M/I Homes (MHO) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 28, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-12434
Entity Registrant Name	M/I HOMES, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-1210837
Entity Address, Address Line One	4131 Worth Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43219
City Area Code	614
Local Phone Number	418-8000
Title of 12(b) Security	Common Shares, par value $.01
Trading Symbol	MHO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,745,649
Entity Central Index Key	0000799292
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS:
Cash, cash equivalents and restricted cash	$ 202,512	$ 6,083
Mortgage loans held for sale	140,046	155,244
Inventory	1,843,409	1,769,507
Property and equipment - net	25,696	22,118
Investment in joint venture arrangements	34,038	37,885
Operating lease right-of-use assets	52,574	18,415
Deferred Income Tax Assets, Net	9,205	9,631
Goodwill	16,400	16,400
Other assets	96,675	70,311
Total assets	2,420,555	2,105,594
LIABILITIES:
Accounts payable	176,581	125,026
Customer deposits	66,632	34,462
Operating lease liabilities	52,666	18,415
Other liabilities	156,390	147,937
Community development district obligations	9,892	13,531
Obligation for consolidated inventory not owned	364	7,934
Notes payable bank - homebuilding operations	0	66,000
Notes payable bank - financial service operations	136,119	136,904
Notes payable - other	5,325	5,828
Senior notes due 2021 - net	0	298,988
Senior notes due 2025 - net	247,483	247,092
Senior notes due 2028 - net	394,363	0
TOTAL LIABILITIES	1,245,815	1,102,117
Commitments and contingencies (Note 6)	0	0
SHAREHOLDERS' EQUITY:
Common shares - $0.01 par value; authorized 58,000,000 shares at both September 30, 2020 and December 31, 2019; issued 30,137,141 shares at both September 30, 2020 and December 31, 2019	301	301
Additional paid-in capital	336,623	332,861
Retained earnings	868,370	708,579
Treasury shares - at cost - 1,391,492 and 1,750,685 shares at September 30, 2020 and December 31, 2019, respectively	(30,554)	(38,264)
TOTAL SHAREHOLDERS' EQUITY	1,174,740	1,003,477
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,420,555	$ 2,105,594

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	58,000,000	58,000,000
Common Stock, Shares, Issued	30,137,141	30,137,141
Treasury Stock, Shares	1,391,492	1,750,685

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Costs and Expenses [Abstract]
Revenue	$ 847,921	$ 653,345	$ 2,139,718	$ 1,758,140
Land and housing	653,407	519,164	1,672,122	1,411,488
General and administrative	48,879	39,385	123,763	106,248
Selling	49,539	40,147	127,494	109,150
Equity in loss (income) from joint venture arrangements	(252)	(52)	(307)	(118)
Interest	1,239	4,637	8,454	16,626
Total costs and expenses	752,812	603,281	1,931,526	1,643,394
Income before income taxes	95,109	50,064	208,192	114,746
Provision for income taxes	21,572	12,226	48,401	28,939
Net income	$ 73,537	$ 37,838	$ 159,791	$ 85,807
Earnings per common share:
Basic	$ 2.57	$ 1.35	$ 5.60	$ 3.10
Diluted	$ 2.51	$ 1.32	$ 5.50	$ 3.04
Weighted Average Number of Shares Outstanding [Abstract]
Basic	28,653	27,981	28,554	27,695
Diluted	29,286	28,598	29,030	28,238

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Shares [Member]
Shares Outstanding, Beginning Balance at Dec. 31, 2018		27,516,218
Stockholders' Equity, Beginning Balance at Dec. 31, 2018	$ 855,303	$ 301	$ 330,517	$ 580,992	$ (56,507)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	85,807			85,807
Stock options exercised, shares		710,830
Stock options exercised	14,348		(1,177)		15,525
Stock-based compensation expense	4,086		4,086
Repurchase of common shares, shares		(201,088)
Repurchase of common shares	(5,150)				(5,150)
Deferral of executive and director compensation	247		247
Deferred Compensation Arrangement with Individual, Shares Issued		116,956
Deferred Compensation Arrangement with Individual, Distribution Paid	0		(2,545)		2,545
Shares Outstanding, Ending Balance at Sep. 30, 2019		28,142,916
Stockholders' Equity, Ending Balance at Sep. 30, 2019	954,641	$ 301	331,128	666,799	(43,587)
Shares Outstanding, Beginning Balance at Jun. 30, 2019		27,617,366
Stockholders' Equity, Beginning Balance at Jun. 30, 2019	904,240	$ 301	330,052	628,961	(55,074)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	37,838			37,838
Stock options exercised, shares		525,550
Stock options exercised	11,071		(416)		11,487
Stock-based compensation expense	1,492		1,492
Shares Outstanding, Ending Balance at Sep. 30, 2019		28,142,916
Stockholders' Equity, Ending Balance at Sep. 30, 2019	954,641	$ 301	331,128	666,799	(43,587)
Shares Outstanding, Beginning Balance at Dec. 31, 2019		28,386,456
Stockholders' Equity, Beginning Balance at Dec. 31, 2019	1,003,477	$ 301	332,861	708,579	(38,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	159,791			159,791
Stock options exercised, shares		354,620
Stock options exercised	8,254		481		7,773
Stock-based compensation expense	$ 4,915		4,915
Repurchase of common shares, shares	100,000	(80,000)
Repurchase of common shares	$ (1,912)				(1,912)
Deferral of executive and director compensation	215		215
Deferred Compensation Arrangement with Individual, Shares Issued		84,573
Deferred Compensation Arrangement with Individual, Distribution Paid	0		(1,849)		1,849
Shares Outstanding, Ending Balance at Sep. 30, 2020		28,745,649
Stockholders' Equity, Ending Balance at Sep. 30, 2020	1,174,740	$ 301	336,623	868,370	(30,554)
Shares Outstanding, Beginning Balance at Jun. 30, 2020		28,543,629
Stockholders' Equity, Beginning Balance at Jun. 30, 2020	1,094,405	$ 301	334,261	794,833	(34,990)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73,537			73,537
Stock options exercised, shares		202,020
Stock options exercised	4,609		173		4,436
Stock-based compensation expense	2,189		2,189
Shares Outstanding, Ending Balance at Sep. 30, 2020		28,745,649
Stockholders' Equity, Ending Balance at Sep. 30, 2020	$ 1,174,740	$ 301	$ 336,623	$ 868,370	$ (30,554)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES:
Net income	$ 159,791	$ 85,807
Adjustments to reconcile net income to net cash used in operating activities:
Equity in loss (income) from joint venture arrangements	(307)	(118)
Mortgage loan originations	(1,287,426)	(959,022)
Proceeds from the sale of mortgage loans	1,301,713	997,369
Fair value adjustment of mortgage loans held for sale	911	2,982
Servicing Asset at Fair Value, Period Increase (Decrease)	507	0
Capitalization of originated mortgage servicing rights	(4,119)	(3,366)
Amortization of mortgage servicing rights	1,847	1,112
Depreciation	9,298	8,655
Amortization of debt discount and debt issue costs	1,869	2,029
Gain (Loss) on Extinguishment of Debt	950	0
Stock-based compensation expense	4,915	4,086
Deferred income tax expense	426	1,494
Change in assets and liabilities:
Inventory	(62,524)	(156,073)
Other assets	(18,493)	(3,952)
Accounts payable	51,555	38,017
Customer deposits	32,170	4,195
Accrued compensation	(4,990)	(11,629)
Other liabilities	9,133	(10,609)
Net cash (used in) provided by operating activities	197,226	977
INVESTING ACTIVITIES:
Purchase of property and equipment	(8,465)	(2,626)
Return of capital from joint venture arrangements	1,213	438
Investment in joint venture arrangements	(24,075)	(23,522)
Net cash provided by (used in) investing activities	(31,327)	(25,710)
FINANCING ACTIVITIES:
Repayments of senior notes due 2021	(300,000)	0
Net proceeds from issuance of senior notes	400,000	0
Proceeds from bank borrowings - homebuilding operations	306,800	568,900
Principal repayments of bank borrowings - homebuilding operations	(372,800)	(496,400)
Net repayment of bank borrowings - financial services operations	(785)	(44,574)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations	(503)	(429)
Payments for repurchase of common stock	(1,912)	(5,150)
Debt issue costs	(8,524)	(40)
Proceeds from exercise of stock options	8,254	14,348
Net cash (used in) provided by financing activities	30,530	36,655
Net increase (decrease) in cash, cash equivalents and restricted cash	196,429	11,922
Cash, cash equivalents and restricted cash-Period Start	6,083	21,529
Cash, cash equivalents and restricted cash-Period End	202,512	33,451
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest — net of amount capitalized	15,644	23,034
Income taxes	39,510	26,578
NON-CASH TRANSACTIONS DURING THE PERIOD
Community development district infrastructure	(3,639)	1,936
Consolidated inventory not owned	(7,570)	(12,621)
Distribution of single-family lots from joint venture arrangements	$ 27,016	$ 11,515

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
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, including as a result of the novel coronavirus (COVID-19) pandemic which has disrupted, and is expected to continue to disrupt, our business. 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, 2019 (the “2019 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 2019 Form 10-K and in “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q, as the same may be updated from time to time in our subsequent filings with the SEC. Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning January 1, 2020. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses (“ASU 2018-19”) in November 2018, ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”) , in April 2019, and ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief (“ASU 2019-05”) in May 2019. These ASUs do not change the core principle of the guidance in ASU 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. These ASUs will have the same effective date and transition requirements as ASU 2016-13. The adoption of ASU 2016-13 on January 1, 2020 did not have a material impact on our consolidated financial statements and disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) . ASU 2018-13 modifies the disclosure requirements for fair value measurements and removes the requirement to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For all entities, ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Our adoption of ASU 2018-13 on January 1, 2020 did not have a material impact on our consolidated financial statements and disclosures. In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 is intended to provide temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. The adoption of this guidance did not have a material impact on our consolidated financial statements and disclosures. Impact of New Accounting Standards and SEC Guidance In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics, including the current expected credit losses (CECL) standard issued in 2016 (described above). ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP that are intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments have different effective dates. We are currently evaluating the effect of adopting this new accounting guidance, but we do not expect that adoption will have a material impact on our consolidated financial statements and disclosures. In May 2020, the SEC adopted Release No.33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses” (the “Final Rule”). The Final Rule is effective on January 1, 2021. However, voluntary early adoption is permitted. We are currently evaluating the effect of adopting this new accounting guidance, but we do not expect that adoption will have a material impact on our consolidated financial statements and disclosures. In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (“ASU 2020-06”), to address the complexity associated with applying GAAP to certain financial instruments with characteristics of liabilities and equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models in Subtopic 470-20. Additionally, the ASU will require entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently evaluating the effect of adopting this new accounting guidance, but we do not expect that adoption will have a material impact on our consolidated financial statements and disclosures. In August 2020, the SEC adopted Release No. 33-10825 “Modernization of Regulation S-K Items 101, 103, and 105” (the “Final S-K Rule”). The Final S-K Rule is effective on November 9, 2020. We are currently evaluating the effect of the Final S-K Rule, but we do not expect it will have a material impact on our consolidated financial statements and disclosures. Significant Accounting Policies We believe that there have been no significant changes to our significant accounting policies during the quarter ended September 30, 2020 as compared to those disclosed in our 2019 Form 10-K.

Inventory and Capitalized Inter

Inventory and Capitalized Interest	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Inventory and Capitalized Interest Inventory Inventory is recorded at cost, unless events and circumstances indicate that the carrying value of the inventory is impaired, at which point the inventory is written down to fair value (see Note 4 to our financial statements for additional details relating to our procedures for evaluating our inventories for impairment). Inventory includes the costs of land acquisition, land development and home construction, capitalized interest, real estate taxes, direct overhead costs incurred during development and home construction, and common costs that benefit the entire community, less impairments, if any. A summary of the Company’s inventory as of September 30, 2020 and December 31, 2019 is as follows: (In thousands) September 30, 2020 December 31, 2019 Single-family lots, land and land development costs $ 840,637 $ 858,065 Land held for sale 4,357 5,670 Homes under construction 863,603 756,998 Model homes and furnishings - at cost (less accumulated depreciation: September 30, 2020 - $14,186; December 31, 2019 - $12,723) 87,192 98,777 Community development district infrastructure 9,892 13,531 Land purchase deposits 37,364 28,532 Consolidated inventory not owned 364 7,934 Total inventory $ 1,843,409 $ 1,769,507 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, 2020 and December 31, 2019, we had 1,113 homes (with a carrying value of $188.4 million) and 1,459 homes (with a carrying value of $304.0 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, which is typically three years. We own lots in certain communities in Florida that have Community Development Districts (“CDDs”). The Company records a liability for the estimated developer obligations that are probable and estimable and user fees that are required to be paid or transferred at the time the parcel or unit is sold to an end user. The Company reduces this liability at the time of closing and the transfer of the property. The Company recorded an $9.9 million liability and a $13.5 million liability related to these CDD bond obligations as of September 30, 2020 and December 31, 2019, respectively, along with the related inventory infrastructure. 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. The Company expenses any deposits and accumulated pre-acquisition costs relating to such agreements in the period when the Company makes the decision not to proceed with the purchase of land under an agreement. Capitalized Interest The Company capitalizes interest during land development and home construction. Capitalized interest is charged to land and housing costs and expensed as the related inventory is delivered to a third party. The summary of capitalized interest for the three and nine months ended September 30, 2020 and 2019 is as follows : Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Capitalized interest, beginning of period $ 22,203 $ 22,162 $ 21,607 $ 20,765 Interest capitalized to inventory 8,758 8,291 23,678 22,461 Capitalized interest charged to land and housing costs and expenses (8,803) (7,836) (23,127) (20,609) Capitalized interest, end of period $ 22,158 $ 22,617 $ 22,158 $ 22,617 Interest incurred $ 9,997 $ 12,928 $ 32,132 $ 39,087

Investment in Joint Venture Arr

Investment in Joint Venture Arrangements (Notes)	9 Months Ended
	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Equity Method Investments and Joint Venture Arrangements Disclosure [Text Block]	Investment in Joint Venture Arrangements Investment in Joint Venture Arrangements 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. As of September 30, 2020 and December 31, 2019, our investment in such joint venture arrangements totaled $34.0 million and $37.9 million, respectively, and was reported as Investment in Joint Venture Arrangements on our Unaudited Condensed Consolidated Balance Sheets. The $3.9 million decrease during the nine-month period ended September 30, 2020 was driven primarily by lot distributions from our joint venture arrangements of $27.0 million, offset, in part, by our cash contributions to our joint venture arrangements during the first nine months of 2020 of $24.1 million. The majority of our investment in joint venture arrangements for both September 30, 2020 and December 31, 2019 consisted of joint ownership and development agreements for which a special purpose entity was not established (“JODAs”). In these JODAs, we own the property jointly with partners which are typically other builders, and land development activities are funded jointly until the developed lots are subdivided for separate ownership by the partners in accordance with the JODA and the approved site plan. As of September 30, 2020 and December 31, 2019, the Company had $32.1 million and $35.5 million, respectively, invested in JODAs. The remainder of our investment in joint venture arrangements was comprised of joint venture arrangements where a special purpose entity was established to own and develop the property. For these joint venture arrangements, we generally enter into limited liability company or similar arrangements (“LLCs”) with the other partners. 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. As of September 30, 2020 and December 31, 2019, the Company had $1.9 million and $2.4 million, respectively, of equity invested in LLCs. The Company’s percentage of ownership in these LLCs as of both September 30, 2020 and December 31, 2019 ranged from 25% to 74%. We use the equity method of accounting for investments in LLCs and other joint venture arrangements, including JODAs, over which we exercise significant influence but do not have a controlling interest. Under the equity method, our share of the LLCs’ earnings or loss, if any, is included in our Unaudited Condensed Consolidated Statements of Income. The Company’s equity in income relating to earnings from its LLCs was $0.3 million and less than $0.1 million for the three months ended September 30, 2020 and 2019, respectively, and $0.3 million and $0.1 million for the nine months ended September 30, 2020 and 2019. Our share of the profit relating to lots we purchase from our LLCs is deferred until homes are delivered by us and title passes to a homebuyer. We believe that the Company’s maximum exposure related to its investment in these joint venture arrangements as of September 30, 2020 was the amount invested of $34.0 million, which is reported as Investment in Joint Venture Arrangements on our Unaudited Condensed Consolidated Balance Sheets. We expect to invest further amounts in these joint venture arrangements as development of the properties progresses. The Company assesses its investments in unconsolidated LLCs for recoverability on a quarterly basis. See Note 4 to our financial statements for additional details relating to our procedures for evaluating our investments for impairment. Variable Interest Entities With respect to our investments in these LLCs, we are required, under ASC 810-10, Consolidation (“ASC 810”), to evaluate whether or not such entities should be consolidated into our consolidated financial statements. We initially perform these evaluations when each new entity is created and upon any events that require reconsideration of the entity. See Note 1, “Summary of Significant Accounting Policies - Variable Interest Entities” in the Company’s 2019 Form 10-K for additional information regarding the Company’s methodology for evaluating entities for consolidation. Land Option Agreements In the ordinary course of business, the Company enters into land option or purchase agreements for which we generally pay non-refundable deposits. Pursuant to these land option agreements, the Company provides a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. In accordance with ASC 810, we analyze our land option or purchase agreements to determine whether the corresponding land sellers are variable interest entities (“VIEs”) and, if so, whether we are the primary beneficiary, as further described in Note 1, “Summary of Significant Accounting Policies - Land Option Agreements” in the Company’s 2019 Form 10-K. If we are deemed to be the

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
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 income. 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 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 Company sells loans on a servicing released or servicing retained basis and receives servicing compensation. 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. Mortgage servicing rights (Level 3 financial instruments as they are measured using significant unobservable inputs such as mortgage prepayment rates, discount rates and delinquency rates) are periodically evaluated for impairment. The amount of impairment is the amount by which the mortgage servicing rights, net of accumulated amortization, exceed their fair value, which is calculated using third-party valuations. Impairment, if any, is recognized through a valuation allowance and a reduction of revenue. The carrying value and fair value of mortgage servicing rights was $11.9 million and $11.4 million, respectively, at September 30, 2020. Therefore, the Company increased its $0.4 million valuation allowance and impairment related to our mortgage servicing rights taken during the first half of 2020 by $0.1 million during the quarter ended September 30, 2020 (which was recorded as a decrease in revenue during the quarter) to bring the carrying value down to the fair value, for a net valuation allowance and impairment of $0.5 million for the nine months ended September 30, 2020. This $0.5 million decrease in the value of our mortgage servicing rights was caused by the disruption in the mortgage industry as a result of the COVID-19 pandemic. At December 31, 2019, the carrying value and fair value of our mortgage servicing rights were both $9.6 million. 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 homebuying customers who have applied for a mortgage loan and meet certain defined credit and underwriting criteria. Typically, the IRLCs will have a term of less than six months; however, in certain markets, the term could extend to nine months. Some IRLCs are committed to a specific third-party investor through the use of 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 and FMBSs related to mortgage loans held for sale 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 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 whole loan contract or by FMBSs. The table below shows the notional amounts of our financial instruments at September 30, 2020 and December 31, 2019: Description of Financial Instrument (in thousands) September 30, 2020 December 31, 2019 Whole loan contracts and related committed IRLCs $ 2,924 $ 1,445 Uncommitted IRLCs 213,146 87,340 FMBSs related to uncommitted IRLCs 186,000 88,000 Whole loan contracts and related mortgage loans held for sale 13,750 6,125 FMBSs related to mortgage loans held for sale 116,000 144,000 Mortgage loans held for sale covered by FMBSs 120,257 144,411 The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, Description (in thousands) 2020 2019 2020 2019 Mortgage loans held for sale $ (1,338) $ (1,964) $ (911) $ (2,981) Forward sales of mortgage-backed securities 1,670 2,299 507 3,631 Interest rate lock commitments (853) (686) 704 (258) Whole loan contracts (20) 121 (68) 174 Total (loss) gain recognized $ (541) $ (230) $ 232 $ 566 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 are disclosed as a separate line item): Asset Derivatives Liability Derivatives September 30, 2020 September 30, 2020 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ 171 Other liabilities $ — Interest rate lock commitments Other assets 1,380 Other liabilities — Whole loan contracts Other assets — Other liabilities 106 Total fair value measurements $ 1,551 $ 106 Asset Derivatives Liability Derivatives December 31, 2019 December 31, 2019 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ — Other liabilities $ 336 Interest rate lock commitments Other assets 654 Other liabilities — Whole loan contracts Other assets — Other liabilities 16 Total fair value measurements $ 654 $ 352 Assets Measured on a Non-Recurring Basis Inventory. 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 2019 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, such as estimated average selling price, construction and development costs, absorption rate (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. Changes in these assumptions could materially impact future cash flow and fair value estimates and may lead the Company to incur additional impairment charges in the future. Our analysis is conducted only if indicators of a decline in value of our inventory exist, which include, among other things, declines in gross margin on sales contracts in backlog or homes that have been delivered, slower than anticipated absorption pace, declines in average sales price or high incentive offers by management to improve absorptions, declines in margins regarding future land sales, or declines in the value of the land itself as a result of third party appraisals. 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. During the three and nine months ended September 30, 2020 and 2019, the Company did not record any impairment charges on its inventory. Investment in Unconsolidated Joint Ventures. We evaluate our investments in unconsolidated joint ventures for impairment on a quarterly basis based on the difference in the investment’s carrying value and its fair value at the time of the evaluation. If the Company has determined that the decline in value is other than temporary, the Company would write down the value of the investment to its estimated fair value. Determining the fair value of investments in unconsolidated joint ventures involves a number of variables, estimates and assumptions, which are Level 3 measurement inputs. See Note 1, “Summary of Significant Accounting Policies - Investment in Unconsolidated Joint Ventures,” in the Company’s 2019 Form 10-K for additional information regarding the Company’s methodology for determining fair value. Because of the high degree of judgment involved in developing these assumptions, it is possible that changes in these assumptions could materially impact future cash flow and fair value estimates of the investments which may lead the Company to incur additional impairment charges in the future. During the three and nine months ended September 30, 2020 and 2019, the Company did not record any impairment charges on its investments in unconsolidated joint ventures. 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, 2020 and December 31, 2019. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions. September 30, 2020 December 31, 2019 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash, cash equivalents and restricted cash Level 1 $ 202,512 $ 202,512 $ 6,083 $ 6,083 Mortgage loans held for sale Level 2 140,046 140,046 155,244 155,244 Interest rate lock commitments Level 2 1,380 1,380 654 654 Forward sales of mortgage-backed securities Level 2 171 171 — — Liabilities: Notes payable - homebuilding operations Level 2 — — 66,000 66,000 Notes payable - financial services operations Level 2 136,119 136,119 136,904 136,904 Notes payable - other Level 2 5,325 5,016 5,828 5,286 Senior notes due 2021 (a) Level 2 — — 300,000 299,250 Senior notes due 2025 (a) Level 2 250,000 258,125 250,000 261,563 Senior notes due 2028 (a) Level 2 400,000 412,000 — — Whole loan contracts for committed IRLCs and mortgage loans held for sale Level 2 106 106 16 16 Forward sales of mortgage-backed securities Level 2 — — 336 336 (a) Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes. The following methods and assumptions were used by the Company in estimating its fair value disclosures of financial instruments at September 30, 2020 and December 31, 2019: 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, Whole loan Contracts for Committed IRLCs and Mortgage Loans Held for Sale, Senior Notes due 2021, Senior Notes due 2025 and Senior Notes due 2028. The fair value of these financial instruments was determined based upon market quotes at September 30, 2020 and December 31, 2019. 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. Notes Payable - Homebuilding Operations. The interest rate available to the Company during the quarter ended September 30, 2020 under the Company’s $500 million unsecured revolving credit facility, dated July 18, 2013, as amended most recently on June 30, 2020 (the “Credit Facility”), fluctuated daily with the one-month LIBOR rate plus a margin of 250 basis points, and thus the carrying value is a reasonable estimate of fair value. See Note 8 to our financial statements for additional information regarding the Credit Facility. Notes Payable - Financial Services Operations. M/I Financial, LLC (“M/I Financial”) is a party to two credit agreements: (1) a $125 million secured mortgage warehousing agreement (which increases to $160 million from September 25, 2020 to October 15, 2020 and to $185 million from November 15, 2020 to February 4, 2021, which are periods of increased volume of mortgage originations), dated June 24, 2016, as amended (the “MIF Mortgage Warehousing Agreement”); and (2) a $65 million mortgage repurchase agreement, dated October 30, 2017, as amended (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 M/I Financial during the third quarter of 2020 fluctuated with LIBOR. See Note 8 to our financial statements for additional information regarding the MIF Mortgage Warehousing Agreement and the MIF Mortgage Repurchase 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.

Guarantees and Indemnifications

Guarantees and Indemnifications	9 Months Ended
	Sep. 30, 2020
Guarantees [Abstract]
Guarantees [Text Block]	Guarantees and Indemnifications In the ordinary course of business, M/I Financial, a 100%-owned subsidiary of M/I Homes, Inc., enters into agreements that provide a limited-life guarantee on loans sold to certain third-party 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 $5.7 million and $48.1 million were covered under these guarantees as of September 30, 2020 and December 31, 2019, respectively. The decrease in loans covered by these guarantees from December 31, 2019 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, 2020, and will be recognized in income as M/I Financial is released from its obligation under the guarantees. The risk associated with the guarantees above is 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 $0.6 million at both September 30, 2020 and December 31, 2019. 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. As of September 30, 2020 and December 31, 2019, the total of all loans indemnified to third party insurers relating to the above agreements was $0.6 million and $1.0 million, 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 recorded a liability relating to the guarantees described above totaling $0.5 million at both September 30, 2020 and December 31, 2019, which is management’s best estimate of the Company’s liability with respect to such guarantees.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Commitments and Contingencies Warranty We use subcontractors for nearly all aspects of home construction. Although our subcontractors are generally required to repair and replace any product or labor defects, we are, during applicable warranty periods, ultimately responsible to the homeowner for making such repairs. As such, we record warranty reserves to cover our exposure to the costs for materials and labor not expected to be covered by our subcontractors to the extent they relate to warranty-type claims. Warranty reserves are established by charging cost of sales and crediting a warranty reserve for each home delivered. The amounts charged are estimated by management to be adequate to cover expected warranty-related costs under the Company’s warranty programs. Warranty reserves are recorded for warranties under our Home Builder’s Limited Warranty (“HBLW”) and our 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 given consideration 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 is delivered, the sufficiency of the structural warranty per unit charge and total reserve is reevaluated 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. Our warranty reserve amounts are based upon historical experience and geographic location. 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, 2020 and 2019 is as follows: Three Months Ended September 30, Nine Months Ended (In thousands) 2020 2019 2020 2019 Warranty reserves, beginning of period $ 26,175 $ 25,474 $ 26,420 $ 26,459 Warranty expense on homes delivered during the period 4,961 3,851 12,624 10,332 Changes in estimates for pre-existing warranties 416 255 (228) 990 Charges related to stucco-related claims — — — (a) — Settlements made during the period (4,578) (4,044) (11,842) (12,245) Warranty reserves, end of period $ 26,974 $ 25,536 $ 26,974 $ 25,536 (a) Represents charges for stucco-related repair costs, net of recoveries during the period. We have received claims related to stucco installation from homeowners in certain of our communities in our Tampa and Orlando, Florida markets and have been named as a defendant in legal proceedings initiated by certain of such homeowners. These claims primarily relate to homes built prior to 2014 which have second story elevations with frame construction. During the three month period ended September 30, 2020, we did not record any additional warranty charges or receive any additional recoveries for stucco-related repair costs. During the nine month period ended September 30, 2020, we (1) incurred $0.5 million of additional stucco-related charges and (2) also received $0.5 million of additional recoveries for past stucco-related claims, resulting in a net charge of zero. At September 30, 2020, the remaining reserve for (1) homes in our Florida communities that we have identified as needing repair but have not yet completed the repair and (2) estimated repair costs for homes in our Florida communities that we have not yet identified as needing repair but that may require repair in the future included within our warranty reserve was $3.7 million. We believe that this amount is sufficient to cover both known and estimated future repair costs as of September 30, 2020. Our remaining stucco-related reserve is gross of any recoveries. Stucco-related recoveries are recorded in the period the reimbursement is received. Our review of the stucco-related issues in our Florida communities is ongoing. Our estimate of future costs of stucco-related repairs is based on our judgment, various assumptions and internal data. Due to the degree of judgment and the potential for variability in our underlying assumptions and data, as we obtain additional information, we may revise our estimate, including to reflect additional estimated future stucco-related repairs costs, which revision could be material. We continue to investigate the extent to which we may be able to further recover a portion of our stucco repair and claims handling costs from other sources, including our direct insurers, the subcontractors involved with the construction of the homes and their insurers. As of September 30, 2020, we are unable to estimate any additional amount that we believe is probable of recovery from these sources and, as noted above, we have not recorded a receivable for recoveries nor included an estimated amount of recoveries in determining our stucco-related warranty reserve. Performance Bonds and Letters of Credit At September 30, 2020, the Company had outstanding approximately $267.7 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 November 2027. Included in this total are: (1) $194.1 million of performance and maintenance bonds and $55.1 million of performance letters of credit that serve as completion bonds for land development work in progress; (2) $11.5 million of financial letters of credit, of which $11.0 million represent deposits on land and lot purchase agreements; and (3) $7.0 million of financial bonds. Land Option Contracts and Other Similar Contracts At September 30, 2020, the Company also had options and contingent purchase agreements to acquire land and developed lots with an aggregate purchase price of approximately $801.4 million. Purchase of properties under these agreements is contingent upon satisfaction of certain requirements by the Company and the sellers. Legal Matters In addition to the legal proceedings related to stucco, the Company and certain of its subsidiaries have been named as defendants in certain other legal proceedings which are incidental to our business. While management currently believes that the ultimate resolution of these other legal proceedings, individually and in the aggregate, will not have a material effect on the Company’s financial position, results of operations and cash flows, such legal proceedings 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 other legal proceedings. However, the possibility exists that the costs to resolve these legal proceedings could differ from the recorded estimates and, therefore, have a material effect on the Company’s net income for the periods in which they are resolved. At September 30, 2020 and December 31, 2019, we had $0.9 million and $0.7 million reserved for legal expenses, respectively.

Goodwill (Notes)

Goodwill (Notes)	9 Months Ended
	Sep. 30, 2020
Goodwill [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	Goodwill Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired and liabilities assumed in business combinations. In connection with the Company’s acquisition of the homebuilding assets and operations of Pinnacle Homes in Detroit, Michigan in March of 2018, the Company recorded goodwill of $16.4 million, which is included as Goodwill in our Consolidated Balance Sheets. This amount was based on the estimated fair values of the acquired assets and liabilities at the date of the acquisition in accordance with ASC 350. In accordance with ASC 350, the Company analyzes goodwill for impairment on an annual basis (or more often if indicators of impairment exist). The Company performs a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, then a quantitative assessment is performed to determine the reporting unit’s fair value. If the reporting unit’s carrying value exceeds its fair value, then an impairment loss is recognized for the amount of the excess of the carrying amount over the reporting unit’s fair value. The Company performed its annual goodwill impairment analysis during the fourth quarter of 2019, and as no indicators for impairment existed at December 31, 2019, no impairment was recorded. As a result of the temporary shutdown of our Detroit operations due to COVID-19 from March 23, 2020 through May 7, 2020 (as the state of Michigan did not deem housing construction an essential business), we performed a goodwill impairment analysis of our Detroit reporting unit at September 30, 2020 and determined no impairment existed. However, we will continue to monitor the fair value of the reporting unit in future periods if conditions worsen or other events occur that could impact the fair value of the reporting unit.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Debt Notes Payable - Homebuilding The Credit Facility provides for an aggregate commitment amount of $500 million and also includes an accordion feature pursuant to which the maximum borrowing availability may be increased to an aggregate of $600 million, subject to obtaining additional commitments from lenders. The Credit Facility matures on July 18, 2023 for $475 million of commitments and July 18, 2021 for $25 million of commitments. Interest on amounts borrowed under the Credit Facility is payable at a rate which is adjusted daily and is equal to the sum of the one-month LIBOR (subject to a floor of 0.75%) plus a margin of 250 basis points (subject to adjustment in subsequent quarterly periods based on the Company’s leverage ratio). The Credit Facility also contains certain financial covenants. At September 30, 2020, the Company was in compliance with all financial covenants of the Credit Facility. The available amount under the Credit Facility is computed in accordance with a borrowing base, which is calculated by applying various advance rates for different categories of inventory, and totaled $829.6 million of availability for additional senior debt at September 30, 2020. As a result, the full $500 million commitment amount of the Credit Facility was available, less any borrowings and letters of credit outstanding. At September 30, 2020, there were no borrowings outstanding and $66.6 million of letters of credit outstanding, leaving a net remaining borrowing availability of $433.4 million. The Credit Facility includes a $125 million sub-facility for letters of credit. 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 12 to our financial statements), subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Credit Facility and the indentures governing the Company’s $400.0 million aggregate principal amount of 4.95% Senior Notes due 2028 (the “2028 Senior Notes”) and the Company’s $250.0 million aggregate principal amount of 5.625% Senior Notes due 2025 (the “2025 Senior Notes”). The guarantors for the Credit Facility (the “Guarantor Subsidiaries”) are the same subsidiaries that guarantee the 2028 Senior Notes and the 2025 Senior Notes. The Company’s obligations under the Credit Facility are general, unsecured senior obligations of the Company and the Guarantor Subsidiaries and rank equally in right of payment with all our and the Guarantor Subsidiaries’ existing and future unsecured senior indebtedness. Our obligations under the Credit Facility are effectively subordinated to our and the Guarantor Subsidiaries’ existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness. Notes Payable — Financial Services The MIF Mortgage Warehousing Agreement is used to finance eligible residential mortgage loans originated by M/I Financial. The MIF Mortgage Warehousing Agreement provides for a maximum borrowing availability of $125 million, which increases to $160 million from September 25, 2020 to October 15, 2020 and to $185 million from November 15, 2020 to February 4, 2021 (periods of increased volume of mortgage originations). The MIF Mortgage Warehousing Agreement expires on May 28, 2021. Interest on amounts borrowed under the MIF Mortgage Warehousing Agreement is payable at a per annum rate equal to the one-month LIBOR rate (subject to a floor of 1.0%) plus a spread of 200 basis points. The MIF Mortgage Warehousing Agreement also contains certain financial covenants. At September 30, 2020, M/I Financial was in compliance with all financial covenants of the MIF Mortgage Warehousing Agreement. The MIF Mortgage Repurchase Facility is used to finance eligible residential mortgage loans originated by M/I Financial. The MIF Repurchase Facility provides for a mortgage repurchase facility with a maximum borrowing availability of $65 million. The MIF Mortgage Repurchase Facility was scheduled to expire on October 26, 2020. M/I Financial pays interest on each advance under the MIF Mortgage Repurchase Facility at a per annum rate equal to the one-month LIBOR rate plus 175 or 200 basis points depending on the loan type. Effective October 26, 2020, M/I Financial entered into an amendment to the MIF Mortgage Repurchase Facility which, among other things, extends the term of the facility for an additional year to October 25, 2021, increases the maximum borrowing availability to $90 million and establishes a floor on one-month LIBOR of 1.0%. The MIF Mortgage Repurchase Facility also contains certain financial covenants. At September 30, 2020, M/I Financial was in compliance with all financial covenants of the MIF Mortgage Repurchase Facility. At both September 30, 2020 and December 31, 2019, M/I Financial’s total combined maximum borrowing availability under the two credit facilities was $225.0 million. At September 30, 2020 and December 31, 2019, M/I Financial had $136.1 million and $136.9 million outstanding on a combined basis under its credit facilities, respectively. Senior Notes On January 22, 2020, the Company issued $400.0 million aggregate principal amount of the 2028 Senior Notes. The 2028 Senior Notes bear interest at a rate of 4.95% per year, payable semiannually in arrears on February 1 and August 1 of each year and mature on February 1, 2028. We may redeem all or any portion of the 2028 Senior Notes on or after February 1, 2023 at a stated redemption price, together with accrued and unpaid interest thereon. The redemption price will initially be 103.713% of the principal amount outstanding, but will decline to 102.475% of the principal amount outstanding if redeemed during the 12-month period beginning on February 1, 2024, will further decline to 101.238% of the principal amount outstanding if redeemed during the 12-month period beginning on February 1, 2025 and will further decline to 100.000% of the principal amount outstanding if redeemed on or after February 1, 2026, but prior to maturity. The Company used a portion of the net proceeds from the issuance of the 2028 Senior Notes to redeem all $300 million aggregate principal amount of its then outstanding 6.75% Senior Notes due 2021 (the “2021 Senior Notes”) at 100.000% of the principal amount outstanding, plus accrued and unpaid interest thereon, on January 22, 2020. As of both September 30, 2020 and December 31, 2019, we had $250.0 million of our 2025 Senior Notes outstanding. The 2025 Senior Notes bear interest at a rate of 5.625% per year, payable semiannually in arrears on February 1 and August 1 of each year, and mature on August 1, 2025. We may redeem all or any portion of the 2025 Senior Notes on or after August 1, 2020 at a stated redemption price, together with accrued and unpaid interest thereon. The redemption price will initially be 104.219% of the principal amount outstanding, but will decline to 102.813% of the principal amount outstanding if redeemed during the 12-month period beginning on August 1, 2021, will further decline to 101.406% of the principal amount outstanding if redeemed during the 12-month period beginning on August 1, 2022 and will further decline to 100.000% of the principal amount outstanding if redeemed on or after August 1, 2023, but prior to maturity. The 2028 Senior Notes and the 2025 Senior Notes contain certain covenants, as more fully described and defined in the indenture governing the 2028 Senior Notes and the indenture governing the 2025 Senior Notes, 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 2028 Senior Notes and the indenture governing the 2025 Senior Notes. As of September 30, 2020, the Company was in compliance with all terms, conditions, and covenants under the indentures. The 2028 Senior Notes and the 2025 Senior Notes are fully and unconditionally guaranteed jointly and severally on a senior unsecured basis by the Guarantor Subsidiaries. The 2028 Senior Notes and the 2025 Senior Notes are general, unsecured senior obligations of the Company and the Guarantor Subsidiaries and rank equally in right of payment with all our and the Guarantor Subsidiaries’ existing and future unsecured senior indebtedness. The 2028 Senior Notes and the 2025 Senior Notes are effectively subordinated to our and the Guarantor Subsidiaries’ existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness. The indenture governing our 2028 Senior Notes and the indenture governing the 2025 Senior Notes limit our ability to pay dividends on, and repurchase, our common shares and any of our preferred shares then outstanding to the amount of the positive balance in our “restricted payments basket,” as defined in the indentures. In each case, the “restricted payments basket” is equal to $125.0 million plus (1) 50% of our aggregate consolidated net income (or minus 100% of our aggregate consolidated net loss) from October 1, 2015, excluding income or loss from Unrestricted Subsidiaries, plus (2) 100% of the net cash proceeds from either contributions to the common equity of the Company after December 1, 2015 or the sale of qualified equity interests after December 1, 2015, plus other items and subject to other exceptions. The positive balance in our restricted payments basket was $328.6 million at September 30, 2020 and $264.5 million at December 31, 2019. The determination to pay future dividends on, or make future repurchases of, our common 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 other factors deemed relevant by our board of directors. Notes Payable - Other The Company had other borrowings, which are reported in Notes Payable - Other in our Unaudited Condensed Consolidated Balance Sheets, totaling $5.3 million and $5.8 million as of September 30, 2020 and December 31, 2019, respectively, which are comprised of notes payable acquired in the normal course of business.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2020
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, and basic and diluted income per share for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2020 2019 2020 2019 NUMERATOR Net income $ 73,537 $ 37,838 $ 159,791 $ 85,807 DENOMINATOR Basic weighted average shares outstanding 28,653 27,981 28,554 27,695 Effect of dilutive securities: Stock option awards 376 403 253 338 Deferred compensation awards 257 214 223 205 Diluted weighted average shares outstanding $ 29,286 $ 28,598 $ 29,030 $ 28,238 Earnings per common share: Basic $ 2.57 $ 1.35 $ 5.60 $ 3.10 Diluted $ 2.51 $ 1.32 $ 5.50 $ 3.04 Anti-dilutive equity awards not included in the calculation of diluted earnings per common share 435 — 360 412

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes During the three months ended September 30, 2020 and 2019, the Company recorded a tax provision of $21.6 million and $12.2 million, respectively, which reflects income tax expense related to the periods’ income before income taxes. The effective tax rate for the three months ended September 30, 2020 and 2019 was 22.7% and 24.4%, respectively. During the three months ended September 30, 2020, we recorded a $2.5 million tax benefit related to the retroactive reinstatement of energy efficient homes tax credits. During the nine months ended September 30, 2020 and 2019, the Company recorded a tax provision of $48.4 million and $28.9 million, respectively. The effective tax rate for the nine months ended September 30, 2020 and 2019 was 23.2% and 25.2%, respectively. During the nine months ended September 30, 2020, we recorded a $3.7 million tax benefit related to the retroactive reinstatement of energy efficient homes tax credits and a $0.4 million increase in tax benefit from equity compensation taken during the first nine months of 2020. The Company had $0.2 million of state net operating loss (“NOL”) carryforwards, net of the federal benefit, at September 30, 2020. Our state NOLs may be carried forward from one to 15 years, depending on the tax jurisdiction, with $0.1 million expiring between 2022 and 2027 and $0.1 million expiring between 2028 and 2032, absent sufficient state taxable income. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes several significant business tax provisions including modifications for net operating losses, credit for prior-year minimum tax liability and limitations on business interest and charitable contributions. The CARES Act also provides for an employee retention credit and technical corrections regarding qualified improvement property. We are assessing the tax impact of the CARES Act as it relates to the Company but do not expect it to have a material impact on our tax rate for 2020.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Business Segments The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our individual homebuilding operating segments and the results of our financial services operations; (2) the results of our homebuilding reportable segments; and (3) our consolidated financial results. In accordance with ASC 280, Segment Reporting (“ASC 280”), we have identified each homebuilding division as an operating segment and have elected to aggregate our operating segments into separate reportable segments as they share similar aggregation characteristics prescribed in ASC 280 in the following regards: (1) long-term economic characteristics; (2) historical and expected future long-term gross margin percentages; (3) housing products, production processes and methods of distribution; and (4) geographical proximity. The homebuilding operating segments that comprise each of our reportable segments are as follows: Northern Southern Chicago, Illinois Orlando, Florida Cincinnati, Ohio Sarasota, Florida Columbus, Ohio Tampa, Florida Indianapolis, Indiana Austin, Texas Minneapolis/St. Paul, Minnesota Dallas/Fort Worth, Texas Detroit, Michigan Houston, Texas San Antonio, Texas Charlotte, North Carolina Raleigh, North Carolina The following table shows, by segment, revenue, operating income and interest expense for the three and nine months ended September 30, 2020 and 2019, as well as the Company’s income before income taxes for such periods: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Revenue: Northern homebuilding $ 350,591 $ 270,063 $ 890,201 $ 723,295 Southern homebuilding 468,384 369,828 1,188,056 995,305 Financial services (a) 28,946 13,454 61,461 39,540 Total revenue $ 847,921 $ 653,345 $ 2,139,718 $ 1,758,140 Operating income: Northern homebuilding $ 38,365 $ 29,587 (b) $ 91,487 $ 70,559 (b) Southern homebuilding 55,861 32,500 129,037 76,308 Financial services (a) 19,887 6,609 37,706 19,943 Less: Corporate selling, general and administrative expense (18,017) (14,047) (41,891) (35,556) Total operating income $ 96,096 $ 54,649 (b) $ 216,339 $ 131,254 (b) Interest expense: Northern homebuilding $ 122 $ 1,505 $ 2,636 $ 5,360 Southern homebuilding 409 2,146 3,759 8,602 Financial services (a) 708 986 2,059 2,664 Total interest expense $ 1,239 $ 4,637 $ 8,454 $ 16,626 Equity in income from joint venture arrangements (252) (52) (307) (118) Income before income taxes $ 95,109 $ 50,064 $ 208,192 $ 114,746 (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 an immaterial amount of mortgage refinancing. (b) Includes $0.1 million of acquisition-related charges taken during the three months ended September 30, 2019 and $0.6 million of acquisition-related charges taken during the nine months ended September 30, 2019 as a result of our acquisition of Pinnacle Homes in Detroit, Michigan on March 1, 2018. The following tables show total assets by segment at September 30, 2020 and December 31, 2019: September 30, 2020 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 4,173 $ 33,191 $ — $ 37,364 Inventory (a) 832,855 973,190 — 1,806,045 Investments in joint venture arrangements 1,324 32,714 — 34,038 Other assets 39,462 64,660 (b) 438,986 (c) 543,108 Total assets $ 877,814 $ 1,103,755 $ 438,986 $ 2,420,555 December 31, 2019 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 3,655 $ 24,877 $ — $ 28,532 Inventory (a) 783,972 957,003 — 1,740,975 Investments in joint venture arrangements 1,672 36,213 — 37,885 Other assets 21,564 52,662 (b) 223,976 298,202 Total assets $ 810,863 $ 1,070,755 $ 223,976 $ 2,105,594 (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. (b) Includes development reimbursements from local municipalities. (c) Includes a $34.2 million increase in operating lease right-of-use assets primarily due to the commencement of a ten-year renewable lease on June 29, 2020 for the Company’s new corporate headquarters.

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Sep. 30, 2020
Supplemental Guarantor Information [Abstract]
Condensed Financial Information of Parent Company Only Disclosure [Text Block]	Supplemental Guarantor Information The Company’s obligations under the 2028 Senior Notes and the 2025 Senior 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 Guarantor Subsidiaries of the 2028 Senior Notes and the 2025 Senior Notes are the same. The following condensed consolidating financial information includes balance sheets, statements of income 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 (1) 2028 Senior Notes on a joint and several senior unsecured basis and (2) 2025 Senior Notes on a joint and several senior 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, 2020, 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 governing the 2028 Senior Notes and the indenture governing the 2025 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. UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended September 30, 2020 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated Revenue $ — $ 818,975 $ 28,946 $ — $ 847,921 Costs and expenses: Land and housing — 653,407 — — 653,407 General and administrative — 39,325 9,554 — 48,879 Selling — 49,539 — — 49,539 Equity in income from joint venture arrangements — — (252) — (252) Interest — 531 708 — 1,239 Total costs and expenses — 742,802 10,010 — 752,812 Income before income taxes — 76,173 18,936 — 95,109 Provision for income taxes — 17,533 4,039 — 21,572 Equity in subsidiaries 73,537 — — (73,537) — Net income $ 73,537 $ 58,640 $ 14,897 $ (73,537) $ 73,537 Three Months Ended September 30, 2019 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated Revenue $ — $ 639,891 $ 13,454 $ — $ 653,345 Costs and expenses: Land and housing — 519,164 — — 519,164 General and administrative — 32,332 7,053 — 39,385 Selling — 40,147 — — 40,147 Equity in income from joint venture arrangements — — (52) — (52) Interest — 3,650 987 — 4,637 Total costs and expenses — 595,293 7,988 — 603,281 Income before income taxes — 44,598 5,466 — 50,064 Provision for income taxes — 11,222 1,004 — 12,226 Equity in subsidiaries 37,838 — — (37,838) — Net income $ 37,838 $ 33,376 $ 4,462 $ (37,838) $ 37,838 Nine Months Ended September 30, 2020 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated Revenue $ — $ 2,078,257 $ 61,461 $ — $ 2,139,718 Costs and expenses: Land and housing — 1,672,122 — — 1,672,122 General and administrative — 99,065 24,698 — 123,763 Selling — 127,494 — — 127,494 Equity in income from joint venture arrangements — — (307) — (307) Interest — 6,395 2,059 — 8,454 Total costs and expenses — 1,905,076 26,450 — 1,931,526 Income before income taxes — 173,181 35,011 — 208,192 Provision for income taxes — 41,181 7,220 — 48,401 Equity in subsidiaries 159,791 — — (159,791) — Net income $ 159,791 $ 132,000 $ 27,791 $ (159,791) $ 159,791 Nine Months Ended September 30, 2019 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated Revenue $ — $ 1,718,600 $ 39,540 $ — $ 1,758,140 Costs and expenses: Land and housing — 1,411,488 — — 1,411,488 General and administrative — 86,080 20,168 — 106,248 Selling — 109,150 — — 109,150 Equity in income from joint venture arrangements — — (118) — (118) Interest — 13,962 2,664 — 16,626 Total costs and expenses — 1,620,680 22,714 — 1,643,394 Income before income taxes — 97,920 16,826 — 114,746 Provision for income taxes — 25,555 3,384 — 28,939 Equity in subsidiaries 85,807 — — (85,807) — Net income $ 85,807 $ 72,365 $ 13,442 $ (85,807) $ 85,807 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2020 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated ASSETS: Cash, cash equivalents and restricted cash $ — $ 156,744 $ 45,768 $ — $ 202,512 Mortgage loans held for sale — — 140,046 — 140,046 Inventory — 1,843,409 — — 1,843,409 Property and equipment - net — 24,919 777 — 25,696 Investment in joint venture arrangements — 32,139 1,899 — 34,038 Operating lease right-of-use assets — 42,405 10,169 — 52,574 Deferred income tax asset — 9,205 — — 9,205 Investment in subsidiaries 1,079,323 — — (1,079,323) — Intercompany assets 734,269 — — (734,269) — Goodwill — 16,400 — — 16,400 Other assets 2,994 78,709 14,972 — 96,675 TOTAL ASSETS $ 1,816,586 $ 2,203,930 $ 213,631 $ (1,813,592) $ 2,420,555 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES: Accounts payable $ — $ 175,668 $ 913 $ — $ 176,581 Customer deposits — 66,632 — — 66,632 Operating lease liabilities — 42,497 10,169 — 52,666 Intercompany liabilities — 733,275 994 (734,269) — Other liabilities — 147,478 8,912 — 156,390 Community development district obligations — 9,892 — — 9,892 Obligation for consolidated inventory not owned — 364 — — 364 Notes payable bank - homebuilding operations — — — — — Notes payable bank - financial services operations — — 136,119 — 136,119 Notes payable - other — 5,325 — — 5,325 Senior notes due 2025 - net 247,483 — — — 247,483 Senior notes due 2028 - net 394,363 — — — 394,363 TOTAL LIABILITIES 641,846 1,181,131 157,107 (734,269) 1,245,815 SHAREHOLDERS’ EQUITY 1,174,740 1,022,799 56,524 (1,079,323) 1,174,740 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,816,586 $ 2,203,930 $ 213,631 $ (1,813,592) $ 2,420,555 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2019 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated ASSETS: Cash, cash equivalents and restricted cash $ — $ 219 $ 11,589 $ (5,725) $ 6,083 Mortgage loans held for sale — — 155,244 — 155,244 Inventory — 1,769,507 — — 1,769,507 Property and equipment - net — 21,372 746 — 22,118 Investment in joint venture arrangements — 35,391 2,494 — 37,885 Operating lease right-of-use assets — 15,689 2,726 — 18,415 Deferred income tax asset — 9,631 — — 9,631 Investment in subsidiaries 928,942 — — (928,942) — Intercompany assets 619,204 — — (619,204) — Goodwill — 16,400 — — 16,400 Other assets 1,411 56,134 12,766 — 70,311 TOTAL ASSETS $ 1,549,557 $ 1,924,343 $ 185,565 $ (1,553,871) $ 2,105,594 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES: Accounts payable $ — $ 130,136 $ 615 $ (5,725) $ 125,026 Customer deposits — 34,462 — — 34,462 Intercompany liabilities — 618,946 258 (619,204) — Operating lease liabilities — 15,691 2,724 — 18,415 Other liabilities — 141,015 6,922 — 147,937 Community development district obligations — 13,531 — — 13,531 Obligation for consolidated inventory not owned — 7,934 — — 7,934 Notes payable bank - homebuilding operations — 66,000 — — 66,000 Notes payable bank - financial services operations — — 136,904 — 136,904 Notes payable - other — 5,828 — — 5,828 Senior notes due 2021 - net 298,988 — — — 298,988 Senior notes due 2025 - net 247,092 — — — 247,092 TOTAL LIABILITIES 546,080 1,033,543 147,423 (624,929) 1,102,117 SHAREHOLDERS’ EQUITY 1,003,477 890,800 38,142 (928,942) 1,003,477 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,549,557 $ 1,924,343 $ 185,565 $ (1,553,871) $ 2,105,594 UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2020 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 10,360 $ 153,255 $ 43,021 $ (9,410) $ 197,226 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (8,151) (314) — (8,465) Return of capital from unconsolidated joint ventures — — 1,213 — 1,213 Intercompany investing (110,525) — — 110,525 — Investments in and advances to joint venture arrangements — (24,060) (15) — (24,075) Net cash (used in) provided by investing activities (110,525) (32,211) 884 110,525 (31,327) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior notes due 2021 (300,000) — — — (300,000) Proceeds from issuance of senior notes due 2028 400,000 — — — 400,000 Proceeds from bank borrowings - homebuilding operations — 306,800 — — 306,800 Principal repayments of bank borrowings - homebuilding operations — (372,800) — — (372,800) Net repayments of bank borrowings - financial services operations — — (785) — (785) Principal repayments of notes payable - other and CDD bond obligations — (503) — — (503) Intercompany financing — 104,291 509 (104,800) — Repurchase of common shares (1,912) — — — (1,912) Dividends paid — — (9,410) 9,410 — Debt issue costs (6,177) (2,307) (40) — (8,524) Proceeds from exercise of stock options 8,254 — — — 8,254 Net cash provided by (used in) financing activities 100,165 35,481 (9,726) (95,390) 30,530 Net increase in cash, cash equivalents and restricted cash — 156,525 34,179 5,725 196,429 Cash, cash equivalents and restricted cash balance at beginning of period — 219 11,589 (5,725) 6,083 Cash, cash equivalents and restricted cash balance at end of period $ — $ 156,744 $ 45,768 $ — $ 202,512 Nine Months Ended September 30, 2019 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 9,530 $ (48,625) $ 49,602 $ (9,530) $ 977 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (2,438) (188) — (2,626) Return of capital from unconsolidated joint ventures — — 438 — 438 Intercompany Investing (18,728) — — 18,728 — Investments in and advances to joint venture arrangements — (23,351) (171) — (23,522) Net cash (used in) provided by investing activities (18,728) (25,789) 79 18,728 (25,710) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from bank borrowings - homebuilding operations — 568,900 — — 568,900 Principal repayments of bank borrowings - homebuilding operations — (496,400) — — (496,400) Net repayments of bank borrowings - financial services operations — — (44,574) — (44,574) Principal repayments of notes payable - other and CDD bond obligations — (429) — — (429) Intercompany financing — 16,155 2,573 (18,728) — Repurchase of common shares (5,150) — — — (5,150) Dividends paid — — (9,530) 9,530 — Debt issue costs — — (40) — (40) Proceeds from exercise of stock options 14,348 — — — 14,348 Net cash provided by (used in) financing activities 9,198 88,226 (51,571) (9,198) 36,655 Net increase (decrease) in cash, cash equivalents and restricted cash — 13,812 (1,890) — 11,922 Cash, cash equivalents and restricted cash balance at beginning of period — 5,554 15,975 — 21,529 Cash, cash equivalents and restricted cash balance at end of period $ — $ 19,366 $ 14,085 $ — $ 33,451

Share Repurchase Program (Notes

Share Repurchase Program (Notes)	9 Months Ended
	Sep. 30, 2020
Share Repurchase Program [Abstract]
Treasury Stock [Text Block]	Share Repurchase ProgramOn August 14, 2018, the Company announced that its Board of Directors authorized a share repurchase program (the “2018 Share Repurchase Program”) pursuant to which the Company may purchase up to $50 million of its outstanding common shares through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. During the first quarter of 2020, the Company repurchased 0.1 million outstanding common shares at an aggregate purchase price of $1.9 million under the 2018 Share Repurchase Program. The Company did not repurchase any shares during the second or third quarter of 2020. As of September 30, 2020, the Company has repurchased 1.4 million outstanding common shares at an aggregate purchase price of $32.8 million under the 2018 Share Repurchase Program and $17.2 million remains available for repurchases under the 2018 Share Repurchase Program. The timing, amount and other terms and conditions of any additional repurchases under the 2018 Share Repurchase Program will be determined by the Company’s management at its discretion based on a variety of factors, including the market price of the Company’s common shares, corporate considerations, general market and economic conditions and legal requirements. The 2018 Share Repurchase Program does not have an expiration date and the Board may modify, discontinue or suspend it at any time.

Revenue (Notes)

Revenue (Notes)	9 Months Ended
	Sep. 30, 2020
Revenue [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue Recognition Revenue and the related profit from the sale of a home and revenue and the related profit from the sale of land to third parties are recognized in the financial statements on the date of closing if delivery has occurred, title has passed to the buyer, all performance obligations (as defined below) have been met, and control of the home or land is transferred to the buyer in an amount that reflects the consideration we expect to be entitled to receive in exchange for the home or land. If not received immediately upon closing, cash proceeds from home closings are held in escrow for the Company’s benefit, typically for up to three days, and are included in Cash, cash equivalents and restricted cash on the Condensed Consolidated Balance Sheets. Sales incentives vary by type of incentive and by amount on a community-by-community and home-by-home basis. The costs of any sales incentives in the form of free or discounted products and services provided to homebuyers are reflected in Land and housing costs in the Condensed Consolidated Statements of Income because such incentives are identified in our home purchase contracts with homebuyers as an intrinsic part of our single performance obligation to deliver and transfer title to their home for the transaction price stated in the contracts. Sales incentives that we may provide in the form of closing cost allowances are recorded as a reduction of housing revenue at the time the home is delivered. We record sales commissions within Selling expenses in the Condensed Consolidated Statements of Income when incurred (i.e., when the home is delivered) as the amortization period is generally one year or less and therefore capitalization is not required as part of the practical expedient for incremental costs of obtaining a contract. Contract liabilities include customer deposits related to sold but undelivered homes. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. Contract liabilities expected to be recognized as revenue, excluding revenue pertaining to contracts that have an original expected duration of one year or less, is not material. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. All of our home purchase contracts have a single performance obligation as the promise to transfer the home is not separately identifiable from other promises in the contract and, therefore, not distinct. Our performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers is not material. Although our third party land sale contracts may include multiple performance obligations, the revenue we expect to recognize in any future year related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less, is not material. We do not disclose the value of unsatisfied performance obligations for land sale contracts with an original expected duration of one year or less. We recognize the majority of the revenue associated with our mortgage loan operations when the mortgage loans are sold and/or related servicing rights are sold to third party investors or retained and managed under a third party sub-service arrangement. The revenue recognized is reduced by the fair value of the related guarantee provided to the investor. The fair value of the guarantee is recognized in revenue when the Company is released from its obligation under the guarantee (note that guarantees are excluded from the scope of ASC 606, Revenue from Contracts with Customers ). We recognize financial services revenue associated with our title operations as homes are delivered, closing services are rendered, and title policies are issued, all of which generally occur simultaneously as each home is delivered. All of the underwriting risk associated with title insurance policies is transferred to third-party insurers. The following table presents our revenues disaggregated by revenue source: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Housing $ 812,999 $ 631,380 $ 2,067,148 $ 1,695,558 Land sales 5,976 8,511 11,109 23,042 Financial services (a) 28,946 (b) 13,454 61,461 (b) 39,540 Total revenue $ 847,921 $ 653,345 $ 2,139,718 $ 1,758,140 (a) Revenues include hedging losses of $5.7 million and $4.7 million for the three months ended September 30, 2020 and 2019, respectively, and $16.3 million and $10.7 million for the nine months ended September 30, 2020 and 2019, respectively. Hedging losses do not represent revenues recognized from contracts with customers. (b) Revenues for the three and nine months ended September 30, 2020 include $0.1 million and $0.5 million of net impairment charges taken on our mortgage serving rights, respectively, which was recorded as a reduction of revenue. The net impairment charges were caused by the disruption in the mortgage industry as a result of the COVID-19 pandemic. Refer to Note 11 for presentation of our revenues disaggregated by geography. As our homebuilding operations accounted for over 97% of our total revenues for the three and nine months ended September 30, 2020 and 2019, with most of those revenues generated from home purchase contracts with customers, we believe the disaggregation of revenues as disclosed above and in Note 11 fairly depict how the nature, amount, timing and uncertainty of cash flows are affected by economic factors.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Policy Text Block [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning January 1, 2020. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses (“ASU 2018-19”) in November 2018, ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”) , in April 2019, and ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief (“ASU 2019-05”) in May 2019. These ASUs do not change the core principle of the guidance in ASU 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. These ASUs will have the same effective date and transition requirements as ASU 2016-13. The adoption of ASU 2016-13 on January 1, 2020 did not have a material impact on our consolidated financial statements and disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) . ASU 2018-13 modifies the disclosure requirements for fair value measurements and removes the requirement to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For all entities, ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Our adoption of ASU 2018-13 on January 1, 2020 did not have a material impact on our consolidated financial statements and disclosures. In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 is intended to provide temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. The adoption of this guidance did not have a material impact on our consolidated financial statements and disclosures. Impact of New Accounting Standards and SEC Guidance In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics, including the current expected credit losses (CECL) standard issued in 2016 (described above). ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP that are intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments have different effective dates. We are currently evaluating the effect of adopting this new accounting guidance, but we do not expect that adoption will have a material impact on our consolidated financial statements and disclosures. In May 2020, the SEC adopted Release No.33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses” (the “Final Rule”). The Final Rule is effective on January 1, 2021. However, voluntary early adoption is permitted. We are currently evaluating the effect of adopting this new accounting guidance, but we do not expect that adoption will have a material impact on our consolidated financial statements and disclosures. In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (“ASU 2020-06”), to address the complexity associated with applying GAAP to certain financial instruments with characteristics of liabilities and equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models in Subtopic 470-20. Additionally, the ASU will require entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently evaluating the effect of adopting this new accounting guidance, but we do not expect that adoption will have a material impact on our consolidated financial statements and disclosures. In August 2020, the SEC adopted Release No. 33-10825 “Modernization of Regulation S-K Items 101, 103, and 105” (the “Final S-K Rule”). The Final S-K Rule is effective on November 9, 2020. We are currently evaluating the effect of the Final S-K Rule, but we do not expect it will have a material impact on our consolidated financial statements and disclosures.

Inventory and Capitalized Int_2

Inventory and Capitalized Interest Inventory (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	A summary of the Company’s inventory as of September 30, 2020 and December 31, 2019 is as follows: (In thousands) September 30, 2020 December 31, 2019 Single-family lots, land and land development costs $ 840,637 $ 858,065 Land held for sale 4,357 5,670 Homes under construction 863,603 756,998 Model homes and furnishings - at cost (less accumulated depreciation: September 30, 2020 - $14,186; December 31, 2019 - $12,723) 87,192 98,777 Community development district infrastructure 9,892 13,531 Land purchase deposits 37,364 28,532 Consolidated inventory not owned 364 7,934 Total inventory $ 1,843,409 $ 1,769,507
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, 2020 and 2019 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Capitalized interest, beginning of period $ 22,203 $ 22,162 $ 21,607 $ 20,765 Interest capitalized to inventory 8,758 8,291 23,678 22,461 Capitalized interest charged to land and housing costs and expenses (8,803) (7,836) (23,127) (20,609) Capitalized interest, end of period $ 22,158 $ 22,617 $ 22,158 $ 22,617 Interest incurred $ 9,997 $ 12,928 $ 32,132 $ 39,087

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019: Description of Financial Instrument (in thousands) September 30, 2020 December 31, 2019 Whole loan contracts and related committed IRLCs $ 2,924 $ 1,445 Uncommitted IRLCs 213,146 87,340 FMBSs related to uncommitted IRLCs 186,000 88,000 Whole loan contracts and related mortgage loans held for sale 13,750 6,125 FMBSs related to mortgage loans held for sale 116,000 144,000 Mortgage loans held for sale covered by FMBSs 120,257 144,411
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]	The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, Description (in thousands) 2020 2019 2020 2019 Mortgage loans held for sale $ (1,338) $ (1,964) $ (911) $ (2,981) Forward sales of mortgage-backed securities 1,670 2,299 507 3,631 Interest rate lock commitments (853) (686) 704 (258) Whole loan contracts (20) 121 (68) 174 Total (loss) gain recognized $ (541) $ (230) $ 232 $ 566
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 are disclosed as a separate line item): Asset Derivatives Liability Derivatives September 30, 2020 September 30, 2020 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ 171 Other liabilities $ — Interest rate lock commitments Other assets 1,380 Other liabilities — Whole loan contracts Other assets — Other liabilities 106 Total fair value measurements $ 1,551 $ 106 Asset Derivatives Liability Derivatives December 31, 2019 December 31, 2019 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ — Other liabilities $ 336 Interest rate lock commitments Other assets 654 Other liabilities — Whole loan contracts Other assets — Other liabilities 16 Total fair value measurements $ 654 $ 352
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, 2020 and December 31, 2019. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions. September 30, 2020 December 31, 2019 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash, cash equivalents and restricted cash Level 1 $ 202,512 $ 202,512 $ 6,083 $ 6,083 Mortgage loans held for sale Level 2 140,046 140,046 155,244 155,244 Interest rate lock commitments Level 2 1,380 1,380 654 654 Forward sales of mortgage-backed securities Level 2 171 171 — — Liabilities: Notes payable - homebuilding operations Level 2 — — 66,000 66,000 Notes payable - financial services operations Level 2 136,119 136,119 136,904 136,904 Notes payable - other Level 2 5,325 5,016 5,828 5,286 Senior notes due 2021 (a) Level 2 — — 300,000 299,250 Senior notes due 2025 (a) Level 2 250,000 258,125 250,000 261,563 Senior notes due 2028 (a) Level 2 400,000 412,000 — — Whole loan contracts for committed IRLCs and mortgage loans held for sale Level 2 106 106 16 16 Forward sales of mortgage-backed securities Level 2 — — 336 336 (a) Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and 2019 is as follows: Three Months Ended September 30, Nine Months Ended (In thousands) 2020 2019 2020 2019 Warranty reserves, beginning of period $ 26,175 $ 25,474 $ 26,420 $ 26,459 Warranty expense on homes delivered during the period 4,961 3,851 12,624 10,332 Changes in estimates for pre-existing warranties 416 255 (228) 990 Charges related to stucco-related claims — — — (a) — Settlements made during the period (4,578) (4,044) (11,842) (12,245) Warranty reserves, end of period $ 26,974 $ 25,536 $ 26,974 $ 25,536 (a) Represents charges for stucco-related repair costs, net of recoveries during the period.

Earnings per Share Earnings per

Earnings per Share Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2020
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, and basic and diluted income per share for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2020 2019 2020 2019 NUMERATOR Net income $ 73,537 $ 37,838 $ 159,791 $ 85,807 DENOMINATOR Basic weighted average shares outstanding 28,653 27,981 28,554 27,695 Effect of dilutive securities: Stock option awards 376 403 253 338 Deferred compensation awards 257 214 223 205 Diluted weighted average shares outstanding $ 29,286 $ 28,598 $ 29,030 $ 28,238 Earnings per common share: Basic $ 2.57 $ 1.35 $ 5.60 $ 3.10 Diluted $ 2.51 $ 1.32 $ 5.50 $ 3.04 Anti-dilutive equity awards not included in the calculation of diluted earnings per common share 435 — 360 412

Business Segments Business Segm

Business Segments Business Segments (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table shows, by segment, revenue, operating income and interest expense for the three and nine months ended September 30, 2020 and 2019, as well as the Company’s income before income taxes for such periods: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Revenue: Northern homebuilding $ 350,591 $ 270,063 $ 890,201 $ 723,295 Southern homebuilding 468,384 369,828 1,188,056 995,305 Financial services (a) 28,946 13,454 61,461 39,540 Total revenue $ 847,921 $ 653,345 $ 2,139,718 $ 1,758,140 Operating income: Northern homebuilding $ 38,365 $ 29,587 (b) $ 91,487 $ 70,559 (b) Southern homebuilding 55,861 32,500 129,037 76,308 Financial services (a) 19,887 6,609 37,706 19,943 Less: Corporate selling, general and administrative expense (18,017) (14,047) (41,891) (35,556) Total operating income $ 96,096 $ 54,649 (b) $ 216,339 $ 131,254 (b) Interest expense: Northern homebuilding $ 122 $ 1,505 $ 2,636 $ 5,360 Southern homebuilding 409 2,146 3,759 8,602 Financial services (a) 708 986 2,059 2,664 Total interest expense $ 1,239 $ 4,637 $ 8,454 $ 16,626 Equity in income from joint venture arrangements (252) (52) (307) (118) Income before income taxes $ 95,109 $ 50,064 $ 208,192 $ 114,746 (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 an immaterial amount of mortgage refinancing. (b) Includes $0.1 million of acquisition-related charges taken during the three months ended September 30, 2019 and $0.6 million of acquisition-related charges taken during the nine months ended September 30, 2019 as a result of our acquisition of Pinnacle Homes in Detroit, Michigan on March 1, 2018. The following tables show total assets by segment at September 30, 2020 and December 31, 2019: September 30, 2020 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 4,173 $ 33,191 $ — $ 37,364 Inventory (a) 832,855 973,190 — 1,806,045 Investments in joint venture arrangements 1,324 32,714 — 34,038 Other assets 39,462 64,660 (b) 438,986 (c) 543,108 Total assets $ 877,814 $ 1,103,755 $ 438,986 $ 2,420,555 December 31, 2019 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 3,655 $ 24,877 $ — $ 28,532 Inventory (a) 783,972 957,003 — 1,740,975 Investments in joint venture arrangements 1,672 36,213 — 37,885 Other assets 21,564 52,662 (b) 223,976 298,202 Total assets $ 810,863 $ 1,070,755 $ 223,976 $ 2,105,594 (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. (b) Includes development reimbursements from local municipalities. (c) Includes a $34.2 million increase in operating lease right-of-use assets primarily due to the commencement of a ten-year renewable lease on June 29, 2020 for the Company’s new corporate headquarters.

Supplemental Guarantor Inform_2

Supplemental Guarantor Information Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Guarantor Information [Abstract]
Schedule Of Condensed Consolidating Statement Of Operations [Table Text Block]	UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended September 30, 2020 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated Revenue $ — $ 818,975 $ 28,946 $ — $ 847,921 Costs and expenses: Land and housing — 653,407 — — 653,407 General and administrative — 39,325 9,554 — 48,879 Selling — 49,539 — — 49,539 Equity in income from joint venture arrangements — — (252) — (252) Interest — 531 708 — 1,239 Total costs and expenses — 742,802 10,010 — 752,812 Income before income taxes — 76,173 18,936 — 95,109 Provision for income taxes — 17,533 4,039 — 21,572 Equity in subsidiaries 73,537 — — (73,537) — Net income $ 73,537 $ 58,640 $ 14,897 $ (73,537) $ 73,537 Three Months Ended September 30, 2019 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated Revenue $ — $ 639,891 $ 13,454 $ — $ 653,345 Costs and expenses: Land and housing — 519,164 — — 519,164 General and administrative — 32,332 7,053 — 39,385 Selling — 40,147 — — 40,147 Equity in income from joint venture arrangements — — (52) — (52) Interest — 3,650 987 — 4,637 Total costs and expenses — 595,293 7,988 — 603,281 Income before income taxes — 44,598 5,466 — 50,064 Provision for income taxes — 11,222 1,004 — 12,226 Equity in subsidiaries 37,838 — — (37,838) — Net income $ 37,838 $ 33,376 $ 4,462 $ (37,838) $ 37,838 Nine Months Ended September 30, 2020 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated Revenue $ — $ 2,078,257 $ 61,461 $ — $ 2,139,718 Costs and expenses: Land and housing — 1,672,122 — — 1,672,122 General and administrative — 99,065 24,698 — 123,763 Selling — 127,494 — — 127,494 Equity in income from joint venture arrangements — — (307) — (307) Interest — 6,395 2,059 — 8,454 Total costs and expenses — 1,905,076 26,450 — 1,931,526 Income before income taxes — 173,181 35,011 — 208,192 Provision for income taxes — 41,181 7,220 — 48,401 Equity in subsidiaries 159,791 — — (159,791) — Net income $ 159,791 $ 132,000 $ 27,791 $ (159,791) $ 159,791 Nine Months Ended September 30, 2019 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated Revenue $ — $ 1,718,600 $ 39,540 $ — $ 1,758,140 Costs and expenses: Land and housing — 1,411,488 — — 1,411,488 General and administrative — 86,080 20,168 — 106,248 Selling — 109,150 — — 109,150 Equity in income from joint venture arrangements — — (118) — (118) Interest — 13,962 2,664 — 16,626 Total costs and expenses — 1,620,680 22,714 — 1,643,394 Income before income taxes — 97,920 16,826 — 114,746 Provision for income taxes — 25,555 3,384 — 28,939 Equity in subsidiaries 85,807 — — (85,807) — Net income $ 85,807 $ 72,365 $ 13,442 $ (85,807) $ 85,807
Schedule Of Condensed Consolidating Balance Sheet [Table Text Block]	UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2020 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated ASSETS: Cash, cash equivalents and restricted cash $ — $ 156,744 $ 45,768 $ — $ 202,512 Mortgage loans held for sale — — 140,046 — 140,046 Inventory — 1,843,409 — — 1,843,409 Property and equipment - net — 24,919 777 — 25,696 Investment in joint venture arrangements — 32,139 1,899 — 34,038 Operating lease right-of-use assets — 42,405 10,169 — 52,574 Deferred income tax asset — 9,205 — — 9,205 Investment in subsidiaries 1,079,323 — — (1,079,323) — Intercompany assets 734,269 — — (734,269) — Goodwill — 16,400 — — 16,400 Other assets 2,994 78,709 14,972 — 96,675 TOTAL ASSETS $ 1,816,586 $ 2,203,930 $ 213,631 $ (1,813,592) $ 2,420,555 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES: Accounts payable $ — $ 175,668 $ 913 $ — $ 176,581 Customer deposits — 66,632 — — 66,632 Operating lease liabilities — 42,497 10,169 — 52,666 Intercompany liabilities — 733,275 994 (734,269) — Other liabilities — 147,478 8,912 — 156,390 Community development district obligations — 9,892 — — 9,892 Obligation for consolidated inventory not owned — 364 — — 364 Notes payable bank - homebuilding operations — — — — — Notes payable bank - financial services operations — — 136,119 — 136,119 Notes payable - other — 5,325 — — 5,325 Senior notes due 2025 - net 247,483 — — — 247,483 Senior notes due 2028 - net 394,363 — — — 394,363 TOTAL LIABILITIES 641,846 1,181,131 157,107 (734,269) 1,245,815 SHAREHOLDERS’ EQUITY 1,174,740 1,022,799 56,524 (1,079,323) 1,174,740 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,816,586 $ 2,203,930 $ 213,631 $ (1,813,592) $ 2,420,555 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2019 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated ASSETS: Cash, cash equivalents and restricted cash $ — $ 219 $ 11,589 $ (5,725) $ 6,083 Mortgage loans held for sale — — 155,244 — 155,244 Inventory — 1,769,507 — — 1,769,507 Property and equipment - net — 21,372 746 — 22,118 Investment in joint venture arrangements — 35,391 2,494 — 37,885 Operating lease right-of-use assets — 15,689 2,726 — 18,415 Deferred income tax asset — 9,631 — — 9,631 Investment in subsidiaries 928,942 — — (928,942) — Intercompany assets 619,204 — — (619,204) — Goodwill — 16,400 — — 16,400 Other assets 1,411 56,134 12,766 — 70,311 TOTAL ASSETS $ 1,549,557 $ 1,924,343 $ 185,565 $ (1,553,871) $ 2,105,594 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES: Accounts payable $ — $ 130,136 $ 615 $ (5,725) $ 125,026 Customer deposits — 34,462 — — 34,462 Intercompany liabilities — 618,946 258 (619,204) — Operating lease liabilities — 15,691 2,724 — 18,415 Other liabilities — 141,015 6,922 — 147,937 Community development district obligations — 13,531 — — 13,531 Obligation for consolidated inventory not owned — 7,934 — — 7,934 Notes payable bank - homebuilding operations — 66,000 — — 66,000 Notes payable bank - financial services operations — — 136,904 — 136,904 Notes payable - other — 5,828 — — 5,828 Senior notes due 2021 - net 298,988 — — — 298,988 Senior notes due 2025 - net 247,092 — — — 247,092 TOTAL LIABILITIES 546,080 1,033,543 147,423 (624,929) 1,102,117 SHAREHOLDERS’ EQUITY 1,003,477 890,800 38,142 (928,942) 1,003,477 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,549,557 $ 1,924,343 $ 185,565 $ (1,553,871) $ 2,105,594
Schedule Of Condensed Consolidating Statement Of Cash Flows [Table Text Block]	UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2020 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 10,360 $ 153,255 $ 43,021 $ (9,410) $ 197,226 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (8,151) (314) — (8,465) Return of capital from unconsolidated joint ventures — — 1,213 — 1,213 Intercompany investing (110,525) — — 110,525 — Investments in and advances to joint venture arrangements — (24,060) (15) — (24,075) Net cash (used in) provided by investing activities (110,525) (32,211) 884 110,525 (31,327) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior notes due 2021 (300,000) — — — (300,000) Proceeds from issuance of senior notes due 2028 400,000 — — — 400,000 Proceeds from bank borrowings - homebuilding operations — 306,800 — — 306,800 Principal repayments of bank borrowings - homebuilding operations — (372,800) — — (372,800) Net repayments of bank borrowings - financial services operations — — (785) — (785) Principal repayments of notes payable - other and CDD bond obligations — (503) — — (503) Intercompany financing — 104,291 509 (104,800) — Repurchase of common shares (1,912) — — — (1,912) Dividends paid — — (9,410) 9,410 — Debt issue costs (6,177) (2,307) (40) — (8,524) Proceeds from exercise of stock options 8,254 — — — 8,254 Net cash provided by (used in) financing activities 100,165 35,481 (9,726) (95,390) 30,530 Net increase in cash, cash equivalents and restricted cash — 156,525 34,179 5,725 196,429 Cash, cash equivalents and restricted cash balance at beginning of period — 219 11,589 (5,725) 6,083 Cash, cash equivalents and restricted cash balance at end of period $ — $ 156,744 $ 45,768 $ — $ 202,512 Nine Months Ended September 30, 2019 (In thousands) M/I Homes, Inc. Guarantor Subsidiaries Unrestricted Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 9,530 $ (48,625) $ 49,602 $ (9,530) $ 977 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (2,438) (188) — (2,626) Return of capital from unconsolidated joint ventures — — 438 — 438 Intercompany Investing (18,728) — — 18,728 — Investments in and advances to joint venture arrangements — (23,351) (171) — (23,522) Net cash (used in) provided by investing activities (18,728) (25,789) 79 18,728 (25,710) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from bank borrowings - homebuilding operations — 568,900 — — 568,900 Principal repayments of bank borrowings - homebuilding operations — (496,400) — — (496,400) Net repayments of bank borrowings - financial services operations — — (44,574) — (44,574) Principal repayments of notes payable - other and CDD bond obligations — (429) — — (429) Intercompany financing — 16,155 2,573 (18,728) — Repurchase of common shares (5,150) — — — (5,150) Dividends paid — — (9,530) 9,530 — Debt issue costs — — (40) — (40) Proceeds from exercise of stock options 14,348 — — — 14,348 Net cash provided by (used in) financing activities 9,198 88,226 (51,571) (9,198) 36,655 Net increase (decrease) in cash, cash equivalents and restricted cash — 13,812 (1,890) — 11,922 Cash, cash equivalents and restricted cash balance at beginning of period — 5,554 15,975 — 21,529 Cash, cash equivalents and restricted cash balance at end of period $ — $ 19,366 $ 14,085 $ — $ 33,451

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Disaggregated Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents our revenues disaggregated by revenue source: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Housing $ 812,999 $ 631,380 $ 2,067,148 $ 1,695,558 Land sales 5,976 8,511 11,109 23,042 Financial services (a) 28,946 (b) 13,454 61,461 (b) 39,540 Total revenue $ 847,921 $ 653,345 $ 2,139,718 $ 1,758,140 (a) Revenues include hedging losses of $5.7 million and $4.7 million for the three months ended September 30, 2020 and 2019, respectively, and $16.3 million and $10.7 million for the nine months ended September 30, 2020 and 2019, respectively. Hedging losses do not represent revenues recognized from contracts with customers. (b) Revenues for the three and nine months ended September 30, 2020 include $0.1 million and $0.5 million of net impairment charges taken on our mortgage serving rights, respectively, which was recorded as a reduction of revenue. The net impairment charges were caused by the disruption in the mortgage industry as a result of the COVID-19 pandemic.

Inventory and Capitalized Int_3

Inventory and Capitalized Interest Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Single-family lots, land and land development costs	$ 840,637	$ 858,065
Land held for sale	4,357	5,670
Homes under construction	863,603	756,998
Model homes and furnishings - at cost (less accumulated depreciation: September 30, 2020 - $14,186; December 31, 2019 - $12,723)	87,192	98,777
Community Development District	9,892	13,531
Land purchase deposits	37,364	28,532
Consolidated Inventory Not Owned	364	7,934
Total Inventory	$ 1,843,409	$ 1,769,507

Inventory and Capitalized Int_4

Inventory and Capitalized Interest Inventory Parentheticals (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Parantheticals - Inventory [Abstract]
Model Home Accumulated Depreciation	$ 14,186	$ 12,723

Inventory and Capitalized Int_5

Inventory and Capitalized Interest Other Inventory Items - Homes under construction not subject to a sale contract (Details) $ in Thousands	Sep. 30, 2020USD ($)homes	Dec. 31, 2019USD ($)
Other Inventory, Gross [Abstract]
Number of Speculative Homes	1,113	1,459
Speculative Homes Carrying Value	$ 188,400	$ 304,000
Community Development District	$ 9,892	$ 13,531

Inventory and Capitalized Int_6

Inventory and Capitalized Interest Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized Interest, beginning of period	$ 22,203	$ 22,162	$ 21,607	$ 20,765
Interest capitalized to inventory	8,758	8,291	23,678	22,461
Capitalized interest charged to land and housing costs and expenses	(8,803)	(7,836)	(23,127)	(20,609)
Capitalized Interest, end of period	22,158	22,617	22,158	22,617
Interest incurred	$ 9,997	$ 12,928	$ 32,132	$ 39,087

Investment in Joint Venture A_2

Investment in Joint Venture Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investment in joint venture arrangements	$ 34,038		$ 34,038		$ 37,885
Increase (decrease) in investments in unconsolidated joint ventures and other similar arrangements			(3,900)
Investment in joint venture arrangements			24,075	$ 23,522
Distribution of single-family lots from joint venture arrangements			27,016	11,515
Company's investment in joint development or similar agreements	32,100		32,100		35,500
Equity invested in LLCs	1,900		1,900		$ 2,400
Equity in loss (income) from joint venture arrangements	$ (252)	$ (52)	$ (307)	$ (118)
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	74.00%		74.00%		74.00%
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	25.00%		25.00%		25.00%

Fair Value Measurements Notiona

Fair Value Measurements Notional Amount of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Notional Disclosures [Abstract]
Whole loan contracts and related committed IRLCs	$ 2,924	$ 1,445
Uncommitted IRLCs	213,146	87,340
FMBSs related to uncommitted IRLCs	186,000	88,000
Whole loan contracts and related mortgage loans held for sale	13,750	6,125
FMBSs related to mortgage loans held for sale	116,000	144,000
Mortgage loans held for sale covered by FMBSs	$ 120,257	$ 144,411

Fair Value Measurements (Loss)

Fair Value Measurements (Loss) Gain On Assets and Liabilities Measured On A Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	$ (541)	$ (230)	$ 232	$ 566
Mortgage Loans Held for Sale [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	(1,338)	(1,964)	(911)	(2,981)
Forward Sales of Mortgage Backed Securities [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	1,670	2,299	507	3,631
Interest Rate Lock Commitments [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	(853)	(686)	704	(258)
Whole Loan Contracts [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	$ (20)	$ 121	$ (68)	$ 174

Fair Value Measurements Balance

Fair Value Measurements Balance Sheet Location of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	$ 1,551	$ 654
Other Liabilities [Member]
Financial Insturments, Fair Value [Line Items]
Fair Value Disclosure, Recurring	106	352
Forward Sales of Mortgage Backed Securities [Member] | Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	171	0
Forward Sales of Mortgage Backed Securities [Member] | Other Liabilities [Member]
Financial Insturments, Fair Value [Line Items]
Fair Value Disclosure, Recurring	0	336
Interest Rate Lock Commitments [Member] | Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	1,380	654
Interest Rate Lock Commitments [Member] | Other Liabilities [Member]
Financial Insturments, Fair Value [Line Items]
Fair Value Disclosure, Recurring	0	0
Whole Loan Contracts [Member] | Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	0	0
Whole Loan Contracts [Member] | Other Liabilities [Member]
Financial Insturments, Fair Value [Line Items]
Fair Value Disclosure, Recurring	$ 106	$ 16

Fair Value Measurements Assets

Fair Value Measurements Assets and Liabilities Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory valuation adjustments and abandoned land transaction write-offs	$ 0	$ 0		$ 0	$ 0
Equity Method Investment, Other than Temporary Impairment	0	$ 0		0	$ 0
Mortgage Servicing Rights (MSR) Impairment (Recovery)	$ 100		$ 400	$ 500		$ 0

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying (Reported) Amount, Fair Value Disclosure [Member]
ASSETS:
Servicing Asset	$ 11,900	$ 9,600
Cash, cash equivalents and restricted cash	202,512	6,083
Mortgage loans held for sale	140,046	155,244
Commitments to extend real estate loans (assets)	1,380	654
Forward sales of mortgage-backed securities	171	0
LIABILITIES:
Notes payable - homebuilding operations	0	66,000
Notes payable - financial services operations	136,119	136,904
Notes payable - other	5,325	5,828
Senior notes due 2021 (a)	0	300,000
Senior notes due 2025 (a)	250,000	250,000
Senior Notes due 2028 (a)	400,000	0
Whole Loan contracts for committed IRLCs and mortgage loans held for sale	106	16
Forward sales of mortgage-backed securities	0	336
Estimate of Fair Value, Fair Value Disclosure [Member]
ASSETS:
Servicing Asset	11,400	9,600
Cash, cash equivalents and restricted cash	202,512	6,083
Mortgage loans held for sale	140,046	155,244
Commitments to extend real estate loans (assets)	1,380	654
Forward sales of mortgage-backed securities	171	0
LIABILITIES:
Notes payable - homebuilding operations	0	66,000
Notes payable - financial services operations	136,119	136,904
Notes payable - other	5,016	5,286
Senior notes due 2021 (a)	0	299,250
Senior notes due 2025 (a)	258,125	261,563
Senior Notes due 2028 (a)	412,000	0
Whole Loan contracts for committed IRLCs and mortgage loans held for sale	106	16
Forward sales of mortgage-backed securities	$ 0	$ 336

Fair Value Measurements Fair _2

Fair Value Measurements Fair Value of Financial Instrument Assumptions (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Jul. 18, 2021	Nov. 15, 2020	Sep. 25, 2020
Revolving Credit Facility [Member]
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 500	$ 475
Third Amendment to Credit Facility Initiation Date	Jun. 30, 2020
Line of Credit Facility, Maximum Borrowing Capacity	$ 600
Line of Credit Facility, Initiation Date	Jul. 18, 2013
Basis point spread on variable rate under Credit Facility	2.50%
Warehousing Agreement - Fourth Amendment to Second Amended and Restated [Member]
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 125		$ 185	$ 160
Line of Credit Facility, Initiation Date	Jun. 24, 2016
Basis point spread on variable rate under Credit Facility	2.00%
Repurchase Agreement -Second Amendment to Second Amended and Restated [Member]
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 65
Line of Credit Facility, Initiation Date	Oct. 30, 2017

Guarantees and Indemnificatio_2

Guarantees and Indemnifications Guarantees (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Guarantees [Abstract]
Total of Loans Covered by Guarantees	$ 5,700	$ 48,100
Total of Guaranteed Loans Inquired About	600	600
Total Loans Indemnified to third parties	600	1,000
Loan Repurchase Guarantee Liability	$ 500	$ 500

Commitments and Contingencies W

Commitments and Contingencies Warranty Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Warranty Accrual Rollforward [Abstract]
Warranty reserves, beginning of period	$ 26,175	$ 25,474	$ 26,420	$ 26,459
Warranty expense on homes delivered during the period	4,961	3,851	12,624	10,332
Changes in estimates for pre-existing warranties	416	255	(228)	990
Charges related to stucco-related claims	0	0	0	0
Settlements made during the period	(4,578)	(4,044)	(11,842)	(12,245)
Warranty reserves, end of period	26,974	$ 25,536	26,974	$ 25,536
Estimated Repair Costs for Affected Homes	$ 3,700		3,700
Insurance Recoveries			(500)
Stucco Repair Cost			$ 500

Commitments and Contingencies_2

Commitments and Contingencies Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2020USD ($)
Commitments and Contingencies [Abstract]
Letters of credit and completion bonds	$ 267.7
Performance bonds outstanding	194.1
Performance letters of credit outstanding	55.1
Financial letters of credit	11.5
Financial letters of credit representing deposits on land and lot purchase agreements	11
Financial Bonds	7
Unrecorded conditional purchase obligation	$ 801.4

Commitments and Contingencies L

Commitments and Contingencies Legal Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Legal Reserve	$ 0.9	$ 0.7

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Mar. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 16,400	$ 16,400
Pinnacle Homes [Member]
Business Acquisition [Line Items]
Goodwill			$ 16,400

Debt Debt (Details)

Debt Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jul. 18, 2021	Dec. 31, 2019
Line of Credit Facility [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount	$ 829,600
Notes payable bank - homebuilding operations	0		$ 66,000
letters of credit outstanding under credit facility	66,600
Maximum borrowing availability subject to limit	433,400
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 500,000	$ 475,000
Extending Lenders Credit Facility Expiration Date	Jul. 18, 2023
Line of Credit Facility, Expiration Date	Jul. 18, 2021
Line of Credit Facility, Maximum Borrowing Capacity	$ 600,000
Libor Floor	0.75%
Sub-limit for letters of credit	$ 125,000
Non-Extending Lender Commitment	$ 25,000
Basis point spread on variable rate under Credit Facility	2.50%
2028 Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	4.95%
2025 Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount	$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	5.625%

Debt MIF Warehousing Agreement

Debt MIF Warehousing Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Nov. 15, 2020	Sep. 25, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Maximum Borrowing Availability under all Credit Lines	$ 225,000			$ 225,000
Notes payable bank - financial service operations	136,119			$ 136,904
Warehousing Agreement - Fourth Amendment to Second Amended and Restated [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 125,000	$ 185,000	$ 160,000
Line of Credit Facility, Expiration Date	May 28, 2021
Basis point spread on variable rate under warehouse	2.00%
Libor Floor	1.00%
Repurchase Agreement -Second Amendment to Second Amended and Restated [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 65,000
Line of Credit Facility, Expiration Date	Oct. 26, 2020
Repurchase Agreement-Third Amendment to Second Amendment and Restated [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 90,000
Libor Floor	1.00%
Third Amendment to Repurchase Agreement Initiation Date	Oct. 26, 2020
Minimum [Member] | Repurchase Agreement -Second Amendment to Second Amended and Restated [Member]
Debt Instrument [Line Items]
Basis point spread on variable rate under warehouse	1.75%
Maximum [Member] | Repurchase Agreement -Second Amendment to Second Amended and Restated [Member]
Debt Instrument [Line Items]
Basis point spread on variable rate under warehouse	2.00%

Debt Senior Notes (Details)

Debt Senior Notes (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended				24 Months Ended		48 Months Ended
	Sep. 30, 2020	Jan. 31, 2026	Jan. 31, 2025	Jul. 31, 2023	Jul. 31, 2022	Feb. 01, 2028	Jul. 31, 2025	Jan. 31, 2024	Jul. 31, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Restricted Payments Basket	$ 328,600									$ 264,500
2028 Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	4.95%
Debt Instrument, Maturity Date	Feb. 1, 2028
Debt Instrument, Redemption Price, Percentage		101.238%	102.475%			100.00%		103.713%
2021 Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	6.75%
Debt Instrument, Redemption Price, Percentage						100.00%
2025 Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	5.625%
Debt Instrument, Maturity Date	Aug. 1, 2025
Debt Instrument, Redemption Price, Percentage				101.406%	102.813%		100.00%		104.219%
Base of restricted payments basket income calculation [Member]
Debt Instrument [Line Items]
Other Restrictions on Payment of Dividends	$ 125,000
Percentage of our aggregate consolidated net income added to base amount of calculation [Member]
Debt Instrument [Line Items]
Percent restrictions on payment of dividends	50.00%
Percentage of our aggregate consolidated net income subtracted from base amount of calculation [Member]
Debt Instrument [Line Items]
Percent restrictions on payment of dividends	100.00%
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]
Percent restrictions on payment of dividends	100.00%

Debt Notes Payable Other (Detai

Debt Notes Payable Other (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes payable - other	$ 5,325	$ 5,828

Earnings per Share Earnings p_2

Earnings per Share Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 73,537	$ 37,838	$ 159,791	$ 85,807
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	28,653	27,981	28,554	27,695
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Incremental Common Shares Attributable to Stock Options	376	403	253	338
Deferred Compensation Awards	257	214	223	205
Diluted Weighted Average Number of Shares Outstanding	29,286	28,598	29,030	28,238
Earnings Per Share, Basic	$ 2.57	$ 1.35	$ 5.60	$ 3.10
Earnings Per Share, Diluted	$ 2.51	$ 1.32	$ 5.50	$ 3.04
Anti-dilutive stock equivalent awards not included in the calculation of diluted loss per share	435	0	360	412

Income Taxes Income Tax (Narrat

Income Taxes Income Tax (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Valuation Allowance [Line Items]
Provision for income taxes	$ 21,572	$ 12,226	$ 48,401	$ 28,939
Effective Income Tax Rate Reconciliation, Percent	22.70%	24.40%	23.20%	25.20%
Effective Income Tax Rate Reconciliation, Tax Credit, Amount	$ 2,500		$ 3,700
Proceeds and Excess Tax Benefit from Share-based Compensation			$ 400

Income Taxes Net Operating Loss

Income Taxes Net Operating Loss Carryforwards (Details) - State and Local Jurisdiction [Member] $ in Millions	Sep. 30, 2020USD ($)
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 0.2
Expiring between 2028 and 2032 [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	0.1
Expiring between 2022 and 2027 [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 0.1

Business Segments Business Se_2

Business Segments Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Revenue	$ 847,921	$ 653,345	$ 2,139,718	$ 1,758,140
Operating Income	96,096	54,649	216,339	131,254
Interest	1,239	4,637	8,454	16,626
Equity in loss (income) from joint venture arrangements	(252)	(52)	(307)	(118)
Income before income taxes	95,109	50,064	208,192	114,746
Northern Homebuilding [Member]
Segment Reporting Information [Line Items]
Revenue	350,591	270,063	890,201	723,295
Operating Income	38,365	29,587	91,487	70,559
Interest	122	1,505	2,636	5,360
Purchase Accounting Adjustments		100		600
Southern Homebuilding [Member]
Segment Reporting Information [Line Items]
Revenue	468,384	369,828	1,188,056	995,305
Operating Income	55,861	32,500	129,037	76,308
Interest	409	2,146	3,759	8,602
Financial Services Sector [Member]
Segment Reporting Information [Line Items]
Revenue	28,946	13,454	61,461	39,540
Operating Income	19,887	6,609	37,706	19,943
Interest	708	986	2,059	2,664
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Selling, general and administrative expenses	$ (18,017)	$ (14,047)	$ (41,891)	$ (35,556)

Business Segments Business Se_3

Business Segments Business Segments - Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	$ 37,364	$ 28,532
Inventory	1,806,045	1,740,975
Investment in joint venture arrangements	34,038	37,885
Other assets	543,108	298,202
Total assets	2,420,555	2,105,594
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	34,200
Northern Homebuilding [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	4,173	3,655
Inventory	832,855	783,972
Investment in joint venture arrangements	1,324	1,672
Other assets	39,462	21,564
Total assets	877,814	810,863
Southern Homebuilding [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	33,191	24,877
Inventory	973,190	957,003
Investment in joint venture arrangements	32,714	36,213
Other assets	64,660	52,662
Total assets	1,103,755	1,070,755
Corporate, Financial Services and Unallocated [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	0	0
Inventory	0	0
Investment in joint venture arrangements	0	0
Other assets	438,986	223,976
Total assets	$ 438,986	$ 223,976

Supplemental Guarantor Inform_3

Supplemental Guarantor Information Supplemental Guarantor Information - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 847,921	$ 653,345	$ 2,139,718	$ 1,758,140
Land and housing	653,407	519,164	1,672,122	1,411,488
General and administrative	48,879	39,385	123,763	106,248
Selling	49,539	40,147	127,494	109,150
Equity in loss (income) from joint venture arrangements	(252)	(52)	(307)	(118)
Interest	1,239	4,637	8,454	16,626
Total costs and expenses	752,812	603,281	1,931,526	1,643,394
Income before income taxes	95,109	50,064	208,192	114,746
Provision for income taxes	21,572	12,226	48,401	28,939
Equity in subsidiaries	0	0	0	0
Net income	73,537	37,838	159,791	85,807
Consolidation, Eliminations [Member]
Revenue	0	0	0	0
Land and housing	0	0	0	0
General and administrative	0	0	0	0
Selling	0	0	0	0
Equity in loss (income) from joint venture arrangements	0	0	0	0
Interest	0	0	0	0
Total costs and expenses	0	0	0	0
Income before income taxes	0	0	0	0
Provision for income taxes	0	0	0	0
Equity in subsidiaries	(73,537)	(37,838)	(159,791)	(85,807)
Net income	(73,537)	(37,838)	(159,791)	(85,807)
Parent Company [Member]
Revenue	0	0	0	0
Land and housing	0	0	0	0
General and administrative	0	0	0	0
Selling	0	0	0	0
Equity in loss (income) from joint venture arrangements	0	0	0	0
Interest	0	0	0	0
Total costs and expenses	0	0	0	0
Income before income taxes	0	0	0	0
Provision for income taxes	0	0	0	0
Equity in subsidiaries	73,537	37,838	159,791	85,807
Net income	73,537	37,838	159,791	85,807
Guarantor Subsidiaries [Member]
Revenue	818,975	639,891	2,078,257	1,718,600
Land and housing	653,407	519,164	1,672,122	1,411,488
General and administrative	39,325	32,332	99,065	86,080
Selling	49,539	40,147	127,494	109,150
Equity in loss (income) from joint venture arrangements	0	0	0	0
Interest	531	3,650	6,395	13,962
Total costs and expenses	742,802	595,293	1,905,076	1,620,680
Income before income taxes	76,173	44,598	173,181	97,920
Provision for income taxes	17,533	11,222	41,181	25,555
Equity in subsidiaries	0	0	0	0
Net income	58,640	33,376	132,000	72,365
Non-Guarantor Subsidiaries [Member]
Revenue	28,946	13,454	61,461	39,540
Land and housing	0	0	0	0
General and administrative	9,554	7,053	24,698	20,168
Selling	0	0	0	0
Equity in loss (income) from joint venture arrangements	(252)	(52)	(307)	(118)
Interest	708	987	2,059	2,664
Total costs and expenses	10,010	7,988	26,450	22,714
Income before income taxes	18,936	5,466	35,011	16,826
Provision for income taxes	4,039	1,004	7,220	3,384
Equity in subsidiaries	0	0	0	0
Net income	$ 14,897	$ 4,462	$ 27,791	$ 13,442

Supplemental Guarantor Inform_4

Supplemental Guarantor Information Supplemental Guarantor Information - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
ASSETS:
Cash, cash equivalents and restricted cash	$ 202,512	$ 6,083	$ 33,451	$ 21,529
Mortgage loans held for sale	140,046	155,244
Inventory	1,843,409	1,769,507
Property and equipment - net	25,696	22,118
Investment in joint venture arrangements	34,038	37,885
Operating lease right-of-use assets	52,574	18,415
Deferred Income Tax Assets, Net	9,205	9,631
Investment in subsidiaries	0	0
Intercompany assets	0	0
Goodwill	16,400	16,400
Other assets	96,675	70,311
Total assets	2,420,555	2,105,594
LIABILITIES:
Accounts payable	176,581	125,026
Customer deposits	66,632	34,462
Operating lease liabilities	52,666	18,415
Intercompany liabilities	0	0
Other liabilities	156,390	147,937
Community development district obligations	9,892	13,531
Obligation for consolidated inventory not owned	364	7,934
Notes payable bank - homebuilding operations	0	66,000
Notes payable bank - financial service operations	136,119	136,904
Notes payable - other	5,325	5,828
Senior notes due 2021 - net	0	298,988
Senior notes due 2025 - net	247,483	247,092
Senior notes due 2028 - net	394,363	0
TOTAL LIABILITIES	1,245,815	1,102,117
TOTAL SHAREHOLDERS' EQUITY	1,174,740	1,003,477
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,420,555	2,105,594
Consolidation, Eliminations [Member]
ASSETS:
Cash, cash equivalents and restricted cash	0	(5,725)	0	0
Mortgage loans held for sale	0	0
Inventory	0	0
Property and equipment - net	0	0
Investment in joint venture arrangements	0	0
Operating lease right-of-use assets	0	0
Deferred Income Tax Assets, Net	0	0
Investment in subsidiaries	(1,079,323)	(928,942)
Intercompany assets	(734,269)	(619,204)
Goodwill	0	0
Other assets	0	0
Total assets	(1,813,592)	(1,553,871)
LIABILITIES:
Accounts payable	0	(5,725)
Customer deposits	0	0
Operating lease liabilities	0	0
Intercompany liabilities	(734,269)	(619,204)
Other liabilities	0	0
Community development district obligations	0	0
Obligation for consolidated inventory not owned	0	0
Notes payable bank - homebuilding operations	0	0
Notes payable bank - financial service operations	0	0
Notes payable - other	0	0
Senior notes due 2021 - net		0
Senior notes due 2025 - net	0	0
Senior notes due 2028 - net	0
TOTAL LIABILITIES	(734,269)	(624,929)
TOTAL SHAREHOLDERS' EQUITY	(1,079,323)	(928,942)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	(1,813,592)	(1,553,871)
Parent Company [Member]
ASSETS:
Cash, cash equivalents and restricted cash	0	0	0	0
Mortgage loans held for sale	0	0
Inventory	0	0
Property and equipment - net	0	0
Investment in joint venture arrangements	0	0
Operating lease right-of-use assets	0	0
Deferred Income Tax Assets, Net	0	0
Investment in subsidiaries	1,079,323	928,942
Intercompany assets	734,269	619,204
Goodwill	0	0
Other assets	2,994	1,411
Total assets	1,816,586	1,549,557
LIABILITIES:
Accounts payable	0	0
Customer deposits	0	0
Operating lease liabilities	0	0
Intercompany liabilities	0	0
Other liabilities	0	0
Community development district obligations	0	0
Obligation for consolidated inventory not owned	0	0
Notes payable bank - homebuilding operations	0	0
Notes payable bank - financial service operations	0	0
Notes payable - other	0	0
Senior notes due 2021 - net		298,988
Senior notes due 2025 - net	247,483	247,092
Senior notes due 2028 - net	394,363
TOTAL LIABILITIES	641,846	546,080
TOTAL SHAREHOLDERS' EQUITY	1,174,740	1,003,477
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,816,586	1,549,557
Guarantor Subsidiaries [Member]
ASSETS:
Cash, cash equivalents and restricted cash	156,744	219	19,366	5,554
Mortgage loans held for sale	0	0
Inventory	1,843,409	1,769,507
Property and equipment - net	24,919	21,372
Investment in joint venture arrangements	32,139	35,391
Operating lease right-of-use assets	42,405	15,689
Deferred Income Tax Assets, Net	9,205	9,631
Investment in subsidiaries	0	0
Intercompany assets	0	0
Goodwill	16,400	16,400
Other assets	78,709	56,134
Total assets	2,203,930	1,924,343
LIABILITIES:
Accounts payable	175,668	130,136
Customer deposits	66,632	34,462
Operating lease liabilities	42,497	15,691
Intercompany liabilities	733,275	618,946
Other liabilities	147,478	141,015
Community development district obligations	9,892	13,531
Obligation for consolidated inventory not owned	364	7,934
Notes payable bank - homebuilding operations	0	66,000
Notes payable bank - financial service operations	0	0
Notes payable - other	5,325	5,828
Senior notes due 2021 - net		0
Senior notes due 2025 - net	0	0
Senior notes due 2028 - net	0
TOTAL LIABILITIES	1,181,131	1,033,543
TOTAL SHAREHOLDERS' EQUITY	1,022,799	890,800
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,203,930	1,924,343
Non-Guarantor Subsidiaries [Member]
ASSETS:
Cash, cash equivalents and restricted cash	45,768	11,589	$ 14,085	$ 15,975
Mortgage loans held for sale	140,046	155,244
Inventory	0	0
Property and equipment - net	777	746
Investment in joint venture arrangements	1,899	2,494
Operating lease right-of-use assets	10,169	2,726
Deferred Income Tax Assets, Net	0	0
Investment in subsidiaries	0	0
Intercompany assets	0	0
Goodwill	0	0
Other assets	14,972	12,766
Total assets	213,631	185,565
LIABILITIES:
Accounts payable	913	615
Customer deposits	0	0
Operating lease liabilities	10,169	2,724
Intercompany liabilities	994	258
Other liabilities	8,912	6,922
Community development district obligations	0	0
Obligation for consolidated inventory not owned	0	0
Notes payable bank - homebuilding operations	0	0
Notes payable bank - financial service operations	136,119	136,904
Notes payable - other	0	0
Senior notes due 2021 - net		0
Senior notes due 2025 - net	0	0
Senior notes due 2028 - net	0
TOTAL LIABILITIES	157,107	147,423
TOTAL SHAREHOLDERS' EQUITY	56,524	38,142
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 213,631	$ 185,565

Supplemental Guarantor Inform_5

Supplemental Guarantor Information Supplemental Guarantor Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash (used in) provided by operating activities	$ 197,226	$ 977
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchase of property and equipment	(8,465)	(2,626)
Return of capital from joint venture arrangements	1,213	438
Intercompany Investing	0	0
Investment in joint venture arrangements	(24,075)	(23,522)
Net cash provided by (used in) investing activities	(31,327)	(25,710)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repayment of senior notes due 2021	(300,000)
Net proceeds from issuance of senior notes	400,000	0
Proceeds from bank borrowings - homebuilding operations	306,800	568,900
Principal repayments of bank borrowings - homebuilding operations	(372,800)	(496,400)
Net repayment of bank borrowings - financial services operations	(785)	(44,574)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations	(503)	(429)
Intercompany Financing	0	0
Payments for repurchase of common stock	(1,912)	(5,150)
Dividends paid	0	0
Debt issue costs	(8,524)	(40)
Proceeds from exercise of stock options	8,254	14,348
Net cash (used in) provided by financing activities	30,530	36,655
Net increase (decrease) in cash, cash equivalents and restricted cash	196,429	11,922
Cash, cash equivalents and restricted cash-Period Start	6,083	21,529
Cash, cash equivalents and restricted cash-Period End	202,512	33,451
Consolidation, Eliminations [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash (used in) provided by operating activities	(9,410)	(9,530)
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchase of property and equipment	0	0
Return of capital from joint venture arrangements	0	0
Intercompany Investing	110,525	18,728
Investment in joint venture arrangements	0	0
Net cash provided by (used in) investing activities	110,525	18,728
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repayment of senior notes due 2021	0
Net proceeds from issuance of senior notes	0
Proceeds from bank borrowings - homebuilding operations	0	0
Principal repayments of bank borrowings - homebuilding operations	0	0
Net repayment of bank borrowings - financial services operations	0	0
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations	0	0
Intercompany Financing	(104,800)	(18,728)
Payments for repurchase of common stock	0	0
Dividends paid	9,410	9,530
Debt issue costs	0	0
Proceeds from exercise of stock options	0	0
Net cash (used in) provided by financing activities	(95,390)	(9,198)
Net increase (decrease) in cash, cash equivalents and restricted cash	5,725	0
Cash, cash equivalents and restricted cash-Period Start	(5,725)	0
Cash, cash equivalents and restricted cash-Period End	0	0
Parent Company [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash (used in) provided by operating activities	10,360	9,530
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchase of property and equipment	0	0
Return of capital from joint venture arrangements	0	0
Intercompany Investing	(110,525)	(18,728)
Investment in joint venture arrangements	0	0
Net cash provided by (used in) investing activities	(110,525)	(18,728)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repayment of senior notes due 2021	(300,000)
Net proceeds from issuance of senior notes	400,000
Proceeds from bank borrowings - homebuilding operations	0	0
Principal repayments of bank borrowings - homebuilding operations	0	0
Net repayment of bank borrowings - financial services operations	0	0
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations	0	0
Intercompany Financing	0	0
Payments for repurchase of common stock	(1,912)	(5,150)
Dividends paid	0	0
Debt issue costs	(6,177)	0
Proceeds from exercise of stock options	8,254	14,348
Net cash (used in) provided by financing activities	100,165	9,198
Net increase (decrease) in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash-Period Start	0	0
Cash, cash equivalents and restricted cash-Period End	0	0
Guarantor Subsidiaries [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash (used in) provided by operating activities	153,255	(48,625)
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchase of property and equipment	(8,151)	(2,438)
Return of capital from joint venture arrangements	0	0
Intercompany Investing	0	0
Investment in joint venture arrangements	(24,060)	(23,351)
Net cash provided by (used in) investing activities	(32,211)	(25,789)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repayment of senior notes due 2021	0
Net proceeds from issuance of senior notes	0
Proceeds from bank borrowings - homebuilding operations	306,800	568,900
Principal repayments of bank borrowings - homebuilding operations	(372,800)	(496,400)
Net repayment of bank borrowings - financial services operations	0	0
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations	(503)	(429)
Intercompany Financing	104,291	16,155
Payments for repurchase of common stock	0	0
Dividends paid	0	0
Debt issue costs	(2,307)	0
Proceeds from exercise of stock options	0	0
Net cash (used in) provided by financing activities	35,481	88,226
Net increase (decrease) in cash, cash equivalents and restricted cash	156,525	13,812
Cash, cash equivalents and restricted cash-Period Start	219	5,554
Cash, cash equivalents and restricted cash-Period End	156,744	19,366
Non-Guarantor Subsidiaries [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash (used in) provided by operating activities	43,021	49,602
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchase of property and equipment	(314)	(188)
Return of capital from joint venture arrangements	1,213	438
Intercompany Investing	0	0
Investment in joint venture arrangements	(15)	(171)
Net cash provided by (used in) investing activities	884	79
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repayment of senior notes due 2021	0
Net proceeds from issuance of senior notes	0
Proceeds from bank borrowings - homebuilding operations	0	0
Principal repayments of bank borrowings - homebuilding operations	0	0
Net repayment of bank borrowings - financial services operations	(785)	(44,574)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations	0	0
Intercompany Financing	509	2,573
Payments for repurchase of common stock	0	0
Dividends paid	(9,410)	(9,530)
Debt issue costs	(40)	(40)
Proceeds from exercise of stock options	0	0
Net cash (used in) provided by financing activities	(9,726)	(51,571)
Net increase (decrease) in cash, cash equivalents and restricted cash	34,179	(1,890)
Cash, cash equivalents and restricted cash-Period Start	11,589	15,975
Cash, cash equivalents and restricted cash-Period End	$ 45,768	$ 14,085

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands, shares in Millions	9 Months Ended		26 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020
Share Repurchase Program [Abstract]
Stock Repurchase Program, Authorized Amount	$ 50,000		$ 50,000
Repurchase of common shares, shares	0.1		1.4
Repurchase of common shares	$ 1,912	$ 5,150	$ 32,800
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 17,200		$ 17,200

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 847,921	$ 653,345		$ 2,139,718	$ 1,758,140
Gain (Loss) on Hedging Activity	$ (5,700)	$ (4,700)		$ (16,300)	$ (10,700)
Homebuilding operations percent of total revenue	97.00%	98.00%		97.00%	98.00%
Mortgage Servicing Rights (MSR) Impairment (Recovery)	$ 100		$ 400	$ 500		$ 0
Construction [Member]
Disaggregation of Revenue [Line Items]
Revenues	812,999	$ 631,380		2,067,148	$ 1,695,558
Land [Member]
Disaggregation of Revenue [Line Items]
Revenues	5,976	8,511		11,109	23,042
Financial Services Sector [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 28,946	$ 13,454		$ 61,461	$ 39,540