M/I Homes (MHO) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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		29,318,130
Entity Central Index Key	0000799292
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS:
Cash, cash equivalents and restricted cash	$ 371,806	$ 260,810
Mortgage loans held for sale	172,760	234,293
Inventory	2,076,469	1,916,608
Property and equipment - net	23,997	26,612
Investment in joint venture arrangements	32,833	34,673
Operating lease right-of-use assets	52,085	52,291
Deferred Income Tax Assets, Net	6,183	6,183
Goodwill	16,400	16,400
Other assets	108,879	95,175
Total assets	2,861,412	2,643,045
LIABILITIES:
Accounts payable	221,909	185,669
Customer deposits	109,739	72,635
Operating lease liabilities	52,450	52,474
Other liabilities	167,420	183,583
Community development district obligations	16,807	8,196
Obligation for consolidated inventory not owned	12,481	9,914
Notes payable bank - homebuilding operations	0
Notes payable bank - financial service operations	167,119	225,634
Notes payable - other	4,126	4,072
Senior notes due 2025 - net	247,873	247,613
Senior notes due 2028 - net	394,944	394,557
TOTAL LIABILITIES	1,394,868	1,384,347
Commitments and contingencies (Note 6)	0	0
SHAREHOLDERS' EQUITY:
Common shares - $0.01 par value; authorized 58,000,000 shares at both June 30, 2021 and December 31, 2020; issued 30,137,141 shares at both June 30, 2021 and December 31, 2020	301	301
Additional paid-in capital	343,301	339,001
Retained earnings	1,140,926	948,453
Treasury shares - at cost - 819,011 and 1,323,292 shares at June 30, 2021 and December 31, 2020, respectively	(17,984)	(29,057)
TOTAL SHAREHOLDERS' EQUITY	1,466,544	1,258,698
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,861,412	$ 2,643,045

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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	819,011	1,323,292

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Costs and Expenses [Abstract]
Revenue	$ 961,040	$ 714,194	$ 1,789,816	$ 1,291,797
Land and housing	719,672	557,791	1,346,257	1,018,715
General and administrative	49,078	41,037	94,283	74,884
Selling	50,576	41,127	96,265	77,955
Equity in loss (income) from joint venture arrangements	(35)	(3)	(195)	(55)
Interest	452	2,515	1,628	7,215
Total costs and expenses	819,743	642,467	1,538,238	1,178,714
Income before income taxes	141,297	71,727	251,578	113,083
Provision for income taxes	33,690	17,219	59,105	26,829
Net income	$ 107,607	$ 54,508	$ 192,473	$ 86,254
Earnings per common share:
Basic	$ 3.68	$ 1.91	$ 6.60	$ 3.03
Diluted	$ 3.58	$ 1.89	$ 6.43	$ 2.98
Weighted Average Number of Shares Outstanding [Abstract]
Basic	29,271	28,531	29,144	28,504
Diluted	30,093	28,836	29,935	28,920

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, 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	86,254			86,254
Stock options exercised, shares		152,600
Stock options exercised	3,645		308		3,337
Stock-based compensation expense	2,726		2,726
Repurchase of common shares, shares		(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 Jun. 30, 2020		28,543,629
Stockholders' Equity, Ending Balance at Jun. 30, 2020	1,094,405	$ 301	334,261	794,833	(34,990)
Shares Outstanding, Beginning Balance at Mar. 31, 2020		28,523,329
Stockholders' Equity, Beginning Balance at Mar. 31, 2020	1,037,681	$ 301	332,490	740,325	(35,435)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	54,508			54,508
Stock options exercised, shares		20,300
Stock options exercised	463		18		445
Stock-based compensation expense	1,753		1,753
Shares Outstanding, Ending Balance at Jun. 30, 2020		28,543,629
Stockholders' Equity, Ending Balance at Jun. 30, 2020	1,094,405	$ 301	334,261	794,833	(34,990)
Shares Outstanding, Beginning Balance at Dec. 31, 2020		28,813,849
Stockholders' Equity, Beginning Balance at Dec. 31, 2020	1,258,698	$ 301	339,001	948,453	(29,057)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	192,473			192,473
Stock options exercised, shares		428,100
Stock options exercised	10,630		1,230		9,400
Stock-based compensation expense	$ 4,405		4,405
Repurchase of common shares, shares	0
Deferral of executive and director compensation	$ 338		338
Deferred Compensation Arrangement with Individual, Shares Issued		76,181
Deferred Compensation Arrangement with Individual, Distribution Paid	0		(1,673)		1,673
Shares Outstanding, Ending Balance at Jun. 30, 2021		29,318,130
Stockholders' Equity, Ending Balance at Jun. 30, 2021	1,466,544	$ 301	343,301	1,140,926	(17,984)
Shares Outstanding, Beginning Balance at Mar. 31, 2021		29,185,630
Stockholders' Equity, Beginning Balance at Mar. 31, 2021	1,353,422	$ 301	340,696	1,033,319	(20,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	107,607			107,607
Stock options exercised, shares		132,500
Stock options exercised	3,374		464		2,910
Stock-based compensation expense	2,141		2,141
Shares Outstanding, Ending Balance at Jun. 30, 2021		29,318,130
Stockholders' Equity, Ending Balance at Jun. 30, 2021	$ 1,466,544	$ 301	$ 343,301	$ 1,140,926	$ (17,984)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES:
Net income	$ 192,473	$ 86,254
Adjustments to reconcile net income to net cash used in operating activities:
Equity in loss (income) from joint venture arrangements	(195)	(55)
Mortgage loan originations	(1,088,033)	(773,970)
Proceeds from the sale of mortgage loans	1,149,308	766,105
Fair value adjustment of mortgage loans held for sale	258	(427)
Servicing Asset at Fair Value, Period Increase (Decrease)	(162)	422
Capitalization of originated mortgage servicing rights	(9,784)	(2,233)
Amortization of mortgage servicing rights	583	1,159
Depreciation	6,357	6,037
Amortization of debt discount and debt issue costs	1,294	1,228
Gain (Loss) on Sale of Investments	177	0
Gain (Loss) on Extinguishment of Debt	0	950
Stock-based compensation expense	4,405	2,726
Deferred income tax expense	0	253
Change in assets and liabilities:
Inventory	(133,286)	(51,603)
Other assets	(3,277)	(20,753)
Accounts payable	36,241	44,062
Customer deposits	37,104	15,067
Accrued compensation	(11,882)	(16,699)
Other liabilities	(7,780)	24,303
Net cash (used in) provided by operating activities	173,801	82,826
INVESTING ACTIVITIES:
Purchase of property and equipment	(1,036)	(1,976)
Return of capital from joint venture arrangements	1,050	363
Investment in joint venture arrangements	(17,101)	(19,089)
Net proceeds from sale of mortgage servicing rights	4,324	0
Net cash provided by (used in) investing activities	(12,763)	(20,702)
FINANCING ACTIVITIES:
Repayments of senior notes due 2021	0	(300,000)
Net proceeds from issuance of senior notes	0	400,000
Proceeds from bank borrowings - homebuilding operations	0	306,800
Principal repayments of bank borrowings - homebuilding operations	0	(372,800)
Net repayment of bank borrowings - financial services operations	(58,515)	(2,720)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations	54	1,213
Payments for repurchase of common stock	0	(1,912)
Debt issue costs	(2,211)	(8,410)
Proceeds from exercise of stock options	10,630	3,645
Net cash (used in) provided by financing activities	(50,042)	25,816
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	110,996	87,940
Cash, cash equivalents and restricted cash-Period Start	260,810	6,083
Cash, cash equivalents and restricted cash-Period End	371,806	94,023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest — net of amount capitalized	420	6,114
Income taxes	60,523	1,862
NON-CASH TRANSACTIONS DURING THE PERIOD
Community development district infrastructure	8,611	(1,971)
Consolidated inventory not owned	2,567	3,101
Distribution of single-family lots from joint venture arrangements	$ 18,086	$ 11,522

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Basis of Presentation [Abstract]
Basis of Accounting [Text Block]	Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements (the “financial statements”) of M/I Homes, Inc. and its subsidiaries (the “Company”) and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. The financial statements include the accounts of the Company. All intercompany transactions have been eliminated. Results for the interim period are not necessarily indicative of results for a full year. In the opinion of management, the accompanying financial statements reflect all adjustments (all of which are normal and recurring in nature) necessary for a fair presentation of financial results for the interim periods presented. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 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 2020 Form 10-K, as the same may be updated from time to time in our subsequent filings with the SEC. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning January 1, 2021. The adoption of this ASU did not have a material impact on our Consolidated Financial Statements and disclosures. Significant Accounting Policies There have been no significant changes to our significant accounting policies during the quarter ended June 30, 2021 as compared to those disclosed in our 2020 Form 10-K.

Inventory and Capitalized Inter

Inventory and Capitalized Interest	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020 is as follows: (In thousands) June 30, 2021 December 31, 2020 Single-family lots, land and land development costs $ 833,665 $ 868,288 Land held for sale 3,840 4,623 Homes under construction 1,095,585 898,966 Model homes and furnishings - at cost (less accumulated depreciation: June 30, 2021 - $13,376; December 31, 2020 - $12,909) 70,054 81,264 Community development district infrastructure 16,807 8,196 Land purchase deposits 44,037 45,357 Consolidated inventory not owned 12,481 9,914 Total inventory $ 2,076,469 $ 1,916,608 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 June 30, 2021 and December 31, 2020, we had 869 homes (with a carrying value of $115.4 million) and 1,131 homes (with a carrying value of $186.9 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 a $16.8 million liability and a $8.2 million liability related to these CDD bond obligations as of June 30, 2021 and December 31, 2020, 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 six months ended June 30, 2021 and 2020 is as follows : Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Capitalized interest, beginning of period $ 22,119 $ 22,199 $ 21,329 $ 21,607 Interest capitalized to inventory 9,623 7,758 18,618 14,920 Capitalized interest charged to land and housing costs and expenses (9,438) (7,754) (17,643) (14,324) Capitalized interest, end of period $ 22,304 $ 22,203 $ 22,304 $ 22,203 Interest incurred $ 10,075 $ 10,273 $ 20,246 $ 22,135

Investment in Joint Venture Arr

Investment in Joint Venture Arrangements (Notes)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020, our investment in such joint venture arrangements totaled $32.8 million and $34.7 million, respectively, and was reported as Investment in Joint Venture Arrangements on our Unaudited Condensed Consolidated Balance Sheets. The $1.9 million decrease during the six-month period ended June 30, 2021 was driven primarily by lot distributions from our joint venture arrangements of $18.1 million and return of capital from joint venture arrangements of $1.1 million, offset, in part, by our cash contributions to our joint venture arrangements during the first half of 2021 of $17.1 million. The majority of our investment in joint venture arrangements for both June 30, 2021 and December 31, 2020 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 June 30, 2021 and December 31, 2020, the Company had $32.6 million and $33.9 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 June 30, 2021 and December 31, 2020, the Company had $0.2 million and $0.8 million, respectively, of equity invested in LLCs. The Company’s percentage of ownership in these LLCs as of June 30, 2021 ranged from 25% to 50% and as of December 31, 2020 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 less than $0.1 million for both the three months ended June 30, 2021 and 2020, respectively, and $0.2 million and less than $0.1 million for the six months ended June 30, 2021 and 2020. 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 June 30, 2021 was the amount invested of $32.8 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 2020 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 2020 Form 10-K. If we are deemed to be the primary beneficiary of the VIE, we will consolidate the VIE in our consolidated financial statements and reflect such assets and

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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 $13.7 million at June 30, 2021. At December 31, 2020, the carrying value and fair value of our mortgage servicing rights were $9.4 million and $9.2 million, respectively. This $0.2 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, and was recorded as a decrease in revenue to bring the carrying value down to the fair value, for a net valuation allowance and impairment of $0.2 million for the year ended December 31, 2020. 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 June 30, 2021 and December 31, 2020: Description of Financial Instrument (in thousands) June 30, 2021 December 31, 2020 Whole loan contracts and related committed IRLCs $ 2,418 $ 2,354 Uncommitted IRLCs 302,394 208,500 FMBSs related to uncommitted IRLCs 279,000 183,000 Whole loan contracts and related mortgage loans held for sale 4,689 78,142 FMBSs related to mortgage loans held for sale 164,000 131,000 Mortgage loans held for sale covered by FMBSs 160,826 148,331 The following table sets forth the amount of gain (loss) 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 six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, Description (in thousands) 2021 2020 2021 2020 Mortgage loans held for sale $ 6,682 $ (3,312) $ (258) $ 427 Forward sales of mortgage-backed securities (8,329) 5,417 1,017 (1,163) Interest rate lock commitments 3,128 (826) 510 1,557 Whole loan contracts (60) (102) 353 (48) Total gain recognized $ 1,421 $ 1,177 $ 1,622 $ 773 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 June 30, 2021 June 30, 2021 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ — Other liabilities $ 624 Interest rate lock commitments Other assets 2,153 Other liabilities — Whole loan contracts Other assets — Other liabilities 47 Total fair value measurements $ 2,153 $ 671 Asset Derivatives Liability Derivatives December 31, 2020 December 31, 2020 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ — Other liabilities $ 1,640 Interest rate lock commitments Other assets 1,664 Other liabilities — Whole loan contracts Other assets — Other liabilities 422 Total fair value measurements $ 1,664 $ 2,062 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 2020 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 six months ended June 30, 2021 and 2020, 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 2020 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 six months ended June 30, 2021 and 2020, 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 June 30, 2021 and December 31, 2020. 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. June 30, 2021 December 31, 2020 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash, cash equivalents and restricted cash Level 1 $ 371,806 $ 371,806 $ 260,810 $ 260,810 Mortgage loans held for sale Level 2 172,760 172,760 234,293 234,293 Interest rate lock commitments Level 2 2,153 2,153 1,664 1,664 Liabilities: Notes payable - financial services operations Level 2 167,119 167,119 225,634 225,634 Notes payable - other Level 2 4,126 5,021 4,072 3,647 Senior notes due 2025 (a) Level 2 250,000 258,125 250,000 259,375 Senior notes due 2028 (a) Level 2 400,000 419,000 400,000 421,000 Whole loan contracts for committed IRLCs and mortgage loans held for sale Level 2 47 47 422 422 Forward sales of mortgage-backed securities Level 2 624 624 1,640 1,640 (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 June 30, 2021 and December 31, 2020: 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, Interest Rate Lock Commitments, Whole loan Contracts for Committed IRLCs and Mortgage Loans Held for Sale, Senior Notes due 2025 and Senior Notes due 2028. The fair value of these financial instruments was determined based upon market quotes at June 30, 2021 and December 31, 2020. 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 June 30, 2021 under the Company’s $550 million unsecured revolving credit facility, dated July 18, 2013, as amended most recently on June 10, 2021 (the “Credit Facility”), fluctuated daily with the one-month LIBOR rate plus a margin of 175 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, a 100%-owned subsidiary of M/I Homes, Inc. (“M/I Financial”), is a party to two credit agreements: (1) a $175 million secured mortgage warehousing agreement, dated June 24, 2016, as amended (the “MIF Mortgage Warehousing Agreement”); and (2) a $90 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 second quarter of 2021 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	6 Months Ended
	Jun. 30, 2021
Guarantees [Abstract]
Guarantees [Text Block]	Guarantees and IndemnificationsIn the ordinary course of business, M/I Financial 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 $66.8 million and $21.1 million were covered under these guarantees as of June 30, 2021 and December 31, 2020, respectively. The increase in loans covered by these guarantees from December 31, 2020 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 June 30, 2021, 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 $1.7 million and $0.6 million at June 30, 2021 and December 31, 2020, respectively. 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. 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 $0.6 million and $0.4 million at June 30, 2021 and December 31, 2020, respectively, which is management’s best estimate of the Company’s liability with respect to such guarantees.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Warranty reserves, beginning of period $ 29,426 $ 26,040 $ 29,012 $ 26,420 Warranty expense on homes delivered during the period 5,586 4,242 10,412 7,663 Changes in estimates for pre-existing warranties 248 (623) 611 (644) Charges related to stucco-related claims — — (a) — — (a) Settlements made during the period (5,380) (3,484) (10,155) (7,264) Warranty reserves, end of period $ 29,880 $ 26,175 $ 29,880 $ 26,175 (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 and six month periods ended June 30, 2021, we did not record any additional warranty charges or receive any additional recoveries for stucco-related repair costs. At June 30, 2021, 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 June 30, 2021. 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 June 30, 2021, 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 June 30, 2021, the Company had outstanding approximately $318.3 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) $230.2 million of performance and maintenance bonds and $72.5 million of performance letters of credit that serve as completion bonds for land development work in progress; (2) $8.6 million of financial letters of credit, of which $8.2 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 June 30, 2021, the Company also had options and contingent purchase agreements to acquire land and developed lots with an aggregate purchase price of approximately $993.0 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 June 30, 2021 and December 31, 2020, we had $1.7 million and $0.8 million reserved for legal expenses, respectively.

Goodwill (Notes)

Goodwill (Notes)	6 Months Ended
	Jun. 30, 2021
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 2020, and no impairment was recorded at December 31, 2020. At June 30, 2021, no indicators for impairment existed and therefore no impairment was recorded. 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	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Debt Notes Payable - Homebuilding On June 10, 2021, the Company entered into an amendment to the Credit Facility which, among other things (1) increased the commitments from lenders to $550 million from $500 million, (2) extended the maturity to July 18, 2025, (3) increased the required minimum level of Consolidated Tangible Net Worth from $848.2 million to $946.2 million (subject to increase over time based on earnings and proceeds from equity offerings), (4) increased the accordion feature pursuant to which the maximum borrowing availability may be increased to an aggregate of $700 million, subject to obtaining additional commitments from lenders, (5) reduced the floor on one-month LIBOR to 0.25% from 0.75% and decreased the LIBOR margin by 75 basis points to 175 basis points (subject to adjustment in subsequent quarterly periods based on the Company’s leverage ratio), (6) decreased the fee paid quarterly on the remaining available commitment amount by 15 basis points, to 30 basis points (which is also subject to adjustment in subsequent quarterly periods based on the Company’s leverage ratio), (7) increased the sub-facility for letters of credit included in the Credit Facility to $150 million from $125 million, and (8) increased the borrowing base advance rates for certain categories of inventory used to calculate the available amount under the Credit Facility. At June 30, 2021, 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 $1.14 billion of availability for additional senior debt at June 30, 2021. As a result, the full $550 million commitment amount of the Credit Facility was available, less any borrowings and letters of credit outstanding. At June 30, 2021, there were no borrowings outstanding and $81.1 million of letters of credit outstanding, leaving a net remaining borrowing availability of $468.9 million. The Credit Facility includes a $150 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 the Credit Facility), 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 “Subsidiary Guarantors”) 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 Subsidiary Guarantors and rank equally in right of payment with all our and the Subsidiary Guarantors’ existing and future unsecured senior indebtedness. Our obligations under the Credit Facility are effectively subordinated to our and the Subsidiary Guarantors’ 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. In May 2021, M/I Financial entered into an amendment to the MIF Mortgage Warehousing Agreement, which, among other things, extended the expiration date to May 27, 2022, increased the base maximum borrowing availability to $175 million from $125 million, allows the maximum borrowing availability to increase to $210 million from September 25, 2021 to October 15, 2021 and to $235 million from November 15, 2021 to February 4, 2022, which are periods of increased volume of mortgage originations, reduced the floor on one-month LIBOR from 1.0% to 0.5%, reduced the LIBOR margin from 2.0% to 1.9%, increased the required minimum level of Minimum Tangible Net Worth from $12.5 million to $15.0 million, and increased the required minimum level of liquidity from $6.25 million to $7.0 million. The MIF Mortgage Warehousing Agreement also contains certain financial covenants. At June 30, 2021, 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 Mortgage Repurchase Facility provides for a mortgage repurchase facility with a maximum borrowing availability of $90 million. The MIF Mortgage Repurchase Facility expires on October 25, 2021. 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 (subject to a floor of 1.0%) plus 175 or 200 basis points depending on the loan type. The MIF Mortgage Repurchase Facility also contains certain financial covenants. At June 30, 2021, M/I Financial was in compliance with all financial covenants of the MIF Mortgage Repurchase Facility. At June 30, 2021 and December 31, 2020, M/I Financial’s total combined maximum borrowing availability under the two credit facilities was $265.0 million and $275.0 million, respectively. At June 30, 2021 and December 31, 2020, M/I Financial had $167.1 million and $225.6 million outstanding on a combined basis under its credit facilities, respectively. Senior Notes As of both June 30, 2021 and December 31, 2020, we had $400.0 million of our 2028 Senior Notes outstanding. 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. As of both June 30, 2021 and December 31, 2020, 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 is initially 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 June 30, 2021, 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 Subsidiary Guarantors. The 2028 Senior Notes and the 2025 Senior Notes are general, unsecured senior obligations of the Company and the Subsidiary Guarantors and rank equally in right of payment with all our and the Subsidiary Guarantors’ existing and future unsecured senior indebtedness. The 2028 Senior Notes and the 2025 Senior Notes are effectively subordinated to our and the Subsidiary Guarantors’ 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 (as defined in the indentures), 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 $444.7 million at June 30, 2021 and $363.0 million at December 31, 2020. 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 (see Note 1 2 to our financial statements for more information). Notes Payable - Other The Company had other borrowings, which are reported in Notes Payable - Other in our Unaudited Condensed Consolidated Balance Sheets, totaling $4.1 million as of both June 30, 2021 and December 31, 2020, which are comprised of notes payable acquired in the normal course of business.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2021 2020 2021 2020 NUMERATOR Net income $ 107,607 $ 54,508 $ 192,473 $ 86,254 DENOMINATOR Basic weighted average shares outstanding 29,271 28,531 29,144 28,504 Effect of dilutive securities: Stock option awards 512 115 487 210 Deferred compensation awards 310 190 304 206 Diluted weighted average shares outstanding $ 30,093 $ 28,836 $ 29,935 $ 28,920 Earnings per common share: Basic $ 3.68 $ 1.91 $ 6.60 $ 3.03 Diluted $ 3.58 $ 1.89 $ 6.43 $ 2.98 Anti-dilutive equity awards not included in the calculation of diluted earnings per common share 6 1,178 3 676

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income TaxesDuring the three months ended June 30, 2021 and 2020, the Company recorded a tax provision of $33.7 million and $17.2 million, respectively, which reflects income tax expense related to the periods’ income before income taxes. The effective tax rate for the three months ended June 30, 2021 and 2020 was 23.8% and 24.0%, respectively. During the six months ended June 30, 2021 and 2020, the Company recorded a tax provision of $59.1 million and $26.8 million, respectively. The effective tax rate for the six months ended June 30, 2021 and 2020 was 23.5% and 23.7%, respectively.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and 2020, as well as the Company’s income before income taxes for such periods: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Revenue: Northern homebuilding $ 417,787 $ 299,340 $ 750,785 $ 539,610 Southern homebuilding 514,618 395,806 980,747 719,672 Financial services (a) 28,635 19,048 58,284 32,515 Total revenue $ 961,040 $ 714,194 $ 1,789,816 $ 1,291,797 Operating income: Northern homebuilding $ 61,982 $ 32,241 $ 100,966 $ 53,122 Southern homebuilding 79,064 44,319 145,279 73,176 Financial services (a) 18,925 11,457 39,561 17,819 Less: Corporate selling, general and administrative expense (18,257) (13,778) (32,795) (23,874) Total operating income $ 141,714 $ 74,239 $ 253,011 $ 120,243 Interest expense (income): Northern homebuilding $ — $ 703 $ 76 $ 2,514 Southern homebuilding — 1,192 157 3,350 Financial services (a) 949 620 1,892 1,351 Corporate (497) — (497) — Total interest expense $ 452 $ 2,515 $ 1,628 $ 7,215 Equity in income from joint venture arrangements (35) (3) (195) (55) Income before income taxes $ 141,297 $ 71,727 $ 251,578 $ 113,083 (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. The following tables show total assets by segment at June 30, 2021 and December 31, 2020: June 30, 2021 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 4,860 $ 39,177 $ — $ 44,037 Inventory (a) 873,152 1,159,280 — 2,032,432 Investments in joint venture arrangements — 32,833 — 32,833 Other assets 43,221 73,660 (b) 635,229 752,110 Total assets $ 921,233 $ 1,304,950 $ 635,229 $ 2,861,412 December 31, 2020 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 5,031 $ 40,326 $ — $ 45,357 Inventory (a) 847,524 1,023,727 — 1,871,251 Investments in joint venture arrangements 1,378 33,295 — 34,673 Other assets 37,465 57,588 (b) 596,711 691,764 Total assets $ 891,398 $ 1,154,936 $ 596,711 $ 2,643,045 (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.

Share Repurchase Program (Notes

Share Repurchase Program (Notes)	6 Months Ended
	Jun. 30, 2021
Share Repurchase Program [Abstract]
Treasury Stock [Text Block]	Share Repurchase Program On 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 half of 2021, the Company did not repurchase any outstanding common shares under the 2018 Share Repurchase Program. As of June 30, 2021, 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 remained available for repurchases under the 2018 Share Repurchase Program. On July 28, 2021, the Company announced that its Board of Directors has approved a new share repurchase program, pursuant to which the Company may purchase up to $100 million of its common shares (the “2021 Share Repurchase Program”), which replaces the 2018 Share Repurchase Program. Such common shares may be purchased through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing and amount of any purchases 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, business considerations, general market and economic conditions and legal requirements. The 2021 Share Repurchase Program has no expiration date and may be modified, discontinued or suspended at any time.

Revenue (Notes)

Revenue (Notes)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, (Dollars in thousands) 2021 2020 2021 2020 Housing $ 927,506 $ 694,700 $ 1,725,785 $ 1,254,149 Land sales 4,899 446 5,747 5,133 Financial services (a) 28,635 19,048 (b) 58,284 32,515 (b) Total revenue $ 961,040 $ 714,194 $ 1,789,816 $ 1,291,797 (a) Revenue includes hedging gains of $2.7 million and hedging losses of $7.0 million for the three months ended June 30, 2021 and 2020, respectively, and hedging gains of $3.9 million and hedging losses of $10.6 million for the six months ended June 30, 2021 and 2020, respectively. Hedging gains/losses do not represent revenue recognized from contracts with customers. (b) Revenue for the three months ended June 30, 2020 includes a $0.6 million reversal of the $1.0 million charge taken on our mortgage serving rights during the first quarter of 2020. This $0.6 million was recorded as an increase in revenue. Revenue for the six months ended June 30, 2020 includes a net $0.4 million impairment charge taken on our mortgage serving rights which was recorded as a reduction of revenue. The net impairment charge taken during the first half of 2020 was 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 six months ended June 30, 2021 and 2020, 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)	6 Months Ended
	Jun. 30, 2021
Policy Text Block [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning January 1, 2021. The adoption of this ASU did not have a material impact on our Consolidated Financial Statements and disclosures.

Inventory and Capitalized Int_2

Inventory and Capitalized Interest Inventory (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	A summary of the Company’s inventory as of June 30, 2021 and December 31, 2020 is as follows: (In thousands) June 30, 2021 December 31, 2020 Single-family lots, land and land development costs $ 833,665 $ 868,288 Land held for sale 3,840 4,623 Homes under construction 1,095,585 898,966 Model homes and furnishings - at cost (less accumulated depreciation: June 30, 2021 - $13,376; December 31, 2020 - $12,909) 70,054 81,264 Community development district infrastructure 16,807 8,196 Land purchase deposits 44,037 45,357 Consolidated inventory not owned 12,481 9,914 Total inventory $ 2,076,469 $ 1,916,608
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	The summary of capitalized interest for the three and six months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Capitalized interest, beginning of period $ 22,119 $ 22,199 $ 21,329 $ 21,607 Interest capitalized to inventory 9,623 7,758 18,618 14,920 Capitalized interest charged to land and housing costs and expenses (9,438) (7,754) (17,643) (14,324) Capitalized interest, end of period $ 22,304 $ 22,203 $ 22,304 $ 22,203 Interest incurred $ 10,075 $ 10,273 $ 20,246 $ 22,135

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020: Description of Financial Instrument (in thousands) June 30, 2021 December 31, 2020 Whole loan contracts and related committed IRLCs $ 2,418 $ 2,354 Uncommitted IRLCs 302,394 208,500 FMBSs related to uncommitted IRLCs 279,000 183,000 Whole loan contracts and related mortgage loans held for sale 4,689 78,142 FMBSs related to mortgage loans held for sale 164,000 131,000 Mortgage loans held for sale covered by FMBSs 160,826 148,331
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]	The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, Description (in thousands) 2021 2020 2021 2020 Mortgage loans held for sale $ 6,682 $ (3,312) $ (258) $ 427 Forward sales of mortgage-backed securities (8,329) 5,417 1,017 (1,163) Interest rate lock commitments 3,128 (826) 510 1,557 Whole loan contracts (60) (102) 353 (48) Total gain recognized $ 1,421 $ 1,177 $ 1,622 $ 773
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 June 30, 2021 June 30, 2021 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ — Other liabilities $ 624 Interest rate lock commitments Other assets 2,153 Other liabilities — Whole loan contracts Other assets — Other liabilities 47 Total fair value measurements $ 2,153 $ 671 Asset Derivatives Liability Derivatives December 31, 2020 December 31, 2020 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ — Other liabilities $ 1,640 Interest rate lock commitments Other assets 1,664 Other liabilities — Whole loan contracts Other assets — Other liabilities 422 Total fair value measurements $ 1,664 $ 2,062
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 June 30, 2021 and December 31, 2020. 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. June 30, 2021 December 31, 2020 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash, cash equivalents and restricted cash Level 1 $ 371,806 $ 371,806 $ 260,810 $ 260,810 Mortgage loans held for sale Level 2 172,760 172,760 234,293 234,293 Interest rate lock commitments Level 2 2,153 2,153 1,664 1,664 Liabilities: Notes payable - financial services operations Level 2 167,119 167,119 225,634 225,634 Notes payable - other Level 2 4,126 5,021 4,072 3,647 Senior notes due 2025 (a) Level 2 250,000 258,125 250,000 259,375 Senior notes due 2028 (a) Level 2 400,000 419,000 400,000 421,000 Whole loan contracts for committed IRLCs and mortgage loans held for sale Level 2 47 47 422 422 Forward sales of mortgage-backed securities Level 2 624 624 1,640 1,640 (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)	6 Months Ended
	Jun. 30, 2021
Warranty Accrual Rollforward [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	A summary of warranty activity for the three and six months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Warranty reserves, beginning of period $ 29,426 $ 26,040 $ 29,012 $ 26,420 Warranty expense on homes delivered during the period 5,586 4,242 10,412 7,663 Changes in estimates for pre-existing warranties 248 (623) 611 (644) Charges related to stucco-related claims — — (a) — — (a) Settlements made during the period (5,380) (3,484) (10,155) (7,264) Warranty reserves, end of period $ 29,880 $ 26,175 $ 29,880 $ 26,175 (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)	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2021 2020 2021 2020 NUMERATOR Net income $ 107,607 $ 54,508 $ 192,473 $ 86,254 DENOMINATOR Basic weighted average shares outstanding 29,271 28,531 29,144 28,504 Effect of dilutive securities: Stock option awards 512 115 487 210 Deferred compensation awards 310 190 304 206 Diluted weighted average shares outstanding $ 30,093 $ 28,836 $ 29,935 $ 28,920 Earnings per common share: Basic $ 3.68 $ 1.91 $ 6.60 $ 3.03 Diluted $ 3.58 $ 1.89 $ 6.43 $ 2.98 Anti-dilutive equity awards not included in the calculation of diluted earnings per common share 6 1,178 3 676

Business Segments Business Segm

Business Segments Business Segments (Tables)	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and 2020, as well as the Company’s income before income taxes for such periods: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Revenue: Northern homebuilding $ 417,787 $ 299,340 $ 750,785 $ 539,610 Southern homebuilding 514,618 395,806 980,747 719,672 Financial services (a) 28,635 19,048 58,284 32,515 Total revenue $ 961,040 $ 714,194 $ 1,789,816 $ 1,291,797 Operating income: Northern homebuilding $ 61,982 $ 32,241 $ 100,966 $ 53,122 Southern homebuilding 79,064 44,319 145,279 73,176 Financial services (a) 18,925 11,457 39,561 17,819 Less: Corporate selling, general and administrative expense (18,257) (13,778) (32,795) (23,874) Total operating income $ 141,714 $ 74,239 $ 253,011 $ 120,243 Interest expense (income): Northern homebuilding $ — $ 703 $ 76 $ 2,514 Southern homebuilding — 1,192 157 3,350 Financial services (a) 949 620 1,892 1,351 Corporate (497) — (497) — Total interest expense $ 452 $ 2,515 $ 1,628 $ 7,215 Equity in income from joint venture arrangements (35) (3) (195) (55) Income before income taxes $ 141,297 $ 71,727 $ 251,578 $ 113,083 (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.
Reconciliation of Assets from Segment to Consolidated	The following tables show total assets by segment at June 30, 2021 and December 31, 2020: June 30, 2021 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 4,860 $ 39,177 $ — $ 44,037 Inventory (a) 873,152 1,159,280 — 2,032,432 Investments in joint venture arrangements — 32,833 — 32,833 Other assets 43,221 73,660 (b) 635,229 752,110 Total assets $ 921,233 $ 1,304,950 $ 635,229 $ 2,861,412 December 31, 2020 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 5,031 $ 40,326 $ — $ 45,357 Inventory (a) 847,524 1,023,727 — 1,871,251 Investments in joint venture arrangements 1,378 33,295 — 34,673 Other assets 37,465 57,588 (b) 596,711 691,764 Total assets $ 891,398 $ 1,154,936 $ 596,711 $ 2,643,045 (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.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Disaggregated Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents our revenues disaggregated by revenue source: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2021 2020 2021 2020 Housing $ 927,506 $ 694,700 $ 1,725,785 $ 1,254,149 Land sales 4,899 446 5,747 5,133 Financial services (a) 28,635 19,048 (b) 58,284 32,515 (b) Total revenue $ 961,040 $ 714,194 $ 1,789,816 $ 1,291,797 (a) Revenue includes hedging gains of $2.7 million and hedging losses of $7.0 million for the three months ended June 30, 2021 and 2020, respectively, and hedging gains of $3.9 million and hedging losses of $10.6 million for the six months ended June 30, 2021 and 2020, respectively. Hedging gains/losses do not represent revenue recognized from contracts with customers. (b) Revenue for the three months ended June 30, 2020 includes a $0.6 million reversal of the $1.0 million charge taken on our mortgage serving rights during the first quarter of 2020. This $0.6 million was recorded as an increase in revenue. Revenue for the six months ended June 30, 2020 includes a net $0.4 million impairment charge taken on our mortgage serving rights which was recorded as a reduction of revenue. The net impairment charge taken during the first half of 2020 was 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	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Single-family lots, land and land development costs	$ 833,665	$ 868,288
Land held for sale	3,840	4,623
Homes under construction	1,095,585	898,966
Model homes and furnishings - at cost (less accumulated depreciation: June 30, 2021 - $13,376; December 31, 2020 - $12,909)	70,054	81,264
Community Development District	16,807	8,196
Land purchase deposits	44,037	45,357
Consolidated Inventory Not Owned	12,481	9,914
Total Inventory	$ 2,076,469	$ 1,916,608

Inventory and Capitalized Int_4

Inventory and Capitalized Interest Inventory Parentheticals (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Parantheticals - Inventory [Abstract]
Model Home Accumulated Depreciation	$ 13,376	$ 12,909

Inventory and Capitalized Int_5

Inventory and Capitalized Interest Other Inventory Items - Homes under construction not subject to a sale contract (Details) $ in Thousands	Jun. 30, 2021USD ($)homes	Dec. 31, 2020USD ($)
Other Inventory, Gross [Abstract]
Number of Speculative Homes	869	1,131
Speculative Homes Carrying Value	$ 115,400	$ 186,900
Community Development District	$ 16,807	$ 8,196

Inventory and Capitalized Int_6

Inventory and Capitalized Interest Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized Interest, beginning of period	$ 22,119	$ 22,199	$ 21,329	$ 21,607
Interest capitalized to inventory	9,623	7,758	18,618	14,920
Capitalized interest charged to land and housing costs and expenses	(9,438)	(7,754)	(17,643)	(14,324)
Capitalized Interest, end of period	22,304	22,203	22,304	22,203
Interest incurred	$ 10,075	$ 10,273	$ 20,246	$ 22,135

Investment in Joint Venture A_2

Investment in Joint Venture Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in joint venture arrangements	$ 32,833		$ 32,833		$ 34,673
Increase (decrease) in investments in unconsolidated joint ventures and other similar arrangements			(1,900)
Investment in joint venture arrangements			17,101	$ 19,089
Distribution of single-family lots from joint venture arrangements			18,086	11,522
Company's investment in joint development or similar agreements	32,600		32,600		33,900
Equity invested in LLCs	200		200		$ 800
Equity in loss (income) from joint venture arrangements	$ (35)	$ (3)	(195)	(55)
Return of capital from joint venture arrangements			$ 1,050	$ 363
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%		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	Jun. 30, 2021	Dec. 31, 2020
Notional Disclosures [Abstract]
Whole loan contracts and related committed IRLCs	$ 2,418	$ 2,354
Uncommitted IRLCs	302,394	208,500
FMBSs related to uncommitted IRLCs	279,000	183,000
Whole loan contracts and related mortgage loans held for sale	4,689	78,142
FMBSs related to mortgage loans held for sale	164,000	131,000
Mortgage loans held for sale covered by FMBSs	$ 160,826	$ 148,331

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	$ 1,421	$ 1,177	$ 1,622	$ 773
Mortgage Loans Held for Sale [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	6,682	(3,312)	(258)	427
Forward Sales of Mortgage Backed Securities [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	(8,329)	5,417	1,017	(1,163)
Interest Rate Lock Commitments [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	3,128	(826)	510	1,557
Whole Loan Contracts [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	$ (60)	$ (102)	$ 353	$ (48)

Fair Value Measurements Balance

Fair Value Measurements Balance Sheet Location of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	$ 2,153	$ 1,664
Other Liabilities [Member]
Financial Insturments, Fair Value [Line Items]
Fair Value Disclosure, Recurring	671	2,062
Forward Sales of Mortgage Backed Securities [Member] | Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	0	0
Forward Sales of Mortgage Backed Securities [Member] | Other Liabilities [Member]
Financial Insturments, Fair Value [Line Items]
Fair Value Disclosure, Recurring	624	1,640
Interest Rate Lock Commitments [Member] | Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	2,153	1,664
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	$ 47	$ 422

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	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage Servicing Rights (MSR) Impairment (Recovery)	$ 0	$ (600)	$ 1,000	$ 400	$ 200
Inventory valuation adjustments and abandoned land transaction write-offs	0	0
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 0
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance					$ 200

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying (Reported) Amount, Fair Value Disclosure [Member]
ASSETS:
Servicing Asset	$ 13,700	$ 9,400
Cash, cash equivalents and restricted cash	371,806	260,810
Mortgage loans held for sale	172,760	234,293
Commitments to extend real estate loans (assets)	2,153	1,664
LIABILITIES:
Notes payable - financial services operations	167,119	225,634
Notes payable - other	4,126	4,072
Senior notes due 2025 (a)	250,000	250,000
Senior Notes due 2028 (a)	400,000	400,000
Whole Loan contracts for committed IRLCs and mortgage loans held for sale	47	422
Forward sales of mortgage-backed securities	624	1,640
Estimate of Fair Value, Fair Value Disclosure [Member]
ASSETS:
Servicing Asset	13,700	9,200
Cash, cash equivalents and restricted cash	371,806	260,810
Mortgage loans held for sale	172,760	234,293
Commitments to extend real estate loans (assets)	2,153	1,664
LIABILITIES:
Notes payable - financial services operations	167,119	225,634
Notes payable - other	5,021	3,647
Senior notes due 2025 (a)	258,125	259,375
Senior Notes due 2028 (a)	419,000	421,000
Whole Loan contracts for committed IRLCs and mortgage loans held for sale	47	422
Forward sales of mortgage-backed securities	$ 624	$ 1,640

Fair Value Measurements Fair _2

Fair Value Measurements Fair Value of Financial Instrument Assumptions (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Nov. 15, 2021	Sep. 25, 2021	Mar. 31, 2021
Revolving Credit Facility [Member]
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 550			$ 500
Line of Credit Facility, Maximum Borrowing Capacity	$ 700
Line of Credit Facility, Initiation Date	Jul. 18, 2013
Basis point spread on variable rate under Credit Facility	1.75%
Fourth Amendment to Credit Facility Initiation Date	Jun. 10, 2021
Repurchase Agreement-Third Amendment to Second Amendment and Restated [Member]
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 90
Line of Credit Facility, Initiation Date	Oct. 30, 2017
Warehousing Agreement - Fifth Amendment to Second Amended and Restated
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 175	$ 235	$ 210
Line of Credit Facility, Initiation Date	Jun. 24, 2016
Basis point spread on variable rate under Credit Facility	1.90%

Guarantees and Indemnificatio_2

Guarantees and Indemnifications Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Guarantees [Abstract]
Total of Loans Covered by Guarantees	$ 66.8	$ 21.1
Total of Guaranteed Loans Inquired About	1.7	0.6
Loan Repurchase Guarantee Liability	$ 0.6	$ 0.4

Commitments and Contingencies W

Commitments and Contingencies Warranty Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Warranty Accrual Rollforward [Abstract]
Warranty reserves, beginning of period	$ 29,426	$ 26,040	$ 29,012	$ 26,420
Warranty expense on homes delivered during the period	5,586	4,242	10,412	7,663
Changes in estimates for pre-existing warranties	248	(623)	611	(644)
Charges related to stucco-related claims	0	0	0	0
Settlements made during the period	(5,380)	(3,484)	(10,155)	(7,264)
Warranty reserves, end of period	29,880	$ 26,175	29,880	$ 26,175
Estimated Repair Costs for Affected Homes	$ 3,700		$ 3,700

Commitments and Contingencies_2

Commitments and Contingencies Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2021USD ($)
Commitments and Contingencies [Abstract]
Letters of credit and completion bonds	$ 318.3
Performance bonds outstanding	230.2
Performance letters of credit outstanding	72.5
Financial letters of credit	8.6
Financial letters of credit representing deposits on land and lot purchase agreements	8.2
Financial Bonds	7
Unrecorded conditional purchase obligation	$ 993

Commitments and Contingencies L

Commitments and Contingencies Legal Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Legal Reserve	$ 1.7	$ 0.8

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 16.4	$ 16.4
Pinnacle Homes [Member]
Business Acquisition [Line Items]
Goodwill			$ 16.4

Debt Debt (Details)

Debt Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Line of Credit Facility [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount	$ 1,140,000		$ 1,140,000
Notes payable bank - homebuilding operations	0		0
letters of credit outstanding under credit facility	81,100		81,100
Maximum borrowing availability subject to limit	468,900		$ 468,900
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Fourth Amendment to Credit Facility Initiation Date			Jun. 10, 2021
Line of Credit Facility, Current Borrowing Capacity	$ 550,000	$ 500,000	$ 550,000
Line of Credit Facility, Expiration Date	Jul. 18, 2025
Minimum Net Worth Required for Compliance	$ 946,200	$ 848,200	946,200
Line of Credit Facility, Maximum Borrowing Capacity	$ 700,000		700,000
Libor Floor	0.25%	0.75%
Sub-limit for letters of credit	$ 150,000	$ 125,000	$ 150,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Commitment Fee Decrease	0.15%		0.15%
Basis point spread on variable rate under Credit Facility	1.75%		1.75%
Libor decrease for fourth Amendment	0.75%		0.75%
2028 Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount	$ 400,000		$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	4.95%		4.95%
2025 Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount	$ 250,000		$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	5.625%		5.625%

Debt MIF Warehousing Agreement

Debt MIF Warehousing Agreement (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Nov. 15, 2021	Sep. 25, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Maximum Borrowing Availability under all Credit Lines		$ 265,000			$ 275,000
Notes payable bank - financial service operations		167,119			$ 225,634
Repurchase Agreement-Third Amendment to Second Amendment and Restated [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 90,000
Line of Credit Facility, Expiration Date		Oct. 25, 2021
Libor Floor		1.00%
Warehousing Agreement - Fifth Amendment to Second Amended and Restated
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 175,000	$ 235,000	$ 210,000
Line of Credit Facility, Expiration Date		May 27, 2022
Basis point spread on variable rate under warehouse		1.90%
Libor Floor		0.50%
Banking Regulation Minimum Liquidity		$ 7,000
Minimum Net Worth Required for Compliance		$ 15,000
Warehousing Agreement - Fourth Amendment to Second Amended and Restated [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 125,000
Basis point spread on variable rate under warehouse	2.00%
Libor Floor	1.00%
Banking Regulation Minimum Liquidity	$ 6,250
Minimum Net Worth Required for Compliance	$ 12,500
Minimum [Member] | Repurchase Agreement-Third Amendment to Second Amendment and Restated [Member]
Debt Instrument [Line Items]
Basis point spread on variable rate under warehouse		1.75%
Maximum [Member] | Repurchase Agreement-Third Amendment to Second Amendment 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	6 Months Ended	12 Months Ended				24 Months Ended		48 Months Ended
	Jun. 30, 2021	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, 2020
Debt Instrument [Line Items]
Restricted Payments Basket	$ 444,700									$ 363,000
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%
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	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Notes payable - other	$ 4,126	$ 4,072

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 107,607	$ 54,508	$ 192,473	$ 86,254
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	29,271	28,531	29,144	28,504
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Incremental Common Shares Attributable to Stock Options	512	115	487	210
Deferred Compensation Awards	310	190	304	206
Diluted Weighted Average Number of Shares Outstanding	30,093	28,836	29,935	28,920
Earnings Per Share, Basic	$ 3.68	$ 1.91	$ 6.60	$ 3.03
Earnings Per Share, Diluted	$ 3.58	$ 1.89	$ 6.43	$ 2.98
Anti-dilutive stock equivalent awards not included in the calculation of diluted loss per share	6	1,178	3	676

Income Taxes Income Tax (Narrat

Income Taxes Income Tax (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Valuation Allowance [Line Items]
Provision for income taxes	$ 33,690	$ 17,219	$ 59,105	$ 26,829
Effective Income Tax Rate Reconciliation, Percent	23.80%	24.00%	23.50%	23.70%

Business Segments Business Se_2

Business Segments Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 961,040	$ 714,194	$ 1,789,816	$ 1,291,797
Operating Income	141,714	74,239	253,011	120,243
Interest Expense	452	2,515	1,628	7,215
Equity in loss (income) from joint venture arrangements	(35)	(3)	(195)	(55)
Income before income taxes	141,297	71,727	251,578	113,083
Northern Homebuilding [Member]
Segment Reporting Information [Line Items]
Revenue	417,787	299,340	750,785	539,610
Operating Income	61,982	32,241	100,966	53,122
Interest Expense	0	703	76	2,514
Southern Homebuilding [Member]
Segment Reporting Information [Line Items]
Revenue	514,618	395,806	980,747	719,672
Operating Income	79,064	44,319	145,279	73,176
Interest Expense	0	1,192	157	3,350
Financial Services Sector [Member]
Segment Reporting Information [Line Items]
Revenue	28,635	19,048	58,284	32,515
Operating Income	18,925	11,457	39,561	17,819
Interest Expense	949	620	1,892	1,351
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Selling, general and administrative expenses	(18,257)	(13,778)	(32,795)	(23,874)
Interest Income	$ (497)	$ 0	$ (497)	$ 0

Business Segments Business Se_3

Business Segments Business Segments - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	$ 44,037	$ 45,357
Inventory	2,032,432	1,871,251
Investment in joint venture arrangements	32,833	34,673
Other assets	752,110	691,764
Total assets	2,861,412	2,643,045
Northern Homebuilding [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	4,860	5,031
Inventory	873,152	847,524
Investment in joint venture arrangements	0	1,378
Other assets	43,221	37,465
Total assets	921,233	891,398
Southern Homebuilding [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	39,177	40,326
Inventory	1,159,280	1,023,727
Investment in joint venture arrangements	32,833	33,295
Other assets	73,660	57,588
Total assets	1,304,950	1,154,936
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	635,229	596,711
Total assets	$ 635,229	$ 596,711

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands, shares in Millions	6 Months Ended		35 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jul. 28, 2021
Share Repurchase Program [Abstract]
Stock Repurchase Program, Authorized Amount	$ 50,000		$ 50,000	$ 100,000
Repurchase of common shares, shares	0		1.4
Repurchase of common shares		$ 1,912	$ 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		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 961,040	$ 714,194		$ 1,789,816	$ 1,291,797
Gain (Loss) on Hedging Activity	$ 2,700	$ (7,000)		$ 3,900	$ (10,600)
Homebuilding operations percent of total revenue	97.00%	97.00%		97.00%	97.00%
Mortgage Servicing Rights (MSR) Impairment (Recovery)	$ 0	$ (600)	$ 1,000		$ 400	$ 200
Construction [Member]
Disaggregation of Revenue [Line Items]
Revenues	927,506	694,700		$ 1,725,785	1,254,149
Land [Member]
Disaggregation of Revenue [Line Items]
Revenues	4,899	446		5,747	5,133
Financial Services Sector [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 28,635	$ 19,048		$ 58,284	$ 32,515