Note 20 - Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2018

Condensed Balance Sheet [Table Text Block]

	June 30, 2018
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	373,344	$	4,875	$	-	$	-		$	378,219
Marketable securities		-		-		-		-			-
Restricted cash		-		7,443		-		-			7,443
Trade and other receivables		5,917		51,073		-		(2,271	)		54,719
Inventories:
Housing completed or under construction		-		1,077,406		-		-			1,077,406
Land and land under development		-		977,694		-		-			977,694
Total inventories		-		2,055,100		-		-			2,055,100

Intercompany receivables		1,812,520		12,314		-		(1,824,834	)		-
Investment in subsidiaries		308,599		-		-		(308,599	)		-
Property and equipment, net		23,595		31,517		-		-			55,112
Deferred tax asset, net		37,899		-		-		(549	)		37,350
Prepaid and other assets		7,596		37,854		-		-			45,450
Total homebuilding assets		2,569,470		2,200,176		-		(2,136,253	)		2,633,393

Financial Services:
Cash and cash equivalents		-		-		47,661		-			47,661
Marketable securities		-		-		44,328		-			44,328
Intercompany receivables		-		-		23,019		(23,019	)		-
Mortgage loans held-for-sale, net		-		-		107,185		-			107,185
Other assets		-		-		14,513		549			15,062
Total financial services assets		-		-		236,706		(22,470	)		214,236
Total Assets	$	2,569,470	$	2,200,176	$	236,706	$	(2,158,723	)	$	2,847,629

LIABILITIES AND EQUITY

Homebuilding:
Accounts payable	$	-	$	52,513	$	-	$	-		$	52,513
Accrued liabilities		42,024		124,883		-		1,992			168,899
Advances and notes payable to parent and subsidiaries		35,333		1,780,452		27,789		(1,843,574	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		987,272		-		-		-			987,272
Total homebuilding liabilities		1,079,629		1,957,848		27,789		(1,841,582	)		1,223,684

Financial Services:
Accounts payable and other liabilities		-		-		57,548		(4,263	)		53,285
Advances and notes payable to parent and subsidiaries		-		-		4,279		(4,279	)		-
Mortgage repurchase facility		-		-		80,819		-			80,819
Total financial services liabilities		-		-		142,646		(8,542	)		134,104
Total Liabilities		1,079,629		1,957,848		170,435		(1,850,124	)		1,357,788

Equity:
Total Stockholders' Equity		1,489,841		242,328		66,271		(308,599	)		1,489,841
Total Liabilities and Stockholders' Equity	$	2,569,470	$	2,200,176	$	236,706	$	(2,158,723	)	$	2,847,629

	December 31, 2017
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	468,718	$	4,239	$	-	$	-		$	472,957
Marketable securities		49,634		-		-		-			49,634
Restricted cash		-		8,812		-		-			8,812
Trade and other receivables		8,200		47,422		-		(2,260	)		53,362
Inventories:
Housing completed or under construction		-		936,685		-		-			936,685
Land and land under development		-		893,051		-		-			893,051
Total inventories		-		1,829,736		-		-			1,829,736

Intercompany receivables		1,578,830		2,803		5,291		(1,586,924	)		-
Investment in subsidiaries		317,400		-		-		(317,400	)		-
Property and equipment, net		24,557		1,882		-		-			26,439
Deferred tax assets, net		42,862		-		-		(1,382	)		41,480
Other assets		7,260		68,406		-		-			75,666
Total Homebuilding Assets		2,497,461		1,963,300		5,291		(1,907,966	)		2,558,086

Financial Services:
Cash and cash equivalents		-		-		32,471		-			32,471
Marketable securities		-		-		42,004		-			42,004
Intercompany receivables		-		-		40,139		(40,139	)		-
Mortgage loans held-for-sale, net		-		-		138,114		-			138,114
Other assets		-		-		8,235		1,382			9,617
Total Financial Services Assets		-		-		260,963		(38,757	)		222,206
Total Assets	$	2,497,461	$	1,963,300	$	266,254	$	(1,946,723	)	$	2,780,292

LIABILITIES AND EQUITY

Homebuilding:
Accounts payable	$	-	$	39,655	$	-	$	-		$	39,655
Accrued liabilities		40,344		122,544		37		3,387			166,312
Advances and notes payable to parent and subsidiaries		48,233		1,547,593		27,015		(1,622,841	)		-
Revolving credit facility		15,000		-		-		-			15,000
Senior notes, net		986,597		-		-		-			986,597
Total Homebuilding Liabilities		1,090,174		1,709,792		27,052		(1,619,454	)		1,207,564

Financial Services:
Accounts payable and accrued liabilities		-		-		58,748		(5,647	)		53,101
Advances and notes payable to parent and subsidiaries		-		-		4,222		(4,222	)		-
Mortgage repurchase facility		-		-		112,340		-			112,340
Total Financial Services Liabilities		-		-		175,310		(9,869	)		165,441
Total Liabilities		1,090,174		1,709,792		202,362		(1,629,323	)		1,373,005

Equity:
Total Stockholders' Equity		1,407,287		253,508		63,892		(317,400	)		1,407,287
Total Liabilities and Stockholders' Equity	$	2,497,461	$	1,963,300	$	266,254	$	(1,946,723	)	$	2,780,292

Condensed Income Statement [Table Text Block]

	Three Months Ended June 30, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	749,608		$	-		$	-		$	749,608
Cost of sales		-			(606,403	)		-			-			(606,403	)
Inventory impairments		-			(200	)		-			-			(200	)
Gross margin		-			143,005			-			-			143,005
Selling, general, and administrative expenses		(16,619	)		(64,729	)		-			(223	)		(81,571	)
Equity income of subsidiaries		75,341			-			-			(75,341	)		-
Interest and other income		1,783			292			2			(303	)		1,774
Other expense		8			(879	)		-			-			(871	)
Homebuilding pretax income (loss)		60,513			77,689			2			(75,867	)		62,337
Financial Services:
Financial services pretax income		-			-			13,753			526			14,279
Income before income taxes		60,513			77,689			13,755			(75,341	)		76,616
(Provision) benefit for income taxes		3,386			(12,867	)		(3,236	)		-			(12,717	)
Net income	$	63,899		$	64,822		$	10,519		$	(75,341	)	$	63,899
Other comprehensive income related to available-for-sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	63,899		$	64,822		$	10,519		$	(75,341	)	$	63,899

	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

	Six Months Ended June 30, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Homebuilding:
Revenues	$	-		$	1,357,296		$	-		$	-		$	1,357,296
Home and land cost of sales		-			(1,103,035	)		-			-			(1,103,035	)
Inventory impairments		-			(750	)		-			-			(750	)
Gross margin		-			253,511			-			-			253,511
Selling, general, and administrative expenses		(29,427	)		(123,058	)		-			(427	)		(152,912	)
Equity income of subsidiaries		122,510			-			-			(122,510	)		-
Interest and other income		3,556			610			4			(537	)		3,633
Other expense		15			(1,449	)		-			-			(1,434	)
Other-than-temporary impairment of marketable securities		-			-			-			-			-
Homebuilding pretax income (loss)		96,654			129,614			4			(123,474	)		102,798
Financial Services:
Financial services pretax income		-			-			23,386			964			24,350
Income before income taxes		96,654			129,614			23,390			(122,510	)		127,148
(Provision) benefit for income taxes		6,009			(24,959	)		(5,535	)		-			(24,485	)
Net income	$	102,663		$	104,655		$	17,855		$	(122,510	)	$	102,663
Other comprehensive income related to available for sale securities, net of tax		-			-			-			-			-
Comprehensive income	$	102,663		$	104,655		$	17,855		$	(122,510	)	$	102,663

	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

Condensed Cash Flow Statement [Table Text Block]

	Six Months Ended June 30, 2018
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(3,430	)	$	(96,911	)	$	44,153		$	-		$	(56,188	)
Net cash provided by (used in) investing activities		(63,986	)		(12,786	)		(2,218	)		113,740			34,750
Financing activities:
Payments from (advances to) subsidiaries		-			108,964			4,776			(113,740	)		-
Mortgage repurchase facility		-			-			(31,521	)		-			(31,521	)
Dividend payments		(33,793	)		-			-			-			(33,793	)
Proceeds from exercise of stock options		5,835			-			-			-			5,835
Net cash provided by (used in) financing activities		(27,958	)		108,964			(26,745	)		(113,740	)		(59,479	)

Net increase (decrease) in cash and cash equivalents		(95,374	)		(733	)		15,190			-			(80,917	)
Cash and cash equivalents:
Beginning of period		468,718			13,051			32,471			-			514,240
End of period	$	373,344		$	12,318		$	47,661		$	-		$	433,323

	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		$	35,754		$	54,296		$	-		$	122,136
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 the 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 (decrease) in cash and cash equivalents		54,650			2,326			(660	)		-			56,316
Cash and cash equivalents:
Beginning of period		255,679			7,186			23,822			-			286,687
End of period	$	310,329		$	9,512		$	23,162		$	-		$	343,003