 - (2,073,912 ) 1,304,276 Financial Services: Accounts payable and other liabilities - - 66,085 (4,054 ) 62,031 Advances and notes payable to parent and subsidiaries - - 9,488 (9,488 ) - Mortgage repurchase facility - - 90,471 - 90,471 Total financial services liabilities - - 166,044 (13,542 ) 152,502 Total Liabilities 1,112,108 2,266,080 166,044 (2,087,454 ) 1,456,778 Equity: Total Stockholders' Equity 1,701,801 290,241 100,390 (390,631 ) 1,701,801 Total Liabilities and Stockholders' Equity $ 2,813,909 $ 2,556,321 $ 266,434 $ (2,478,085 ) $ 3,158,579 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 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 September 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 750,274 $ - $ - $ 750,274 Cost of sales - (609,316 ) - - (609,316 ) Inventory impairments - - - - - Gross profit - 140,958 - - 140,958 Selling, general, and administrative expenses (21,476 ) (71,111 ) - (129 ) (92,716 ) Equity income of subsidiaries 65,311 - - (65,311 ) - Interest and other income 2,173 460 - (297 ) 2,336 Other expense 7 (1,894 ) - - (1,887 ) Homebuilding pretax income (loss) 46,015 68,413 - (65,737 ) 48,691 Financial Services: Financial services pretax income - - 13,689 426 14,115 Income before income taxes 46,015 68,413 13,689 (65,311 ) 62,806 (Provision) benefit for income taxes 4,565 (13,596 ) (3,195 ) - (12,226 ) Net income $ 50,580 $ 54,817 $ 10,494 $ (65,311 ) $ 50,580 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 50,580 $ 54,817 $ 10,494 $ (65,311 ) $ 50,580 Three Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 766,027 $ - $ - $ 766,027 Cost of sales - (619,248 ) - - (619,248 ) Inventory impairments - (11,098 ) - - (11,098 ) Gross profit - 135,681 - - 135,681 Selling, general, and administrative expenses (16,172 ) (67,406 ) - 55 (83,523 ) Equity income of subsidiaries 64,345 - - (64,345 ) - Interest and other income 2,013 261 - (321 ) 1,953 Other expense 7 (1,135 ) - - (1,128 ) Homebuilding pretax income (loss) 50,193 67,401 - (64,611 ) 52,983 Financial Services: Financial services pretax income - - 14,171 266 14,437 Income before income taxes 50,193 67,401 14,171 (64,345 ) 67,420 (Provision) benefit for income taxes 3,199 (14,039 ) (3,188 ) - (14,028 ) Net income $ 53,392 $ 53,362 $ 10,983 $ (64,345 ) $ 53,392 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 53,392 $ 53,362 $ 10,983 $ (64,345 ) $ 53,392 Supplemental Condensed Combining Statement of Operations Nine Months Ended September 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 2,130,396 $ - $ - $ 2,130,396 Home and land cost of sales - (1,724,040 ) - - (1,724,040 ) Inventory impairments - (610 ) - - (610 ) Gross profit - 405,746 - - 405,746 Selling, general, and administrative expenses (53,042 ) (204,271 ) - (376 ) (257,689 ) Equity income of subsidiaries 180,875 - - (180,875 ) - Interest and other income 7,301 981 - (791 ) 7,491 Other expense 22 (4,210 ) - - (4,188 ) Homebuilding pretax income (loss) 135,156 198,246 - (182,042 ) 151,360 Financial Services: Financial services pretax income - - 40,216 1,167 41,383 Income before income taxes 135,156 198,246 40,216 (180,875 ) 192,743 (Provision) benefit for income taxes 10,567 (48,362 ) (9,225 ) - (47,020 ) Net income $ 145,723 $ 149,884 $ 30,991 $ (180,875 ) $ 145,723 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 145,723 $ 149,884 $ 30,991 $ (180,875 ) $ 145,723 Nine Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 2,123,323 $ - $ - $ 2,123,323 Home and land cost of sales - (1,722,283 ) - - (1,722,283 ) Inventory impairments - (11,848 ) - - (11,848 ) Gross profit - 389,192 - - 389,192 Selling, general, and administrative expenses (45,599 ) (190,464 ) - (372 ) (236,435 ) Equity income of subsidiaries 186,855 - - (186,855 ) - Interest and other income 5,569 871 4 (858 ) 5,586 Other expense 22 (2,584 ) - - (2,562 ) Homebuilding pretax income (loss) 146,847 197,015 4 (188,085 ) 155,781 Financial Services: Financial services pretax income - - 37,557 1,230 38,787 Income before income taxes 146,847 197,015 37,561 (186,855 ) 194,568 (Provision) benefit for income taxes 9,208 (38,998 ) (8,723 ) - (38,513 ) Net income $ 156,055 $ 158,017 $ 28,838 $ (186,855 ) $ 156,055 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 156,055 $ 158,017 $ 28,838 $ (186,855 ) $ 156,055 Supplementa l Condensed Combining Statement of Cash Flows Nine Months Ended September 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (30,842 ) $ (58,179 ) $ 55,903 $ - $ (33,118 ) Net cash provided by (used in) investing activities (61,906 ) (19,333 ) (4,137 ) 61,185 (24,191 ) Financing activities: Payments from (advances to) subsidiaries - 88,869 (27,684 ) (61,185 ) - Mortgage repurchase facility - - (26,344 ) - (26,344 ) Dividend payments (54,337 ) - - - (54,337 ) Issuance of shares under stock-based compensation programs, net 16,304 - - - 16,304 Net cash provided by (used in) financing activities (38,033 ) 88,869 (54,028 ) (61,185 ) (64,377 ) Net increase (decrease) in cash and cash equivalents (130,781 ) 11,357 (2,262 ) - (121,686 ) Cash and cash equivalents: Beginning of period 410,127 10,960 49,052 - 470,139 End of period $ 279,346 $ 22,317 $ 46,790 $ - $ 348,453 Nine Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (6,232 ) $ (99,100 ) $ 46,086 $ - $ (59,246 ) Net cash provided by (used in) investing activities (65,259 ) (19,135 ) (3,892 ) 114,514 26,228 Financing activities: Payments from (advances to) subsidiaries - 117,644 (3,130 ) (114,514 ) - Mortgage repurchase facility - - (21,556 ) - (21,556 ) Dividend payments (50,733 ) - - - (50,733 ) Issuance of shares under stock-based compensation programs, net 9,859 - - - 9,859 Net cash provided by (used in) financing activities (40,874 ) 117,644 (24,686 ) (114,514 ) (62,430 ) Net increase (decrease) in cash and cash equivalents (112,365 ) (591 ) 17,508 - (95,448 ) Cash and cash equivalents: Beginning of period 468,718 13,051 32,471 - 514,240 End of period $ 356,353 $ 12,460 $ 49,979 $ - $ 418,792 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards Accounting Standards Update (“ASU”) 2016 02, Leases 2016 02” 842, Leases 842” 842 840 842 January 1, 2019, 842 not 842. Adoption of ASC 842 January 1, 2019. not Accounting Standards Issued But Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments 2016 13” 2016 13 2016 13 January 1, 2020, not 2016 13 not |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding West $ 410,414 $ 409,001 $ 1,164,502 $ 1,120,316 Mountain 263,802 272,989 760,470 750,162 East 76,058 84,037 205,424 252,845 Total homebuilding revenues $ 750,274 $ 766,027 $ 2,130,396 $ 2,123,323 Financial Services Mortgage operations $ 14,395 $ 11,919 $ 36,258 $ 39,162 Other 7,993 7,692 22,131 20,856 Total financial services revenues $ 22,388 $ 19,611 $ 58,389 $ 60,018 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding West $ 34,898 $ 28,947 $ 103,448 $ 91,028 Mountain 31,391 34,697 89,077 94,736 East 2,136 3,771 5,761 11,287 Corporate (19,734 ) (14,432 ) (46,926 ) (41,270 ) Total homebuilding pretax income $ 48,691 $ 52,983 $ 151,360 $ 155,781 Financial Services Mortgage operations $ 8,468 $ 6,702 $ 19,700 $ 23,262 Other 5,647 7,735 21,683 15,525 Total financial services pretax income $ 14,115 $ 14,437 $ 41,383 $ 38,787 Total pretax income $ 62,806 $ 67,420 $ 192,743 $ 194,568 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, December 31, 2019 2018 (Dollars in thousands) Homebuilding assets West $ 1,481,549 $ 1,301,374 Mountain 873,656 793,150 East 190,677 169,485 Corporate 379,017 484,193 Total homebuilding assets $ 2,924,899 $ 2,748,202 Financial services assets Mortgage operations $ 131,554 $ 159,677 Other 102,126 93,198 Total financial services assets $ 233,680 $ 252,875 Total assets $ 3,158,579 $ 3,001,077 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands, except per share amounts) Numerator Net income $ 50,580 $ 53,392 $ 145,723 $ 156,055 Less: distributed earnings allocated to participating securities (122 ) (106 ) (343 ) (307 ) Less: undistributed earnings allocated to participating securities (202 ) (222 ) (554 ) (613 ) Net income attributable to common stockholders (numerator for basic earnings per share) 50,256 53,064 144,826 155,135 Add back: undistributed earnings allocated to participating securities 202 222 554 613 Less: undistributed earnings reallocated to participating securities (195 ) (218 ) (540 ) (602 ) Numerator for diluted earnings per share under two class method $ 50,263 $ 53,068 $ 144,840 $ 155,146 Denominator Weighted-average common shares outstanding 61,978,195 60,665,349 61,422,925 60,505,916 Add: dilutive effect of stock options 1,990,020 1,139,443 1,570,194 1,086,176 Add: dilutive effect of performance share units - - 367,416 - Denominator for diluted earnings per share under two class method 63,968,215 61,804,792 63,360,535 61,592,092 Basic Earnings Per Common Share $ 0.81 $ 0.87 $ 2.36 $ 2.56 Diluted Earnings Per Common Share $ 0.79 $ 0.86 $ 2.29 $ 2.52 |
Note 5 - Accumulated Other Co_2
Note 5 - Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 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) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Financial Instrument Hierarchy September 30, 2019 December 31, 2018 (Dollars in thousands) Cash and cash equivalents Debt securities (available-for-sale) Level 1 $ - $ 34,866 Marketable securities Equity securities Level 1 $ 52,876 $ 40,879 Mortgage loans held-for-sale, net Level 2 $ 117,020 $ 149,211 |
Available-for-sale Securities [Table Text Block] | 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Net gain recognized during the period on equity securities $ 767 $ 3,004 $ 7,934 $ 3,129 Less: Net gain (loss) recognized during the period on equity securities sold during the period 299 (21 ) 536 (484 ) Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ 468 $ 3,025 $ 7,398 $ 3,613 |
Fair Value of Senior Notes [Table Text Block] | September 30, 2019 December 31, 2018 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $250 Million 5⅝% Senior Notes due February 2020, net $ 249,638 $ 252,193 $ 248,850 $ 253,413 $250 Million 5½% Senior Notes due January 2024, net 248,950 274,104 248,789 242,983 $500 Million 6% Senior Notes due January 2043, net 490,462 516,333 490,328 386,552 Total $ 989,050 $ 1,042,630 $ 987,967 $ 882,948 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Inventory [Table Text Block] | September 30, December 31, 2019 2018 (Dollars in thousands) Housing completed or under construction: West $ 689,849 $ 521,960 Mountain 415,799 347,738 East 98,993 82,738 Subtotal 1,204,641 952,436 Land and land under development: West 697,947 705,591 Mountain 417,150 402,657 East 75,939 72,310 Subtotal 1,191,036 1,180,558 Total inventories $ 2,395,677 $ 2,132,994 |
Schedule of Inventory Impairments [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) West $ - $ 10,798 $ - $ 11,173 Mountain - - 400 175 East - 300 210 500 Total inventory impairments $ - $ 11,098 $ 610 $ 11,848 |
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 September 30, 2019 16 $ - N/A 0 N/A March 31, 2018 24 $ 550 $ 5,223 2 12% June 30, 2018 17 $ 200 $ 767 1 12% September 30, 2018 17 $ 11,098 $ 29,874 2 12% - 18% |
Note 8 - Capitalization of In_2
Note 8 - Capitalization of Interest (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Capitalization of Interest [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Homebuilding interest incurred $ 15,879 $ 15,641 $ 47,890 $ 46,905 Less: Interest capitalized (15,879 ) (15,641 ) (47,890 ) (46,905 ) Homebuilding interest expensed $ - $ - $ - $ - Interest capitalized, beginning of period $ 58,193 $ 58,227 $ 54,845 $ 57,541 Plus: Interest capitalized during period 15,879 15,641 47,890 46,905 Less: Previously capitalized interest included in home and land cost of sales (14,451 ) (16,636 ) (43,114 ) (47,214 ) Interest capitalized, end of period $ 59,621 $ 57,232 $ 59,621 $ 57,232 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 (Dollars in thousands) Operating lease cost 1 $ 1,841 $ 5,811 Less: Sublease income (Note 20) (37 ) (112 ) Net lease cost $ 1,804 $ 5,699 |
Schedule of Lease Cash Flow Information [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,834 $ 5,397 Leased assets obtained in exchange for new operating lease liabilities $ 646 $ 2,676 |
Schedule of Lease Terms and Discount Rates [Table Text Block] | September 30, 2019 Weighted-average remaining lease term (in years) 6.3 Weighted-average discount rate 5.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ended December 31, (Dollars in thousands) 2019 (excluding the nine months ended September 30, 2019) $ 1,242 2020 6,716 2021 6,477 2022 6,138 2023 5,294 Thereafter 13,162 Total operating lease payments 1 $ 39,029 Less: Interest 6,162 Present value of operating lease liabilities 2 $ 32,867 |
Note 10 - Homebuilding Prepai_2
Note 10 - Homebuilding Prepaid and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | September 30, December 31, 2019 2018 (Dollars in thousands) Land option deposits $ 23,940 $ 23,805 Goodwill 6,008 6,008 Prepaid expenses 8,688 7,324 Deferred debt issuance costs on revolving credit facility, net 6,513 7,662 Other 1,246 995 Total $ 46,395 $ 45,794 |
Note 11 - Homebuilding Accrue_2
Note 11 - Homebuilding Accrued Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2019 2018 (Dollars in thousands) Customer and escrow deposits $ 48,618 $ 34,463 Warranty accrual 29,870 28,262 Accrued compensation and related expenses 35,790 39,459 Accrued interest 13,281 27,734 Construction defect claim reserves 8,379 8,464 Land development and home construction accruals 8,472 8,683 Other accrued liabilities 44,886 49,182 Total accrued liabilities $ 189,296 $ 196,247 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, December 31, 2019 2018 (Dollars in thousands) Insurance reserves $ 48,926 $ 46,844 Accounts payable and other accrued liabilities 13,105 11,699 Total accounts payable and accrued liabilities $ 62,031 $ 58,543 |
Note 12 - Warranty Accrual (Tab
Note 12 - Warranty Accrual (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Balance at beginning of period $ 29,349 $ 25,666 $ 28,262 $ 21,909 Expense provisions 3,557 3,757 10,642 10,104 Cash payments (3,425 ) (2,798 ) (8,894 ) (8,494 ) Adjustments 389 - (140 ) 3,106 Balance at end of period $ 29,870 $ 26,625 $ 29,870 $ 26,625 |
Note 13 - Insurance and Const_2
Note 13 - Insurance and Construction Defect Claim Reserves (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Balance at beginning of period $ 56,817 $ 50,707 $ 55,308 $ 52,686 Expense provisions 3,102 2,865 8,312 7,902 Cash payments, net of recoveries (2,614 ) (264 ) (6,315 ) (7,280 ) Balance at end of period $ 57,305 $ 53,308 $ 57,305 $ 53,308 |
Note 15 - Senior Notes (Tables)
Note 15 - Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, 2019 2018 (Dollars in thousands) 5⅝% Senior Notes due February 2020, net $ 249,638 $ 248,850 5½% Senior Notes due January 2024, net 248,950 248,789 6% Senior Notes due January 2043, net 490,462 490,328 Total $ 989,050 $ 987,967 |
Note 16 - Stock-based Compens_2
Note 16 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (Dollars in thousands) Stock option grants expense $ 429 $ 583 $ 929 $ 780 Restricted stock awards expense 1,391 939 2,979 2,303 Performance share units expense 7,975 903 14,270 5,417 Total stock-based compensation $ 9,795 $ 2,425 $ 18,178 $ 8,500 |
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* 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 CEO January 1, 2019 January 1, 2018 60,000 120,000 240,000 $ 7,824 COO August 5, 2019 to to $2.982 billion 60,000 $3.131 billion 120,000 $3.280 billion 240,000 $3.578 billion $ 32.60 7,824 CFO December 31, 2021 December 31, 2018 15,000 30,000 60,000 1,956 $ 17,604 |
Note 21 - Supplemental Guaran_2
Note 21 - Supplemental Guarantor Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | September 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) ASSETS Homebuilding: Cash and cash equivalents $ 279,346 $ 5,992 $ - $ - $ 285,338 Restricted cash - 16,325 - - 16,325 Trade and other receivables 4,444 54,084 - - 58,528 Inventories: Housing completed or under construction - 1,204,641 - - 1,204,641 Land and land under development - 1,191,036 - - 1,191,036 Total inventories - 2,395,677 - - 2,395,677 Intercompany receivables 2,050,173 4,159 - (2,054,332 ) - Investment in subsidiaries 390,631 - - (390,631 ) - Property and equipment, net 23,583 40,090 - - 63,673 Operating lease right-of-use asset 24,970 6,281 - - 31,251 Deferred tax asset, net 28,080 - - (368 ) 27,712 Prepaid and other assets 12,682 33,713 - - 46,395 Total homebuilding assets 2,813,909 2,556,321 - (2,445,331 ) 2,924,899 Financial Services: Cash and cash equivalents - - 46,790 - 46,790 Marketable securities - - 52,876 - 52,876 Intercompany receivables - - 33,122 (33,122 ) - Mortgage loans held-for-sale, net - - 117,020 - 117,020 Other assets - - 16,626 368 16,994 Total financial services assets - - 266,434 (32,754 ) 233,680 Total Assets $ 2,813,909 $ 2,556,321 $ 266,434 $ (2,478,085 ) $ 3,158,579 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 31 $ 79,012 $ - $ - $ 79,043 Accrued liabilities 45,525 139,717 - 4,054 189,296 Operating lease liabilities 25,606 6,281 - - 31,887 Advances and notes payable to parent and subsidiaries 36,896 2,041,070 - (2,077,966 ) - Revolving credit facility 15,000 - - - 15,000 Senior notes, net 989,050 - - - 989,050 Total homebuilding liabilities 1,112,108 2,266,080 - (2,073,912 ) 1,304,276 Financial Services: Accounts payable and other liabilities - - 66,085 (4,054 ) 62,031 Advances and notes payable to parent and subsidiaries - - 9,488 (9,488 ) - Mortgage repurchase facility - - 90,471 - 90,471 Total financial services liabilities - - 166,044 (13,542 ) 152,502 Total Liabilities 1,112,108 2,266,080 166,044 (2,087,454 ) 1,456,778 Equity: Total Stockholders' Equity 1,701,801 290,241 100,390 (390,631 ) 1,701,801 Total Liabilities and Stockholders' Equity $ 2,813,909 $ 2,556,321 $ 266,434 $ (2,478,085 ) $ 3,158,579 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 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 September 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 750,274 $ - $ - $ 750,274 Cost of sales - (609,316 ) - - (609,316 ) Inventory impairments - - - - - Gross profit - 140,958 - - 140,958 Selling, general, and administrative expenses (21,476 ) (71,111 ) - (129 ) (92,716 ) Equity income of subsidiaries 65,311 - - (65,311 ) - Interest and other income 2,173 460 - (297 ) 2,336 Other expense 7 (1,894 ) - - (1,887 ) Homebuilding pretax income (loss) 46,015 68,413 - (65,737 ) 48,691 Financial Services: Financial services pretax income - - 13,689 426 14,115 Income before income taxes 46,015 68,413 13,689 (65,311 ) 62,806 (Provision) benefit for income taxes 4,565 (13,596 ) (3,195 ) - (12,226 ) Net income $ 50,580 $ 54,817 $ 10,494 $ (65,311 ) $ 50,580 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 50,580 $ 54,817 $ 10,494 $ (65,311 ) $ 50,580 Three Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 766,027 $ - $ - $ 766,027 Cost of sales - (619,248 ) - - (619,248 ) Inventory impairments - (11,098 ) - - (11,098 ) Gross profit - 135,681 - - 135,681 Selling, general, and administrative expenses (16,172 ) (67,406 ) - 55 (83,523 ) Equity income of subsidiaries 64,345 - - (64,345 ) - Interest and other income 2,013 261 - (321 ) 1,953 Other expense 7 (1,135 ) - - (1,128 ) Homebuilding pretax income (loss) 50,193 67,401 - (64,611 ) 52,983 Financial Services: Financial services pretax income - - 14,171 266 14,437 Income before income taxes 50,193 67,401 14,171 (64,345 ) 67,420 (Provision) benefit for income taxes 3,199 (14,039 ) (3,188 ) - (14,028 ) Net income $ 53,392 $ 53,362 $ 10,983 $ (64,345 ) $ 53,392 Other comprehensive income related to available-for-sale securities, net of tax - - - - - Comprehensive income $ 53,392 $ 53,362 $ 10,983 $ (64,345 ) $ 53,392 Nine Months Ended September 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 2,130,396 $ - $ - $ 2,130,396 Home and land cost of sales - (1,724,040 ) - - (1,724,040 ) Inventory impairments - (610 ) - - (610 ) Gross profit - 405,746 - - 405,746 Selling, general, and administrative expenses (53,042 ) (204,271 ) - (376 ) (257,689 ) Equity income of subsidiaries 180,875 - - (180,875 ) - Interest and other income 7,301 981 - (791 ) 7,491 Other expense 22 (4,210 ) - - (4,188 ) Homebuilding pretax income (loss) 135,156 198,246 - (182,042 ) 151,360 Financial Services: Financial services pretax income - - 40,216 1,167 41,383 Income before income taxes 135,156 198,246 40,216 (180,875 ) 192,743 (Provision) benefit for income taxes 10,567 (48,362 ) (9,225 ) - (47,020 ) Net income $ 145,723 $ 149,884 $ 30,991 $ (180,875 ) $ 145,723 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 145,723 $ 149,884 $ 30,991 $ (180,875 ) $ 145,723 Nine Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Homebuilding: Revenues $ - $ 2,123,323 $ - $ - $ 2,123,323 Home and land cost of sales - (1,722,283 ) - - (1,722,283 ) Inventory impairments - (11,848 ) - - (11,848 ) Gross profit - 389,192 - - 389,192 Selling, general, and administrative expenses (45,599 ) (190,464 ) - (372 ) (236,435 ) Equity income of subsidiaries 186,855 - - (186,855 ) - Interest and other income 5,569 871 4 (858 ) 5,586 Other expense 22 (2,584 ) - - (2,562 ) Homebuilding pretax income (loss) 146,847 197,015 4 (188,085 ) 155,781 Financial Services: Financial services pretax income - - 37,557 1,230 38,787 Income before income taxes 146,847 197,015 37,561 (186,855 ) 194,568 (Provision) benefit for income taxes 9,208 (38,998 ) (8,723 ) - (38,513 ) Net income $ 156,055 $ 158,017 $ 28,838 $ (186,855 ) $ 156,055 Other comprehensive income related to available for sale securities, net of tax - - - - - Comprehensive income $ 156,055 $ 158,017 $ 28,838 $ (186,855 ) $ 156,055 |
Condensed Cash Flow Statement [Table Text Block] | Nine Months Ended September 30, 2019 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (30,842 ) $ (58,179 ) $ 55,903 $ - $ (33,118 ) Net cash provided by (used in) investing activities (61,906 ) (19,333 ) (4,137 ) 61,185 (24,191 ) Financing activities: Payments from (advances to) subsidiaries - 88,869 (27,684 ) (61,185 ) - Mortgage repurchase facility - - (26,344 ) - (26,344 ) Dividend payments (54,337 ) - - - (54,337 ) Issuance of shares under stock-based compensation programs, net 16,304 - - - 16,304 Net cash provided by (used in) financing activities (38,033 ) 88,869 (54,028 ) (61,185 ) (64,377 ) Net increase (decrease) in cash and cash equivalents (130,781 ) 11,357 (2,262 ) - (121,686 ) Cash and cash equivalents: Beginning of period 410,127 10,960 49,052 - 470,139 End of period $ 279,346 $ 22,317 $ 46,790 $ - $ 348,453 Nine Months Ended September 30, 2018 Non- Guarantor Guarantor Eliminating Consolidated MDC Subsidiaries Subsidiaries Entries MDC (Dollars in thousands) Net cash provided by (used in) operating activities $ (6,232 ) $ (99,100 ) $ 46,086 $ - $ (59,246 ) Net cash provided by (used in) investing activities (65,259 ) (19,135 ) (3,892 ) 114,514 26,228 Financing activities: Payments from (advances to) subsidiaries - 117,644 (3,130 ) (114,514 ) - Mortgage repurchase facility - - (21,556 ) - (21,556 ) Dividend payments (50,733 ) - - - (50,733 ) Issuance of shares under stock-based compensation programs, net 9,859 - - - 9,859 Net cash provided by (used in) financing activities (40,874 ) 117,644 (24,686 ) (114,514 ) (62,430 ) Net increase (decrease) in cash and cash equivalents (112,365 ) (591 ) 17,508 - (95,448 ) Cash and cash equivalents: Beginning of period 468,718 13,051 32,471 - 514,240 End of period $ 356,353 $ 12,460 $ 49,979 $ - $ 418,792 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Jan. 28, 2019 |
Stock Dividend Rate, Percentage | 8.00% |
Dividends Payable, Date Declared | Jan. 28, 2019 |
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 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 33,500 | |||
Operating Lease, Liability, Total | $ 32,867 | [1] | 34,300 | |
Homebuilding Segment [Member] | ||||
Operating Lease, Right-of-Use Asset | 31,251 | $ 0 | ||
Operating Lease, Liability, Total | $ 31,887 | $ 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 $1.0 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at September 30, 2019. |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Other Segments [Member] | |
Number of Reportable Segments | 1 |
Note 3 - Segment Reporting - Re
Note 3 - Segment Reporting - Reconciliation of Revenue From Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Homebuilding Segment [Member] | ||||
Revenues | $ 750,274 | $ 766,027 | $ 2,130,396 | $ 2,123,323 |
Homebuilding Segment [Member] | Reportable Segment, West [Member] | ||||
Revenues | 410,414 | 409,001 | 1,164,502 | 1,120,316 |
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | ||||
Revenues | 263,802 | 272,989 | 760,470 | 750,162 |
Homebuilding Segment [Member] | Reportable Segment, East [Member] | ||||
Revenues | 76,058 | 84,037 | 205,424 | 252,845 |
Financial Services Segment [Member] | ||||
Revenues | 22,388 | 19,611 | 58,389 | 60,018 |
Financial Services Segment [Member] | Mortgage Operations [Member] | ||||
Revenues | 14,395 | 11,919 | 36,258 | 39,162 |
Financial Services Segment [Member] | Other Financial Services [Member] | ||||
Revenues | $ 7,993 | $ 7,692 | $ 22,131 | $ 20,856 |
Note 3 - Segment Reporting - _2
Note 3 - Segment Reporting - Reconciliation of Pretax Operating Income From Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pretax income | $ 62,806 | $ 67,420 | $ 192,743 | $ 194,568 |
Homebuilding Segment [Member] | ||||
Pretax income | 48,691 | 52,983 | 151,360 | 155,781 |
Homebuilding Segment [Member] | Operating Segments [Member] | Reportable Segment, West [Member] | ||||
Pretax income | 34,898 | 28,947 | 103,448 | 91,028 |
Homebuilding Segment [Member] | Operating Segments [Member] | Reportable Segment, Mountain [Member] | ||||
Pretax income | 31,391 | 34,697 | 89,077 | 94,736 |
Homebuilding Segment [Member] | Operating Segments [Member] | Reportable Segment, East [Member] | ||||
Pretax income | 2,136 | 3,771 | 5,761 | 11,287 |
Homebuilding Segment [Member] | Corporate, Non-Segment [Member] | ||||
Pretax income | (19,734) | (14,432) | (46,926) | (41,270) |
Financial Services Segment [Member] | ||||
Pretax income | 14,115 | 14,437 | 41,383 | 38,787 |
Financial Services Segment [Member] | Operating Segments [Member] | Mortgage Operations [Member] | ||||
Pretax income | 8,468 | 6,702 | 19,700 | 23,262 |
Financial Services Segment [Member] | Operating Segments [Member] | Other Financial Services [Member] | ||||
Pretax income | $ 5,647 | $ 7,735 | $ 21,683 | $ 15,525 |
Note 3 - Segment Reporting - To
Note 3 - Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | $ 3,158,579 | $ 3,001,077 |
Homebuilding Segment [Member] | ||
Assets | 2,924,899 | 2,748,202 |
Homebuilding Segment [Member] | Corporate, Non-Segment [Member] | ||
Assets | 379,017 | 484,193 |
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Operating Segments [Member] | ||
Assets | 1,481,549 | 1,301,374 |
Homebuilding Segment [Member] | Reportable Segment, Mountain [Member] | Operating Segments [Member] | ||
Assets | 873,656 | 793,150 |
Homebuilding Segment [Member] | Reportable Segment, East [Member] | Operating Segments [Member] | ||
Assets | 190,677 | 169,485 |
Financial Services Segment [Member] | ||
Assets | 233,680 | 252,875 |
Financial Services Segment [Member] | Mortgage Operations [Member] | Operating Segments [Member] | ||
Assets | 131,554 | 159,677 |
Financial Services Segment [Member] | Other Financial Services [Member] | Operating Segments [Member] | ||
Assets | $ 102,126 | $ 93,198 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 | 0.6 | 0.4 | 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 | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 50,580 | $ 54,593 | $ 40,550 | $ 53,392 | $ 63,899 | $ 38,764 | $ 145,723 | $ 156,055 |
Less: distributed earnings allocated to participating securities | (122) | (106) | (343) | (307) | ||||
Less: undistributed earnings allocated to participating securities | (202) | (222) | (554) | (613) | ||||
Net income attributable to common stockholders (numerator for basic earnings per share) | 50,256 | 53,064 | 144,826 | 155,135 | ||||
Add back: undistributed earnings allocated to participating securities | 202 | 222 | 554 | 613 | ||||
Less: undistributed earnings reallocated to participating securities | (195) | (218) | (540) | (602) | ||||
Numerator for diluted earnings per share under two class method | $ 50,263 | $ 53,068 | $ 144,840 | $ 155,146 | ||||
Weighted-average common shares outstanding (in shares) | 61,978,195 | 60,665,349 | 61,422,925 | 60,505,916 | ||||
Denominator for diluted earnings per share under two class method (in shares) | 63,968,215 | 61,804,792 | 63,360,535 | 61,592,092 | ||||
Basic Earnings Per Common Share (in dollars per share) | $ 0.81 | $ 0.87 | $ 2.36 | $ 2.56 | ||||
Diluted Earnings Per Common Share (in dollars per share) | $ 0.79 | $ 0.86 | $ 2.29 | $ 2.52 | ||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Add: dilutive effect of share-based compensation (in shares) | 1,990,020 | 1,139,443 | 1,570,194 | 1,086,176 | ||||
Performance Shares [Member] | ||||||||
Add: dilutive effect of share-based compensation (in shares) | 0 | 0 | 367,416 | 0 |
Note 5 - Accumulated Other Co_3
Note 5 - Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Beginning balance | $ 1,661,151 | $ 1,489,841 | $ 1,576,000 | $ 1,407,287 | |
Ending balance | 1,701,801 | 1,532,742 | 1,701,801 | 1,532,742 | |
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 | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 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 | $ 117,020 | $ 117,020 | $ 149,211 | ||
Gain (Loss) on Sale of Mortgage Loans | 14,600 | $ 11,800 | 38,900 | $ 31,100 | |
Fair Value, Inputs, Level 2 [Member] | Under Commitment to Sell [Member] | |||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | 101,700 | 101,700 | 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 | $ 15,300 | $ 15,300 | $ 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 | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | $ 52,876 | $ 40,879 |
Fair Value, Inputs, Level 2 [Member] | ||
Mortgage loans held-for-sale, net | 117,020 | 149,211 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities (available-for-sale) | $ 0 | $ 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] $ in Thousands | Dec. 31, 2018USD ($) |
Amortized Cost | $ 34,866 |
OTTI | 0 |
Net Amortized Cost | 34,866 |
Fair Value | $ 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net gain recognized during the period on equity securities | $ 767 | $ 3,004 | $ 7,934 | $ 3,129 |
Less: Net gain (loss) recognized during the period on equity securities sold during the period | 299 | (21) | 536 | (484) |
Unrealized gain recognized during the reporting period on equity securities still held at the reporting date | $ 468 | $ 3,025 | $ 7,398 | $ 3,613 |
Note 6 - Fair Value Measureme_7
Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Senior Notes, Carrying Amount | $ 989,050 | $ 987,967 |
Reported Value Measurement [Member] | ||
Senior Notes, Carrying Amount | 989,050 | 987,967 |
Estimate of Fair Value Measurement [Member] | ||
Senior Notes, Fair Value | 1,042,630 | 882,948 |
Senior Notes 5.625% Due February 2020 [Member] | ||
Senior Notes, Carrying Amount | 249,638 | 248,850 |
Senior Notes 5.625% Due February 2020 [Member] | Reported Value Measurement [Member] | ||
Senior Notes, Carrying Amount | 249,638 | 248,850 |
Senior Notes 5.625% Due February 2020 [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Notes, Fair Value | 252,193 | 253,413 |
Senior Notes 5.5% Due January 2024 [Member] | ||
Senior Notes, Carrying Amount | 248,950 | 248,789 |
Senior Notes 5.5% Due January 2024 [Member] | Reported Value Measurement [Member] | ||
Senior Notes, Carrying Amount | 248,950 | 248,789 |
Senior Notes 5.5% Due January 2024 [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Notes, Fair Value | 274,104 | 242,983 |
Senior Notes 6% Due January 2043 [Member] | ||
Senior Notes, Carrying Amount | 490,462 | 490,328 |
Senior Notes 6% Due January 2043 [Member] | Reported Value Measurement [Member] | ||
Senior Notes, Carrying Amount | 490,462 | 490,328 |
Senior Notes 6% Due January 2043 [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior Notes, Fair Value | $ 516,333 | $ 386,552 |
Note 6 - Fair Value Measureme_8
Note 6 - Fair Value Measurements - Estimated Fair Value of Senior Notes (Details) (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Senior Notes 5.625% Due February 2020 [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, face amount | $ 250 | $ 250 |
Senior Notes 6% Due January 2043 [Member] | ||
Senior Notes, interest rate | 6.00% | 6.00% |
Senior Notes, face amount | $ 500 | $ 500 |
Note 7 - Inventories - Summary
Note 7 - Inventories - Summary of Inventory (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Housing completed or under construction | $ 1,204,641 | $ 952,436 |
Land and land under development | 1,191,036 | 1,180,558 |
Total inventories | 2,395,677 | 2,132,994 |
Reportable Segment, West [Member] | ||
Housing completed or under construction | 689,849 | 521,960 |
Land and land under development | 697,947 | 705,591 |
Reportable Segment, Mountain [Member] | ||
Housing completed or under construction | 415,799 | 347,738 |
Land and land under development | 417,150 | 402,657 |
Reportable Segment, East [Member] | ||
Housing completed or under construction | 98,993 | 82,738 |
Land and land under development | $ 75,939 | $ 72,310 |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventory Impairments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Impairment Data; Inventory Impairments | $ 0 | $ 0 | $ 610 | $ 11,098 | $ 200 | $ 550 | $ 610 | $ 11,848 |
Homebuilding Segment [Member] | ||||||||
Impairment Data; Inventory Impairments | 0 | 11,098 | 610 | 11,848 | ||||
Homebuilding Segment [Member] | Reportable Segment, West [Member] | Housing Completed or Under Construction [Member] | ||||||||
Impairment Data; Inventory Impairments | 0 | 10,798 | 0 | 11,173 | ||||
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 | $ 300 | $ 210 | $ 500 |
Note 7 - Inventories - Fair Val
Note 7 - Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Impairment Data; Total Subdivisions Tested | 16 | 12 | 16 | 17 | 17 | 24 | ||
Impairment Data; Inventory Impairments | $ 0 | $ 0 | $ 610 | $ 11,098 | $ 200 | $ 550 | $ 610 | $ 11,848 |
Impairment Data; Fair Value of Inventory After Impairments | $ 10,476 | $ 29,874 | $ 767 | $ 5,223 | ||||
Impairment Data; Number of Subdivisions Impaired | 0 | 0 | 2 | 2 | 1 | 2 | ||
Measurement Input, Discount Rate [Member] | ||||||||
Quantitative Data; Discount Rate | 12 | 12 | ||||||
Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||||||
Quantitative Data; Discount Rate | 12 | 12 | ||||||
Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||||||
Quantitative Data; Discount Rate | 18 | 18 |
Note 8 - Capitalization of In_3
Note 8 - Capitalization of Interest - Interest Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Homebuilding interest incurred | $ 15,879 | $ 15,641 | $ 47,890 | $ 46,905 |
Less: Interest capitalized | (15,879) | (15,641) | (47,890) | (46,905) |
Homebuilding interest expensed | 0 | 0 | 0 | 0 |
Interest capitalized, beginning of period | 58,193 | 58,227 | 54,845 | 57,541 |
Plus: Interest capitalized during period | 15,879 | 15,641 | 47,890 | 46,905 |
Less: Previously capitalized interest included in home and land cost of sales | (14,451) | (16,636) | (43,114) | (47,214) |
Interest capitalized, end of period | $ 59,621 | $ 57,232 | $ 59,621 | $ 57,232 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Jan. 01, 2019 | ||
Operating Lease, Right-of-Use Asset | $ 33,500 | ||
Operating Lease, Liability, Total | $ 32,867 | [1] | $ 34,300 |
Lessee, Operating Lease, Lease Not yet Commenced, Binding Lease Payments | 3,300 | ||
Financial Services Segment [Member] | Accounts Payable and Accrued Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 1,000 | ||
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 $1.0 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at September 30, 2019. |
Note 9 - Leases - Components of
Note 9 - Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | ||
Operating lease cost | [1] | $ 1,841 | $ 5,811 |
Less: Sublease income (Note 20) | (37) | (112) | |
Net lease cost | $ 1,804 | $ 5,699 | |
[1] | Includes variable lease costs, which are immaterial. |
Note 9 - Leases - Supplemental
Note 9 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Operating cash flows from operating leases | $ 1,834 | $ 5,397 |
Leased assets obtained in exchange for new operating lease liabilities | $ 646 | $ 2,676 |
Note 9 - Leases - Weighted Aver
Note 9 - Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Sep. 30, 2019 |
Weighted-average remaining lease term (in years) (Year) | 6 years 3 months 18 days |
Weighted-average discount rate | 5.50% |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | ||
2019 (excluding the nine months ended September 30, 2019) | $ 1,242 | |||
2020 | 6,716 | |||
2021 | 6,477 | |||
2022 | 6,138 | |||
2023 | 5,294 | |||
Thereafter | 13,162 | |||
Total operating lease payments 1 | [1] | 39,029 | ||
Less: Interest | 6,162 | |||
Operating Lease, Liability, Total | $ 32,867 | [2] | $ 34,300 | |
[1] | Operating lease payments exclude $3.3 million of legally binding lease payments for leases signed but not yet commenced. | |||
[2] | Financial services operating lease liabilities of $1.0 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at September 30, 2019. |
Note 10 - Homebuilding Prepai_3
Note 10 - Homebuilding Prepaid and Other Assets - Summary of Homebuilding Prepaid and Other Assets (Details) - Homebuilding Segment [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Land option deposits | $ 23,940 | $ 23,805 |
Goodwill | 6,008 | 6,008 |
Prepaid expenses | 8,688 | 7,324 |
Deferred debt issuance costs on revolving credit facility, net | 6,513 | 7,662 |
Other | 1,246 | 995 |
Total | $ 46,395 | $ 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 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Warranty accrual | $ 29,870 | $ 29,349 | $ 28,262 | $ 26,625 | $ 25,666 | $ 21,909 |
Homebuilding Segment [Member] | ||||||
Customer and escrow deposits | 48,618 | 34,463 | ||||
Warranty accrual | 29,870 | 28,262 | ||||
Accrued compensation and related expenses | 35,790 | 39,459 | ||||
Accrued interest | 13,281 | 27,734 | ||||
Construction defect claim reserves | 8,379 | 8,464 | ||||
Land development and home construction accruals | 8,472 | 8,683 | ||||
Other accrued liabilities | 44,886 | 49,182 | ||||
Total accrued liabilities | $ 189,296 | $ 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 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Insurance reserves | $ 57,305 | $ 56,817 | $ 55,308 | $ 53,308 | $ 50,707 | $ 52,686 |
Financial Services Segment [Member] | ||||||
Insurance reserves | 48,926 | 46,844 | ||||
Accounts payable and other accrued liabilities | 13,105 | 11,699 | ||||
Total accounts payable and accrued liabilities | $ 62,031 | $ 58,543 |
Note 12 - Warranty Accrual (Det
Note 12 - Warranty Accrual (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties, Total | $ 389 | $ 0 | $ (140) | $ 3,106 |
Note 12 - Warranty Accrual - Wa
Note 12 - Warranty Accrual - Warranty Accrual and Payment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Balance at beginning of period | $ 29,349 | $ 25,666 | $ 28,262 | $ 21,909 |
Expense provisions | 3,557 | 3,757 | 10,642 | 10,104 |
Cash payments | (3,425) | (2,798) | (8,894) | (8,494) |
Adjustments | 389 | 0 | (140) | 3,106 |
Balance at end of period | $ 29,870 | $ 26,625 | $ 29,870 | $ 26,625 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Balance at beginning of period | $ 56,817 | $ 50,707 | $ 55,308 | $ 52,686 |
Expense provisions | 3,102 | 2,865 | 8,312 | 7,902 |
Cash payments, net of recoveries | (2,614) | (264) | (6,315) | (7,280) |
Balance at end of period | $ 57,305 | $ 53,308 | $ 57,305 | $ 53,308 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 19.50% | 20.80% | 24.40% | 19.80% | |
Income Tax Expense (Benefit), Total | $ 12,226 | $ 14,028 | $ 47,020 | $ 38,513 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | 10,200 | ||||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Benefits Recognized Upon Vesting, Amount | 2,700 | ||||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | (2,300) | ||||
Deferred Tax Assets, Net, Total | $ 27,700 | $ 27,700 | $ 37,200 |
Note 15 - Senior Notes - Carryi
Note 15 - Senior Notes - Carrying Amount of Senior Notes (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying amount | $ 989,050 | $ 987,967 |
Senior Notes 5.625% Due February 2020 [Member] | ||
Carrying amount | 249,638 | 248,850 |
Senior Notes 5.5% Due January 2024 [Member] | ||
Carrying amount | 248,950 | 248,789 |
Senior Notes 6% Due January 2043 [Member] | ||
Carrying amount | $ 490,462 | $ 490,328 |
Note 15 - Senior Notes - Carr_2
Note 15 - Senior Notes - Carrying Amount of Senior Notes (Details) (Parentheticals) | 9 Months Ended | 12 Months Ended |
Sep. 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 | 9 Months Ended | 22 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | May 23, 2018 | |
Share-based Payment Arrangement, Expense | $ 9,795 | $ 2,425 | $ 18,178 | $ 8,500 | |
Performance Shares [Member] | |||||
Share-based Payment Arrangement, Expense | 7,975 | 903 | 14,270 | 5,417 | |
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 | 0 | $ 900 | 1,800 | 5,400 | |
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted In 2017 [Member] | |||||
Share-based Payment Arrangement, Expense | 5,500 | 10,000 | 0 | ||
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted in 2018 [Member] | |||||
Share-based Payment Arrangement, Expense | 2,500 | 2,500 | $ 0 | ||
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Granted in 2019 [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] | Granted In 2017 [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 3,200 | 3,200 | |||
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Maximum [Member] | Granted in 2018 [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 12,400 | 12,400 | |||
Performance Shares [Member] | Equity Incentive Plan 2011 [Member] | Maximum [Member] | Granted in 2019 [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 17,600 | $ 17,600 | |||
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based compensation expense | $ 9,795 | $ 2,425 | $ 18,178 | $ 8,500 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based compensation expense | 429 | 583 | 929 | 780 |
Restricted Stock [Member] | ||||
Share-based compensation expense | 1,391 | 939 | 2,979 | 2,303 |
Performance Shares [Member] | ||||
Share-based compensation expense | $ 7,975 | $ 903 | $ 14,270 | $ 5,417 |
Note 16 - Stock-based Compens_5
Note 16 - Stock-based Compensation - Performance Stock Units Granted (Details) - Performance Shares [Member] $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($)$ / sharesshares | ||
Maximum potential expense to be recognized | $ | $ 17,604,000 | |
July 25, 2016 [Member] | ||
Maximum potential expense to be recognized | $ | 10,834,000 | [1] |
June 20, 2017 [Member] | ||
Maximum potential expense to be recognized | $ | 16,070,000 | [1] |
May 23, 2018 [Member] | ||
Maximum potential expense to be recognized | $ | 14,915,000 | [1] |
Chief Operating Officer [Member] | July 25, 2016 [Member] | ||
Base period revenues | $ | $ 1,975 | |
Threshold goal, number of PSUs (in shares) | 61,236 | |
Threshold goal, home sale revenues | $ | $ 2,074 | |
Target goal, number of PSUs (in shares) | 122,472 | |
Target goal, home sale revenues | $ | $ 2,173 | |
Maximum goal, number of PSUs (in shares) | 244,944 | |
Maximum goal, home sale revenues | $ | $ 2,370 | |
Maximum potential expense to be recognized | $ | $ 4,815,000 | [1] |
Fair value per share (in dollars per share) | $ / shares | $ 19.66 | |
Chief Operating Officer [Member] | June 20, 2017 [Member] | ||
Base period revenues | $ | $ 2,426 | |
Threshold goal, number of PSUs (in shares) | 64,152 | |
Threshold goal, home sale revenues | $ | $ 2,547 | |
Target goal, number of PSUs (in shares) | 128,304 | |
Target goal, home sale revenues | $ | $ 2,669 | |
Maximum goal, number of PSUs (in shares) | 256,608 | |
Maximum goal, home sale revenues | $ | $ 2,911 | |
Maximum potential expense to be recognized | $ | $ 7,142,000 | [1] |
Fair value per share (in dollars per share) | $ / shares | $ 27.83 | |
Chief Operating Officer [Member] | May 23, 2018 [Member] | ||
Base period revenues | $ | $ 2,543 | |
Threshold goal, number of PSUs (in shares) | 64,800 | |
Threshold goal, home sale revenues | $ | $ 2,670 | |
Target goal, number of PSUs (in shares) | 129,600 | |
Target goal, home sale revenues | $ | $ 2,797 | |
Maximum goal, number of PSUs (in shares) | 259,200 | |
Maximum goal, home sale revenues | $ | $ 3,052 | |
Maximum potential expense to be recognized | $ | $ 6,629,000 | [1] |
Fair value per share (in dollars per share) | $ / shares | $ 25.57 | |
Chief Operating Officer [Member] | August 5, 2019 [Member] | ||
Base period revenues | $ | $ 2,982 | |
Threshold goal, number of PSUs (in shares) | 60,000 | |
Threshold goal, home sale revenues | $ | $ 3,131 | |
Target goal, number of PSUs (in shares) | 120,000 | |
Target goal, home sale revenues | $ | $ 3,280 | |
Maximum goal, number of PSUs (in shares) | 240,000 | |
Maximum goal, home sale revenues | $ | $ 3,578 | |
Maximum potential expense to be recognized | $ | $ 7,824,000 | |
Fair value per share (in dollars per share) | $ / shares | $ 32.60 | |
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 | $ | $ 4,815,000 | [1] |
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 | $ | $ 7,142,000 | [1] |
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 | $ | $ 6,629,000 | [1] |
Chief Executive Officer [Member] | August 5, 2019 [Member] | ||
Threshold goal, number of PSUs (in shares) | 60,000 | |
Target goal, number of PSUs (in shares) | 120,000 | |
Maximum goal, number of PSUs (in shares) | 240,000 | |
Maximum potential expense to be recognized | $ | $ 7,824,000 | |
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 | $ | $ 1,204,000 | [1] |
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 | $ | $ 1,786,000 | [1] |
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 | $ | $ 1,657,000 | [1] |
Chief Financial Officer [Member] | August 5, 2019 [Member] | ||
Threshold goal, number of PSUs (in shares) | 15,000 | |
Target goal, number of PSUs (in shares) | 30,000 | |
Maximum goal, number of PSUs (in shares) | 60,000 | |
Maximum potential expense to be recognized | $ | $ 1,956,000 | |
[1] | Dollars in thousands |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Surety Bonds, Outstanding, Amount | $ 251.1 |
Letters of Credit Outstanding, Amount | 93 |
Estimated Cost Related to Bonds | 130.4 |
Estimated Cost Related to Letters of Credit | 49.8 |
Option Contracts [Member] | |
Letters of Credit Outstanding, Amount | 5.4 |
Earnest Money Deposits | 19.3 |
HomeAmerican [Member] | |
Letters of Credit Outstanding, Amount | $ 66.6 |
Note 18 - Derivative Financia_2
Note 18 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative, Gain (Loss) on Derivative, Net, Total | $ 0.5 | $ 0.9 | $ 1.9 | $ 1.4 |
Commitment to Originate Mortgage Loans [Member] | ||||
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights | 155.1 | 155.1 | ||
No Commitment to Originate Mortgage Loans [Member] | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | 14.6 | 14.6 | ||
Forward Sales of Mortgage Backed Securities [Member] | ||||
Notional Amount of Forward Rate Commitments and Futures Contracts to Hedge against Mortgage Servicing Rights | $ 131.5 | $ 131.5 |
Note 19 - Lines of Credit (Deta
Note 19 - Lines of Credit (Details Textual) - USD ($) $ in Millions | Nov. 01, 2018 | Sep. 30, 2019 | Sep. 26, 2019 | Sep. 25, 2019 | Dec. 31, 2018 | Dec. 27, 2018 | Aug. 09, 2018 | Dec. 26, 2017 | Sep. 29, 2017 |
Letters of Credit Outstanding, Amount | $ 93 | ||||||||
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 | $ 26.4 | $ 27.8 | |||||||
Long-term Line of Credit, Total | 15 | 15 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 958.6 | ||||||||
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 | $ 75 | $ 130 | $ 75 | $ 75 | ||||
Line of Credit Facility, Maximum Increase to Borrowing Capacity | $ 75 | ||||||||
Warehouse Agreement Borrowings, Total | $ 90.5 | $ 116.8 |
Note 20 - Related Party Trans_2
Note 20 - Related Party Transactions (Details Textual) $ in Millions | Oct. 31, 2026 | Nov. 01, 2021 | Oct. 31, 2021 | Nov. 01, 2016ft² | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) |
Cash Contribution Committed to Charitable Foundation | $ | $ 0.5 | $ 1 | ||||
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) | 9 Months Ended |
Sep. 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 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Cash and cash equivalents | $ 348,453 | $ 470,139 | $ 418,792 | $ 514,240 | ||||||
Operating lease right-of-use asset | $ 33,500 | |||||||||
Deferred tax asset, net | 27,700 | 37,200 | ||||||||
Assets | 3,158,579 | 3,001,077 | ||||||||
Operating lease liabilities | 32,867 | [1] | $ 34,300 | |||||||
Total Liabilities | 1,456,778 | 1,425,077 | ||||||||
Total Stockholders' Equity | 1,701,801 | $ 1,661,151 | $ 1,610,706 | 1,576,000 | 1,532,742 | $ 1,489,841 | $ 1,432,493 | 1,407,287 | ||
Total Liabilities and Stockholders' Equity | 3,158,579 | 3,001,077 | ||||||||
Homebuilding Segment [Member] | ||||||||||
Cash and cash equivalents | 285,338 | 414,724 | 360,947 | |||||||
Restricted cash | 16,325 | 6,363 | 7,866 | |||||||
Trade and other receivables | 58,528 | 52,982 | ||||||||
Housing completed or under construction | 1,204,641 | 952,436 | ||||||||
Land and land under development | 1,191,036 | 1,180,558 | ||||||||
Total inventories | 2,395,677 | 2,132,994 | ||||||||
Intercompany receivables | 0 | 0 | ||||||||
Investment in subsidiaries | 0 | 0 | ||||||||
Property and equipment, net | 63,673 | 58,167 | ||||||||
Operating lease right-of-use asset | 31,251 | 0 | ||||||||
Deferred tax asset, net | 27,712 | 37,178 | ||||||||
Prepaid and other assets | 46,395 | 45,794 | ||||||||
Assets | 2,924,899 | 2,748,202 | ||||||||
Marketable securities | 52,876 | 40,879 | ||||||||
Accounts payable | 79,043 | 50,505 | ||||||||
Accrued liabilities | 189,296 | 196,247 | ||||||||
Operating lease liabilities | 31,887 | 0 | ||||||||
Advances and notes payable to parent and subsidiaries | 0 | 0 | ||||||||
Revolving credit facility | 15,000 | 15,000 | ||||||||
Senior notes, net | 989,050 | 987,967 | ||||||||
Total Liabilities | 1,304,276 | 1,249,719 | ||||||||
Financial Services Segment [Member] | ||||||||||
Cash and cash equivalents | 46,790 | 49,052 | 49,979 | |||||||
Intercompany receivables | 0 | 0 | ||||||||
Prepaid and other assets | 16,994 | 13,733 | ||||||||
Assets | 233,680 | 252,875 | ||||||||
Marketable securities | 52,876 | 40,879 | ||||||||
Mortgage loans held-for-sale, net | 117,020 | 149,211 | ||||||||
Advances and notes payable to parent and subsidiaries | 0 | 0 | ||||||||
Total Liabilities | 152,502 | 175,358 | ||||||||
Accounts payable and other liabilities | 62,031 | 58,543 | ||||||||
Mortgage repurchase facility | 90,471 | 116,815 | ||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||||||||
Cash and cash equivalents | 279,346 | 410,127 | 356,353 | 468,718 | ||||||
Assets | 2,813,909 | 2,674,373 | ||||||||
Total Liabilities | 1,112,108 | 1,098,373 | ||||||||
Total Stockholders' Equity | 1,701,801 | 1,576,000 | ||||||||
Total Liabilities and Stockholders' Equity | 2,813,909 | 2,674,373 | ||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||||||
Cash and cash equivalents | 22,317 | 10,960 | 12,460 | 13,051 | ||||||
Assets | 2,556,321 | 2,271,378 | ||||||||
Total Liabilities | 2,266,080 | 1,903,140 | ||||||||
Total Stockholders' Equity | 290,241 | 368,238 | ||||||||
Total Liabilities and Stockholders' Equity | 2,556,321 | 2,271,378 | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||
Cash and cash equivalents | 46,790 | 49,052 | 49,979 | 32,471 | ||||||
Assets | 266,434 | 276,231 | ||||||||
Total Liabilities | 166,044 | 188,621 | ||||||||
Total Stockholders' Equity | 100,390 | 87,610 | ||||||||
Total Liabilities and Stockholders' Equity | 266,434 | 276,231 | ||||||||
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Parent Company [Member] | ||||||||||
Cash and cash equivalents | 279,346 | 410,127 | ||||||||
Restricted cash | 0 | 0 | ||||||||
Trade and other receivables | 4,444 | 758 | ||||||||
Housing completed or under construction | 0 | 0 | ||||||||
Land and land under development | 0 | 0 | ||||||||
Total inventories | 0 | 0 | ||||||||
Intercompany receivables | 2,050,173 | 1,735,342 | ||||||||
Investment in subsidiaries | 390,631 | 455,848 | ||||||||
Property and equipment, net | 23,583 | 23,896 | ||||||||
Operating lease right-of-use asset | 24,970 | |||||||||
Deferred tax asset, net | 28,080 | 36,168 | ||||||||
Prepaid and other assets | 12,682 | 12,234 | ||||||||
Assets | 2,813,909 | 2,674,373 | ||||||||
Accounts payable | 31 | 0 | ||||||||
Accrued liabilities | 45,525 | 65,691 | ||||||||
Operating lease liabilities | 25,606 | |||||||||
Advances and notes payable to parent and subsidiaries | 36,896 | 29,715 | ||||||||
Revolving credit facility | 15,000 | 15,000 | ||||||||
Senior notes, net | 989,050 | 987,967 | ||||||||
Total Liabilities | 1,112,108 | 1,098,373 | ||||||||
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member] | ||||||||||
Cash and cash equivalents | 5,992 | 4,597 | ||||||||
Restricted cash | 16,325 | 6,363 | ||||||||
Trade and other receivables | 54,084 | 52,224 | ||||||||
Housing completed or under construction | 1,204,641 | 952,436 | ||||||||
Land and land under development | 1,191,036 | 1,180,558 | ||||||||
Total inventories | 2,395,677 | 2,132,994 | ||||||||
Intercompany receivables | 4,159 | 7,369 | ||||||||
Investment in subsidiaries | 0 | 0 | ||||||||
Property and equipment, net | 40,090 | 34,271 | ||||||||
Operating lease right-of-use asset | 6,281 | |||||||||
Deferred tax asset, net | 0 | 0 | ||||||||
Prepaid and other assets | 33,713 | 33,560 | ||||||||
Assets | 2,556,321 | 2,271,378 | ||||||||
Accounts payable | 79,012 | 50,505 | ||||||||
Accrued liabilities | 139,717 | 125,387 | ||||||||
Operating lease liabilities | 6,281 | |||||||||
Advances and notes payable to parent and subsidiaries | 2,041,070 | 1,727,248 | ||||||||
Revolving credit facility | 0 | 0 | ||||||||
Senior notes, net | 0 | 0 | ||||||||
Total Liabilities | 2,266,080 | 1,903,140 | ||||||||
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 | ||||||||
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 | 46,790 | 49,052 | ||||||||
Intercompany receivables | 33,122 | 22,346 | ||||||||
Prepaid and other assets | 16,626 | 14,743 | ||||||||
Assets | 266,434 | 276,231 | ||||||||
Marketable securities | 52,876 | 40,879 | ||||||||
Mortgage loans held-for-sale, net | 117,020 | 149,211 | ||||||||
Advances and notes payable to parent and subsidiaries | 9,488 | 7,799 | ||||||||
Total Liabilities | 166,044 | 188,326 | ||||||||
Accounts payable and other liabilities | 66,085 | 63,712 | ||||||||
Mortgage repurchase facility | 90,471 | 116,815 | ||||||||
Consolidation, Eliminations [Member] | ||||||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | ||||||
Assets | (2,478,085) | (2,220,905) | ||||||||
Total Liabilities | (2,087,454) | (1,765,057) | ||||||||
Total Stockholders' Equity | (390,631) | (455,848) | ||||||||
Total Liabilities and Stockholders' Equity | (2,478,085) | (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 | (2,054,332) | (1,742,711) | ||||||||
Investment in subsidiaries | (390,631) | (455,848) | ||||||||
Property and equipment, net | 0 | 0 | ||||||||
Operating lease right-of-use asset | 0 | |||||||||
Deferred tax asset, net | (368) | 1,010 | ||||||||
Prepaid and other assets | 0 | 0 | ||||||||
Assets | (2,445,331) | (2,197,549) | ||||||||
Accounts payable | 0 | 0 | ||||||||
Accrued liabilities | 4,054 | 5,169 | ||||||||
Operating lease liabilities | 0 | |||||||||
Advances and notes payable to parent and subsidiaries | (2,077,966) | (1,757,258) | ||||||||
Revolving credit facility | 0 | 0 | ||||||||
Senior notes, net | 0 | 0 | ||||||||
Total Liabilities | (2,073,912) | (1,752,089) | ||||||||
Consolidation, Eliminations [Member] | Financial Services Segment [Member] | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Intercompany receivables | (33,122) | (22,346) | ||||||||
Prepaid and other assets | 368 | (1,010) | ||||||||
Assets | (32,754) | (23,356) | ||||||||
Marketable securities | 0 | 0 | ||||||||
Mortgage loans held-for-sale, net | 0 | 0 | ||||||||
Advances and notes payable to parent and subsidiaries | (9,488) | (7,799) | ||||||||
Total Liabilities | (13,542) | (12,968) | ||||||||
Accounts payable and other liabilities | (4,054) | (5,169) | ||||||||
Mortgage repurchase facility | $ 0 | $ 0 | ||||||||
[1] | Financial services operating lease liabilities of $1.0 million are included as a component of accrued liabilities in the financial services section of our consolidated balance sheet at September 30, 2019. |
Note 21 - Supplemental Guaran_5
Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Inventory impairments | $ 0 | $ 0 | $ (610) | $ (11,098) | $ (200) | $ (550) | $ (610) | $ (11,848) |
Gross profit | 140,958 | 135,681 | 405,746 | 389,192 | ||||
Pretax income (loss) | 62,806 | 67,420 | 192,743 | 194,568 | ||||
(Provision) benefit for income taxes | (12,226) | (14,028) | (47,020) | (38,513) | ||||
Net income | 50,580 | $ 54,593 | $ 40,550 | 53,392 | $ 63,899 | $ 38,764 | 145,723 | 156,055 |
Other comprehensive income related to available-for-sale securities, net of tax | 0 | 0 | 0 | 0 | ||||
Comprehensive income | 50,580 | 53,392 | 145,723 | 156,055 | ||||
Gross profit | 140,958 | 135,681 | 405,746 | 389,192 | ||||
Homebuilding Segment [Member] | ||||||||
Revenues | 750,274 | 766,027 | 2,130,396 | 2,123,323 | ||||
Cost of sales | (609,316) | (619,248) | (1,724,040) | 1,722,283 | ||||
Inventory impairments | 0 | (11,098) | (610) | (11,848) | ||||
Gross profit | 140,958 | 135,681 | 405,746 | 389,192 | ||||
Selling, general, and administrative expenses | (92,716) | (83,523) | (257,689) | (236,435) | ||||
Equity income of subsidiaries | 0 | 0 | 0 | 0 | ||||
Interest and other income | 2,336 | 1,953 | 7,491 | 5,586 | ||||
Other expense | (1,887) | (1,128) | (4,188) | (2,562) | ||||
Pretax income (loss) | 48,691 | 52,983 | 151,360 | 155,781 | ||||
Gross profit | 140,958 | 135,681 | 405,746 | 389,192 | ||||
Home and land cost of sales | 609,316 | 619,248 | 1,724,040 | (1,722,283) | ||||
Financial Services Segment [Member] | ||||||||
Revenues | 22,388 | 19,611 | 58,389 | 60,018 | ||||
Pretax income (loss) | 14,115 | 14,437 | 41,383 | 38,787 | ||||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Pretax income (loss) | 46,015 | 50,193 | 135,156 | 146,847 | ||||
(Provision) benefit for income taxes | 4,565 | 3,199 | 10,567 | 9,208 | ||||
Net income | 50,580 | 53,392 | 145,723 | 156,055 | ||||
Other comprehensive income related to available-for-sale securities, net of tax | 0 | 0 | 0 | 0 | ||||
Comprehensive income | 50,580 | 53,392 | 145,723 | 156,055 | ||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||||
Gross profit | 140,958 | 135,681 | 405,746 | 389,192 | ||||
Pretax income (loss) | 68,413 | 67,401 | 198,246 | 197,015 | ||||
(Provision) benefit for income taxes | (13,596) | (14,039) | (48,362) | (38,998) | ||||
Net income | 54,817 | 53,362 | 149,884 | 158,017 | ||||
Other comprehensive income related to available-for-sale securities, net of tax | 0 | 0 | 0 | 0 | ||||
Comprehensive income | 54,817 | 53,362 | 149,884 | 158,017 | ||||
Gross profit | 140,958 | 135,681 | 405,746 | 389,192 | ||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Pretax income (loss) | 13,689 | 14,171 | 40,216 | 37,561 | ||||
(Provision) benefit for income taxes | (3,195) | (3,188) | (9,225) | (8,723) | ||||
Net income | 10,494 | 10,983 | 30,991 | 28,838 | ||||
Other comprehensive income related to available-for-sale securities, net of tax | 0 | 0 | 0 | 0 | ||||
Comprehensive income | 10,494 | 10,983 | 30,991 | 28,838 | ||||
Gross profit | 0 | 0 | 0 | 0 | ||||
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 | ||||
Selling, general, and administrative expenses | (21,476) | (16,172) | (53,042) | (45,599) | ||||
Equity income of subsidiaries | 65,311 | 64,345 | 180,875 | 186,855 | ||||
Interest and other income | 2,173 | 2,013 | 7,301 | 5,569 | ||||
Other expense | 7 | 7 | 22 | 22 | ||||
Pretax income (loss) | 46,015 | 50,193 | 135,156 | 146,847 | ||||
Home and land cost of sales | 0 | 0 | 0 | 0 | ||||
Reportable Legal Entities [Member] | Homebuilding Segment [Member] | Guarantor Subsidiaries [Member] | ||||||||
Revenues | 750,274 | 766,027 | 2,130,396 | 2,123,323 | ||||
Cost of sales | (609,316) | (619,248) | (1,724,040) | 1,722,283 | ||||
Inventory impairments | 0 | (11,098) | (610) | (11,848) | ||||
Selling, general, and administrative expenses | (71,111) | (67,406) | (204,271) | (190,464) | ||||
Equity income of subsidiaries | 0 | 0 | 0 | 0 | ||||
Interest and other income | 460 | 261 | 981 | 871 | ||||
Other expense | (1,894) | (1,135) | (4,210) | (2,584) | ||||
Pretax income (loss) | 68,413 | 67,401 | 198,246 | 197,015 | ||||
Home and land cost of sales | 609,316 | 619,248 | 1,724,040 | (1,722,283) | ||||
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 | ||||
Selling, general, and administrative expenses | 0 | 0 | 0 | 0 | ||||
Equity income of subsidiaries | 0 | 0 | 0 | 0 | ||||
Interest and other income | 0 | 0 | 0 | 4 | ||||
Other expense | 0 | 0 | 0 | 0 | ||||
Pretax income (loss) | 0 | 0 | 0 | 4 | ||||
Home and land cost of sales | 0 | 0 | 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) | 13,689 | 14,171 | 40,216 | 37,557 | ||||
Consolidation, Eliminations [Member] | ||||||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Pretax income (loss) | (65,311) | (64,345) | (180,875) | (186,855) | ||||
(Provision) benefit for income taxes | 0 | 0 | 0 | 0 | ||||
Net income | (65,311) | (64,345) | (180,875) | (186,855) | ||||
Other comprehensive income related to available-for-sale securities, net of tax | 0 | 0 | 0 | 0 | ||||
Comprehensive income | (65,311) | (64,345) | (180,875) | (186,855) | ||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Consolidation, Eliminations [Member] | Homebuilding Segment [Member] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Cost of sales | 0 | 0 | 0 | 0 | ||||
Inventory impairments | 0 | 0 | 0 | 0 | ||||
Selling, general, and administrative expenses | (129) | 55 | (376) | (372) | ||||
Equity income of subsidiaries | (65,311) | (64,345) | (180,875) | (186,855) | ||||
Interest and other income | (297) | (321) | (791) | (858) | ||||
Other expense | 0 | 0 | 0 | 0 | ||||
Pretax income (loss) | (65,737) | (64,611) | (182,042) | (188,085) | ||||
Home and land cost of sales | 0 | 0 | 0 | 0 | ||||
Consolidation, Eliminations [Member] | Financial Services Segment [Member] | ||||||||
Pretax income (loss) | $ 426 | $ 266 | $ 1,167 | $ 1,230 |
Note 21 - Supplemental Guaran_6
Note 21 - Supplemental Guarantor Information - Supplemental Condensed Combining Statement of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net cash provided by (used in) operating activities | $ (33,118) | $ (59,246) |
Net cash provided by (used in) investing activities | (24,191) | 26,228 |
Payments from (advances to) subsidiaries | 0 | 0 |
Mortgage repurchase facility | (26,344) | (21,556) |
Dividend payments | (54,337) | (50,733) |
Issuance of shares under stock-based compensation programs, net | 16,304 | 9,859 |
Net cash provided by (used in) financing activities | (64,377) | (62,430) |
Net increase (decrease) in cash and cash equivalents | (121,686) | (95,448) |
Beginning of period | 470,139 | 514,240 |
Cash and cash equivalents | 348,453 | 418,792 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Net cash provided by (used in) operating activities | (30,842) | (6,232) |
Net cash provided by (used in) investing activities | (61,906) | (65,259) |
Payments from (advances to) subsidiaries | 0 | 0 |
Mortgage repurchase facility | 0 | 0 |
Dividend payments | (54,337) | (50,733) |
Issuance of shares under stock-based compensation programs, net | 16,304 | 9,859 |
Net cash provided by (used in) financing activities | (38,033) | (40,874) |
Net increase (decrease) in cash and cash equivalents | (130,781) | (112,365) |
Beginning of period | 410,127 | 468,718 |
Cash and cash equivalents | 279,346 | 356,353 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | (58,179) | (99,100) |
Net cash provided by (used in) investing activities | (19,333) | (19,135) |
Payments from (advances to) subsidiaries | 88,869 | 117,644 |
Mortgage repurchase facility | 0 | 0 |
Dividend payments | 0 | 0 |
Issuance of shares under stock-based compensation programs, net | 0 | 0 |
Net cash provided by (used in) financing activities | 88,869 | 117,644 |
Net increase (decrease) in cash and cash equivalents | 11,357 | (591) |
Beginning of period | 10,960 | 13,051 |
Cash and cash equivalents | 22,317 | 12,460 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 55,903 | 46,086 |
Net cash provided by (used in) investing activities | (4,137) | (3,892) |
Payments from (advances to) subsidiaries | (27,684) | (3,130) |
Mortgage repurchase facility | (26,344) | (21,556) |
Dividend payments | 0 | 0 |
Issuance of shares under stock-based compensation programs, net | 0 | 0 |
Net cash provided by (used in) financing activities | (54,028) | (24,686) |
Net increase (decrease) in cash and cash equivalents | (2,262) | 17,508 |
Beginning of period | 49,052 | 32,471 |
Cash and cash equivalents | 46,790 | 49,979 |
Consolidation, Eliminations [Member] | ||
Net cash provided by (used in) operating activities | 0 | 0 |
Net cash provided by (used in) investing activities | 61,185 | 114,514 |
Payments from (advances to) subsidiaries | (61,185) | (114,514) |
Mortgage repurchase facility | 0 | 0 |
Dividend payments | 0 | 0 |
Issuance of shares under stock-based compensation programs, net | 0 | 0 |
Net cash provided by (used in) financing activities | (61,185) | (114,514) |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Beginning of period | 0 | 0 |
Cash and cash equivalents | $ 0 | $ 0 |