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Supplemental Guarantor Information
6 Months Ended
Jun. 30, 2013
Supplemental Guarantor Information [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
Supplemental Guarantor Information

The Company's obligations under the 2018 Senior Notes, the 2017 Convertible Senior Subordinated Notes and the 2018 Convertible Senior Subordinated Notes are not guaranteed by all of the Company's subsidiaries and therefore, the Company has disclosed condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. The subsidiary guarantors of the 2018 Senior Notes, the 2017 Convertible Senior Subordinated Notes and the 2018 Convertible Senior Subordinated Notes are the same.

The following condensed consolidating financial information includes balance sheets, statements of operations and cash flow information for the parent company, the Guarantor Subsidiaries, collectively, and for all other subsidiaries and joint ventures of the Company (the “Unrestricted Subsidiaries”), collectively. Each Guarantor Subsidiary is a direct or indirect 100%-owned subsidiary of M/I Homes, Inc. and has fully and unconditionally guaranteed the (a) 2018 Senior Notes, on a joint and several senior unsecured basis, (b) the 2017 Convertible Senior Subordinated Notes on a joint and several senior subordinated unsecured basis and (c) the 2018 Convertible Senior Subordinated Notes on a joint and several senior subordinated unsecured basis.
 
There are no significant restrictions on the parent company's ability to obtain funds from its Guarantor Subsidiaries in the form of a dividend, loan, or other means.

As of June 30, 2013, each of the Company's subsidiaries is a Guarantor Subsidiary, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, title insurance or similar financial businesses relating to the homebuilding and home sales business, certain subsidiaries that are not 100%-owned by the Company or another subsidiary, and other subsidiaries designated by the Company as Unrestricted Subsidiaries, subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Prior Credit Facility and the Indenture for the 2018 Senior Notes.

In the condensed financial tables presented below, the parent company presents all of its 100%-owned subsidiaries as if they were accounted for under the equity method. All applicable corporate expenses have been allocated appropriately among the Guarantor Subsidiaries and Unrestricted Subsidiaries.
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2013
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$

$
227,301

$
7,252

$

$
234,553

Costs and expenses:
 
 
 
 
 
 
Land and housing
 

187,136



187,136

Impairment of inventory and investment in Unconsolidated LLCs
 

1,201



1,201

General and administrative
 

14,953

3,196


18,149

Selling
 

16,246

29


16,275

Interest
 

4,062

335


4,397

Total costs and expenses
 

223,598

3,560


227,158

 
 
 
 
 
 
 
Income before income taxes
 

3,703

3,692


7,395

 
 
 
 
 
 
 
(Benefit) provision for income taxes
 

(1,199
)
1,330


131

 
 
 
 
 
 
 
Equity in subsidiaries
 
7,264



(7,264
)

 
 
 
 
 
 
 
Net income
 
7,264

4,902

2,362

(7,264
)
7,264

 
 
 
 
 
 
 
Preferred dividends
 
1,219




1,219

 
 
 
 
 
 
 
Net income to common shareholders
 
$
6,045

$
4,902

$
2,362

$
(7,264
)
$
6,045


 
 
Three Months Ended June 30, 2012
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$

$
166,070

$
4,924

$

$
170,994

Costs and expenses:
 
 
 
 
 
 
Land and housing
 

137,111



137,111

Impairment of inventory and investment in Unconsolidated LLCs
 

472



472

General and administrative
 

11,033

2,793


13,826

Selling
 

12,825



12,825

Interest
 

3,150

311


3,461

Total costs and expenses
 

164,591

3,104


167,695

 
 
 
 
 
 
 
Income before income taxes
 

1,479

1,820


3,299

 
 
 
 
 
 
 
(Benefit) provision for income taxes
 

(519
)
614


95

 
 
 
 
 
 
 
Equity in subsidiaries
 
3,204



(3,204
)

 
 
 
 
 
 
 
Net income (loss)
 
$
3,204

$
1,998

$
1,206

$
(3,204
)
$
3,204



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2013
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$

$
409,618

$
15,662

$

$
425,280

Costs and expenses:
 
 
 
 
 
 
Land and housing
 

338,649



338,649

Impairment of inventory and investment in Unconsolidated LLCs
 

2,101



2,101

General and administrative
 

27,795

6,333


34,128

Selling
 

29,338

46


29,384

Interest
 

8,084

653


8,737

Total costs and expenses
 

405,967

7,032


412,999

 
 
 
 
 
 
 
Income before income taxes
 

3,651

8,630


12,281

 
 
 
 
 
 
 
(Benefit) provision for income taxes
 

(2,614
)
3,044


430

 
 
 
 
 
 
 
Equity in subsidiaries
 
11,851



(11,851
)

 
 
 
 
 
 
 
Net income
 
11,851

6,265

5,586

(11,851
)
11,851

 
 
 
 
 
 
 
Preferred dividends
 
1,219




1,219

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




2,190

 
 
 
 
 
 
 
Net income to common shareholders
 
$
8,442

$
6,265

$
5,586

$
(11,851
)
$
8,442



 
 
Six Months Ended June 30, 2012
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$

$
292,879

$
9,240

$

$
302,119

Costs and expenses:
 
 
 
 
 
 
Land and housing
 

244,441



244,441

Impairment of inventory and investment in Unconsolidated LLCs
 

567



567

General and administrative
 

21,513

4,770


26,283

Selling
 

23,835

1


23,836

Interest
 

7,388

679


8,067

Total costs and expenses
 

297,744

5,450


303,194

 
 
 
 
 
 
 
(Loss) income before income taxes
 

(4,865
)
3,790


(1,075
)
 
 
 
 
 
 
 
(Benefit) provision for income taxes
 

(2,400
)
1,307


(1,093
)
 
 
 
 
 
 
 
Equity in subsidiaries
 
18



(18
)

 
 
 
 
 
 
 
Net income (loss)
 
$
18

$
(2,465
)
$
2,483

$
(18
)
$
18


CONDENSED CONSOLIDATING BALANCE SHEET
 
 
 
 
 
 
 
 
 
June 30, 2013
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
ASSETS:
 
 
 
 
 
 
Cash and cash equivalents
 
$

$
149,147

$
17,105

$

$
166,252

Restricted cash
 

12,478



12,478

Mortgage loans held for sale
 


51,491


51,491

Inventory
 

614,999



614,999

Property and equipment - net
 

10,110

157


10,267

Investment in Unconsolidated LLCs
 

10,160

18,488


28,648

Investment in subsidiaries
 
398,806



(398,806
)

Intercompany assets
 
316,248



(316,248
)

Other assets
 
11,100

12,525

10,506


34,131

TOTAL ASSETS
 
$
726,154

$
809,419

$
97,747

$
(715,054
)
$
918,266

 
 
 
 
 
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 
 
 
 
 

LIABILITIES:
 
 
 
 
 

Accounts payable
 
$

$
61,570

$
318

$

$
61,888

Customer deposits
 

15,472



15,472

Intercompany liabilities
 

295,870

20,378

(316,248
)

Other liabilities
 

42,625

6,505


49,130

Community development district obligations
 

3,870



3,870

Obligation for consolidated inventory not owned
 

1,881



1,881

Notes payable bank - financial services operations
 


50,442


50,442

Notes payable - other
 

9,429



9,429

Convertible senior subordinated notes due 2017
 
57,500




57,500

Convertible senior subordinated notes due 2018
 
86,250




86,250

Senior notes
 
227,870




227,870

TOTAL LIABILITIES
 
371,620

430,717

77,643

(316,248
)
563,732

 
 
 
 
 
 
 
SHAREHOLDERS' EQUITY
 
354,534

378,702

20,104

(398,806
)
354,534

 
 
 
 
 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
726,154

$
809,419

$
97,747

$
(715,054
)
$
918,266


CONDENSED CONSOLIDATING BALANCE SHEET
 
 
 
 
 
 
 
 
 
December 31, 2012
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted 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 assets
 
219,962



(219,962
)

Other assets
 
9,081

12,375

5,557


27,013

TOTAL ASSETS
 
$
620,598

$
698,464

$
123,755

$
(611,517
)
$
831,300

 
 
 
 
 
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 
 
 
 
 

LIABILITIES:
 
 
 
 
 

Accounts payable
 
$

$
46,882

$
808

$

$
47,690

Customer deposits
 

10,239



10,239

Intercompany liabilities
 

205,389

14,573

(219,962
)

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

326,028

104,636

(219,962
)
495,872

 
 
 
 
 
 
 
SHAREHOLDERS' EQUITY
 
335,428

372,436

19,119

(391,555
)
335,428

 
 
 
 
 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
620,598

$
698,464

$
123,755

$
(611,517
)
$
831,300


(a)
Certain amounts above have been reclassified from intercompany assets to intercompany liabilities as of December 31, 2012. These reclassifications relate solely to transactions between M/I Homes, Inc. and its subsidiaries and are immaterial to the Supplemental Condensed Consolidated Financial Statements. These reclassifications do not impact the Company's consolidated financial statements.
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
 
 
 
 
 
 
 
Six Months Ended June 30, 2013
(In thousands)
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net cash (used in) provided by operating activities
$
4,600

$
(47,747
)
$
22,569

$
(4,600
)
$
(25,178
)
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Restricted Cash

(3,869
)



(3,869
)
Purchase of property and equipment

(991
)
(59
)


(1,050
)
Investments in and advances to Unconsolidated LLC's

(10,160
)
(8,128
)

(18,288
)
Net cash used in investing activities

(15,020
)
(8,187
)

(23,207
)
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Repayments of bank borrowings - net


(17,515
)

(17,515
)
Principal repayments of note payable - other and community development district bond obligations

(1,676
)


(1,676
)
Proceeds from issuance of convertible senior subordinated notes due 2018
86,250




86,250

Redemption of preferred shares
(50,352
)



(50,352
)
Proceeds from issuance of common shares
54,617




54,617

Proceeds from exercise of stock options
2,639




2,639

Intercompany financing
(96,535
)
90,800

5,735



Dividends paid
(1,219
)

(4,600
)
4,600

(1,219
)
Debt issue costs

(3,544
)
(61
)

(3,605
)
Net cash provided by (used in) financing activities
(4,600
)
85,580

(16,441
)
4,600

69,139

 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents

22,813

(2,059
)

20,754

Cash and cash equivalents balance at beginning of period

126,334

19,164


145,498

Cash and cash equivalents balance at end of period
$

$
149,147

$
17,105

$

$
166,252


 
Six Months Ended June 30, 2012
(In thousands)
M/I Homes, Inc.
Guarantor Subsidiaries
Unrestricted Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net cash (used in) provided by operating activities
$
2,000

$
(32,922
)
$
9,393

$
(2,000
)
$
(23,529
)
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Restricted cash

28,756



28,756

Purchase of property and equipment

(242
)
(10
)

(252
)
Acquisition, net of cash acquired

(4,707
)


(4,707
)
Investments in and advances to Unconsolidated LLC's


(563
)

(563
)
Distributions from Unconsolidated LLCs





Net cash provided by (used in) investing activities

23,807

(573
)

23,234

 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Repayments of bank borrowings - net


(6,263
)

(6,263
)
Repayment of Senior Notes
(41,443
)



(41,443
)
Principal repayments of note payable - other and
  community development district bond obligations

4,965



4,965

Intercompany financing
9,003

(8,606
)
(397
)


Proceeds from issuance of senior notes
29,700




29,700

Dividends paid


(2,000
)
2,000


Debt issue costs

(2,869
)
(31
)

(2,900
)
Proceeds from exercise of stock options
740




740

Net cash used in financing activities
(2,000
)
(6,510
)
(8,691
)
2,000

(15,201
)
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents

(15,625
)
129


(15,496
)
Cash and cash equivalents balance at beginning of period

43,539

16,254


59,793

Cash and cash equivalents balance at end of period
$

$
27,914

$
16,383

$

$
44,297

(a)
Certain amounts above have been reclassified from intercompany financing to dividends paid and cash flows from operating activities for the six months ended June 30, 2012. These reclassifications relate solely to transactions between M/I Homes, Inc. and its subsidiaries and are immaterial to the Supplemental Condensed Consolidated Financial Statements. These reclassifications do not impact the Company's consolidated financial statements.