Note 20 - Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2014

Supplemental Guarantor Information [Abstract]

Condensed Balance Sheet [Table Text Block]

	June 30, 2014
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	Dollars in thousands
ASSETS
Homebuilding:
Cash and cash equivalents	$	97,014	$	3,136	$	-	$	-		$	100,150
Marketable securities		492,498		-		-		-			492,498
Restricted cash		-		2,188		-		-			2,188
Trade receivables		6,707		22,939		-		(2,396	)		27,250
Inventories:
Housing completed or under construction		-		758,392		-		-			758,392
Land and land under development		-		837,889		-		-			837,889
Total inventories		-		1,596,281		-		-			1,596,281
Intercompany receivables		1,405,057		2,854		5,653		(1,413,564	)		-
Investment in subsidiaries		225,275		-		-		(225,275	)		-
Metropolitan district bond securities (related party)		14,291		-		-		-			14,291
Deferred tax asset, net		157,837		-		-		3,035			160,872
Other assets, net		40,311		55,828		-		-			96,139
Total Homebuilding Assets		2,438,990		1,683,226		5,653		(1,638,200	)		2,489,669
Financial Services:
Cash and cash equivalents		-		-		29,881		-			29,881
Marketable securities		-		-		13,390		-			13,390
Intercompany receivables		-		-		40,176		(40,176	)		-
Mortgage loans held-for-sale, net		-		-		58,377		-			58,377
Other assets, net		-		-		8,279		(3,035	)		5,244
Total Financial Services Assets		-		-		150,103		(43,211	)		106,892
Total Assets	$	2,438,990	$	1,683,226	$	155,756	$	(1,681,411	)	$	2,596,561
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	-	$	34,266	$	-	$	-		$	34,266
Accrued liabilities		61,586		81,886		60		1,758			145,290
Advances and notes payable to parent and subsidiaries		48,683		1,378,100		23,786		(1,450,569	)		-
Revolving credit facility		10,000		-		-		-			10,000
Senior notes, net		1,096,112		-		-		-			1,096,112
Total Homebuilding Liabilities		1,216,381		1,494,252		23,846		(1,448,811	)		1,285,668
Financial Services:
Accounts payable and other liabilities		-		-		60,240		(4,154	)		56,086
Advances and notes payable to parent and subsidiaries		-		-		3,171		(3,171	)		-
Mortgage repurchase facility		-		-		32,198		-			32,198
Total Financial Services Liabilities		-		-		95,609		(7,325	)		88,284
Total Liabilities		1,216,381		1,494,252		119,455		(1,456,136	)		1,373,952
Equity:
Total Stockholders' Equity		1,222,609		188,974		36,301		(225,275	)		1,222,609
Total Liabilities and Stockholders' Equity	$	2,438,990	$	1,683,226	$	155,756	$	(1,681,411	)	$	2,596,561

	December 31, 2013
					Non-
			Guarantor		Guarantor		Eliminating			Consolidated
	MDC		Subsidiaries		Subsidiaries		Entries			MDC
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and cash equivalents	$	145,180	$	3,454	$	-	$	-		$	148,634
Marketable securities		569,021		-		-		-			569,021
Restricted cash		-		2,195		-		-			2,195
Trade receivables		915		27,951		-		(5,459	)		23,407
Inventories:
Housing completed or under construction		-		636,700		-		-			636,700
Land and land under development		-		774,961		-		-			774,961
Total inventories		-		1,411,661		-		-			1,411,661
Intercompany receivables		1,144,292		2,576		1,899		(1,148,767	)		-
Investment in subsidiaries		335,870		-		-		(335,870	)		-
Deferred tax asset, net		172,975		-		-		3,287			176,262
Metropolitan district bond securities (related party)		12,729		-		-		-			12,729
Other assets, net		41,204		43,569		-		-			84,773
Total Homebuilding Assets		2,422,186		1,491,406		1,899		(1,486,809	)		2,428,682
Financial Services:
Cash and cash equivalents		-		-		50,704		-			50,704
Marketable securities		-		-		19,046		-			19,046
Intercompany receivables		-		-		11,216		(11,216	)		-
Mortgage loans held-for-sale, net		-		-		92,578		-			92,578
Other assets, net		-		-		7,726		(3,287	)		4,439
Total Financial Services Assets		-		-		181,270		(14,503	)		166,767
Total Assets	$	2,422,186	$	1,491,406	$	183,169	$	(1,501,312	)	$	2,595,449
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	13	$	15,033	$	-	$	-		$	15,046
Accrued liabilities		97,612		56,334		82		(1,207	)		152,821
Advances and notes payable to parent and subsidiaries		15,692		1,121,581		19,668		(1,156,941	)		-
Senior notes, net		1,095,620		-		-		-			1,095,620
Total Homebuilding Liabilities		1,208,937		1,192,948		19,750		(1,158,148	)		1,263,487
Financial Services:
Accounts payable and other liabilities		-		-		59,891		(4,252	)		55,639
Advances and notes payable to parent and subsidiaries		-		-		3,042		(3,042	)		-
Mortgage repurchase facility		-		-		63,074		-			63,074
Total Financial Services Liabilities		-		-		126,007		(7,294	)		118,713
Total Liabilities		1,208,937		1,192,948		145,757		(1,165,442	)		1,382,200
Equity:
Total Stockholders' Equity		1,213,249		298,458		37,412		(335,870	)		1,213,249
Total Liabilities and Stockholders' Equity	$	2,422,186	$	1,491,406	$	183,169	$	(1,501,312	)	$	2,595,449

Condensed Income Statement [Table Text Block]

	Three Months Ended June 30, 2014
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
Homebuilding:	(Dollars in thousands)
Revenues	$	-		$	431,261		$	-		$	-		$	431,261
Cost of Sales		-			(356,697	)		-			-			(356,697	)
Inventory impairments		-			(850	)		-			-			(850	)
Gross margin		-			73,714			-			-			73,714
Selling, general, and administrative expenses		(10,644	)		(38,977	)		-			(177	)		(49,798	)
Equity income of subsidiaries		25,679			-			-			(25,679	)		-
Interest and other income		4,114			506			6			(13	)		4,613
Interest expense		-			-			-			-			-
Other expense		(2	)		(1,078	)		-			-			(1,080	)
Loss on early extinguishment of debt		-			-			-			-			-
Homebuilding pretax income (loss)		19,147			34,165			6			(25,869	)		27,449
Financial Services:
Financial services pretax income		-			-			6,387			190			6,577
Income before income taxes		19,147			34,165			6,393			(25,679	)		34,026
(Provision) benefit for income taxes		2,395			(12,494	)		(2,385	)		-			(12,484	)
Net income	$	21,542		$	21,671		$	4,008		$	(25,679	)	$	21,542
Other comprehensive income related to available for sale securities, net of tax		2,327			-			53			(53	)		2,327
Comprehensive income	$	23,869		$	21,671		$	4,061		$	(25,732	)	$	23,869

	Three Months Ended June 30, 2013
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
Homebuilding:	(Dollars in thousands)
Revenues	$	-		$	402,134		$	-		$	-		$	402,134
Cost of Sales		-			(329,362	)		-			-			(329,362	)
Inventory impairments		-			-			-			-			-
Gross margin		-			72,772			-			-			72,772
Selling, general, and administrative expenses		(14,517	)		(37,299	)		(3	)		(89	)		(51,908	)
Equity income of subsidiaries		39,829			-			-			(39,829	)		-
Interest and other income		9,864			336			-			-			10,200
Interest expense		(909	)		-			-			-			(909	)
Other expense		(5	)		(361	)		-			-			(366	)
Loss on early extinguishment of debt		-			-			-			-			-
Homebuilding pretax income (loss)		34,262			35,448			(3	)		(39,918	)		29,789
Financial Services:
Financial services pretax income		-			-			8,134			89			8,223
Income before income taxes		34,262			35,448			8,131			(39,829	)		38,012
(Provision) benefit for income taxes		190,647			(748	)		(3,002	)		-			186,897
Net income	$	224,909		$	34,700		$	5,129		$	(39,829	)	$	224,909
Other comprehensive income related to available for sale securities, net of tax		(1,995	)		-			(196	)		196			(1,995	)
Comprehensive income	$	222,914		$	34,700		$	4,933		$	(39,633	)	$	222,914

	Six Months Ended June 30, 2014
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
Homebuilding:	(Dollars in thousands)
Revenues	$	-		$	749,795		$	-		$	-		$	749,795
Cost of Sales		-			(616,175	)		-			-			(616,175	)
Inventory impairments		-			(850	)		-			-			(850	)
Gross margin		-			132,770			-			-			132,770
Selling, general, and administrative expenses		(22,721	)		(75,087	)		-			(332	)		(98,140	)
Equity income of subsidiaries		42,752			-			-			(42,752	)		-
Interest and other income		17,341			835			9			(23	)		18,162
Interest expense		(685	)		-			-			-			(685	)
Other expense		(4	)		(1,689	)		-			-			(1,693	)
Loss on early extinguishment of debt		(9,412	)		-			-			-			(9,412	)
Homebuilding pretax income (loss)		27,271			56,829			9			(43,107	)		41,002
Financial Services:
Financial services pretax income		-			-			11,309			355			11,664
Income before income taxes		27,271			56,829			11,318			(42,752	)		52,666
(Provision) benefit for income taxes		5,775			(21,171	)		(4,224	)		-			(19,620	)
Net income	$	33,046		$	35,658		$	7,094		$	(42,752	)	$	33,046
Other comprehensive income related to available for sale securities, net of tax		(1,719	)		-			115			(115	)		(1,719	)
Comprehensive income	$	31,327		$	35,658		$	7,209		$	(42,867	)	$	31,327

	Six Months Ended June 30, 2013
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
Homebuilding:
Revenues	$	-		$	735,130		$	-		$	(1,248	)	$	733,882
Cost of Sales		-			(604,686	)		-			1,248			(603,438	)
Inventory impairments		-			-			-			-			-
Gross margin		-			130,444			-			-			130,444
Selling, general, and administrative expenses		(30,096	)		(69,845	)		(3	)		(165	)		(100,109	)
Equity income of subsidiaries		69,658			-			-			(69,658	)		-
Interest and other income		16,057			692			-			-			16,749
Interest expense		(1,726	)		-			-			-			(1,726	)
Other expense		(8	)		(714	)		-			-			(722	)
Loss on early extinguishment of debt		-			-			-			-			-
Homebuilding pretax income (loss)		53,885			60,577			(3	)		(69,823	)		44,636
Financial Services:
Financial services pretax income		-			-			15,797			165			15,962
Income before income taxes		53,885			60,577			15,794			(69,658	)		60,598
(Provision) benefit for income taxes		193,540			(826	)		(5,887	)		-			186,827
Net income	$	247,425		$	59,751		$	9,907		$	(69,658	)	$	247,425
Other comprehensive income related to available for sale securities, net of tax		540			-			(292	)		292			540
Comprehensive income	$	247,965		$	59,751		$	9,615		$	(69,366	)	$	247,965

Condensed Cash Flow Statement [Table Text Block]

	Six Months Ended June 30, 2014
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(26,472	)	$	(110,958	)	$	41,158		$	-		$	(96,272	)
Net cash used in investing activities		3,390			(223	)		5,664			74,094			82,925
Financing activities:
Payments from (advances to) subsidiaries		-			110,863			(36,769	)		(74,094	)		-
Advances on mortgage repurchase facility, net		-			-			(30,876	)		-			(30,876	)
Proceeds from issuance of senior notes		248,375			-			-			-			248,375
Repayment of senior notes		(259,118	)		-			-			-			(259,118	)
Advances on revolving credit facility, net		10,000			-			-			-			10,000
Dividend payments		(24,412	)		-			-			-			(24,412	)
Proceeds from exercise of stock options		71			-			-			-			71
Net cash provided by (used in) financing activities		(25,084	)		110,863			(67,645	)		(74,094	)		(55,960	)
Net increase in cash and cash equivalents		(48,166	)		(318	)		(20,823	)		-			(69,307	)
Cash and cash equivalents:
Beginning of period		145,180			3,454			50,704			-			199,338
End of period	$	97,014		$	3,136		$	29,881		$	-		$	130,031

	Six Months Ended June 30, 2013
							Non-
				Guarantor			Guarantor			Eliminating			Consolidated
	MDC			Subsidiaries			Subsidiaries			Entries			MDC
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	14,053		$	(261,545	)	$	101,249		$	-		$	(146,243	)
Net cash used in investing activities		(287,067	)		(629	)		8,038			190,647			(89,011	)
Financing activities:
Payments from (advances to) subsidiaries		-			262,803			(72,156	)		(190,647	)		-
Mortgage repurchase facility		-			-			(27,479	)		-			(27,479	)
Proceeds from the issuance of senior notes		346,938			-			-			-			346,938
Proceeds from exercise of stock options		5,118			-			-			-			5,118
Net cash provided by (used in) financing activities		352,056			262,803			(99,635	)		(190,647	)		324,577
Net increase (decrease) in cash and cash equivalents		79,042			629			9,652			-			89,323
Cash and cash equivalents:
Beginning of period		125,904			3,308			30,883			-			160,095
End of period	$	204,946		$	3,937		$	40,535		$	-		$	249,418