Note 19 - Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2016

Notes Tables

Condensed Balance Sheet [Table Text Block]

	June 30, 2016
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	127,973	$	4,033	$	-	$	-		$	132,006
Marketable securities		55,798		-		-		-			55,798
Restricted cash		-		3,946		-		-			3,946
Trade and other receivables		5,915		44,232		-		(2,344	)		47,803
Inventories:
Housing completed or under construction		-		933,922		-		-			933,922
Land and land under development		-		893,096		-		-			893,096
Total inventories		-		1,827,018		-		-			1,827,018
Intercompany receivables		1,637,706		2,805		5,643		(1,646,154	)		-
Investment in subsidiaries		232,695		-		-		(232,695	)		-
Property and equipment, net		26,366		2,777		-		-			29,143
Deferred tax asset, net		87,827		-		-		1,415			89,242
Metropolitan district bond securities (related party)		28,604		-		-		-			28,604
Prepaid and other assets		4,238		61,016		-		-			65,254
Total homebuilding assets		2,207,122		1,945,827		5,643		(1,879,778	)		2,278,814
Financial Services:
Cash and cash equivalents		-		-		39,300		-			39,300
Marketable securities		-		-		14,821		-			14,821
Intercompany receivables		-		-		38,651		(38,651	)		-
Mortgage loans held-for-sale, net		-		-		118,699		-			118,699
Other assets		-		-		11,181		(1,415	)		9,766
Total financial services assets		-		-		222,652		(40,066	)		182,586
Total Assets	$	2,207,122	$	1,945,827	$	228,295	$	(1,919,844	)	$	2,461,400
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	-	$	48,294	$	-	$	-		$	48,294
Accrued liabilities		26,925		101,341		139		2,246			130,651
Advances and notes payable to parent and subsidiaries		47,099		1,607,331		26,268		(1,680,698	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		841,076		-		-		-			841,076
Total homebuilding liabilities		930,100		1,756,966		26,407		(1,678,452	)		1,035,021
Financial Services:
Accounts payable and other liabilities		-		-		60,650		(4,590	)		56,060
Advances and notes payable to parent and subsidiaries		-		-		4,107		(4,107	)		-
Mortgage repurchase facility		-		-		93,297		-			93,297
Total financial services liabilities		-		-		158,054		(8,697	)		149,357
Total Liabilities		930,100		1,756,966		184,461		(1,687,149	)		1,184,378
Equity:
Total Stockholders' Equity		1,277,022		188,861		43,834		(232,695	)		1,277,022
Total Liabilities and Stockholders' Equity	$	2,207,122	$	1,945,827	$	228,295	$	(1,919,844	)	$	2,461,400

	December 31, 2015
					Non-
			Guarantor		Guarantor			Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries			Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	141,245	$	3,097	$	-		$	-		$	144,342
Marketable securities		92,387		-		-			-			92,387
Restricted cash		-		3,750		-			-			3,750
Trade and other receivables		5,304		20,297		-			(2,287	)		23,314
Inventories:
Housing completed or under construction		-		747,036		-			-			747,036
Land and land under development		-		1,016,926		-			-			1,016,926
Total inventories		-		1,763,962		-			-			1,763,962
Intercompany receivables		1,509,551		2,850		5,291			(1,517,692	)		-
Investment in subsidiaries		267,191		-		-			(267,191	)		-
Property and equipment, net		26,073		2,153		-			-			28,226
Deferred tax asset, net		97,083		-		-			2,024			99,107
Metropolitan district bond securities (related party)		25,911		-		-			-			25,911
Prepaid and other assets		5,973		59,421		-			-			65,394
Total homebuilding assets		2,170,718		1,855,530		5,291			(1,785,146	)		2,246,393
Financial Services:
Cash and cash equivalents		-		-		36,646			-			36,646
Marketable securities		-		-		11,307			-			11,307
Intercompany receivables		-		-		39,234			(39,234	)		-
Mortgage loans held-for-sale, net		-		-		115,670			-			115,670
Other assets		-		-		7,907			(2,024	)		5,883
Total financial services assets		-		-		210,764			(41,258	)		169,506
Total Assets	$	2,170,718	$	1,855,530	$	216,055		$	(1,826,404	)	$	2,415,899
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	-	$	40,472	$	-		$	-		$	40,472
Accrued liabilities		11,527		108,445		(33	)		2,947			122,886
Advances and notes payable to parent and subsidiaries		47,375		1,480,589		25,536			(1,553,500	)		-
Revolving credit facility		15,000		-		-			-			15,000
Senior notes, net		840,524		-		-			-			840,524
Total homebuilding liabilities		914,426		1,629,506		25,503			(1,550,553	)		1,018,882
Financial Services:
Accounts payable and accrued liabilities		-		-		57,348			(5,234	)		52,114
Advances and notes payable to parent and subsidiaries		-		-		3,426			(3,426	)		-
Mortgage repurchase facility		-		-		88,611			-			88,611
Total financial services liabilities		-		-		149,385			(8,660	)		140,725
Total Liabilities		914,426		1,629,506		174,888			(1,559,213	)		1,159,607
Equity:
Total Stockholders' Equity		1,256,292		226,024		41,167			(267,191	)		1,256,292
Total Liabilities and Stockholders' Equity	$	2,170,718	$	1,855,530	$	216,055		$	(1,826,404	)	$	2,415,899

Condensed Income Statement [Table Text Block]

	Three Months Ended June 30, 2016
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	571,511		$	-		$	-		$	571,511
Home and land cost of sales		-			(476,052	)		-			-			(476,052	)
Inventory impairments		-			(1,600	)		-			-			(1,600	)
Total cost of sales		-			(477,652	)		-			-			(477,652	)
Gross margin		-			93,859			-			-			93,859
Selling, general, and administrative expenses		(11,228	)		(53,024	)		-			(188	)		(64,440	)
Equity income of subsidiaries		32,909			-			-			(32,909	)		-
Interest and other income		2,020			423			2			108			2,553
Other expense		(1	)		(277	)		-			-			(278	)
Other-than-temporary impairment of marketable securities		(288	)		-			-			-			(288	)
Homebuilding pretax income (loss)		23,412			40,981			2			(32,989	)		31,406
Financial Services:
Financial services pretax income		-			-			8,972			80			9,052
Income before income taxes		23,412			40,981			8,974			(32,909	)		40,458
(Provision) benefit for income taxes		3,501			(13,746	)		(3,300	)		-			(13,545	)
Net income	$	26,913		$	27,235		$	5,674		$	(32,909	)	$	26,913
Other comprehensive income related to available for sale securities, net of tax		895			-			371			(371	)		895
Comprehensive income	$	27,808		$	27,235		$	6,045		$	(33,280	)	$	27,808

	Three Months Ended June 30, 2015
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	461,708		$	-		$	-		$	461,708
Home and land cost of sales		-			(385,019	)		-			-			(385,019	)
Inventory impairments		-			-			-			-			-
Total cost of sales		-			(385,019	)		-			-			(385,019	)
Gross margin		-			76,689			-			-			76,689
Selling, general, and administrative expenses		(8,638	)		(46,048	)		-			(95	)		(54,781	)
Equity income of subsidiaries		24,248			-			-			(24,248	)		-
Interest and other income		1,728			994			-			(2	)		2,720
Interest expense		192			-			-			(192	)		-
Other expense		(1	)		(1,054	)		-			-			(1,055	)
Other-than-temporary impairment of marketable securities		-			-			-			-			-
Homebuilding pretax income (loss)		17,529			30,581			-			(24,537	)		23,573
Financial Services:
Financial services pretax income		-			-			8,020			289			8,309
Income before income taxes		17,529			30,581			8,020			(24,248	)		31,882
(Provision) benefit for income taxes		2,469			(11,408	)		(2,945	)		-			(11,884	)
Net income	$	19,998		$	19,173		$	5,075		$	(24,248	)	$	19,998
Other comprehensive income related to available for sale securities, net of tax		(360	)		-			(539	)		539			(360	)
Comprehensive income	$	19,638		$	19,173		$	4,536		$	(23,709	)	$	19,638

	Six Months Ended June 30, 2016
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	968,255		$	-		$	-		$	968,255
Home and land cost of sales		-			(807,441	)		(300	)		-			(807,741	)
Inventory impairments		-			(1,600	)		-			-			(1,600	)
Total cost of sales		-			(809,041	)		(300	)		-			(809,341	)
Gross margin		-			159,214			(300	)		-			158,914
Selling, general, and administrative expenses		(23,330	)		(97,040	)		-			(347	)		(120,717	)
Equity income of subsidiaries		50,279			-			-			(50,279	)		-
Interest and other income		2,492			1,152			3			(158	)		3,489
Other expense		(3	)		(902	)		-			-			(905	)
Other-than-temporary impairment of marketable securities		(719	)		-			-			-			(719	)
Homebuilding pretax income (loss)		28,719			62,424			(297	)		(50,784	)		40,062
Financial Services:
Financial services pretax income		-			-			14,164			505			14,669
Income before income taxes		28,719			62,424			13,867			(50,279	)		54,731
(Provision) benefit for income taxes		7,757			(20,822	)		(5,190	)		-			(18,255	)
Net income	$	36,476		$	41,602		$	8,677		$	(50,279	)	$	36,476
Other comprehensive income related to available for sale securities, net of tax		2,843			-			370			(370	)		2,843
Comprehensive income	$	39,319		$	41,602		$	9,047		$	(50,649	)	$	39,319

	Six Months Ended June 30, 2015
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	839,627		$	-		$	-		$	839,627
Home and land cost of sales		-			(704,786	)		-			-			(704,786	)
Inventory impairments		-			(350	)		-			-			(350	)
Total cost of sales		-			(705,136	)		-			-			(705,136	)
Gross margin		-			134,491			-			-			134,491
Selling, general, and administrative expenses		(17,560	)		(87,505	)		-			(248	)		(105,313	)
Equity income of subsidiaries		37,240			-			-			(37,240	)		-
Interest and other income		3,291			1,275			5			3			4,574
Interest expense		278			-			-			(278	)		-
Other expense		(3	)		(2,186	)		-			-			(2,189	)
Other-than-temporary impairment of marketable securities		-			-			-			-			-
Homebuilding pretax income (loss)		23,246			46,075			5			(37,763	)		31,563
Financial Services:
Financial services pretax income		-			-			13,122			523			13,645
Income before income taxes		23,246			46,075			13,127			(37,240	)		45,208
(Provision) benefit for income taxes		5,172			(17,112	)		(4,850	)		-			(16,790	)
Net income	$	28,418		$	28,963		$	8,277		$	(37,240	)	$	28,418
Other comprehensive income related to available for sale securities, net of tax		948			-			(280	)		280			948
Comprehensive income	$	29,366		$	28,963		$	7,997		$	(36,960	)	$	29,366

Condensed Cash Flow Statement [Table Text Block]

	Six Months Ended June 30, 2016
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	17,988		$	(45,748	)	$	5,674		$	-		$	(22,086	)
Net cash provided by (used in) investing activities		(6,756	)		(1,132	)		(2,967	)		43,077			32,222
Financing activities:
Payments from (advances to) subsidiaries		-			47,816			(4,739	)		(43,077	)		-
Mortgage repurchase facility		-			-			4,686			-			4,686
Dividend payments		(24,504	)		-			-			-			(24,504	)
Proceeds from the exercise of stock options		-			-			-			-			-
Net cash provided by (used in) financing activities		(24,504	)		47,816			(53	)		(43,077	)		(19,818	)
Net increase in cash and cash equivalents		(13,272	)		936			2,654			-			(9,682	)
Cash and cash equivalents:
Beginning of period		141,245			3,097			36,646			-			180,988
End of period	$	127,973		$	4,033		$	39,300		$	-		$	171,306

	Six Months Ended June 30, 2015
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	35,266		$	(895	)	$	10,138		$	-		$	44,509
Net cash provided by (used in) investing activities		13,810			(265	)		698			2,346			16,589
Financing activities:
Payments from (advances to) subsidiaries		-			1,481			865			(2,346	)		-
Mortgage repurchase facility		-			-			(10,822	)		-			(10,822	)
Dividend payments		(24,425	)		-			-			-			(24,425	)
Proceeds from the exercise of stock options		612			-			-			-			612
Net cash provided by (used in) financing activities		(23,813	)		1,481			(9,957	)		(2,346	)		(34,635	)
Net increase in cash and cash equivalents		25,263			321			879			-			26,463
Cash and cash equivalents:
Beginning of period		119,951			2,691			31,183			-			153,825
End of period	$	145,214		$	3,012		$	32,062		$	-		$	180,288