M/I Homes (MHO) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-12434
Entity Registrant Name	M/I HOMES, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-1210837
Entity Address, Address Line One	4131 Worth Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43219
City Area Code	614
Local Phone Number	418-8000
Title of 12(b) Security	Common Shares, par value $.01
Trading Symbol	MHO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,288,783
Entity Central Index Key	0000799292
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS:
Cash, cash equivalents and restricted cash	$ 218,606	$ 236,368
Mortgage loans held for sale	200,455	275,655
Inventory	2,582,552	2,452,434
Property and equipment - net	36,776	37,648
Investment in joint venture arrangements	57,309	57,121
Operating lease right-of-use assets	50,907	50,950
Deferred Income Tax Assets, Net	10,251	10,251
Goodwill	16,400	16,400
Other assets	133,255	103,026
Total assets	3,306,511	3,239,853
LIABILITIES:
Accounts payable	281,387	244,505
Customer deposits	131,682	107,864
Operating lease liabilities	51,546	51,497
Other liabilities	221,585	226,969
Community development district obligations	16,766	20,089
Obligation for consolidated inventory not owned	2,828	2,768
Notes payable bank - homebuilding operations	0
Notes payable bank - financial service operations	203,650	266,160
Notes payable - other	1,871	4,549
Senior notes due 2028 - net	395,524	395,331
Senior notes due 2030	295,983	295,937
TOTAL LIABILITIES	1,602,822	1,615,669
Commitments and contingencies (Note 6)	0	0
SHAREHOLDERS' EQUITY:
Common shares - $0.01 par value; authorized 58,000,000 shares at both March 31, 2022 and December 31, 2021; issued 30,137,141 shares at both March 31, 2022 and December 31, 2021	301	301
Additional paid-in capital	346,291	347,452
Retained earnings	1,437,160	1,345,321
Treasury shares - at cost - 1,848,358 and 1,637,511 shares at March 31, 2022 and December 31, 2021, respectively	(80,063)	(68,890)
TOTAL SHAREHOLDERS' EQUITY	1,703,689	1,624,184
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 3,306,511	$ 3,239,853

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	58,000,000	58,000,000
Common Stock, Shares, Issued	30,137,141	30,137,141
Treasury Stock, Shares	1,848,358	1,637,511

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Costs and Expenses [Abstract]
Revenue	$ 860,811	$ 828,776
Land and housing	647,702	626,585
General and administrative	48,783	45,205
Selling	41,421	45,689
Equity in loss (income) from joint venture arrangements	(16)	(160)
Interest expense	671	1,176
Total costs and expenses	738,561	718,495
Income before income taxes	122,250	110,281
Provision for income taxes	30,411	25,415
Net income	$ 91,839	$ 84,866
Earnings per common share:
Basic	$ 3.23	$ 2.92
Diluted	$ 3.16	$ 2.85
Weighted Average Number of Shares Outstanding [Abstract]
Basic	28,424	29,015
Diluted	29,072	29,743

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, 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	84,866			84,866
Stock options exercised, shares		295,600
Stock options exercised	7,256		766		6,490
Stock-based compensation expense	2,264		2,264
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 Mar. 31, 2021		29,185,630
Stockholders' Equity, Ending Balance at Mar. 31, 2021	1,353,422	$ 301	340,696	1,033,319	(20,894)
Shares Outstanding, Beginning Balance at Dec. 31, 2021		28,499,630
Stockholders' Equity, Beginning Balance at Dec. 31, 2021	1,624,184	$ 301	347,452	1,345,321	(68,890)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	91,839			91,839
Stock options exercised, shares		8,600
Stock options exercised	206		(164)		370
Stock-based compensation expense	$ 1,831		1,831
Repurchase of common shares, shares	300,000	(310,000)
Repurchase of common shares	$ (15,393)				(15,393)
Deferral of executive and director compensation	1,022		1,022
Deferred Compensation Arrangement with Individual, Shares Issued		90,553
Deferred Compensation Arrangement with Individual, Distribution Paid	0		(3,850)		3,850
Shares Outstanding, Ending Balance at Mar. 31, 2022		28,288,783
Stockholders' Equity, Ending Balance at Mar. 31, 2022	$ 1,703,689	$ 301	$ 346,291	$ 1,437,160	$ (80,063)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES:
Net income	$ 91,839	$ 84,866
Adjustments to reconcile net income to net cash used in operating activities:
Equity in loss (income) from joint venture arrangements	(16)	(160)
Mortgage loan originations	(479,781)	(515,877)
Proceeds from the sale of mortgage loans	549,025	525,706
Fair value adjustment of mortgage loans held for sale	5,956	6,940
Fair value adjustment of mortgage servicing rights	0	(162)
Servicing Asset at Fair Value, Additions	(3,583)	(3,999)
Amortization of mortgage servicing rights	300	231
Depreciation	3,244	3,233
Amortization of debt issue costs	644	646
Loss on sale of mortgage servicing rights	176
(Gain) on sale of mortgage servicing rights		(252)
Stock-based compensation expense	1,831	2,264
Change in assets and liabilities:
Inventory	(129,295)	(34,331)
Other assets	(25,025)	(8,947)
Accounts payable	36,882	12,547
Customer deposits	23,818	24,829
Accrued compensation	(31,746)	(27,340)
Other liabilities	25,057	4,974
Net cash (used in) provided by operating activities	69,326	75,168
INVESTING ACTIVITIES:
Purchase of property and equipment	(1,205)	(158)
Return of capital from joint venture arrangements	0	1,050
Investment in joint venture arrangements	(5,429)	(4,664)
Net proceeds from sale of mortgage servicing rights	0	4,395
Net cash provided by (used in) investing activities	(6,634)	623
FINANCING ACTIVITIES:
Net repayment of bank borrowings - financial services operations	(62,510)	(49,430)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations	(2,677)	(1,528)
Payments for repurchase of common stock	(15,393)	0
Debt issue costs	(80)	0
Proceeds from exercise of stock options	206	7,257
Net cash (used in) provided by financing activities	(80,454)	(43,701)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(17,762)	32,090
Cash, cash equivalents and restricted cash-Period Start	236,368	260,810
Cash, cash equivalents and restricted cash-Period End	218,606	292,900
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest — net of amount capitalized	7,895	9,110
Income taxes	993	969
NON-CASH TRANSACTIONS DURING THE PERIOD
Community development district infrastructure	(3,323)	4,126
Consolidated inventory not owned	60	2,229
Distribution of single-family lots from joint venture arrangements	$ 5,257	$ 4,625

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, 2021 (the “2021 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 2021 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 March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 is intended to provide temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance became effective on March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued Accounting Standards Update 2021-01, “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. We plan to adopt ASU 2020-04 and ASU 2021-01 when LIBOR is discontinued. We do not expect the adoption of this guidance to 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 March 31, 2022 as compared to those disclosed in our 2021 Form 10-K.

Inventory and Capitalized Inter

Inventory and Capitalized Interest	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 is as follows: (In thousands) March 31, 2022 December 31, 2021 Single-family lots, land and land development costs $ 1,116,069 $ 1,125,738 Land held for sale 8,377 4,312 Homes under construction 1,325,672 1,187,341 Model homes and furnishings - at cost (less accumulated depreciation: March 31, 2022 - $11,690; December 31, 2021 - $12,023) 57,499 59,268 Community development district infrastructure 16,766 20,089 Land purchase deposits 55,341 52,918 Consolidated inventory not owned 2,828 2,768 Total inventory $ 2,582,552 $ 2,452,434 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 March 31, 2022 and December 31, 2021, we had 1,224 homes (with a carrying value of $174.3 million) and 1,266 homes (with a carrying value of $193.2 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 $20.1 million liability related to these CDD bond obligations as of March 31, 2022 and December 31, 2021, 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 months ended March 31, 2022 and 2021 is as follows : Three Months Ended March 31, (In thousands) 2022 2021 Capitalized interest, beginning of period $ 24,343 $ 21,329 Interest capitalized to inventory 8,791 8,995 Capitalized interest charged to land and housing costs and expenses (7,327) (8,205) Capitalized interest, end of period $ 25,807 $ 22,119 Interest incurred $ 9,462 $ 10,171

Investment in Joint Venture Arr

Investment in Joint Venture Arrangements (Notes)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, our investment in such joint venture arrangements totaled $57.3 million and $57.1 million, respectively, and was reported as Investment in Joint Venture Arrangements on our Unaudited Condensed Consolidated Balance Sheets. The $0.2 million increase during the three-month period ended March 31, 2022 was driven primarily by our cash contributions to our joint venture arrangements during the first quarter of 2022 of $5.4 million, offset, in part, by lot distributions from our joint venture arrangements of $5.3 million. The majority of our investment in joint venture arrangements for both March 31, 2022 and December 31, 2021 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 March 31, 2022 and December 31, 2021, the Company had $49.8 million and $50.6 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 March 31, 2022 and December 31, 2021, the Company had $7.5 million and $6.5 million, respectively, of equity invested in LLCs. The Company’s percentage of ownership in these LLCs as of both March 31, 2022 and December 31, 2021 ranged from 25% to 50%. 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 the three months ended March 31, 2022 and $0.2 million for the three months ended March 31, 2021. 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 March 31, 2022 was the amount invested of $57.3 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 2021 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 2021 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	3 Months Ended
	Mar. 31, 2022
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. Both the carrying value and fair value of our mortgage servicing rights were $11.8 million at March 31, 2022. At December 31, 2021, both the carrying value and fair value of our mortgage servicing rights were $8.4 million. The fair value of the Company’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Interest Rate Lock Commitments. IRLCs are extended to certain homebuying customers who have applied for a mortgage loan and meet certain defined credit and underwriting criteria. Typically, the IRLCs will have a term of less than six months; however, in certain markets, the term could extend to nine months. Some IRLCs are committed to a specific third-party investor through the use of whole loan delivery commitments matching the exact terms of the IRLC loan. Uncommitted IRLCs are considered derivative instruments and are fair value adjusted, with the resulting gain or loss recorded in current earnings. Forward Sales of Mortgage-Backed Securities. Forward sales of mortgage-backed securities (“FMBSs”) are used to protect uncommitted IRLC loans against the risk of changes in interest rates between the lock date and the funding date. FMBSs related to uncommitted IRLCs and FMBSs related to mortgage loans held for sale are classified and accounted for as non-designated derivative instruments and are recorded at fair value, with gains and losses recorded in current earnings. Mortgage Loans Held for Sale. Mortgage loans held for sale consists primarily of single-family residential loans collateralized by the underlying property. Generally, all of the mortgage loans and related servicing rights are sold to third-party investors shortly after origination. During the period between when a loan is closed and when it is sold to an investor, the interest rate risk is covered through the use of a whole loan contract or by FMBSs. The table below shows the notional amounts of our financial instruments at March 31, 2022 and December 31, 2021: Description of Financial Instrument (in thousands) March 31, 2022 December 31, 2021 Whole loan contracts and related committed IRLCs $ 14,587 $ 782 Uncommitted IRLCs 470,964 228,831 FMBSs related to uncommitted IRLCs 453,000 223,000 Whole loan contracts and related mortgage loans held for sale 5,005 3,785 FMBSs related to mortgage loans held for sale 200,000 251,000 Mortgage loans held for sale covered by FMBSs 198,937 263,088 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 months ended March 31, 2022 and 2021: Three Months Ended March 31, Description (in thousands) 2022 2021 Mortgage loans held for sale $ (5,956) $ (6,940) Forward sales of mortgage-backed securities 13,560 9,347 Interest rate lock commitments (7,229) (2,618) Whole loan contracts 125 413 Total gain recognized $ 500 $ 202 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 March 31, 2022 March 31, 2022 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ 18,037 Other liabilities $ — Interest rate lock commitments Other assets — Other liabilities 7,648 Whole loan contracts Other assets — Other liabilities 5 Total fair value measurements $ 18,037 $ 7,653 Asset Derivatives Liability Derivatives December 31, 2021 December 31, 2021 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ 4,477 Other liabilities $ — Interest rate lock commitments Other assets — Other liabilities 487 Whole loan contracts Other assets — Other liabilities 62 Total fair value measurements $ 4,477 $ 549 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 2021 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 months ended March 31, 2022 and 2021, 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 2021 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 months ended March 31, 2022 and 2021, 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 March 31, 2022 and December 31, 2021. 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. March 31, 2022 December 31, 2021 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash, cash equivalents and restricted cash Level 1 $ 218,606 $ 218,606 $ 236,368 $ 236,368 Mortgage loans held for sale Level 2 200,455 200,455 275,655 275,655 Forward sales of mortgage-backed securities Level 2 18,037 18,037 4,477 4,477 Liabilities: Notes payable - financial services operations Level 2 203,650 203,650 266,160 266,160 Notes payable - other Level 2 1,871 1,795 4,549 5,015 Senior notes due 2028 (a) Level 2 400,000 377,500 400,000 414,000 Senior notes due 2030 (a) Level 2 300,000 262,875 300,000 294,375 Interest rate lock commitments Level 2 7,648 7,648 487 487 Whole loan contracts for committed IRLCs and mortgage loans held for sale Level 2 5 5 62 62 (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 March 31, 2022 and December 31, 2021: 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 2028 and Senior Notes due 2030. The fair value of these financial instruments was determined based upon market quotes at March 31, 2022 and December 31, 2021. 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 March 31, 2022 under the Company’s $550 million unsecured revolving credit facility, dated July 18, 2013, as amended (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 first quarter of 2022 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	3 Months Ended
	Mar. 31, 2022
Guarantees [Abstract]
Guarantees [Text Block]	Guarantees and Indemnifications In 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 $304.0 million and $305.0 million were covered under these guarantees as of March 31, 2022 and December 31, 2021, respectively. A portion of the revenue paid to M/I Financial for providing the guarantees on these loans was deferred at March 31, 2022, 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 $1.5 million and $0.7 million at March 31, 2022 and December 31, 2021, 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 $0.5 million and $0.3 million at March 31, 2022 and December 31, 2021, respectively, which is management’s best estimate of the Company’s liability with respect to such guarantees.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021 is as follows: Three Months Ended March 31, (In thousands) 2022 2021 Warranty reserves, beginning of period $ 29,728 $ 29,012 Warranty expense on homes delivered during the period 4,559 4,826 Changes in estimates for pre-existing warranties 272 363 Settlements made during the period (5,087) (4,775) Warranty reserves, end of period $ 29,472 $ 29,426 We have received claims related to stucco installation from homeowners in certain of our communities in our Tampa and Orlando, Florida markets and have been named as a defendant in legal proceedings initiated by certain of such homeowners. These claims primarily relate to homes built prior to 2014 which have second story elevations with frame construction. During the three month period ended March 31, 2022, we did not record any additional warranty charges or receive any additional recoveries for stucco-related repair costs. The remaining reserve at March 31, 2022 for (1) homes in our Florida communities that we had identified as needing repair but had not yet completed the repair and (2) estimated repair costs for homes in our Florida communities that we had not yet identified as needing repair but that may require repair in the future included within our warranty reserve was $2.4 million. We believe that this amount is sufficient to cover both known and estimated future repair costs as of March 31, 2022. Our remaining stucco-related reserve is gross of any recoveries. 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, we may revise our estimate, including to reflect additional estimated future stucco-related repairs costs, which revision could be material. Performance Bonds and Letters of Credit At March 31, 2022, the Company had outstanding approximately $386.1 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) $307.1 million of performance and maintenance bonds and $62.2 million of performance letters of credit that serve as completion bonds for land development work in progress; (2) $11.9 million of financial letters of credit, of which $11.4 million represent deposits on land and lot purchase agreements; and (3) $4.9 million of financial bonds. Land Option Contracts and Other Similar Contracts At March 31, 2022, the Company also had options and contingent purchase agreements to acquire land and developed lots with an aggregate purchase price of approximately $961.5 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 March 31, 2022 and December 31, 2021, we had $1.0 million and $1.2 million reserved for legal expenses, respectively.

Goodwill (Notes)

Goodwill (Notes)	3 Months Ended
	Mar. 31, 2022
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 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, 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 2021, and as no indicators for impairment existed at December 31, 2021, no impairment was recorded. At March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Debt Notes Payable - Homebuilding The Credit Facility provides for an aggregate commitment amount of $550 million and also includes an 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. The Credit Facility matures on July 18, 2025. Interest on amounts borrowed under the Credit Facility is payable at a rate which is adjusted daily and is equal to the sum of the one-month LIBOR (subject to a floor of 0.25%) plus a margin of 175 basis points (subject to adjustment in subsequent quarterly periods based on the Company’s leverage ratio). The Credit Facility includes a provision for the replacement of LIBOR under certain circumstances where one-month LIBOR is no longer available. The Credit Facility also contains certain financial covenants. At March 31, 2022, 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 $1.38 billion of availability for additional senior debt at March 31, 2022. As a result, the full $550 million commitment amount of the Credit Facility was available, less any borrowings and letters of credit outstanding. At March 31, 2022, there were no borrowings outstanding and $74.1 million of letters of credit outstanding, leaving a net remaining borrowing availability of $475.9 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 $300.0 million aggregate principal amount of 3.95% Senior Notes due 2030 (the “2030 Senior Notes”) and the Company’s $400.0 million aggregate principal amount of 4.95% Senior Notes due 2028 (the “2028 Senior Notes”). The guarantors for the Credit Facility (the “Subsidiary Guarantors”) are the same subsidiaries that guarantee the 2030 Senior Notes and the 2028 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. The MIF Mortgage Warehousing Agreement provides for a maximum borrowing availability of $175 million, which increased to $210 million from September 25, 2021 to October 15, 2021 and increased to $235 million from November 15, 2021 to February 4, 2022 (periods of increases in the volume of mortgage originations). The MIF Mortgage Warehousing Agreement expires on May 27, 2022. Interest on amounts borrowed under the MIF Mortgage Warehousing Agreement is payable at a per annum rate equal to the one-month LIBOR rate (subject to a floor of 0.5%) plus a spread of 190 basis points . The MIF Mortgage Warehousing Agreement includes a provision for the replacement of LIBOR under certain circumstances where one-month LIBOR is no longer available. The MIF Mortgage Warehousing Agreement also contains certain financial covenants. At March 31, 2022, 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 24, 2022. 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 0.75% or 0.625% based on the type of loan) plus 175 or 200 basis points depending on the loan type. The MIF Mortgage Repurchase Facility includes a provision for the replacement of LIBOR under certain circumstances where one-month LIBOR is no longer available. The MIF Mortgage Repurchase Facility also contains certain financial covenants. At March 31, 2022, M/I Financial was in compliance with all financial covenants of the MIF Mortgage Repurchase Facility. At March 31, 2022 and December 31, 2021, M/I Financial’s total combined maximum borrowing availability under the two credit facilities was $265.0 million and $325.0 million, respectively. At March 31, 2022 and December 31, 2021, M/I Financial had $203.7 million and $266.2 million outstanding on a combined basis under its credit facilities, respectively. Senior Notes As of both March 31, 2022 and December 31, 2021, we had $300.0 million of our 2030 Senior Notes outstanding. The 2030 Senior Notes bear interest at a rate of 3.95% per year, payable semiannually in arrears on February 15 and August 15 of each year, and mature on February 15, 2030. The Company may redeem some or all of the 2030 Senior Notes at any time prior to August 15, 2029 (the date that is six months prior to the maturity of the 2030 Senior Notes), at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” amount set forth in the indenture governing the 2030 Senior Notes. In addition, on or after August 15, 2029 (the date that is six months prior to the maturity of the 2030 Senior Notes), the Company may redeem some or all of the 2030 Senior Notes at a redemption price equal to 100.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date. As of both March 31, 2022 and December 31, 2021, 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. The 2030 Senior Notes contain certain covenants, as more fully described and defined in the indenture governing the 2030 Senior Notes, which limit the ability of the Company and the restricted subsidiaries to, among other things: incur certain liens securing indebtedness without equally and ratably securing the 2030 Senior Notes and the guarantees thereof; enter into certain sale and leaseback transactions; and consolidate or merge with or into other companies, liquidate or sell or otherwise dispose of all or substantially all of the Company’s assets. These covenants are subject to a number of exceptions and qualifications as described in the indenture governing the 2030 Senior Notes. As of March 31, 2022, the Company was in compliance with all terms, conditions, and covenants under the indenture. The 2028 Senior Notes contain certain covenants, as more fully described and defined in the indenture governing the 2028 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. As of March 31, 2022, the Company was in compliance with all terms, conditions, and covenants under the indenture. The 2030 Senior Notes and the 2028 Senior Notes are fully and unconditionally guaranteed jointly and severally on a senior unsecured basis by the Subsidiary Guarantors. The 2030 Senior Notes and the 2028 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 2030 Senior Notes and the 2028 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 the 2028 Senior Notes limits 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 indenture. 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 indenture), 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 $513.0 million at March 31, 2022 and $487.5 million at December 31, 2021. 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 12 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 $1.9 million and $4.5 million as of March 31, 2022 and December 31, 2021, respectively, which are comprised of notes payable acquired in the normal course of business.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021: Three Months Ended March 31, (In thousands, except per share amounts) 2022 2021 NUMERATOR Net income $ 91,839 $ 84,866 DENOMINATOR Basic weighted average shares outstanding 28,424 29,015 Effect of dilutive securities: Stock option awards 336 431 Deferred compensation awards 312 297 Diluted weighted average shares outstanding $ 29,072 $ 29,743 Earnings per common share: Basic $ 3.23 $ 2.92 Diluted $ 3.16 $ 2.85 Anti-dilutive equity awards not included in the calculation of diluted earnings per common share 434 —

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income TaxesDuring the three months ended March 31, 2022 and 2021, the Company recorded a tax provision of $30.4 million and $25.4 million, respectively, which reflects income tax expense related to the periods’ income before income taxes. The effective tax rate for the three months ended March 31, 2022 and 2021 was 24.9% and 23.0%, respectively. The increase in the effective rate from the three months ended March 31, 2021 was primarily attributable to a $1.1 million decrease in tax benefits from the non-renewal of the energy efficient home credits for 2022 in addition to a $1.1 million decrease in tax benefits from equity compensation.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2022
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 Nashville, Tennessee The following table shows, by segment, revenue, operating income and interest (income) expense for the three months ended March 31, 2022 and 2021, as well as the Company’s income before income taxes for such periods: Three Months Ended March 31, (In thousands) 2022 2021 Revenue: Northern homebuilding $ 353,786 $ 332,998 Southern homebuilding 482,914 466,129 Financial services (a) 24,111 29,649 Total revenue $ 860,811 $ 828,776 Operating income (loss): Northern homebuilding $ 40,216 $ 38,984 Southern homebuilding 84,293 66,215 Financial services (a) 13,933 20,636 Less: Corporate selling, general and administrative expense (15,537) (14,538) Total operating income $ 122,905 $ 111,297 Interest expense (income): Northern homebuilding $ — $ 76 Southern homebuilding (2) 157 Financial services (a) 878 943 Corporate (205) — Total interest expense $ 671 $ 1,176 Other income (16) (160) Income before income taxes $ 122,250 $ 110,281 (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 March 31, 2022 and December 31, 2021: March 31, 2022 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 6,033 $ 49,308 $ — $ 55,341 Inventory (a) 1,014,419 1,512,792 — 2,527,211 Investments in joint venture arrangements — 57,309 — 57,309 Other assets 45,708 85,660 (b) 535,282 666,650 Total assets $ 1,066,160 $ 1,705,069 $ 535,282 $ 3,306,511 December 31, 2021 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 4,123 $ 48,795 $ — $ 52,918 Inventory (a) 987,258 1,412,258 — 2,399,516 Investments in joint venture arrangements — 57,121 — 57,121 Other assets 37,527 63,844 (b) 628,927 730,298 Total assets $ 1,028,908 $ 1,582,018 $ 628,927 $ 3,239,853 (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)	3 Months Ended
	Mar. 31, 2022
Share Repurchase Program [Abstract]
Treasury Stock [Text Block]	Share Repurchase Program On July 28, 2021, the Company announced that its Board of Directors approved a new share repurchase program pursuant to which the Company may purchase up to $100 million of its outstanding common shares (the “2021 Share Repurchase Program”). On February 17, 2022, the Company announced that its Board of Directors approved an increase to its 2021 Share Repurchase Program by an additional $100 million. Pursuant to the 2021 Share Repurchase Program, the Company may purchase up to $200 million of its outstanding common shares through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing, amount and other terms and conditions of any additional repurchases under the 2021 Share Repurchase Program will be determined by the Company’s management at its discretion based on a variety of factors, including the market price of the Company’s common shares, business considerations, general market and economic conditions and legal requirements. The 2021 Share Repurchase Program does not have an expiration date and the Board may modify, discontinue or suspend it at any time. During the first quarter 2022, the Company repurchased 0.3 million outstanding common shares at an aggregate purchase price of $15.4 million under the 2021 Share Repurchase Program. As of March 31, 2022, $133.1 million remained available for repurchases under the 2021 Share Repurchase Program.

Revenue (Notes)

Revenue (Notes)	3 Months Ended
	Mar. 31, 2022
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 March 31, (Dollars in thousands) 2022 2021 Housing $ 833,163 $ 798,279 Land sales 3,537 848 Financial services (a) 24,111 29,649 Total revenue $ 860,811 $ 828,776 (a) Revenue includes hedging gains of $8.2 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively. Hedging gains do not represent revenue recognized from contracts with customers. Refer to Note 11 for presentation of our revenues disaggregated by geography. As our homebuilding operations accounted for over 96% of our total revenues for the three months ended March 31, 2022 and 2021, 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.

Stock-Based Compensation Stock-

Stock-Based Compensation Stock-Based Compensation (Notes)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement [Text Block]	Stock-Based Compensation The Company maintains the M/I Homes, Inc. 2018 Long-Term Incentive Plan (the “2018 LTIP”), an equity compensation plan administered by the Compensation Committee of our Board of Directors. Under the 2018 LTIP, the Company is permitted to grant (1) nonqualified stock options to purchase common shares, (2) incentive stock options to purchase common shares, (3) stock appreciation rights, (4) restricted common shares, (5) other stock-based awards (awards that are valued in whole or in part by reference to, or otherwise based on, the fair market value of our common shares), and (6) cash-based awards to its officers, employees, non-employee directors and other eligible participants. Subject to certain adjustments, the 2018 LTIP authorizes awards to officers, employees, non-employee directors and other eligible participants for up to 2,250,000 common shares, of which 168,487 remain available for grant at March 31, 2022. The 2018 LTIP replaced the M/I Homes, Inc. 2009 Long-Term Incentive Plan (the “2009 LTIP”), which was terminated immediately following our 2018 Annual Meeting of Shareholders. Awards outstanding under the 2009 LTIP Plan remain in effect in accordance with their respective terms. Stock Options On February 17, 2022, the Company awarded certain of its employees 474,000 (in the aggregate) nonqualified stock options at an exercise price of $47.59 (the closing price of our common shares on the New York Stock Exchange on such date) and a fair value of $16.29 that vest ratably over a five-year period. Total stock-based compensation expense related to stock option awards that has been charged against income relating to the 2018 LTIP was $1.8 million and $2.3 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was a total of $17.4 million of unrecognized compensation expense related to unvested stock option awards that will be recognized as stock-based compensation expense as the awards vest over a weighted average period of 2.4 years. Performance Share Unit Awards On February 17, 2022, February 16, 2021 and February 18, 2020, the Company awarded its executive officers (in the aggregate) a target number of performance share units (“PSU’s”) equal to 33,619, 30,875 and 45,771 PSU’s, respectively. Each PSU represents a contingent right to receive one common share of the Company if vesting is satisfied at the end of a three-year performance period (the “Performance Period”). The ultimate number of PSU’s that will vest and be earned, if any, after the completion of the Performance Period, is based on (1) (a) the Company’s cumulative annual pre-tax income from operations, excluding extraordinary items, as defined in the underlying award agreements with the executive officers, over the Performance Period (weighted 80%) (the “Performance Condition”), and (b) the Company’s relative total shareholder return over the Performance Period compared to the total shareholder return of a peer group of other publicly-traded homebuilders (weighted 20%) (the “Market Condition”) and (2) the participant’s continued employment through the end of the Performance Period, except in the case of termination due to death, disability or retirement or involuntary termination without cause by the Company. The number of PSU’s that vest may increase by up to 50% from the target number based on levels of achievement of the above criteria as set forth in the applicable award agreements and decrease to zero if the Company fails to meet the minimum performance levels for both of the above criteria. If the Company achieves the minimum performance levels for both of the above criteria, 50% of the target number of PSU’s will vest and be earned. Any portion of PSU’s that does not vest at the end of the Performance Period will be forfeited. Additionally, the PSU’s have no dividend or voting rights during the Performance Period. The grant date fair value of the portion of the PSU’s subject to the Performance Condition and the Market Condition component was $47.59 and $50.51 for the 2022 PSU’s, respectively, $51.82 and $56.44 for the 2021 PSU’s, respectively, and $42.23 and $37.51 for the 2020 PSU’s, respectively. In accordance with ASC 718, for the portion of the PSU’s subject to a Market Condition, stock-based compensation expense is derived using the Monte Carlo simulation methodology and is recognized ratably over the service period regardless of whether or not the attainment of the Market Condition is probable. Therefore, the Company recognized less than $0.1 million in stock-based compensation expense during the first quarter of 2022 related to the Market Condition portion of the 2022, 2021 and 2020 PSU awards. There was a total of $0.3 million of unrecognized stock-based compensation expense related to the Market Condition portion of the 2022, 2021 and 2020 PSU awards as of March 31, 2022. For the portion of the PSU’s subject to the Performance Condition, we recognize stock-based compensation expense on a straight-line basis over the Performance Period based on the probable outcome of the related Performance Condition. Otherwise, stock-based compensation expense recognition is deferred until probability is attained and a cumulative stock-based compensation expense adjustment is recorded and recognized ratably over the remaining service period. The Company reassesses the probability of the satisfaction of the Performance Condition on a quarterly basis, and stock-based compensation expense is adjusted based on the portion of the requisite service period that has passed. As of March 31, 2022, the Company had not recognized any stock-based compensation expense related to the Performance Condition portion of the 2022 PSU awards. If the Company achieves the minimum performance levels for the Performance Conditions to be met for the 2022 PSU awards, the Company would record unrecognized stock-based compensation expense of $0.6 million as of March 31, 2022, for which $0.1 million would be immediately recognized had attainment been probable at March 31, 2022. The Company recognized a total of $0.2 million of stock-based compensation expense related to the Performance Condition portion of the 2021 and the 2020 PSU awards during the first quarter of 2022 based on the probability of attaining the respective performance conditions. The Company has a total of $1.1 million of unrecognized stock-based compensation expense for the 2021 and the 2020 PSU awards as of March 31, 2022.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Policy Text Block [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 is intended to provide temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance became effective on March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued Accounting Standards Update 2021-01, “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), which clarified the scope and application of the original guidance. We plan to adopt ASU 2020-04 and ASU 2021-01 when LIBOR is discontinued. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and disclosures.

Inventory and Capitalized Int_2

Inventory and Capitalized Interest Inventory (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	A summary of the Company’s inventory as of March 31, 2022 and December 31, 2021 is as follows: (In thousands) March 31, 2022 December 31, 2021 Single-family lots, land and land development costs $ 1,116,069 $ 1,125,738 Land held for sale 8,377 4,312 Homes under construction 1,325,672 1,187,341 Model homes and furnishings - at cost (less accumulated depreciation: March 31, 2022 - $11,690; December 31, 2021 - $12,023) 57,499 59,268 Community development district infrastructure 16,766 20,089 Land purchase deposits 55,341 52,918 Consolidated inventory not owned 2,828 2,768 Total inventory $ 2,582,552 $ 2,452,434
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	The summary of capitalized interest for the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended March 31, (In thousands) 2022 2021 Capitalized interest, beginning of period $ 24,343 $ 21,329 Interest capitalized to inventory 8,791 8,995 Capitalized interest charged to land and housing costs and expenses (7,327) (8,205) Capitalized interest, end of period $ 25,807 $ 22,119 Interest incurred $ 9,462 $ 10,171

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021: Description of Financial Instrument (in thousands) March 31, 2022 December 31, 2021 Whole loan contracts and related committed IRLCs $ 14,587 $ 782 Uncommitted IRLCs 470,964 228,831 FMBSs related to uncommitted IRLCs 453,000 223,000 Whole loan contracts and related mortgage loans held for sale 5,005 3,785 FMBSs related to mortgage loans held for sale 200,000 251,000 Mortgage loans held for sale covered by FMBSs 198,937 263,088
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 months ended March 31, 2022 and 2021: Three Months Ended March 31, Description (in thousands) 2022 2021 Mortgage loans held for sale $ (5,956) $ (6,940) Forward sales of mortgage-backed securities 13,560 9,347 Interest rate lock commitments (7,229) (2,618) Whole loan contracts 125 413 Total gain recognized $ 500 $ 202
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 March 31, 2022 March 31, 2022 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ 18,037 Other liabilities $ — Interest rate lock commitments Other assets — Other liabilities 7,648 Whole loan contracts Other assets — Other liabilities 5 Total fair value measurements $ 18,037 $ 7,653 Asset Derivatives Liability Derivatives December 31, 2021 December 31, 2021 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ 4,477 Other liabilities $ — Interest rate lock commitments Other assets — Other liabilities 487 Whole loan contracts Other assets — Other liabilities 62 Total fair value measurements $ 4,477 $ 549
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 March 31, 2022 and December 31, 2021. 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. March 31, 2022 December 31, 2021 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash, cash equivalents and restricted cash Level 1 $ 218,606 $ 218,606 $ 236,368 $ 236,368 Mortgage loans held for sale Level 2 200,455 200,455 275,655 275,655 Forward sales of mortgage-backed securities Level 2 18,037 18,037 4,477 4,477 Liabilities: Notes payable - financial services operations Level 2 203,650 203,650 266,160 266,160 Notes payable - other Level 2 1,871 1,795 4,549 5,015 Senior notes due 2028 (a) Level 2 400,000 377,500 400,000 414,000 Senior notes due 2030 (a) Level 2 300,000 262,875 300,000 294,375 Interest rate lock commitments Level 2 7,648 7,648 487 487 Whole loan contracts for committed IRLCs and mortgage loans held for sale Level 2 5 5 62 62 (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)	3 Months Ended
	Mar. 31, 2022
Warranty Accrual Rollforward [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	A summary of warranty activity for the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended March 31, (In thousands) 2022 2021 Warranty reserves, beginning of period $ 29,728 $ 29,012 Warranty expense on homes delivered during the period 4,559 4,826 Changes in estimates for pre-existing warranties 272 363 Settlements made during the period (5,087) (4,775) Warranty reserves, end of period $ 29,472 $ 29,426

Earnings per Share Earnings per

Earnings per Share Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021: Three Months Ended March 31, (In thousands, except per share amounts) 2022 2021 NUMERATOR Net income $ 91,839 $ 84,866 DENOMINATOR Basic weighted average shares outstanding 28,424 29,015 Effect of dilutive securities: Stock option awards 336 431 Deferred compensation awards 312 297 Diluted weighted average shares outstanding $ 29,072 $ 29,743 Earnings per common share: Basic $ 3.23 $ 2.92 Diluted $ 3.16 $ 2.85 Anti-dilutive equity awards not included in the calculation of diluted earnings per common share 434 —

Business Segments Business Segm

Business Segments Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table shows, by segment, revenue, operating income and interest (income) expense for the three months ended March 31, 2022 and 2021, as well as the Company’s income before income taxes for such periods: Three Months Ended March 31, (In thousands) 2022 2021 Revenue: Northern homebuilding $ 353,786 $ 332,998 Southern homebuilding 482,914 466,129 Financial services (a) 24,111 29,649 Total revenue $ 860,811 $ 828,776 Operating income (loss): Northern homebuilding $ 40,216 $ 38,984 Southern homebuilding 84,293 66,215 Financial services (a) 13,933 20,636 Less: Corporate selling, general and administrative expense (15,537) (14,538) Total operating income $ 122,905 $ 111,297 Interest expense (income): Northern homebuilding $ — $ 76 Southern homebuilding (2) 157 Financial services (a) 878 943 Corporate (205) — Total interest expense $ 671 $ 1,176 Other income (16) (160) Income before income taxes $ 122,250 $ 110,281 (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 March 31, 2022 and December 31, 2021: March 31, 2022 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 6,033 $ 49,308 $ — $ 55,341 Inventory (a) 1,014,419 1,512,792 — 2,527,211 Investments in joint venture arrangements — 57,309 — 57,309 Other assets 45,708 85,660 (b) 535,282 666,650 Total assets $ 1,066,160 $ 1,705,069 $ 535,282 $ 3,306,511 December 31, 2021 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 4,123 $ 48,795 $ — $ 52,918 Inventory (a) 987,258 1,412,258 — 2,399,516 Investments in joint venture arrangements — 57,121 — 57,121 Other assets 37,527 63,844 (b) 628,927 730,298 Total assets $ 1,028,908 $ 1,582,018 $ 628,927 $ 3,239,853 (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)	3 Months Ended
	Mar. 31, 2022
Disaggregated Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents our revenues disaggregated by revenue source: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Housing $ 833,163 $ 798,279 Land sales 3,537 848 Financial services (a) 24,111 29,649 Total revenue $ 860,811 $ 828,776

Inventory and Capitalized Int_3

Inventory and Capitalized Interest Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Single-family lots, land and land development costs	$ 1,116,069	$ 1,125,738
Land held for sale	8,377	4,312
Homes under construction	1,325,672	1,187,341
Model homes and furnishings - at cost (less accumulated depreciation: March 31, 2022 - $11,690; December 31, 2021 - $12,023)	57,499	59,268
Community Development District	16,766	20,089
Land purchase deposits	55,341	52,918
Consolidated Inventory Not Owned	2,828	2,768
Total Inventory	$ 2,582,552	$ 2,452,434

Inventory and Capitalized Int_4

Inventory and Capitalized Interest Inventory Subsection (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Parantheticals - Inventory [Abstract]
Model Home Accumulated Depreciation	$ 11,690	$ 12,023

Inventory and Capitalized Int_5

Inventory and Capitalized Interest Other Inventory Items - Homes under construction not subject to a sale contract (Details) $ in Thousands	Mar. 31, 2022USD ($)homes	Dec. 31, 2021USD ($)
Other Inventory, Gross [Abstract]
Number of Speculative Homes	1,224	1,266
Speculative Homes Carrying Value	$ 174,300	$ 193,200
Community Development District	$ 16,766	$ 20,089

Inventory and Capitalized Int_6

Inventory and Capitalized Interest Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized Interest, beginning of period	$ 24,343	$ 21,329
Interest capitalized to inventory	8,791	8,995
Capitalized interest charged to land and housing costs and expenses	(7,327)	(8,205)
Capitalized Interest, end of period	25,807	22,119
Interest incurred	$ 9,462	$ 10,171

Investment in Joint Venture A_2

Investment in Joint Venture Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment in joint venture arrangements	$ 57,309		$ 57,121
Increase (decrease) in investments in unconsolidated joint ventures and other similar arrangements	200
Investment in joint venture arrangements	5,429	$ 4,664
Distribution of single-family lots from joint venture arrangements	5,257	4,625
Company's investment in joint development or similar agreements	49,800		50,600
Equity invested in LLCs	7,500		$ 6,500
Equity in loss (income) from joint venture arrangements	$ (16)	$ (160)
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	25.00%		25.00%

Fair Value Measurements Notiona

Fair Value Measurements Notional Amount of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Notional Disclosures [Abstract]
Whole loan contracts and related committed IRLCs	$ 14,587	$ 782
Uncommitted IRLCs	470,964	228,831
FMBSs related to uncommitted IRLCs	453,000	223,000
Whole loan contracts and related mortgage loans held for sale	5,005	3,785
FMBSs related to mortgage loans held for sale	200,000	251,000
Mortgage loans held for sale covered by FMBSs	$ 198,937	$ 263,088

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
	Mar. 31, 2022	Mar. 31, 2021
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	$ 500	$ 202
Mortgage Loans Held for Sale [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	(5,956)	(6,940)
Forward Sales of Mortgage Backed Securities [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	13,560	9,347
Interest Rate Lock Commitments [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	(7,229)	(2,618)
Whole Loan Contracts [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	$ 125	$ 413

Fair Value Measurements Balance

Fair Value Measurements Balance Sheet Location of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	$ 18,037	$ 4,477
Other Liabilities [Member]
Financial Insturments, Fair Value [Line Items]
Fair Value Disclosure, Recurring	7,653	549
Forward Sales of Mortgage Backed Securities [Member] | Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	18,037	4,477
Forward Sales of Mortgage Backed Securities [Member] | Other Liabilities [Member]
Financial Insturments, Fair Value [Line Items]
Fair Value Disclosure, Recurring	0	0
Interest Rate Lock Commitments [Member] | Other Assets [Member]
Financial Insturments, Fair Value [Line Items]
Financial Instrument, Fair Value	0	0
Interest Rate Lock Commitments [Member] | Other Liabilities [Member]
Financial Insturments, Fair Value [Line Items]
Fair Value Disclosure, Recurring	7,648	487
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	$ 5	$ 62

Fair Value Measurements Assets

Fair Value Measurements Assets and Liabilities Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory valuation adjustments and abandoned land transaction write-offs	$ 0	$ 0
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 0

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying (Reported) Amount, Fair Value Disclosure [Member]
ASSETS:
Servicing Asset	$ 11,800	$ 8,400
Cash, cash equivalents and restricted cash	218,606	236,368
Mortgage loans held for sale	200,455	275,655
Forward sales of mortgage-backed securities	18,037	4,477
LIABILITIES:
Notes payable - financial services operations	203,650	266,160
Notes payable - other	1,871	4,549
Senior Notes due 2028 (a)	400,000	400,000
Senior Notes due 2030 Fair Value Disclosure	300,000	300,000
Commitments to extend real estate loans (Liabilities)	7,648	487
Whole Loan contracts for committed IRLCs and mortgage loans held for sale	5	62
Estimate of Fair Value, Fair Value Disclosure [Member]
ASSETS:
Servicing Asset	11,800	8,400
Cash, cash equivalents and restricted cash	218,606	236,368
Mortgage loans held for sale	200,455	275,655
Forward sales of mortgage-backed securities	18,037	4,477
LIABILITIES:
Notes payable - financial services operations	203,650	266,160
Notes payable - other	1,795	5,015
Senior Notes due 2028 (a)	377,500	414,000
Senior Notes due 2030 Fair Value Disclosure	262,875	294,375
Commitments to extend real estate loans (Liabilities)	7,648	487
Whole Loan contracts for committed IRLCs and mortgage loans held for sale	$ 5	$ 62

Fair Value Measurements Fair _2

Fair Value Measurements Fair Value of Financial Instrument Assumptions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Nov. 15, 2021	Sep. 25, 2021
Revolving Credit Facility [Member]
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 550
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%
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%
Repurchase Agreement-Fourth Amendment to Second Amendment and Restated
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

Guarantees and Indemnificatio_2

Guarantees and Indemnifications Guarantees (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Guarantees [Abstract]
Total of Loans Covered by Guarantees	$ 304	$ 305
Total of Guaranteed Loans Inquired About	1.5	0.7
Loan Repurchase Guarantee Liability	$ 0.5	$ 0.3

Commitments and Contingencies W

Commitments and Contingencies Warranty Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Warranty Accrual Rollforward [Abstract]
Warranty reserves, beginning of period	$ 29,728	$ 29,012
Warranty expense on homes delivered during the period	4,559	4,826
Changes in estimates for pre-existing warranties	272	363
Settlements made during the period	(5,087)	(4,775)
Warranty reserves, end of period	29,472	$ 29,426
Estimated Repair Costs for Affected Homes	$ 2,400

Commitments and Contingencies_2

Commitments and Contingencies Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies [Abstract]
Letters of credit and completion bonds	$ 386.1
Performance bonds outstanding	307.1
Performance letters of credit outstanding	62.2
Financial letters of credit	11.9
Financial letters of credit representing deposits on land and lot purchase agreements	11.4
Financial Bonds	4.9
Unrecorded conditional purchase obligation	$ 961.5

Commitments and Contingencies L

Commitments and Contingencies Legal Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Legal Reserve	$ 1	$ 1.2

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	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) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Line of Credit Facility [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount	$ 1,380,000
Notes payable bank - homebuilding operations	0
letters of credit outstanding under credit facility	74,100
Maximum borrowing availability subject to limit	475,900
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 550,000
Line of Credit Facility, Expiration Date	Jul. 18, 2025
Line of Credit Facility, Maximum Borrowing Capacity	$ 700,000
Libor Floor	0.25%
Sub-limit for letters of credit	$ 150,000
Basis point spread on variable rate under Credit Facility	1.75%
2028 Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	4.95%
2030 Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	3.95%

Debt MIF Warehousing Agreement

Debt MIF Warehousing Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Nov. 15, 2021	Sep. 25, 2021
Debt Instrument [Line Items]
Maximum Borrowing Availability under all Credit Lines	$ 265,000	$ 325,000
Notes payable bank - financial service operations	203,650	$ 266,160
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%
Repurchase Agreement-Fourth Amendment to Second Amendment and Restated
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 90,000
Line of Credit Facility, Expiration Date	Oct. 24, 2022
Libor Floor	0.75%
Libor Floor- Loan Type 2	0.625%
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	3 Months Ended	6 Months Ended	12 Months Ended		24 Months Ended	48 Months Ended
	Mar. 31, 2022	Feb. 15, 2030	Jan. 31, 2026	Jan. 31, 2025	Feb. 01, 2028	Jan. 31, 2024	Dec. 31, 2021
Debt Instrument [Line Items]
Restricted Payments Basket	$ 513,000						$ 487,500
2028 Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	4.95%
Debt Instrument, Maturity Date	Feb. 1, 2028
Debt Instrument, Redemption Price, Percentage			101.238%	102.475%	100.00%	103.713%
2030 Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	3.95%
Debt Instrument, Maturity Date	Feb. 15, 2030
Debt Instrument, Redemption Price, Percentage		100.00%
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	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Notes payable - other	$ 1,871	$ 4,549

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
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 91,839	$ 84,866
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	28,424	29,015
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Incremental Common Shares Attributable to Stock Options	336	431
Deferred Compensation Awards	312	297
Diluted Weighted Average Number of Shares Outstanding	29,072	29,743
Earnings Per Share, Basic	$ 3.23	$ 2.92
Earnings Per Share, Diluted	$ 3.16	$ 2.85
Anti-dilutive stock equivalent awards not included in the calculation of diluted loss per share	434	0

Income Taxes Income Tax (Narrat

Income Taxes Income Tax (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Valuation Allowance [Line Items]
Provision for income taxes	$ 30,411	$ 25,415
Effective Income Tax Rate Reconciliation, Percent	24.90%	23.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Amount	$ 1,100
Share-based Payment Arrangement, Expense, Tax Benefit	$ 1,100

Business Segments Business Se_2

Business Segments Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 860,811	$ 828,776
Operating Income	122,905	111,297
Interest Expense	671	1,176
Equity in loss (income) from joint venture arrangements	(16)	(160)
Income before income taxes	122,250	110,281
Northern Homebuilding [Member]
Segment Reporting Information [Line Items]
Revenue	353,786	332,998
Operating Income	40,216	38,984
Interest Expense	0	76
Southern Homebuilding [Member]
Segment Reporting Information [Line Items]
Revenue	482,914	466,129
Operating Income	84,293	66,215
Interest Expense		157
Interest income	(2)
Financial Service
Segment Reporting Information [Line Items]
Revenue	24,111	29,649
Operating Income	13,933	20,636
Interest Expense	878	943
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Selling, general and administrative expenses	(15,537)	(14,538)
Interest Income	$ (205)	$ 0

Business Segments Business Se_3

Business Segments Business Segments - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	$ 55,341	$ 52,918
Inventory	2,527,211	2,399,516
Investment in joint venture arrangements	57,309	57,121
Other assets	666,650	730,298
Total assets	3,306,511	3,239,853
Northern Homebuilding [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	6,033	4,123
Inventory	1,014,419	987,258
Investment in joint venture arrangements	0	0
Other assets	45,708	37,527
Total assets	1,066,160	1,028,908
Southern Homebuilding [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	49,308	48,795
Inventory	1,512,792	1,412,258
Investment in joint venture arrangements	57,309	57,121
Other assets	85,660	63,844
Total assets	1,705,069	1,582,018
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	535,282	628,927
Total assets	$ 535,282	$ 628,927

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2022	Feb. 17, 2022	Dec. 31, 2021
Share Repurchase Program [Abstract]
Stock Repurchase Program, Authorized Amount	$ 200,000		$ 100,000
Repurchase of common shares, shares	0.3
Repurchase of common shares	$ 15,393
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 133,100
Stock Repurchase Program, Authorized Amount increase/decrease		$ 100,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 860,811	$ 828,776
Gain (Loss) on Hedging Activity	$ 8,200	$ 1,200
Homebuilding operations percent of total revenue	97.00%	96.00%
Construction [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 833,163	$ 798,279
Land [Member]
Disaggregation of Revenue [Line Items]
Revenues	3,537	848
Financial Service
Disaggregation of Revenue [Line Items]
Revenues	$ 24,111	$ 29,649

Stock-Based Compensation Stoc_2

Stock-Based Compensation Stock-Based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	168,487
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	474,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 47.59
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 16.29
Share-based Payment Arrangement, Expense	$ 1,800,000	$ 2,300,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17,400,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
Percentage weight of PSUs related to performance condition	80.00%
Percentage weight of PSUs related to market condition	20.00%
Market Condition Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense	$ 41,000
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 300,000
2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	33,619
2022 [Member] | Performance Condition Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 100,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	47.59
Compensation expense to be recognized over 3-year period at Minimum level	600,000
2022 [Member] | Market Condition Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	50.51
2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		30,875
2021 [Member] | Performance Condition Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	51.82
2021 [Member] | Market Condition Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	56.44
2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			45,771
2020 [Member] | Performance Condition Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	42.23
2020 [Member] | Market Condition Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	37.51
2020 and 2021 | Performance Condition Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense	200,000
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 1,100,000