XML 50 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 20 - Supplemental Guarantor Information (Tables)
 6 Months Ended
Jun. 30, 2017
Notes Tables  
Condensed Balance Sheet [Table Text Block]
   
June 30, 2017
  
 
 
 
 
 
 
 
 
 
  
Non-
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Guarantor
    
Guarantor
    
Eliminating
    
Consolidated
  
 
  
MDC
    
Subsidiaries
    
Subsidiaries
    
Entries
    
MDC
  
   
(Dollars in thousands)
  
ASSETS
                                        
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
310,329
 
 
$
4,485
 
 
$
-
 
 
$
-
 
 
$
314,814
 
Marketable securities
 
 
65,268
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
65,268
 
Restricted cash
 
 
-
 
 
 
5,027
 
 
 
-
 
 
 
-
 
 
 
5,027
 
Trade and other receivables
 
 
5,490
 
 
 
34,378
 
 
 
-
 
 
 
(2,121
)
 
 
37,747
 
Inventories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Housing completed or under construction
 
 
-
 
 
 
909,911
 
 
 
-
 
 
 
-
 
 
 
909,911
 
Land and land under development
 
 
-
 
 
 
846,825
 
 
 
-
 
 
 
-
 
 
 
846,825
 
Total inventories
 
 
-
 
 
 
1,756,736
 
 
 
-
 
 
 
-
 
 
 
1,756,736
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany receivables
 
 
1,442,812
 
 
 
2,802
 
 
 
5,645
 
 
 
(1,451,259
)
 
 
-
 
Investment in subsidiaries
 
 
354,952
 
 
 
-
 
 
 
-
 
 
 
(354,952
)
 
 
-
 
Property and equipment, net
 
 
25,057
 
 
 
2,137
 
 
 
-
 
 
 
-
 
 
 
27,194
 
Deferred tax asset, net
 
 
63,094
 
 
 
-
 
 
 
-
 
 
 
(648
)
 
 
62,446
 
Metropolitan district bond securities (related party)
 
 
31,864
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
31,864
 
Prepaid and other assets
 
 
3,464
 
 
 
63,545
 
 
 
-
 
 
 
-
 
 
 
67,009
 
Total homebuilding assets
 
 
2,302,330
 
 
 
1,869,110
 
 
 
5,645
 
 
 
(1,808,980
)
 
 
2,368,105
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
-
 
 
 
-
 
 
 
23,162
 
 
 
-
 
 
 
23,162
 
Marketable securities
 
 
-
 
 
 
-
 
 
 
38,666
 
 
 
-
 
 
 
38,666
 
Intercompany receivables
 
 
-
 
 
 
-
 
 
 
39,342
 
 
 
(39,342
)
 
 
-
 
Mortgage loans held-for-sale, net
 
 
-
 
 
 
-
 
 
 
95,283
 
 
 
-
 
 
 
95,283
 
Other assets
 
 
-
 
 
 
-
 
 
 
10,547
 
 
 
648
 
 
 
11,195
 
Total financial services assets
 
 
-
 
 
 
-
 
 
 
207,000
 
 
 
(38,694
)
 
 
168,306
 
Total Assets
 
$
2,302,330
 
 
$
1,869,110
 
 
$
212,645
 
 
$
(1,847,674
)
 
$
2,536,411
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
-
 
 
$
48,327
 
 
$
-
 
 
$
-
 
 
$
48,327
 
Accrued liabilities
 
 
33,656
 
 
 
111,794
 
 
 
99
 
 
 
2,650
 
 
 
148,199
 
Advances and notes payable to parent and subsidiaries
 
 
47,789
 
 
 
1,412,036
 
 
 
27,016
 
 
 
(1,486,841
)
 
 
-
 
Revolving credit facility
 
 
15,000
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
15,000
 
Senior notes, net
 
 
842,232
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
842,232
 
Total homebuilding liabilities
 
 
938,677
 
 
 
1,572,157
 
 
 
27,115
 
 
 
(1,484,191
)
 
 
1,053,758
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
 
 
-
 
 
 
-
 
 
 
54,644
 
 
 
(4,771
)
 
 
49,873
 
Advances and notes payable to parent and subsidiaries
 
 
-
 
 
 
-
 
 
 
3,760
 
 
 
(3,760
)
 
 
-
 
Mortgage repurchase facility
 
 
-
 
 
 
-
 
 
 
69,127
 
 
 
-
 
 
 
69,127
 
Total financial services liabilities
 
 
-
 
 
 
-
 
 
 
127,531
 
 
 
(8,531
)
 
 
119,000
 
Total Liabilities
 
 
938,677
 
 
 
1,572,157
 
 
 
154,646
 
 
 
(1,492,722
)
 
 
1,172,758
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Stockholders' Equity
 
 
1,363,653
 
 
 
296,953
 
 
 
57,999
 
 
 
(354,952
)
 
 
1,363,653
 
Total Liabilities and Stockholders' Equity
 
$
2,302,330
 
 
$
1,869,110
 
 
$
212,645
 
 
$
(1,847,674
)
 
$
2,536,411
 
   
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 June 30, 2017
  
 
 
 
 
 
 
 
 
 
  
Non-
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Guarantor
    
Guarantor
    
Eliminating
    
Consolidated
  
 
  
MDC
    
Subsidiaries
    
Subsidiaries
    
Entries
    
MDC
  
   
(Dollars in thousands)
  
Homebuilding:
                                        
Revenues
 
$
-
 
 
$
648,971
 
 
$
-
 
 
$
-
 
 
$
648,971
 
Cost of sales
 
 
-
 
 
 
(540,279
)
 
 
-
 
 
 
-
 
 
 
(540,279
)
Inventory impairments
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Gross margin
 
 
-
 
 
 
108,692
 
 
 
-
 
 
 
-
 
 
 
108,692
 
Selling, general, and administrative expenses
 
 
(12,233
)
 
 
(58,284
)
 
 
-
 
 
 
(192
)
 
 
(70,709
)
Equity income of subsidiaries
 
 
40,109
 
 
 
-
 
 
 
-
 
 
 
(40,109
)
 
 
-
 
Interest and other income
 
 
2,332
 
 
 
666
 
 
 
3
 
 
 
(154
)
 
 
2,847
 
Other expense
 
 
8
 
 
 
(674
)
 
 
-
 
 
 
-
 
 
 
(666
)
Other-than-temporary impairment of marketable securities
 
 
(1
)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(1
)
Homebuilding pretax income (loss)
 
 
30,215
 
 
 
50,400
 
 
 
3
 
 
 
(40,455
)
 
 
40,163
 
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial services pretax income
 
 
-
 
 
 
-
 
 
 
11,385
 
 
 
346
 
 
 
11,731
 
Income before income taxes
 
 
30,215
 
 
 
50,400
 
 
 
11,388
 
 
 
(40,109
)
 
 
51,894
 
(Provision) benefit for income taxes
 
 
3,656
 
 
 
(17,479
)
 
 
(4,200
)
 
 
-
 
 
 
(18,023
)
Net income
 
$
33,871
 
 
$
32,921
 
 
$
7,188
 
 
$
(40,109
)
 
$
33,871
 
Other comprehensive income related to available-for-sale securities, net of tax
 
 
1,944
 
 
 
-
 
 
 
456
 
 
 
(456
)
 
 
1,944
 
Comprehensive income
 
$
35,815
 
 
$
32,921
 
 
$
7,644
 
 
$
(40,565
)
 
$
35,815
 
   
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
 
Cost of sales
 
 
-
 
 
 
(476,052
)
 
 
-
 
 
 
-
 
 
 
(476,052
)
Inventory impairments
 
 
-
 
 
 
(1,600
)
 
 
-
 
 
 
-
 
 
 
(1,600
)
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
 
Interest expense
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
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
 
   
Six Months Ended June 30, 2017
  
                   
Non-
                  
           
Guarantor
    
Guarantor
    
Eliminating
    
Consolidated
  
   
MDC
    
Subsidiaries
    
Subsidiaries
    
Entries
    
MDC
  
   
(Dollars in thousands)
  
Homebuilding:
                                        
Revenues
   $
-
    $
1,212,697
    $
-
    $
-
    $
1,212,697
 
Home and land cost of sales
    
-
     
(1,009,432
 )    
-
     
-
     
(1,009,432
 )
Inventory impairments
    
-
     
(4,850
 )    
-
     
-
     
(4,850
 )
Gross margin
    
-
     
198,415
     
-
     
-
     
198,415
 
Selling, general, and administrative expenses
    
(24,628
 )    
(112,005
 )    
-
     
(374
 )    
(137,007
 )
Equity income of subsidiaries
    
69,140
     
-
     
-
     
(69,140
 )    
-
 
Interest and other income
    
4,008
     
1,340
     
4
     
(178
 )    
5,174
 
Other expense
    
16
     
(1,033
 )    
-
     
-
     
(1,017
 )
Other-than-temporary impairment of marketable securities
    
(51
 )    
-
     
-
     
-
     
(51
 )
Homebuilding pretax income (loss)
    
48,485
     
86,717
     
4
     
(69,692
 )    
65,514
 
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial services pretax income
    
-
     
-
     
22,188
     
552
     
22,740
 
Income before income taxes
    
48,485
      
86,717
     
22,192
     
(69,140
 )    
88,254
 
(Provision) benefit for income taxes
    
7,635
     
(31,574
 )    
(8,195
 )    
-
     
(32,134
 )
Net income
   $
56,120
     $
55,143
    $
13,997
    $
(69,140
 )   $
56,120
 
Other comprehensive income related to available
for sale securities, net of tax
    
3,930
     
-
     
1,290
     
(1,290
 )    
3,930
 
Comprehensive income
   $
60,050
     $
55,143
    $
15,287
    $
(70,430
 )   $
60,050
 
   
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
 )
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
 
Condensed Cash Flow Statement [Table Text Block]
   
Six Months Ended June 30, 2017
  
                   
Non-
                  
           
Guarantor
    
Guarantor
    
Eliminating
    
Consolidated
  
   
MDC
    
Subsidiaries
    
Subsidiaries
    
Entries
    
MDC
  
   
(Dollars in thousands)
  
Net cash provided by (used in) operating activities
   $
32,086
    $
34,505
    $
54,296
    $
-
    $
120,887
 
Net cash provided by (used in) investing activities
    
41,069
     
(88
 )    
(59
 )    
(42,879
 )    
(1,957
 )
Financing activities:
                                        
Payments from (advances to) subsidiaries
    
-
     
(33,340
 )    
(9,539
 )    
42,879
     
-
 
Mortgage repurchase facility
    
-
     
-
     
(45,358
 )    
-
     
(45,358
 )
Dividend payments
    
(25,809
 )    
-
     
-
     
-
     
(25,809
 )
Proceeds from exercise of stock options
    
7,304
     
-
     
-
     
-
     
7,304
 
Net cash provided by (used in) financing activities
    
(18,505
 )    
(33,340
 )    
(54,897
 )    
42,879
     
(63,863
 )
                                         
Net increase in cash and cash equivalents
    
54,650
     
1,077
     
(660
 )    
-
     
55,067
 
Cash and cash equivalents:
                                        
Beginning of period
    
255,679
     
3,408
     
23,822
     
-
     
282,909
 
End of period
   $
310,329
    $
4,485
    $
23,162
    $
-
    $
337,976
 
   
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