Meritage Homes (MTH) 10-Q 29 Jul 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 25, 2022
Document Information [Line Items]
Entity Central Index Key	0000833079
Entity Registrant Name	Meritage Homes CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-9977
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-0611231
Entity Address, Address Line One	8800 E. Raintree Drive, Suite 300
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85260
City Area Code	480
Local Phone Number	515-8100
Title of 12(b) Security	Common Stock $.01 par value
Trading Symbol	MTH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,566,975

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022		Dec. 31, 2021
Assets
Cash and cash equivalents	$ 272,147		$ 618,335
Other receivables	171,408		147,548
Real estate	4,474,062		3,734,408
Real estate not owned	8,011	[1]	8,011
Deposits on real estate under option or contract	97,967		90,679
Investments in unconsolidated entities	11,223		5,764
Property and equipment, net	39,030		37,340
Deferred tax assets, net	41,271		40,672
Prepaids, other assets and goodwill	192,604		124,776
Total assets	5,307,723		4,807,533
Liabilities
Accounts payable	341,717		216,009
Accrued liabilities	326,856		337,277
Home sale deposits	60,820		42,610
Liabilities related to real estate not owned	7,210		7,210
Loans payable and other borrowings	15,613		17,552
Senior notes, net	1,143,038		1,142,486
Total liabilities	1,895,254		1,763,144
Stockholders’ Equity
Preferred stock, par value $0.01. Authorized 10,000,000 shares; none issued and outstanding at June 30, 2022 and December 31, 2021	0		0
Common stock, par value $0.01. Authorized 125,000,000 shares; 36,566,975 and 37,340,855 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	366		373
Additional paid-in capital	315,590		414,841
Retained earnings	3,096,513		2,629,175
Total stockholders’ equity	3,412,469		3,044,389
Total liabilities and stockholders’ equity	$ 5,307,723		$ 4,807,533
[1]Real estate not owned represents a single parcel of land intended for multi-family housing that, once purchased, the Company intends to sell.

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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)	36,566,975	37,340,855
Common stock, shares outstanding (in shares)	36,566,975	37,340,855

Unaudited Consolidated Income S

Unaudited Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 1,412,381	$ 1,277,599	$ 2,699,315	$ 2,361,380
Cost of closings	(966,992)	(932,630)	(1,865,484)	(1,749,209)
Gross profit	445,389	344,969	833,831	612,171
Commissions and other sales costs	(69,383)	(73,889)	(134,923)	(141,633)
General and administrative expenses	(47,932)	(43,156)	(87,927)	(81,105)
Interest expensed	0	(77)	(41)	(167)
Other (expense)/income, net	(458)	1,377	(775)	2,175
Loss on early extinguishment of debt	0	(18,188)	0	(18,188)
Earnings before income taxes	331,695	215,651	617,578	381,628
Provision for income taxes	(81,611)	(48,262)	(150,240)	(82,396)
Net earnings	$ 250,084	$ 167,389	$ 467,338	$ 299,232
Earnings per common share:
Basic earnings per share (in dollars per share)	$ 6.82	$ 4.43	$ 12.69	$ 7.93
Diluted earnings per share (in dollars per share)	$ 6.77	$ 4.36	$ 12.55	$ 7.80
Weighted average number of shares:
Basic weighted average number of shares outstanding (in shares)	36,647	37,818	36,820	37,731
Diluted (in shares)	36,962	38,377	37,239	38,357
Home Building [Member]
Revenue	$ 1,408,947	$ 1,264,643	$ 2,654,403	$ 2,344,625
Cost of closings	(964,208)	(919,342)	(1,832,015)	(1,732,669)
Gross profit	444,739	345,301	822,388	611,956
Land [Member]
Revenue	3,434	12,956	44,912	16,755
Cost of closings	(2,784)	(13,288)	(33,469)	(16,540)
Gross profit	650	(332)	11,443	215
Financial Service [Member]
Revenue	5,139	5,665	9,811	10,416
Gross profit	4,079	4,615	7,413	8,375
Expense	(2,581)	(2,367)	(5,093)	(4,538)
Earnings from financial services unconsolidated entities and other, net	$ 1,521	$ 1,317	$ 2,695	$ 2,497

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net earnings	$ 467,338	$ 299,232
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	11,723	13,414
Stock-based compensation	10,045	8,590
Loss on early extinguishment of debt	0	18,188
Equity in earnings from unconsolidated entities	(2,145)	(1,807)
Distributions of earnings from unconsolidated entities	2,339	2,215
Other	(601)	2,266
Changes in assets and liabilities:
Increase in real estate	(729,450)	(469,733)
Increase in deposits on real estate under option or contract	(7,288)	(14,863)
Increase in other receivables, prepaids and other assets	(90,419)	(36,390)
Increase in accounts payable and accrued liabilities	113,421	26,532
Increase in home sale deposits	18,210	8,884
Net cash used in operating activities	(206,827)	(143,472)
Cash flows from investing activities:
Investments in unconsolidated entities	(5,653)	(1)
Purchases of property and equipment	(12,852)	(10,970)
Proceeds from sales of property and equipment	247	292
Maturities/sales of investments and securities	1,032	2,697
Payments to purchase investments and securities	(1,032)	(2,697)
Net cash used in investing activities	(18,258)	(10,679)
Cash flows from financing activities:
Repayment of loans payable and other borrowings	(11,800)	(5,758)
Repayment of senior notes	0	(317,690)
Proceeds from issuance of senior notes	0	450,000
Payment of debt issuance costs	0	(6,102)
Repurchase of shares	(109,303)	(27,546)
Net cash (used in)/provided by financing activities	(121,103)	92,904
Net decrease in cash and cash equivalents	(346,188)	(61,247)
Cash and cash equivalents, beginning of period	618,335	745,621
Cash and cash equivalents, end of period	$ 272,147	$ 684,374

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	NOTE 1 ORGANIZATION AND BASIS OF PRESENTATION Organization. first three ten We commenced our homebuilding operations in 1985 1988 1996, no June 30, 2022 Basis of Presentation 10 10 X. not 10 December 31, 2021 3 not Cash and Cash Equivalents. three June 30, 2022 December 31, 2021 Real Estate. 360 10, Property, Plant and Equipment ("ASC 360 10" may not 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 not not 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, absorptions that differ from our expectations, increases in costs that have not Typically, a community's life cycle ranges from three five may may 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. If 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. Our determination of fair value is based on projections and estimates. Changes in these expectations may may 2 Deposits. no not not June 30, 2022 December 31, 2021 Goodwill. 350, Intangibles, Goodwill and Other 350" 350 may 1 2 3 4 two 350 may not 9 Leases. 842, Leases 842" 842, 842 The table below outlines our ROU assets and lease liabilities (in thousands): As of June 30, 2022 December 31, 2021 ROU assets $ 19,725 $ 21,038 Lease liabilities 24,084 26,171 Off-Balance Sheet Arrangements - Joint Ventures may 4 . Off-Balance Sheet Arrangements - Other. may may 3 Surety Bonds and Letters of Credit. not The table below outlines our surety bond and letter of credit obligations (in thousands): As of June 30, 2022 December 31, 2021 Estimated work Estimated work remaining to remaining to Outstanding complete Outstanding complete Sureties: Sureties related to owned projects and lots under contract $ 696,017 $ 401,730 $ 620,297 $ 352,152 Total Sureties $ 696,017 $ 401,730 $ 620,297 $ 352,152 Letters of Credit (“LOCs”): LOCs for land development $ 58,124 N/A $ 57,396 N/A LOCs for general corporate operations 5,000 N/A 5,000 N/A Total LOCs $ 63,124 N/A $ 62,396 N/A Accrued Liabilities June 30, 2022 December 31, 2021 As of June 30, 2022 December 31, 2021 Accruals related to real estate development and construction activities $ 150,525 $ 115,214 Payroll and other benefits 73,601 102,773 Accrued interest 7,195 5,556 Accrued taxes 17,084 37,297 Warranty reserves 31,437 26,264 Lease liabilities 24,084 26,171 Other accruals 22,930 24,002 Total $ 326,856 $ 337,277 Warranty Reserves. first two may not three six June 30, 2022 2021 June 30, 2022 December 31, 2021 15. A summary of changes in our warranty reserves follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 26,667 $ 23,767 $ 26,264 $ 23,743 Additions to reserve from new home deliveries 5,308 4,514 9,836 8,324 Warranty claims (538 ) (1) (3,216 ) (4,663 ) (1) (7,002 ) Adjustments to pre-existing reserves — — — — Balance, end of period $ 31,437 $ 25,065 $ 31,437 $ 25,065 ( 1 Includes recoveries for costs incurred over several years on a foundation design and performance matter that affected a single community in Texas. 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 within 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 maintain, are sufficient to cover our general warranty obligations. However, unanticipated changes in legal, 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. 606, Revenue from Contracts with Customers, 1 2 3 4 5 three • Revenue from closings of residential real estate is recognized when closings have occurred, the risks and rewards of ownership are transferred to the buyer, and we have no • Revenue from land sales 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 • 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 not third not June 30, 2022 December 31, 2021 three Recent Accounting Pronouncements. There are no

Note 2 - Real Estate and Capita

Note 2 - Real Estate and Capitalized Interest	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Real Estate Disclosure [Text Block]	NOTE 2 REAL ESTATE AND CAPITALIZED INTEREST Real estate consists of the following (in thousands): As of June 30, 2022 December 31, 2021 Homes under contract under construction (1) $ 1,527,013 $ 1,039,822 Unsold homes, completed and under construction (1) 748,845 484,999 Model homes (1) 89,539 81,049 Finished home sites and home sites under development (2) (3) 2,108,665 2,128,538 Total $ 4,474,062 $ 3,734,408 ( 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 ( 3 Includes land held for sale of $58.2 million and $62.1 million as of June 30, 2022 December 31, 2021 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, 2022 2021 2022 2021 Capitalized interest, beginning of period $ 59,082 $ 57,540 $ 56,253 $ 58,940 Interest incurred 15,171 16,321 30,384 32,413 Interest expensed — (77 ) (41 ) (167 ) Interest amortized to cost of home and land closings (12,794 ) (17,074 ) (25,137 ) (34,476 ) Capitalized interest, end of period $ 61,459 $ 56,710 $ 61,459 $ 56,710

Note 3 - Variable Interest Enti

Note 3 - Variable Interest Entities and Consolidated Real Estate Not Owned	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	NOTE 3 VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT 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 810, Consolidation not not not June 30, 2022 December 31, 2021 not The table below presents a summary of our lots under option at June 30, 2022 Projected Option/ Number Purchase Earnest Money of Lots Price Deposits–Cash Purchase and option contracts recorded on balance sheet as Real estate not owned (1) 1 $ 8,011 $ 801 Option contracts — non-refundable deposits, committed (2) 11,991 644,294 64,290 Purchase contracts — non-refundable deposits, committed (2) 10,880 302,555 22,712 Purchase and option contracts —refundable deposits, committed 1,450 35,228 1,477 Total committed 24,322 990,088 89,280 Purchase and option contracts — refundable deposits, uncommitted (3) 26,541 877,421 9,488 Total lots under contract or option 50,863 $ 1,867,509 $ 98,768 Total purchase and option contracts not recorded on balance sheet (4) 50,862 $ 1,859,498 $ 97,967 (5) ( 1 Real estate not ( 2 Deposits are non-refundable except if certain contractual conditions are not ( 3 Deposits are refundable at our sole discretion. We have not not ( 4 Except for our specific performance contracts recorded on our unaudited consolidated balance sheets as Real estate not none ( 5 Amount is reflected in our unaudited consolidated balance sheets in Deposits on real estate under option or contract as of June 30, 2022 Generally, our options to purchase lots remain effective so long as we purchase a pre-established minimum number of lots each month or quarter, as determined by the 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 may

Note 4 -Investments in Unconsol

Note 4 -Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	NOTE 4 We may not not may may not June 30, 2022 two one 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, 2022 December 31, 2021 Assets: Cash $ 2,826 $ 7,983 Real estate 16,784 7,989 Other assets 7,024 3,903 Total assets $ 26,634 $ 19,875 Liabilities and equity: Accounts payable and other liabilities $ 5,990 $ 7,899 Equity of: Meritage (1) 10,198 4,752 Other 10,446 7,224 Total liabilities and equity $ 26,634 $ 19,875 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue $ 9,840 $ 10,108 $ 19,078 $ 19,103 Costs and expenses (7,936 ) (8,404 ) (16,208 ) (16,529 ) Net earnings of unconsolidated entities $ 1,904 $ 1,704 $ 2,870 $ 2,574 Meritage’s share of pre-tax earnings (1) (2) $ 1,208 $ 1,057 $ 2,192 $ 1,807 ( 1 Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may 2 zero no ( 2 Our share of pre-tax earnings from our mortgage joint venture is recorded in Earnings from financial services unconsolidated entities and other, net on the accompanying unaudited consolidated income statements. Our share of pre-tax earnings from all other joint ventures is recorded in Other (expense)/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.

Note 5 - Loans Payable and Othe

Note 5 - Loans Payable and Other Borrowings	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 5 LOANS PAYABLE AND OTHER BORROWINGS Loans payable and other borrowings consist of the following (in thousands): As of June 30, 2022 December 31, 2021 Other borrowings, real estate notes payable (1) $ 15,613 $ 17,552 $ 780.0 — — Total $ 15,613 $ 17,552 ( 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 ("Credit Facility") in 2014 December 2021, December 22, 2026 1 1, 3, 6 2 1 3 June 30, 2022 1 1 The Credit Facility also contains certain financial covenants, including (a) a minimum tangible net worth requirement of $1.9 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%. In addition, we are required to maintain either (i) an interest coverage ratio (EBITDA to interest expense, as defined therein) of at least 1.50 to 1.00 not 12 June 30, 2022 We had no outstanding borrowings under the Credit Facility as of June 30, 2022 December 31, 2021 three six June 30, 2022 2021 June 30, 2022

Note 6 - Senior Notes, Net

Note 6 - Senior Notes, Net	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Long-Term Debt [Text Block]	NOTE 6 SENIOR NOTES, NET Senior notes, net consist of the following (in thousands): As of June 30, 2022 December 31, 2021 6.00% 2,386 2,795 $ 402,386 $ 402,795 5.125% 300,000 300,000 3.875% 450,000 450,000 Net debt issuance costs (9,348 ) (10,309 ) Total $ 1,143,038 $ 1,142,486 The indentures for all of our senior notes contain non-financial covenants including, among others, limitations on the amount of secured debt we may June 30, 2022 Obligations to pay principal and interest on the 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% may no not no In April 2021, 2029. 2022, three six June 30, 2021,

Note 7 - Fair Value Disclosures

Note 7 - Fair Value Disclosures	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 7 FAIR VALUE DISCLOSURES ASC 820 10, Fair Value Measurement 820" three three • Level 1 • Level 2 not • Level 3 one If the only observable inputs are from inactive markets or for transactions which the Company evaluates as “distressed”, the use of Level 1 may 3 Financial Instruments 2 As of June 30, 2022 December 31, 2021 Aggregate Estimated Fair Aggregate Estimated Fair Principal Value Principal Value 6.00% $ 400,000 $ 390,000 $ 400,000 $ 446,520 5.125% $ 300,000 $ 274,500 $ 300,000 $ 329,640 3.875% $ 450,000 $ 372,375 $ 450,000 $ 472,500 Due to the short-term nature of other financial assets and liabilities, including our Loans payable and other borrowings, we consider the carrying amounts of our other short-term financial instruments to approximate fair value.

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 8 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, 2022 2021 2022 2021 Basic weighted average number of shares outstanding 36,647 37,818 36,820 37,731 Effect of dilutive securities: Unvested restricted stock 315 559 419 626 Diluted average shares outstanding 36,962 38,377 37,239 38,357 Net earnings $ 250,084 $ 167,389 $ 467,338 $ 299,232 Basic earnings per share $ 6.82 $ 4.43 $ 12.69 $ 7.93 Diluted earnings per share $ 6.77 $ 4.36 $ 12.55 $ 7.80

Note 9 - Acquisitions and Goodw

Note 9 - Acquisitions and Goodwill	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Goodwill Disclosure [Text Block]	NOTE 9 ACQUISITIONS AND GOODWILL Goodwill. 805, Business Combinations 820, 350, A summary of the carrying amount of goodwill follows (in thousands): Financial West Central East Services Corporate Total Balance at December 31, 2021 $ — $ — $ 32,962 $ — $ — $ 32,962 Additions — — — — — — Balance at June 30, 2022 $ — $ — $ 32,962 $ — $ — $ 32,962

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 10 STOCKHOLDERS EQUITY A summary of changes in stockholders’ equity is presented below (in thousands): Six Months Ended June 30, 2022 (In thousands) Additional Number of Common Paid-In Retained Shares Stock Capital Earnings Total Balance at December 31, 2021 37,341 $ 373 $ 414,841 $ 2,629,175 $ 3,044,389 Net earnings — — — 217,254 217,254 Stock-based compensation expense — — 5,975 — 5,975 Issuance of stock 392 4 (4 ) — — Share repurchases (1,038 ) (10 ) (99,293 ) — (99,303 ) Balance at March 31, 2022 36,695 $ 367 $ 321,519 $ 2,846,429 $ 3,168,315 Net earnings — — — 250,084 250,084 Stock-based compensation expense — — 4,070 — 4,070 Share repurchases (128 ) (1 ) (9,999 ) — (10,000 ) Balance at June 30, 2022 36,567 $ 366 $ 315,590 $ 3,096,513 $ 3,412,469 Six Months Ended June 30, 2021 (In thousands) Additional Number of Common Paid-In Retained Shares Stock Capital Earnings Total Balance at December 31, 2020 37,512 $ 375 $ 455,762 $ 1,891,731 $ 2,347,868 Net earnings — — — 131,843 131,843 Stock-based compensation expense — — 5,367 — 5,367 Issuance of stock 435 4 (4 ) — — Share repurchases (100 ) (1 ) (8,384 ) — (8,385 ) Balance at March 31, 2021 37,847 $ 378 $ 452,741 $ 2,023,574 $ 2,476,693 Net earnings — — — 167,389 167,389 Stock-based compensation expense — — 3,223 — 3,223 Issuance of stock (200 ) (2 ) (19,159 ) — (19,161 ) Balance at June 30, 2021 37,647 $ 376 $ 436,805 $ 2,190,963 $ 2,628,144

Note 11 - Stock-based and Defer

Note 11 - Stock-based and Deferred Compensation	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	NOTE 11 STOCK-BASED AND DEFERRED COMPENSATION We have a stock compensation plan, the Meritage Homes Corporation 2018 “2018 May 2018. 2018 2018 2018 2018 June 30, 2022 five three three one 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 718" 718. 718 third Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock-based compensation expense $ 4,070 $ 3,223 $ 10,045 $ 8,590 Non-vested shares granted — — 264,862 221,552 Performance-based non-vested shares granted — — 40,004 46,593 Performance-based shares issued in excess of target shares granted (1) — — 37,146 37,425 Restricted stock awards vested (includes performance-based awards) — — 392,160 434,729 ( 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, 2022 December 31, 2021 Unrecognized stock-based compensation cost $ 38,340 $ 25,007 Weighted average years expense recognition period 2.13 1.97 Total equity awards outstanding (1) 816,513 883,280 ( 1 Includes unvested restricted stock awards, restricted stock units and performance-based awards (assuming 100%/target 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 not no three six June 30, 2022 2021

Note 12 - Income Taxes

Note 12 - Income Taxes	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 12 INCOME TAXES Components of the income tax provision are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Federal $ 67,118 $ 38,713 $ 123,463 $ 67,826 State 14,493 9,549 26,777 14,570 Total $ 81,611 $ 48,262 $ 150,240 $ 82,396 The effective tax rate for the three six June 30, 2022 three six June 30, 2021 three six June 30, 2022 §45L 2019 December 31, 2021 2020. not 2021, 2022 not At June 30, 2022 December 31, 2021 not We determine our deferred tax assets and liabilities in accordance with ASC 740, Income Taxes not” no June 30, 2022 At June 30, 2022 June 30, 2022 We conduct business and are subject to tax in the U.S. both federally and in several states. With few exceptions, we are no 2017. no

Note 13 - Supplemental Disclosu

Note 13 - Supplemental Disclosure of Cash Flow Information	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE 13 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION The following table presents certain supplemental cash flow information (in thousands): Six Months Ended June 30, 2022 2021 Cash paid during the year for: Interest, net of interest capitalized $ (1,282 ) $ 227 Income taxes paid $ 168,464 $ 83,127 Non-cash operating activities: Real estate acquired through notes payable $ 9,861 $ 2,198

Note 14 - Operating And Reporti

Note 14 - Operating And Reporting Segments	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 14 OPERATING AND REPORTING SEGMENTS We operate with two principal business segments: homebuilding and financial services. As defined in ASC 280 10, Segment Reporting 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 segment operating income, which we define as home and land closing revenues 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, may not The following segment information is in thousands: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Homebuilding revenue (1) West $ 487,803 $ 452,165 $ 982,309 $ 845,595 Central 424,036 403,838 779,660 726,022 East 500,542 421,596 937,346 789,763 Consolidated total $ 1,412,381 $ 1,277,599 $ 2,699,315 $ 2,361,380 Homebuilding segment operating income: West $ 115,403 $ 78,938 $ 236,259 $ 143,189 Central 100,203 84,965 175,463 141,958 East 119,395 73,477 212,943 123,656 Total homebuilding segment operating income 335,001 237,380 624,665 408,803 Financial services segment profit 4,079 4,615 7,413 8,375 Corporate and unallocated costs (2) (6,927 ) (9,456 ) (13,684 ) (19,370 ) Interest expense — (77 ) (41 ) (167 ) Other (expense)/income, net (458 ) 1,377 (775 ) 2,175 Loss on early extinguishment of debt — (18,188 ) — (18,188 ) Net earnings before income taxes $ 331,695 $ 215,651 $ 617,578 $ 381,628 ( 1 Homebuilding revenue includes the following land closing revenue, by segment: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Land closing revenue: West $ 1,725 $ 12,956 $ 32,807 $ 12,956 Central 1,709 — 9,505 3,799 East — — 2,600 — Total $ 3,434 $ 12,956 $ 44,912 $ 16,755 ( 2 Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not At June 30, 2022 Financial Corporate and West Central East Services Unallocated Total Deposits on real estate under option or contract $ 28,922 $ 10,714 $ 58,331 $ — $ — $ 97,967 Real estate 1,861,310 1,316,092 1,296,660 — — 4,474,062 Investments in unconsolidated entities 110 2,936 7,360 — 817 11,223 Other assets 77,526 (1) 209,131 (2) 120,461 (3) 519 316,834 (4) 724,471 Total assets $ 1,967,868 $ 1,538,873 $ 1,482,812 $ 519 $ 317,651 $ 5,307,723 ( 1 Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment. ( 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 ( 4 Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets. At December 31, 2021 Financial Corporate and West Central East Services Unallocated Total Deposits on real estate under option or contract $ 26,687 $ 11,132 $ 52,860 $ — $ — $ 90,679 Real estate 1,571,477 1,076,300 1,086,631 — — 3,734,408 Investments in unconsolidated entities 87 2,974 1,707 — 996 5,764 Other assets 66,897 (1) 199,791 (2) 102,073 (3) 610 607,311 (4) 976,682 Total assets $ 1,665,148 $ 1,290,197 $ 1,243,271 $ 610 $ 608,307 $ 4,807,533 ( 1 Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment. ( 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, real estate not ( 4 Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.

Note 15 - Commitments and Conti

Note 15 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 15 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 losses related to these matters are not no June 30, 2022 not As discussed in Note 1 2006 2017. may June 30, 2022 1

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation 10 10 X. not 10 December 31, 2021 3 not
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents. three June 30, 2022 December 31, 2021
Inventory, Real Estate, Policy [Policy Text Block]	Real Estate. 360 10, Property, Plant and Equipment ("ASC 360 10" may not 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 not not 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, absorptions that differ from our expectations, increases in costs that have not Typically, a community's life cycle ranges from three five may may 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. If 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. Our determination of fair value is based on projections and estimates. Changes in these expectations may may 2
Deposit Assets Policy [Policy Text Block]	Deposits. no not not June 30, 2022 December 31, 2021
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill. 350, Intangibles, Goodwill and Other 350" 350 may 1 2 3 4 two 350 may not 9
Lessee, Leases [Policy Text Block]	Leases. 842, Leases 842" 842, 842 The table below outlines our ROU assets and lease liabilities (in thousands): As of June 30, 2022 December 31, 2021 ROU assets $ 19,725 $ 21,038 Lease liabilities 24,084 26,171
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block]	Off-Balance Sheet Arrangements - Joint Ventures may 4 . Off-Balance Sheet Arrangements - Other. may may 3 Surety Bonds and Letters of Credit. not The table below outlines our surety bond and letter of credit obligations (in thousands): As of June 30, 2022 December 31, 2021 Estimated work Estimated work remaining to remaining to Outstanding complete Outstanding complete Sureties: Sureties related to owned projects and lots under contract $ 696,017 $ 401,730 $ 620,297 $ 352,152 Total Sureties $ 696,017 $ 401,730 $ 620,297 $ 352,152 Letters of Credit (“LOCs”): LOCs for land development $ 58,124 N/A $ 57,396 N/A LOCs for general corporate operations 5,000 N/A 5,000 N/A Total LOCs $ 63,124 N/A $ 62,396 N/A
Accrued Liabilities [Policy Text Block]	Accrued Liabilities June 30, 2022 December 31, 2021 As of June 30, 2022 December 31, 2021 Accruals related to real estate development and construction activities $ 150,525 $ 115,214 Payroll and other benefits 73,601 102,773 Accrued interest 7,195 5,556 Accrued taxes 17,084 37,297 Warranty reserves 31,437 26,264 Lease liabilities 24,084 26,171 Other accruals 22,930 24,002 Total $ 326,856 $ 337,277
Standard Product Warranty, Policy [Policy Text Block]	Warranty Reserves. first two may not three six June 30, 2022 2021 June 30, 2022 December 31, 2021 15. A summary of changes in our warranty reserves follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 26,667 $ 23,767 $ 26,264 $ 23,743 Additions to reserve from new home deliveries 5,308 4,514 9,836 8,324 Warranty claims (538 ) (1) (3,216 ) (4,663 ) (1) (7,002 ) Adjustments to pre-existing reserves — — — — Balance, end of period $ 31,437 $ 25,065 $ 31,437 $ 25,065 ( 1 Includes recoveries for costs incurred over several years on a foundation design and performance matter that affected a single community in Texas. 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 within 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 maintain, are sufficient to cover our general warranty obligations. However, unanticipated changes in legal, weather, environmental or other conditions could have an impact on our actual warranty costs, and future costs could differ significantly from our estimates.
Revenue [Policy Text Block]	Revenue Recognition. 606, Revenue from Contracts with Customers, 1 2 3 4 5 three • Revenue from closings of residential real estate is recognized when closings have occurred, the risks and rewards of ownership are transferred to the buyer, and we have no • Revenue from land sales 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 • 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 not third not June 30, 2022 December 31, 2021 three
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements. There are no

Note 1 - Organization and Bas_2

Note 1 - Organization and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Assets and Liabilities, Lessee [Table Text Block]	As of June 30, 2022 December 31, 2021 ROU assets $ 19,725 $ 21,038 Lease liabilities 24,084 26,171
Schedule of Letter of Credit and Surety Bonds [Table Text Block]	As of June 30, 2022 December 31, 2021 Estimated work Estimated work remaining to remaining to Outstanding complete Outstanding complete Sureties: Sureties related to owned projects and lots under contract $ 696,017 $ 401,730 $ 620,297 $ 352,152 Total Sureties $ 696,017 $ 401,730 $ 620,297 $ 352,152 Letters of Credit (“LOCs”): LOCs for land development $ 58,124 N/A $ 57,396 N/A LOCs for general corporate operations 5,000 N/A 5,000 N/A Total LOCs $ 63,124 N/A $ 62,396 N/A
Schedule of Accrued Liabilities [Table Text Block]	As of June 30, 2022 December 31, 2021 Accruals related to real estate development and construction activities $ 150,525 $ 115,214 Payroll and other benefits 73,601 102,773 Accrued interest 7,195 5,556 Accrued taxes 17,084 37,297 Warranty reserves 31,437 26,264 Lease liabilities 24,084 26,171 Other accruals 22,930 24,002 Total $ 326,856 $ 337,277
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 26,667 $ 23,767 $ 26,264 $ 23,743 Additions to reserve from new home deliveries 5,308 4,514 9,836 8,324 Warranty claims (538 ) (1) (3,216 ) (4,663 ) (1) (7,002 ) Adjustments to pre-existing reserves — — — — Balance, end of period $ 31,437 $ 25,065 $ 31,437 $ 25,065

Note 2 - Real Estate and Capi_2

Note 2 - Real Estate and Capitalized Interest (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	As of June 30, 2022 December 31, 2021 Homes under contract under construction (1) $ 1,527,013 $ 1,039,822 Unsold homes, completed and under construction (1) 748,845 484,999 Model homes (1) 89,539 81,049 Finished home sites and home sites under development (2) (3) 2,108,665 2,128,538 Total $ 4,474,062 $ 3,734,408
Real Estate Inventory Capitalized Interest Costs [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Capitalized interest, beginning of period $ 59,082 $ 57,540 $ 56,253 $ 58,940 Interest incurred 15,171 16,321 30,384 32,413 Interest expensed — (77 ) (41 ) (167 ) Interest amortized to cost of home and land closings (12,794 ) (17,074 ) (25,137 ) (34,476 ) Capitalized interest, end of period $ 61,459 $ 56,710 $ 61,459 $ 56,710

Note 3 - Variable Interest En_2

Note 3 - Variable Interest Entities and Consolidated Real Estate Not Owned (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Land Under Contracts and Real Estate Not Owned [Table Text Block]	Projected Option/ Number Purchase Earnest Money of Lots Price Deposits–Cash Purchase and option contracts recorded on balance sheet as Real estate not owned (1) 1 $ 8,011 $ 801 Option contracts — non-refundable deposits, committed (2) 11,991 644,294 64,290 Purchase contracts — non-refundable deposits, committed (2) 10,880 302,555 22,712 Purchase and option contracts —refundable deposits, committed 1,450 35,228 1,477 Total committed 24,322 990,088 89,280 Purchase and option contracts — refundable deposits, uncommitted (3) 26,541 877,421 9,488 Total lots under contract or option 50,863 $ 1,867,509 $ 98,768 Total purchase and option contracts not recorded on balance sheet (4) 50,862 $ 1,859,498 $ 97,967 (5)

Note 4 -Investments in Uncons_2

Note 4 -Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Equity Method Investments [Table Text Block]	As of June 30, 2022 December 31, 2021 Assets: Cash $ 2,826 $ 7,983 Real estate 16,784 7,989 Other assets 7,024 3,903 Total assets $ 26,634 $ 19,875 Liabilities and equity: Accounts payable and other liabilities $ 5,990 $ 7,899 Equity of: Meritage (1) 10,198 4,752 Other 10,446 7,224 Total liabilities and equity $ 26,634 $ 19,875 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue $ 9,840 $ 10,108 $ 19,078 $ 19,103 Costs and expenses (7,936 ) (8,404 ) (16,208 ) (16,529 ) Net earnings of unconsolidated entities $ 1,904 $ 1,704 $ 2,870 $ 2,574 Meritage’s share of pre-tax earnings (1) (2) $ 1,208 $ 1,057 $ 2,192 $ 1,807

Note 5 - Loans Payable and Ot_2

Note 5 - Loans Payable and Other Borrowings (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Debt [Table Text Block]	As of June 30, 2022 December 31, 2021 Other borrowings, real estate notes payable (1) $ 15,613 $ 17,552 $ 780.0 — — Total $ 15,613 $ 17,552

Note 6 - Senior Notes, Net (Tab

Note 6 - Senior Notes, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	As of June 30, 2022 December 31, 2021 6.00% 2,386 2,795 $ 402,386 $ 402,795 5.125% 300,000 300,000 3.875% 450,000 450,000 Net debt issuance costs (9,348 ) (10,309 ) Total $ 1,143,038 $ 1,142,486

Note 7 - Fair Value Disclosur_2

Note 7 - Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	As of June 30, 2022 December 31, 2021 Aggregate Estimated Fair Aggregate Estimated Fair Principal Value Principal Value 6.00% $ 400,000 $ 390,000 $ 400,000 $ 446,520 5.125% $ 300,000 $ 274,500 $ 300,000 $ 329,640 3.875% $ 450,000 $ 372,375 $ 450,000 $ 472,500

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Basic weighted average number of shares outstanding 36,647 37,818 36,820 37,731 Effect of dilutive securities: Unvested restricted stock 315 559 419 626 Diluted average shares outstanding 36,962 38,377 37,239 38,357 Net earnings $ 250,084 $ 167,389 $ 467,338 $ 299,232 Basic earnings per share $ 6.82 $ 4.43 $ 12.69 $ 7.93 Diluted earnings per share $ 6.77 $ 4.36 $ 12.55 $ 7.80

Note 9 - Acquisitions and Goo_2

Note 9 - Acquisitions and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Goodwill [Table Text Block]	Financial West Central East Services Corporate Total Balance at December 31, 2021 $ — $ — $ 32,962 $ — $ — $ 32,962 Additions — — — — — — Balance at June 30, 2022 $ — $ — $ 32,962 $ — $ — $ 32,962

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Six Months Ended June 30, 2022 (In thousands) Additional Number of Common Paid-In Retained Shares Stock Capital Earnings Total Balance at December 31, 2021 37,341 $ 373 $ 414,841 $ 2,629,175 $ 3,044,389 Net earnings — — — 217,254 217,254 Stock-based compensation expense — — 5,975 — 5,975 Issuance of stock 392 4 (4 ) — — Share repurchases (1,038 ) (10 ) (99,293 ) — (99,303 ) Balance at March 31, 2022 36,695 $ 367 $ 321,519 $ 2,846,429 $ 3,168,315 Net earnings — — — 250,084 250,084 Stock-based compensation expense — — 4,070 — 4,070 Share repurchases (128 ) (1 ) (9,999 ) — (10,000 ) Balance at June 30, 2022 36,567 $ 366 $ 315,590 $ 3,096,513 $ 3,412,469 Six Months Ended June 30, 2021 (In thousands) Additional Number of Common Paid-In Retained Shares Stock Capital Earnings Total Balance at December 31, 2020 37,512 $ 375 $ 455,762 $ 1,891,731 $ 2,347,868 Net earnings — — — 131,843 131,843 Stock-based compensation expense — — 5,367 — 5,367 Issuance of stock 435 4 (4 ) — — Share repurchases (100 ) (1 ) (8,384 ) — (8,385 ) Balance at March 31, 2021 37,847 $ 378 $ 452,741 $ 2,023,574 $ 2,476,693 Net earnings — — — 167,389 167,389 Stock-based compensation expense — — 3,223 — 3,223 Issuance of stock (200 ) (2 ) (19,159 ) — (19,161 ) Balance at June 30, 2021 37,647 $ 376 $ 436,805 $ 2,190,963 $ 2,628,144

Note 11 - Stock-based and Def_2

Note 11 - Stock-based and Deferred Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Share-based Payment Arrangement, Activity [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock-based compensation expense $ 4,070 $ 3,223 $ 10,045 $ 8,590 Non-vested shares granted — — 264,862 221,552 Performance-based non-vested shares granted — — 40,004 46,593 Performance-based shares issued in excess of target shares granted (1) — — 37,146 37,425 Restricted stock awards vested (includes performance-based awards) — — 392,160 434,729
Share-Based Payment Arrangement, Nonvested Award, Cost [Table Text Block]	As of June 30, 2022 December 31, 2021 Unrecognized stock-based compensation cost $ 38,340 $ 25,007 Weighted average years expense recognition period 2.13 1.97 Total equity awards outstanding (1) 816,513 883,280

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Federal $ 67,118 $ 38,713 $ 123,463 $ 67,826 State 14,493 9,549 26,777 14,570 Total $ 81,611 $ 48,262 $ 150,240 $ 82,396

Note 13 - Supplemental Disclo_2

Note 13 - Supplemental Disclosure of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Six Months Ended June 30, 2022 2021 Cash paid during the year for: Interest, net of interest capitalized $ (1,282 ) $ 227 Income taxes paid $ 168,464 $ 83,127 Non-cash operating activities: Real estate acquired through notes payable $ 9,861 $ 2,198

Note 14 - Operating And Repor_2

Note 14 - Operating And Reporting Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Homebuilding revenue (1) West $ 487,803 $ 452,165 $ 982,309 $ 845,595 Central 424,036 403,838 779,660 726,022 East 500,542 421,596 937,346 789,763 Consolidated total $ 1,412,381 $ 1,277,599 $ 2,699,315 $ 2,361,380 Homebuilding segment operating income: West $ 115,403 $ 78,938 $ 236,259 $ 143,189 Central 100,203 84,965 175,463 141,958 East 119,395 73,477 212,943 123,656 Total homebuilding segment operating income 335,001 237,380 624,665 408,803 Financial services segment profit 4,079 4,615 7,413 8,375 Corporate and unallocated costs (2) (6,927 ) (9,456 ) (13,684 ) (19,370 ) Interest expense — (77 ) (41 ) (167 ) Other (expense)/income, net (458 ) 1,377 (775 ) 2,175 Loss on early extinguishment of debt — (18,188 ) — (18,188 ) Net earnings before income taxes $ 331,695 $ 215,651 $ 617,578 $ 381,628
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Land closing revenue: West $ 1,725 $ 12,956 $ 32,807 $ 12,956 Central 1,709 — 9,505 3,799 East — — 2,600 — Total $ 3,434 $ 12,956 $ 44,912 $ 16,755
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	At June 30, 2022 Financial Corporate and West Central East Services Unallocated Total Deposits on real estate under option or contract $ 28,922 $ 10,714 $ 58,331 $ — $ — $ 97,967 Real estate 1,861,310 1,316,092 1,296,660 — — 4,474,062 Investments in unconsolidated entities 110 2,936 7,360 — 817 11,223 Other assets 77,526 (1) 209,131 (2) 120,461 (3) 519 316,834 (4) 724,471 Total assets $ 1,967,868 $ 1,538,873 $ 1,482,812 $ 519 $ 317,651 $ 5,307,723 At December 31, 2021 Financial Corporate and West Central East Services Unallocated Total Deposits on real estate under option or contract $ 26,687 $ 11,132 $ 52,860 $ — $ — $ 90,679 Real estate 1,571,477 1,076,300 1,086,631 — — 3,734,408 Investments in unconsolidated entities 87 2,974 1,707 — 996 5,764 Other assets 66,897 (1) 199,791 (2) 102,073 (3) 610 607,311 (4) 976,682 Total assets $ 1,665,148 $ 1,290,197 $ 1,243,271 $ 610 $ 608,307 $ 4,807,533

Note 1 - Organization and Bas_3

Note 1 - Organization and Basis of Presentation (Details Textual)	6 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Entity Operations In Number Of Regions	3
Number of States in which Entity Operates	10
Number of Communities in Which Homes Sold	303
Deposit Assets, Total	$ 97,967,000	$ 90,679,000
Warranty Period Following Home Closings (Year)	10 years
Cash and Cash Equivalents [Member]
Amounts In Transit From Title Companies For Home Closing	$ 116,600,000	$ 95,400,000
Minimum [Member]
Base Price Per House For Sale Range	$ 244,000
CommunityLifeCycleRange (Year)	3 years
Maximum [Member]
Base Price Per House For Sale Range	$ 1,400,000
CommunityLifeCycleRange (Year)	5 years

Note 1 - Organization and Bas_4

Note 1 - Organization and Basis of Presentation - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ROU assets	$ 19,725	$ 21,038
Lease liabilities	$ 24,084	$ 26,171

Note 1 - Organization and Bas_5

Note 1 - Organization and Basis of Presentation - Surety Bonds and Letters of Credit (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Revolving Credit Facility [Member] | Line of Credit [Member]
Letters of credit outstanding	$ 63,124	$ 62,396
Sureties Related To Owned Projects and Lots Under Contract [Member]
Outstanding	696,017	620,297
Estimated work remaining to complete	401,730	352,152
Surety Bond [Member]
Outstanding	696,017	620,297
Estimated work remaining to complete	401,730	352,152
Letter Of Credit For Land Development [Member]
Letters of credit outstanding	58,124	57,396
Letter Of Credit For General Corporate Operations [Member]
Letters of credit outstanding	$ 5,000	$ 5,000

Note 1 - Organization and Bas_6

Note 1 - Organization and Basis of Presentation - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Accruals related to real estate development and construction activities	$ 150,525		$ 115,214
Payroll and other benefits	73,601		102,773
Accrued interest	7,195		5,556
Accrued taxes	17,084		37,297
Warranty reserves	31,437	$ 26,667	26,264	$ 25,065	$ 23,767	$ 23,743
Lease liabilities	24,084		26,171
Other accruals	22,930		24,002
Total	$ 326,856		$ 337,277

Note 1 - Organization and Bas_7

Note 1 - Organization and Basis of Presentation - Warrant Reserves (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022		Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021
Balance, beginning of period	$ 26,667		$ 23,767	$ 26,264		$ 23,743
Additions to reserve from new home deliveries	5,308		4,514	9,836		8,324
Warranty claims	(538)	[1]	(3,216)	(4,663)	[1]	(7,002)
Adjustments to pre-existing reserves	0		0	0		0
Balance, end of period	$ 31,437		$ 25,065	$ 31,437		$ 25,065
[1]Includes recoveries for costs incurred over several years on a foundation design and performance matter that affected a single community in Texas.

Note 2 - Real Estate and Capi_3

Note 2 - Real Estate and Capitalized Interest (Details Textual) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Homes Under Contract Under Construction [Member]
Inventory, Land Held for Development and Sale	$ 58.2	$ 62.1

Note 2 - Real Estate and Capi_4

Note 2 - Real Estate and Capitalized Interest - Real Estate (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Homes under contract under construction (1)	[1]	$ 1,527,013	$ 1,039,822
Unsold homes, completed and under construction (1)	[1]	748,845	484,999
Model homes (1)	[1]	89,539	81,049
Finished home sites and home sites under development (2) (3)	[2],[3]	2,108,665	2,128,538
Total		$ 4,474,062	$ 3,734,408
[1]Includes the allocated land and land development costs associated with each lot for these homes.[2]Includes land held for sale of $58.2 million and $62.1 million as of June 30, 2022 and December 31, 2021, respectively.[3]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.

Note 2 - Real Estate and Capi_5

Note 2 - Real Estate and Capitalized Interest - Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Capitalized interest, beginning of period	$ 59,082	$ 57,540	$ 56,253	$ 58,940
Interest incurred	15,171	16,321	30,384	32,413
Interest expensed	0	(77)	(41)	(167)
Interest amortized to cost of home and land closings	(12,794)	(17,074)	(25,137)	(34,476)
Capitalized interest, end of period	$ 61,459	$ 56,710	$ 61,459	$ 56,710

Note 3 - Variable Interest En_3

Note 3 - Variable Interest Entities and Consolidated Real Estate Not Owned (Details)		Jun. 30, 2022 USD ($)		Dec. 31, 2021 USD ($)
Purchase and option contracts recorded on balance sheet as Real estate not owned (1), project number of lots	[1]	1
Purchase and option contracts recorded on balance sheet as Real estate not owned, purchase price		$ 8,011,000	[1]	$ 8,011,000
Purchase and option contracts recorded on balance sheet as Real estate not owned, deposits cash	[1]	$ 801,000
Option contracts — non-refundable deposits, committed (2), project number of lots	[2]	11,991
Option contracts — non-refundable deposits, committed, purchase price	[2]	$ 644,294,000
Option contracts — non-refundable deposits, committed , deposits cash	[2]	$ 64,290,000
Purchase contracts — non-refundable deposits, committed (2), project number of lots	[2]	10,880
Purchase contracts — non-refundable deposits, committed, purchase price	[2]	$ 302,555,000
Purchase contracts — non-refundable deposits, committed (2), deposits cash	[2]	$ 22,712,000
Purchase and option contracts —refundable deposits, committed, project number of lots		1,450
Purchase and option contracts —refundable deposits, committed, purchase price		$ 35,228,000
Purchase and option contracts —refundable deposits, committed, deposits cash		$ 1,477,000
Total committed, project number of lots		24,322
Total committed, purchase price		$ 990,088,000
Total committed, deposits cash		$ 89,280,000
Purchase and option contracts — refundable deposits, uncommitted (3), project number of lots	[3]	26,541
Purchase and option contracts — refundable deposits, uncommitted (3), purchase price	[3]	$ 877,421,000
Purchase and option contracts — refundable deposits, uncommitted (3), deposits cash	[3]	$ 9,488,000
Total lots under contract or option, project number of lots		50,863
Total lots under contract or option, purchase price		$ 1,867,509,000
Total lots under contract or option, deposits cash		$ 98,768,000
Total purchase and option contracts not recorded on balance sheet (4), project number of lots	[4]	50,862
Total purchase and option contracts not recorded on balance sheet, purchase price	[4]	$ 1,859,498,000
Total purchase and option contracts not recorded on balance sheet, deposits cash	[4],[5]	$ 97,967,000
[1]Real estate not owned represents a single parcel of land intended for multi-family housing that, once purchased, the Company intends to sell.[2]Deposits are non-refundable except if certain contractual conditions are not performed by the selling party.[3]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.[4]Except for our specific performance contracts recorded on our unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.[5]Amount is reflected in our unaudited consolidated balance sheets in Deposits on real estate under option or contract as of June 30, 2022.

Note 4 -Investments in Uncons_3

Note 4 -Investments in Unconsolidated Entities - Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Real estate		$ 4,474,062				$ 4,474,062		$ 3,734,408
Other assets		724,471				724,471		976,682
Total assets		5,307,723				5,307,723		4,807,533
Meritage (1)		3,412,469	$ 3,168,315	$ 2,628,144	$ 2,476,693	3,412,469	$ 2,628,144	3,044,389	$ 2,347,868
Total liabilities and stockholders’ equity		5,307,723				5,307,723		4,807,533
Net earnings of unconsolidated entities		250,084	$ 217,254	167,389	$ 131,843	467,338	299,232
Meritage’s share of pre-tax earnings (1) (2)						2,145	1,807
Joint Ventures [Member]
Meritage’s share of pre-tax earnings (1) (2)	[1],[2]	1,208		1,057		2,192	1,807
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Cash		2,826				2,826		7,983
Real estate		16,784				16,784		7,989
Other assets		7,024				7,024		3,903
Total assets		26,634				26,634		19,875
Accounts payable and other liabilities		5,990				5,990		7,899
Meritage (1)	[1]	10,198				10,198		4,752
Other		10,446				10,446		7,224
Total liabilities and stockholders’ equity		26,634				26,634		$ 19,875
Revenue		9,840		10,108		19,078	19,103
Costs and expenses		(7,936)		(8,404)		(16,208)	(16,529)
Net earnings of unconsolidated entities		$ 1,904		$ 1,704		$ 2,870	$ 2,574
[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 from our mortgage joint venture is recorded in Earnings from financial services unconsolidated entities and other, net on the accompanying unaudited consolidated income statements. Our share of pre-tax earnings from all other joint ventures is recorded in Other (expense)/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.

Note 5 - Loans Payable and Ot_3

Note 5 - Loans Payable and Other Borrowings (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Proceeds from Lines of Credit, Total	$ 0	$ 0	$ 0	$ 0
Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity	780,000		780,000
Line of Credit Facility, Maximum Borrowing Capacity	880,000		880,000
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument Covenant Required Minimum Tangible Net Worth	$ 1,900,000		$ 1,900,000
Debt Instrument Covenant Required Leverage Ratio	60%		60%
Debt Instrument Covenant Required Interest Coverage Ratio (Rate)	150%		150%
Long-Term Line of Credit, Total	$ 0		$ 0		$ 0
Letters of Credit Outstanding, Amount	63,124		63,124		$ 62,396
Line of Credit Facility, Remaining Borrowing Capacity	$ 716,900		$ 716,900
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Line of Credit [Member]
Debt Instrument, Interest Rate, Effective Percentage	3.04%		3.04%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Line of Credit [Member] | Based on 1, 3, or 6 Month Interest Periods, as Selected by the Company [Member]
Debt Instrument Variable Rate Adjustment Spread			0.10%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Line of Credit [Member] | Based on 1, 3, or 6 Month Interest Periods, as Selected by the Company [Member] | Minimum [Member]
Debt Instrument Basis Spread on Variable Rate Leverage Benchmark			1.25%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Line of Credit [Member] | Based on 1, 3, or 6 Month Interest Periods, as Selected by the Company [Member] | Maximum [Member]
Debt Instrument Basis Spread on Variable Rate Leverage Benchmark			1.75%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Line of Credit [Member] | Based on a 1 Month Interest Period [Member]
Debt Instrument Variable Rate Adjustment Spread			0.10%
Debt Instrument, Basis Spread on Variable Rate			1%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Line of Credit [Member] | Based on a 1 Month Interest Period [Member] | Minimum [Member]
Debt Instrument Basis Spread on Variable Rate Leverage Benchmark			0.25%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Line of Credit [Member] | Based on a 1 Month Interest Period [Member] | Maximum [Member]
Debt Instrument Basis Spread on Variable Rate Leverage Benchmark			0.75%
Revolving Credit Facility [Member] | Prime Rate [Member] | Line of Credit [Member] | Based on 1, 3, or 6 Month Interest Periods, as Selected by the Company [Member]
Debt Instrument, Basis Spread on Variable Rate			0.50%
Revolving Credit Facility [Member] | Prime Rate [Member] | Line of Credit [Member] | Based on a 1 Month Interest Period [Member]
Debt Instrument Variable Rate Adjustment Spread			0.10%

Note 5 - Loans Payable and Ot_4

Note 5 - Loans Payable and Other Borrowings - Loans Payable and Other Borrowings (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Notes Payable, Other Payables [Member]
Loans payable and other borrowings	[1]	$ 15,613	$ 17,552
Line of Credit [Member] | Revolving Credit Facility [Member]
Loans payable and other borrowings		0	0
Loans Payable And Other Borrowings [Member]
Loans payable and other borrowings		$ 15,613	$ 17,552
[1]Reflects balance of non-recourse notes payable in connection with land purchases.

Note 5 - Loans Payable and Ot_5

Note 5 - Loans Payable and Other Borrowings - Loans Payable and Other Borrowings (Details) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Debt [Member]
Current borrowing capacity	$ 780	$ 780

Note 6 - Senior Notes, Net (Det

Note 6 - Senior Notes, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Apr. 30, 2021
Gain (Loss) on Extinguishment of Debt, Total	$ 0	$ (18,188)	$ 0	$ (18,188)
Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Nine [Member]
Long-Term Debt, Gross	$ 450,000		$ 450,000		$ 450,000	$ 450,000
Debt Instrument, Interest Rate, Stated Percentage	3.875%		3.875%		3.875%	3.875%
Senior Notes [Member] | Senior Notes Due Two Thousand Twenty Two [Member]
Long-Term Debt, Gross						$ 300,000
Debt Instrument, Interest Rate, Stated Percentage						7%

Note 6 - Senior Notes, Net - Se

Note 6 - Senior Notes, Net - Senior Notes, Net (Details) - Senior Notes [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Apr. 30, 2021
Net debt issuance costs	$ (9,348)	$ (10,309)
Total	1,143,038	1,142,486
Senior Notes Due Two Thousand Twenty Five [Member]
Senior notes, gross	402,386	402,795
Senior Notes Due Two Thousand Twenty Seven [Member]
Senior notes, gross	300,000	300,000
Senior Notes Due Two Thousand Twenty Nine [Member]
Senior notes, gross	$ 450,000	$ 450,000	$ 450,000

Note 6 - Senior Notes, Net - _2

Note 6 - Senior Notes, Net - Senior Notes, Net (Details) (Parentheticals) - Senior Notes [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Apr. 30, 2021
Senior Notes Due Two Thousand Twenty Five [Member]
Stated interest rate	6%	6%
Unamortized premium	$ 2,386	$ 2,975
Senior Notes Due Two Thousand Twenty Seven [Member]
Stated interest rate	5.125%	5.125%
Senior Notes Due Two Thousand Twenty Nine [Member]
Stated interest rate	3.875%	3.875%	3.875%

Note 7 - Fair Value Disclosur_3

Note 7 - Fair Value Disclosures - Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Senior Notes Due 2025 [Member]
Aggregate Principal	$ 400,000	$ 400,000
Senior Notes Due 2025 [Member] | Fair Value, Inputs, Level 2 [Member]
Estimated Fair Value	390,000	446,520
Senior Notes Due 2027 [Member]
Aggregate Principal	300,000	300,000
Senior Notes Due 2027 [Member] | Fair Value, Inputs, Level 2 [Member]
Estimated Fair Value	274,500	329,640
Senior Notes Due 2029 [Member]
Aggregate Principal	450,000	450,000
Senior Notes Due 2029 [Member] | Fair Value, Inputs, Level 2 [Member]
Estimated Fair Value	$ 372,375	$ 472,500

Note 7 - Fair Value Disclosur_4

Note 7 - Fair Value Disclosures - Financial Instruments (Details) (Parentheticals)	Dec. 31, 2021
Senior Notes Due 2025 [Member]
Stated interest rate	6%
Senior Notes Due 2027 [Member]
Stated interest rate	5.125%
Senior Notes Due 2029 [Member]
Stated interest rate	3.875%

Note 8 - Earnings Per Share - B

Note 8 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic weighted average number of shares outstanding (in shares)	36,647		37,818		36,820	37,731
Unvested restricted stock (in shares)	315		559		419	626
Diluted average shares outstanding (in shares)	36,962		38,377		37,239	38,357
Net earnings	$ 250,084	$ 217,254	$ 167,389	$ 131,843	$ 467,338	$ 299,232
Basic earnings per share (in dollars per share)	$ 6.82		$ 4.43		$ 12.69	$ 7.93
Diluted earnings per share (in dollars per share)	$ 6.77		$ 4.36		$ 12.55	$ 7.80

Note 9 - Acquisitions and Goo_3

Note 9 - Acquisitions and Goodwill (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill, Ending Balance	$ 32,962	$ 32,962

Note 9 - Acquisitions and Goo_4

Note 9 - Acquisitions and Goodwill - Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Balance	$ 32,962
Additions	0
Balance	32,962
Operating Segments [Member] | Homebuilding West Region [Member]
Balance	0
Additions	0
Balance	0
Operating Segments [Member] | Homebuilding Central Region [Member]
Balance	0
Additions	0
Balance	0
Operating Segments [Member] | Homebuilding East Region [Member]
Balance	32,962
Additions	0
Balance	32,962
Operating Segments [Member] | Financial Services [Member]
Balance	0
Additions	0
Balance	0
Corporate, Non-Segment [Member]
Balance	0
Additions	0
Balance	$ 0

Note 10 - Stockholders' Equit_2

Note 10 - Stockholders' Equity - Summary of Changes In Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Balance (in shares)		37,340,855			37,340,855
Balance	$ 3,168,315	$ 3,044,389	$ 2,476,693	$ 2,347,868	$ 3,044,389	$ 2,347,868
Net earnings	250,084	217,254	167,389	131,843	$ 467,338	299,232
Stock-based compensation expense	4,070	5,975	3,223	5,367
Issuance of stock		0	(19,161)	0
Share repurchases	$ (10,000)	(99,303)		(8,385)
Balance (in shares)	36,566,975				36,566,975
Balance	$ 3,412,469	$ 3,168,315	$ 2,628,144	$ 2,476,693	$ 3,412,469	$ 2,628,144
Common Stock [Member]
Balance (in shares)	36,695,000	37,341,000	37,847,000	37,512,000	37,341,000	37,512,000
Balance	$ 367	$ 373	$ 378	$ 375	$ 373	$ 375
Net earnings	0	0	0	0
Stock-based compensation expense	0	$ 0	$ 0	$ 0
Issuance of stock (in shares)		392,000	(200,000)	435,000
Issuance of stock		$ 4	$ (2)	$ 4
Share repurchases (in shares)		(1,038,000)		(100,000)
Share repurchases	$ (1)	$ (10)		$ (1)
Balance (in shares)	36,567,000	36,695,000	37,647,000	37,847,000	36,567,000	37,647,000
Balance	$ 366	$ 367	$ 376	$ 378	$ 366	$ 376
Additional Paid-in Capital [Member]
Balance	321,519	414,841	452,741	455,762	414,841	455,762
Net earnings	0	0	0	0
Stock-based compensation expense	4,070	5,975	3,223	5,367
Issuance of stock		(4)	(19,159)	(4)
Share repurchases	(9,999)	(99,293)		(8,384)
Balance	315,590	321,519	436,805	452,741	315,590	436,805
Retained Earnings [Member]
Balance	2,846,429	2,629,175	2,023,574	1,891,731	2,629,175	1,891,731
Net earnings	250,084	217,254	167,389	131,843
Stock-based compensation expense	0	0	0	0
Issuance of stock		0	0	0
Share repurchases	0	0		0
Balance	$ 3,096,513	$ 2,846,429	$ 2,190,963	$ 2,023,574	$ 3,096,513	$ 2,190,963

Note 11 - Stock-based and Def_3

Note 11 - Stock-based and Deferred Compensation (Details Textual)	6 Months Ended
	Jun. 30, 2022 shares
Share Based Compensation Arrangement, Payout Percentage	100%
A 2018 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	6,600,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	722,718
A 2018 Stock Incentive Plan [Member] | Restricted Stock Awards and Performance-based Awards [Member] | Senior Executive Officer [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Award Cliff Vesting Period (Year)	3 years
A 2018 Stock Incentive Plan [Member] | Restricted Stock Awards and Performance-based Awards [Member] | Non-employee Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	1 year
A 2018 Stock Incentive Plan [Member] | Share-Based Payment Arrangement, Employee [Member] | Non-vested Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	5 years

Note 11 - Stock-based and Def_4

Note 11 - Stock-based and Deferred Compensation (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation expense		$ 4,070	$ 3,223	$ 10,045	$ 8,590
Non-vested Shares [Member]
Non-vested shares granted (in shares)		0	0	264,862	221,552
Performance Shares [Member]
Non-vested shares granted (in shares)		0	0	40,004	46,593
Performance-based shares issued in excess of target shares granted (1) (in shares)	[1]	0	0	37,146	37,425
Restricted Stock [Member]
Restricted stock awards vested (includes performance-based awards) (in shares)		0	0	392,160	434,729
[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.

Note 11 - Stock-based and Def_5

Note 11 - Stock-based and Deferred Compensation -Summary of Additional Information Regarding Stock Plan (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2022	Dec. 31, 2021
Unrecognized stock-based compensation cost		$ 38,340	$ 25,007
Weighted average years expense recognition period (Year)		2 years 1 month 17 days	1 year 11 months 19 days
Total equity awards outstanding (1) (in shares)	[1]	816,513	883,280
[1]Includes unvested restricted stock awards, restricted stock units and performance-based awards (assuming 100%/target payout).

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent, Total	24.60%	22.40%	24.30%	21.60%
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0		$ 0
Operating Loss Carryforwards	0		0
Income Taxes Receivable	0		0
Accounts Payable and Accrued Liabilities [Member]
Taxes Payable, Current, Total	$ 5,600		$ 5,600

Note 12 - Income Taxes - Compon

Note 12 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Federal	$ 67,118	$ 38,713	$ 123,463	$ 67,826
State	14,493	9,549	26,777	14,570
Total	$ 81,611	$ 48,262	$ 150,240	$ 82,396

Note 13 - Supplemental Disclo_3

Note 13 - Supplemental Disclosure of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid during the year for:
Interest, net of interest capitalized	$ (1,282)	$ 227
Income taxes paid	168,464	83,127
Real estate acquired through notes payable	$ 9,861	$ 2,198

Note 14 - Operating And Repor_3

Note 14 - Operating And Reporting Segments (Details Textual)	6 Months Ended
	Jun. 30, 2022
Number of Business Segments	2
Homebuilding Segment [Member]
Number of Operating Segments	10

Note 14 - Operating and Repor_4

Note 14 - Operating and Reporting Segments - Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue		$ 1,412,381	$ 1,277,599	$ 2,699,315	$ 2,361,380
Corporate and unallocated costs (2)		(47,932)	(43,156)	(87,927)	(81,105)
Interest expense		0	(77)	(41)	(167)
Other (expense)/income, net		(458)	1,377	(775)	2,175
Gain (Loss) on Extinguishment of Debt, Total		0	(18,188)	0	(18,188)
Net earnings before income taxes		331,695	215,651	617,578	381,628
Operating Segments [Member] | Homebuilding Segment [Member]
Operating income		335,001	237,380	624,665	408,803
Operating Segments [Member] | Homebuilding Segment [Member] | Real Estate [Member]
Revenue	[1]	1,412,381	1,277,599	2,699,315	2,361,380
Operating Segments [Member] | Homebuilding Segment [Member] | West [Member] | Reportable Subsegments [Member]
Operating income		115,403	78,938	236,259	143,189
Operating Segments [Member] | Homebuilding Segment [Member] | West [Member] | Reportable Subsegments [Member] | Real Estate [Member]
Revenue	[1]	487,803	452,165	982,309	845,595
Operating Segments [Member] | Homebuilding Segment [Member] | Central [Member] | Reportable Subsegments [Member]
Operating income		100,203	84,965	175,463	141,958
Operating Segments [Member] | Homebuilding Segment [Member] | Central [Member] | Reportable Subsegments [Member] | Real Estate [Member]
Revenue	[1]	424,036	403,838	779,660	726,022
Operating Segments [Member] | Homebuilding Segment [Member] | East [Member] | Reportable Subsegments [Member]
Operating income		119,395	73,477	212,943	123,656
Operating Segments [Member] | Homebuilding Segment [Member] | East [Member] | Reportable Subsegments [Member] | Real Estate [Member]
Revenue	[1]	500,542	421,596	937,346	789,763
Operating Segments [Member] | Financial Services Segment [Member]
Operating income		4,079	4,615	7,413	8,375
Corporate, Non-Segment [Member]
Corporate and unallocated costs (2)	[2]	$ (6,927)	$ (9,456)	$ (13,684)	$ (19,370)
[1]Homebuilding revenue includes the following land closing revenue, by segment: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Land closing revenue: West $ 1,725 $ 12,956 $ 32,807 $ 12,956 Central 1,709 — 9,505 3,799 East — — 2,600 — Total $ 3,434 $ 12,956 $ 44,912 $ 16,755[2]Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.

Note 14 - Operating and Repor_5

Note 14 - Operating and Reporting Segments - Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 1,412,381	$ 1,277,599	$ 2,699,315	$ 2,361,380
Operating Segments [Member] | Homebuilding Segment [Member] | Land Closing [Member]
Revenue	3,434	12,956	44,912	16,755
Operating Segments [Member] | Homebuilding Segment [Member] | Land Closing [Member] | Reportable Subsegments [Member] | West [Member]
Revenue	1,725	12,956	32,807	12,956
Operating Segments [Member] | Homebuilding Segment [Member] | Land Closing [Member] | Reportable Subsegments [Member] | Central [Member]
Revenue	1,709	0	9,505	3,799
Operating Segments [Member] | Homebuilding Segment [Member] | Land Closing [Member] | Reportable Subsegments [Member] | East [Member]
Revenue	$ 0	$ 0	$ 2,600	$ 0

Note 14 - Operating and Repor_6

Note 14 - Operating and Reporting Segments - Segment Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Deposit Assets, Total		$ 97,967	$ 90,679
Real estate		4,474,062	3,734,408
Investments in unconsolidated entities		11,223	5,764
Other assets		724,471	976,682
Total assets		5,307,723	4,807,533
Operating Segments [Member] | Financial Services Segment [Member]
Deposit Assets, Total		0	0
Real estate		0	0
Investments in unconsolidated entities		0	0
Other assets		519	610
Total assets		519	610
Corporate, Non-Segment [Member]
Deposit Assets, Total		0	0
Real estate		0	0
Investments in unconsolidated entities		817	996
Other assets	[1]	316,834	607,311
Total assets		317,651	608,307
Reportable Subsegments [Member] | West [Member] | Operating Segments [Member] | Homebuilding Segment [Member]
Deposit Assets, Total		28,922	26,687
Real estate		1,861,310	1,571,477
Investments in unconsolidated entities		110	87
Other assets	[2]	77,526	66,897
Total assets		1,967,868	1,665,148
Reportable Subsegments [Member] | Central [Member] | Operating Segments [Member] | Homebuilding Segment [Member]
Deposit Assets, Total		10,714	11,132
Real estate		1,316,092	1,076,300
Investments in unconsolidated entities		2,936	2,974
Other assets	[3]	209,131	199,791
Total assets		1,538,873	1,290,197
Reportable Subsegments [Member] | East [Member] | Operating Segments [Member] | Homebuilding Segment [Member]
Deposit Assets, Total		58,331	52,860
Real estate		1,296,660	1,086,631
Investments in unconsolidated entities		7,360	1,707
Other assets	[4]	120,461	102,073
Total assets		$ 1,482,812	$ 1,243,271
[1]Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.[2]Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment.[3]Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaid expenses and other assets.[4]Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), prepaid expenses and other assets and property and equipment.

Note 15 - Commitments and Con_2

Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Standard Product Warranty Accrual, Ending Balance	$ 31,437	$ 26,667	$ 26,264	$ 25,065	$ 23,767	$ 23,743