DEI_Document
DEI Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 22, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'M I HOMES INC | ' |
Entity Central Index Key | '0000799292 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 24,474,139 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Cash and cash equivalents | $17,168 | $128,725 |
Restricted cash | 8,898 | 13,902 |
Mortgage loans held for sale | 76,983 | 81,810 |
Inventory | 893,964 | 690,934 |
Property and equipment - net | 11,430 | 10,536 |
Investments in unconsolidated joint ventures | 40,769 | 35,266 |
Deferred income taxes, net of valuation allowance of $9.3 million at December 31, 2013 | 102,882 | 110,911 |
Other assets | 41,060 | 38,092 |
Total assets | 1,193,154 | 1,110,176 |
LIABILITIES: | ' | ' |
Accounts payable | 97,873 | 70,226 |
Customer deposits | 14,202 | 11,262 |
Other liabilities | 74,203 | 71,341 |
Community development district (“CDDâ€) obligations | 3,056 | 3,130 |
Obligation for consolidated inventory not owned | 1,700 | 1,775 |
Long-term Line of Credit | 14,400 | 0 |
Notes Payable - Financial Services | 73,778 | 80,029 |
Notes payable - other | 8,530 | 7,790 |
Convertible senior subordinated notes due 2017 | 57,500 | 57,500 |
Convertible senior subordinated notes due 2018 | 86,250 | 86,250 |
Senior notes | 228,369 | 228,070 |
TOTAL LIABILITIES | 659,861 | 617,373 |
Commitments and contingencies | 0 | 0 |
SHAREHOLDERS' EQUITY: | ' | ' |
Preferred shares - $.01 par value; authorized 2,000,000 shares; 2,000 shares issued and outstanding at both September 30, 2014 and December 31, 2013 | 48,163 | 48,163 |
Common shares - $.01 par value; authorized 58,000,000 and 38,000,000 shares at September 30, 2014 and December 31, 2013, respectively; issued 27,092,723 shares at both September 30, 2014 and December 31, 2013 | 271 | 271 |
Additional paid-in capital | 238,095 | 236,060 |
Retained earnings | 298,772 | 262,625 |
Treasury shares - at cost - 2,618,584 and 2,734,780 shares at September 30, 2014 and December 31, 2013, respectively | -52,008 | -54,316 |
TOTAL SHAREHOLDERS' EQUITY | 533,293 | 492,803 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,193,154 | $1,110,176 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Parentheticals - Balance Sheet [Abstract] | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Current | $0 | ($9,300) |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 58,000,000 | 38,000,000 |
Common Stock, Shares, Issued | 27,092,723 | 27,092,723 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Shares Issued | 2,000 | 2,000 |
Preferred Stock, Shares Outstanding | 2,000 | 2,000 |
Treasury Stock, Shares | 2,618,584 | 2,734,780 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Operations [Abstract] | ' | ' | ' | ' |
Revenue | $330,767 | $275,195 | $847,216 | $700,475 |
Costs and Expenses [Abstract] | ' | ' | ' | ' |
Land and housing | 261,636 | 218,150 | 666,817 | 556,799 |
Impairment of inventory and investment in unconsolidated joint ventures | 622 | 2,136 | 1,426 | 4,237 |
General and administrative | 21,724 | 18,261 | 61,320 | 52,389 |
Selling | 21,955 | 17,999 | 58,175 | 47,383 |
Interest | 2,649 | 3,449 | 9,549 | 12,186 |
Equity in loss (income) of unconsolidated joint ventures | -22 | -278 | -62 | -278 |
Loss on early extinguishment of debt | 0 | 1,726 | 0 | 1,726 |
Total costs and expenses | 308,564 | 261,443 | 797,225 | 674,442 |
Income (loss) before income taxes | 22,203 | 13,752 | 49,991 | 26,033 |
(Benefit) provision for income taxes | 8,586 | -111,559 | 10,188 | -111,129 |
Net income (loss) | 13,617 | 125,311 | 39,803 | 137,162 |
Preferred Dividends | 1,218 | 1,219 | 3,656 | 2,438 |
Excess of fair value over book value of preferred shares redeemed | 0 | 0 | 0 | 2,190 |
Net income to common shareholders | $12,399 | $124,092 | $36,147 | $132,534 |
Earnings (loss) per common share: | ' | ' | ' | ' |
Basic | $0.51 | $5.09 | $1.48 | $5.61 |
Diluted | $0.44 | $4.22 | $1.30 | $4.79 |
Weighted Average Number of Shares Outstanding [Abstract] | ' | ' | ' | ' |
Basic | 24,474 | 24,358 | 24,454 | 23,642 |
Diluted | 29,921 | 29,745 | 29,900 | 28,410 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Shareholders' Equity (USD $) | Total | Preferred Shares [Member] | Common Shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Shares [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2013 | $492,803 | $48,163 | $271 | $236,060 | $262,625 | ($54,316) |
Shares Outstanding, Beginning Balance at Dec. 31, 2013 | ' | 2,000 | 24,357,943 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 39,803 | ' | ' | ' | 39,803 | ' |
Dividends, Preferred Stock | -3,656 | ' | ' | ' | -3,656 | ' |
Stock options exercised, shares | ' | ' | 108,848 | ' | ' | ' |
Stock options exercised | 1,460 | ' | ' | -702 | ' | 2,162 |
Stock-based compensation expense | 2,504 | ' | ' | 2,504 | ' | ' |
Deferral of executive and director compensation | 379 | ' | ' | 379 | ' | ' |
Executive and director deferred compensation distributions shares | ' | ' | 7,348 | ' | ' | ' |
Executive and director deferred compensation distributions | 0 | ' | ' | -146 | ' | 146 |
Stockholders' Equity, Ending Balance at Sep. 30, 2014 | $533,293 | $48,163 | $271 | $238,095 | $298,772 | ($52,008) |
Shares Outstanding, Ending Balance at Sep. 30, 2014 | ' | 2,000 | 24,474,139 | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $39,803 | $137,162 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Inventory valuation adjustments and abandoned land transaction write-offs | 1,426 | 4,237 |
Equity in loss (income) of unconsolidated joint ventures | -62 | -278 |
Mortgage loan originations | -470,345 | -426,636 |
Proceeds from the sale of mortgage loans | 477,728 | 439,151 |
Fair value adjustment of mortgage loans held for sale | -2,556 | -1,782 |
Capitalization of originated Mortgage Servicing Rights | -3,046 | 0 |
Amortization of Mortgage Servicing Rights (MSRs) | 548 | 0 |
Depreciation | 3,733 | 3,777 |
Amortization of intangibles, debt discount and debt issue costs | 2,329 | 2,555 |
Loss on early extinguishment of debt | 0 | 1,726 |
Stock-based compensation expense | 2,504 | 1,835 |
Deferred Income Tax Expense | 17,320 | 9,190 |
Deferred tax asset valuation allowances | -9,291 | -120,836 |
Change in assets and liabilities: | ' | ' |
Cash held in escrow | 92 | 148 |
Inventory | -196,139 | -142,642 |
Other assets | -4,582 | -2,443 |
Accounts payable | 27,647 | 38,114 |
Customer deposits | 2,940 | 4,679 |
Accrued compensation | -3,247 | 1,767 |
Other liabilities | 6,487 | 9,840 |
Net cash (used in) provided by operating activities | -106,711 | -40,436 |
INVESTING ACTIVITIES: | ' | ' |
Change in restricted cash | 4,912 | -7,274 |
Purchase of property and equipment | -2,347 | -1,654 |
Return of investment from Unconsolidated LLCs | 619 | 1,522 |
Investment in unconsolidated joint ventures | -16,818 | -25,496 |
Net Proceeds from Sale of Mortgage Servicing Rights | 2,135 | 0 |
Net cash used in investing activities | -11,499 | -32,902 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of convertible senior subordinated notes | 0 | 86,250 |
Proceeds from (repayments of) bank borrowings - net | 8,149 | -12,343 |
Principal repayments of notes payable-other and CDD bond obligations | 740 | -2,979 |
Dividends paid on preferred shares | -3,656 | -2,438 |
Net proceeds from issuance of common shares | 0 | 54,617 |
Payments for Repurchase of Redeemable Preferred Stock | 0 | -50,352 |
Debt issue costs | -40 | -5,463 |
Proceeds from exercise of stock options | 1,460 | 2,640 |
Excess tax deficiency from stock-based payment arrangements | 0 | 383 |
Net cash (used in) provided by financing activities | 6,653 | 70,315 |
Net increase (decrease) in cash and cash equivalents | -111,557 | -3,023 |
Cash and cash equivalents balance at beginning of period | 128,725 | 145,498 |
Cash and cash equivalents balance at end of period | 17,168 | 142,475 |
SUPPLEMENTAL DISCLOSURE OF CASH PAID DURING THE YEAR: | ' | ' |
Interest — net of amount capitalized | 3,074 | 4,977 |
Income taxes | 551 | 679 |
NON-CASH TRANSACTIONS DURING THE PERIOD | ' | ' |
Community development district infrastructure | -74 | -1,215 |
Consolidated inventory not owned | -75 | -17,529 |
Distribution of single-family lots from unconsolidated joint ventures | $10,758 | $1,912 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
Basis of Presentation | |
The accompanying Unaudited Condensed Consolidated Financial Statements (the “financial statements”) of M/I Homes, Inc. and its subsidiaries (the “Company”) and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. The financial statements include the accounts of the Company. All intercompany transactions have been eliminated. Results for the interim period are not necessarily indicative of results for a full year. In the opinion of management, the accompanying financial statements reflect all adjustments (all of which are normal and recurring in nature) necessary for a fair presentation of financial results for the interim periods presented. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”). | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during that period. Actual results could differ from these estimates and have a significant impact on the financial condition and results of operations and cash flows. With regard to the Company, estimates and assumptions are inherent in calculations relating to valuation of inventory and investment in unconsolidated joint ventures, property and equipment depreciation, valuation of derivative financial instruments, accounts payable on inventory, accruals for costs to complete inventory, accruals for warranty claims, accruals for self-insured general liability claims, litigation, accruals for health care and workers' compensation, accruals for guaranteed or indemnified loans, stock-based compensation expense, income taxes, and contingencies. Items that could have a significant impact on these estimates and assumptions include the risks and uncertainties listed in “Item 1A. Risk Factors” in Part I of our 2013 Form 10-K, as the same may be updated from time to time in our subsequent filings with the SEC. | |
Impact of New Accounting Standards | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to perform interim and annual assessments on whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year of the date the financial statements are issued and to provide related disclosures, if required. ASU 2014-15 will be effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on the Company’s condensed consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” ASU 2014-09’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for the Company beginning January 1, 2017 and, at that time, the Company may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company’s unaudited condensed consolidated financial statements and disclosures. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
There are three measurement input levels for determining fair value: Level 1, Level 2, and Level 3. Fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | |||||||||||||||||
Assets Measured on a Recurring Basis | |||||||||||||||||
The Company measures both mortgage loans held for sale and interest rate lock commitments (“IRLCs”) at fair value. Fair value measurement results in a better presentation of the changes in fair values of the loans and the derivative instruments used to economically hedge them. | |||||||||||||||||
In the normal course of business, our financial services segment enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within established time frames. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, the Company enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker/dealers. The forward sale contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. The Company does not engage in speculative trading or derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers or investors are undesignated derivatives, and accordingly, are marked to fair value through earnings. Changes in fair value measurements are included in earnings in the accompanying statements of operations. | |||||||||||||||||
The fair value of mortgage loans held for sale is estimated based primarily on published prices for mortgage-backed securities with similar characteristics. To calculate the effects of interest rate movements, the Company utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. The Company generally sells loans on a servicing released basis, and receives a servicing release premium upon sale. Thus, the value of the servicing rights included in the fair value measurement is based upon contractual terms with investors and depends on the loan type. The Company applies a fallout rate to IRLCs when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which the Company does not close a mortgage loan and is based on management’s judgment and company experience. | |||||||||||||||||
The fair value of the Company’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. | |||||||||||||||||
Interest Rate Lock Commitments. IRLCs are extended to certain home-buying customers who have applied for a mortgage loan and meet certain defined credit and underwriting criteria. Typically, the IRLCs will have a duration of less than six months; however, in certain markets, the duration could extend to twelve months. | |||||||||||||||||
Some IRLCs are committed to a specific third party investor through the use of best-efforts whole loan delivery commitments matching the exact terms of the IRLC loan. Uncommitted IRLCs are considered derivative instruments and are fair value adjusted, with the resulting gain or loss recorded in current earnings. | |||||||||||||||||
Forward Sales of Mortgage-Backed Securities. Forward sales of mortgage-backed securities (“FMBSs”) are used to protect uncommitted IRLC loans against the risk of changes in interest rates between the lock date and the funding date. FMBSs related to uncommitted IRLCs are classified and accounted for as non-designated derivative instruments and are recorded at fair value, with gains and losses recorded in current earnings. | |||||||||||||||||
Mortgage Loans Held for Sale. Mortgage loans held for sale consists primarily of single-family residential loans collateralized by the underlying property. Generally, all of the mortgage loans and related servicing rights are sold to third-party investors shortly after origination. During the intervening period between when a loan is closed and when it is sold to an investor, the interest rate risk is covered through the use of a best-efforts contract or by FMBSs. The FMBSs are classified and accounted for as non-designated derivative instruments, with gains and losses recorded in current earnings. | |||||||||||||||||
The table below shows the notional amounts of our financial instruments at September 30, 2014 and December 31, 2013: | |||||||||||||||||
Description of Financial Instrument (in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||
Best efforts contracts and related committed IRLCs | $ | 4,616 | $ | 2,494 | |||||||||||||
Uncommitted IRLCs | 56,470 | 49,710 | |||||||||||||||
FMBSs related to uncommitted IRLCs | 57,000 | 48,000 | |||||||||||||||
Best efforts contracts and related mortgage loans held for sale | 41,058 | 63,386 | |||||||||||||||
FMBSs related to mortgage loans held for sale | 34,000 | 20,000 | |||||||||||||||
Mortgage loans held for sale covered by FMBSs | 33,736 | 19,884 | |||||||||||||||
The table below shows the level and measurement of assets and liabilities measured on a recurring basis at September 30, 2014 and December 31, 2013: | |||||||||||||||||
Description of Financial Instrument (in thousands) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Mortgage loans held for sale | $ | 76,983 | $ | — | $ | 76,983 | $ | — | |||||||||
Forward sales of mortgage-backed securities | (41 | ) | — | (41 | ) | — | |||||||||||
Interest rate lock commitments | 434 | — | 434 | — | |||||||||||||
Best-efforts contracts | 51 | — | 51 | — | |||||||||||||
Total | $ | 77,427 | $ | — | $ | 77,427 | $ | — | |||||||||
Description of Financial Instrument (in thousands) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Mortgage loans held for sale | $ | 81,810 | $ | — | $ | 81,810 | $ | — | |||||||||
Forward sales of mortgage-backed securities | 745 | — | 745 | — | |||||||||||||
Interest rate lock commitments | (319 | ) | — | (319 | ) | — | |||||||||||
Best-efforts contracts | 479 | — | 479 | — | |||||||||||||
Total | $ | 82,715 | $ | — | $ | 82,715 | $ | — | |||||||||
The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Operations, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Description (in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Mortgage loans held for sale | $ | (959 | ) | $ | 3,365 | $ | 2,556 | $ | 1,782 | ||||||||
Forward sales of mortgage-backed securities | 398 | (5,262 | ) | (786 | ) | (2,224 | ) | ||||||||||
Interest rate lock commitments | (144 | ) | 1,677 | 753 | 941 | ||||||||||||
Best-efforts contracts | 164 | (193 | ) | (428 | ) | (176 | ) | ||||||||||
Total (loss) gain recognized | $ | (541 | ) | $ | (413 | ) | $ | 2,095 | $ | 323 | |||||||
The following tables set forth the fair value of the Company's derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which is disclosed as a separate line item): | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
30-Sep-14 | 30-Sep-14 | ||||||||||||||||
Description of Derivatives | Balance Sheet | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Location | (in thousands) | (in thousands) | |||||||||||||||
Forward sales of mortgage-backed securities | Other assets | $ | — | Other liabilities | $ | 41 | |||||||||||
Interest rate lock commitments | Other assets | 434 | Other liabilities | — | |||||||||||||
Best-efforts contracts | Other assets | 51 | Other liabilities | — | |||||||||||||
Total fair value measurements | $ | 485 | $ | 41 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Dec-13 | 31-Dec-13 | ||||||||||||||||
Description of Derivatives | Balance Sheet | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Location | (in thousands) | (in thousands) | |||||||||||||||
Forward sales of mortgage-backed securities | Other assets | $ | 745 | Other liabilities | $ | — | |||||||||||
Interest rate lock commitments | Other assets | — | Other liabilities | 319 | |||||||||||||
Best-efforts contracts | Other assets | 479 | Other liabilities | — | |||||||||||||
Total fair value measurements | $ | 1,224 | $ | 319 | |||||||||||||
Assets Measured on a Non-Recurring Basis | |||||||||||||||||
The Company assesses inventory for recoverability on a quarterly basis based on the difference in the carrying value of the inventory and its fair value at the time of the evaluation. Determining the fair value of a community’s inventory involves a number of variables, estimates and projections, which are Level 3 measurement inputs. See Note 1, “Summary of Significant Accounting Policies - Inventory” in the Company's 2013 Form 10-K for additional information regarding the Company’s methodology for determining fair value. | |||||||||||||||||
The Company uses significant assumptions to evaluate the recoverability of its inventory. As of September 30, 2014, the Company's projections generally assume a gradual improvement in market conditions over time. The Company assumed no increase in weighted average sales price or assumed weighted average costs to build and deliver homes in 2014, an increase ranging from 2% to 4% in 2015 and 2016, and a 2% increase in in 2017 and beyond. If communities are not recoverable based on the estimated future undiscounted cash flows, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The Company estimates the fair value of each impaired community by determining the present value of the estimated future cash flows and discounting those cash flow projections using an appropriate risk-adjusted interest rate. As of September 30, 2014, we utilized discount rates ranging from 13% to 16% in our valuations. | |||||||||||||||||
Due to the fact that the Company's cash flow models and estimates of fair values are based upon management estimates and assumptions, unexpected changes in market conditions and/or changes in management's intentions with respect to the inventory may lead the Company to incur additional impairment charges in the future. Changes in our key assumptions, including estimated average selling price, construction and development costs, absorption pace (reflecting any product mix change strategies implemented or to be implemented), selling strategies, alternative land uses (including disposition of all or a portion of the land owned), or discount rates, could materially impact future cash flow and fair value estimates. | |||||||||||||||||
The table below shows the level and measurement of the Company's assets measured on a non-recurring basis as of and for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Description (in thousands) | Hierarchy | 2014 | 2013 (2) | 2014 | 2013 (2) | ||||||||||||
Adjusted basis of inventory (1) | Level 3 | $ | 76 | $ | 1,975 | $ | 1,605 | $ | 3,876 | ||||||||
Total losses | 622 | 2,136 | 1,426 | 4,237 | |||||||||||||
Initial basis of inventory | $ | 698 | $ | 4,111 | $ | 3,031 | $ | 8,113 | |||||||||
-1 | The fair values in the table above represent only assets whose carrying values were adjusted in the respective period. | ||||||||||||||||
-2 | The carrying values for these assets may have subsequently increased or decreased from the fair value reported due to activities that have occurred since the measurement date. | ||||||||||||||||
Variable Interest Entities. In order to minimize our investment and risk of land exposure in a single location, we have periodically partnered with other land developers or homebuilders to share in the land investment and development of a property through joint ownership and development agreements, joint ventures, and other similar arrangements. During the nine month period ended September 30, 2014, we increased our total investment in such joint venture arrangements from December 31, 2013 by $5.5 million primarily due to a joint investment with another builder in a land development in our Southern region. | |||||||||||||||||
For joint venture arrangements where a special purpose entity is established to own the property, we generally enter into limited liability company or similar arrangements (“LLCs”) with the other partners. The Company's ownership interest in these LLCs as of September 30, 2014 ranged from 25% to 61%. These entities typically engage in land development activities for the purpose of distributing or selling developed lots to the Company and its partners in the LLC. With respect to our investments in these LLCs, we are required, under ASC 810-10, Consolidation (“ASC 810-10”), to evaluate whether or not such entities should be consolidated into our financial statements. We initially perform these evaluations when each new entity is created and upon any events that require reconsideration of the entity. In order to determine if we should consolidate an LLC, we determine (1) if the LLC is a variable interest entity (“VIE”) and (2) if we are the primary beneficiary of the entity. | |||||||||||||||||
As of September 30, 2014, we have determined that one of the LLCs in which we have an interest meets the requirements of a VIE due to a lack of equity at risk in the entity. However, we have determined that we do not have substantive control over the VIE as we do not have the ability to control the activities that most significantly impact its economic performance. As a result, we are not considered the primary beneficiary of the VIE and are not required to consolidate the VIE or any of the LLCs in which we have an interest into our financial statements. We instead recorded the VIE and the LLCs in Investment in Unconsolidated Joint Ventures on our Unaudited Condensed Consolidated Balance Sheets. | |||||||||||||||||
We enter into option or purchase agreements to acquire land or lots, for which we generally pay non-refundable deposits. We also analyze these agreements under ASC 810-10 to determine whether we are the primary beneficiary of the VIE, if applicable, using an analysis similar to that described above. If we are deemed to be the primary beneficiary of the VIE, we will consolidate the VIE in our consolidated financial statements. In cases where we are the primary beneficiary, even though we do not have title to such land, we are required to consolidate these purchase/option agreements and reflect such assets and liabilities as Consolidated Inventory not Owned in our Unaudited Condensed Consolidated Balance Sheets. | |||||||||||||||||
Investment In Unconsolidated Joint Ventures. We use the equity method of accounting for investments in unconsolidated joint ventures over which we exercise significant influence but do not have a controlling interest. Under the equity method, our share of the unconsolidated joint ventures' earnings or loss, if any, is included in our statement of operations. We evaluate our investments in unconsolidated joint ventures for impairment at least quarterly as described in Note 1, “Summary of Significant Accounting Policies - Inventory” in the Company's 2013 Form 10-K. Determining the fair value of investments in unconsolidated joint ventures involves a number of variables, many of which are interrelated and require management to make certain assumptions. As of September 30, 2014, the Company used a discount rate of 16% in determining the fair value of its investments in unconsolidated joint ventures. In addition to the assumptions management must make to determine if the investment's fair value is less than the carrying value, management must also use judgment in determining whether the impairment is other than temporary. Because of the high degree of judgment involved in developing these assumptions, it is possible that the Company may determine the investment is not impaired in the current period; however, due to the passage of time, changes in market conditions, and/or changes in management's intentions with respect to the investment, a change in assumptions could result and impairment could occur. During the three and nine months ended September 30, 2014 and 2013, the Company did not record any impairment charges on its investments in unconsolidated joint ventures. | |||||||||||||||||
We believe that the Company's maximum exposure related to its investment in these unconsolidated joint ventures as of September 30, 2014 is the amount invested of $40.8 million, which is reported as Investment in Unconsolidated Joint Ventures on our Unaudited Condensed Consolidated Balance Sheets, in addition to a $2.5 million note due to the Company from one of the unconsolidated joint ventures (reported in Other Assets), although we expect to invest further amounts in these unconsolidated joint ventures as development of the properties progresses. Included in the Company's investment in unconsolidated joint ventures at both September 30, 2014 and December 31, 2013 were $0.8 million of capitalized interest and other costs. | |||||||||||||||||
Financial Instruments | |||||||||||||||||
Counterparty Credit Risk. To reduce the risk associated with losses that would be recognized if counterparties failed to perform as contracted, the Company limits the entities with whom management can enter into commitments. This risk of accounting loss is the difference between the market rate at the time of non-performance by the counterparty and the rate to which the Company committed. | |||||||||||||||||
The following table presents the carrying amounts and fair values of the Company's financial instruments at September 30, 2014 and December 31, 2013. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Assets: | |||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 26,066 | $ | 26,066 | $ | 142,627 | $ | 142,627 | |||||||||
Mortgage loans held for sale | 76,983 | 76,983 | 81,810 | 81,810 | |||||||||||||
Split dollar life insurance policies | 189 | 189 | 171 | 171 | |||||||||||||
Notes receivable | 4,406 | 3,778 | 3,151 | 2,784 | |||||||||||||
Commitments to extend real estate loans | 434 | 434 | — | — | |||||||||||||
Best-efforts contracts for committed IRLCs and mortgage loans held for sale | 51 | 51 | 479 | 479 | |||||||||||||
Forward sales of mortgage-backed securities | — | — | 745 | 745 | |||||||||||||
Liabilities: | |||||||||||||||||
Notes payable - banks | 88,178 | 88,178 | 80,029 | 80,029 | |||||||||||||
Notes payable - other | 8,530 | 8,012 | 7,790 | 7,452 | |||||||||||||
Convertible senior subordinated notes due 2017 | 57,500 | 63,322 | 57,500 | 74,391 | |||||||||||||
Convertible senior subordinated notes due 2018 | 86,250 | 86,142 | 86,250 | 95,845 | |||||||||||||
Senior notes due 2018 | 228,369 | 240,350 | 228,070 | 248,975 | |||||||||||||
Commitments to extend real estate loans | — | — | 319 | 319 | |||||||||||||
Forward sales of mortgage-backed securities | 41 | 41 | — | — | |||||||||||||
Off-Balance Sheet Financial Instruments: | |||||||||||||||||
Letters of credit | — | 595 | — | 413 | |||||||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosures of financial instruments at September 30, 2014 and December 31, 2013: | |||||||||||||||||
Cash, Cash Equivalents and Restricted Cash. The carrying amounts of these items approximate fair value because they are short-term by nature. | |||||||||||||||||
Mortgage Loans Held for Sale, Forward Sales of Mortgage-Backed Securities, Commitments to Extend Real Estate Loans, Best-Efforts Contracts for Committed IRLCs and Mortgage Loans Held for Sale, 2017 Convertible Senior Subordinated Notes, 2018 Convertible Senior Subordinated Notes and 2018 Senior Notes. The fair value of these financial instruments was determined based upon market quotes at September 30, 2014 and December 31, 2013. The market quotes used were quoted prices for similar assets or liabilities along with inputs taken from observable market data by correlation. The inputs were adjusted to account for the condition of the asset or liability. | |||||||||||||||||
Split Dollar Life Insurance Policies and Notes Receivable. The estimated fair value was determined by calculating the present value of the amounts based on the estimated timing of receipts using discount rates that incorporate management's estimate of risk associated with the corresponding note receivable. | |||||||||||||||||
Notes Payable - Banks. The Company is a party to three primary credit agreements: (1) a $200 million unsecured revolving credit facility dated July 18, 2013, with M/I Homes, Inc. as borrower and guaranteed by the Company's wholly owned homebuilding subsidiaries (the “Credit Facility”); (2) a $110 million secured mortgage warehousing agreement, with M/I Financial as borrower, amended on March 28, 2014 (the “MIF Mortgage Warehousing Agreement”); and (3) a $15 million mortgage repurchase agreement, with M/I Financial as borrower, amended on November 6, 2013 (the “MIF Mortgage Repurchase Facility”). For each of these credit facilities, the interest rate is based on a variable rate index, and thus their carrying value is a reasonable estimate of fair value. The interest rate available to the Company during the third quarter of 2014 fluctuated with the Alternate Base Rate or the Eurodollar Rate (for the Credit Facility) or LIBOR (for the MIF Mortgage Warehousing Agreement and the MIF Mortgage Repurchase Facility). Refer to Note 12 for additional information regarding the Credit Facility. | |||||||||||||||||
Notes Payable - Other. The estimated fair value was determined by calculating the present value of the future cash flows using the Company's current incremental borrowing rate. | |||||||||||||||||
Letters of Credit. Letters of credit of $28.2 million and $25.8 million represent potential commitments at September 30, 2014 and December 31, 2013, respectively. The letters of credit generally expire within one or two years. The estimated fair value of letters of credit was determined using fees currently charged for similar agreements. |
Inventory
Inventory | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Inventory | ||||||||
A summary of the Company's inventory as of September 30, 2014 and December 31, 2013 is as follows: | ||||||||
(In thousands) | September 30, 2014 | December 31, 2013 | ||||||
Single-family lots, land and land development costs | $ | 402,352 | $ | 323,673 | ||||
Land held for sale | 2,898 | 8,059 | ||||||
Homes under construction | 419,931 | 305,499 | ||||||
Model homes and furnishings - at cost (less accumulated depreciation: September 30, 2014 - $6,732; | 42,356 | 34,433 | ||||||
December 31, 2013 - $5,173) | ||||||||
Community development district infrastructure | 3,056 | 3,130 | ||||||
Land purchase deposits | 21,638 | 14,365 | ||||||
Consolidated inventory not owned | 1,733 | 1,775 | ||||||
Total inventory | $ | 893,964 | $ | 690,934 | ||||
Single-family lots, land and land development costs include raw land that the Company has purchased to develop into lots, costs incurred to develop the raw land into lots, and lots for which development has been completed, but which have not yet been used to start construction of a home. | ||||||||
Homes under construction include homes that are in various stages of construction. As of September 30, 2014 and December 31, 2013, we had 999 homes (with a carrying value of $159.9 million) and 798 homes (with a carrying value of $123.3 million), respectively, included in homes under construction that were not subject to a sales contract. | ||||||||
Model homes and furnishings include homes that are under construction or have been completed and are being used as sales models. The amount also includes the net book value of furnishings included in our model homes. Depreciation on model home furnishings is recorded using an accelerated method over the estimated useful life of the assets, typically three years. | ||||||||
The Company assesses inventory for recoverability on a quarterly basis. Refer to Note 2 of our Unaudited Condensed Consolidated Financial Statements for additional details relating to our procedures for evaluating our inventories for impairment. | ||||||||
Land purchase deposits include both refundable and non-refundable amounts paid to third party sellers relating to the purchase of land. On an ongoing basis, the Company evaluates the land option agreements relating to the land purchase deposits. In the period during which the Company makes the decision not to proceed with the purchase of land under an agreement, the Company writes off any deposits and accumulated pre-acquisition costs relating to such agreement. |
Capitalized_Interest
Capitalized Interest | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Capitalized Interest [Abstract] | ' | |||||||||||||||
capitalized interest [Text Block] | ' | |||||||||||||||
Capitalized Interest | ||||||||||||||||
The Company capitalizes interest during land development and home construction. Capitalized interest is charged to land and housing costs and expenses as the related inventory is delivered to a third party. The summary of capitalized interest for the three and nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Capitalized interest, beginning of period | $ | 14,831 | $ | 14,260 | $ | 13,802 | $ | 15,376 | ||||||||
Interest capitalized to inventory | 5,161 | 3,940 | 13,141 | 10,045 | ||||||||||||
Capitalized interest charged to land and housing costs and expenses | (4,281 | ) | (4,074 | ) | (11,232 | ) | (11,295 | ) | ||||||||
Capitalized interest, end of period | $ | 15,711 | $ | 14,126 | $ | 15,711 | $ | 14,126 | ||||||||
Interest incurred | $ | 7,810 | $ | 7,389 | $ | 22,690 | $ | 22,231 | ||||||||
Guarantees_and_Indemnification
Guarantees and Indemnifications | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Guarantees [Abstract] | ' | |||||||||||||||
Guarantees [Text Block] | ' | |||||||||||||||
Guarantees and Indemnifications | ||||||||||||||||
Warranty | ||||||||||||||||
Warranty reserves are recorded for warranties under our Home Builder’s Limited Warranty (“HBLW”) and our 10-year (Texas markets only) and 30-year (all markets excluding Texas) transferable structural warranty in Other Liabilities on the Company's Unaudited Condensed Consolidated Balance Sheets. | ||||||||||||||||
The warranty reserves for the HBLW are established as a percentage of average sales price and adjusted based on historical payment patterns determined, generally, by geographic area and recent trends. Factors that are considered in determining the HBLW reserves include: (1) the historical range of amounts paid per average sales price on a home; (2) type and mix of amenity packages added to the home; (3) any warranty expenditures not considered to be normal and recurring; (4) timing of payments; (5) improvements in quality of construction expected to impact future warranty expenditures; and (6) conditions that may affect certain projects and require a different percentage of average sales price for those specific projects. Changes in estimates for warranties occur due to changes in the historical payment experience and differences between the actual payment pattern experienced during the period and the historical payment pattern used in our evaluation of the warranty reserve balance at the end of each quarter. Actual future warranty costs could differ from our current estimated amount. | ||||||||||||||||
Our warranty reserves for our transferable structural warranty programs are established on a per-unit basis. While the structural warranty reserve is recorded as each house closes, the sufficiency of the structural warranty per unit charge and total reserve is re-evaluated on an annual basis, with the assistance of an actuary, using our own historical data and trends, industry-wide historical data and trends, and other project specific factors. The reserves are also evaluated quarterly and adjusted if we encounter activity that is inconsistent with the historical experience used in the annual analysis. These reserves are subject to variability due to uncertainties regarding structural defect claims for products we build, the markets in which we build, claim settlement history, insurance and legal interpretations, among other factors. | ||||||||||||||||
While we believe that our warranty reserves are sufficient to cover our projected costs, there can be no assurances that historical data and trends will accurately predict our actual warranty costs. | ||||||||||||||||
A summary of warranty activity for the three and nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Warranty reserves, beginning of period | $ | 11,220 | $ | 10,388 | $ | 12,291 | $ | 10,438 | ||||||||
Warranty expense on homes delivered during the period | 1,923 | 1,999 | 4,962 | 5,004 | ||||||||||||
Changes in estimates for pre-existing warranties | 1,047 | 321 | 1,937 | 422 | ||||||||||||
Settlements made during the period | (3,508 | ) | (1,952 | ) | (8,508 | ) | (5,108 | ) | ||||||||
Warranty reserves, end of period | $ | 10,682 | $ | 10,756 | $ | 10,682 | $ | 10,756 | ||||||||
Guarantees | ||||||||||||||||
In the ordinary course of business, M/I Financial, LLC (“M/I Financial”), a 100%-owned subsidiary of M/I Homes, Inc., enters into agreements that guarantee certain purchasers of its mortgage loans that M/I Financial will repurchase a loan if certain conditions occur, primarily if the mortgagor does not meet the terms of the loan within the first six months after the sale of the loan. Loans totaling approximately $45.1 million and $5.2 million were covered under these guarantees as of September 30, 2014 and December 31, 2013, respectively. The increase in loans covered by these guarantees from December 31, 2013 is a result of a change in the mix of investors and their related purchase terms. A portion of the revenue paid to M/I Financial for providing the guarantees on these loans was deferred at September 30, 2014, and will be recognized in income as M/I Financial is released from its obligation under the guarantees. M/I Financial did not repurchase any loans under the above agreements during the nine months ended September 30, 2014. The risk associated with the guarantees above is partially offset by the value of the underlying assets. | ||||||||||||||||
M/I Financial has received inquiries concerning underwriting matters from purchasers of its loans regarding certain loans totaling approximately $6.9 million and $8.2 million at September 30, 2014 and December 31, 2013, respectively. The risk associated with the guarantees above is partially offset by the value of the underlying assets. | ||||||||||||||||
M/I Financial has also guaranteed the collectability of certain loans to third party insurers (U.S. Department of Housing and Urban Development and U.S. Veterans Administration) of those loans for periods ranging from five to thirty years. Loans totaling approximately $2.0 million and $1.5 million were covered under these guarantees as of September 30, 2014 and December 31, 2013, respectively. The maximum potential amount of future payments is equal to the outstanding loan value less the value of the underlying asset plus administrative costs incurred related to foreclosure on the loans, should this event occur. | ||||||||||||||||
The Company has recorded a liability relating to these guarantees to third parties totaling $2.4 million and $3.1 million at September 30, 2014 and December 31, 2013, respectively, which is management's best estimate of the Company's liability. | ||||||||||||||||
At September 30, 2014, the Company had outstanding $230.0 million aggregate principal amount of 8.625% Senior Notes due 2018 (the “2018 Senior Notes”), $57.5 million aggregate principal amount of 3.25% Convertible Senior Subordinated Notes due 2017 (the “2017 Convertible Senior Subordinated Notes”) and $86.3 million aggregate principal amount of 3.0% Convertible Senior Subordinated Notes due 2018 (the “2018 Convertible Senior Subordinated Notes”). The Company's obligations under the 2018 Senior Notes and the Credit Facility are guaranteed jointly and severally on a senior unsecured basis by all of the Company's subsidiaries, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, title insurance or similar financial businesses relating to the homebuilding and home sales business, certain subsidiaries that are not 100%-owned by the Company or another subsidiary, and other subsidiaries designated by the Company as Unrestricted Subsidiaries (as defined in Note 11), subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Credit Facility and the indenture for the 2018 Senior Notes. The Company's obligations under the 2017 Convertible Senior Subordinated Notes and the 2018 Convertible Senior Subordinated Notes are guaranteed jointly and severally on a senior subordinated unsecured basis by the same subsidiaries of the Company that are guarantors for the 2018 Senior Notes and the Credit Facility (the “Guarantor Subsidiaries”). |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
At September 30, 2014, the Company had outstanding approximately $123.6 million of completion bonds and standby letters of credit, some of which were issued to various local governmental entities that expire at various times through September 2019. Included in this total are: (1) $80.4 million of performance and maintenance bonds and $14.0 million of performance letters of credit that serve as completion bonds for land development work in progress; (2) $14.2 million of financial letters of credit, of which $7.7 million represent deposits on land and lot purchase agreements; and (3) $15.0 million of financial bonds. | |
At September 30, 2014, the Company also had options and contingent purchase agreements to acquire land and developed lots with an aggregate purchase price of approximately $475.6 million. Purchase of properties under these agreements is contingent upon satisfaction of certain requirements by the Company and the sellers. | |
The Company and certain of its subsidiaries have been named as defendants in certain claims, complaints and legal actions that are incidental to our business. Certain of the liabilities resulting from these matters are covered by insurance. While management currently believes that the ultimate resolution of these matters, individually and in the aggregate, will not have a material effect on the Company's financial position, results of operations and cash flows, such matters are subject to inherent uncertainties. The Company has recorded a liability to provide for the anticipated costs, including legal defense costs, associated with the resolution of these matters. However, it is possible that the costs to resolve these matters could differ from the recorded estimates and, therefore, have a material effect on the Company's net income for the periods in which the matters are resolved. At September 30, 2014 and December 31, 2013, we had $0.2 million and $0.3 million reserved for legal expenses, respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Debt | |
Notes Payable - Homebuilding | |
The Credit Facility matures on July 18, 2016, and provides revolving credit financing for the Company with a maximum borrowing availability of $200 million and a sub-limit of $100 million for the issuance of letters of credit. The Credit Facility contains an uncommitted $25 million accordion feature under which its aggregate principal amount can be increased to up to $225 million, subject to certain conditions, including obtaining additional commitments from existing or new lenders. Interest on amounts borrowed under the Credit Facility is payable at a rate based on either the Alternate Base Rate plus 2.25% or at the Eurodollar Rate plus 3.25%. Borrowings under the Credit Facility are unsecured and availability is subject to, among other things, a borrowing base. The Credit Facility also contains certain financial covenants. At September 30, 2014, the Company was in compliance with all financial covenants of the Credit Facility. | |
At September 30, 2014, borrowing availability under the Credit Facility in accordance with the borrowing base calculation was $358.6 million, so the full amount of the $200 million facility was available. There were $14.4 million borrowings outstanding and $19.6 million of letters of credit outstanding, leaving net remaining borrowing availability of $166.0 million as of September 30, 2014. | |
The Company's obligations under the Credit Facility are guaranteed by all of the Company's subsidiaries, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, title insurance or similar financial businesses relating to the homebuilding and home sales business, certain subsidiaries that are not 100%-owned by the Company or another subsidiary, and other subsidiaries designated by the Company as Unrestricted Subsidiaries (as defined in Note 11), subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Credit Facility and the indenture for the 2018 Senior Notes. The guarantors for the Credit Facility are the same subsidiaries that guarantee the 2018 Senior Notes, the 2017 Convertible Senior Subordinated Notes, and the 2018 Convertible Senior Subordinated Notes. | |
The Company’s obligations under the Credit Facility are general, unsecured senior obligations of the Company and the subsidiary guarantors and rank equally in right of payment with all our existing and future unsecured senior indebtedness. Our obligations under the Credit Facility are effectively subordinated to our existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness. | |
Refer to Note 12 for additional discussion of the Company’s Credit Facility. | |
The Company is party to three secured credit agreements for the issuance of letters of credit outside of the Credit Facility (collectively, the “Letter of Credit Facilities”), with maturities ranging from June 1, 2015 to September 30, 2015. During the three months ended September 30, 2014, the Company extended the maturity dates on two of the Letter of Credit Facilities for an additional year to June 1, 2015 and September 30, 2015, respectively. The agreements governing the Letter of Credit Facilities contain limits for the issuance of letters of credit ranging from $5.0 million to $10.0 million, for a combined letter of credit capacity of $20.0 million, of which $2.3 million was uncommitted at September 30, 2014 and could be withdrawn at any time. At September 30, 2014 and December 31, 2013, there was $8.6 million and $13.4 million of outstanding letters of credit in aggregate under the Company's three Letter of Credit Facilities, respectively, which were collateralized with $8.8 million and $13.7 million of the Company's cash, respectively. | |
Notes Payable — Financial Services | |
In March 2014, M/I Financial entered into an amendment to the MIF Mortgage Warehousing Agreement, which, among other things, increased the maximum borrowing availability to $110.0 million and included an accordion feature which allows for an increase of the maximum borrowing availability of up to an additional $20.0 million (subject to certain conditions, including obtaining additional commitments from existing or new lenders), extended the expiration date to March 27, 2015, increased the maximum principal amount permitted to be outstanding at any one time in aggregate under all warehouse credit lines to $150.0 million, and, effective with the quarter ending September 30, 2014, increased M/I Financial's minimum required tangible net worth requirement from $10.0 million to $11.0 million and the minimum required liquidity requirement from $5.0 million to $5.5 million. The interest rate was also adjusted to a per annum rate equal to the greater of (1) the floating LIBOR rate plus 275 basis points and (2) 3.0%. | |
In November 2012, M/I Financial entered into the MIF Mortgage Repurchase Facility, an additional mortgage financing agreement structured as a mortgage repurchase facility with a maximum borrowing availability of $15.0 million, to provide the Company with additional financing capacity. The MIF Mortgage Repurchase Facility, as amended on November 6, 2013, has an expiration date of November 5, 2014 and is used to finance eligible residential mortgage loans originated by M/I Financial. M/I Financial pays interest on each advance under the MIF Mortgage Repurchase Facility at a per annum rate equal to the floating LIBOR rate plus 275 or 300 basis points depending on the loan type. M/I Financial expects to enter into another amendment to the MIF Mortgage Repurchase Facility prior to its expiration that would extend its term for an additional year, but M/I Financial cannot provide any assurances that it will be able to obtain such an extension. | |
At September 30, 2014 M/I Financial's total combined maximum borrowing availability under the two credit facilities was $125.0 million, an increase from $115.0 million at December 31, 2013. At September 30, 2014 and December 31, 2013, M/I Financial had $73.8 million and $80.0 million outstanding on a combined basis under its credit facilities, respectively, and was in compliance with all financial covenants of those agreements for both periods. | |
Senior Notes | |
In November 2010, the Company issued $200 million aggregate principal amount of 2018 Senior Notes. In May 2012, we issued an additional $30 million of 2018 Senior Notes under our 2018 Senior Notes indenture for a total outstanding balance of $230 million. As of both September 30, 2014 and December 31, 2013, we had $230.0 million of our 2018 Senior Notes outstanding. The 2018 Senior Notes bear interest at a rate of 8.625% per year, payable semiannually in arrears on May 15 and November 15 of each year, and mature on November 15, 2018. The 2018 Senior Notes are general, unsecured senior obligations of the Company and the subsidiary guarantors and rank equally in right of payment with all our existing and future unsecured senior indebtedness. The 2018 Senior Notes are effectively subordinated to our existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness. The 2018 Senior Notes contain certain covenants, as more fully described and defined in the indenture, which limit the ability of the Company and the restricted subsidiaries to, among other things: incur additional indebtedness; make certain payments, including dividends, or repurchase any shares, in an aggregate amount exceeding our “restricted payments basket”; make certain investments; and create or incur certain liens, consolidate or merge with or into other companies, or liquidate or sell or transfer all or substantially all of our assets. These covenants are subject to a number of exceptions and qualifications as described in the indenture governing the 2018 Senior Notes. As of September 30, 2014, the Company was in compliance with all terms, conditions, and covenants under the indenture. | |
The 2018 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our subsidiaries, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, title insurance or similar financial businesses relating to the homebuilding and home sales business, certain subsidiaries that are not 100%-owned by the Company or another subsidiary, and other subsidiaries designated by the Company as Unrestricted Subsidiaries (as defined in Note 11), subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Credit Facility and the indenture for the 2018 Senior Notes. As of September 30, 2014, the guarantors for the 2018 Senior Notes are the same subsidiaries that guarantee the Credit Facility, the 2017 Convertible Senior Subordinated Notes, and the 2018 Convertible Senior Subordinated Notes. | |
The Company may redeem all or any portion of the 2018 Senior Notes on or after November 15, 2014 at a stated redemption price, together with accrued and unpaid interest thereon. The redemption price will initially be 104.313% of the principal amount outstanding, but will decline to 102.156% of the principal amount outstanding if redeemed during the 12-month period beginning on November 15, 2015, and will further decline to 100.000% of the principal amount outstanding if redeemed on or after November 15, 2016, but prior to maturity. | |
The indenture governing our 2018 Senior Notes limits our ability to pay dividends on, and repurchase, our common shares and our 9.75% Series A Preferred Shares (the “Series A Preferred Shares”) to the amount of the positive balance in our “restricted payments basket,” as defined in the indenture. The “restricted payments basket” is equal to $40 million (1) plus 50% of our aggregate consolidated net income (or minus 100% of our aggregate consolidated net loss) since October 1, 2010, excluding the income or loss from Unrestricted Subsidiaries, plus (2) 100% of the net cash proceeds from the sale of qualified equity interests, plus other items and subject to other exceptions. The restricted payments basket was $145.7 million at September 30, 2014. We are permitted to pay dividends on, and repurchase, our common shares and Series A Preferred Shares to the extent of the positive balance in our restricted payments basket. The determination to pay future dividends on, or make future repurchases of, our common shares or Series A Preferred Shares will be at the discretion of our board of directors and will depend upon our results of operations, financial condition, capital requirements and compliance with debt covenants and the terms of our Series A Preferred Shares, and other factors deemed relevant by our board of directors. | |
Convertible Senior Subordinated Notes | |
In March 2013, the Company issued $86.3 million aggregate principal amount of 2018 Convertible Senior Subordinated Notes. The 2018 Convertible Senior Subordinated Notes bear interest at a rate of 3.0% per year, payable semiannually in arrears on March 1 and September 1 of each year. The 2018 Convertible Senior Subordinated Notes mature on March 1, 2018. At any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2018 Convertible Senior Subordinated Notes into the Company's common shares. The conversion rate initially equals 30.9478 shares per $1,000 of principal amount. This corresponds to an initial conversion price of approximately $32.31 per common share, which equates to approximately 2.7 million common shares. The conversion rate is subject to adjustment upon the occurrence of certain events. The 2018 Convertible Senior Subordinated Notes are fully and unconditionally guaranteed on a senior subordinated unsecured basis by those subsidiaries of the Company that are guarantors under the Company's 2018 Senior Notes and 2017 Convertible Senior Subordinated Notes. The 2018 Convertible Senior Subordinated Notes are senior subordinated unsecured obligations of the Company and the subsidiary guarantors, are subordinated in right of payment to our existing and future senior indebtedness and are also effectively subordinated to our existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness. The indenture governing the 2018 Convertible Senior Subordinated Notes provides that the Company may not redeem the 2018 Convertible Senior Subordinated Notes prior to March 6, 2016, but also contains provisions requiring the Company to repurchase the notes (subject to certain exceptions), at a holder's option, upon the occurrence of a fundamental change (as defined in the indenture). | |
On or after March 6, 2016, the Company may redeem for cash any or all of the 2018 Convertible Senior Subordinated Notes (except for any 2018 Convertible Senior Subordinated Notes that the Company is required to repurchase in connection with a fundamental change), but only if the last reported sale price of the Company's common shares exceeds 130% of the applicable conversion price for the notes on each of at least 20 applicable trading days. The 20 trading days do not need to be consecutive, but must occur during a period of 30 consecutive trading days that ends within 10 trading days immediately prior to the date the Company provides the notice of redemption. The redemption price for the 2018 Convertible Senior Subordinated Notes to be redeemed will equal 100% of the principal amount, plus accrued and unpaid interest, if any. | |
In September 2012, the Company issued $57.5 million aggregate principal amount of 2017 Convertible Senior Subordinated Notes. The 2017 Convertible Senior Subordinated Notes bear interest at a rate of 3.25% per year, payable semiannually in arrears on March 15 and September 15 of each year. The 2017 Convertible Senior Subordinated Notes mature on September 15, 2017. At any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2017 Convertible Senior Subordinated Notes into the Company's common shares. The conversion rate initially equals 42.0159 shares per $1,000 of principal amount. This corresponds to an initial conversion price of approximately $23.80 per common share, which equates to approximately 2.4 million common shares. The conversion rate is subject to adjustment upon the occurrence of certain events. The 2017 Convertible Senior Subordinated Notes are fully and unconditionally guaranteed on a senior subordinated unsecured basis by those subsidiaries of the Company that are guarantors under the Company's 2018 Senior Notes and 2018 Convertible Senior Subordinated Notes. The 2017 Convertible Senior Subordinated Notes are senior subordinated unsecured obligations of the Company and the subsidiary guarantors, are subordinated in right of payment to our existing and future senior indebtedness and are also effectively subordinated to our existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness. The indenture governing the 2017 Convertible Senior Subordinated Notes provides that we may not redeem the notes prior to their stated maturity date, but also contains provisions requiring the Company to repurchase the 2017 Convertible Senior Subordinated Notes (subject to certain exceptions), at a holder's option, upon the occurrence of a fundamental change (as defined in the indenture). | |
Notes Payable - Other | |
The Company had other borrowings, which are reported in Notes Payable - Other in our Unaudited Condensed Consolidated Balance Sheets, totaling $8.5 million and $7.8 million as of September 30, 2014 and December 31, 2013, respectively. The balance consists primarily of a mortgage note payable with a $4.5 million principal balance outstanding at September 30, 2014 (and $4.8 million principal balance outstanding at December 31, 2013), which is secured by an office building, matures in 2017 and carries an interest rate of 8.1%. The remaining balance is made up of other notes payable incurred through the normal course of business. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
NUMERATOR | |||||||||||||||||
Net income | $ | 13,617 | $ | 125,311 | $ | 39,803 | $ | 137,162 | |||||||||
Preferred stock dividends | (1,218 | ) | (1,219 | ) | (3,656 | ) | (2,438 | ) | |||||||||
Excess of fair value over book value of preferred shares redeemed | — | — | — | (2,190 | ) | ||||||||||||
Net income to common shareholders | 12,399 | 124,092 | 36,147 | 132,534 | |||||||||||||
Interest on 3.25% convertible senior subordinated notes due 2017 | 368 | 611 | 1,110 | 1,833 | |||||||||||||
Interest on 3.00% convertible senior subordinated notes due 2018 | 496 | 824 | 1,497 | 1,851 | |||||||||||||
Diluted income available to common shareholders | $ | 13,263 | $ | 125,527 | $ | 38,754 | $ | 136,218 | |||||||||
DENOMINATOR | |||||||||||||||||
Basic weighted average shares outstanding | 24,474 | 24,358 | 24,454 | 23,642 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock option awards | 214 | 183 | 223 | 246 | |||||||||||||
Deferred compensation awards | 148 | 119 | 138 | 111 | |||||||||||||
3.25% convertible senior subordinated notes due 2017 | 2,416 | 2,416 | 2,416 | 2,416 | |||||||||||||
3.00% convertible senior subordinated notes due 2018 | 2,669 | 2,669 | 2,669 | 1,995 | |||||||||||||
Diluted weighted average shares outstanding - adjusted for assumed conversions | 29,921 | 29,745 | 29,900 | 28,410 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.51 | $ | 5.09 | $ | 1.48 | $ | 5.61 | |||||||||
Diluted | $ | 0.44 | $ | 4.22 | $ | 1.3 | $ | 4.79 | |||||||||
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share | 1,286 | 998 | 1,243 | 951 | |||||||||||||
For the three and nine months ended September 30, 2014 and 2013, the effect of convertible debt was included in the diluted earnings per share calculations. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Income Taxes | |
During the three and nine months ended September 30, 2014, the Company recorded a tax provision of $8.6 million and $10.2 million, respectively. The amounts reflect income tax expense related to the respective periods' pre-tax earnings as well as a $9.3 million benefit for the nine months ended September 30, 2014 from the reversal of our remaining state deferred tax asset valuation allowance. During the three and nine months ended September 30, 2013, the Company recorded a tax benefit of $111.6 million and $111.1 million, respectively. The amounts reflect income tax expense related to the respective periods' pre-tax earnings as well as a $111.6 million benefit for the three and nine months ended September 30, 2013 from the reversal of a majority of our deferred tax asset valuation allowance. The effective tax rate for the three months ended September 30, 2014 was 38.7%. The effective tax rate for the nine months ended September 30, 2014 was 20.4%. The effective tax rate for the nine months ended September 30, 2014 is not reflective of our historical tax rate or our effective tax rate in future periods due to our state deferred tax asset valuation allowance reversals in 2014. The effective tax rate for the same periods in 2013 was not meaningful due to the effects of the deferred tax asset valuation allowance and federal and state tax net operating losses (“NOLs”), and there is no correlation between the effective tax rate and the amount of pre-tax income for those periods. | |
In accordance with ASC 740-10, Income Taxes, we determine our net deferred tax assets by taxing jurisdiction. We evaluate our net deferred tax assets, including the benefit from NOLs, by jurisdiction to determine if a valuation allowance is required. Companies must assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more likely than not” standard with significant weight being given to evidence that can be objectively verified. This assessment considers, among other matters, the nature, frequency and severity of cumulative losses, forecasts of future profitability, the length of statutory carryforward periods, our experience with operating losses and our experience of utilizing tax credit carryforwards and tax planning alternatives. We recorded a full valuation allowance against all of our deferred tax assets during 2008 due to economic conditions and the weight of negative evidence at that time. | |
During the year ended December 31, 2013, we reversed the valuation allowance against our federal deferred tax assets and our deferred tax assets in most of our state jurisdictions because the weight of the positive evidence in those jurisdictions exceeded that of the negative evidence. However, at December 31, 2013, we retained a valuation allowance for certain states which have shorter carryforward periods for utilization of NOL carryovers or lower current earnings relative to their NOL carryforward balance. In 2014, we determined that it is more likely than not that our state NOL carryforwards should be able to be realized, and we reversed the remaining state deferred tax valuation allowance of $9.3 million during the nine months ended September 30, 2014. | |
At September 30, 2014, the Company had federal NOL carryforwards of approximately $53.3 million and federal credit carryforwards of $6.5 million. Federal NOL carryforwards may be carried forward up to 20 years to offset future taxable income. Our federal carryforward benefits begin to expire in 2028. The Company had $13.6 million of state NOL carryforwards at September 30, 2014. State NOLs may be carried forward from 5 to 20 years, depending on the tax jurisdiction, with $7.0 million expiring between 2014 and 2027 and $6.6 million expiring between 2028 and 2032, absent sufficient state taxable income. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Business Segments [Abstract] | ' | |||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||
Business Segments | ||||||||||||||||||||
The Company’s segment information is presented on the basis that the chief operating decision makers use in evaluating segment performance. The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our 13 individual homebuilding operating segments and the results of our financial services operations; (2) the results of our three homebuilding regions; and (3) our consolidated financial results. We have determined our reportable segments as follows: Midwest homebuilding, Southern homebuilding, Mid-Atlantic homebuilding and financial services operations. The homebuilding operating segments that are included within each reportable segment have similar operations and exhibit similar long-term economic characteristics. Our homebuilding operations include the acquisition and development of land, the sale and construction of single-family attached and detached homes, and the occasional sale of lots to third parties. The homebuilding operating segments that comprise each of our reportable segments are as follows: | ||||||||||||||||||||
Midwest | Southern | Mid-Atlantic | ||||||||||||||||||
Columbus, Ohio | Tampa, Florida | Washington, D.C. | ||||||||||||||||||
Cincinnati, Ohio | Orlando, Florida | Charlotte, North Carolina | ||||||||||||||||||
Indianapolis, Indiana | Houston, Texas | Raleigh, North Carolina | ||||||||||||||||||
Chicago, Illinois | San Antonio, Texas | |||||||||||||||||||
Austin, Texas | ||||||||||||||||||||
Dallas/Fort Worth, Texas | ||||||||||||||||||||
Our financial services operations include the origination, sale and servicing of mortgage loans and title services primarily for purchasers of the Company's homes. | ||||||||||||||||||||
The following table shows, by segment: revenue; operating income; interest expense; and income before income taxes for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Midwest homebuilding | $ | 118,319 | $ | 82,689 | $ | 283,472 | $ | 222,890 | ||||||||||||
Southern homebuilding | 118,150 | 96,275 | 299,472 | 216,181 | ||||||||||||||||
Mid-Atlantic homebuilding | 86,718 | 89,550 | 242,357 | 239,061 | ||||||||||||||||
Financial services (a) | 7,580 | 6,681 | 21,915 | 22,343 | ||||||||||||||||
Total revenue | $ | 330,767 | $ | 275,195 | $ | 847,216 | $ | 700,475 | ||||||||||||
Operating income: | ||||||||||||||||||||
Midwest homebuilding (b) | $ | 12,802 | $ | 5,114 | $ | 26,771 | $ | 11,696 | ||||||||||||
Southern homebuilding (b) | 10,215 | 8,271 | 24,741 | 15,222 | ||||||||||||||||
Mid-Atlantic homebuilding (b) | 6,511 | 8,433 | 18,888 | 18,961 | ||||||||||||||||
Financial services (a) | 3,804 | 3,827 | 12,204 | 13,451 | ||||||||||||||||
Less: Corporate selling, general and administrative expense | (8,502 | ) | (6,996 | ) | (23,126 | ) | (19,663 | ) | ||||||||||||
Total operating income | $ | 24,830 | $ | 18,649 | $ | 59,478 | $ | 39,667 | ||||||||||||
Interest expense: | ||||||||||||||||||||
Midwest homebuilding | $ | 450 | $ | 1,023 | $ | 2,211 | $ | 3,852 | ||||||||||||
Southern homebuilding | 968 | 1,405 | 3,927 | 4,510 | ||||||||||||||||
Mid-Atlantic homebuilding | 829 | 659 | 2,392 | 2,809 | ||||||||||||||||
Financial services (a) | 402 | 362 | 1,019 | 1,015 | ||||||||||||||||
Total interest expense | $ | 2,649 | $ | 3,449 | $ | 9,549 | $ | 12,186 | ||||||||||||
Equity in income of unconsolidated joint ventures | (22 | ) | (278 | ) | (62 | ) | (278 | ) | ||||||||||||
Loss on early extinguishment of debt | — | 1,726 | — | 1,726 | ||||||||||||||||
Income before income taxes | $ | 22,203 | $ | 13,752 | $ | 49,991 | $ | 26,033 | ||||||||||||
(a) | Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of a small amount of mortgage re-financing. | |||||||||||||||||||
(b) | For the three months ended September 30, 2014, operating income was reduced by $0.6 million related to the impairment of future communities in the Midwest region. For the nine months ended September 30, 2014, operating income was reduced by $0.8 million related to the impairment of operating communities in the Midwest region and $0.6 million related to the impairment of future communities in the Midwest region. For the three months ended September 30, 2013, operating income was reduced by $0.5 million related to the impairment of operating communities in the Midwest region and $1.7 million related to the impairment of future communities in the Midwest region. For the nine months ended September 30, 2013, operating income was reduced by $0.5 million related to the impairment of operating communities, $2.5 million related to the impairment of future communities, and $1.3 million related to the impairment of land held for sale in the Midwest region. There were no impairment charges in the Mid-Atlantic or Southern regions for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||
The following tables show total assets by segment at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(In thousands) | Midwest | Southern | Mid-Atlantic | Corporate, Financial Services and Unallocated | Total | |||||||||||||||
Deposits on real estate under option or contract | $ | 4,671 | $ | 12,332 | $ | 4,635 | $ | — | $ | 21,638 | ||||||||||
Inventory (a) | 310,559 | 315,169 | 246,598 | — | 872,326 | |||||||||||||||
Investments in unconsolidated joint ventures | 2,980 | 37,789 | — | — | 40,769 | |||||||||||||||
Other assets | 10,806 | 23,995 | 11,069 | 212,551 | 258,421 | |||||||||||||||
Total assets | $ | 329,016 | $ | 389,285 | $ | 262,302 | $ | 212,551 | $ | 1,193,154 | ||||||||||
December 31, 2013 | ||||||||||||||||||||
(In thousands) | Midwest | Southern | Mid-Atlantic | Corporate, Financial Services and Unallocated | Total | |||||||||||||||
Deposits on real estate under option or contract | $ | 2,003 | $ | 7,107 | $ | 5,255 | $ | — | $ | 14,365 | ||||||||||
Inventory (a) | 248,218 | 236,505 | 191,847 | — | 676,570 | |||||||||||||||
Investments in unconsolidated joint ventures | 5,331 | 29,935 | — | — | 35,266 | |||||||||||||||
Other assets | 10,571 | 982 | 11,050 | 361,372 | 383,975 | |||||||||||||||
Total assets | $ | 266,123 | $ | 274,529 | $ | 208,152 | $ | 361,372 | $ | 1,110,176 | ||||||||||
(a) | Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||||||||||
Supplemental Guarantor Information | |||||||||||||||||
The Company's obligations under the 2018 Senior Notes, the 2017 Convertible Senior Subordinated Notes and the 2018 Convertible Senior Subordinated Notes are not guaranteed by all of the Company's subsidiaries and therefore, the Company has disclosed condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. The subsidiary guarantors of the 2018 Senior Notes, the 2017 Convertible Senior Subordinated Notes and the 2018 Convertible Senior Subordinated Notes are the same. | |||||||||||||||||
The following condensed consolidating financial information includes balance sheets, statements of operations and cash flow information for M/I Homes, Inc. (the parent company and the issuer of the aforementioned guaranteed notes), the Guarantor Subsidiaries, collectively, and for all other subsidiaries and joint ventures of the Company (the “Unrestricted Subsidiaries”), collectively. Each Guarantor Subsidiary is a direct or indirect 100%-owned subsidiary of M/I Homes, Inc. and has fully and unconditionally guaranteed the (a) 2018 Senior Notes, on a joint and several senior unsecured basis, (b) the 2017 Convertible Senior Subordinated Notes on a joint and several senior subordinated unsecured basis and (c) the 2018 Convertible Senior Subordinated Notes on a joint and several senior subordinated unsecured basis. | |||||||||||||||||
There are no significant restrictions on the parent company's ability to obtain funds from its Guarantor Subsidiaries in the form of a dividend, loan, or other means. | |||||||||||||||||
As of September 30, 2014, each of the Company's subsidiaries is a Guarantor Subsidiary, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, title insurance or similar financial businesses relating to the homebuilding and home sales business, certain subsidiaries that are not 100%-owned by the Company or another subsidiary, and other subsidiaries designated by the Company as Unrestricted Subsidiaries, subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Credit Facility and the indenture for the 2018 Senior Notes. | |||||||||||||||||
In the condensed financial tables presented below, the parent company presents all of its 100%-owned subsidiaries as if they were accounted for under the equity method. All applicable corporate expenses have been allocated appropriately among the Guarantor Subsidiaries and Unrestricted Subsidiaries. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenue | $ | — | $ | 323,187 | $ | 7,580 | $ | — | $ | 330,767 | |||||||
Costs and expenses: | |||||||||||||||||
Land and housing | — | 261,636 | — | — | 261,636 | ||||||||||||
Impairment of inventory and investment in unconsolidated joint ventures | — | 622 | — | — | 622 | ||||||||||||
General and administrative | — | 17,811 | 3,913 | — | 21,724 | ||||||||||||
Selling | — | 21,955 | — | — | 21,955 | ||||||||||||
Equity in income of unconsolidated joint ventures | — | — | (22 | ) | — | (22 | ) | ||||||||||
Interest | — | 2,248 | 401 | — | 2,649 | ||||||||||||
Total costs and expenses | — | 304,272 | 4,292 | — | 308,564 | ||||||||||||
Income before income taxes | — | 18,915 | 3,288 | — | 22,203 | ||||||||||||
Provision for income taxes | — | 7,428 | 1,158 | — | 8,586 | ||||||||||||
Equity in subsidiaries | 13,617 | — | — | (13,617 | ) | — | |||||||||||
Net income | 13,617 | 11,487 | 2,130 | (13,617 | ) | 13,617 | |||||||||||
Preferred dividends | 1,218 | — | — | — | 1,218 | ||||||||||||
Net income to common shareholders | $ | 12,399 | $ | 11,487 | $ | 2,130 | $ | (13,617 | ) | $ | 12,399 | ||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenue | $ | — | $ | 268,514 | $ | 6,681 | $ | — | $ | 275,195 | |||||||
Costs and expenses: | |||||||||||||||||
Land and housing | — | 218,150 | — | — | 218,150 | ||||||||||||
Impairment of inventory and investment in unconsolidated joint ventures | — | 2,136 | — | — | 2,136 | ||||||||||||
General and administrative | — | 15,309 | 2,952 | — | 18,261 | ||||||||||||
Selling | — | 17,979 | 20 | — | 17,999 | ||||||||||||
Equity in income of unconsolidated joint ventures | — | — | (278 | ) | — | (278 | ) | ||||||||||
Interest | — | 3,087 | 362 | — | 3,449 | ||||||||||||
Loss on early extinguishment of debt | — | 1,726 | — | — | 1,726 | ||||||||||||
Total costs and expenses | — | 258,387 | 3,056 | — | 261,443 | ||||||||||||
Income before income taxes | — | 10,127 | 3,625 | — | 13,752 | ||||||||||||
(Benefit) provision for income taxes | — | (112,694 | ) | 1,135 | — | (111,559 | ) | ||||||||||
Equity in subsidiaries | 125,311 | — | — | (125,311 | ) | — | |||||||||||
Net income | 125,311 | 122,821 | 2,490 | (125,311 | ) | 125,311 | |||||||||||
Preferred dividends | 1,219 | — | — | — | 1,219 | ||||||||||||
Net income to common shareholders | $ | 124,092 | $ | 122,821 | $ | 2,490 | $ | (125,311 | ) | $ | 124,092 | ||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenue | $ | — | $ | 825,301 | $ | 21,915 | $ | — | $ | 847,216 | |||||||
Costs and expenses: | |||||||||||||||||
Land and housing | — | 666,817 | — | — | 666,817 | ||||||||||||
Impairment of inventory and investment in unconsolidated joint ventures | — | 1,426 | — | — | 1,426 | ||||||||||||
General and administrative | — | 51,159 | 10,161 | — | 61,320 | ||||||||||||
Selling | — | 58,175 | — | — | 58,175 | ||||||||||||
Equity in income of unconsolidated joint ventures | — | — | (62 | ) | — | (62 | ) | ||||||||||
Interest | — | 8,530 | 1,019 | — | 9,549 | ||||||||||||
Total costs and expenses | — | 786,107 | 11,118 | — | 797,225 | ||||||||||||
Income before income taxes | — | 39,194 | 10,797 | — | 49,991 | ||||||||||||
Provision for income taxes | — | 5,991 | 4,197 | — | 10,188 | ||||||||||||
Equity in subsidiaries | 39,803 | — | — | (39,803 | ) | — | |||||||||||
Net income | 39,803 | 33,203 | 6,600 | (39,803 | ) | 39,803 | |||||||||||
Preferred dividends | 3,656 | — | — | — | 3,656 | ||||||||||||
Net income to common shareholders | $ | 36,147 | $ | 33,203 | $ | 6,600 | $ | (39,803 | ) | $ | 36,147 | ||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenue | $ | — | $ | 678,132 | $ | 22,343 | $ | — | $ | 700,475 | |||||||
Costs and expenses: | |||||||||||||||||
Land and housing | — | 556,799 | — | — | 556,799 | ||||||||||||
Impairment of inventory and investment in unconsolidated joint ventures | — | 4,237 | — | — | 4,237 | ||||||||||||
General and administrative | — | 43,104 | 9,285 | — | 52,389 | ||||||||||||
Selling | — | 47,317 | 66 | — | 47,383 | ||||||||||||
Equity in income of unconsolidated joint ventures | — | — | (278 | ) | — | (278 | ) | ||||||||||
Interest | — | 11,171 | 1,015 | — | 12,186 | ||||||||||||
Loss on early extinguishment of debt | — | 1,726 | — | — | 1,726 | ||||||||||||
Total costs and expenses | — | 664,354 | 10,088 | — | 674,442 | ||||||||||||
Income before income taxes | — | 13,778 | 12,255 | — | 26,033 | ||||||||||||
(Benefit) provision for income taxes | — | (115,308 | ) | 4,179 | — | (111,129 | ) | ||||||||||
Equity in subsidiaries | 137,162 | — | — | (137,162 | ) | — | |||||||||||
Net income | 137,162 | 129,086 | 8,076 | (137,162 | ) | 137,162 | |||||||||||
Preferred dividends | 2,438 | — | — | — | 2,438 | ||||||||||||
Excess of fair value over book value of preferred shares redeemed | 2,190 | — | — | — | 2,190 | ||||||||||||
Net income to common shareholders | $ | 132,534 | $ | 129,086 | $ | 8,076 | $ | (137,162 | ) | $ | 132,534 | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
ASSETS: | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 3,811 | $ | 13,357 | $ | — | $ | 17,168 | |||||||
Restricted cash | — | 8,898 | — | — | 8,898 | ||||||||||||
Mortgage loans held for sale | — | — | 76,983 | — | 76,983 | ||||||||||||
Inventory | — | 893,964 | — | — | 893,964 | ||||||||||||
Property and equipment - net | — | 11,119 | 311 | — | 11,430 | ||||||||||||
Investment in unconsolidated joint ventures | — | 22,286 | 18,483 | — | 40,769 | ||||||||||||
Deferred income taxes, net of valuation allowances | — | 101,849 | 1,033 | — | 102,882 | ||||||||||||
Investment in subsidiaries | 567,407 | — | — | (567,407 | ) | — | |||||||||||
Intercompany assets | 330,075 | — | — | (330,075 | ) | — | |||||||||||
Other assets | 7,930 | 23,576 | 9,554 | — | 41,060 | ||||||||||||
TOTAL ASSETS | $ | 905,412 | $ | 1,065,503 | $ | 119,721 | $ | (897,482 | ) | $ | 1,193,154 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
LIABILITIES: | |||||||||||||||||
Accounts payable | $ | — | $ | 97,302 | $ | 571 | $ | — | $ | 97,873 | |||||||
Customer deposits | — | 14,202 | — | — | 14,202 | ||||||||||||
Intercompany liabilities | — | 309,906 | 20,169 | (330,075 | ) | — | |||||||||||
Other liabilities | — | 68,711 | 5,492 | — | 74,203 | ||||||||||||
Community development district obligations | — | 3,056 | — | — | 3,056 | ||||||||||||
Obligation for consolidated inventory not owned | — | 1,700 | — | — | 1,700 | ||||||||||||
Notes payable banks - homebuilding | — | 14,400 | — | — | 14,400 | ||||||||||||
Notes payable bank - financial services operations | — | — | 73,778 | — | 73,778 | ||||||||||||
Notes payable - other | — | 8,530 | — | — | 8,530 | ||||||||||||
Convertible senior subordinated notes due 2017 | 57,500 | — | — | — | 57,500 | ||||||||||||
Convertible senior subordinated notes due 2018 | 86,250 | — | — | — | 86,250 | ||||||||||||
Senior notes | 228,369 | — | — | — | 228,369 | ||||||||||||
TOTAL LIABILITIES | 372,119 | 517,807 | 100,010 | (330,075 | ) | 659,861 | |||||||||||
SHAREHOLDERS’ EQUITY | 533,293 | 547,696 | 19,711 | (567,407 | ) | 533,293 | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 905,412 | $ | 1,065,503 | $ | 119,721 | $ | (897,482 | ) | $ | 1,193,154 | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
ASSETS: | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 113,407 | $ | 15,318 | $ | — | $ | 128,725 | |||||||
Restricted cash | — | 13,902 | — | — | 13,902 | ||||||||||||
Mortgage loans held for sale | — | — | 81,810 | — | 81,810 | ||||||||||||
Inventory | — | 690,934 | — | — | 690,934 | ||||||||||||
Property and equipment - net | — | 10,267 | 269 | — | 10,536 | ||||||||||||
Investment in unconsolidated joint ventures | — | 13,525 | 21,741 | — | 35,266 | ||||||||||||
Deferred income taxes, net of valuation allowances | — | 109,763 | 1,148 | — | 110,911 | ||||||||||||
Investment in subsidiaries | 535,879 | — | — | (535,879 | ) | — | |||||||||||
Intercompany assets | 318,852 | — | — | (318,852 | ) | — | |||||||||||
Other assets | 9,892 | 17,180 | 11,020 | — | 38,092 | ||||||||||||
TOTAL ASSETS | $ | 864,623 | $ | 968,978 | $ | 131,306 | $ | (854,731 | ) | $ | 1,110,176 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
LIABILITIES: | |||||||||||||||||
Accounts payable | $ | — | $ | 69,887 | $ | 339 | $ | — | $ | 70,226 | |||||||
Customer deposits | — | 11,262 | — | — | 11,262 | ||||||||||||
Intercompany liabilities | — | 296,229 | 22,623 | (318,852 | ) | — | |||||||||||
Other liabilities | — | 64,413 | 6,928 | — | 71,341 | ||||||||||||
Community development district obligations | — | 3,130 | — | — | 3,130 | ||||||||||||
Obligation for consolidated inventory not owned | — | 1,775 | — | — | 1,775 | ||||||||||||
Notes payable bank - financial services operations | — | — | 80,029 | — | 80,029 | ||||||||||||
Notes payable - other | — | 7,790 | — | — | 7,790 | ||||||||||||
Convertible senior subordinated notes due 2017 | 57,500 | — | — | — | 57,500 | ||||||||||||
Convertible senior subordinated notes due 2018 | 86,250 | — | — | — | 86,250 | ||||||||||||
Senior notes | 228,070 | — | — | — | 228,070 | ||||||||||||
TOTAL LIABILITIES | 371,820 | 454,486 | 109,919 | (318,852 | ) | 617,373 | |||||||||||
SHAREHOLDERS’ EQUITY | 492,803 | 514,492 | 21,387 | (535,879 | ) | 492,803 | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 864,623 | $ | 968,978 | $ | 131,306 | $ | (854,731 | ) | $ | 1,110,176 | ||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 8,275 | $ | (124,022 | ) | $ | 17,311 | $ | (8,275 | ) | $ | (106,711 | ) | ||||
INVESTING ACTIVITIES: | |||||||||||||||||
Restricted cash | — | 4,912 | — | — | 4,912 | ||||||||||||
Purchase of property and equipment | — | (2,222 | ) | (125 | ) | — | (2,347 | ) | |||||||||
Investments in and advances to unconsolidated joint ventures | — | (12,080 | ) | (4,738 | ) | — | (16,818 | ) | |||||||||
Return of capital from unconsolidated joint ventures | — | — | 619 | — | 619 | ||||||||||||
Net proceeds from the sale of mortgage servicing rights | — | — | 2,135 | — | 2,135 | ||||||||||||
Net cash used in investing activities | — | (9,390 | ) | (2,109 | ) | — | (11,499 | ) | |||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Proceeds from (repayments of) bank borrowings - net | — | 14,400 | (6,251 | ) | — | 8,149 | |||||||||||
Principal proceeds from note payable - other and community development district bond obligations | — | 740 | — | — | 740 | ||||||||||||
Proceeds from exercise of stock options | 1,460 | — | — | — | 1,460 | ||||||||||||
Intercompany financing | (6,079 | ) | 8,676 | (2,597 | ) | — | — | ||||||||||
Dividends paid | (3,656 | ) | — | (8,275 | ) | 8,275 | (3,656 | ) | |||||||||
Debt issue costs | — | — | (40 | ) | — | (40 | ) | ||||||||||
Net cash (used in) provided by financing activities | (8,275 | ) | 23,816 | (17,163 | ) | 8,275 | 6,653 | ||||||||||
Net decrease in cash and cash equivalents | — | (109,596 | ) | (1,961 | ) | — | (111,557 | ) | |||||||||
Cash and cash equivalents balance at beginning of period | — | 113,407 | 15,318 | — | 128,725 | ||||||||||||
Cash and cash equivalents balance at end of period | $ | — | $ | 3,811 | $ | 13,357 | $ | — | $ | 17,168 | |||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 7,100 | $ | (60,703 | ) | $ | 20,267 | $ | (7,100 | ) | $ | (40,436 | ) | ||||
INVESTING ACTIVITIES: | |||||||||||||||||
Restricted cash | — | (7,274 | ) | — | — | (7,274 | ) | ||||||||||
Purchase of property and equipment | — | (1,528 | ) | (126 | ) | — | (1,654 | ) | |||||||||
Investments in and advances to unconsolidated joint ventures | — | (14,657 | ) | (10,839 | ) | — | (25,496 | ) | |||||||||
Return of capital from unconsolidated joint ventures | — | — | 1,522 | — | 1,522 | ||||||||||||
Net cash used in investing activities | — | (23,459 | ) | (9,443 | ) | — | (32,902 | ) | |||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Repayments from bank borrowings - net | — | — | (12,343 | ) | — | (12,343 | ) | ||||||||||
Principal repayments from note payable - other and community development district bond obligations | — | (2,979 | ) | — | — | (2,979 | ) | ||||||||||
Proceeds from issuance of convertible senior subordinated notes due 2018 | 86,250 | — | — | — | 86,250 | ||||||||||||
Redemption of of preferred shares | (50,352 | ) | — | — | — | (50,352 | ) | ||||||||||
Proceeds from exercise of stock options | 2,640 | — | — | — | 2,640 | ||||||||||||
Proceeds from issuance of common shares | 54,617 | — | — | — | 54,617 | ||||||||||||
Intercompany financing | (98,200 | ) | 92,463 | 5,737 | — | — | |||||||||||
Dividends paid | (2,438 | ) | — | (7,100 | ) | 7,100 | (2,438 | ) | |||||||||
Debt issue costs | — | (5,402 | ) | (61 | ) | — | (5,463 | ) | |||||||||
Excess tax deficiency from stock-based payment arrangements | 383 | — | — | — | 383 | ||||||||||||
Net cash (used in) provided by financing activities | (7,100 | ) | 84,082 | (13,767 | ) | 7,100 | 70,315 | ||||||||||
Net (decrease) increase in cash and cash equivalents | — | (80 | ) | (2,943 | ) | — | (3,023 | ) | |||||||||
Cash and cash equivalents balance at beginning of period | — | 126,334 | 19,164 | — | 145,498 | ||||||||||||
Cash and cash equivalents balance at end of period | $ | — | $ | 126,254 | $ | 16,221 | $ | — | $ | 142,475 | |||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 12. Subsequent Events | |
On October 20, 2014, the Company entered into a First Amendment to the Credit Facility (the “First Amendment”), which, among other things, (a) extended the maturity date of the Credit Facility to October 20, 2018, (b) reduced the Eurodollar margin initially from 3.25% to 2.50% and reduced the Alternate Base Rate margin initially from 2.25% to 1.50%, in each case subject to adjustment based on the Company's leverage ratio, (c) increased the maximum borrowing availability under the facility from $200 million to $300 million, (d) increased the accordion feature under which the aggregate principal amount can be increased to up to $400 million, subject to obtaining additional commitments, (e) modified the borrowing base to provide for additional availability, (f) increased the sub-facility for letters of credit to $125 million, and (g) increased the required minimum tangible net worth to $353.9 million, plus (i) 50% of cumulative consolidated net income, earned from and after June 30, 2014, and (ii) 50% of the net proceeds of any equity offerings of the Company occurring on or after June 30, 2014, excluding proceeds used to refinance the Series A Preferred Shares. | |
The Credit Facility, as amended by the First Amendment (the “Amended Credit Facility”), contains various representations, warranties and covenants that the Company considers customary for such facilities. Under the terms of the Amended Credit Facility, we are required, among other things, to maintain compliance with various covenants, including financial covenants relating to a minimum consolidated tangible net worth requirement, a minimum interest coverage ratio or liquidity requirement, and a maximum leverage ratio. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | ' | ||||||||||||||||
The table below shows the notional amounts of our financial instruments at September 30, 2014 and December 31, 2013: | |||||||||||||||||
Description of Financial Instrument (in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||
Best efforts contracts and related committed IRLCs | $ | 4,616 | $ | 2,494 | |||||||||||||
Uncommitted IRLCs | 56,470 | 49,710 | |||||||||||||||
FMBSs related to uncommitted IRLCs | 57,000 | 48,000 | |||||||||||||||
Best efforts contracts and related mortgage loans held for sale | 41,058 | 63,386 | |||||||||||||||
FMBSs related to mortgage loans held for sale | 34,000 | 20,000 | |||||||||||||||
Mortgage loans held for sale covered by FMBSs | 33,736 | 19,884 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
The table below shows the level and measurement of assets and liabilities measured on a recurring basis at September 30, 2014 and December 31, 2013: | |||||||||||||||||
Description of Financial Instrument (in thousands) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Mortgage loans held for sale | $ | 76,983 | $ | — | $ | 76,983 | $ | — | |||||||||
Forward sales of mortgage-backed securities | (41 | ) | — | (41 | ) | — | |||||||||||
Interest rate lock commitments | 434 | — | 434 | — | |||||||||||||
Best-efforts contracts | 51 | — | 51 | — | |||||||||||||
Total | $ | 77,427 | $ | — | $ | 77,427 | $ | — | |||||||||
Description of Financial Instrument (in thousands) | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Mortgage loans held for sale | $ | 81,810 | $ | — | $ | 81,810 | $ | — | |||||||||
Forward sales of mortgage-backed securities | 745 | — | 745 | — | |||||||||||||
Interest rate lock commitments | (319 | ) | — | (319 | ) | — | |||||||||||
Best-efforts contracts | 479 | — | 479 | — | |||||||||||||
Total | $ | 82,715 | $ | — | $ | 82,715 | $ | — | |||||||||
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||||
The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Operations, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Description (in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Mortgage loans held for sale | $ | (959 | ) | $ | 3,365 | $ | 2,556 | $ | 1,782 | ||||||||
Forward sales of mortgage-backed securities | 398 | (5,262 | ) | (786 | ) | (2,224 | ) | ||||||||||
Interest rate lock commitments | (144 | ) | 1,677 | 753 | 941 | ||||||||||||
Best-efforts contracts | 164 | (193 | ) | (428 | ) | (176 | ) | ||||||||||
Total (loss) gain recognized | $ | (541 | ) | $ | (413 | ) | $ | 2,095 | $ | 323 | |||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||
The following tables set forth the fair value of the Company's derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which is disclosed as a separate line item): | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
30-Sep-14 | 30-Sep-14 | ||||||||||||||||
Description of Derivatives | Balance Sheet | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Location | (in thousands) | (in thousands) | |||||||||||||||
Forward sales of mortgage-backed securities | Other assets | $ | — | Other liabilities | $ | 41 | |||||||||||
Interest rate lock commitments | Other assets | 434 | Other liabilities | — | |||||||||||||
Best-efforts contracts | Other assets | 51 | Other liabilities | — | |||||||||||||
Total fair value measurements | $ | 485 | $ | 41 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Dec-13 | 31-Dec-13 | ||||||||||||||||
Description of Derivatives | Balance Sheet | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Location | (in thousands) | (in thousands) | |||||||||||||||
Forward sales of mortgage-backed securities | Other assets | $ | 745 | Other liabilities | $ | — | |||||||||||
Interest rate lock commitments | Other assets | — | Other liabilities | 319 | |||||||||||||
Best-efforts contracts | Other assets | 479 | Other liabilities | — | |||||||||||||
Total fair value measurements | $ | 1,224 | $ | 319 | |||||||||||||
Fair Value, Assets Measured on Nonrecurring Basis [Table Text Block] | ' | ||||||||||||||||
The table below shows the level and measurement of the Company's assets measured on a non-recurring basis as of and for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Description (in thousands) | Hierarchy | 2014 | 2013 (2) | 2014 | 2013 (2) | ||||||||||||
Adjusted basis of inventory (1) | Level 3 | $ | 76 | $ | 1,975 | $ | 1,605 | $ | 3,876 | ||||||||
Total losses | 622 | 2,136 | 1,426 | 4,237 | |||||||||||||
Initial basis of inventory | $ | 698 | $ | 4,111 | $ | 3,031 | $ | 8,113 | |||||||||
-1 | The fair values in the table above represent only assets whose carrying values were adjusted in the respective period. | ||||||||||||||||
-2 | The carrying values for these assets may have subsequently increased or decreased from the fair value reported due to activities that have occurred since the measurement date. | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
The following table presents the carrying amounts and fair values of the Company's financial instruments at September 30, 2014 and December 31, 2013. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Assets: | |||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 26,066 | $ | 26,066 | $ | 142,627 | $ | 142,627 | |||||||||
Mortgage loans held for sale | 76,983 | 76,983 | 81,810 | 81,810 | |||||||||||||
Split dollar life insurance policies | 189 | 189 | 171 | 171 | |||||||||||||
Notes receivable | 4,406 | 3,778 | 3,151 | 2,784 | |||||||||||||
Commitments to extend real estate loans | 434 | 434 | — | — | |||||||||||||
Best-efforts contracts for committed IRLCs and mortgage loans held for sale | 51 | 51 | 479 | 479 | |||||||||||||
Forward sales of mortgage-backed securities | — | — | 745 | 745 | |||||||||||||
Liabilities: | |||||||||||||||||
Notes payable - banks | 88,178 | 88,178 | 80,029 | 80,029 | |||||||||||||
Notes payable - other | 8,530 | 8,012 | 7,790 | 7,452 | |||||||||||||
Convertible senior subordinated notes due 2017 | 57,500 | 63,322 | 57,500 | 74,391 | |||||||||||||
Convertible senior subordinated notes due 2018 | 86,250 | 86,142 | 86,250 | 95,845 | |||||||||||||
Senior notes due 2018 | 228,369 | 240,350 | 228,070 | 248,975 | |||||||||||||
Commitments to extend real estate loans | — | — | 319 | 319 | |||||||||||||
Forward sales of mortgage-backed securities | 41 | 41 | — | — | |||||||||||||
Off-Balance Sheet Financial Instruments: | |||||||||||||||||
Letters of credit | — | 595 | — | 413 | |||||||||||||
Inventory_Inventory_Tables
Inventory Inventory (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
A summary of the Company's inventory as of September 30, 2014 and December 31, 2013 is as follows: | ||||||||
(In thousands) | September 30, 2014 | December 31, 2013 | ||||||
Single-family lots, land and land development costs | $ | 402,352 | $ | 323,673 | ||||
Land held for sale | 2,898 | 8,059 | ||||||
Homes under construction | 419,931 | 305,499 | ||||||
Model homes and furnishings - at cost (less accumulated depreciation: September 30, 2014 - $6,732; | 42,356 | 34,433 | ||||||
December 31, 2013 - $5,173) | ||||||||
Community development district infrastructure | 3,056 | 3,130 | ||||||
Land purchase deposits | 21,638 | 14,365 | ||||||
Consolidated inventory not owned | 1,733 | 1,775 | ||||||
Total inventory | $ | 893,964 | $ | 690,934 | ||||
Capitalized_Interest_Capitaliz
Capitalized Interest Capitalized Interest (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Capitalized Interest [Abstract] | ' | |||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | |||||||||||||||
The summary of capitalized interest for the three and nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Capitalized interest, beginning of period | $ | 14,831 | $ | 14,260 | $ | 13,802 | $ | 15,376 | ||||||||
Interest capitalized to inventory | 5,161 | 3,940 | 13,141 | 10,045 | ||||||||||||
Capitalized interest charged to land and housing costs and expenses | (4,281 | ) | (4,074 | ) | (11,232 | ) | (11,295 | ) | ||||||||
Capitalized interest, end of period | $ | 15,711 | $ | 14,126 | $ | 15,711 | $ | 14,126 | ||||||||
Interest incurred | $ | 7,810 | $ | 7,389 | $ | 22,690 | $ | 22,231 | ||||||||
Guarantees_and_Indemnification1
Guarantees and Indemnifications Guarantees and Indemnifications (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Warranty Accrual Rollforward [Abstract] | ' | |||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||||||||||
A summary of warranty activity for the three and nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Warranty reserves, beginning of period | $ | 11,220 | $ | 10,388 | $ | 12,291 | $ | 10,438 | ||||||||
Warranty expense on homes delivered during the period | 1,923 | 1,999 | 4,962 | 5,004 | ||||||||||||
Changes in estimates for pre-existing warranties | 1,047 | 321 | 1,937 | 422 | ||||||||||||
Settlements made during the period | (3,508 | ) | (1,952 | ) | (8,508 | ) | (5,108 | ) | ||||||||
Warranty reserves, end of period | $ | 10,682 | $ | 10,756 | $ | 10,682 | $ | 10,756 | ||||||||
Earnings_per_Share_Earnings_pe
Earnings per Share Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
NUMERATOR | |||||||||||||||||
Net income | $ | 13,617 | $ | 125,311 | $ | 39,803 | $ | 137,162 | |||||||||
Preferred stock dividends | (1,218 | ) | (1,219 | ) | (3,656 | ) | (2,438 | ) | |||||||||
Excess of fair value over book value of preferred shares redeemed | — | — | — | (2,190 | ) | ||||||||||||
Net income to common shareholders | 12,399 | 124,092 | 36,147 | 132,534 | |||||||||||||
Interest on 3.25% convertible senior subordinated notes due 2017 | 368 | 611 | 1,110 | 1,833 | |||||||||||||
Interest on 3.00% convertible senior subordinated notes due 2018 | 496 | 824 | 1,497 | 1,851 | |||||||||||||
Diluted income available to common shareholders | $ | 13,263 | $ | 125,527 | $ | 38,754 | $ | 136,218 | |||||||||
DENOMINATOR | |||||||||||||||||
Basic weighted average shares outstanding | 24,474 | 24,358 | 24,454 | 23,642 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock option awards | 214 | 183 | 223 | 246 | |||||||||||||
Deferred compensation awards | 148 | 119 | 138 | 111 | |||||||||||||
3.25% convertible senior subordinated notes due 2017 | 2,416 | 2,416 | 2,416 | 2,416 | |||||||||||||
3.00% convertible senior subordinated notes due 2018 | 2,669 | 2,669 | 2,669 | 1,995 | |||||||||||||
Diluted weighted average shares outstanding - adjusted for assumed conversions | 29,921 | 29,745 | 29,900 | 28,410 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.51 | $ | 5.09 | $ | 1.48 | $ | 5.61 | |||||||||
Diluted | $ | 0.44 | $ | 4.22 | $ | 1.3 | $ | 4.79 | |||||||||
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share | 1,286 | 998 | 1,243 | 951 | |||||||||||||
Business_Segments_Business_Seg
Business Segments Business Segments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Business Segments [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
The following table shows, by segment: revenue; operating income; interest expense; and income before income taxes for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Midwest homebuilding | $ | 118,319 | $ | 82,689 | $ | 283,472 | $ | 222,890 | ||||||||||||
Southern homebuilding | 118,150 | 96,275 | 299,472 | 216,181 | ||||||||||||||||
Mid-Atlantic homebuilding | 86,718 | 89,550 | 242,357 | 239,061 | ||||||||||||||||
Financial services (a) | 7,580 | 6,681 | 21,915 | 22,343 | ||||||||||||||||
Total revenue | $ | 330,767 | $ | 275,195 | $ | 847,216 | $ | 700,475 | ||||||||||||
Operating income: | ||||||||||||||||||||
Midwest homebuilding (b) | $ | 12,802 | $ | 5,114 | $ | 26,771 | $ | 11,696 | ||||||||||||
Southern homebuilding (b) | 10,215 | 8,271 | 24,741 | 15,222 | ||||||||||||||||
Mid-Atlantic homebuilding (b) | 6,511 | 8,433 | 18,888 | 18,961 | ||||||||||||||||
Financial services (a) | 3,804 | 3,827 | 12,204 | 13,451 | ||||||||||||||||
Less: Corporate selling, general and administrative expense | (8,502 | ) | (6,996 | ) | (23,126 | ) | (19,663 | ) | ||||||||||||
Total operating income | $ | 24,830 | $ | 18,649 | $ | 59,478 | $ | 39,667 | ||||||||||||
Interest expense: | ||||||||||||||||||||
Midwest homebuilding | $ | 450 | $ | 1,023 | $ | 2,211 | $ | 3,852 | ||||||||||||
Southern homebuilding | 968 | 1,405 | 3,927 | 4,510 | ||||||||||||||||
Mid-Atlantic homebuilding | 829 | 659 | 2,392 | 2,809 | ||||||||||||||||
Financial services (a) | 402 | 362 | 1,019 | 1,015 | ||||||||||||||||
Total interest expense | $ | 2,649 | $ | 3,449 | $ | 9,549 | $ | 12,186 | ||||||||||||
Equity in income of unconsolidated joint ventures | (22 | ) | (278 | ) | (62 | ) | (278 | ) | ||||||||||||
Loss on early extinguishment of debt | — | 1,726 | — | 1,726 | ||||||||||||||||
Income before income taxes | $ | 22,203 | $ | 13,752 | $ | 49,991 | $ | 26,033 | ||||||||||||
(a) | Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of a small amount of mortgage re-financing. | |||||||||||||||||||
(b) | For the three months ended September 30, 2014, operating income was reduced by $0.6 million related to the impairment of future communities in the Midwest region. For the nine months ended September 30, 2014, operating income was reduced by $0.8 million related to the impairment of operating communities in the Midwest region and $0.6 million related to the impairment of future communities in the Midwest region. For the three months ended September 30, 2013, operating income was reduced by $0.5 million related to the impairment of operating communities in the Midwest region and $1.7 million related to the impairment of future communities in the Midwest region. For the nine months ended September 30, 2013, operating income was reduced by $0.5 million related to the impairment of operating communities, $2.5 million related to the impairment of future communities, and $1.3 million related to the impairment of land held for sale in the Midwest region. There were no impairment charges in the Mid-Atlantic or Southern regions for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||
The following tables show total assets by segment at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(In thousands) | Midwest | Southern | Mid-Atlantic | Corporate, Financial Services and Unallocated | Total | |||||||||||||||
Deposits on real estate under option or contract | $ | 4,671 | $ | 12,332 | $ | 4,635 | $ | — | $ | 21,638 | ||||||||||
Inventory (a) | 310,559 | 315,169 | 246,598 | — | 872,326 | |||||||||||||||
Investments in unconsolidated joint ventures | 2,980 | 37,789 | — | — | 40,769 | |||||||||||||||
Other assets | 10,806 | 23,995 | 11,069 | 212,551 | 258,421 | |||||||||||||||
Total assets | $ | 329,016 | $ | 389,285 | $ | 262,302 | $ | 212,551 | $ | 1,193,154 | ||||||||||
December 31, 2013 | ||||||||||||||||||||
(In thousands) | Midwest | Southern | Mid-Atlantic | Corporate, Financial Services and Unallocated | Total | |||||||||||||||
Deposits on real estate under option or contract | $ | 2,003 | $ | 7,107 | $ | 5,255 | $ | — | $ | 14,365 | ||||||||||
Inventory (a) | 248,218 | 236,505 | 191,847 | — | 676,570 | |||||||||||||||
Investments in unconsolidated joint ventures | 5,331 | 29,935 | — | — | 35,266 | |||||||||||||||
Other assets | 10,571 | 982 | 11,050 | 361,372 | 383,975 | |||||||||||||||
Total assets | $ | 266,123 | $ | 274,529 | $ | 208,152 | $ | 361,372 | $ | 1,110,176 | ||||||||||
(a) | Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned. |
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information Supplemental Guarantor Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Table Text Block] | ' | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenue | $ | — | $ | 323,187 | $ | 7,580 | $ | — | $ | 330,767 | |||||||
Costs and expenses: | |||||||||||||||||
Land and housing | — | 261,636 | — | — | 261,636 | ||||||||||||
Impairment of inventory and investment in unconsolidated joint ventures | — | 622 | — | — | 622 | ||||||||||||
General and administrative | — | 17,811 | 3,913 | — | 21,724 | ||||||||||||
Selling | — | 21,955 | — | — | 21,955 | ||||||||||||
Equity in income of unconsolidated joint ventures | — | — | (22 | ) | — | (22 | ) | ||||||||||
Interest | — | 2,248 | 401 | — | 2,649 | ||||||||||||
Total costs and expenses | — | 304,272 | 4,292 | — | 308,564 | ||||||||||||
Income before income taxes | — | 18,915 | 3,288 | — | 22,203 | ||||||||||||
Provision for income taxes | — | 7,428 | 1,158 | — | 8,586 | ||||||||||||
Equity in subsidiaries | 13,617 | — | — | (13,617 | ) | — | |||||||||||
Net income | 13,617 | 11,487 | 2,130 | (13,617 | ) | 13,617 | |||||||||||
Preferred dividends | 1,218 | — | — | — | 1,218 | ||||||||||||
Net income to common shareholders | $ | 12,399 | $ | 11,487 | $ | 2,130 | $ | (13,617 | ) | $ | 12,399 | ||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenue | $ | — | $ | 268,514 | $ | 6,681 | $ | — | $ | 275,195 | |||||||
Costs and expenses: | |||||||||||||||||
Land and housing | — | 218,150 | — | — | 218,150 | ||||||||||||
Impairment of inventory and investment in unconsolidated joint ventures | — | 2,136 | — | — | 2,136 | ||||||||||||
General and administrative | — | 15,309 | 2,952 | — | 18,261 | ||||||||||||
Selling | — | 17,979 | 20 | — | 17,999 | ||||||||||||
Equity in income of unconsolidated joint ventures | — | — | (278 | ) | — | (278 | ) | ||||||||||
Interest | — | 3,087 | 362 | — | 3,449 | ||||||||||||
Loss on early extinguishment of debt | — | 1,726 | — | — | 1,726 | ||||||||||||
Total costs and expenses | — | 258,387 | 3,056 | — | 261,443 | ||||||||||||
Income before income taxes | — | 10,127 | 3,625 | — | 13,752 | ||||||||||||
(Benefit) provision for income taxes | — | (112,694 | ) | 1,135 | — | (111,559 | ) | ||||||||||
Equity in subsidiaries | 125,311 | — | — | (125,311 | ) | — | |||||||||||
Net income | 125,311 | 122,821 | 2,490 | (125,311 | ) | 125,311 | |||||||||||
Preferred dividends | 1,219 | — | — | — | 1,219 | ||||||||||||
Net income to common shareholders | $ | 124,092 | $ | 122,821 | $ | 2,490 | $ | (125,311 | ) | $ | 124,092 | ||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenue | $ | — | $ | 825,301 | $ | 21,915 | $ | — | $ | 847,216 | |||||||
Costs and expenses: | |||||||||||||||||
Land and housing | — | 666,817 | — | — | 666,817 | ||||||||||||
Impairment of inventory and investment in unconsolidated joint ventures | — | 1,426 | — | — | 1,426 | ||||||||||||
General and administrative | — | 51,159 | 10,161 | — | 61,320 | ||||||||||||
Selling | — | 58,175 | — | — | 58,175 | ||||||||||||
Equity in income of unconsolidated joint ventures | — | — | (62 | ) | — | (62 | ) | ||||||||||
Interest | — | 8,530 | 1,019 | — | 9,549 | ||||||||||||
Total costs and expenses | — | 786,107 | 11,118 | — | 797,225 | ||||||||||||
Income before income taxes | — | 39,194 | 10,797 | — | 49,991 | ||||||||||||
Provision for income taxes | — | 5,991 | 4,197 | — | 10,188 | ||||||||||||
Equity in subsidiaries | 39,803 | — | — | (39,803 | ) | — | |||||||||||
Net income | 39,803 | 33,203 | 6,600 | (39,803 | ) | 39,803 | |||||||||||
Preferred dividends | 3,656 | — | — | — | 3,656 | ||||||||||||
Net income to common shareholders | $ | 36,147 | $ | 33,203 | $ | 6,600 | $ | (39,803 | ) | $ | 36,147 | ||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenue | $ | — | $ | 678,132 | $ | 22,343 | $ | — | $ | 700,475 | |||||||
Costs and expenses: | |||||||||||||||||
Land and housing | — | 556,799 | — | — | 556,799 | ||||||||||||
Impairment of inventory and investment in unconsolidated joint ventures | — | 4,237 | — | — | 4,237 | ||||||||||||
General and administrative | — | 43,104 | 9,285 | — | 52,389 | ||||||||||||
Selling | — | 47,317 | 66 | — | 47,383 | ||||||||||||
Equity in income of unconsolidated joint ventures | — | — | (278 | ) | — | (278 | ) | ||||||||||
Interest | — | 11,171 | 1,015 | — | 12,186 | ||||||||||||
Loss on early extinguishment of debt | — | 1,726 | — | — | 1,726 | ||||||||||||
Total costs and expenses | — | 664,354 | 10,088 | — | 674,442 | ||||||||||||
Income before income taxes | — | 13,778 | 12,255 | — | 26,033 | ||||||||||||
(Benefit) provision for income taxes | — | (115,308 | ) | 4,179 | — | (111,129 | ) | ||||||||||
Equity in subsidiaries | 137,162 | — | — | (137,162 | ) | — | |||||||||||
Net income | 137,162 | 129,086 | 8,076 | (137,162 | ) | 137,162 | |||||||||||
Preferred dividends | 2,438 | — | — | — | 2,438 | ||||||||||||
Excess of fair value over book value of preferred shares redeemed | 2,190 | — | — | — | 2,190 | ||||||||||||
Net income to common shareholders | $ | 132,534 | $ | 129,086 | $ | 8,076 | $ | (137,162 | ) | $ | 132,534 | ||||||
Schedule Of Condensed Consolidating Balance Sheet [Table Text Block] | ' | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
ASSETS: | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 3,811 | $ | 13,357 | $ | — | $ | 17,168 | |||||||
Restricted cash | — | 8,898 | — | — | 8,898 | ||||||||||||
Mortgage loans held for sale | — | — | 76,983 | — | 76,983 | ||||||||||||
Inventory | — | 893,964 | — | — | 893,964 | ||||||||||||
Property and equipment - net | — | 11,119 | 311 | — | 11,430 | ||||||||||||
Investment in unconsolidated joint ventures | — | 22,286 | 18,483 | — | 40,769 | ||||||||||||
Deferred income taxes, net of valuation allowances | — | 101,849 | 1,033 | — | 102,882 | ||||||||||||
Investment in subsidiaries | 567,407 | — | — | (567,407 | ) | — | |||||||||||
Intercompany assets | 330,075 | — | — | (330,075 | ) | — | |||||||||||
Other assets | 7,930 | 23,576 | 9,554 | — | 41,060 | ||||||||||||
TOTAL ASSETS | $ | 905,412 | $ | 1,065,503 | $ | 119,721 | $ | (897,482 | ) | $ | 1,193,154 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
LIABILITIES: | |||||||||||||||||
Accounts payable | $ | — | $ | 97,302 | $ | 571 | $ | — | $ | 97,873 | |||||||
Customer deposits | — | 14,202 | — | — | 14,202 | ||||||||||||
Intercompany liabilities | — | 309,906 | 20,169 | (330,075 | ) | — | |||||||||||
Other liabilities | — | 68,711 | 5,492 | — | 74,203 | ||||||||||||
Community development district obligations | — | 3,056 | — | — | 3,056 | ||||||||||||
Obligation for consolidated inventory not owned | — | 1,700 | — | — | 1,700 | ||||||||||||
Notes payable banks - homebuilding | — | 14,400 | — | — | 14,400 | ||||||||||||
Notes payable bank - financial services operations | — | — | 73,778 | — | 73,778 | ||||||||||||
Notes payable - other | — | 8,530 | — | — | 8,530 | ||||||||||||
Convertible senior subordinated notes due 2017 | 57,500 | — | — | — | 57,500 | ||||||||||||
Convertible senior subordinated notes due 2018 | 86,250 | — | — | — | 86,250 | ||||||||||||
Senior notes | 228,369 | — | — | — | 228,369 | ||||||||||||
TOTAL LIABILITIES | 372,119 | 517,807 | 100,010 | (330,075 | ) | 659,861 | |||||||||||
SHAREHOLDERS’ EQUITY | 533,293 | 547,696 | 19,711 | (567,407 | ) | 533,293 | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 905,412 | $ | 1,065,503 | $ | 119,721 | $ | (897,482 | ) | $ | 1,193,154 | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
ASSETS: | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 113,407 | $ | 15,318 | $ | — | $ | 128,725 | |||||||
Restricted cash | — | 13,902 | — | — | 13,902 | ||||||||||||
Mortgage loans held for sale | — | — | 81,810 | — | 81,810 | ||||||||||||
Inventory | — | 690,934 | — | — | 690,934 | ||||||||||||
Property and equipment - net | — | 10,267 | 269 | — | 10,536 | ||||||||||||
Investment in unconsolidated joint ventures | — | 13,525 | 21,741 | — | 35,266 | ||||||||||||
Deferred income taxes, net of valuation allowances | — | 109,763 | 1,148 | — | 110,911 | ||||||||||||
Investment in subsidiaries | 535,879 | — | — | (535,879 | ) | — | |||||||||||
Intercompany assets | 318,852 | — | — | (318,852 | ) | — | |||||||||||
Other assets | 9,892 | 17,180 | 11,020 | — | 38,092 | ||||||||||||
TOTAL ASSETS | $ | 864,623 | $ | 968,978 | $ | 131,306 | $ | (854,731 | ) | $ | 1,110,176 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
LIABILITIES: | |||||||||||||||||
Accounts payable | $ | — | $ | 69,887 | $ | 339 | $ | — | $ | 70,226 | |||||||
Customer deposits | — | 11,262 | — | — | 11,262 | ||||||||||||
Intercompany liabilities | — | 296,229 | 22,623 | (318,852 | ) | — | |||||||||||
Other liabilities | — | 64,413 | 6,928 | — | 71,341 | ||||||||||||
Community development district obligations | — | 3,130 | — | — | 3,130 | ||||||||||||
Obligation for consolidated inventory not owned | — | 1,775 | — | — | 1,775 | ||||||||||||
Notes payable bank - financial services operations | — | — | 80,029 | — | 80,029 | ||||||||||||
Notes payable - other | — | 7,790 | — | — | 7,790 | ||||||||||||
Convertible senior subordinated notes due 2017 | 57,500 | — | — | — | 57,500 | ||||||||||||
Convertible senior subordinated notes due 2018 | 86,250 | — | — | — | 86,250 | ||||||||||||
Senior notes | 228,070 | — | — | — | 228,070 | ||||||||||||
TOTAL LIABILITIES | 371,820 | 454,486 | 109,919 | (318,852 | ) | 617,373 | |||||||||||
SHAREHOLDERS’ EQUITY | 492,803 | 514,492 | 21,387 | (535,879 | ) | 492,803 | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 864,623 | $ | 968,978 | $ | 131,306 | $ | (854,731 | ) | $ | 1,110,176 | ||||||
Schedule Of Condensed Consolidating Statement Of Cash Flows [Table Text Block] | ' | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 8,275 | $ | (124,022 | ) | $ | 17,311 | $ | (8,275 | ) | $ | (106,711 | ) | ||||
INVESTING ACTIVITIES: | |||||||||||||||||
Restricted cash | — | 4,912 | — | — | 4,912 | ||||||||||||
Purchase of property and equipment | — | (2,222 | ) | (125 | ) | — | (2,347 | ) | |||||||||
Investments in and advances to unconsolidated joint ventures | — | (12,080 | ) | (4,738 | ) | — | (16,818 | ) | |||||||||
Return of capital from unconsolidated joint ventures | — | — | 619 | — | 619 | ||||||||||||
Net proceeds from the sale of mortgage servicing rights | — | — | 2,135 | — | 2,135 | ||||||||||||
Net cash used in investing activities | — | (9,390 | ) | (2,109 | ) | — | (11,499 | ) | |||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Proceeds from (repayments of) bank borrowings - net | — | 14,400 | (6,251 | ) | — | 8,149 | |||||||||||
Principal proceeds from note payable - other and community development district bond obligations | — | 740 | — | — | 740 | ||||||||||||
Proceeds from exercise of stock options | 1,460 | — | — | — | 1,460 | ||||||||||||
Intercompany financing | (6,079 | ) | 8,676 | (2,597 | ) | — | — | ||||||||||
Dividends paid | (3,656 | ) | — | (8,275 | ) | 8,275 | (3,656 | ) | |||||||||
Debt issue costs | — | — | (40 | ) | — | (40 | ) | ||||||||||
Net cash (used in) provided by financing activities | (8,275 | ) | 23,816 | (17,163 | ) | 8,275 | 6,653 | ||||||||||
Net decrease in cash and cash equivalents | — | (109,596 | ) | (1,961 | ) | — | (111,557 | ) | |||||||||
Cash and cash equivalents balance at beginning of period | — | 113,407 | 15,318 | — | 128,725 | ||||||||||||
Cash and cash equivalents balance at end of period | $ | — | $ | 3,811 | $ | 13,357 | $ | — | $ | 17,168 | |||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated | ||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 7,100 | $ | (60,703 | ) | $ | 20,267 | $ | (7,100 | ) | $ | (40,436 | ) | ||||
INVESTING ACTIVITIES: | |||||||||||||||||
Restricted cash | — | (7,274 | ) | — | — | (7,274 | ) | ||||||||||
Purchase of property and equipment | — | (1,528 | ) | (126 | ) | — | (1,654 | ) | |||||||||
Investments in and advances to unconsolidated joint ventures | — | (14,657 | ) | (10,839 | ) | — | (25,496 | ) | |||||||||
Return of capital from unconsolidated joint ventures | — | — | 1,522 | — | 1,522 | ||||||||||||
Net cash used in investing activities | — | (23,459 | ) | (9,443 | ) | — | (32,902 | ) | |||||||||
FINANCING ACTIVITIES: | |||||||||||||||||
Repayments from bank borrowings - net | — | — | (12,343 | ) | — | (12,343 | ) | ||||||||||
Principal repayments from note payable - other and community development district bond obligations | — | (2,979 | ) | — | — | (2,979 | ) | ||||||||||
Proceeds from issuance of convertible senior subordinated notes due 2018 | 86,250 | — | — | — | 86,250 | ||||||||||||
Redemption of of preferred shares | (50,352 | ) | — | — | — | (50,352 | ) | ||||||||||
Proceeds from exercise of stock options | 2,640 | — | — | — | 2,640 | ||||||||||||
Proceeds from issuance of common shares | 54,617 | — | — | — | 54,617 | ||||||||||||
Intercompany financing | (98,200 | ) | 92,463 | 5,737 | — | — | |||||||||||
Dividends paid | (2,438 | ) | — | (7,100 | ) | 7,100 | (2,438 | ) | |||||||||
Debt issue costs | — | (5,402 | ) | (61 | ) | — | (5,463 | ) | |||||||||
Excess tax deficiency from stock-based payment arrangements | 383 | — | — | — | 383 | ||||||||||||
Net cash (used in) provided by financing activities | (7,100 | ) | 84,082 | (13,767 | ) | 7,100 | 70,315 | ||||||||||
Net (decrease) increase in cash and cash equivalents | — | (80 | ) | (2,943 | ) | — | (3,023 | ) | |||||||||
Cash and cash equivalents balance at beginning of period | — | 126,334 | 19,164 | — | 145,498 | ||||||||||||
Cash and cash equivalents balance at end of period | $ | — | $ | 126,254 | $ | 16,221 | $ | — | $ | 142,475 | |||||||
Fair_Value_Measurements_Notion
Fair Value Measurements Notional Amount of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Notional Disclosures [Abstract] | ' | ' |
Best efforts contracts and related committed IRLCs | $4,616 | $2,494 |
Uncommitted IRLCs | 56,470 | 49,710 |
FMBSs related to uncommitted IRLCs | 57,000 | 48,000 |
Best efforts contracts and related mortgage loans held for sale | 41,058 | 63,386 |
FMBSs related to mortgage loans held for sale | 34,000 | 20,000 |
Mortgage loans held for sale covered by FMBSs | $33,736 | $19,884 |
Fair_Value_Measurements_Assets
Fair Value Measurements Assets and Liabilities Measured on a Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total Fair Value - Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $77,427 | $82,715 |
Fair Value, Inputs - Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Significant Other observable Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 77,427 | 82,715 |
Fair Value, Significant Unobservable Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Mortgage Loans Held for Sale [Member] | Total Fair Value - Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 76,983 | 81,810 |
Mortgage Loans Held for Sale [Member] | Fair Value, Inputs - Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Mortgage Loans Held for Sale [Member] | Fair Value, Significant Other observable Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 76,983 | 81,810 |
Mortgage Loans Held for Sale [Member] | Fair Value, Significant Unobservable Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Forward Sales or Mortgage Backed Securities [Member] | Total Fair Value - Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | -41 | 745 |
Forward Sales or Mortgage Backed Securities [Member] | Fair Value, Inputs - Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Forward Sales or Mortgage Backed Securities [Member] | Fair Value, Significant Other observable Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | -41 | 745 |
Forward Sales or Mortgage Backed Securities [Member] | Fair Value, Significant Unobservable Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Interest Rate Lock Commitments [Member] | Total Fair Value - Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 434 | -319 |
Interest Rate Lock Commitments [Member] | Fair Value, Inputs - Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Interest Rate Lock Commitments [Member] | Fair Value, Significant Other observable Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 434 | -319 |
Interest Rate Lock Commitments [Member] | Fair Value, Significant Unobservable Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Best Efforts Contracts [Member] | Total Fair Value - Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 51 | 479 |
Best Efforts Contracts [Member] | Fair Value, Inputs - Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Best Efforts Contracts [Member] | Fair Value, Significant Other observable Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 51 | 479 |
Best Efforts Contracts [Member] | Fair Value, Significant Unobservable Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $0 | $0 |
Fair_Value_Measurements_Loss_G
Fair Value Measurements (Loss) Gain On Assets and Liabilities Measured On A Recurring Basis (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financial Instrument [Line Items] | ' | ' | ' | ' |
(Loss) Gain On Assets and Liabilities Measured On A Recurring Basis | ($541) | ($413) | $2,095 | $323 |
Mortgage Loans Held for Sale [Member] | ' | ' | ' | ' |
Financial Instrument [Line Items] | ' | ' | ' | ' |
(Loss) Gain On Assets and Liabilities Measured On A Recurring Basis | -959 | 3,365 | 2,556 | 1,782 |
Forward Sales or Mortgage Backed Securities [Member] | ' | ' | ' | ' |
Financial Instrument [Line Items] | ' | ' | ' | ' |
(Loss) Gain On Assets and Liabilities Measured On A Recurring Basis | 398 | -5,262 | -786 | -2,224 |
Interest Rate Lock Commitments [Member] | ' | ' | ' | ' |
Financial Instrument [Line Items] | ' | ' | ' | ' |
(Loss) Gain On Assets and Liabilities Measured On A Recurring Basis | -144 | 1,677 | 753 | 941 |
Best Efforts Contracts [Member] | ' | ' | ' | ' |
Financial Instrument [Line Items] | ' | ' | ' | ' |
(Loss) Gain On Assets and Liabilities Measured On A Recurring Basis | $164 | ($193) | ($428) | ($176) |
Fair_Value_Measurements_Balanc
Fair Value Measurements Balance Sheet Location of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets [Member] | ' | ' |
Financial Insturments, Fair Value [Line Items] | ' | ' |
Financial Instrument, Fair Value | $485 | $1,224 |
Other Liabilities [Member] | ' | ' |
Financial Insturments, Fair Value [Line Items] | ' | ' |
Fair Value Disclosure, Recurring | 41 | 319 |
Forward Sales or Mortgage Backed Securities [Member] | Other Assets [Member] | ' | ' |
Financial Insturments, Fair Value [Line Items] | ' | ' |
Financial Instrument, Fair Value | 0 | 745 |
Forward Sales or Mortgage Backed Securities [Member] | Other Liabilities [Member] | ' | ' |
Financial Insturments, Fair Value [Line Items] | ' | ' |
Fair Value Disclosure, Recurring | 41 | 0 |
Interest Rate Lock Commitments [Member] | Other Assets [Member] | ' | ' |
Financial Insturments, Fair Value [Line Items] | ' | ' |
Financial Instrument, Fair Value | 434 | 0 |
Interest Rate Lock Commitments [Member] | Other Liabilities [Member] | ' | ' |
Financial Insturments, Fair Value [Line Items] | ' | ' |
Fair Value Disclosure, Recurring | 0 | 319 |
Best Efforts Contracts [Member] | Other Assets [Member] | ' | ' |
Financial Insturments, Fair Value [Line Items] | ' | ' |
Financial Instrument, Fair Value | 51 | 479 |
Best Efforts Contracts [Member] | Other Liabilities [Member] | ' | ' |
Financial Insturments, Fair Value [Line Items] | ' | ' |
Fair Value Disclosure, Recurring | $0 | $0 |
Fair_Value_Measurements_Cash_F
Fair Value Measurements Cash Flow Model Critical Assumptions (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Increase in Investments in Unconsolidated JVs and other joint agreements | $5,500,000 | ' |
Limited Partners' Contributed Capital | 40,800,000 | ' |
Notes Receivable, Related Parties | 2,500,000 | ' |
Capitalized Interest and Other Costs Included in Investment in Unconsolidated JVs and other joint agreements | $750,000 | $806,000 |
Minimum [Member] | ' | ' |
Equity Method Investment, Ownership Percentage | 25.00% | ' |
Discount Rate Used in Determining Fair Value of Investments in Unconsolidated JVs and other joint agreements | 13.00% | ' |
Maximum [Member] | ' | ' |
Equity Method Investment, Ownership Percentage | 61.00% | ' |
Discount Rate Used in Determining Fair Value of Investments in Unconsolidated JVs and other joint agreements | 16.00% | ' |
Current Year [Member] | ' | ' |
Weighted Average Sales Price Increase | 0.00% | ' |
Weighted Average Increase of Assumed Costs | 0.00% | ' |
Current Year plus 1 and 2 [Member] | Minimum [Member] | ' | ' |
Weighted Average Sales Price Increase | 2.00% | ' |
Weighted Average Increase of Assumed Costs | 2.00% | ' |
Current Year plus 1 and 2 [Member] | Maximum [Member] | ' | ' |
Weighted Average Sales Price Increase | 4.00% | ' |
Weighted Average Increase of Assumed Costs | 4.00% | ' |
Current Year plus 3 And Beyond [Member] | ' | ' |
Weighted Average Sales Price Increase | 2.00% | ' |
Weighted Average Increase of Assumed Costs | 2.00% | ' |
Fair_Value_Measurements_Assets1
Fair Value Measurements Assets Measured on a Non-Recurring Basis (Details) (Fair Value, Inputs, Level 3 [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' | ' | ' |
Adjusted basis of inventory | $76 | $1,975 | $1,605 | $3,876 |
Total losses | 622 | 2,136 | 1,426 | 4,237 |
Initial basis of inventory | $698 | $4,111 | $3,031 | $8,113 |
Fair_Value_Measurements_Financ
Fair Value Measurements Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
ASSETS: | ' | ' |
Cash, cash equivalents and restricted cash | $26,066 | $142,627 |
Mortgage loans held for sale | 76,983 | 81,810 |
Split dollar life insurance policies | 189 | 171 |
Notes receivable | 4,406 | 3,151 |
Commitments to extend real estate loans (assets) | 434 | 0 |
Best efforts contracts for committed IRLCs and mortgage loans held for sale - fair value disclosures (assets) | 51 | 479 |
Forward sales of mortgage-backed securities | 0 | 745 |
LIABILITIES: | ' | ' |
Note payable - banks | 88,178 | 80,029 |
Notes payable - other | 8,530 | 7,790 |
Convertible senior subordinated notes due 2017 - Fair Value Disclosure | 57,500 | 57,500 |
Convertible senior subordinated notes due 2018 - Fair Value Disclosure | 86,250 | 86,250 |
Senior notes | 228,369 | 228,070 |
Commitments to extend real estate loans (Liabilities) | 0 | 319 |
Forward sales of mortgage-backed securities | 41 | 0 |
Off-Balance Sheet Letters of Credit | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
ASSETS: | ' | ' |
Cash, cash equivalents and restricted cash | 26,066 | 142,627 |
Mortgage loans held for sale | 76,983 | 81,810 |
Split dollar life insurance policies | 189 | 171 |
Notes receivable | 3,778 | 2,784 |
Commitments to extend real estate loans (assets) | 434 | 0 |
Best efforts contracts for committed IRLCs and mortgage loans held for sale - fair value disclosures (assets) | 51 | 479 |
Forward sales of mortgage-backed securities | 0 | 745 |
LIABILITIES: | ' | ' |
Note payable - banks | 88,178 | 80,029 |
Notes payable - other | 8,012 | 7,452 |
Convertible senior subordinated notes due 2017 - Fair Value Disclosure | 63,322 | 74,391 |
Convertible senior subordinated notes due 2018 - Fair Value Disclosure | 86,142 | 95,845 |
Senior notes | 240,350 | 248,975 |
Commitments to extend real estate loans (Liabilities) | 0 | 319 |
Forward sales of mortgage-backed securities | 41 | 0 |
Off-Balance Sheet Letters of Credit | $595 | $413 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value of Financial Instrument Assumptions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value of Financial Instrument Assumptions [Line Items] | ' | ' |
Letters of Credit Potential Commitments, Amount | $28.20 | $25.80 |
Warehousing Agreement - First Amendment to Amended and Restated [Member] | ' | ' |
Fair Value of Financial Instrument Assumptions [Line Items] | ' | ' |
Maximum Borrowing Capacity under MIF Warehousing Line | 110 | ' |
Repurchase Agreement [Member] | ' | ' |
Fair Value of Financial Instrument Assumptions [Line Items] | ' | ' |
Maximum Borrowing Capacity under MIF Warehousing Line | 15 | ' |
New Unsecured Credit Facility [Member] | ' | ' |
Fair Value of Financial Instrument Assumptions [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $200 | ' |
Inventory_Inventory_Details
Inventory Inventory (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Single-family lots, land and land development costs | $402,352 | $323,673 |
Land held for sale | 2,898 | 8,059 |
Homes under construction | 419,931 | 305,499 |
Model homes and furnishings - at cost (less accumulated depreciation: September 30, 2014 - $6,732; December 31, 2013 - $5,173) | 42,356 | 34,433 |
Community development district infrastructure | 3,056 | 3,130 |
Land Purchase Deposits | 21,638 | 14,365 |
Consolidated Inventory Not Owned | 1,733 | 1,775 |
Total Inventory | $893,964 | $690,934 |
Inventory_Inventory_Parentheti
Inventory Inventory Parentheticals (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Parantheticals - Inventory [Abstract] | ' | ' |
Model Home Accumulated Depreciation | $6,732 | $5,173 |
Inventory_Other_Inventory_Item
Inventory Other Inventory Items - Homes under construction not subject to a sale contract (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Inventory, Gross [Abstract] | ' | ' |
Number of Speculative Homes | 999 | 798 |
Speculative Homes Carrying Value | $159.90 | $123.30 |
Capitalized_Interest_Capitaliz1
Capitalized Interest Capitalized Interest (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Capitalized Interest [Abstract] | ' | ' | ' | ' |
Capitalized interest, beginning of period | $14,831 | $14,260 | $13,802 | $15,376 |
Interest capitalized to inventory | 5,161 | 3,940 | 13,141 | 10,045 |
Capitalized interest charged to land and housing costs and expenses | -4,281 | -4,074 | -11,232 | -11,295 |
Capitalized interest, end of period | 15,711 | 14,126 | 15,711 | 14,126 |
Interest incurred | $7,810 | $7,389 | $22,690 | $22,231 |
Guarantees_and_Indemnification2
Guarantees and Indemnifications Warranty Rollforward (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Warranty Accrual Rollforward [Abstract] | ' | ' | ' | ' |
Warranty reserves, beginning of period | $11,220 | $10,388 | $12,291 | $10,438 |
Warranty expense on homes delivered during the period | 1,923 | 1,999 | 4,962 | 5,004 |
Changes in estimates for pre-existing warranties | 1,047 | 321 | 1,937 | 422 |
Settlements made during the period | -3,508 | -1,952 | -8,508 | -5,108 |
Warranty reserves, end of period | $10,682 | $10,756 | $10,682 | $10,756 |
Guarantees_and_Indemnification3
Guarantees and Indemnifications Guarantees (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 8-May-12 | Nov. 12, 2010 |
2018 Senior Notes [Member] | 2017 Convertible Senior Notes [Member] | 2018 Convertible Senior Notes [Member] | Face Value [Member] | Face Value [Member] | Face Value [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | $228,369,000 | $228,070,000 | ' | ' | ' | $230,000,000 | $30,000,000 | $200,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 8.63% | 3.25% | 3.00% | ' | ' | ' |
Convertible senior subordinated notes due 2017 | 57,500,000 | 57,500,000 | ' | ' | ' | ' | ' | ' |
Convertible senior subordinated notes due 2018 | 86,250,000 | 86,250,000 | ' | ' | ' | ' | ' | ' |
Total of Loans Covered by Guarantees | 45,100,000 | 5,200,000 | ' | ' | ' | ' | ' | ' |
Total of Guaranteed Loans Inquired About | 6,900,000 | 8,200,000 | ' | ' | ' | ' | ' | ' |
Total Loans Indemnified to third parties | 2,000,000 | 1,500,000 | ' | ' | ' | ' | ' | ' |
Loan Repurchase Guarantee Liability | $2,400,000 | $3,100,000 | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies [Abstract] | ' |
Letters of credit and completion bonds | $123.60 |
Performance bonds outstanding | 80.4 |
Performance letters of credit outstanding | 14 |
Financial letters of credit | 14.2 |
Financial letters of credit representing deposits on land and lot purchase agreements | 7.7 |
Financial Bonds | 15 |
Unrecorded conditional purchase obligation | $475.60 |
Commitments_and_Contingencies_1
Commitments and Contingencies Legal Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Amount Reserved for Legal Expenses | $0.20 | $0.30 |
Debt_Debt_Details
Debt Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | $358,600,000 | ' |
Line of Credit Facility, Amount Outstanding | 14,400,000 | 0 |
letters of credit outstanding under credit facility | 19,600,000 | ' |
Maximum borrowing availability subject to limit | 166,000,000 | ' |
Number of Secured Letters of Credit Outstanding under Credit Facility | 3 | ' |
Aggregate Capacity of Secured Letters of Credit under Credit Facility | 20,000,000 | ' |
Uncommitted Letters of Credit | 2,300,000 | ' |
Letters of Credit Outstanding Under Letter of Credit Facilities | 8,600,000 | 13,400,000 |
Restricted Cash for Secured Letter of Credit Agreements | 8,800,000 | 13,700,000 |
Low Range Uncommitted Letter of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum available amounts under Letter of Credit Facilities | 5,000,000 | ' |
High Range Uncommittted Letter of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum available amounts under Letter of Credit Facilities | 10,000,000 | ' |
New Unsecured Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 200,000,000 | ' |
Sub-limit for letters of credit | 100,000,000 | ' |
Optional increase in borrowing availability | 25,000,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $225,000,000 | ' |
Maximum [Member] | New Unsecured Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit Facility, Basis Spread on Variable Rate | 3.25% | ' |
Minimum [Member] | New Unsecured Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit Facility, Basis Spread on Variable Rate | 2.25% | ' |
Debt_MIF_Warehousing_Agreement
Debt MIF Warehousing Agreement (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
MIF Amended and Restated [Member] | Warehousing Agreement - First Amendment to Amended and Restated [Member] | Repurchase Agreement [Member] | Minimum [Member] | Maximum [Member] | |||
Repurchase Agreement [Member] | Repurchase Agreement [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Maximum Borrowing Capacity under MIF Warehousing Line | ' | ' | ' | $110,000,000 | $15,000,000 | ' | ' |
Optional increase in borrowing availability | ' | ' | ' | 20,000,000 | ' | ' | ' |
Aggreate Maximum Principal Amount Permitted to be Outstanding Under All Warehousing Credit Lines | ' | ' | ' | 150,000,000 | ' | ' | ' |
Minimum Net Worth Required for Compliance | ' | ' | 10,000,000 | 11,000,000 | ' | ' | ' |
Minimum required liquidity for compliance | ' | ' | 5,000,000 | 5,500,000 | ' | ' | ' |
LIBOR basis points | ' | ' | ' | 275 | ' | 275 | 300 |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 3.00% | ' | ' | ' |
Maximum Borrowing Availability under all Credit Lines | 125,000,000 | 115,000,000 | ' | ' | ' | ' | ' |
Notes Payable - Financial Services | $73,778,000 | $80,029,000 | ' | ' | ' | ' | ' |
Debt_Senior_Notes_Details
Debt Senior Notes (Details) (USD $) | 9 Months Ended | 12 Months Ended | 24 Months Ended | 3 Months Ended | |||||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Nov. 14, 2016 | Nov. 14, 2015 | Nov. 15, 2018 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 8-May-12 | Nov. 12, 2010 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
2018 Senior Notes [Member] | 2017 Convertible Senior Notes [Member] | 2018 Convertible Senior Notes [Member] | Face Value [Member] | Face Value [Member] | Face Value [Member] | Base of restricted payments basket income calculation [Member] | Percentage of our aggregate consolidated net income added to base amount of calculation [Member] | Percentage of our aggregate consolidated net income subtracted from base amount of calculation [Member] | Percentage of net cash proceeds from sale of qualified equity interests added to base and income/loss amount in calculation [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | $228,369,000 | ' | ' | ' | $228,070,000 | ' | ' | ' | $230,000,000 | $30,000,000 | $200,000,000 | ' | ' | ' | ' |
Convertible senior subordinated notes due 2018 | 86,250,000 | ' | ' | ' | 86,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior subordinated notes due 2017 | 57,500,000 | ' | ' | ' | 57,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 8.63% | 3.25% | 3.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | 102.16% | 104.31% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 9.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Restrictions on Payment of Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' |
Percent restrictions on payment of dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 100.00% | 100.00% |
Restricted Payments Basket | 145,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | 42.0159 | 30.9478 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Convertible Principal Amount Used In Conversion Rate Calculation | ' | ' | ' | ' | ' | ' | $1,000 | $1,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | $23.80 | $32.31 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | ' | ' | 2.4 | 2.7 | ' | ' | ' | ' | ' | ' | ' |
Debt_Notes_Payable_Other_Detai
Debt Notes Payable Other (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Notes payable - other | $8,530,000 | $7,790,000 |
Secured Debt | $4,500,000 | $4,800,000 |
Notes Payable, Other Payables [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.10% | ' |
Earnings_per_Share_Earnings_pe1
Earnings per Share Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share Calculation [Line Items] | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $13,617 | $125,311 | $39,803 | $137,162 |
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | ' | ' | ' | ' |
Preferred Dividends | -1,218 | -1,219 | -3,656 | -2,438 |
Preferred Stock Redemption Premium | 0 | 0 | 0 | -2,190 |
Net income to common shareholders | 12,399 | 124,092 | 36,147 | 132,534 |
Net Income (Loss) Available to Common Stockholders, Diluted | 13,263 | 125,527 | 38,754 | 136,218 |
Weighted Average Number of Shares Outstanding, Basic | 24,474 | 24,358 | 24,454 | 23,642 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Stock Options | 214 | 183 | 223 | 246 |
Incremental Common Shares Attributable to Deferred Compensation | 148 | 119 | 138 | 111 |
Weighted Average Number of Shares Outstanding, Diluted | 29,921 | 29,745 | 29,900 | 28,410 |
Earnings Per Share, Basic | $0.51 | $5.09 | $1.48 | $5.61 |
Earnings Per Share, Diluted | $0.44 | $4.22 | $1.30 | $4.79 |
Anti-dilutive stock equivalent awards not included in the calculation of diluted loss per share | 1,286 | 998 | 1,243 | 951 |
2017 Convertible Senior Notes [Member] | ' | ' | ' | ' |
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | ' | ' | ' | ' |
Interest on Convertible Debt, Net of Tax | 368 | 611 | 1,110 | 1,833 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 2,416 | 2,416 | 2,416 | 2,416 |
2018 Convertible Senior Notes [Member] | ' | ' | ' | ' |
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | ' | ' | ' | ' |
Interest on Convertible Debt, Net of Tax | $496 | $824 | $1,497 | $1,851 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 2,669 | 2,669 | 2,669 | 1,995 |
Income_Taxes_Income_Tax_Narrat
Income Taxes Income Tax (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
(Benefit) provision for income taxes | $8,586,000 | ($111,559,000) | $10,188,000 | ($111,129,000) |
Deferred Tax Assets, Net of Valuation Allowance | ' | 111,600,000 | ' | 111,600,000 |
Deferred tax asset valuation allowances | ' | ' | ($9,291,000) | ($120,836,000) |
Effective Income Tax Rate Reconciliation, Percent | 38.70% | ' | 20.40% | ' |
Income_Taxes_Net_Operating_Los
Income Taxes Net Operating Loss Carryforwards (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
State and Local Jurisdiction [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | $13.60 |
Expiring beginning in 2028 [Member] | Internal Revenue Service (IRS) [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 53.3 |
Federal Tax Credit Carryforward, Amount | 6.5 |
Expiring between 2012 and 2027 [Member] | State and Local Jurisdiction [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 7 |
Expiring between 2028 and 2033 [Member] | State and Local Jurisdiction [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | $6.60 |
Business_Segments_Business_Seg1
Business Segments Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $330,767 | $275,195 | $847,216 | $700,475 |
Operating Income (Loss) | 24,830 | 18,649 | 59,478 | 39,667 |
Interest | 2,649 | 3,449 | 9,549 | 12,186 |
Equity in loss (income) of unconsolidated joint ventures | -22 | -278 | -62 | -278 |
Loss on early extinguishment of debt | 0 | -1,726 | 0 | -1,726 |
Income (loss) before income taxes | 22,203 | 13,752 | 49,991 | 26,033 |
Midwest Homebuilding [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Homebuilding revenue | 118,319 | 82,689 | 283,472 | 222,890 |
Operating Income (Loss) | 12,802 | 5,114 | 26,771 | 11,696 |
Interest | 450 | 1,023 | 2,211 | 3,852 |
Southern Homebuilding [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Homebuilding revenue | 118,150 | 96,275 | 299,472 | 216,181 |
Operating Income (Loss) | 10,215 | 8,271 | 24,741 | 15,222 |
Interest | 968 | 1,405 | 3,927 | 4,510 |
Mid-Atlantic Homebuilding [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Homebuilding revenue | 86,718 | 89,550 | 242,357 | 239,061 |
Operating Income (Loss) | 6,511 | 8,433 | 18,888 | 18,961 |
Interest | 829 | 659 | 2,392 | 2,809 |
Financial Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Financial services revenue | 7,580 | 6,681 | 21,915 | 22,343 |
Operating Income (Loss) | 3,804 | 3,827 | 12,204 | 13,451 |
Interest | 402 | 362 | 1,019 | 1,015 |
Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | ($8,502) | ($6,996) | ($23,126) | ($19,663) |
Business_Segments_Business_Seg2
Business Segments Business Segments - Valuation Adjustments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Total valuation adjustments and write-offs | $622,000 | $2,136,000 | $1,426,000 | $4,237,000 |
Impairment of Operating Communities [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Operating Communities | 0 | 481,000 | 804,000 | 481,000 |
Impairment of Operating Communities [Member] | Midwest Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Operating Communities | 0 | 481,000 | 804,000 | 481,000 |
Impairment of Operating Communities [Member] | Southern Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Operating Communities | 0 | 0 | 0 | 0 |
Impairment of Operating Communities [Member] | Mid-Atlantic Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Operating Communities | 0 | 0 | 0 | 0 |
Impairment of Future Communities [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Future Communities | 622,000 | 1,655,000 | 622,000 | 2,465,000 |
Impairment of Future Communities [Member] | Midwest Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Future Communities | 622,000 | 1,655,000 | 622,000 | 2,465,000 |
Impairment of Future Communities [Member] | Southern Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Future Communities | 0 | 0 | 0 | 0 |
Impairment of Future Communities [Member] | Mid-Atlantic Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Future Communities | 0 | 0 | 0 | 0 |
Impairment of Land Held for Sale [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Land With Intend To Sell Or Has Sold To Third Parties | 0 | 0 | 0 | 1,291,000 |
Impairment of Land Held for Sale [Member] | Midwest Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Land With Intend To Sell Or Has Sold To Third Parties | 0 | 0 | 0 | 1,291,000 |
Impairment of Land Held for Sale [Member] | Southern Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Land With Intend To Sell Or Has Sold To Third Parties | 0 | 0 | 0 | 0 |
Impairment of Land Held for Sale [Member] | Mid-Atlantic Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Land With Intend To Sell Or Has Sold To Third Parties | 0 | 0 | 0 | 0 |
Option Deposits and Pre-Acquisition Write-Offs [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Write Offs Of Option Deposits And Preacquisition Costs | 0 | 0 | 0 | 0 |
Option Deposits and Pre-Acquisition Write-Offs [Member] | Midwest Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Write Offs Of Option Deposits And Preacquisition Costs | 0 | 0 | 0 | 0 |
Option Deposits and Pre-Acquisition Write-Offs [Member] | Southern Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Write Offs Of Option Deposits And Preacquisition Costs | 0 | 0 | 0 | 0 |
Option Deposits and Pre-Acquisition Write-Offs [Member] | Mid-Atlantic Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Write Offs Of Option Deposits And Preacquisition Costs | 0 | 0 | 0 | 0 |
Impairment of Investments in Unconsolidated LLCs [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Investments In Unconsolidated Entities | 0 | 0 | 0 | 0 |
Impairment of Investments in Unconsolidated LLCs [Member] | Midwest Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Investments In Unconsolidated Entities | 0 | 0 | 0 | 0 |
Impairment of Investments in Unconsolidated LLCs [Member] | Southern Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Investments In Unconsolidated Entities | 0 | 0 | 0 | 0 |
Impairment of Investments in Unconsolidated LLCs [Member] | Mid-Atlantic Homebuilding [Member] | ' | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Valuation Adjustments To Investments In Unconsolidated Entities | $0 | $0 | $0 | $0 |
Business_Segments_Business_Seg3
Business Segments Business Segments - Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Deposits on real estate under option or contract | $21,638 | $14,365 |
Inventory | 872,326 | 676,570 |
Investments in unconsolidated joint ventures | 40,769 | 35,266 |
Other assets | 258,421 | 383,975 |
Total assets | 1,193,154 | 1,110,176 |
Midwest Homebuilding [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Deposits on real estate under option or contract | 4,671 | 2,003 |
Inventory | 310,559 | 248,218 |
Investments in unconsolidated joint ventures | 2,980 | 5,331 |
Other assets | 10,806 | 10,571 |
Total assets | 329,016 | 266,123 |
Southern Homebuilding [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Deposits on real estate under option or contract | 12,332 | 7,107 |
Inventory | 315,169 | 236,505 |
Investments in unconsolidated joint ventures | 37,789 | 29,935 |
Other assets | 23,995 | 982 |
Total assets | 389,285 | 274,529 |
Mid-Atlantic Homebuilding [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Deposits on real estate under option or contract | 4,635 | 5,255 |
Inventory | 246,598 | 191,847 |
Investments in unconsolidated joint ventures | 0 | 0 |
Other assets | 11,069 | 11,050 |
Total assets | 262,302 | 208,152 |
Corporate, Financial Services and Unallocated [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Deposits on real estate under option or contract | 0 | 0 |
Inventory | 0 | 0 |
Investments in unconsolidated joint ventures | 0 | 0 |
Other assets | 212,551 | 361,372 |
Total assets | $212,551 | $361,372 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information Supplemental Guarantor Information - Income Statement (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue | $330,767 | $275,195 | $847,216 | $700,475 |
Land and housing | 261,636 | 218,150 | 666,817 | 556,799 |
Impairment of inventory and investment in unconsolidated joint ventures | 622 | 2,136 | 1,426 | 4,237 |
General and administrative | 21,724 | 18,261 | 61,320 | 52,389 |
Selling | 21,955 | 17,999 | 58,175 | 47,383 |
Interest | 2,649 | 3,449 | 9,549 | 12,186 |
Equity in loss (income) of unconsolidated joint ventures | -22 | -278 | -62 | -278 |
Loss on early extinguishment of debt | 0 | 1,726 | 0 | 1,726 |
Total costs and expenses | 308,564 | 261,443 | 797,225 | 674,442 |
Income before income taxes | 22,203 | 13,752 | 49,991 | 26,033 |
(Benefit) provision for income taxes | 8,586 | -111,559 | 10,188 | -111,129 |
Equity In subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 13,617 | 125,311 | 39,803 | 137,162 |
Preferred Dividends | 1,218 | 1,219 | 3,656 | 2,438 |
Excess of fair value over book value of preferred shares redeemed | 0 | 0 | 0 | 2,190 |
Net income to common shareholders | 12,399 | 124,092 | 36,147 | 132,534 |
Parent [Member] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Land and housing | 0 | 0 | 0 | 0 |
Impairment of inventory and investment in unconsolidated joint ventures | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Selling | 0 | 0 | 0 | 0 |
Interest | 0 | 0 | 0 | 0 |
Equity in loss (income) of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt | ' | 0 | ' | 0 |
Total costs and expenses | 0 | 0 | 0 | 0 |
Income before income taxes | 0 | 0 | 0 | 0 |
(Benefit) provision for income taxes | 0 | 0 | 0 | 0 |
Equity In subsidiaries | 13,617 | 125,311 | 39,803 | 137,162 |
Net income (loss) | 13,617 | 125,311 | 39,803 | 137,162 |
Preferred Dividends | 1,218 | 1,219 | 3,656 | 2,438 |
Excess of fair value over book value of preferred shares redeemed | ' | ' | ' | 2,190 |
Net income to common shareholders | 12,399 | 124,092 | 36,147 | 132,534 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenue | 323,187 | 268,514 | 825,301 | 678,132 |
Land and housing | 261,636 | 218,150 | 666,817 | 556,799 |
Impairment of inventory and investment in unconsolidated joint ventures | 622 | 2,136 | 1,426 | 4,237 |
General and administrative | 17,811 | 15,309 | 51,159 | 43,104 |
Selling | 21,955 | 17,979 | 58,175 | 47,317 |
Interest | 2,248 | 3,087 | 8,530 | 11,171 |
Equity in loss (income) of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt | ' | 1,726 | ' | 1,726 |
Total costs and expenses | 304,272 | 258,387 | 786,107 | 664,354 |
Income before income taxes | 18,915 | 10,127 | 39,194 | 13,778 |
(Benefit) provision for income taxes | 7,428 | -112,694 | 5,991 | -115,308 |
Equity In subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 11,487 | 122,821 | 33,203 | 129,086 |
Preferred Dividends | 0 | 0 | 0 | 0 |
Excess of fair value over book value of preferred shares redeemed | ' | ' | ' | 0 |
Net income to common shareholders | 11,487 | 122,821 | 33,203 | 129,086 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenue | 7,580 | 6,681 | 21,915 | 22,343 |
Land and housing | 0 | 0 | 0 | 0 |
Impairment of inventory and investment in unconsolidated joint ventures | 0 | 0 | 0 | 0 |
General and administrative | 3,913 | 2,952 | 10,161 | 9,285 |
Selling | 0 | 20 | 0 | 66 |
Interest | 401 | 362 | 1,019 | 1,015 |
Equity in loss (income) of unconsolidated joint ventures | -22 | -278 | -62 | -278 |
Loss on early extinguishment of debt | ' | 0 | ' | 0 |
Total costs and expenses | 4,292 | 3,056 | 11,118 | 10,088 |
Income before income taxes | 3,288 | 3,625 | 10,797 | 12,255 |
(Benefit) provision for income taxes | 1,158 | 1,135 | 4,197 | 4,179 |
Equity In subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 2,130 | 2,490 | 6,600 | 8,076 |
Preferred Dividends | 0 | 0 | 0 | 0 |
Excess of fair value over book value of preferred shares redeemed | ' | ' | ' | 0 |
Net income to common shareholders | 2,130 | 2,490 | 6,600 | 8,076 |
Corporate Elimination [Member] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Land and housing | 0 | 0 | 0 | 0 |
Impairment of inventory and investment in unconsolidated joint ventures | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Selling | 0 | 0 | 0 | 0 |
Interest | 0 | 0 | 0 | 0 |
Equity in loss (income) of unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt | ' | 0 | ' | 0 |
Total costs and expenses | 0 | 0 | 0 | 0 |
Income before income taxes | 0 | 0 | 0 | 0 |
(Benefit) provision for income taxes | 0 | 0 | 0 | 0 |
Equity In subsidiaries | -13,617 | -125,311 | -39,803 | -137,162 |
Net income (loss) | -13,617 | -125,311 | -39,803 | -137,162 |
Preferred Dividends | 0 | 0 | 0 | 0 |
Excess of fair value over book value of preferred shares redeemed | ' | ' | ' | 0 |
Net income to common shareholders | ($13,617) | ($125,311) | ($39,803) | ($137,162) |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information Supplemental Guarantor Information - Balance Sheet (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $17,168 | $128,725 | $142,475 | $145,498 |
Restricted cash | 8,898 | 13,902 | ' | ' |
Mortgage loans held for sale | 76,983 | 81,810 | ' | ' |
Inventory | 893,964 | 690,934 | ' | ' |
Property and equipment - net | 11,430 | 10,536 | ' | ' |
Investments in unconsolidated joint ventures | 40,769 | 35,266 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 102,882 | 110,911 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Other assets | 41,060 | 38,092 | ' | ' |
TOTAL ASSETS | 1,193,154 | 1,110,176 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 97,873 | 70,226 | ' | ' |
Customer deposits | 14,202 | 11,262 | ' | ' |
Intercompany liabilities | 0 | 0 | ' | ' |
Other liabilities | 74,203 | 71,341 | ' | ' |
Community development district (“CDDâ€) obligations | 3,056 | 3,130 | ' | ' |
Obligation for consolidated inventory not owned | 1,700 | 1,775 | ' | ' |
Long-term Line of Credit | 14,400 | 0 | ' | ' |
Warehouse Agreement Borrowings | 73,778 | 80,029 | ' | ' |
Notes payable - other | 8,530 | 7,790 | ' | ' |
2017 Convertible Subordianted Debt | 57,500 | 57,500 | ' | ' |
2018 Convertible Subordinated Debt | 86,250 | 86,250 | ' | ' |
Senior notes | 228,369 | 228,070 | ' | ' |
TOTAL LIABILITIES | 659,861 | 617,373 | ' | ' |
TOTAL SHAREHOLDERS' EQUITY | 533,293 | 492,803 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,193,154 | 1,110,176 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Mortgage loans held for sale | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Property and equipment - net | 0 | 0 | ' | ' |
Investments in unconsolidated joint ventures | 0 | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 0 | 0 | ' | ' |
Investment in subsidiaries | 567,407 | 535,879 | ' | ' |
Intercompany | 330,075 | 318,852 | ' | ' |
Other assets | 7,930 | 9,892 | ' | ' |
TOTAL ASSETS | 905,412 | 864,623 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Customer deposits | 0 | 0 | ' | ' |
Intercompany liabilities | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Community development district (“CDDâ€) obligations | 0 | 0 | ' | ' |
Obligation for consolidated inventory not owned | 0 | 0 | ' | ' |
Long-term Line of Credit | 0 | ' | ' | ' |
Warehouse Agreement Borrowings | 0 | 0 | ' | ' |
Notes payable - other | 0 | 0 | ' | ' |
2017 Convertible Subordianted Debt | 57,500 | 57,500 | ' | ' |
2018 Convertible Subordinated Debt | 86,250 | 86,250 | ' | ' |
Senior notes | 228,369 | 228,070 | ' | ' |
TOTAL LIABILITIES | 372,119 | 371,820 | ' | ' |
TOTAL SHAREHOLDERS' EQUITY | 533,293 | 492,803 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 905,412 | 864,623 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 3,811 | 113,407 | 126,254 | 126,334 |
Restricted cash | 8,898 | 13,902 | ' | ' |
Mortgage loans held for sale | 0 | 0 | ' | ' |
Inventory | 893,964 | 690,934 | ' | ' |
Property and equipment - net | 11,119 | 10,267 | ' | ' |
Investments in unconsolidated joint ventures | 22,286 | 13,525 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 101,849 | 109,763 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Other assets | 23,576 | 17,180 | ' | ' |
TOTAL ASSETS | 1,065,503 | 968,978 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 97,302 | 69,887 | ' | ' |
Customer deposits | 14,202 | 11,262 | ' | ' |
Intercompany liabilities | 309,906 | 296,229 | ' | ' |
Other liabilities | 68,711 | 64,413 | ' | ' |
Community development district (“CDDâ€) obligations | 3,056 | 3,130 | ' | ' |
Obligation for consolidated inventory not owned | 1,700 | 1,775 | ' | ' |
Long-term Line of Credit | 14,400 | ' | ' | ' |
Warehouse Agreement Borrowings | 0 | 0 | ' | ' |
Notes payable - other | 8,530 | 7,790 | ' | ' |
2017 Convertible Subordianted Debt | 0 | 0 | ' | ' |
2018 Convertible Subordinated Debt | 0 | 0 | ' | ' |
Senior notes | 0 | 0 | ' | ' |
TOTAL LIABILITIES | 517,807 | 454,486 | ' | ' |
TOTAL SHAREHOLDERS' EQUITY | 547,696 | 514,492 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,065,503 | 968,978 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 13,357 | 15,318 | 16,221 | 19,164 |
Restricted cash | 0 | 0 | ' | ' |
Mortgage loans held for sale | 76,983 | 81,810 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Property and equipment - net | 311 | 269 | ' | ' |
Investments in unconsolidated joint ventures | 18,483 | 21,741 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 1,033 | 1,148 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Other assets | 9,554 | 11,020 | ' | ' |
TOTAL ASSETS | 119,721 | 131,306 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 571 | 339 | ' | ' |
Customer deposits | 0 | 0 | ' | ' |
Intercompany liabilities | 20,169 | 22,623 | ' | ' |
Other liabilities | 5,492 | 6,928 | ' | ' |
Community development district (“CDDâ€) obligations | 0 | 0 | ' | ' |
Obligation for consolidated inventory not owned | 0 | 0 | ' | ' |
Long-term Line of Credit | 0 | ' | ' | ' |
Warehouse Agreement Borrowings | 73,778 | 80,029 | ' | ' |
Notes payable - other | 0 | 0 | ' | ' |
2017 Convertible Subordianted Debt | 0 | 0 | ' | ' |
2018 Convertible Subordinated Debt | 0 | 0 | ' | ' |
Senior notes | 0 | 0 | ' | ' |
TOTAL LIABILITIES | 100,010 | 109,919 | ' | ' |
TOTAL SHAREHOLDERS' EQUITY | 19,711 | 21,387 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 119,721 | 131,306 | ' | ' |
Corporate Elimination [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Mortgage loans held for sale | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Property and equipment - net | 0 | 0 | ' | ' |
Investments in unconsolidated joint ventures | 0 | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 0 | 0 | ' | ' |
Investment in subsidiaries | -567,407 | -535,879 | ' | ' |
Intercompany | -330,075 | -318,852 | ' | ' |
Other assets | 0 | 0 | ' | ' |
TOTAL ASSETS | -897,482 | -854,731 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Customer deposits | 0 | 0 | ' | ' |
Intercompany liabilities | -330,075 | -318,852 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Community development district (“CDDâ€) obligations | 0 | 0 | ' | ' |
Obligation for consolidated inventory not owned | 0 | 0 | ' | ' |
Long-term Line of Credit | 0 | ' | ' | ' |
Warehouse Agreement Borrowings | 0 | 0 | ' | ' |
Notes payable - other | 0 | 0 | ' | ' |
2017 Convertible Subordianted Debt | 0 | 0 | ' | ' |
2018 Convertible Subordinated Debt | 0 | 0 | ' | ' |
Senior notes | 0 | 0 | ' | ' |
TOTAL LIABILITIES | -330,075 | -318,852 | ' | ' |
TOTAL SHAREHOLDERS' EQUITY | -567,407 | -535,879 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | ($897,482) | ($854,731) | ' | ' |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information Supplemental Guarantor Information - Statements of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash (used in) provided by operating activities | ($106,711) | ($40,436) |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Change in restricted cash | 4,912 | -7,274 |
Purchase of property and equipment | -2,347 | -1,654 |
Investment in unconsolidated joint ventures | -16,818 | -25,496 |
Return of investment from Unconsolidated LLCs | 619 | 1,522 |
Net Proceeds from Sale of Mortgage Servicing Rights | 2,135 | 0 |
Net cash provided by (used in) investing activities | -11,499 | -32,902 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' |
Proceeds from (repayments of) bank borrowings - net | 8,149 | -12,343 |
Principal repayments of note payable-other and community development district bond obligations | 740 | -2,979 |
Proceeds from issuance of convertible senior subordinated notes | 0 | 86,250 |
Redemption of preferred shares | 0 | -50,352 |
Net proceeds from issuance of common shares | 0 | 54,617 |
Proceeds from exercise of stock options | 1,460 | 2,640 |
Excess tax deficiency from stock-based payment arrangements | 0 | 383 |
Intercompany Financing | 0 | 0 |
Dividends paid | -3,656 | -2,438 |
Debt issue costs | -40 | -5,463 |
Net cash (used in) provided by financing activities | 6,653 | 70,315 |
Net increase (decrease) in cash and cash equivalents | -111,557 | -3,023 |
Cash and cash equivalents balance at beginning of period | 128,725 | 145,498 |
Cash and cash equivalents balance at end of period | 17,168 | 142,475 |
Parent [Member] | ' | ' |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash (used in) provided by operating activities | 8,275 | 7,100 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Change in restricted cash | 0 | 0 |
Purchase of property and equipment | 0 | 0 |
Investment in unconsolidated joint ventures | 0 | 0 |
Return of investment from Unconsolidated LLCs | 0 | 0 |
Net Proceeds from Sale of Mortgage Servicing Rights | 0 | ' |
Net cash provided by (used in) investing activities | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' |
Proceeds from (repayments of) bank borrowings - net | 0 | 0 |
Principal repayments of note payable-other and community development district bond obligations | 0 | 0 |
Proceeds from issuance of convertible senior subordinated notes | ' | 86,250 |
Redemption of preferred shares | ' | -50,352 |
Net proceeds from issuance of common shares | ' | 54,617 |
Proceeds from exercise of stock options | 1,460 | 2,640 |
Excess tax deficiency from stock-based payment arrangements | ' | 383 |
Intercompany Financing | -6,079 | -98,200 |
Dividends paid | -3,656 | -2,438 |
Debt issue costs | 0 | 0 |
Net cash (used in) provided by financing activities | -8,275 | -7,100 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents balance at beginning of period | 0 | 0 |
Cash and cash equivalents balance at end of period | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash (used in) provided by operating activities | -124,022 | -60,703 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Change in restricted cash | 4,912 | -7,274 |
Purchase of property and equipment | -2,222 | -1,528 |
Investment in unconsolidated joint ventures | -12,080 | -14,657 |
Return of investment from Unconsolidated LLCs | 0 | 0 |
Net Proceeds from Sale of Mortgage Servicing Rights | 0 | ' |
Net cash provided by (used in) investing activities | -9,390 | -23,459 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' |
Proceeds from (repayments of) bank borrowings - net | 14,400 | 0 |
Principal repayments of note payable-other and community development district bond obligations | 740 | -2,979 |
Proceeds from issuance of convertible senior subordinated notes | ' | 0 |
Redemption of preferred shares | ' | 0 |
Net proceeds from issuance of common shares | ' | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Excess tax deficiency from stock-based payment arrangements | ' | 0 |
Intercompany Financing | 8,676 | 92,463 |
Dividends paid | 0 | 0 |
Debt issue costs | 0 | -5,402 |
Net cash (used in) provided by financing activities | 23,816 | 84,082 |
Net increase (decrease) in cash and cash equivalents | -109,596 | -80 |
Cash and cash equivalents balance at beginning of period | 113,407 | 126,334 |
Cash and cash equivalents balance at end of period | 3,811 | 126,254 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash (used in) provided by operating activities | 17,311 | 20,267 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Change in restricted cash | 0 | 0 |
Purchase of property and equipment | -125 | -126 |
Investment in unconsolidated joint ventures | -4,738 | -10,839 |
Return of investment from Unconsolidated LLCs | 619 | 1,522 |
Net Proceeds from Sale of Mortgage Servicing Rights | 2,135 | ' |
Net cash provided by (used in) investing activities | -2,109 | -9,443 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' |
Proceeds from (repayments of) bank borrowings - net | -6,251 | -12,343 |
Principal repayments of note payable-other and community development district bond obligations | 0 | 0 |
Proceeds from issuance of convertible senior subordinated notes | ' | 0 |
Redemption of preferred shares | ' | 0 |
Net proceeds from issuance of common shares | ' | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Excess tax deficiency from stock-based payment arrangements | ' | 0 |
Intercompany Financing | -2,597 | 5,737 |
Dividends paid | -8,275 | -7,100 |
Debt issue costs | -40 | -61 |
Net cash (used in) provided by financing activities | -17,163 | -13,767 |
Net increase (decrease) in cash and cash equivalents | -1,961 | -2,943 |
Cash and cash equivalents balance at beginning of period | 15,318 | 19,164 |
Cash and cash equivalents balance at end of period | 13,357 | 16,221 |
Corporate Elimination [Member] | ' | ' |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net cash (used in) provided by operating activities | -8,275 | -7,100 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Change in restricted cash | 0 | 0 |
Purchase of property and equipment | 0 | 0 |
Investment in unconsolidated joint ventures | 0 | 0 |
Return of investment from Unconsolidated LLCs | 0 | 0 |
Net Proceeds from Sale of Mortgage Servicing Rights | 0 | ' |
Net cash provided by (used in) investing activities | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' |
Proceeds from (repayments of) bank borrowings - net | 0 | 0 |
Principal repayments of note payable-other and community development district bond obligations | 0 | 0 |
Proceeds from issuance of convertible senior subordinated notes | ' | 0 |
Redemption of preferred shares | ' | 0 |
Net proceeds from issuance of common shares | ' | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Excess tax deficiency from stock-based payment arrangements | ' | 0 |
Intercompany Financing | 0 | 0 |
Dividends paid | 8,275 | 7,100 |
Debt issue costs | 0 | 0 |
Net cash (used in) provided by financing activities | 8,275 | 7,100 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents balance at beginning of period | 0 | 0 |
Cash and cash equivalents balance at end of period | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | Rate |
Subsequent Event [Line Items] | ' |
Percentage of cumulative consolidated net income after June 30, 2014 plus $353.9 million | 50.00% |
Percentage of net proceeds of any equity offerings after June 30, 2014 plus $353.9 million minimum tangible net worth | 50.00% |
First Amendment to New Unsecured Credit Facility [Member] | ' |
Subsequent Event [Line Items] | ' |
Minimum Tangible Net Worth | 353.9 |
Line of Credit Facility, Current Borrowing Capacity | 300 |
Line of Credit Facility, Maximum Borrowing Capacity | 400 |
Sub-limit for letters of credit | 125 |
First Amendment to New Unsecured Credit Facility [Member] | Maximum [Member] | ' |
Subsequent Event [Line Items] | ' |
Credit Facility, Basis Spread on Variable Rate | 2.50% |
First Amendment to New Unsecured Credit Facility [Member] | Minimum [Member] | ' |
Subsequent Event [Line Items] | ' |
Credit Facility, Basis Spread on Variable Rate | 1.50% |
New Unsecured Credit Facility [Member] | ' |
Subsequent Event [Line Items] | ' |
Line of Credit Facility, Current Borrowing Capacity | 200 |
Line of Credit Facility, Maximum Borrowing Capacity | 225 |
Sub-limit for letters of credit | 100 |
New Unsecured Credit Facility [Member] | Maximum [Member] | ' |
Subsequent Event [Line Items] | ' |
Credit Facility, Basis Spread on Variable Rate | 3.25% |
New Unsecured Credit Facility [Member] | Minimum [Member] | ' |
Subsequent Event [Line Items] | ' |
Credit Facility, Basis Spread on Variable Rate | 2.25% |