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Debt
6 Months Ended
Jun. 30, 2012
Debt [Abstract]  
Debt Disclosure [Text Block]
Debt

Notes Payable - Homebuilding

At June 30, 2012, borrowing availability under the Credit Facility was $68.7 million in accordance with the borrowing base calculation, and there were no borrowings outstanding and $16.7 million of letters of credit outstanding under the Credit Facility, leaving net remaining borrowing availability of $52.0 million. At June 30, 2012, the Company had pledged $202.6 million in aggregate book value of inventory to secure any borrowings and letters of credit outstanding under the Credit Facility. At June 30, 2012, the Company was in compliance with all financial covenants of the Credit Facility.

At June 30, 2012, there was $12.2 million of outstanding letters of credit under the Company's five secured Letter of Credit Facilities, which was collateralized with $12.5 million of the Company's cash.

Notes Payable — Financial Services

At June 30, 2012, M/I Financial had $46.3 million outstanding under the MIF Mortgage Warehousing Agreement, and was in compliance with all financial covenants of that agreement.

Senior Notes

At maturity, on April 2, 2012, the Company repaid the $41.4 million aggregate principal amount outstanding of its 6.875% Senior Notes due 2012 (the “2012 Senior Notes”) . On May 8, 2012, the Company closed on its private placement of an additional $30.0 million aggregate principal amount of the 2018 Senior Notes which were subsequently exchanged for publicly registered notes in July 2012. The additional notes were issued under the indenture pursuant to which the Company's outstanding $200.0 million aggregate principal amount of 2018 Senior Notes (the "Original Senior Notes") were issued and have substantially identical terms to the terms of the Original Senior Notes. As of June 30, 2012, we had $230.0 million of our 2018 Senior Notes outstanding. 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 2018 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our subsidiaries, 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, and certain subsidiaries that are otherwise designated by the Company as Unrestricted Subsidiaries in accordance with the terms of the indenture.
 
The indenture governing our 2018 Senior Notes contains 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 the indenture, is less than zero, we are restricted from making certain payments, including dividends, as well as from repurchasing any shares. At June 30, 2012, the restricted payments basket was $(11.6) 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 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.