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Debt
9 Months Ended
Sep. 30, 2011
Debt [Abstract] 
Debt Disclosure [Text Block]
Debt

Notes Payable - Homebuilding

At September 30, 2011, borrowing availability under the Credit Facility was $52.9 million in accordance with the borrowing base calculation, and there were no borrowings outstanding and $20.0 million of letters of credit outstanding under the Credit Facility, leaving net remaining borrowing availability of $32.9 million. At September 30, 2011, the Company had pledged $69.1 million in aggregate book value of inventory and $25 million of cash to secure any borrowings and letters of credit outstanding under the Credit Facility. At September 30, 2011, the Company was in compliance with all covenants of the Credit Facility.

At September 30, 2011, there was $17.8 million of outstanding letters of credit under the Letter of Credit Facilities, which was collateralized with $18.3 million of the Company's cash.

Notes Payable — Financial Services

At September 30, 2011, M/I Financial had $26.4 million outstanding under the MIF Mortgage Warehousing Agreement, and was in compliance with all covenants of that agreement.

At September 30, 2011, M/I Financial had sold and not yet repurchased $5.3 million of mortgages under its uncommitted repurchase agreement that was entered into on December 27, 2010 (the "MIF Mortgage Repurchase Agreement") and was in compliance with all covenants of that agreement. As a result of M/I Financial's obligation to repurchase mortgages under the terms of the agreement, fundings under the MIF Mortgage Repurchase Agreement are accounted for as secured borrowings.

Senior Notes

As of September 30, 2011, we had $41.4 million of our 2012 Senior Notes and $200.0 million of our 2018 Senior Notes outstanding. The 2012 Senior Notes and the 2018 Senior Notes are general, unsecured senior obligations of the Company and the subsidiary guarantors and rank equally in right of payment with all our existing and future unsecured senior indebtedness.  The 2012 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our wholly-owned subsidiaries. The parent company has no independent assets or operations, and any subsidiaries of the parent company, other than the subsidiary guarantors of the 2012 Senior Notes, are minor. The 2018 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our subsidiaries that, as of the date of issuance of the notes, were guarantors under the Credit Facility.
 
The indenture governing our 2012 Senior Notes and the indenture governing our 2018 Senior Notes contain restrictive covenants that limit, among other things, the ability of the Company to pay dividends on common and preferred shares, or repurchase any shares.  If our "restricted payments basket," as defined in each of the indentures, is less than zero, we are restricted from making certain payments, including dividends, as well as from repurchasing any shares.  At September 30, 2011, the restricted payments basket was $(213.5) million under the indenture governing our 2012 Senior Notes, and $(4.9) million under the indenture governing our 2018 Senior Notes. As a result of the deficit in our restricted payments basket under the indenture governing our 2012 Senior Notes and the indenture governing our 2018 Senior Notes, we are currently restricted from paying dividends on our common shares and our 9.75% Series A Preferred Shares, and from repurchasing any of our common or preferred shares. These restrictions do not affect our compliance with any of the covenants contained in the Credit Facility.