Meritage Homes (MTH) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-9977
Entity Registrant Name	Meritage Homes Corporation
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-0611231
Entity Address, Address Line One	18655 North Claret Drive
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85255
City Area Code	480
Local Phone Number	515-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock $.01 par value
Trading Symbol	MTH
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,327,214
Entity Central Index Key	0000833079
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 992,921	$ 921,227
Other receivables	258,137	266,972
Real estate	5,175,084	4,721,291
Deposits on real estate under option or contract	156,698	111,364
Investments in unconsolidated entities	23,630	17,170
Property and equipment, net	46,585	48,953
Deferred tax assets, net	60,167	47,573
Prepaids, other assets and goodwill	210,758	218,584
Total assets	6,923,980	6,353,134
Liabilities
Accounts payable	299,780	271,650
Accrued liabilities	388,975	424,764
Home sale deposits	39,380	36,605
Loans payable and other borrowings	9,711	13,526
Senior and convertible senior notes, net	1,303,600	994,689
Total liabilities	2,041,446	1,741,234
Stockholders’ Equity
Preferred stock, par value $0.01. Authorized 10,000,000 shares; none issued and outstanding at June 30, 2024 and December 31, 2023	0	0
Common stock, par value $0.01. Authorized 125,000,000 shares; 36,327,214 and 36,425,037 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	363	364
Additional paid-in capital	198,503	290,955
Retained earnings	4,683,668	4,320,581
Total stockholders’ equity	4,882,534	4,611,900
Total liabilities and stockholders’ equity	$ 6,923,980	$ 6,353,134

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	36,327,214	36,425,037
Common stock, shares outstanding (in shares)	36,327,214	36,425,037

UNAUDITED CONSOLIDATED INCOME S

UNAUDITED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commissions and other sales costs	$ (104,665)	$ (95,798)	$ (206,215)	$ (178,644)
General and administrative expenses	(53,184)	(52,140)	(103,916)	(99,659)
Interest expense	0	0	0	0
Other income, net	11,498	12,862	20,520	21,706
Loss on early extinguishment of debt	(631)	0	(631)	0
Earnings before income taxes	297,361	239,524	531,376	404,827
Provision for income taxes	(65,806)	(52,688)	(113,805)	(86,690)
Net earnings	$ 231,555	$ 186,836	$ 417,571	$ 318,137
Earnings per common share:
Basic (in dollars per share)	$ 6.38	$ 5.08	$ 11.50	$ 8.67
Diluted (in dollars per share)	$ 6.31	$ 5.02	$ 11.37	$ 8.56
Weighted average number of shares:
Basic (in shares)	36,322	36,765	36,317	36,715
Diluted (in shares)	36,718	37,191	36,738	37,149
Common Stock, Dividends, Per Share, Declared	$ 0.75	$ 0.27	$ 1.50	$ 0.54
Homebuilding
Revenue	$ 1,693,738	$ 1,567,400	$ 3,162,139	$ 2,846,708
Cost of closings	(1,254,232)	(1,190,243)	(2,344,668)	(2,185,650)
Gross profit	439,506	377,157	817,471	661,058
Home closings
Revenue	1,693,738	1,543,021	3,159,834	2,804,944
Cost of closings	(1,254,232)	(1,166,041)	(2,342,370)	(2,145,503)
Gross profit	439,506	376,980	817,464	659,441
Land closings
Revenue	0	24,379	2,305	41,764
Cost of closings	0	(24,202)	(2,298)	(40,147)
Gross profit	0	177	7	1,617
Financial Services
Revenue	8,311	6,210	14,664	11,941
Expense	(3,924)	(2,972)	(6,927)	(6,039)
Gross profit	4,837	(2,557)	4,147	366
Earnings/(loss) from financial services unconsolidated entities and other, net	$ 450	$ (5,795)	$ (3,590)	$ (5,536)

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net earnings	$ 417,571	$ 318,137
Adjustments to reconcile net earnings to net cash (used in)/provided by operating activities:
Depreciation and amortization	12,812	11,196
Stock-based compensation	10,832	10,401
Equity in earnings from unconsolidated entities	(2,627)	(2,882)
Distributions of earnings from unconsolidated entities	2,778	3,418
Other	4,697	2,148
Changes in assets and liabilities:
(Increase)/decrease in real estate	(450,551)	14,950
(Increase)/decrease in deposits on real estate under option or contract	(45,576)	5,491
Decrease in other receivables, prepaids and other assets	24,237	8,962
Decrease in accounts payable and accrued liabilities	(12,965)	(27,754)
Increase in home sale deposits	2,775	11,818
Net cash (used in)/provided by operating activities	(36,017)	355,885
Cash flows from investing activities:
Payments to Acquire Interest in Joint Venture	(6,611)	(1,277)
Distributions of capital from unconsolidated entities	0	43
Purchases of property and equipment	(13,158)	(21,134)
Proceeds from sales of property and equipment	130	228
Maturities/sales of investments and securities	750	750
Payments to purchase investments and securities	(750)	(750)
Net cash used in investing activities	(19,639)	(22,140)
Cash flows from financing activities:
Repayment of loans payable and other borrowings	(7,445)	(2,209)
Repayment of senior notes	(250,695)	0
Dividends paid	(54,484)	(19,854)
Payments of Debt Issuance Costs	17,303	0
Proceeds from Convertible Debt	575,000	0
CashPaidForCappedCall	(61,790)	0
Repurchase of shares	(55,933)	(10,000)
Net cash provided by/(used in) financing activities	127,350	(32,063)
Net increase in cash and cash equivalents	71,694	301,682
Cash and cash equivalents, beginning of period	921,227	861,561
Cash and cash equivalents, end of period	$ 992,921	$ 1,163,243

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization. Meritage Homes Corporation ("Meritage Homes") is a leading designer and builder of single-family attached and detached homes. We primarily build in historically high-growth regions of the United States and offer a variety of entry-level and first move-up homes. We have operations in three regions: West, Central and East, which are comprised of ten states: Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee. We also operate a financial services reporting segment. In this segment, we offer title and escrow, mortgage, and insurance services. Carefree Title Agency, Inc. ("Carefree Title"), our wholly-owned title company, provides title insurance and closing/settlement services to our homebuyers in certain states. Managing our own title operations allows us greater control over the entire escrow and closing cycles in addition to generating additional revenue. Meritage Homes Insurance Agency, Inc. (“Meritage Insurance ” ), our wholly-owned insurance broker, works in collaboration with insurance companies nationwide to offer homeowners insurance and other insurance products to our homebuyers. Our financial services operation also provides mortgage services to our homebuyers through an unconsolidated joint venture. We commenced our homebuilding operations in 1985 through our predecessor company, Monterey Homes. Meritage Homes Corporation was incorporated in the state of Maryland in 1988 under the name of Emerald Mortgage Investments Corporation. We changed our name to Homeplex Mortgage Investments Corporation in 1990 and merged with Monterey Homes in 1996, at which time our name was changed to Monterey Homes Corporation and later ultimately to Meritage Homes Corporation. Since that time, we have engaged in homebuilding and related activities. Meritage Homes Corporation operates as a holding company and has no independent assets or operations. Its homebuilding construction, development and sales activities are conducted through its subsidiaries. Its homebuilding activities are conducted under the name of Meritage Homes in each of our homebuilding markets. At June 30, 2024, we were actively selling homes in 287 communities, with base prices ranging from approximately $243,000 to $1,080,000. Basis of Presentation . The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023. The unaudited consolidated financial statements include the accounts of Meritage Homes and those of our consolidated subsidiaries, partnerships and other entities in which we have a controlling financial interest, and of variable interest entities (see Note 3) in which we are deemed the primary beneficiary (collectively, “us”, “we”, “our” and “the Company”). Intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full fiscal year. Cash and Cash Equivalents. Liquid investments with an initial maturity of three months or less are classified as cash equivalents. Amounts in transit from title companies or closing agents for home closings of approximately $75.1 million and $95.7 million are included in Cash and cash equivalents at June 30, 2024 and December 31, 2023, respectively. Real Estate. Real estate inventory is stated at cost unless the community or land is determined to be impaired, at which point the inventory is written down to fair value as required by Accounting Standards Codification (“ASC”) 360-10, Property, Plant and Equipment (“ASC 360-10”) . Real estate inventory includes the costs of land acquisition, land development and home construction, capitalized interest, real estate taxes, and direct overhead costs incurred during development and home construction that benefit the entire community, less impairments, if any. Land and development costs are typically allocated and transferred to homes when home construction begins. Home construction costs are accumulated on a per-home basis, while commissions and other sales costs are expensed as incurred. Cost of home closings includes the specific construction costs of the home and all related allocated land acquisition, land development and other common costs (both incurred and estimated to be incurred) that are allocated based upon the total number of homes expected to be closed in each community or phase. Any changes to the estimated total development costs of a community or phase are allocated to the remaining homes in that community or phase. When a home closes, we may have incurred costs for materials and services that have not yet been paid. We accrue a liability to capture such obligations in connection with the home closing which is charged directly to Cost of home closings. We capitalize qualifying interest to inventory during the development and construction periods. Capitalized interest is included in cost of closings when the related inventory is closed. Included within our real estate inventory is land held for development and land held for sale. Land held for development primarily represents land and land development costs related to land where development activity is not currently underway but is expected to begin in the future. For these parcels, we have chosen not to currently develop certain land holdings as they typically represent a portion or phases of a larger land parcel that we plan to build out over several years. We do not capitalize interest for these inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred. We rely on certain estimates to determine our construction and land development costs. Construction and land costs are comprised of direct and allocated costs, including estimated future costs. In determining these costs, we compile project budgets that are based on a variety of assumptions, including future construction schedules and costs to be incurred. Actual results can differ from budgeted amounts for various reasons, including construction delays, labor or material shortages, sales orders absorptions that differ from our expectations, increases in costs that have not yet been contracted, changes in governmental requirements, or other unanticipated issues encountered during construction and development and other factors beyond our control, including weather. To address uncertainty in these budgets, we assess, update and revise project budgets on a regular basis, utilizing the most current information available to estimate home construction and land development costs. Typically, a community's life cycle ranges from three All of our land inventory and related real estate assets are periodically reviewed for recoverability when certain criteria are met, but at least annually, as our inventory is considered “long-lived” in accordance with GAAP. Community-level reviews are performed quarterly to determine if indicators of potential impairment exist. If indicators of potential impairment exist and the undiscounted cash flows expected to be generated by an asset are lower than its carrying amount, impairment charges are recorded to write down the asset to its estimated fair value. The impairment of a community is allocated to each remaining unstarted lot in the community on a straight-line basis and is recognized in Cost of home closings in the period in which the impairment is determined. Our determination of fair value is based on projections and estimates. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions, although if financial metrics improve, we do not reverse impairments once recorded. See Note 2 for additional information related to real estate. Deposits. Deposits paid related to land option and purchase contracts are recorded and classified as Deposits on real estate under option or contract until the related land is purchased. Deposits are reclassified as a component of Real estate at the time the deposit is used to offset the acquisition price of the land based on the terms of the underlying agreements. To the extent they are non-refundable, deposits are expensed to Cost of home closings if the land acquisition is terminated or no longer considered probable. Since our acquisition contracts typically do not require specific performance, we do not consider such contracts to be contractual obligations to purchase the land and our total exposure under such contracts is limited to the loss of any non-refundable deposits and any related capitalized costs. Our Deposits on real estate under option or contract were $156.7 million and $111.4 million as of June 30, 2024 and December 31, 2023, respectively. See Note 3 for additional information related to Deposits on real estate under option or contract. Goodwill. In accordance with ASC 350, Intangibles, Goodwill and Other ("ASC 350"), we analyze goodwill on an annual basis (or whenever indication of impairment exists) through a qualitative assessment to determine whether it is necessary to perform a goodwill impairment test. ASC 350 states that an entity may first assess qualitative factors to determine whether it is necessary to perform a goodwill impairment test. Such qualitative factors include: (1) macroeconomic conditions, such as a deterioration in general economic conditions, (2) industry and market considerations such as deterioration in the environment in which the entity operates, (3) cost factors such as increases in raw materials, labor costs, etc., and (4) overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings. If the qualitative analysis determines that additional impairment testing is required, a two-step impairment test in accordance with ASC 350 would be initiated. We continually evaluate our qualitative inputs to assess whether events and circumstances have occurred that indicate the goodwill balance may not be recoverable. See Note 9 for additional information on our goodwill assets. Leases. We lease certain office space and equipment for use in our operations. We assess each of these contracts to determine whether the arrangement contains a lease as defined by ASC 842, Leases ("ASC 842"). In order to meet the definition of a lease under ASC 842, the contractual arrangement must convey to us the right to control the use of an identifiable asset for a period of time in exchange for consideration. Leases that meet the criteria of ASC 842 are recorded on our balance sheets as right-of-use ("ROU") assets and lease liabilities. ROU assets are classified within Prepaids, other assets and goodwill on the accompanying unaudited consolidated balance sheets, while lease liabilities are classified within Accrued liabilities on the accompanying unaudited consolidated balance sheets. The table below outlines our ROU assets and lease liabilities (in thousands): As of June 30, 2024 December 31, 2023 ROU assets $ 52,460 $ 51,275 Lease liabilities 55,059 54,040 Off-Balance Sheet Arrangements - Joint Ventures . We may participate in land development joint ventures as a means of accessing larger parcels of land, expanding our market opportunities, managing our risk profile, optimizing deal structure for the impacted parties and leveraging our capital, although our participation in such ventures is currently limited. See Note 4 for additional discussion of our investments in unconsolidated entities . Off-Balance Sheet Arrangements - Other. In the normal course of business, we may acquire lots from various development entities pursuant to purchase and option agreements. The purchase price generally approximates the market price at the date the contract is executed (with possible future escalators) and the acquisition of the land is typically staggered. See Note 3 for additional information on these off-balance sheet arrangements. Surety Bonds and Letters of Credit. We provide surety bonds and letters of credit in support of our obligations relating to the development of our projects and other corporate purposes in lieu of cash deposits. The amount of these obligations outstanding at any time varies depending on the stage and level of our development activities. Surety bonds are generally not wholly released until all development activities under the bond are complete. In the event a bond or letter of credit is drawn upon, we would be obligated to reimburse the issuer for any amounts advanced under the bond or letter of credit. We believe it is unlikely that any significant amounts of these bonds or letters of credit will be drawn upon. The table below outlines our surety bond and letter of credit obligations (in thousands): As of June 30, 2024 December 31, 2023 Outstanding Estimated work Outstanding Estimated work Sureties: Sureties related to owned projects and lots under contract $ 1,019,779 $ 779,287 $ 975,979 $ 712,421 Total Sureties $ 1,019,779 $ 779,287 $ 975,979 $ 712,421 Letters of Credit (“LOCs”): LOCs for land development 109,708 N/A 56,251 N/A LOCs for general corporate operations 5,000 N/A 5,000 N/A Total LOCs $ 114,708 N/A $ 61,251 N/A Accrued Liabilities . Accrued liabilities at June 30, 2024 and December 31, 2023 consisted of the following (in thousands): As of June 30, 2024 December 31, 2023 Accruals related to real estate development and construction activities $ 169,482 $ 137,489 Payroll and other benefits 84,121 140,734 Accrued interest 6,546 6,331 Accrued taxes 20,103 25,569 Warranty reserves 34,769 37,360 Lease liabilities 55,059 54,040 Other accruals 18,895 23,241 Total $ 388,975 $ 424,764 Warranty Reserves. We provide home purchasers with limited warranties against certain building defects and we have certain obligations related to those post-construction warranties for closed homes. The specific terms and conditions of these limited warranties vary by state, but overall the nature of the warranties include a complete workmanship and materials warranty for the first year after the close of the home, a major mechanical warranty for two years after the close of the home and a structural warranty that typically extends up to 10 years after the close of the home. With the assistance of an actuary, we have estimated these reserves for the structural warranty based on the number of homes still under warranty and historical data and trends for our geographies. We may use industry data with respect to similar product types and geographic areas in markets where our experience is incomplete to draw a meaningful conclusion. We regularly review our warranty reserves and adjust them, as necessary, to reflect changes in trends as information becomes available. Based on such reviews of warranty costs incurred, we did not adjust the warranty reserve balance in the three or six months ended June 30, 2024 or 2023. Included in the warranty reserve balances at June 30, 2024 and December 31, 2023 are case-specific reserves for warranty matters, as discussed in Note 15. A summary of changes in our warranty reserves follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 36,364 $ 37,063 $ 37,360 $ 35,575 Additions to reserve from new home deliveries 5,809 5,982 10,642 10,388 Warranty claims, net of recoveries (7,404) (6,830) (13,233) (9,748) Adjustments to pre-existing reserves — — — — Balance, end of period $ 34,769 $ 36,215 $ 34,769 $ 36,215 Warranty reserves are included in Accrued liabilities on the accompanying unaudited consolidated balance sheets, and additions and adjustments to the reserves are included in Cost of home closings on the accompanying unaudited consolidated income statements. These reserves are intended to cover costs associated with our contractual and statutory warranty obligations, which include, among other items, claims involving defective workmanship and materials. We believe that our total reserves, coupled with our contractual relationships and rights with our trades and the insurance we and our trades maintain, are sufficient to cover our general warranty obligations. However, unanticipated changes in regulatory, legislative, weather, environmental or other conditions could have an impact on our actual warranty costs, and future costs could differ significantly from our estimates. Revenue Recognition. In accordance with ASC 606, Revenue from Contracts with Customers, we apply the following steps in determining the timing and amount of revenue to recognize: (1) identify the contract with our customer; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, if applicable; and (5) recognize revenue when (or as) we satisfy the performance obligations. Our three sources of revenue are disaggregated by type in the accompanying unaudited consolidated income statements. The performance obligations and subsequent revenue recognition for our three sources of revenue are outlined below: • Revenue from home closings is recognized when closings have occurred, the risks and rewards of ownership are transferred to the buyer, and we have no continuing involvement with the property, which is generally upon the close of escrow. Revenue is reported net of any discounts and incentives. • Revenue from land closings is recognized when a significant down payment is received, title passes, and collectability of the receivable, if any, is reasonably assured, and we have no continuing involvement with the property, which is generally upon the close of escrow. • Revenue from financial services is recognized when closings have occurred and all financial services have been rendered, which is generally upon the close of escrow. Home closing and land closing revenue expected to be recognized in any future year related to remaining performance obligations (if any) and the associated 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. Revenue from financial services includes estimated future insurance policy renewal commissions as our performance obligations are satisfied upon issuance of the initial policy with a third party broker. The related contract assets for these estimated future renewal commissions are not material at June 30, 2024 and December 31, 2023. Recent Accounting Pronouncements. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which aligns interim segment disclosure requirements with existing annual requirements and includes updates to segment reporting, most notably through enhanced disclosures about significant segment expenses and various Chief Operating Decision Maker ("CODM")-related disclosures. ASU 2023-07 is effective for our annual report covering the fiscal year beginning January 1, 2024, and for our interim reports beginning January 1, 2025. ASU 2023-07 is required to be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact adopting this guidance will have on our financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which modifies the disclosure requirements primarily related to the effective tax rate reconciliation and income taxes paid by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for us beginning January 1, 2025 and may be applied either retrospectively or prospectively. We are currently evaluating the impact adopting this guidance will have on our financial statement disclosures.

REAL ESTATE AND CAPITALIZED INT

REAL ESTATE AND CAPITALIZED INTEREST	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
REAL ESTATE AND CAPITALIZED INTEREST	REAL ESTATE AND CAPITALIZED INTEREST Real estate consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Homes under contract under construction (1) $ 789,961 $ 704,206 Unsold homes, completed and under construction (1) 1,487,674 1,260,855 Model homes (1) 114,185 118,252 Finished home sites and home sites under development (2) 2,783,264 2,637,978 Total $ 5,175,084 $ 4,721,291 (1) Includes the allocated land and land development costs associated with each lot for these homes. (2) Includes raw land, land held for development and land held for sale, less impairments, if any. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred. Subject to sufficient qualifying assets, we capitalize our development period interest costs incurred to applicable qualifying assets in connection with our real estate development and construction activities. Capitalized interest is allocated to active real estate when incurred and charged to Cost of closings when the related property is delivered. A summary of our capitalized interest is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Capitalized interest, beginning of period $ 54,227 $ 62,452 $ 54,516 $ 60,169 Interest incurred 14,327 15,144 27,252 30,174 Interest expensed — — — — Interest amortized to cost of home and land closings (14,227) (16,518) (27,441) (29,265) Capitalized interest, end of period $ 54,327 $ 61,078 $ 54,327 $ 61,078

VARIABLE INTEREST ENTITIES AND

VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED	6 Months Ended
	Jun. 30, 2024
Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]
VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED	VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED We enter into purchase and option agreements for land or lots as part of the normal course of business. These purchase and option agreements enable us to acquire properties at one or multiple future dates at pre-determined prices. We believe these acquisition structures allow us to better leverage our balance sheet and reduce our financial risk associated with land acquisitions. In accordance with ASC 810, Consolidation , we evaluate all purchase and option agreements for land to determine whether they are a variable interest entity ("VIE"), and if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are the primary beneficiary we are required to consolidate the VIE in our financial statements and reflect its assets and liabilities as Real estate not owned and Liabilities related to real estate not owned, respectively. We determined that as of June 30, 2024 and December 31, 2023, we were not the primary beneficiary of any VIEs from which we have acquired rights to land or lots under option contracts. The table below presents a summary of our lots under option at June 30, 2024 (dollars in thousands): Projected Number of Lots Purchase Option/ Purchase and option contracts recorded on balance sheet as Real estate not owned — $ — $ — Option contracts — non-refundable deposits, committed (1) 7,555 517,409 72,992 Purchase contracts — non-refundable deposits, committed (1) 15,491 430,972 62,535 Purchase and option contracts —refundable deposits, committed 1,078 42,934 3,365 Total committed 24,124 991,315 138,892 Purchase and option contracts — refundable deposits, uncommitted (2) 41,752 1,875,539 17,806 Total lots under contract or option 65,876 $ 2,866,854 $ 156,698 Total purchase and option contracts not recorded on balance sheet (3) 65,876 $ 2,866,854 $ 156,698 (4) (1) Deposits are non-refundable except if certain contractual conditions are not performed by the selling party. (2) Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots. (3) Except for our specific performance contracts recorded on the accompanying unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots. (4) Amount is reflected on the accompanying unaudited consolidated balance sheets in Deposits on real estate under option or contract as of June 30, 2024. Generally, our options to purchase lots remain effective so long as we purchase a pre-established minimum number of lots on a pre-determined schedule in accordance with each respective agreement. Although the pre-established number is typically structured to approximate our expected rate of home construction starts, during a weakened homebuilding market, we may purchase lots at an absorption level that exceeds our expected orders and home starts pace to meet the pre-established minimum number of lots or restructure our original contract to terms that more accurately reflect our revised orders pace expectations. During a strong homebuilding market, we may accelerate our pre-established minimum purchases if allowed by the contract.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	INVESTMENTS IN UNCONSOLIDATED ENTITIES We may enter into joint ventures as a means of accessing larger parcels of land, expanding our market opportunities, managing our risk profile, optimizing deal structure for the impacted parties and leveraging our capital. While purchasing land through a joint venture can be beneficial, currently we do not view joint ventures as critical to the success of our homebuilding operations. Our joint venture partners generally are other homebuilders, land sellers or other real estate investors. We generally do not have a controlling interest in these ventures, which means our joint venture partners could cause the venture to take actions we disagree with or fail to take actions we believe should be undertaken, including the sale of the underlying property to repay debt or recoup all or part of the partners' investments. Based on the structure of these joint ventures, they may or may not be consolidated into our results. As of June 30, 2024, we had one active equity-method land joint venture and one mortgage joint venture, which is engaged in mortgage activities and primarily provides mortgage services to our homebuyers. Summarized condensed combined financial information related to unconsolidated joint ventures that are accounted for using the equity method was as follows (in thousands): As of June 30, 2024 December 31, 2023 Assets: Cash $ 3,839 $ 3,546 Real estate 39,924 28,395 Other assets 5,491 6,514 Total assets $ 49,254 $ 38,455 Liabilities and equity: Accounts payable and other liabilities $ 5,903 $ 6,537 Equity of: Meritage (1) 22,853 16,279 Other 20,498 15,639 Total liabilities and equity $ 49,254 $ 38,455 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 12,739 $ 11,710 $ 23,329 $ 21,226 Costs and expenses (10,451) (9,099) (19,588) (17,450) Net earnings of unconsolidated entities $ 2,288 $ 2,611 $ 3,741 $ 3,776 Meritage’s share of pre-tax earnings/(loss) (1) (2) $ 1,655 $ 1,536 $ 2,627 $ 2,882 (1) Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reported in the accompanying unaudited consolidated financial statements due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) capitalization of interest on qualified assets, (iv) income deferrals as discussed in Note (2) below and (v) the cessation of allocation of losses from joint ventures in which we have previously written down our investment balance to zero and where we have no commitment to fund additional losses. (2) Our share of pre-tax earnings/(loss) from our mortgage joint venture is recorded in Earnings/(loss) from financial services unconsolidated entities and other, net on the accompanying unaudited consolidated income statements. Our share of pre-tax earnings/(loss) from all other joint ventures is recorded in Other income, net on the accompanying unaudited consolidated income statements and excludes joint venture profit related to lots we purchased from the joint ventures, if any. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.

LOANS PAYABLE AND OTHER BORROWI

LOANS PAYABLE AND OTHER BORROWINGS	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
LOANS PAYABLE AND OTHER BORROWINGS	LOANS PAYABLE AND OTHER BORROWINGS Loans payable and other borrowings consist of the following (in thousands): As of June 30, 2024 December 31, 2023 Other borrowings, real estate notes payable (1) $ 9,711 $ 13,526 $910.0 million unsecured revolving credit facility — — Total $ 9,711 $ 13,526 (1) Reflects balance of non-recourse notes payable in connection with land purchases. The Company entered into an amended and restated unsecured revolving credit facility agreement ("Credit Facility") in 2014 that has been amended from time to time. In June 2024, the Credit Facility was amended to increase the facility size, amend the accordion feature to permit the facility size to be increased, subject to certain conditions, extended the maturity date from June 2, 2028 to June 12, 2029, and revised the applicable pricing grid. The Credit Facility's aggregate commitment is $910.0 million with an accordion feature permitting the size of the facility to increase to a maximum of $1.4 billion, subject to certain conditions, including the availability of additional bank commitments. Borrowings under the Credit Facility bear interest at the Company's option, at either (1) term SOFR (based on 1, 3, or 6 month interest periods, as selected by the Company) plus a 10 basis point adjustment plus an applicable margin (ranging from 110 basis points to 175 basis points (the "applicable margin")) based on the Company's leverage ratio as determined in accordance with a pricing grid, (2) the higher of (i) the prime lending rate ("Prime"), (ii) an overnight bank rate plus 50 basis points and (iii) term SOFR (based on a 1 month interest period) plus a 10 basis point adjustment plus 1%, in each case plus a margin ranging from 10 basis points to 75 basis points based on the Company's leverage in accordance with a pricing grid, or (3) daily simple SOFR plus a 10 basis point adjustment plus the applicable margin. At June 30, 2024, the interest rate on outstanding borrowings under the Credit Facility would have been 6.537% per annum, calculated in accordance with option (1) noted above and using the 1-month term SOFR. We are obligated to pay a fee on the undrawn portion of the Credit Facility at a rate determined by a tiered fee matrix based on our leverage ratio. The Credit Facility also contains certain financial covenants, including (a) a minimum tangible net worth requirement of $3.3 billion (which amount is subject to increase over time based on subsequent earnings and proceeds from equity offerings), and (b) a maximum leverage covenant that prohibits the leverage ratio (as defined therein) from exceeding 60%. We were in compliance with all Credit Facility covenants as of June 30, 2024. We had no outstanding borrowings under the Credit Facility as of June 30, 2024 and December 31, 2023. There were no borrowings or repayments under the Credit Facility during the three and six months ended June 30, 2024 and 2023. As of June 30, 2024, we had outstanding letters of credit issued under the Credit Facility totaling $114.7 million, leaving $795.3 million available under the Credit Facility to be drawn.

SENIOR NOTES, NET

SENIOR NOTES, NET	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
SENIOR NOTES, NET	SENIOR AND CONVERTIBLE SENIOR NOTES, NET Senior and convertible senior notes, net consist of the following (in thousands): As of June 30, 2024 December 31, 2023 6.00% senior notes due 2025 ("2025 Notes"). At December 31, 2023 there was approximately $994 in net unamortized premium. — 250,994 5.125% senior notes due 2027 ("2027 Notes") 300,000 300,000 1.750% convertible senior notes due 2028 ("2028 Convertible Notes") 575,000 — 3.875% senior notes due 2029 ("2029 Notes") 450,000 450,000 Net debt issuance costs (21,400) (6,305) Total $ 1,303,600 $ 994,689 The indentures for our 2027 Notes and 2029 Notes contain non-financial covenants including, among others, limitations on the amount of secured debt we may incur, and limitations on sale and leaseback transactions and mergers. We were in compliance with all such covenants as of June 30, 2024. Obligations to pay principal and interest on the senior and convertible senior notes are guaranteed by substantially all of our wholly-owned subsidiaries (each a “Guarantor” and, collectively, the “Guarantor Subsidiaries”), each of which is directly or indirectly 100% owned by Meritage Homes Corporation. Such guarantees are full and unconditional, and joint and several. In the event of a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the equity interests of any Guarantor then held by Meritage and its subsidiaries, then that Guarantor may be released and relieved of any obligations under its note guarantee. There are no significant restrictions on our ability or the ability of any Guarantor to obtain funds from their respective subsidiaries, as applicable, by dividend or loan. We do not provide separate financial statements of the Guarantor Subsidiaries because Meritage (the parent company) has no independent assets or operations and the guarantees are full and unconditional and joint and several. Subsidiaries of Meritage Homes Corporation that are non-guarantor subsidiaries are, individually and in the aggregate, minor. Convertible Senior Notes due 2028 In May 2024, we issued $575.0 million aggregate principal amount of 1.750% 2028 Convertible Notes pursuant to an Indenture dated as of May 9, 2024 (the “Indenture”). The 2028 Convertible Notes were issued at par and will mature on May 15, 2028, unless converted earlier in accordance with their terms prior to such date. We used a portion of the net proceeds from the offering to pay the cost of entering into the capped calls, as defined and described below, and to redeem all $250.0 million aggregate principal then outstanding of our 6.00% 2025 Notes for which we incurred $0.6 million in early debt extinguishment charges in the three and six months ended June 30, 2024 , reflected as Loss on early extinguishment of debt in the accompanying unaudited consolidated income statements. The 2028 Convertible Notes are convertible into shares of the Company’s common stock (“common stock”) at an initial conversion rate of 4.3048 shares of common stock per $1,000 principal amount of the 2028 Convertible Notes, which is equivalent to an initial conversion price of approximately $232.30 per share. The conversion rate will be subject to adjustment upon the occurrence of certain events specified in the Indenture but will not be adjusted for accrued and unpaid interest or quarterly cash dividends. In addition, we must provide additional shares upon conversion if there is a "Make-Whole Fundamental Change" as defined in the Indenture. The Company is required to satisfy its conversion obligations by paying cash up to the principal amount of notes and settle any additional value in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. Prior to February 15, 2028, the holders of the 2028 Convertible Notes may convert their notes only under the following conditions: (1) the sale price of common stock reaches 130% of the applicable conversion price for a specified period during any fiscal quarter commencing after the fiscal quarter ending on September 30, 2024; (2) the trading price of the 2028 Convertible Notes falls below 98% of the product of the last reported sale price of common stock and the conversion rate for a specified period; or (3) upon the occurrence of specified corporate events. On or after February 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes, holders may convert all or any portion of their Notes at any time, regardless of the foregoing circumstances. The 2028 Convertible Notes are accounted for in accordance with ASC 470, Debt , and ASC 815, Derivatives and Hedging . The conversion options and the 2028 Convertible Notes are reflected as a single instrument in Senior and convertible senior notes, net on the accompanying unaudited consolidated balance sheets and the conversion options are not bifurcated as a derivative. Capped Call Transactions Concurrent with the offering of the 2028 Convertible Notes, we used $61.8 million of the net proceeds to enter into privately negotiated capped call transactions (the "Capped Calls”) which require the Capped Call counterparties (the counterparties") to provide shares of our common stock to converting debt holders up to a cap price. The Capped Calls each have an initial strike price of approximately $232.30 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2028 Convertible Notes. The Capped Calls have initial cap prices of $350.64 per share, subject to certain adjustments. The Capped Calls will reduce our obligation to settle, in shares or in cash, conversions when our stock price is between $232.30 and $350.64. The Capped Calls are separate transactions entered into by the Company with each of the counterparties, are not part of the terms of the 2028 Convertible Notes and do not change the holders’ rights under the 2028 Convertible Notes or the Indenture. Holders of the 2028 Convertible Notes do not have any rights with respect to the Capped Calls. As the Capped Calls are considered indexed to the Company's own stock, they are recorded in stockholders’ equity as a reduction of Additional paid-in capital in the accompanying unaudited consolidated balance sheets, and are not accounted for as derivatives under ASC 815-10, Derivatives and Hedging .

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES ASC 820-10, Fair Value Measurement ("ASC 820"), defines fair value, establishes a framework for measuring fair value and addresses required disclosures about fair value measurements. This standard establishes a three-level hierarchy for fair value measurements based upon the significant inputs used to determine fair value. Observable inputs are those which are obtained from market participants external to the Company while unobservable inputs are generally developed internally, utilizing management’s estimates, assumptions and specific knowledge of the assets/liabilities and related markets. The three levels are defined as follows: • Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities. • Level 2 — Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. • Level 3 — Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on the Company’s own estimates about the assumptions that market participants would use to value the asset or liability. If the only observable inputs are from inactive markets or for transactions which the Company evaluates as “distressed”, the use of Level 1 inputs should be modified by the Company to properly address these factors, or the reliance of such inputs may be limited, with a greater weight attributed to Level 3 inputs. Financial Instruments : The fair value of our fixed-rate debt is derived from quoted market prices by independent dealers (Level 2 inputs as per the discussion above) and is as follows (in thousands): As of June 30, 2024 December 31, 2023 Aggregate Estimated Fair Aggregate Estimated Fair 6.00% senior notes due 2025 $ — $ — $ 250,000 $ 249,375 5.125% senior notes due 2027 $ 300,000 $ 294,780 $ 300,000 $ 295,500 1.750% convertible senior notes due 2028 $ 575,000 $ 579,272 $ — $ — 3.875% senior notes due 2029 $ 450,000 $ 412,875 $ 450,000 $ 411,750 Other financial assets and liabilities, including our Loans payable and other borrowings, are generally shorter term in nature and the longer term balances are not material to our consolidated balance sheets. Therefore, we consider the carrying amounts of our other financial assets and liabilities to approximate fair value. Non-Financial Instruments: Our Real estate assets are Level 3 instruments that are required to be recorded at fair value on non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. Refer to Note 1 for information regarding the valuation of these assets.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic and diluted earnings per common share were calculated as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic weighted average number of shares outstanding 36,322 36,765 36,317 36,715 Effect of dilutive securities: Unvested restricted stock 396 426 421 434 Diluted average shares outstanding 36,718 37,191 36,738 37,149 Net earnings $ 231,555 $ 186,836 $ 417,571 $ 318,137 Basic earnings per share $ 6.38 $ 5.08 $ 11.50 $ 8.67 Diluted earnings per share $ 6.31 $ 5.02 $ 11.37 $ 8.56 We compute basic earnings per share by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if securities or contracts to issue common stock that are dilutive were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. In accordance with ASC 260-10, Earnings Per Share , we calculate the dilutive effect of the 2028 Convertible Notes using the "if-converted" method. As discussed in Note 6, the Company will settle any convertible note conversions by paying cash up to the principal amount of notes and settle any additional value in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. As the Company will settle the principal amount of convertible notes in cash upon conversion, the convertible notes only have a dilutive impact when the average share price of the Company’s common stock exceeds the conversion price, in any applicable period.

ACQUISITIONS AND GOODWILL

ACQUISITIONS AND GOODWILL	6 Months Ended
	Jun. 30, 2024
Business Acquisitions and Goodwill [Abstract]
ACQUISITIONS AND GOODWILL	ACQUISITIONS AND GOODWILL Goodwill. In prior years, we have entered new markets through the acquisition of the homebuilding assets and operations of local/regional homebuilders in Georgia, South Carolina and Tennessee. As a result of these transactions, we recorded approximately $33.0 million of goodwill. Goodwill represents the excess purchase price of our acquisitions over the fair value of the net assets acquired. Our acquisitions were recorded in accordance with ASC 805, Business Combinations , and ASC 820, using the acquisition method of accounting. The purchase price for acquisitions was allocated based on estimated fair value of the assets and liabilities at the date of the acquisition. The combined excess purchase price of our acquisitions over the fair value of the net assets is classified as goodwill and is included on our unaudited consolidated balance sheets in Prepaids, other assets and goodwill. In accordance with ASC 350, we assess the recoverability of goodwill annually, or more frequently, if impairment indicators are present. A summary of the carrying amount of goodwill follows (in thousands): West Central East Financial Services Corporate Total Balance at December 31, 2023 $ — $ — $ 32,962 $ — $ — $ 32,962 Additions — — — — — — Balance at June 30, 2024 $ — $ — $ 32,962 $ — $ — $ 32,962

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY A summary of changes in stockholders’ equity is presented below (in thousands): Six Months Ended June 30, 2024 (In thousands) Number of Common Additional Retained Total Balance at December 31, 2023 36,425 $ 364 $ 290,955 $ 4,320,581 $ 4,611,900 Net earnings — — — 186,016 186,016 Stock-based compensation expense — — 6,114 — 6,114 Issuance of stock 256 3 (3) — — Dividends declared — — — (27,239) (27,239) Share repurchases (362) (4) (56,214) — (56,218) Balance at March 31, 2024 36,319 $ 363 $ 240,852 $ 4,479,358 $ 4,720,573 Net earnings — — — 231,555 231,555 Stock-based compensation expense — — 4,718 — 4,718 Issuance of stock 8 — — — — Dividends declared — — — (27,245) (27,245) Capped call transactions, net of tax — — (47,067) — (47,067) Balance at June 30, 2024 36,327 $ 363 $ 198,503 $ 4,683,668 $ 4,882,534 Six Months Ended June 30, 2023 (In thousands) Number of Common Additional Retained Total Balance at December 31, 2022 36,571 $ 366 $ 327,878 $ 3,621,367 $ 3,949,611 Net earnings — — — 131,301 131,301 Stock-based compensation expense — — 6,225 — 6,225 Issuance of stock 287 3 (3) — — Dividends declared — — — (9,927) (9,927) Share repurchases (93) (1) (9,999) — (10,000) Balance at March 31, 2023 36,765 $ 368 $ 324,101 $ 3,742,741 $ 4,067,210 Net earnings — — — 186,836 186,836 Stock-based compensation expense — — 4,176 — 4,176 Dividends declared — — — (9,927) (9,927) Balance at June 30, 2023 36,765 368 328,277 3,919,650 4,248,295 During the three months ended June 30, 2024 and 2023, our Board of Directors approved, and we paid, a quarterly cash dividend on common stock of $0.75 and $0.27 per share, respectively. Quarterly dividends declared and paid during the six months ended June 30, 2024 and 2023, totaled $1.50 and $0.54 per share, respectively. During the three and six months ended June 30, 2024 and 2023, we reflected the applicable excise tax on share repurchases in Additional paid-in capital as part of the cost basis of the stock repurchased and recorded a corresponding liability in Accrued liabilities on the accompanying unaudited consolidated balance sheets.

STOCK BASED AND DEFERRED COMPEN

STOCK BASED AND DEFERRED COMPENSATION	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK BASED AND DEFERRED COMPENSATION	STOCK BASED AND DEFERRED COMPENSATION We have a stock compensation plan, the Meritage Homes Corporation 2018 Stock Incentive Plan (the “2018 Plan"), that was approved by our Board of Directors and our stockholders and adopted in May 2018. In May 2023, the Board of Directors and stockholders approved an amendment to the 2018 Plan to increase the number of shares available for issuance by 800,000. The 2018 Plan is administered by our Board of Directors and allows for the grant of stock appreciation rights, restricted stock awards, restricted stock units, performance share awards and performance-based awards in addition to non-qualified and incentive stock options. All available shares from expired, terminated, or forfeited awards that remained under prior plans were merged into and became available for grant under the 2018 Plan. The 2018 Plan authorizes awards to officers, key employees, non-employee directors and consultants. The 2018 Plan authorizes 7,400,000 shares of stock to be awarded, of which 1,151,115 shares remain available for grant at June 30, 2024. We believe that such awards provide a means of long-term compensation to attract and retain qualified employees and better align the interests of our employees with those of our stockholders. Non-vested stock awards are usually granted with a five-year ratable vesting period for employees, a three-year cliff vesting for both restricted stock units and performance-based awards granted to senior executive officers and either a three-year cliff vesting or one-year vesting for non-employee directors, dependent on their start date. Compensation cost related to time-based restricted stock awards is measured as of the closing price on the date of grant and is expensed, less forfeitures, on a straight-line basis over the vesting period of the award. Compensation cost related to performance-based restricted stock awards is also measured as of the closing price on the date of grant but is expensed in accordance with ASC 718-10-25-20, Compensation – Stock Compensation ("ASC 718"), which requires an assessment of probability of attainment of the performance target. As our performance targets are dependent on performance over a specified measurement period, once we determine that the performance target outcome is probable, the cumulative expense is recorded immediately with the remaining expense recorded on a straight-line basis through the end of the award vesting period. A portion of the performance-based restricted stock awards granted to our executive officers contain market conditions as defined by ASC 718. ASC 718 requires that compensation expense for stock awards with market conditions be expensed based on a derived grant date fair value and expensed over the service period. We engage a third party to perform a valuation analysis on the awards containing market conditions and our associated expense with those awards is based on the derived fair value from that analysis and is expensed straight-line over the service period of the awards. Below is a summary of stock-based compensation expense and stock award activity (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 4,718 $ 4,176 $ 10,832 $ 10,401 Non-vested shares granted — 2,100 140,665 180,412 Performance-based non-vested shares granted — — 37,698 42,964 Performance-based shares issued in excess of target shares granted (1) — — 15,978 26,167 Restricted stock awards vested (includes performance-based awards) 8,200 — 248,618 287,171 (1) Performance-based shares that vested and were issued as a result of performance achievement exceeding the originally established targeted number of shares related to respective performance metrics. The following table includes additional information regarding our stock compensation plan (dollars in thousands): As of June 30, 2024 December 31, 2023 Unrecognized stock-based compensation cost $ 38,819 $ 27,791 Weighted average years expense recognition period 2.11 1.94 Total equity awards outstanding (1) 627,937 703,415 (1) Includes unvested restricted stock units and performance-based awards (assuming 100%/target payout). We also offer a non-qualified deferred compensation plan ("deferred compensation plan") to highly compensated employees in order to allow them additional pre-tax income deferrals above and beyond the limits that qualified plans, such as 401(k) plans, impose on highly compensated employees. We do not currently offer a contribution match on the deferred compensation plan. All contributions to the plan to date have been funded by the employees and, therefore, we have no associated expense related to the deferred compensation plan for the three and six months ended June 30, 2024 or 2023, other than minor administrative costs.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Components of the provision for income taxes are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Federal $ 52,340 $ 41,831 $ 90,462 $ 68,271 State 13,466 10,857 23,343 18,419 Total $ 65,806 $ 52,688 $ 113,805 $ 86,690 The effective tax rate for the three and six months ended June 30, 2024 was 22.1% and 21.4%, and for the three and six months ended June 30, 2023 was 22.0% and 21.4%, respectively. The rate for all periods reflects the increased §45L energy-efficient homes federal tax credit on qualifying homes under the Internal Revenue Code ("IRC") enacted in the Inflation Reduction Act ("IRA") in August 2022. At June 30, 2024 and December 31, 2023, we have no unrecognized tax benefits. We believe our current income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change. Our policy is to accrue interest and penalties on unrecognized tax benefits and include them in the provision for income taxes. We determine our deferred tax assets and liabilities in accordance with ASC 740, Income Taxes . We evaluate our deferred tax assets, including the benefit from net operating losses ("NOLs"), by jurisdiction to determine if a valuation allowance is required. This evaluation considers, among other matters, the nature, frequency and severity of cumulative losses, forecasts of future profitability, the length of statutory carry forward periods, experiences with operating losses and experiences of utilizing tax credit carry forwards and tax planning alternatives. We have no NOLs or credit carryovers, and determined that no valuation allowance on our deferred tax assets is necessary at June 30, 2024. At June 30, 2024, we have $7.7 million in income taxes payable and no income taxes receivable. The income taxes payable primarily consists of current federal and state tax accruals, net of current energy tax credits and estimated tax payments and is recorded in Accrued liabilities on the accompanying unaudited consolidated balance sheets at June 30, 2024. We conduct business and are subject to tax in the U.S. both federally and in several states. With few exceptions, we are no longer subject to U.S. federal, state, or local income tax examinations by taxing authorities for years prior to 2019. We have no state income tax examinations being conducted at this time.

SUPPLEMENTAL DISCLOSURE OF CASH

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION The following table presents certain supplemental cash flow information (in thousands): Six Months Ended June 30, 2024 2023 Cash paid during the year for: Interest, net of interest capitalized $ (2,341) $ (934) Income taxes paid $ 114,054 $ 86,587 Non-cash operating activities: Real estate acquired through notes payable $ 3,630 $ 6,356

OPERATING AND REPORTING SEGMENT

OPERATING AND REPORTING SEGMENTS	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
OPERATING AND REPORTING SEGMENTS	OPERATING AND REPORTING SEGMENTS We operate with two principal business segments: homebuilding and financial services. As defined in ASC 280-10, Segment Reporting , we have ten homebuilding operating segments. The homebuilding segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows: West: Arizona, California, Colorado and Utah Central: Texas East: Florida, Georgia, North Carolina, South Carolina and Tennessee Management’s evaluation of segment performance is based on homebuilding segment operating income, which we define as home and land closing revenue less cost of home and land closings, including land development and other land sales costs, commissions and other sales costs, and other general and administrative costs incurred by or allocated to each segment, including impairments. Each reportable segment follows the same accounting policies described in Note 1, “Organization and Basis of Presentation.” Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented. The following segment information is in thousands: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Homebuilding revenue (1) : West $ 622,837 $ 528,977 $ 1,138,469 $ 963,114 Central 459,180 458,709 886,745 884,159 East 611,721 579,714 1,136,925 999,435 Consolidated total $ 1,693,738 $ 1,567,400 $ 3,162,139 $ 2,846,708 Homebuilding segment operating income: West $ 100,779 $ 52,283 $ 172,043 $ 91,092 Central 82,613 83,491 155,716 148,782 East 110,209 103,517 204,486 164,393 Total homebuilding segment operating income 293,601 239,291 532,245 404,267 Financial services segment profit/(loss) 4,837 (2,557) 4,147 366 Corporate and unallocated costs (2) (11,944) (10,072) (24,905) (21,512) Interest expense — — — — Other income, net 11,498 12,862 20,520 21,706 Loss on early extinguishment of debt (631) — (631) — Earnings before income taxes $ 297,361 $ 239,524 $ 531,376 $ 404,827 (1) Homebuilding revenue includes the following land closing revenue, by segment: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Land closing revenue: West $ — $ 9,760 $ — $ 26,575 Central — 1,908 — 2,478 East — 12,711 2,305 12,711 Total $ — $ 24,379 $ 2,305 $ 41,764 (2) Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments. At June 30, 2024 West Central East Financial Services Corporate and Total Deposits on real estate under option or contract $ 26,295 $ 19,477 $ 110,926 $ — $ — $ 156,698 Real estate 1,779,125 1,316,282 2,079,677 — — 5,175,084 Investments in unconsolidated entities — 2,794 20,021 — 815 23,630 Other assets 56,320 (1) 275,958 (2) 106,846 (3) 2,074 1,127,370 (4) 1,568,568 Total assets $ 1,861,740 $ 1,614,511 $ 2,317,470 $ 2,074 $ 1,128,185 $ 6,923,980 (1) Balance consists primarily of cash and cash equivalents, prepaids and other assets and property and equipment, net. (2) Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets. (3) Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets. (4) Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets. At December 31, 2023 West Central East Financial Services Corporate and Total Deposits on real estate under option or contract $ 11,695 $ 10,911 $ 88,758 $ — $ — $ 111,364 Real estate 1,748,732 1,257,054 1,715,505 — — 4,721,291 Investments in unconsolidated entities — 2,825 13,411 — 934 17,170 Other assets 101,376 (1) 272,876 (2) 102,425 (3) 1,889 1,024,743 (4) 1,503,309 Total assets $ 1,861,803 $ 1,543,666 $ 1,920,099 $ 1,889 $ 1,025,677 $ 6,353,134 (1) Balance consists primarily of cash and cash equivalents, receivables from title companies and property and equipment, net. (2) Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets. (3) Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), prepaids and other assets and property and equipment, net. (4) Balance consists primarily of cash and cash equivalents, deferred tax assets, net and prepaids and other assets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are involved in various routine legal and regulatory proceedings, including, without limitation, claims and litigation alleging construction defects. In general, the proceedings are incidental to our business, and most exposure is subject to and should be covered by warranty and indemnity obligations of our consultants and subcontractors. Additionally, some such claims are also covered by insurance. With respect to the majority of pending litigation matters, our ultimate legal and financial responsibility, if any, cannot be estimated with certainty and, in most cases, any potential material losses related to these matters are not considered probable. Historically, most disputes regarding warranty claims are resolved prior to litigation. We believe there are no pending legal or warranty matters as of June 30, 2024 that could have a material adverse impact upon our consolidated financial condition, results of operations or cash flows that have not been sufficiently reserved. As discussed in Note 1 under the heading “Warranty Reserves”, we have case specific reserves within our $34.8 million

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net earnings	$ 231,555	$ 186,016	$ 186,836	$ 131,301	$ 417,571	$ 318,137

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation
Cash and Cash Equivalents	Cash and Cash Equivalents.
Real Estate	Real Estate. Real estate inventory is stated at cost unless the community or land is determined to be impaired, at which point the inventory is written down to fair value as required by Accounting Standards Codification (“ASC”) 360-10, Property, Plant and Equipment (“ASC 360-10”) . Real estate inventory includes the costs of land acquisition, land development and home construction, capitalized interest, real estate taxes, and direct overhead costs incurred during development and home construction that benefit the entire community, less impairments, if any. Land and development costs are typically allocated and transferred to homes when home construction begins. Home construction costs are accumulated on a per-home basis, while commissions and other sales costs are expensed as incurred. Cost of home closings includes the specific construction costs of the home and all related allocated land acquisition, land development and other common costs (both incurred and estimated to be incurred) that are allocated based upon the total number of homes expected to be closed in each community or phase. Any changes to the estimated total development costs of a community or phase are allocated to the remaining homes in that community or phase. When a home closes, we may have incurred costs for materials and services that have not yet been paid. We accrue a liability to capture such obligations in connection with the home closing which is charged directly to Cost of home closings. We capitalize qualifying interest to inventory during the development and construction periods. Capitalized interest is included in cost of closings when the related inventory is closed. Included within our real estate inventory is land held for development and land held for sale. Land held for development primarily represents land and land development costs related to land where development activity is not currently underway but is expected to begin in the future. For these parcels, we have chosen not to currently develop certain land holdings as they typically represent a portion or phases of a larger land parcel that we plan to build out over several years. We do not capitalize interest for these inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred. We rely on certain estimates to determine our construction and land development costs. Construction and land costs are comprised of direct and allocated costs, including estimated future costs. In determining these costs, we compile project budgets that are based on a variety of assumptions, including future construction schedules and costs to be incurred. Actual results can differ from budgeted amounts for various reasons, including construction delays, labor or material shortages, sales orders absorptions that differ from our expectations, increases in costs that have not yet been contracted, changes in governmental requirements, or other unanticipated issues encountered during construction and development and other factors beyond our control, including weather. To address uncertainty in these budgets, we assess, update and revise project budgets on a regular basis, utilizing the most current information available to estimate home construction and land development costs. Typically, a community's life cycle ranges from three All of our land inventory and related real estate assets are periodically reviewed for recoverability when certain criteria are met, but at least annually, as our inventory is considered “long-lived” in accordance with GAAP. Community-level reviews are performed quarterly to determine if indicators of potential impairment exist. If indicators of potential impairment exist and the undiscounted cash flows expected to be generated by an asset are lower than its carrying amount, impairment charges are recorded to write down the asset to its estimated fair value. The impairment of a community is allocated to each remaining unstarted lot in the community on a straight-line basis and is recognized in Cost of home closings in the period in which the impairment is determined. Our determination of fair value is based on projections and estimates. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions, although if financial metrics improve, we do not reverse impairments once recorded. See Note 2 for additional information related to real estate.
Deposits	Deposits.
Goodwill	Goodwill. In accordance with ASC 350, Intangibles, Goodwill and Other
Leases	Leases. We lease certain office space and equipment for use in our operations. We assess each of these contracts to determine whether the arrangement contains a lease as defined by ASC 842, Leases ("ASC 842"). In order to meet the definition of a lease under ASC 842, the contractual arrangement must convey to us the right to control the use of an identifiable asset for a period of time in exchange for consideration. Leases that meet the criteria of ASC 842 are recorded on
Off-Balance Sheet Arrangements	Off-Balance Sheet Arrangements - Joint Ventures . We may participate in land development joint ventures as a means of accessing larger parcels of land, expanding our market opportunities, managing our risk profile, optimizing deal structure for the impacted parties and leveraging our capital, although our participation in such ventures is currently limited. See Note 4 for additional discussion of our investments in unconsolidated entities . Off-Balance Sheet Arrangements - Other. In the normal course of business, we may acquire lots from various development entities pursuant to purchase and option agreements. The purchase price generally approximates the market price at the date the contract is executed (with possible future escalators) and the acquisition of the land is typically staggered. See Note 3 for additional information on these off-balance sheet arrangements. Surety Bonds and Letters of Credit. We provide surety bonds and letters of credit in support of our obligations relating to the development of our projects and other corporate purposes in lieu of cash deposits. The amount of these obligations outstanding at any time varies depending on the stage and level of our development activities. Surety bonds are generally not wholly released until all development activities under the bond are complete. In the event a bond or letter of credit is drawn upon, we would be obligated to reimburse the issuer for any amounts advanced under the bond or letter of credit. We believe it is unlikely that any significant amounts of these bonds or letters of credit will be drawn upon.
Warranty Reserves	Warranty Reserves.
Revenue Recognition	Revenue Recognition. In accordance with ASC 606, Revenue from Contracts with Customers, we apply the following steps in determining the timing and amount of revenue to recognize: (1) identify the contract with our customer; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, if applicable; and (5) recognize revenue when (or as) we satisfy the performance obligations. Our three sources of revenue are disaggregated by type in the accompanying unaudited consolidated income statements. The performance obligations and subsequent revenue recognition for our three sources of revenue are outlined below: • Revenue from home closings is recognized when closings have occurred, the risks and rewards of ownership are transferred to the buyer, and we have no continuing involvement with the property, which is generally upon the close of escrow. Revenue is reported net of any discounts and incentives. • Revenue from land closings is recognized when a significant down payment is received, title passes, and collectability of the receivable, if any, is reasonably assured, and we have no continuing involvement with the property, which is generally upon the close of escrow. • Revenue from financial services is recognized when closings have occurred and all financial services have been rendered, which is generally upon the close of escrow.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which aligns interim segment disclosure requirements with existing annual requirements and includes updates to segment reporting, most notably through enhanced disclosures about significant segment expenses and various Chief Operating Decision Maker ("CODM")-related disclosures. ASU 2023-07 is effective for our annual report covering the fiscal year beginning January 1, 2024, and for our interim reports beginning January 1, 2025. ASU 2023-07 is required to be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact adopting this guidance will have on our financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which modifies the disclosure requirements primarily related to the effective tax rate reconciliation and income taxes paid by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for us beginning January 1, 2025 and may be applied either retrospectively or prospectively. We are currently evaluating the impact adopting this guidance will have on our financial statement disclosures.
Variable Interest Entities	In accordance with ASC 810, Consolidation , we evaluate all purchase and option agreements for land to determine whether they are a variable interest entity ("VIE"), and if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are the primary beneficiary we are required to consolidate the VIE in our financial statements and reflect its assets and liabilities as Real estate not owned and Liabilities related to real estate not owned, respectively. We determined that as of June 30, 2024 and December 31, 2023, we were not the primary beneficiary of any VIEs from which we have acquired rights to land or lots under option contracts.
Fair Value Disclosures	ASC 820-10, Fair Value Measurement ("ASC 820"), defines fair value, establishes a framework for measuring fair value and addresses required disclosures about fair value measurements. This standard establishes a three-level hierarchy for fair value measurements based upon the significant inputs used to determine fair value. Observable inputs are those which are obtained from market participants external to the Company while unobservable inputs are generally developed internally, utilizing management’s estimates, assumptions and specific knowledge of the assets/liabilities and related markets. The three levels are defined as follows: • Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities. • Level 2 — Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. • Level 3 — Valuation is derived from model-based techniques in which at least one significant input is unobservable and based on the Company’s own estimates about the assumptions that market participants would use to value the asset or liability. If the only observable inputs are from inactive markets or for transactions which the Company evaluates as “distressed”, the use of Level 1 inputs should be modified by the Company to properly address these factors, or the reliance of such inputs may be limited, with a greater weight attributed to Level 3 inputs.
Stock-Based Compensation	Compensation cost related to time-based restricted stock awards is measured as of the closing price on the date of grant and is expensed, less forfeitures, on a straight-line basis over the vesting period of the award. Compensation cost related to performance-based restricted stock awards is also measured as of the closing price on the date of grant but is expensed in accordance with ASC 718-10-25-20, Compensation – Stock Compensation
Income Tax Policy	We determine our deferred tax assets and liabilities in accordance with ASC 740, Income Taxes
Segment Reporting	We operate with two principal business segments: homebuilding and financial services. As defined in ASC 280-10, Segment Reporting , we have ten homebuilding operating segments. The homebuilding segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows: West: Arizona, California, Colorado and Utah Central: Texas East: Florida, Georgia, North Carolina, South Carolina and Tennessee

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease, Cost	The table below outlines our ROU assets and lease liabilities (in thousands): As of June 30, 2024 December 31, 2023 ROU assets $ 52,460 $ 51,275 Lease liabilities 55,059 54,040
Schedule of Surety Bond and Letter of Credit Obligations	The table below outlines our surety bond and letter of credit obligations (in thousands): As of June 30, 2024 December 31, 2023 Outstanding Estimated work Outstanding Estimated work Sureties: Sureties related to owned projects and lots under contract $ 1,019,779 $ 779,287 $ 975,979 $ 712,421 Total Sureties $ 1,019,779 $ 779,287 $ 975,979 $ 712,421 Letters of Credit (“LOCs”): LOCs for land development 109,708 N/A 56,251 N/A LOCs for general corporate operations 5,000 N/A 5,000 N/A Total LOCs $ 114,708 N/A $ 61,251 N/A
Schedule of Accrued Liabilities	Accrued liabilities at June 30, 2024 and December 31, 2023 consisted of the following (in thousands): As of June 30, 2024 December 31, 2023 Accruals related to real estate development and construction activities $ 169,482 $ 137,489 Payroll and other benefits 84,121 140,734 Accrued interest 6,546 6,331 Accrued taxes 20,103 25,569 Warranty reserves 34,769 37,360 Lease liabilities 55,059 54,040 Other accruals 18,895 23,241 Total $ 388,975 $ 424,764
Summary of Changes in Warranty Reserves	A summary of changes in our warranty reserves follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 36,364 $ 37,063 $ 37,360 $ 35,575 Additions to reserve from new home deliveries 5,809 5,982 10,642 10,388 Warranty claims, net of recoveries (7,404) (6,830) (13,233) (9,748) Adjustments to pre-existing reserves — — — — Balance, end of period $ 34,769 $ 36,215 $ 34,769 $ 36,215

REAL ESTATE AND CAPITALIZED I_2

REAL ESTATE AND CAPITALIZED INTEREST (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Real Estate	Real estate consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Homes under contract under construction (1) $ 789,961 $ 704,206 Unsold homes, completed and under construction (1) 1,487,674 1,260,855 Model homes (1) 114,185 118,252 Finished home sites and home sites under development (2) 2,783,264 2,637,978 Total $ 5,175,084 $ 4,721,291 (1) Includes the allocated land and land development costs associated with each lot for these homes. (2) Includes raw land, land held for development and land held for sale, less impairments, if any. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.
Summary of Capitalized Interest	A summary of our capitalized interest is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Capitalized interest, beginning of period $ 54,227 $ 62,452 $ 54,516 $ 60,169 Interest incurred 14,327 15,144 27,252 30,174 Interest expensed — — — — Interest amortized to cost of home and land closings (14,227) (16,518) (27,441) (29,265) Capitalized interest, end of period $ 54,327 $ 61,078 $ 54,327 $ 61,078

VARIABLE INTEREST ENTITIES AN_2

VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)	6 Months Ended
	Jun. 30, 2024
Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]
Summary of Lots Under Option	The table below presents a summary of our lots under option at June 30, 2024 (dollars in thousands): Projected Number of Lots Purchase Option/ Purchase and option contracts recorded on balance sheet as Real estate not owned — $ — $ — Option contracts — non-refundable deposits, committed (1) 7,555 517,409 72,992 Purchase contracts — non-refundable deposits, committed (1) 15,491 430,972 62,535 Purchase and option contracts —refundable deposits, committed 1,078 42,934 3,365 Total committed 24,124 991,315 138,892 Purchase and option contracts — refundable deposits, uncommitted (2) 41,752 1,875,539 17,806 Total lots under contract or option 65,876 $ 2,866,854 $ 156,698 Total purchase and option contracts not recorded on balance sheet (3) 65,876 $ 2,866,854 $ 156,698 (4) (1) Deposits are non-refundable except if certain contractual conditions are not performed by the selling party. (2) Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots. (3) Except for our specific performance contracts recorded on the accompanying unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots. (4) Amount is reflected on the accompanying unaudited consolidated balance sheets in Deposits on real estate under option or contract as of June 30, 2024.

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures	Summarized condensed combined financial information related to unconsolidated joint ventures that are accounted for using the equity method was as follows (in thousands): As of June 30, 2024 December 31, 2023 Assets: Cash $ 3,839 $ 3,546 Real estate 39,924 28,395 Other assets 5,491 6,514 Total assets $ 49,254 $ 38,455 Liabilities and equity: Accounts payable and other liabilities $ 5,903 $ 6,537 Equity of: Meritage (1) 22,853 16,279 Other 20,498 15,639 Total liabilities and equity $ 49,254 $ 38,455 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 12,739 $ 11,710 $ 23,329 $ 21,226 Costs and expenses (10,451) (9,099) (19,588) (17,450) Net earnings of unconsolidated entities $ 2,288 $ 2,611 $ 3,741 $ 3,776 Meritage’s share of pre-tax earnings/(loss) (1) (2) $ 1,655 $ 1,536 $ 2,627 $ 2,882 (1) Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reported in the accompanying unaudited consolidated financial statements due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) capitalization of interest on qualified assets, (iv) income deferrals as discussed in Note (2) below and (v) the cessation of allocation of losses from joint ventures in which we have previously written down our investment balance to zero and where we have no commitment to fund additional losses. (2) Our share of pre-tax earnings/(loss) from our mortgage joint venture is recorded in Earnings/(loss) from financial services unconsolidated entities and other, net on the accompanying unaudited consolidated income statements. Our share of pre-tax earnings/(loss) from all other joint ventures is recorded in Other income, net on the accompanying unaudited consolidated income statements and excludes joint venture profit related to lots we purchased from the joint ventures, if any. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.

LOANS PAYABLE AND OTHER BORRO_2

LOANS PAYABLE AND OTHER BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Loans Payable and Other Borrowings	Loans payable and other borrowings consist of the following (in thousands): As of June 30, 2024 December 31, 2023 Other borrowings, real estate notes payable (1) $ 9,711 $ 13,526 $910.0 million unsecured revolving credit facility — — Total $ 9,711 $ 13,526 (1) Reflects balance of non-recourse notes payable in connection with land purchases.

SENIOR NOTES, NET (Tables)

SENIOR NOTES, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Senior Notes, Net	enior and convertible senior notes, net consist of the following (in thousands): As of June 30, 2024 December 31, 2023 6.00% senior notes due 2025 ("2025 Notes"). At December 31, 2023 there was approximately $994 in net unamortized premium. — 250,994 5.125% senior notes due 2027 ("2027 Notes") 300,000 300,000 1.750% convertible senior notes due 2028 ("2028 Convertible Notes") 575,000 — 3.875% senior notes due 2029 ("2029 Notes") 450,000 450,000 Net debt issuance costs (21,400) (6,305) Total $ 1,303,600 $ 994,689

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Fixed-Rate Debt	The fair value of our fixed-rate debt is derived from quoted market prices by independent dealers (Level 2 inputs as per the discussion above) and is as follows (in thousands): As of June 30, 2024 December 31, 2023 Aggregate Estimated Fair Aggregate Estimated Fair 6.00% senior notes due 2025 $ — $ — $ 250,000 $ 249,375 5.125% senior notes due 2027 $ 300,000 $ 294,780 $ 300,000 $ 295,500 1.750% convertible senior notes due 2028 $ 575,000 $ 579,272 $ — $ — 3.875% senior notes due 2029 $ 450,000 $ 412,875 $ 450,000 $ 411,750

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings per Common Share	Basic and diluted earnings per common share were calculated as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic weighted average number of shares outstanding 36,322 36,765 36,317 36,715 Effect of dilutive securities: Unvested restricted stock 396 426 421 434 Diluted average shares outstanding 36,718 37,191 36,738 37,149 Net earnings $ 231,555 $ 186,836 $ 417,571 $ 318,137 Basic earnings per share $ 6.38 $ 5.08 $ 11.50 $ 8.67 Diluted earnings per share $ 6.31 $ 5.02 $ 11.37 $ 8.56 We compute basic earnings per share by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if securities or contracts to issue common stock that are dilutive were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. In accordance with ASC 260-10, Earnings Per Share , we calculate the dilutive effect of the 2028 Convertible Notes using the "if-converted" method. As discussed in Note 6, the Company will settle any convertible note conversions by paying cash up to the principal amount of notes and settle any additional value in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. As the Company will settle the principal amount of convertible notes in cash upon conversion, the convertible notes only have a dilutive impact when the average share price of the Company’s common stock exceeds the conversion price, in any applicable period.

ACQUISITIONS AND GOODWILL (Tabl

ACQUISITIONS AND GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2024
Business Acquisitions and Goodwill [Abstract]
Summary of Changes in the Carrying Amount of Goodwill	A summary of the carrying amount of goodwill follows (in thousands): West Central East Financial Services Corporate Total Balance at December 31, 2023 $ — $ — $ 32,962 $ — $ — $ 32,962 Additions — — — — — — Balance at June 30, 2024 $ — $ — $ 32,962 $ — $ — $ 32,962

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Six Months Ended June 30, 2024 (In thousands) Number of Common Additional Retained Total Balance at December 31, 2023 36,425 $ 364 $ 290,955 $ 4,320,581 $ 4,611,900 Net earnings — — — 186,016 186,016 Stock-based compensation expense — — 6,114 — 6,114 Issuance of stock 256 3 (3) — — Dividends declared — — — (27,239) (27,239) Share repurchases (362) (4) (56,214) — (56,218) Balance at March 31, 2024 36,319 $ 363 $ 240,852 $ 4,479,358 $ 4,720,573 Net earnings — — — 231,555 231,555 Stock-based compensation expense — — 4,718 — 4,718 Issuance of stock 8 — — — — Dividends declared — — — (27,245) (27,245) Capped call transactions, net of tax — — (47,067) — (47,067) Balance at June 30, 2024 36,327 $ 363 $ 198,503 $ 4,683,668 $ 4,882,534 Six Months Ended June 30, 2023 (In thousands) Number of Common Additional Retained Total Balance at December 31, 2022 36,571 $ 366 $ 327,878 $ 3,621,367 $ 3,949,611 Net earnings — — — 131,301 131,301 Stock-based compensation expense — — 6,225 — 6,225 Issuance of stock 287 3 (3) — — Dividends declared — — — (9,927) (9,927) Share repurchases (93) (1) (9,999) — (10,000) Balance at March 31, 2023 36,765 $ 368 $ 324,101 $ 3,742,741 $ 4,067,210 Net earnings — — — 186,836 186,836 Stock-based compensation expense — — 4,176 — 4,176 Dividends declared — — — (9,927) (9,927) Balance at June 30, 2023 36,765 368 328,277 3,919,650 4,248,295

STOCK BASED AND DEFERRED COMP_2

STOCK BASED AND DEFERRED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Compensation Expense and Stock Award Activity	Below is a summary of stock-based compensation expense and stock award activity (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 4,718 $ 4,176 $ 10,832 $ 10,401 Non-vested shares granted — 2,100 140,665 180,412 Performance-based non-vested shares granted — — 37,698 42,964 Performance-based shares issued in excess of target shares granted (1) — — 15,978 26,167 Restricted stock awards vested (includes performance-based awards) 8,200 — 248,618 287,171 (1)
Summary of Additional Information Regarding Stock Plan	The following table includes additional information regarding our stock compensation plan (dollars in thousands): As of June 30, 2024 December 31, 2023 Unrecognized stock-based compensation cost $ 38,819 $ 27,791 Weighted average years expense recognition period 2.11 1.94 Total equity awards outstanding (1) 627,937 703,415 (1) Includes unvested restricted stock units and performance-based awards (assuming 100%/target payout).

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	Components of the provision for income taxes are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Federal $ 52,340 $ 41,831 $ 90,462 $ 68,271 State 13,466 10,857 23,343 18,419 Total $ 65,806 $ 52,688 $ 113,805 $ 86,690

SUPPLEMENTAL DISCLOSURE OF CA_2

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents certain supplemental cash flow information (in thousands): Six Months Ended June 30, 2024 2023 Cash paid during the year for: Interest, net of interest capitalized $ (2,341) $ (934) Income taxes paid $ 114,054 $ 86,587 Non-cash operating activities: Real estate acquired through notes payable $ 3,630 $ 6,356

OPERATING AND REPORTING SEGME_2

OPERATING AND REPORTING SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Homebuilding revenue (1) : West $ 622,837 $ 528,977 $ 1,138,469 $ 963,114 Central 459,180 458,709 886,745 884,159 East 611,721 579,714 1,136,925 999,435 Consolidated total $ 1,693,738 $ 1,567,400 $ 3,162,139 $ 2,846,708 Homebuilding segment operating income: West $ 100,779 $ 52,283 $ 172,043 $ 91,092 Central 82,613 83,491 155,716 148,782 East 110,209 103,517 204,486 164,393 Total homebuilding segment operating income 293,601 239,291 532,245 404,267 Financial services segment profit/(loss) 4,837 (2,557) 4,147 366 Corporate and unallocated costs (2) (11,944) (10,072) (24,905) (21,512) Interest expense — — — — Other income, net 11,498 12,862 20,520 21,706 Loss on early extinguishment of debt (631) — (631) — Earnings before income taxes $ 297,361 $ 239,524 $ 531,376 $ 404,827 (1) Homebuilding revenue includes the following land closing revenue, by segment: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Land closing revenue: West $ — $ 9,760 $ — $ 26,575 Central — 1,908 — 2,478 East — 12,711 2,305 12,711 Total $ — $ 24,379 $ 2,305 $ 41,764 (2) Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
Schedule of Segment Assets	At June 30, 2024 West Central East Financial Services Corporate and Total Deposits on real estate under option or contract $ 26,295 $ 19,477 $ 110,926 $ — $ — $ 156,698 Real estate 1,779,125 1,316,282 2,079,677 — — 5,175,084 Investments in unconsolidated entities — 2,794 20,021 — 815 23,630 Other assets 56,320 (1) 275,958 (2) 106,846 (3) 2,074 1,127,370 (4) 1,568,568 Total assets $ 1,861,740 $ 1,614,511 $ 2,317,470 $ 2,074 $ 1,128,185 $ 6,923,980 (1) Balance consists primarily of cash and cash equivalents, prepaids and other assets and property and equipment, net. (2) Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets. (3) Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets. (4) Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets. At December 31, 2023 West Central East Financial Services Corporate and Total Deposits on real estate under option or contract $ 11,695 $ 10,911 $ 88,758 $ — $ — $ 111,364 Real estate 1,748,732 1,257,054 1,715,505 — — 4,721,291 Investments in unconsolidated entities — 2,825 13,411 — 934 17,170 Other assets 101,376 (1) 272,876 (2) 102,425 (3) 1,889 1,024,743 (4) 1,503,309 Total assets $ 1,861,803 $ 1,543,666 $ 1,920,099 $ 1,889 $ 1,025,677 $ 6,353,134 (1) Balance consists primarily of cash and cash equivalents, receivables from title companies and property and equipment, net. (2) Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets. (3) Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), prepaids and other assets and property and equipment, net. (4) Balance consists primarily of cash and cash equivalents, deferred tax assets, net and prepaids and other assets.

ORGANIZATION AND BASIS OF PRE_4

ORGANIZATION AND BASIS OF PRESENTATION - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) state region community	Dec. 31, 2023 USD ($)
Organization and Presentation [Line Items]
Entity operations in number of regions | region	3
Number of states in regions | state	10
Number of communities in which homes are sold | community	287
Deposits on real estate under option or contract	$ 156,698	$ 111,364
ROU assets	52,460	51,275
Lease liabilities	55,059	54,040
Contract asset insurance renewals	0	0
Cash and cash equivalents [Member]
Organization and Presentation [Line Items]
Amounts in transit from title companies for home closings	75,100	$ 95,700
Minimum [Member]
Organization and Presentation [Line Items]
Base price per house for sale range	$ 243
Community life cycle range	3 years
Maximum [Member]
Organization and Presentation [Line Items]
Base price per house for sale range	$ 1,080
Community life cycle range	5 years
Maximum [Member] | Non-Structural Items [Member]
Organization and Presentation [Line Items]
Warranty period following home closings	2 years
Maximum [Member] | Structural [Member]
Organization and Presentation [Line Items]
Warranty period following home closings	10 years

ORGANIZATION AND BASIS OF PRE_5

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Surety Bond and Letter of Credit Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Sureties related to owned projects and lots under contract [Member]
Loss Contingencies [Line Items]
Outstanding	$ 1,019,779	$ 975,979
Estimated work remaining to complete	779,287	712,421
Sureties [Member]
Loss Contingencies [Line Items]
Outstanding	1,019,779	975,979
Estimated work remaining to complete	779,287	712,421
LOCs for land development [Member]
Loss Contingencies [Line Items]
Letters of credit outstanding	109,708	56,251
LOCs for general corporate operations [Member]
Loss Contingencies [Line Items]
Letters of credit outstanding	5,000	5,000
Revolving credit facility [Member] | Line of Credit [Member]
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 114,708	$ 61,251

ORGANIZATION AND BASIS OF PRE_6

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities
Accruals related to real estate development and construction activities	$ 169,482		$ 137,489
Payroll and other benefits	84,121		140,734
Accrued interest	6,546		6,331
Accrued taxes	20,103		25,569
Warranty reserves	34,769	$ 36,364	37,360	$ 36,215	$ 37,063	$ 35,575
Lease liabilities	55,059		54,040
Other accruals	18,895		23,241
Total	$ 388,975		$ 424,764

ORGANIZATION AND BASIS OF PRE_7

ORGANIZATION AND BASIS OF PRESENTATION - Summary of Changes in Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Warranty Reserves
Balance, beginning of period	$ 36,364	$ 37,063	$ 37,360	$ 35,575
Additions to reserve from new home deliveries	5,809	5,982	10,642	10,388
Warranty claims, net of recoveries	(7,404)	(6,830)	(13,233)	(9,748)
Adjustments to pre-existing reserves	0	0	0	0
Balance, end of period	$ 34,769	$ 36,215	$ 34,769	$ 36,215

REAL ESTATE AND CAPITALIZED I_3

REAL ESTATE AND CAPITALIZED INTEREST - Schedule of Real Estate (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Real Estate Properties
Homes under contract under construction	[1]	$ 789,961	$ 704,206
Unsold homes completed and under construction	[1]	1,487,674	1,260,855
Model homes	[1]	114,185	118,252
Finished home sites and home sites under development	[2]	2,783,264	2,637,978
Real estate		$ 5,175,084	$ 4,721,291
[1] Includes the allocated land and land development costs associated with each lot for these homes. Includes raw land, land held for development and land held for sale, less impairments, if any. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.

REAL ESTATE AND CAPITALIZED I_4

REAL ESTATE AND CAPITALIZED INTEREST - Summary of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary of capitalized interest
Capitalized interest, beginning of period	$ 54,227	$ 62,452	$ 54,516	$ 60,169
Interest incurred	14,327	15,144	27,252	30,174
Interest expensed	0	0	0	0
Interest amortized to cost of home and land closings	(14,227)	(16,518)	(27,441)	(29,265)
Capitalized interest, end of period	$ 54,327	$ 61,078	$ 54,327	$ 61,078

VARIABLE INTEREST ENTITIES AN_3

VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED - Summary of Lots Under Option (Details) $ in Thousands	Jun. 30, 2024 USD ($) lot
Projected Number of Lots
Option contracts — non-refundable deposits, committed | lot	7,555	[1]
Purchase contracts — non-refundable deposits, committed | lot	15,491	[1]
Purchase and option contracts —refundable deposits, committed | lot	1,078
Total committed | lot	24,124
Purchase and option contracts — refundable deposits, uncommitted | lot	41,752	[2]
Total lots under contract or option | lot	65,876
Total purchase and option contracts not recorded on balance sheet | lot	65,876	[3]
Purchase Price
Option contracts — non-refundable deposits, committed	$ 517,409	[1]
Purchase contracts — non-refundable deposits, committed	430,972	[1]
Purchase and option contracts —refundable deposits, committed	42,934
Total committed	991,315
Purchase and option contracts — refundable deposits, uncommitted	1,875,539	[2]
Total lots under contract or option	2,866,854
Total purchase and option contracts not recorded on balance sheet	2,866,854	[3]
Option/ Earnest  Money Deposits–Cash
Option contracts — non-refundable deposits, committed	72,992	[1]
Purchase contracts — non-refundable deposits, committed	62,535	[1]
Purchase and option contracts —refundable deposits, committed	3,365
Total committed	138,892
Purchase and option contracts — refundable deposits, uncommitted	17,806	[2]
Total lots under contract or option	156,698
Total purchase and option contracts not recorded on balance sheet	$ 156,698	[3],[4]
Land Under Purchase Contracts And Options, Recorded, Number Of Lots | lot	0
Land Under Purchase Contracts And Options, Recorded	$ 0
Land Under Purchase Contracts And Options, Recorded, Cash Deposits	$ 0
[1] Deposits are non-refundable except if certain contractual conditions are not performed by the selling party. Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots. Except for our specific performance contracts recorded on the accompanying unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots. Amount is reflected on the accompanying unaudited consolidated balance sheets in Deposits on real estate under option or contract as of June 30, 2024.

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) joint_venture	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities | $	$ 23,630	$ 17,170
Equity-method land ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures	1
Mortgage joint ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures	1

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures, Assets Liabilities and Equity (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Real estate		$ 5,175,084		$ 5,175,084			$ 4,721,291
Other assets		1,568,568		1,568,568			1,503,309
Total assets		6,923,980		6,923,980			6,353,134
Equity of:
Meritage		4,882,534	$ 4,248,295	4,882,534	$ 4,248,295	$ 4,720,573	4,611,900	$ 4,067,210	$ 3,949,611
Total liabilities and stockholders’ equity		6,923,980		6,923,980			6,353,134
Earnings/(loss) from financial services unconsolidated entities and other, net				2,627	2,882
Unconsolidated entities
Equity of:
Earnings/(loss) from financial services unconsolidated entities and other, net		2,288	$ 2,611	3,741	$ 3,776
Equity Method Investment, Nonconsolidated Investee
Assets
Real estate		39,924		39,924			28,395
Other assets		5,491		5,491			6,514
Total assets		49,254		49,254			38,455
Liabilities and equity:
Accounts payable and other liabilities		5,903		5,903			6,537
Equity of:
Meritage	[1]	22,853		22,853			16,279
Other		20,498		20,498			15,639
Total liabilities and stockholders’ equity		49,254		49,254			38,455
Cash		3,839		3,839			3,546
Cash		$ 3,839		$ 3,839			$ 3,546
[1] Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reported in the accompanying unaudited consolidated financial statements due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) capitalization of interest on qualified assets, (iv) income deferrals as discussed in Note (2) below and (v) the cessation of allocation of losses from joint ventures in which we have previously written down our investment balance to zero and where we have no commitment to fund additional losses.

INVESTMENTS IN UNCONSOLIDATED_5

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures, Revenues and Expenses (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Net earnings of unconsolidated entities						$ 2,627	$ 2,882
Net earnings		$ 231,555	$ 186,016	$ 186,836	$ 131,301	417,571	318,137
Equity Method Investment, Nonconsolidated Investee
Schedule of Equity Method Investments [Line Items]
Revenue		12,739		11,710		23,329	21,226
Costs and expenses		(10,451)		(9,099)		(19,588)	(17,450)
Net earnings	[1],[2]	$ 1,655		$ 1,536		$ 2,627	$ 2,882
[1] Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reported in the accompanying unaudited consolidated financial statements due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) capitalization of interest on qualified assets, (iv) income deferrals as discussed in Note (2) below and (v) the cessation of allocation of losses from joint ventures in which we have previously written down our investment balance to zero and where we have no commitment to fund additional losses. Our share of pre-tax earnings/(loss) from our mortgage joint venture is recorded in Earnings/(loss) from financial services unconsolidated entities and other, net on the accompanying unaudited consolidated income statements. Our share of pre-tax earnings/(loss) from all other joint ventures is recorded in Other income, net on the accompanying unaudited consolidated income statements and excludes joint venture profit related to lots we purchased from the joint ventures, if any. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.

LOANS PAYABLE AND OTHER BORRO_3

LOANS PAYABLE AND OTHER BORROWINGS - Schedule of Loans Payable and Other Borrowings (Details) - USD ($)		Jun. 30, 2024	Dec. 31, 2023
Other borrowings, real estate notes payable [Member]
Line of Credit Facility [Line Items]
Loans payable and other borrowings	[1]		$ 13,526,000
Unsecured revolving credit facility [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Loans payable and other borrowings		$ 0	0
Current borrowing capacity		910,000,000
Loans payable and other borrowings total [Member]
Line of Credit Facility [Line Items]
Loans payable and other borrowings		$ 9,711,000	$ 13,526,000
[1]Reflects balance of non-recourse notes payable in connection with land purchases

LOANS PAYABLE AND OTHER BORRO_4

LOANS PAYABLE AND OTHER BORROWINGS - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Repayments of outstanding balance	$ 0
Borrowings		$ 0
Revolving credit facility [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Current borrowing capacity	910,000,000	910,000,000
Maximum borrowing capacity	1,400,000,000	1,400,000,000
Minimum tangible net worth	$ 3,300,000,000	$ 3,300,000,000
Leverage ratio	0.60	0.60
Outstanding borrowings under Credit Facility	$ 0	$ 0	$ 0
Total LOCs	114,708,000	114,708,000	$ 61,251,000
Remaining borrowing capacity	$ 795,300,000	$ 795,300,000
Revolving credit facility [Member] | Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	6.537%	6.537%
Revolving credit facility [Member] | Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Determination One
Line of Credit Facility [Line Items]
Debt Instrument, Variable Rate, Adjustment Spread	0.10%
Revolving credit facility [Member] | Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Determination One | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate, Leverage Benchmark		1.10%
Revolving credit facility [Member] | Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Determination One | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate, Leverage Benchmark		1.75%
Revolving credit facility [Member] | Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Determination Three
Line of Credit Facility [Line Items]
Debt Instrument, Variable Rate, Adjustment Spread		0.10%
Basis spread on variable rate		1%
Revolving credit facility [Member] | Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Determination Three | Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate, Leverage Benchmark		0.10%
Revolving credit facility [Member] | Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Determination Three | Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate, Leverage Benchmark		0.75%
Revolving credit facility [Member] | Line of Credit [Member] | Prime Rate [Member] | Interest Rate Determination Two
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%

SENIOR NOTES, NET - Schedule of

SENIOR NOTES, NET - Schedule of Senior Notes, Net (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	May 09, 2024 $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Convertible Debt		$ 575,000		$ 575,000		$ 0
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 350.64
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	130%
Debt Instrument, Convertible, Stock Price Trigger | $ / shares	$ 232.30
CashPaidForCappedCall				(61,790)	$ 0
Loss on early extinguishment of debt		(631)	$ 0	$ (631)	$ 0
Debt Instrument, Convertible, Conversion Ratio				0.0043048
Senior Notes [Member]
Debt Instrument [Line Items]
Net debt issuance costs		(21,400)		$ (21,400)		(6,305)
Senior notes, net		1,303,600		1,303,600		994,689
Senior Notes [Member] | 6.00% senior notes due 2025 [Member]
Debt Instrument [Line Items]
Senior notes, gross		$ 0		$ 0		250,994
Stated interest rate		6%		6%
Unamortized premium						994
Debt Instrument, Repurchased Face Amount		$ 250,000		$ 250,000
Senior Notes [Member] | 5.125% senior notes due 2027 [Member]
Debt Instrument [Line Items]
Senior notes, gross		$ 300,000		$ 300,000		300,000
Stated interest rate		5.125%		5.125%
Senior Notes [Member] | 3.875% senior notes due 2029 [Member]
Debt Instrument [Line Items]
Senior notes, gross		$ 450,000		$ 450,000		$ 450,000
Stated interest rate		3.875%		3.875%
Senior Notes [Member] | Convertible Senior Notes Due Two Thousand Twenty Eight
Debt Instrument [Line Items]
Stated interest rate		1.75%		1.75%

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Fair Value of Fixed-Rate Debt (Details) - Senior Notes [Member] - USD ($)	Jun. 30, 2024	Dec. 31, 2023
6.00% senior notes due 2025 [Member]
Fair value of fixed-rate debt
Stated interest rate	6%
6.00% senior notes due 2025 [Member] | Level 2 [Member]
Debt Instrument [Line Items]
Aggregate Principal	$ 0	$ 250,000,000
Fair value of fixed-rate debt
Estimated Fair Value	$ 0	249,375,000
5.125% senior notes due 2027 [Member]
Fair value of fixed-rate debt
Stated interest rate	5.125%
5.125% senior notes due 2027 [Member] | Level 2 [Member]
Debt Instrument [Line Items]
Aggregate Principal	$ 300,000,000	300,000,000
Fair value of fixed-rate debt
Estimated Fair Value	$ 294,780,000	295,500,000
3.875% senior notes due 2029 [Member]
Fair value of fixed-rate debt
Stated interest rate	3.875%
3.875% senior notes due 2029 [Member] | Level 2 [Member]
Debt Instrument [Line Items]
Aggregate Principal	$ 450,000,000	450,000,000
Fair value of fixed-rate debt
Estimated Fair Value	$ 412,875,000	411,750,000
Convertible Senior Notes Due Two Thousand Twenty Eight
Fair value of fixed-rate debt
Stated interest rate	1.75%
Convertible Senior Notes Due Two Thousand Twenty Eight | Level 2 [Member]
Debt Instrument [Line Items]
Aggregate Principal	$ 575,000,000	0
Fair value of fixed-rate debt
Estimated Fair Value	$ 579,272,000	$ 0

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic and Diluted Earnings Per Common Share
Basic weighted average number of shares outstanding	36,322		36,765		36,317	36,715
Effect of dilutive securities:
Unvested restricted stock	396		426		421	434
Diluted average shares outstanding	36,718		37,191		36,738	37,149
Net earnings as reported (in dollars)	$ 231,555	$ 186,016	$ 186,836	$ 131,301	$ 417,571	$ 318,137
Basic earnings per share (in dollars per share)	$ 6.38		$ 5.08		$ 11.50	$ 8.67
Diluted earnings per share (in dollars per share)	$ 6.31		$ 5.02		$ 11.37	$ 8.56

ACQUISITIONS AND GOODWILL - Nar

ACQUISITIONS AND GOODWILL - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Business Acquisitions and Goodwill [Abstract]
Goodwill	$ 32,962	$ 32,962

ACQUISITIONS AND GOODWILL - Sum

ACQUISITIONS AND GOODWILL - Summary of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 32,962
Additions	0
Ending balance	32,962
Operating Segments [Member] | Financial Services [Member]
Goodwill [Roll Forward]
Beginning balance	0
Additions	0
Ending balance	0
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]
Goodwill [Roll Forward]
Beginning balance	0
Additions	0
Ending balance	0
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]
Goodwill [Roll Forward]
Beginning balance	0
Additions	0
Ending balance	0
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]
Goodwill [Roll Forward]
Beginning balance	32,962
Additions	0
Ending balance	32,962
Corporate [Member]
Goodwill [Roll Forward]
Beginning balance	0
Additions	0
Ending balance	$ 0

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Changes in Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		36,425,037			36,425,037
Beginning balance	$ 4,720,573	$ 4,611,900	$ 4,067,210	$ 3,949,611	$ 4,611,900	$ 3,949,611
Net earnings	231,555	186,016	186,836	131,301	$ 417,571	318,137
Stock-based compensation expense	4,718	6,114	4,176	6,225
Issuance of stock	0	0		0
Dividends	$ (27,245)	(27,239)	(9,927)	(9,927)
Share repurchases		(56,218)		(10,000)
Ending balance (in shares)	36,327,214				36,327,214
Ending balance	$ 4,882,534	$ 4,720,573	$ 4,248,295	$ 4,067,210	$ 4,882,534	$ 4,248,295
Common Stock, Dividends, Per Share, Declared	$ 0.75		$ 0.27		$ 1.50	$ 0.54
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	36,319,000	36,425,000	36,765,000	36,571,000	36,425,000	36,571,000
Beginning balance	$ 363	$ 364	$ 368	$ 366	$ 364	$ 366
Issuance of stock (in shares)	8,000	256,000		287,000
Issuance of stock	$ 0	$ 3		$ 3
Share repurchases (in shares)		(362,000)		(93,000)
Share repurchases		$ (4)		$ (1)
Ending balance (in shares)	36,327,000	36,319,000	36,765,000	36,765,000	36,327,000	36,765,000
Ending balance	$ 363	$ 363	$ 368	$ 368	$ 363	$ 368
Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	240,852	290,955	324,101	327,878	290,955	327,878
Stock-based compensation expense	4,718	6,114	4,176	6,225
Issuance of stock	0	(3)		(3)
Share repurchases		(56,214)		(9,999)
AdjustmentsToAdditionalPaidInCapitalPremiumsPaidForCappedCallConfirmations		47,067
Ending balance	198,503	240,852	328,277	324,101	198,503	328,277
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	4,479,358	4,320,581	3,742,741	3,621,367	4,320,581	3,621,367
Net earnings	231,555	186,016	186,836	131,301
Dividends	(27,245)	(27,239)	(9,927)	(9,927)
Ending balance	$ 4,683,668	$ 4,479,358	$ 3,919,650	$ 3,742,741	$ 4,683,668	$ 3,919,650

STOCK BASED AND DEFERRED COMP_3

STOCK BASED AND DEFERRED COMPENSATION - Narrative (Details) - shares	6 Months Ended
	Jun. 30, 2024	May 31, 2023
Employees [Member] | Non-vested stock awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Senior executive officers and non-employee directors [Member] | Non-vested stock awards and performance-based awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff-vesting period	3 years
Non-Employee Director [Member] | Non-vested stock awards and performance-based awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Cliff-vesting period	3 years
2018 stock incentive plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized under stock compensation plan (up to) (in shares)	7,400,000	800,000
Remaining shares available for grant (in shares)	1,151,115

STOCK BASED AND DEFERRED COMP_4

STOCK BASED AND DEFERRED COMPENSATION - Summary of Compensation Expense and Stock Award Activity (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary of compensation expense and stock award activity
Stock-based compensation expense (in dollars)		$ 4,718	$ 4,176	$ 10,832	$ 10,401
Restricted Stock [Member]
Summary of compensation expense and stock award activity
Restricted stock awards vested (includes performance-based awards) (in shares)		8,200	0	248,618	287,171
Non-vested shares [Member]
Summary of compensation expense and stock award activity
Non-vested shares granted (in shares)		0	2,100	140,665	180,412
Performance-based non-vested shares [Member]
Summary of compensation expense and stock award activity
Non-vested shares granted (in shares)		0	0	37,698	42,964
Shares issued as a result of performance achievement exceeding performance targets (in shares)	[1]	0	0	15,978	26,167
[1]Performance-based shares that vested and were issued as a result of performance achievement exceeding the originally established targeted number of shares related to respective performance metrics.

STOCK BASED AND DEFERRED COMP_5

STOCK BASED AND DEFERRED COMPENSATION - Summary of Additional Information Regarding Stock Plan (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Summary of stock based compensation agreements
Unrecognized stock-based compensation cost			$ 38,819	$ 27,791
Weighted average years expense recognition period		1 year 11 months 8 days	2 years 1 month 9 days
Total stock-based awards outstanding (in shares)	[1]		627,937	703,415
Payout percentage			100%
[1] Includes unvested restricted stock units and performance-based awards (assuming 100%/target payout).

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Current Taxes:
Federal	$ 52,340	$ 41,831	$ 90,462	$ 68,271
State	13,466	10,857	23,343	18,419
Total	$ 65,806	$ 52,688	$ 113,805	$ 86,690

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Taxes (Textual) [Abstract]
Effective tax rate	22.10%	22%	21.40%	21.40%
Unrecognized tax benefits	$ 0		$ 0		$ 0
Valuation allowance on deferred tax assets	0		0
Valuation allowance on net operating loss carryforwards	0		0
Income taxes receivable	0		0
Accrued Liabilities [Member]
Income Taxes (Textual) [Abstract]
Income taxes payable	$ 7,700,000		$ 7,700,000

SUPPLEMENTAL DISCLOSURE OF CA_3

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid during the period for:
Interest, net of interest capitalized	$ (2,341)	$ (934)
Income taxes paid	114,054	86,587
Non-cash operating activities:
Real estate acquired through notes payable	$ 3,630	$ 6,356

OPERATING AND REPORTING SEGME_3

OPERATING AND REPORTING SEGMENTS - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 operating_segment segment
Segment Reporting [Abstract]
Number of business segments | segment	2
Number of operating segments | operating_segment	10

OPERATING AND REPORTING SEGME_4

OPERATING AND REPORTING SEGMENTS - Schedule of Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Corporate and unallocated costs		$ (53,184)	$ (52,140)	$ (103,916)	$ (99,659)
Interest expense		0	0	0	0
Other income, net		11,498	12,862	20,520	21,706
Earnings before income taxes		297,361	239,524	531,376	404,827
Operating Segments [Member] | Financial Services [Member]
Segment Reporting Information [Line Items]
Operating Income		4,837	(2,557)	4,147	366
Operating Segments [Member] | Homebuilding Segment
Segment Reporting Information [Line Items]
Revenue		0	24,379	2,305	41,764
Operating Income		293,601	239,291	532,245	404,267
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]
Segment Reporting Information [Line Items]
Operating Income		100,779	52,283	172,043	91,092
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]
Segment Reporting Information [Line Items]
Operating Income		82,613	83,491	155,716	148,782
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]
Segment Reporting Information [Line Items]
Operating Income		110,209	103,517	204,486	164,393
Corporate and Unallocated [Member]
Segment Reporting Information [Line Items]
Corporate and unallocated costs	[1]	(11,944)	(10,072)	(24,905)	(21,512)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Interest expense		0	0	0	0
Other income, net		11,498	12,862	20,520	21,706
Homebuilding
Segment Reporting Information [Line Items]
Revenue		1,693,738	1,567,400	3,162,139	2,846,708
Homebuilding | Operating Segments [Member] | Homebuilding Segment
Segment Reporting Information [Line Items]
Revenue	[2]	1,693,738	1,567,400	3,162,139	2,846,708
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]
Segment Reporting Information [Line Items]
Revenue	[2]	622,837	528,977	1,138,469	963,114
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]
Segment Reporting Information [Line Items]
Revenue	[2]	459,180	458,709	886,745	884,159
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]
Segment Reporting Information [Line Items]
Revenue	[2]	611,721	579,714	1,136,925	999,435
Home closings
Segment Reporting Information [Line Items]
Revenue		$ 1,693,738	$ 1,543,021	$ 3,159,834	$ 2,804,944
[1] Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Land closing revenue: West $ — $ 9,760 $ — $ 26,575 Central — 1,908 — 2,478 East — 12,711 2,305 12,711 Total $ — $ 24,379 $ 2,305 $ 41,764

OPERATING AND REPORTING SEGME_5

OPERATING AND REPORTING SEGMENTS - Schedule of Segment Information, Revenue (Details) - Operating Segments [Member] - Homebuilding Segment - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 24,379	$ 2,305	$ 41,764
Reportable Subsegments [Member] | West [Member]
Segment Reporting Information [Line Items]
Revenue	0	9,760	0	26,575
Reportable Subsegments [Member] | Central [Member]
Segment Reporting Information [Line Items]
Revenue	0	1,908	0	2,478
Reportable Subsegments [Member] | East [Member]
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 12,711	$ 2,305	$ 12,711

OPERATING AND REPORTING SEGME_6

OPERATING AND REPORTING SEGMENTS - Schedule of Segment Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024		Dec. 31, 2023
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	$ 156,698		$ 111,364
Real estate	5,175,084		4,721,291
Investments in unconsolidated entities	23,630		17,170
Other assets	1,568,568		1,503,309
Total assets	6,923,980		6,353,134
Operating Segments [Member] | Financial Services [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	0		0
Real estate	0		0
Investments in unconsolidated entities	0		0
Other assets	2,074		1,889
Total assets	2,074		1,889
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	26,295		11,695
Real estate	1,779,125		1,748,732
Investments in unconsolidated entities	0		0
Other assets	56,320	[1]	101,376	[2]
Total assets	1,861,740		1,861,803
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	19,477		10,911
Real estate	1,316,282		1,257,054
Investments in unconsolidated entities	2,794		2,825
Other assets	275,958	[3]	272,876	[4]
Total assets	1,614,511		1,543,666
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	110,926		88,758
Real estate	2,079,677		1,715,505
Investments in unconsolidated entities	20,021		13,411
Other assets	106,846	[5]	102,425	[6]
Total assets	2,317,470		1,920,099
Corporate and Unallocated [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	0		0
Real estate	0		0
Investments in unconsolidated entities	815		934
Other assets	1,127,370	[7]	1,024,743	[8]
Total assets	$ 1,128,185		$ 1,025,677
[1]Balance consists primarily of cash and cash equivalents, prepaids and other assets and property and equipment, net[2] Balance consists primarily of cash and cash equivalents, receivables from title companies and property and equipment, net. Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets. Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets. Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Standard product warranty accrual	$ 34,769	$ 36,364	$ 37,360	$ 36,215	$ 37,063	$ 35,575