Supplemental Guarantor Information Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2013



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended March 31, 2013
(In thousands)	M/I Homes, Inc.	Guarantor Subsidiaries		Non-Guarantor Subsidiaries	Eliminations		Consolidated

Revenue	—	182,317		8,410	—		190,727
Costs and expenses:
Land and housing	—	151,513		—	—		151,513
Impairment of inventory and investment in Unconsolidated LLCs	—	900		—	—		900
General and administrative	—	12,842		3,137	—		15,979
Selling	—	13,092		17	—		13,109
Interest	—	4,022		318	—		4,340
Total costs and expenses	—	182,369		3,472	—		185,841

Income before income taxes	—	(52	)	4,938	—		4,886

(Benefit) provision for income taxes	—	(1,415	)	1,714	—		299

Equity in subsidiaries	4,587	—		—	(4,587	)	—

Net income	4,587	1,363		3,224	(4,587	)	4,587

Excess of fair value over book value of preferred shares subject to redemption	2,190	—		—	—		2,190

Net income to common shareholders	2,397	1,363		3,224	(4,587	)	2,397



	Three Months Ended March 31, 2012
(In thousands)	M/I Homes, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated

Revenue	$	—		$	126,809		$	4,316	$	—		$	131,125
Costs and expenses:
Land and housing	—			107,330			—		—			107,330
Impairment of inventory and investment in Unconsolidated LLCs	—			95			—		—			95
General and administrative	—			10,479			1,978		—			12,457
Selling	—			11,010			1		—			11,011
Interest	—			4,238			368		—			4,606
Total costs and expenses	—			133,152			2,347		—			135,499

(Loss) income before income taxes	—			(6,343		)	1,969		—			(4,374		)

(Benefit) provision for income taxes	—			(1,880		)	692		—			(1,188		)

Equity in subsidiaries	(3,186		)	—			—		3,186			—

Net (loss) income	$	3,186		$	(4,463	)	$	1,277	$	(3,186	)	$	(3,186	)



CONDENSED CONSOLIDATING BALANCE SHEET

	March 31, 2013
(In thousands)	M/I Homes, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated

ASSETS:
Cash and cash equivalents	$	—	$	245,149		$	17,908		$	—		$	263,057
Restricted cash	—		9,494			—			—			9,494
Mortgage loans held for sale	—		—			57,721			—			57,721
Inventory	—		561,584			16,056			—			577,640
Property and equipment - net	—		9,846			148			—			9,994
Investment in Unconsolidated LLCs	—		—			22,275			—			22,275
Investment in subsidiaries	393,542		—			—			(393,542		)	—
Intercompany	361,410		(337,294		)	(24,116		)	—			—
Other assets	11,921		11,918			4,632			—			28,471
TOTAL ASSETS	$	766,873	$	500,697		$	94,624		$	(393,542	)	$	968,652

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES:
Accounts payable	$	—	$	56,710		$	361		$	—		$	57,071
Customer deposits	—		12,246			—			—			12,246
Other liabilities	—		41,922			5,838			—			47,760
Preferred shares subject to redemption	50,352		—			—			—			50,352
Community development district obligations	—		4,266			—			—			4,266
Obligation for consolidated inventory not owned	—		1,438			15,556			—			16,994
Notes payable bank - financial services operations	—		—			53,126			—			53,126
Notes payable - other	—		10,316			—			—			10,316
Convertible senior subordinated notes due 2017	57,500		—			—			—			57,500
Convertible senior subordinated notes due 2018	86,250		—			—			—			86,250
Senior notes	227,770		—			—			—			227,770
TOTAL LIABILITIES	421,872		126,898			74,881			—			623,651

Shareholders' equity	345,001		373,800			19,742			(393,542		)	345,001

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	766,873	$	500,698		$	94,623		$	(393,542	)	$	968,652



CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2012
(In thousands)	M/I Homes, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated

ASSETS:
Cash and cash equivalents	$	—	$	126,334		$	19,164		$	—		$	145,498
Restricted cash	—		8,680			—			—			8,680
Mortgage loans held for sale	—		—			71,121			—			71,121
Inventory	—		540,761			16,056			—			556,817
Property and equipment - net	—		10,314			125			—			10,439
Investment in Unconsolidated LLCs	—		—			11,732			—			11,732
Investment in subsidiaries	391,555		—			—			(391,555		)	—
Intercompany	219,962		(205,389		)	(14,573		)	—			—
Other assets	9,081		12,375			5,557			—			27,013
TOTAL ASSETS	$	620,598	$	493,075		$	109,182		$	(391,555	)	$	831,300

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES:
Accounts payable	$	—	$	46,882		$	808		$	—		$	47,690
Customer deposits	—		10,239			—			—			10,239
Other liabilities	—		44,230			5,742			—			49,972
Community development district obligations	—		4,634			—			—			4,634
Obligation for consolidated inventory not owned	—		3,549			15,556			—			19,105
Notes payable bank - financial services operations	—		—			67,957			—			67,957
Notes payable - other	—		11,105			—			—			11,105
Convertible senior subordinated notes due 2017	57,500		—			—			—			57,500
Senior notes	227,670		—			—			—			227,670
TOTAL LIABILITIES	285,170		120,639			90,063			—			495,872

Shareholders' equity	335,428		372,436			19,119			(391,555		)	335,428

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	620,598	$	493,075		$	109,182		$	(391,555	)	$	831,300



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Three Months Ended March 31, 2013
(In thousands)	M/I Homes, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated

CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	—		$	(9,997	)	$	18,555		$	—	$	8,558

CASH FLOWS FROM INVESTING ACTIVITIES:
Restricted Cash	—			(621		)	—			—		(621		)
Purchase of property and equipment	—			(192		)	(37		)	—		(229		)
Investments in and advances to Unconsolidated LLC's	—			—			(11,852		)	—		(11,852		)
Net cash used in investing activities	—			(813		)	(11,889		)	—		(12,702		)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of bank borrowings - net	—			—			(14,831		)	—		(14,831		)
Principal repayments of note payable - other and community development district bond obligations	—			(789		)	—			—		(789		)
Proceeds from issuance of convertible senior subordinated notes	86,250			—			—			—		86,250
Proceeds from issuance of common shares	54,617			—			—			—		54,617
Intercompany financing	(140,867		)	133,958			6,909			—		—
Debt issue costs	—			(3,544		)	—			—		(3,544		)
Net cash provided by (used in) financing activities	—			129,625			(7,922		)	—		121,703

Net increase (decrease) in cash and cash equivalents	—			118,815			(1,256		)	—		117,559
Cash and cash equivalents balance at beginning of period	—			126,334			19,164			—		145,498
Cash and cash equivalents balance at end of period	$	—		$	245,149		$	17,908		$	—	$	263,057



	Three Months Ended March 31, 2012
(In thousands)	M/I Homes, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated

CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities	$	—		$	(19,041	)	$	11,366		$	—	$	(7,675	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Restricted cash	—			27,740			—			—		27,740
Purchase of property and equipment	—			(47		)	—			—		(47		)
Investments in and advances to Unconsolidated LLC's	—			—			(361		)	—		(361		)
Net cash provided by (used in) investing activities	—			27,693			(361		)	—		27,332

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of bank borrowings - net	—			—			(11,026		)	—		(11,026		)
Principal repayments of note payable - other and community development district bond obligations	—			80			—			—		80
Intercompany financing	(367		)	1,500			(1,133		)	—		—
Debt issue costs	—			(1,893		)	—			—		(1,893		)
Proceeds from exercise of stock options	367			—			—			—		367
Net cash used in financing activities	—			(313		)	(12,159		)	—		(12,472		)

Net increase (decrease) in cash and cash equivalents	—			8,339			(1,154		)	—		7,185
Cash and cash equivalents balance at beginning of period	—			43,539			16,254			—		59,793
Cash and cash equivalents balance at end of period	$	—		$	51,878		$	15,100		$	—	$	66,978