Note 20 - Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2017

Condensed Balance Sheet [Table Text Block]

	March 31, 2017
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
ASSETS	(Dollars in thousands)
Homebuilding:
Cash and cash equivalents	$	292,246	$	4,485	$	-	$	-		$	296,731
Marketable securities		62,316		-		-		-			62,316
Restricted cash		-		4,229		-		-			4,229
Trade and other receivables		5,539		32,868		-		(2,197	)		36,210
Inventories:
Housing completed or under construction		-		890,883		-		-			890,883
Land and land under development		-		855,208		-		-			855,208
Total inventories		-		1,746,091		-		-			1,746,091

Intercompany receivables		1,455,133		2,803		5,819		(1,463,755	)		-
Investment in subsidiaries		319,751		-		-		(319,751	)		-
Property and equipment, net		25,628		2,356		-		-			27,984
Deferred tax asset, net		70,606		-		-		(155	)		70,451
Metropolitan district bond securities (related party)		31,004		-		-		-			31,004
Prepaid and other assets		4,650		58,769		-		-			63,419
Total homebuilding assets		2,266,873		1,851,601		5,819		(1,785,858	)		2,338,435

Financial Services:
Cash and cash equivalents		-		-		23,331		-			23,331
Marketable securities		-		-		37,549		-			37,549
Intercompany receivables		-		-		38,649		(38,649	)		-
Mortgage loans held-for-sale, net		-		-		97,373		-			97,373
Other assets		-		-		9,705		155			9,860
Total financial services assets		-		-		206,607		(38,494	)		168,113
Total Assets	$	2,266,873	$	1,851,601	$	212,426	$	(1,824,352	)	$	2,506,548

LIABILITIES AND EQUITY

Homebuilding:
Accounts payable	$	-	$	52,351	$	-	$	-		$	52,351
Accrued liabilities		29,055		110,705		98		1,849			141,707
Advances and notes payable to parent and subsidiaries		47,271		1,424,510		27,018		(1,498,799	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		841,937		-		-		-			841,937
Total homebuilding liabilities		933,263		1,587,566		27,116		(1,496,950	)		1,050,995

Financial Services:
Accounts payable and other liabilities		-		-		55,447		(4,046	)		51,401
Advances and notes payable to parent and subsidiaries		-		-		3,605		(3,605	)		-
Mortgage repurchase facility		-		-		70,542		-			70,542
Total financial services liabilities		-		-		129,594		(7,651	)		121,943
Total Liabilities		933,263		1,587,566		156,710		(1,504,601	)		1,172,938

Equity:
Total Stockholders' Equity		1,333,610		264,035		55,716		(319,751	)		1,333,610
Total Liabilities and Stockholders' Equity	$	2,266,873	$	1,851,601	$	212,426	$	(1,824,352	)	$	2,506,548

	December 31, 2016
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	255,679	$	3,408	$	-	$	-		$	259,087
Marketable securities		59,770		-		-		-			59,770
Restricted cash		-		3,778		-		-			3,778
Trade and other receivables		5,380		39,247		-		(2,135	)		42,492
Inventories:
Housing completed or under construction		-		874,199		-		-			874,199
Land and land under development		-		884,615		-		-			884,615
Total inventories		-		1,758,814		-		-			1,758,814

Intercompany receivables		1,475,291		2,803		5,289		(1,483,383	)		-
Investment in subsidiaries		295,214		-		-		(295,214	)		-
Property and equipment, net		25,495		2,546		-		-			28,041
Deferred tax assets, net		74,119		-		-		769			74,888
Metropolitan district bond securities (related party)		30,162		-		-		-			30,162
Other assets		5,267		55,196		-		-			60,463
Total Homebuilding Assets		2,226,377		1,865,792		5,289		(1,779,963	)		2,317,495

Financial Services:
Cash and cash equivalents		-		-		23,822		-			23,822
Marketable securities		-		-		36,436		-			36,436
Intercompany receivables		-		-		40,042		(40,042	)		-
Mortgage loans held-for-sale, net		-		-		138,774		-			138,774
Other assets		-		-		12,831		(769	)		12,062
Total Financial Services Assets		-		-		251,905		(40,811	)		211,094
Total Assets	$	2,226,377	$	1,865,792	$	257,194	$	(1,820,774	)	$	2,528,589

LIABILITIES AND EQUITY

Homebuilding:
Accounts payable	$	-	$	42,088	$	-	$	-		$	42,088
Accrued liabilities		1,527		136,615		143		6,281			144,566
Advances and notes payable to parent and subsidiaries		48,134		1,445,276		26,266		(1,519,676	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		841,646		-		-		-			841,646
Total Homebuilding Liabilities		906,307		1,623,979		26,409		(1,513,395	)		1,043,300

Financial Services:
Accounts payable and accrued liabilities		-		-		59,150		(8,416	)		50,734
Advances and notes payable to parent and subsidiaries		-		-		3,749		(3,749	)		-
Mortgage repurchase facility		-		-		114,485		-			114,485
Total Financial Services Liabilities		-		-		177,384		(12,165	)		165,219
Total Liabilities		906,307		1,623,979		203,793		(1,525,560	)		1,208,519

Equity:
Total Stockholders' Equity		1,320,070		241,813		53,401		(295,214	)		1,320,070
Total Liabilities and Stockholders' Equity	$	2,226,377	$	1,865,792	$	257,194	$	(1,820,774	)	$	2,528,589

Condensed Income Statement [Table Text Block]

	Three Months Ended March 31, 2017
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	563,726		$	-		$	-		$	563,726
Cost of sales		-			(469,153	)		-			-			(469,153	)
Inventory impairments		-			(4,850	)		-			-			(4,850	)
Gross margin		-			89,723			-			-			89,723
Selling, general, and administrative expenses		(12,395	)		(53,721	)		-			(182	)		(66,298	)
Equity income of subsidiaries		29,031			-			-			(29,031	)		-
Interest and other income		1,676			674			1			(24	)		2,327
Other expense		8			(359	)		-			-			(351	)
Other-than-temporary impairment of marketable securities		(50	)		-			-			-			(50	)
Homebuilding pretax income (loss)		18,270			36,317			1			(29,237	)		25,351
Financial Services:
Financial services pretax income		-			-			10,803			206			11,009
Income before income taxes		18,270			36,317			10,804			(29,031	)		36,360
(Provision) benefit for income taxes		3,979			(14,095	)		(3,995	)		-			(14,111	)
Net income	$	22,249		$	22,222		$	6,809		$	(29,031	)	$	22,249
Other comprehensive income related to available-for-sale securities, net of tax		1,986			-			834			(834	)		1,986
Comprehensive income	$	24,235		$	22,222		$	7,643		$	(29,865	)	$	24,235

	Three Months Ended March 31, 2016
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	396,744		$	-		$	-		$	396,744
Cost of sales		-			(331,389	)		(300	)		-			(331,689	)
Inventory impairments		-			-			-			-			-
Gross margin		-			65,355			(300	)		-			65,055
Selling, general, and administrative expenses		(12,102	)		(44,016	)		-			(159	)		(56,277	)
Equity income of subsidiaries		17,370			-			-			(17,370	)		-
Interest and other income		1,386			729			1			(266	)		1,850
Other expense		(916	)		(625	)		-			-			(1,541	)
Other-than-temporary impairment of marketable securities		(431	)		-			-			-			(431	)
Homebuilding pretax income (loss)		5,307			21,443			(299	)		(17,795	)		8,656
Financial Services:
Financial services pretax income		-			-			5,192			425			5,617
Income before income taxes		5,307			21,443			4,893			(17,370	)		14,273
(Provision) benefit for income taxes		4,256			(7,076	)		(1,890	)		-			(4,710	)
Net income	$	9,563		$	14,367		$	3,003		$	(17,370	)	$	9,563
Other comprehensive income related to available-for-sale securities, net of tax		1,948			-			(1	)		1			1,948
Comprehensive income	$	11,511		$	14,367		$	3,002		$	(17,369	)	$	11,511

Condensed Cash Flow Statement [Table Text Block]

	Three Months Ended March 31, 2017
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	24,806		$	21,945		$	47,135		$	-		$	93,886
Net cash provided by (used in) investing activities		23,051			(57	)		139			(24,633	)		(1,500	)
Financing activities:
Payments from (advances to) subsidiaries		-			(20,811	)		(3,822	)		24,633			-
Mortgage repurchase facility		-			-			(43,943	)		-			(43,943	)
Dividend payments		(12,897	)		-			-			-			(12,897	)
Proceeds from exercise of stock options		1,607			-			-			-			1,607
Net cash provided by (used in) financing activities		(11,290	)		(20,811	)		(47,765	)		24,633			(55,233	)

Net increase in cash and cash equivalents		36,567			1,077			(491	)		-			37,153
Cash and cash equivalents:
Beginning of period		255,679			3,408			23,822			-			282,909
End of period	$	292,246		$	4,485		$	23,331		$	-		$	320,062

	Three Months Ended March 31, 2016
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	12,225		$	(62,160	)	$	34,950		$	-		$	(14,985	)
Net cash provided by (used in) investing activities		(45,433	)		(528	)		(976	)		60,111			13,174
Financing activities:
Payments from (advances to) subsidiaries		-			62,837			(2,726	)		(60,111	)		-
Mortgage repurchase facility		-			-			(28,390	)		-			(28,390	)
Dividend payments		(12,252	)		-			-			-			(12,252	)
Net cash provided by (used in) financing activities		(12,252	)		62,837			(31,116	)		(60,111	)		(40,642	)

Net increase in cash and cash equivalents		(45,460	)		149			2,858			-			(42,453	)
Cash and cash equivalents:
Beginning of period		141,245			3,097			36,646			-			180,988
End of period	$	95,785		$	3,246		$	39,504		$	-		$	138,535