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Supplemental Guarantor Information
6 Months Ended
Jun. 30, 2011
Supplemental Guarantor Information [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
Supplemental Guarantor Information


The Company's obligations under the 2018 Senior Notes are not guaranteed by all of the Company's subsidiaries and therefore, the Company has disclosed condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.


The following condensed consolidating financial information includes balance sheets, statements of operations and cash flow information for the parent company, the Guarantors, as defined and listed in the indenture for the 2018 Senior Notes (the “Guarantor Subsidiaries”), collectively, and for all other subsidiaries and joint ventures of the Company (“the Non-Guarantor Subsidiaries”), collectively. Each Guarantor Subsidiary is a direct or indirect wholly-owned subsidiary of M/I Homes, Inc. and has fully and unconditionally guaranteed the 2018 Senior Notes, on a joint and several basis.


There are no significant restrictions on the parent company's ability to obtain funds from its Guarantor Subsidiaries in the form of a dividend, loan, or other means.


As of June 30, 2011, each of the Company's subsidiaries is a Guarantor Subsidiary, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, the origination of mortgages for resale, title insurance or similar financial businesses relating to the homebuilding and home sales business and certain subsidiaries that are not wholly-owned by the Company or another subsidiary.


In the condensed financial tables presented below, the parent company presents all of its wholly-owned subsidiaries accounted for under the equity method. All applicable corporate expenses have been allocated appropriately among the Guarantor Subsidiaries and Non-Guarantor Subsidiaries.


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2011
 
 
 
Guarantor
Non-Guarantor
 
 
(In thousands)
 
M/I Homes, Inc.
Subsidiaries
Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$


$
134,149


$
3,295


$


$
137,444


Costs and expenses:
 










  Land and housing
 


114,043






114,043


  Impairment of inventory and investment in
    Unconsolidated LLCs
 


5,445






5,445


  General and administrative
 


10,994


1,772




12,766


  Selling
 


10,754






10,754


  Interest
 


3,294


171




3,465


Total costs and expenses
 


144,530


1,943




146,473


 
 
 
 
 
 
 
(Loss) income before income taxes
 


(10,381
)
1,352




(9,029
)
 
 










(Benefit) provision for income taxes
 


(282
)
397




115


 
 










Equity in subsidiaries
 
(9,144
)




9,144




 
 










Net (loss) income
 
$
(9,144
)
$
(10,099
)
$
955


$
9,144


$
(9,144
)


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2011
 
 
 
Guarantor
Non-Guarantor
 
 
(In thousands)
 
M/I Homes, Inc.
Subsidiaries
Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$


$
241,519


$
6,495


$


$
248,014


Costs and expenses:
 










  Land and housing
 


206,617






206,617


  Impairment of inventory and investment in
    Unconsolidated LLCs
 


16,316






16,316


  General and administrative
 


20,692


3,476




24,168


  Selling
 


19,408






19,408


  Interest
 


7,059


441




7,500


Total costs and expenses
 


270,092


3,917




274,009


 
 
 
 
 
 
 
(Loss) income before income taxes
 


(28,573
)
2,578




(25,995
)
 
 
 
 
 
 
 
(Benefit) provision for income taxes
 


(637
)
825




188


 
 
 
 
 
 
 
Equity in subsidiaries
 
(26,183
)




26,183




 
 
 
 
 
 
 
Net (loss) income
 
$
(26,183
)
$
(27,936
)
$
1,753


$
26,183


$
(26,183
)


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
 
 
 
 
 
Three Months Ended June 30, 2010
 
 


Guarantor
Non-Guarantor




(In thousands)
 
M/I Homes, Inc.
Subsidiaries
Subsidiaries
Eliminations
Consolidated
 
 










Revenue
 
$


$
192,917


$
3,487


$


$
196,404


Costs and expenses:
 










  Land and housing
 


165,063






165,063


  Impairment of inventory and investment in
    Unconsolidated LLCs
 


6,294






6,294


  General and administrative
 


11,511


2,050




13,561


  Selling
 


14,153






14,153


  Interest
 


1,838


241




2,079


Total costs and expenses
 


198,859


2,291




201,150


 
 










(Loss) income before income taxes
 


(5,942
)
1,196




(4,746
)
 
 










(Benefit) provision for income taxes
 


(187
)
248




61


 
 










Equity in subsidiaries
 
(4,807
)




4,807




 
 










Net (loss) income
 
$
(4,807
)
$
(5,755
)
$
948


$
4,807


$
(4,807
)


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
 
 
 
 
 
Six Months Ended June 30, 2010
 
 
 
Guarantor
Non-Guarantor
 
 
(In thousands)
 
M/I Homes, Inc.
Subsidiaries
Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$


$
308,599


$
7,194


$


$
315,793


Costs and expenses:
 










  Land and housing
 


264,371






264,371


  Impairment of inventory and investment in
    Unconsolidated LLCs
 


9,410






9,410


  General and administrative
 


22,458


3,995




26,453


  Selling
 


24,747






24,747


  Interest
 


3,850


370




4,220


Total costs and expenses
 


324,836


4,365




329,201


 
 
 
 
 
 
 
(Loss) income before income taxes
 


(16,237
)
2,829




(13,408
)
 
 










(Benefit) provision for income taxes
 


(1,031
)
765




(266
)
 
 










Equity in subsidiaries
 
(13,142
)




13,142




 
 










Net (loss) income
 
$
(13,142
)
$
(15,206
)
$
2,064


$
13,142


$
(13,142
)


CONDENSED CONSOLIDATING BALANCE SHEET
 
 
 
 
 
 
 
 
 
June 30, 2011
 
 


Guarantor
Non-Guarantor




(In thousands)
 
M/I Homes, Inc.
Subsidiaries
Subsidiaries
Eliminations
Consolidated
 
 










ASSETS:
 










Cash
 
$


$
28,862


$
16,038


$


$
44,900


Restricted cash
 


68,902






68,902


Mortgage loans held for sale
 




35,725




35,725


Inventory
 


462,796






462,796


Property and equipment - net
 


15,324


137




15,461


Investment in Unconsolidated LLCs
 




10,026




10,026


Investment in subsidiaries
 
390,903






(390,903
)


Intercompany
 
121,602


(111,596
)
(10,006
)




Income tax receivable
 


1,163






1,163


Other assets
 
6,336


7,101


873




14,310


TOTAL ASSETS
 
$
518,841


$
472,552


$
52,793


$
(390,903
)
$
653,283


 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
LIABILITIES:
 
 
 
 
 
 
Accounts payable
 
$


$
42,434


$
757


$


$
43,191


Customer deposits
 


4,974






4,974


Other liabilities
 


36,197


4,492




40,689


Community development district obligations
 


6,639






6,639


Obligation for consolidated inventory not owned
 


1,015






1,015


Note payable bank - financial services operations
 




32,133




32,133


Note payable - other
 


5,801






5,801


Senior notes
 
238,813








238,813


TOTAL LIABILITIES
 
238,813


97,060


37,382




373,255


 
 
 
 
 
 
 
Shareholders' equity
 
280,028


375,492


15,411


(390,903
)
280,028


 
 
 
 
 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
518,841


$
472,552


$
52,793


$
(390,903
)
$
653,283




CONDENSED CONSOLIDATING BALANCE SHEET
 
 
 
 
 
 
 
 
 
December 31, 2010
 
 
 
Guarantor
Non-Guarantor
 
 
(In thousands)
 
M/I Homes, Inc.
Subsidiaries
Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
ASSETS:
 
 
 
 
 
 
Cash
 
$


$
71,874


$
9,334


$


$
81,208


Restricted cash
 


41,923






41,923


Mortgage loans held for sale
 




43,312




43,312


Inventory
 


450,936






450,936


Property and equipment - net
 


16,340


214




16,554


Investment in Unconsolidated LLCs
 




10,589




10,589


Investment in subsidiaries
 
418,085






(418,085
)


Intercompany
 
116,875


(102,884
)
(13,991
)




Income tax receivable
 


994






994


Other assets
 
7,141


6,631


2,606




16,378


TOTAL ASSETS
 
$
542,101


$
485,814


$
52,064


$
(418,085
)
$
661,894


 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
LIABILITIES:
 
 
 
 
 
 
Accounts payable
 
$


$
28,631


$
399


$


$
29,030


Customer deposits
 


3,017






3,017


Other liabilities
 


37,305


4,811




42,116


Community development district obligations
 


7,112






7,112


Obligation for consolidated inventory not owned
 


468






468


Note payable bank - financial services operations
 




32,197




32,197


Note payable - other
 


5,853






5,853


Senior notes
 
238,610








238,610


TOTAL LIABILITIES
 
238,610


82,386


37,407




358,403


 
 
 
 
 
 
 
Shareholders' equity
 
303,491


403,428


14,657


(418,085
)
303,491


 
 
 
 
 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
542,101


$
485,814


$
52,064


$
(418,085
)
$
661,894




CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
 
 
 
 
 
 
Six Months Ended June 30, 2011
 
 
Guarantor
Non-Guarantor
 
 
(In thousands)
M/I Homes, Inc.
Subsidiaries
Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net cash (used in) provided by operating activities


(20,847
)
12,328




(8,519
)
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Restricted cash


(23,248
)




(23,248
)
Purchase of property and equipment


(699
)
(10
)


(709
)
Acquisition, net of cash acquired


(4,654
)




(4,654
)
Proceeds from the sale of property




(454
)


(454
)
Distributions from Unconsolidated LLCs




21




21


Net cash used in investing activities


(28,601
)
(443
)


(29,044
)
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Proceeds from bank borrowings - net




(64
)


(64
)
Principal repayments of note payable - other and
  community development district bond obligations


(52
)




(52
)
Intercompany financing
(1,591
)
6,638


(5,047
)




Debt issue costs


(150
)
(70
)


(220
)
Proceeds from exercise of stock options
1,433








1,433


Excess tax expense from stock-based payment arrangements
158








158


Net cash provided by (used) in financing activities


6,436


(5,181
)


1,255


 
 
 
 
 
 
Net (decrease) increase in cash


(43,012
)
6,704




(36,308
)
Cash balance at beginning of period


71,874


9,334




81,208


Cash balance at end of period
$


$
28,862


$
16,038


$


$
44,900


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
 
 
 
 
 
 
Six Months Ended June 30, 2010
 
 
Guarantor
Non-Guarantor
 
 
(In thousands)
M/I Homes, Inc.
Subsidiaries
Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net cash used in operating activities


(7,819
)
(10,219
)


(18,038
)
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Restricted cash


(14,961
)




(14,961
)
Purchase of property and equipment


(691
)
(80
)


(771
)
Investments in and advances to Unconsolidated LLCs




(289
)


(289
)
Distributions from Unconsolidated LLCs




13




13


Net cash used in investing activities


(15,652
)
(356
)


(16,008
)
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Proceeds from bank borrowings - net




9,769




9,769


Principal repayments of note payable - other and
  community development district bond obligations


(168
)




(168
)
Intercompany financing
9


153


(162
)




Debt issue costs


(3,568
)
(306
)


(3,874
)
Proceeds from exercise of stock options
5








5


Excess tax benefit from stock-based payment arrangements
(14
)






(14
)
Net cash (used in) provided by financing activities


(3,583
)
9,301




5,718


 
 
 
 
 
 
Net decrease in cash


(27,054
)
(1,274
)


(28,328
)
Cash balance at beginning of period


96,464


13,466




109,930


Cash balance at end of period
$


$
69,410


$
12,192


$


$
81,602