Note 23 - Subsequent Events

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

23. Subsequent Events

On

January 28, 2019,

MDC’s board of directors approved an

8%

stock dividend.  The stock dividend will be distributed on

February 28, 2019

to shareholders of record on

February 14, 2019,

with a brokers’ cut-off date of

February 21, 2019,

and will be in the form of

one

additional share of MDC common stock for each

12.5

shares owned by shareholders on the record date. Cash will be paid in lieu of fractional shares based on the closing price of MDC’s common stock on the record date.

The following table shows our pro forma basic and diluted EPS calculations on a post dividend basis:

	Year Ended December 31,
	2018			2017			2016
	(Dollars in thousands, except per share amounts)
	(Unaudited)
Numerator
Net income	$	210,780		$	141,835		$	103,211
Less: distributed earnings allocated to participating securities		(413	)		(257	)		(163	)
Less: undistributed earnings allocated to participating securities		(846	)		(441	)		(179	)
Net income attributable to common stockholders (numerator for basic earnings per share)		209,521			141,137			102,869
Add back: undistributed earnings allocated to participating securities		846			441			179
Less: undistributed earnings reallocated to participating securities		(833	)		(431	)		(179	)
Numerator for diluted earnings per share under two class method	$	209,534		$	141,147		$	102,869
Denominator
Weighted-average common shares outstanding		60,571,123			60,117,021			59,821,090
Add: dilutive effect of stock options		984,075			1,336,557			186,864
Add: dilutive effect of performance stock units		275,562			-			-
Denominator for diluted earnings per share under two class method		61,830,760			61,453,578			60,007,954
Basic Earnings Per Common Share	$	3.46		$	2.35		$	1.72
Diluted Earnings Per Common Share	$	3.39		$	2.30		$	1.71