XML 55 R36.htm IDEA: XBRL DOCUMENT v3.3.1.900
Supplemental Guarantor Information Supplemental Guarantor Information (Tables)
12 Months Ended
Dec. 31, 2015
Supplemental Guarantor Information [Abstract]  
Schedule Of Condensed Consolidating Statement Of Operations [Table Text Block]
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
 
 
 
 
 
Year Ended December 31, 2015
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$

$
1,382,420

$
35,975

$

$
1,418,395

Costs and expenses:
 
 
 
 
 
 
Land and housing
 

1,114,663



1,114,663

Impairment of inventory and investment in unconsolidated joint ventures
 

3,638



3,638

General and administrative
 

77,662

15,546


93,208

Selling
 

95,092



95,092

Equity in income of unconsolidated joint ventures
 


(498
)

(498
)
Interest
 

15,905

1,616


17,521

Loss on early extinguishment of debt
 

7,842



7,842

Total costs and expenses
 

1,314,802

16,664


1,331,466

 
 
 
 
 
 
 
Income before income taxes
 

67,618

19,311


86,929

 
 
 
 
 
 
 
Provision for income taxes
 

28,758

6,408


35,166

 
 
 
 
 
 
 
Equity in subsidiaries
 
51,763



(51,763
)

 
 
 
 
 
 
 
Net income
 
$
51,763

$
38,860

$
12,903

$
(51,763
)
$
51,763

 
 
 
 
 
 
 
Preferred dividends
 
4,875




4,875

 
 
 
 
 
 
 
Net income to common shareholders
 
$
46,888

$
38,860

$
12,903

$
(51,763
)
$
46,888















CONDENSED CONSOLIDATING STATEMENTS OF INCOME
 
 
 
 
 
Year Ended December 31, 2014
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$

$
1,185,058

$
30,122

$

$
1,215,180

Costs and expenses:
 
 
 
 
 
 
Land and housing
 

958,991



958,991

Impairment of inventory and investment in unconsolidated joint ventures
 

3,457



3,457

General and administrative
 

73,747

15,083


88,830

Selling
 

81,148



81,148

Equity in income of unconsolidated joint ventures
 


(347
)

(347
)
Interest
 

11,926

1,439


13,365

Total costs and expenses
 

1,129,269

16,175


1,145,444

 
 
 
 
 
 
 
Income before income taxes
 

55,789

13,947


69,736

 
 
 
 
 
 
 
Provision for income taxes
 

14,341

4,606


18,947

 
 
 
 
 
 
 
Equity in subsidiaries
 
50,789



(50,789
)

 
 
 
 
 
 
 
Net income
 
$
50,789

$
41,448

$
9,341

$
(50,789
)
$
50,789

 
 
 
 
 
 
 
Preferred dividends
 
4,875




4,875

 
 
 
 
 
 
 
Net income to common shareholders
 
$
45,914

$
41,448

$
9,341

$
(50,789
)
$
45,914


 
 
Year Ended December 31, 2013
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$

$
1,008,243

$
28,539

$

$
1,036,782

Costs and expenses:
 
 
 
 
 
 
Land and housing
 

824,508



824,508

Impairment of inventory and investment in unconsolidated joint ventures
 

5,805



5,805

General and administrative
 

66,249

13,245


79,494

Selling
 

68,209

73


68,282

Equity in income of unconsolidated joint ventures
 


(306
)

(306
)
Interest
 

14,556

1,382


15,938

Loss on early extinguishment of debt
 

1,726



1,726

Total costs and expenses
 

981,053

14,394


995,447

 
 
 
 
 
 
 
Income before income taxes
 

27,190

14,145


41,335

 
 
 
 
 
 
 
(Benefit) provision for income taxes
 

(114,866
)
4,778


(110,088
)
 
 
 
 
 
 
 
Equity in subsidiaries
 
151,423



(151,423
)

 
 
 
 
 
 
 
Net income
 
$
151,423

$
142,056

$
9,367

$
(151,423
)
$
151,423

 
 
 
 
 
 
 
Preferred dividends
 
3,656




3,656

Excess of fair value over book value of preferred shares redeemed
 
2,190




2,190

 
 
 
 
 
 
 
Net income to common shareholders
 
$
145,577

$
142,056

$
9,367

$
(151,423
)
$
145,577

Schedule Of Condensed Consolidating Balance Sheet [Table Text Block]
CONDENSED CONSOLIDATING BALANCE SHEET
 
 
 
 
 
 
 
 
 
December 31, 2015
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
ASSETS:
 
 
 
 
 
 
Cash and cash equivalents
 
$

$

$
18,156

$
(7,951
)
$
10,205

Restricted cash
 

2,896



2,896

Mortgage loans held for sale
 


127,001


127,001

Inventory
 

1,112,042



1,112,042

Property and equipment - net
 

12,222

675


12,897

Investment in unconsolidated joint ventures
 

17,425

19,542


36,967

Investment in subsidiaries
 
621,052



(621,052
)

Deferred income taxes, net of valuation allowances
 

67,255

149


67,404

Intercompany assets
 
408,847



(408,847
)

Other assets
 
2,626

32,335

11,181


46,142

TOTAL ASSETS
 
$
1,032,525

$
1,244,175

$
176,704

$
(1,037,850
)
$
1,415,554

 
 
 
 
 
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 
 
 
 
 

LIABILITIES:
 
 
 
 
 

Accounts payable
 
$

$
94,554

$
275

$
(7,951
)
$
86,878

Customer deposits
 

19,567



19,567

Intercompany liabilities
 

387,439

21,408

(408,847
)

Other liabilities
 

88,550

5,120


93,670

Community development district obligations
 

1,018



1,018

Obligation for consolidated inventory not owned
 

6,007



6,007

Notes payable bank - homebuilding operations
 

43,800



43,800

Notes payable bank - financial services operations
 


123,648


123,648

Notes payable - other
 

8,441



8,441

Convertible senior subordinated notes due 2017
 
56,518




56,518

Convertible senior subordinated notes due 2018
 
84,714




84,714

Senior notes
 
294,727




294,727

TOTAL LIABILITIES
 
435,959

649,376

150,451

(416,798
)
818,988

 
 
 
 
 
 
 
Shareholders’ equity
 
596,566

594,799

26,253

(621,052
)
596,566

 
 
 
 
 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
1,032,525

$
1,244,175

$
176,704

$
(1,037,850
)
$
1,415,554


CONDENSED CONSOLIDATING BALANCE SHEET
 
 
 
 
 
 
 
 
 
December 31, 2014
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
ASSETS:
 
 
 
 
 
 
Cash and cash equivalents
 
$

$
3,872

$
11,663

$

$
15,535

Restricted cash
 

6,951



6,951

Mortgage loans held for sale
 


92,794


92,794

Inventory
 

918,589



918,589

Property and equipment - net
 

11,189

301


11,490

Investment in unconsolidated joint ventures
 

15,033

12,736


27,769

Investment in subsidiaries
 
576,468



(576,468
)

Deferred income taxes, net of valuation allowances
 

94,088

324


94,412

Intercompany assets
 
330,786



(330,786
)

Other assets (1)
 
3,089

24,378

10,232


37,699

TOTAL ASSETS
 
$
910,343

$
1,074,100

$
128,050

$
(907,254
)
$
1,205,239

 
 
 
 
 
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 
 
 
 
 

LIABILITIES:
 
 
 
 
 

Accounts payable
 
$

$
74,344

$
994

$

$
75,338

Customer deposits
 

11,759



11,759

Intercompany liabilities
 

314,946

15,840

(330,786
)

Other liabilities
 

74,413

5,310


79,723

Community development district obligations
 

2,571



2,571

Obligation for consolidated inventory not owned
 

608



608

Notes payable bank - homebuilding operations
 

30,000



30,000

Notes payable bank - financial services operations
 


85,379


85,379

Notes payable - other
 

9,518



9,518

Convertible senior subordinated notes due 2017 (1)
 
55,943




55,943

Convertible senior subordinated notes due 2018 (1)
 
84,006




84,006

Senior notes (1)
 
226,099




226,099

TOTAL LIABILITIES
 
366,048

518,159

107,523

(330,786
)
660,944

 
 
 
 
 
 
 
Shareholders’ equity
 
544,295

555,941

20,527

(576,468
)
544,295

 
 
 
 
 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
910,343

$
1,074,100

$
128,050

$
(907,254
)
$
1,205,239


Schedule Of Condensed Consolidating Statement Of Cash Flows [Table Text Block]
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2015
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
Net cash provided by (used in) operating activities
 
$
7,178

$
(58,566
)
$
(23,593
)
$
(7,178
)
$
(82,159
)
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
Restricted cash
 

3,849



3,849

Purchase of property and equipment
 

(3,156
)
(503
)

(3,659
)
Acquisition, net of cash acquired
 

(23,950
)


(23,950
)
Net proceeds from the sale of mortgage servicing rights
 


3,065


3,065

Intercompany investing
 
(3,338
)




3,338


Investments in and advances to unconsolidated joint ventures
 

(8,087
)
(10,075
)

(18,162
)
Return of capital from unconsolidated joint ventures
 


1,226


1,226

Net cash (used in) provided by investing activities
 
(3,338
)
(31,344
)
(6,287
)
3,338

(37,631
)
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
Repayment of senior notes
 

(226,874
)


(226,874
)
Proceeds from issuance of senior notes
 

300,000



300,000

Proceeds from bank borrowings - homebuilding operations
 

417,300



417,300

Principal repayments of bank borrowings - homebuilding operations
 

(403,500
)


(403,500
)
Net proceeds from bank borrowings - financial services operations
 


38,269


38,269

Principal proceeds from notes payable - other and CDD bond obligations
 

(1,077
)


(1,077
)
Dividends paid
 
(4,875
)

(7,178
)
7,178

(4,875
)
Intercompany financing
 

5,929

5,360

(11,289
)

Debt issue costs
 

(5,740
)
(78
)

(5,818
)
Proceeds from exercise of stock options
 
1,035




1,035

Net cash (used in) provided by financing activities
 
(3,840
)
86,038

36,373

(4,111
)
114,460

 
 
 
 
 
 
 
Net decrease in cash and cash equivalents
 

(3,872
)
6,493

(7,951
)
(5,330
)
Cash and cash equivalents balance at beginning of period
 

3,872

11,663


15,535

Cash and cash equivalents balance at end of period
 
$

$

$
18,156

$
(7,951
)
$
10,205

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2014
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
Net cash provided by (used in) operating activities
 
$
10,200

$
(143,672
)
$
10,997

$
(10,200
)
$
(132,675
)
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
Restricted cash
 

7,122



7,122

Purchase of property and equipment
 

(2,793
)
(153
)

(2,946
)
Intercompany investing
 
(7,269
)


7,269


Investments in and advances to unconsolidated joint ventures
 

(14,435
)
(5,980
)

(20,415
)
Return of capital from unconsolidated joint ventures
 

275

1,248


1,523

Net proceeds from the sale of mortgage servicing rights
 


2,135


2,135

Net cash (used in) provided by investing activities
 
(7,269
)
(9,831
)
(2,750
)
7,269

(12,581
)
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
Proceeds from bank borrowings - homebuilding operations
 

192,600



192,600

Principal repayments of bank borrowings - homebuilding operations
 

(162,600
)


(162,600
)
Net proceeds from bank borrowings - financial services operations
 


5,350


5,350

Principal repayments of notes payable - other and CDD bond obligations
 

1,728



1,728

Dividends paid
 
(4,875
)

(10,200
)
10,200

(4,875
)
Intercompany financing
 

14,244

(6,975
)
(7,269
)

Debt issue costs
 

(2,004
)
(77
)

(2,081
)
Proceeds from exercise of stock options
 
1,944




1,944

Net cash (used in) provided by financing activities
 
(2,931
)
43,968

(11,902
)
2,931

32,066

 
 
 
 
 
 
 
Net decrease in cash and cash equivalents
 

(109,535
)
(3,655
)

(113,190
)
Cash and cash equivalents balance at beginning of period
 

113,407

15,318


128,725

Cash and cash equivalents balance at end of period
 
$

$
3,872

$
11,663

$

$
15,535


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2013
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
Net cash provided by (used in) operating activities
 
$
7,100

$
(72,633
)
$
(1,341
)
$
(7,100
)
$
(73,974
)
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
Restricted cash
 

(5,185
)


(5,185
)
Purchase of property and equipment
 

(2,146
)
(236
)

(2,382
)
Investments in and advances to unconsolidated joint ventures
 

(13,525
)
(15,984
)

(29,509
)
Return of capital from unconsolidated joint ventures
 


1,522


1,522

Net cash used in investing activities
 

(20,856
)
(14,698
)

(35,554
)
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
Proceeds from issuance of convertible senior subordinated notes due 2018
 
86,250




86,250

Proceeds from issuance of common shares
 
54,617




54,617

Redemption of preferred shares
 
(50,352
)



(50,352
)
Net proceeds from bank borrowings - financial services operations
 


12,072


12,072

Principal proceeds from note payable - other and CDD bond obligations
 

(3,315
)


(3,315
)
Dividends paid
 
(3,656
)

(7,100
)
7,100

(3,656
)
Intercompany financing
 
(96,599
)
89,279

7,320



Debt issue costs
 

(5,402
)
(99
)

(5,501
)
Proceeds from exercise of stock options
 
2,640




2,640

Net cash (used in) provided by financing activities
 
(7,100
)
80,562

12,193

7,100

92,755

 
 
 
 
 
 
 
Net increase in cash and cash equivalents
 

(12,927
)
(3,846
)

(16,773
)
Cash and cash equivalents balance at beginning of period
 

126,334

19,164


145,498

Cash and cash equivalents balance at end of period
 
$

$
113,407

$
15,318

$

$
128,725