M/I Homes (MHO) 10-Q28 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page Cover Page

Cover Page Cover Page - shares	6 Months Ended
Cover Page Cover Page - shares	Jun. 30, 2023	Jul. 26, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-12434
Entity Registrant Name	M/I HOMES, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-1210837
Entity Address, Address Line One	4131 Worth Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43219
City Area Code	614
Local Phone Number	418-8000
Title of 12(b) Security	Common Shares, par value $.01
Trading Symbol	MHO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,799,016
Entity Central Index Key	0000799292
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS:
Cash, cash equivalents and restricted cash	$ 668,287	$ 311,542
Mortgage loans held for sale	190,845	242,539
Inventory	2,687,014	2,828,602
Property and equipment - net	35,495	37,446
Investment in joint venture arrangements	41,988	51,554
Operating lease right-of-use assets	58,404	60,416
Deferred Income Tax Assets, Net	18,019	18,019
Goodwill	16,400	16,400
Other assets	145,297	148,405
Total assets	3,861,749	3,714,923
LIABILITIES:
Accounts payable	264,656	228,597
Customer deposits	98,091	93,118
Operating lease liabilities	59,461	61,310
Other liabilities	217,195	276,217
Community development district obligations	23,732	29,701
Obligation for consolidated inventory not owned	20,654	17,048
Notes payable bank - homebuilding operations	0
Notes payable bank - financial service operations	186,396	245,741
Senior notes due 2028 - net	396,492	396,105
Senior notes due 2030 - net	296,613	296,361
TOTAL LIABILITIES	1,563,290	1,644,198
Commitments and contingencies (Note 6)	0	0
SHAREHOLDERS' EQUITY:
Common shares - $0.01 par value; authorized 58,000,000 shares at both June 30, 2023 and December 31, 2022; issued 30,137,141 shares at both June 30, 2023 and December 31, 2022	301	301
Additional paid-in capital	350,127	352,639
Retained earnings	2,057,050	1,835,983
Treasury shares - at cost - 2,354,525 and 2,697,058 shares at June 30, 2023 and December 31, 2022, respectively	(109,019)	(118,198)
TOTAL SHAREHOLDERS' EQUITY	2,298,459	2,070,725
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 3,861,749	$ 3,714,923

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	58,000,000	58,000,000
Common Stock, Shares, Issued	30,137,141	30,137,141
Treasury Stock, Common, Shares	2,354,525	2,697,058

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Costs and Expenses [Abstract]
Revenue	$ 1,014,013	$ 1,040,654	$ 2,014,543	$ 1,901,465
Land and housing	755,829	756,367	1,521,733	1,404,069
General and administrative	55,654	55,216	106,614	103,999
Selling	51,871	46,206	100,951	87,627
Equity in loss (income) from joint venture arrangements	(28)	(1)	(35)	(17)
Interest income	(4,670)		(6,059)
Interest expense		693		1,364
Total costs and expenses	858,656	858,481	1,723,204	1,597,042
Income before income taxes	155,357	182,173	291,339	304,423
Provision for income taxes	37,356	45,335	70,272	75,746
Net income	$ 118,001	$ 136,838	$ 221,067	$ 228,677
Earnings per common share:
Basic	$ 4.25	$ 4.88	$ 7.98	$ 8.10
Diluted	$ 4.12	$ 4.79	$ 7.77	$ 7.93
Weighted Average Number of Shares Outstanding [Abstract]
Basic	27,792	28,041	27,698	28,231
Diluted	28,624	28,590	28,469	28,826

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common
Shares Outstanding, Beginning Balance at Dec. 31, 2021		28,499,630
Stockholders' Equity, Beginning Balance at Dec. 31, 2021	$ 1,624,184	$ 301	$ 347,452	$ 1,345,321	$ (68,890)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	228,677			228,677
Stock options exercised, shares		30,400
Stock options exercised	770		(550)		1,320
Stock-based compensation expense	3,849		3,849
Repurchase of common shares, shares		(860,000)
Repurchase of common shares	(40,235)				(40,235)
Deferral of executive and director compensation	1,022		1,022
Deferred Compensation Arrangement with Individual, Shares Issued		90,553
Deferred Compensation Arrangement with Individual, Distribution Paid	0		(3,850)		3,850
Shares Outstanding, Ending Balance at Jun. 30, 2022		27,760,583
Stockholders' Equity, Ending Balance at Jun. 30, 2022	1,818,267	$ 301	347,923	1,573,998	(103,955)
Shares Outstanding, Beginning Balance at Mar. 31, 2022		28,288,783
Stockholders' Equity, Beginning Balance at Mar. 31, 2022	1,703,689	$ 301	346,291	1,437,160	(80,063)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	136,838			136,838
Stock options exercised, shares		21,800
Stock options exercised	564		(386)		950
Stock-based compensation expense	2,018		2,018
Repurchase of common shares, shares		(550,000)
Repurchase of common shares	(24,842)				24,842
Shares Outstanding, Ending Balance at Jun. 30, 2022		27,760,583
Stockholders' Equity, Ending Balance at Jun. 30, 2022	1,818,267	$ 301	347,923	1,573,998	(103,955)
Shares Outstanding, Beginning Balance at Dec. 31, 2022		27,440,083
Stockholders' Equity, Beginning Balance at Dec. 31, 2022	2,070,725	$ 301	352,639	1,835,983	(118,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	221,067			221,067
Stock options exercised, shares		495,066
Stock options exercised	16,569		(5,299)		21,868
Stock-based compensation expense	4,324		4,324
Repurchase of common shares, shares		(210,000)
Repurchase of common shares	(15,207)				(15,207)
Deferral of executive and director compensation	981		981
Deferred Compensation Arrangement with Individual, Shares Issued		57,467
Deferred Compensation Arrangement with Individual, Distribution Paid	0		(2,518)		2,518
Shares Outstanding, Ending Balance at Jun. 30, 2023		27,782,616
Stockholders' Equity, Ending Balance at Jun. 30, 2023	2,298,459	$ 301	350,127	2,057,050	(109,019)
Shares Outstanding, Beginning Balance at Mar. 31, 2023		27,715,616
Stockholders' Equity, Beginning Balance at Mar. 31, 2023	2,183,215	$ 301	349,988	1,939,049	(106,123)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	118,001			118,001
Stock options exercised, shares		277,000
Stock options exercised	10,130		(2,181)		12,311
Stock-based compensation expense	$ 2,301		2,301
Repurchase of common shares, shares	200,000	(210,000)
Repurchase of common shares	$ (15,207)				(15,207)
Deferral of executive and director compensation	19		19
Shares Outstanding, Ending Balance at Jun. 30, 2023		27,782,616
Stockholders' Equity, Ending Balance at Jun. 30, 2023	$ 2,298,459	$ 301	$ 350,127	$ 2,057,050	$ (109,019)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES:
Net income	$ 221,067	$ 228,677
Adjustments to reconcile net income to net cash used in operating activities:
Equity in loss (income) from joint venture arrangements	(35)	(17)
Mortgage loan originations	(1,009,994)	(996,040)
Proceeds from the sale of mortgage loans	1,062,524	1,074,370
Fair value adjustment of mortgage loans held for sale	(836)	2,875
Servicing Asset at Fair Value, Additions	(2,880)	(5,810)
Amortization of mortgage servicing rights	988	654
Depreciation	6,346	6,531
Amortization of debt issue costs	1,329	1,289
Gain on sale of mortgage servicing rights	(1,119)
Loss on sale of mortgage servicing rights		418
Stock-based compensation expense	4,324	3,849
Change in assets and liabilities:
Inventory	157,048	(336,470)
Other assets	(71)	(11,079)
Accounts payable	36,059	84,879
Customer deposits	4,973	27,917
Accrued compensation	(26,865)	(13,397)
Other liabilities	(35,169)	9,894
Net cash (used in) provided by operating activities	417,689	78,540
INVESTING ACTIVITIES:
Purchase of property and equipment	(2,122)	(2,693)
Return of capital from joint venture arrangements	0	2,046
Investment in joint venture arrangements	(10,472)	(10,916)
Net proceeds from sale of mortgage servicing rights	9,792	100
Net cash provided by (used in) investing activities	(2,802)	(11,463)
FINANCING ACTIVITIES:
Proceeds from bank borrowings - homebuilding operations	0	47,100
Principal repayments of bank borrowings - homebuilding operations	0	(47,100)
Net repayment of bank borrowings - financial services operations	(59,345)	(71,558)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations	0	(3,547)
Payments for repurchase of common stock	(15,207)	(40,235)
Debt issue costs	(159)	(120)
Proceeds from exercise of stock options	16,569	770
Net cash (used in) provided by financing activities	(58,142)	(114,690)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	356,745	(47,613)
Cash, cash equivalents and restricted cash-Period Start	311,542	236,368
Cash, cash equivalents and restricted cash-Period End	668,287	188,755
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest — net of amount capitalized	(6,667)	(16)
Income taxes	76,672	71,702
NON-CASH TRANSACTIONS DURING THE PERIOD
Community development district infrastructure	(5,969)	13,128
Consolidated inventory not owned	3,606	6,186
Distribution of single-family lots from joint venture arrangements	$ 20,073	$ 10,383

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
Basis of Presentation [Abstract]
Basis of Accounting [Text Block]	The accompanying Unaudited Condensed Consolidated Financial Statements (the “financial statements”) of M/I Homes, Inc. and its subsidiaries (the “Company”) and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. The financial statements include the accounts of the Company. All intercompany transactions have been eliminated. Results for the interim period are not necessarily indicative of results for a full year. In the opinion of management, the accompanying financial statements reflect all adjustments (all of which are normal and recurring in nature) necessary for a fair presentation of financial results for the interim periods presented. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during that period. Actual results could differ from these estimates and have a significant impact on the financial condition and results of operations and cash flows. With regard to the Company, estimates and assumptions are inherent in calculations relating to valuation of inventory and investment in unconsolidated joint ventures, property and equipment depreciation, valuation of derivative financial instruments, accounts payable on inventory, accruals for costs to complete inventory, accruals for warranty claims, accruals for self-insured general liability claims, litigation, accruals for health care and workers’ compensation, accruals for guaranteed or indemnified loans, stock-based compensation expense, income taxes, and contingencies. Items that could have a significant impact on these estimates and assumptions include the risks and uncertainties listed in “Item 1A. Risk Factors” in Part I of our 2022 Form 10-K, as the same may be updated from time to time in our subsequent filings with the SEC. Significant Accounting Policies There have been no significant changes to our significant accounting policies during the quarter ended June 30, 2023 as compared to those disclosed in our 2022 Form 10-K.

Inventory and Capitalized Inter

Inventory and Capitalized Interest	6 Months Ended
Inventory and Capitalized Interest	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Inventory Inventory is recorded at cost, unless events and circumstances indicate that the carrying value of the inventory is impaired, at which point the inventory is written down to fair value (see Note 4 to our financial statements for additional details relating to our procedures for evaluating our inventories for impairment). Inventory includes the costs of land acquisition, land development and home construction, capitalized interest, real estate taxes, direct overhead costs incurred during development and home construction, and common costs that benefit the entire community, less impairments, if any. A summary of the Company’s inventory as of June 30, 2023 and December 31, 2022 is as follows: (In thousands) June 30, 2023 December 31, 2022 Single-family lots, land and land development costs $ 1,296,486 $ 1,294,779 Land held for sale 15,183 3,331 Homes under construction 1,207,759 1,366,804 Model homes and furnishings - at cost (less accumulated depreciation: June 30, 2023 - $11,039; December 31, 2022 - $10,371) 68,681 61,200 Community development district infrastructure 23,732 29,701 Land purchase deposits 54,519 55,739 Consolidated inventory not owned 20,654 17,048 Total inventory $ 2,687,014 $ 2,828,602 Single-family lots, land and land development costs include raw land that the Company has purchased to develop into lots, costs incurred to develop the raw land into lots, and lots for which development has been completed, but which have not yet been used to start construction of a home. Homes under construction include homes that are in various stages of construction. As of June 30, 2023 and December 31, 2022, we had 1,737 homes (with a carrying value of $329.7 million) and 1,827 homes (with a carrying value of $431.7 million), respectively, included in homes under construction that were not subject to a sales contract. Model homes and furnishings include homes that are under construction or have been completed and are being used as sales models. The amount also includes the net book value of furnishings included in our model homes. Depreciation on model home furnishings is recorded using an accelerated method over the estimated useful life of the assets, which is typically three years. We own lots in certain communities in Florida that have Community Development Districts (“CDDs”). The Company records a liability for the estimated developer obligations that are probable and estimable and user fees that are required to be paid or transferred at the time the parcel or unit is sold to an end user. The Company reduces this liability at the time of closing and the transfer of the property. The Company recorded a $23.7 million liability and a $29.7 million liability related to these CDD bond obligations as of June 30, 2023 and December 31, 2022, respectively, along with the related inventory infrastructure. Land purchase deposits include both refundable and non-refundable amounts paid to third party sellers relating to the purchase of land. On an ongoing basis, the Company evaluates the land option agreements relating to the land purchase deposits. The Company expenses any deposits and accumulated pre-acquisition costs relating to such agreements in the period when the Company makes the decision not to proceed with the purchase of land under an agreement. Capitalized Interest The Company capitalizes interest during land development and home construction. Capitalized interest is charged to land and housing costs and expensed as the related inventory is delivered to a third party. A summary of capitalized interest for the three and six months ended June 30, 2023 and 2022 is as follows : Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Capitalized interest, beginning of period $ 30,609 $ 25,807 $ 29,675 $ 24,343 Interest capitalized to inventory 8,925 8,778 17,949 17,569 Capitalized interest charged to land and housing costs and expenses (8,734) (7,536) (16,824) (14,863) Capitalized interest, end of period $ 30,800 $ 27,049 $ 30,800 $ 27,049 Interest incurred - net $ 4,255 $ 9,471 $ 11,890 $ 18,933

Investment in Joint Venture Arr

Investment in Joint Venture Arrangements (Notes)	6 Months Ended
Investment in Joint Venture Arrangements (Notes)	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Equity Method Investments and Joint Venture Arrangements Disclosure [Text Block]	Investment in Joint Venture Arrangements In order to minimize our investment and risk of land exposure in a single location, we have periodically partnered with other land developers or homebuilders to share in the land investment and development of a property through joint ownership and development agreements, joint ventures, and other similar arrangements. As of June 30, 2023 and December 31, 2022, our investment in such joint venture arrangements totaled $42.0 million and $51.6 million, respectively, and was reported as Investment in Joint Venture Arrangements on our Unaudited Condensed Consolidated Balance Sheets. The $9.6 million decrease during the six-month period ended June 30, 2023 was driven primarily by lot distributions from our joint venture arrangements of $20.1 million, offset, in part, by our cash contributions to our joint venture arrangements during the first half of 2023 of $10.5 million. The majority of our investment in joint venture arrangements for both June 30, 2023 and December 31, 2022 consisted of joint ownership and development agreements for which a special purpose entity was not established (“JODAs”). In these JODAs, we own the property jointly with partners which are typically other builders, and land development activities are funded jointly until the developed lots are subdivided for separate ownership by the partners in accordance with the JODA and the approved site plan. As of June 30, 2023 and December 31, 2022, the Company had $36.3 million and $45.9 million, respectively, invested in JODAs. The remainder of our investment in joint venture arrangements was comprised of joint venture arrangements where a special purpose entity was established to own and develop the property. For these joint venture arrangements, we generally enter into limited liability company or similar arrangements (“LLCs”) with the other partners. These entities typically engage in land development activities for the purpose of distributing or selling developed lots to the Company and its partners in the LLC. As of June 30, 2023 and December 31, 2022, the Company had $5.6 million and $5.7 million, respectively, of equity invested in LLCs. The Company’s percentage of ownership in these LLCs as of both June 30, 2023 and December 31, 2022 ranged from 25% to 50%. We use the equity method of accounting for investments in LLCs and other joint venture arrangements, including JODAs, over which we exercise significant influence but do not have a controlling interest. Under the equity method, our share of the LLCs’ earnings or loss, if any, is included in our Unaudited Condensed Consolidated Statements of Income. The Company’s equity in income relating to earnings from its LLCs was less than $0.1 million for both the three and six months ended June 30, 2023 and 2022. Our share of the profit relating to lots we purchase from our LLCs is deferred until homes are delivered by us and title passes to a homebuyer. We believe that the Company’s maximum exposure related to its investment in these joint venture arrangements as of June 30, 2023 was the amount invested of $42.0 million, which is reported as Investment in Joint Venture Arrangements on our Unaudited Condensed Consolidated Balance Sheets. We expect to invest further amounts in these joint venture arrangements as development of the properties progresses. The Company assesses its investments in unconsolidated LLCs for recoverability on a quarterly basis. See Note 4 to our financial statements for additional details relating to our procedures for evaluating our investments for impairment. Variable Interest Entities With respect to our investments in these LLCs, we are required, under Accounting Standards Codification (“ASC”) 810-10, Consolidation (“ASC 810”), to evaluate whether or not such entities should be consolidated into our consolidated financial statements. We initially perform these evaluations when each new entity is created and upon any events that require reconsideration of the entity. See Note 1, “Summary of Significant Accounting Policies - Variable Interest Entities” in the Company’s 2022 Form 10-K for additional information regarding the Company’s methodology for evaluating entities for consolidation. Land Option Agreements In the ordinary course of business, the Company enters into land option or purchase agreements for which we generally pay non-refundable deposits. Pursuant to these land option agreements, the Company provides a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. In accordance with ASC 810, we analyze our land option or purchase agreements to determine whether the corresponding land sellers are variable interest entities (“VIEs”) and, if so, whether we are the primary beneficiary, as further described in Note 1, “Summary of Significant Accounting Policies - Land Option Agreements” in the 2022 Form 10-K. If we are deemed to be the primary beneficiary of the VIE, we will consolidate the VIE in our consolidated financial statements and reflect such assets and liabilities in our Consolidated Inventory Not Owned in our Unaudited Condensed Consolidated Balance Sheets. At both June 30, 2023 and December 31, 2022, we concluded that we were not the primary beneficiary of any VIEs from which we are purchasing land under option or purchase agreements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Measurements [Abstract]
Fair Value Disclosures [Text Block]	There are three measurement input levels for determining fair value: Level 1, Level 2, and Level 3. Fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets Measured on a Recurring Basis The Company measures both mortgage loans held for sale and interest rate lock commitments (“IRLCs”) at fair value. Fair value measurement results in a better presentation of the changes in fair values of the loans and the derivative instruments used to economically hedge them. In the normal course of business, our financial services segment enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within established time frames. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, the Company enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker/dealers. The forward sale contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. The Company does not engage in speculative trading or derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers or investors are undesignated derivatives, and accordingly, are marked to fair value through earnings. Changes in fair value measurements are included in earnings in the accompanying statements of income. The fair value of mortgage loans held for sale is estimated based primarily on published prices for mortgage-backed securities with similar characteristics. To calculate the effects of interest rate movements, the Company utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. The Company applies a fallout rate to IRLCs when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which the Company does not close a mortgage loan and is based on management’s judgment and company experience. The Company sells loans on a servicing released or servicing retained basis and receives servicing compensation. Thus, the value of the servicing rights included in the fair value measurement is based upon contractual terms with investors and depends on the loan type. Mortgage servicing rights (Level 3 financial instruments as they are measured using significant unobservable inputs such as mortgage prepayment rates, discount rates and delinquency rates) are periodically evaluated for impairment. The amount of impairment is the amount by which the mortgage servicing rights, net of accumulated amortization, exceed their fair value, which is calculated using third-party valuations. Impairment, if any, is recognized through a valuation allowance and a reduction of revenue. Both the carrying value and fair value of our mortgage servicing rights were $7.9 million at June 30, 2023. At December 31, 2022, both the carrying value and fair value of our mortgage servicing rights were $15.8 million. The fair value of the Company’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Interest Rate Lock Commitments. IRLCs are extended to certain homebuying customers who have applied for a mortgage loan and meet certain defined credit and underwriting criteria. Typically, the IRLCs will have a term of less than six months; however, in certain markets, the term could extend to nine months. Some IRLCs are committed to a specific third-party investor through the use of whole loan delivery commitments matching the exact terms of the IRLC loan. Uncommitted IRLCs are considered derivative instruments and are fair value adjusted, with the resulting gain or loss recorded in current earnings. Forward Sales of Mortgage-Backed Securities. Forward sales of mortgage-backed securities (“FMBSs”) are used to protect uncommitted IRLC loans against the risk of changes in interest rates between the lock date and the funding date. FMBSs related to uncommitted IRLCs and FMBSs related to mortgage loans held for sale are classified and accounted for as non-designated derivative instruments and are recorded at fair value, with gains and losses recorded in current earnings. Mortgage Loans Held for Sale. Mortgage loans held for sale consists primarily of single-family residential loans collateralized by the underlying property. Generally, all of the mortgage loans and related servicing rights are sold to third-party investors shortly after origination. During the period between when a loan is closed and when it is sold to an investor, the interest rate risk is covered through the use of a whole loan contract or by FMBSs. The table below shows the notional amounts of our financial instruments at June 30, 2023 and December 31, 2022: Description of Financial Instrument (in thousands) June 30, 2023 December 31, 2022 Whole loan contracts and related committed IRLCs $ 937 $ — Uncommitted IRLCs 222,123 262,529 FMBSs related to uncommitted IRLCs 212,000 341,088 Whole loan contracts and related mortgage loans held for sale 10,412 16,507 FMBSs related to mortgage loans held for sale 175,000 232,518 Mortgage loans held for sale covered by FMBSs 182,057 233,378 The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, Description (in thousands) 2023 2022 2023 2022 Mortgage loans held for sale $ (3,139) $ 3,081 $ 836 $ (2,875) Forward sales of mortgage-backed securities 4,632 (16,312) 5,867 (2,753) Interest rate lock commitments (2,537) 4,536 961 (2,693) Whole loan contracts 474 (13) 94 112 Total (loss) gain recognized $ (570) $ (8,708) $ 7,758 $ (8,209) The following tables set forth the fair value of the Company’s derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item): Asset Derivatives Liability Derivatives June 30, 2023 June 30, 2023 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ 2,862 Other liabilities $ — Interest rate lock commitments Other assets 1,739 Other liabilities — Whole loan contracts Other assets — Other liabilities 274 Total fair value measurements $ 4,601 $ 274 Asset Derivatives Liability Derivatives December 31, 2022 December 31, 2022 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ — Other liabilities $ 3,005 Interest rate lock commitments Other assets 787 Other liabilities — Whole loan contracts Other assets — Other liabilities 377 Total fair value measurements $ 787 $ 3,382 Assets Measured on a Non-Recurring Basis Inventory. The Company assesses inventory for recoverability on a quarterly basis based on the difference in the carrying value of the inventory and its fair value at the time of the evaluation. Determining the fair value of a community’s inventory involves a number of variables, estimates and projections, which are Level 3 measurement inputs. See Note 1, “Summary of Significant Accounting Policies - Inventory” in the 2022 Form 10-K for additional information regarding the Company’s methodology for determining fair value. The Company uses significant assumptions to evaluate the recoverability of its inventory, such as estimated average selling price, construction and development costs, absorption rate (reflecting any product mix change strategies implemented or to be implemented), selling strategies, alternative land uses (including disposition of all or a portion of the land owned), or discount rates. Changes in these assumptions could materially impact future cash flow and fair value estimates and may lead the Company to incur additional impairment charges in the future. Our analysis is conducted only if indicators of a decline in value of our inventory exist, which include, among other things, declines in gross margin on sales contracts in backlog or homes that have been delivered, slower than anticipated absorption pace, declines in average sales price or high incentive offers by management to improve absorptions, declines in margins regarding future land sales, or declines in the value of the land itself as a result of third party appraisals. If communities are not recoverable based on the estimated future undiscounted cash flows, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. During the three and six months ended June 30, 2023 and 2022, the Company did not record any impairment charges on its inventory. Investment in Unconsolidated Joint Ventures. We evaluate our investments in unconsolidated joint ventures for impairment on a quarterly basis based on the difference in the investment’s carrying value and its fair value at the time of the evaluation. If the Company has determined that the decline in value is other than temporary, the Company would write down the value of the investment to its estimated fair value. Determining the fair value of investments in unconsolidated joint ventures involves a number of variables, estimates and assumptions, which are Level 3 measurement inputs. See Note 1, “Summary of Significant Accounting Policies - Investment in Unconsolidated Joint Ventures,” in the 2022 Form 10-K for additional information regarding the Company’s methodology for determining fair value. Because of the high degree of judgment involved in developing these assumptions, it is possible that changes in these assumptions could materially impact future cash flow and fair value estimates of the investments which may lead the Company to incur additional impairment charges in the future. During the three and six months ended June 30, 2023 and 2022, the Company did not record any impairment charges on its investments in unconsolidated joint ventures. Financial Instruments Counterparty Credit Risk. To reduce the risk associated with losses that would be recognized if counterparties failed to perform as contracted, the Company limits the entities with whom management can enter into commitments. This risk of accounting loss is the difference between the market rate at the time of non-performance by the counterparty and the rate to which the Company committed. The following table presents the carrying amounts and fair values of the Company’s financial instruments at June 30, 2023 and December 31, 2022. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions. June 30, 2023 December 31, 2022 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash, cash equivalents and restricted cash Level 1 $ 668,287 $ 668,287 $ 311,542 $ 311,542 Mortgage loans held for sale Level 2 190,845 190,845 242,539 242,539 Interest rate lock commitments Level 2 1,739 1,739 787 787 Forward sales of mortgage-backed securities Level 2 2,862 2,862 — — Liabilities: Notes payable - homebuilding operations Level 2 — — — — Notes payable - financial services operations Level 2 186,396 186,396 245,741 245,741 Senior notes due 2028 (a) Level 2 400,000 373,000 400,000 353,500 Senior notes due 2030 (a) Level 2 300,000 257,250 300,000 240,750 Whole loan contracts for committed IRLCs and mortgage loans held for sale Level 2 274 274 377 377 Forward sales of mortgage-backed securities Level 2 — — 3,005 3,005 (a) Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes. The following methods and assumptions were used by the Company in estimating its fair value disclosures of financial instruments at June 30, 2023 and December 31, 2022: Cash, Cash Equivalents and Restricted Cash. The carrying amounts of these items approximate fair value because they are short-term by nature. Mortgage Loans Held for Sale, Forward Sales of Mortgage-Backed Securities, Interest Rate Lock Commitments, Whole Loan Contracts for Committed IRLCs and Mortgage Loans Held for Sale, Senior Notes due 2028 and Senior Notes due 2030. The fair value of these financial instruments was determined based upon market quotes at June 30, 2023 and December 31, 2022. The market quotes used were quoted prices for similar assets or liabilities along with inputs taken from observable market data by correlation. The inputs were adjusted to account for the condition of the asset or liability. Notes Payable - Homebuilding Operations. The interest rate available to the Company during the quarter ended June 30, 2023 under the Company’s $650 million unsecured revolving credit facility, dated July 18, 2013, as amended (the “Credit Facility”), fluctuated daily with the secured overnight financing rate (“SOFR”) plus a margin of 175 basis points, and thus the carrying value is a reasonable estimate of fair value. See Note 8 to our financial statements for additional information regarding the Credit Facility. Notes Payable - Financial Services Operations. M/I Financial, LLC, a 100%-owned subsidiary of M/I Homes, Inc. (“M/I Financial”), is a party to two credit agreements: (1) a $200 million secured mortgage warehousing agreement, dated May 26, 2023 (the “MIF Mortgage Warehousing Agreement”); and (2) a $90 million mortgage repurchase agreement, dated October 30, 2017, as amended (the “MIF Mortgage Repurchase Facility”). For each of these credit facilities, the interest rate is based on a variable rate index, and thus their carrying value is a reasonable estimate of fair value. The interest rate available to M/I Financial during the second quarter of 2023 fluctuated with SOFR or BSBY, as applicable. See Note 8 to our financial statements for additional information regarding the MIF Mortgage Warehousing Agreement and the MIF Mortgage Repurchase Facility.

Guarantees and Indemnifications

Guarantees and Indemnifications	6 Months Ended
Guarantees and Indemnifications	Jun. 30, 2023
Guarantees [Abstract]
Guarantees [Text Block]	In the ordinary course of business, M/I Financial enters into agreements that provide a limited-life guarantee on loans sold to certain third-party purchasers of its mortgage loans that M/I Financial will repurchase a loan if certain conditions occur, primarily if the mortgagor does not meet the terms of the loan within the first six months after the sale of the loan. Loans totaling approximately $499.4 million and $360.4 million were covered under these guarantees as of June 30, 2023 and December 31, 2022, respectively. The increase in loans covered by these guarantees from December 31, 2022 is a result of a change in the mix of investors and their related purchase terms. A portion of the revenue paid to M/I Financial for providing the guarantees on these loans was deferred at June 30, 2023, and will be recognized in income as M/I Financial is released from its obligation under the guarantees. The risk associated with the guarantees above is offset by the value of the underlying assets. M/I Financial has received inquiries concerning underwriting matters from purchasers of its loans regarding certain loans totaling approximately $4.6 million and $2.4 million at June 30, 2023 and December 31, 2022, respectively. M/I Financial has also guaranteed the collectability of certain loans to third party insurers (U.S. Department of Housing and Urban Development and U.S. Veterans Administration) of those loans for periods ranging from five to thirty years. The maximum potential amount of future payments is equal to the outstanding loan value less the value of the underlying asset plus administrative costs incurred related to foreclosure on the loans, should this event occur. The Company recorded a liability relating to the guarantees described above totaling $1.3 million and $0.7 million at June 30, 2023 and December 31, 2022, respectively, which is management’s best estimate of the Company’s liability with respect to such guarantees.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Warranty We use subcontractors for nearly all aspects of home construction. Although our subcontractors are generally required to repair and replace any product or labor defects, we are, during applicable warranty periods, ultimately responsible to the homeowner for making such repairs. As such, we record warranty reserves to cover our exposure to the costs for materials and labor not expected to be covered by our subcontractors to the extent they relate to warranty-type claims. Warranty reserves are established by charging cost of sales and crediting a warranty reserve for each home delivered. The amounts charged are estimated by management to be adequate to cover expected warranty-related costs under the Company’s warranty programs. Warranty reserves are recorded for warranties under our Home Builder’s Limited Warranty (“HBLW”) and our transferable structural warranty in Other Liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. The warranty reserves for the HBLW are established as a percentage of average sales price and adjusted based on historical payment patterns determined, generally, by geographic area and recent trends. Factors that are given consideration in determining the HBLW reserves include: (1) the historical range of amounts paid per average sales price on a home; (2) type and mix of amenity packages added to the home; (3) any warranty expenditures not considered to be normal and recurring; (4) timing of payments; (5) improvements in quality of construction expected to impact future warranty expenditures; and (6) conditions that may affect certain projects and require a different percentage of average sales price for those specific projects. Changes in estimates for warranties occur due to changes in the historical payment experience and differences between the actual payment pattern experienced during the period and the historical payment pattern used in our evaluation of the warranty reserve balance at the end of each quarter. Actual future warranty costs could differ from our current estimated amount. Our warranty reserves for our transferable structural warranty programs are established on a per-unit basis. While the structural warranty reserve is recorded as each house is delivered, the sufficiency of the structural warranty per unit charge and total reserve is reevaluated on an annual basis, with the assistance of an actuary, using our own historical data and trends, industry-wide historical data and trends, and other project specific factors. The reserves are also evaluated quarterly and adjusted if we encounter activity that is inconsistent with the historical experience used in the annual analysis. These reserves are subject to variability due to uncertainties regarding structural defect claims for products we build, the markets in which we build, claim settlement history, insurance and legal interpretations, among other factors. Our warranty reserve amounts are based upon historical experience and geographic location. While we believe that our warranty reserves are sufficient to cover our projected costs, there can be no assurances that historical data and trends will accurately predict our actual warranty costs. A summary of warranty activity for the three and six months ended June 30, 2023 and 2022 is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Warranty reserves, beginning of period $ 33,193 $ 29,472 $ 32,902 $ 29,728 Warranty expense on homes delivered during the period 5,378 5,546 10,752 10,106 Changes in estimates for pre-existing warranties 1,058 907 1,700 1,178 Settlements made during the period (6,110) (5,955) (11,835) (11,042) Warranty reserves, end of period $ 33,519 $ 29,970 $ 33,519 $ 29,970 Performance Bonds and Letters of Credit At June 30, 2023, the Company had outstanding approximately $391.0 million of completion bonds and standby letters of credit, some of which were issued to various local governmental entities that expire at various times through January 2028. Included in this total are: (1) $301.7 million of performance and maintenance bonds and $71.5 million of performance letters of credit that serve as completion bonds for land development work in progress; (2) $9.7 million of financial letters of credit, of which $9.2 million represent deposits on land and lot purchase agreements; (3) $4.8 million of financial bonds; and (4) $3.3 million of corporate notes. Land Option Contracts and Other Similar Contracts At June 30, 2023, the Company also had options and contingent purchase agreements to acquire land and developed lots with an aggregate purchase price of approximately $848.3 million. Purchase of properties under these agreements is contingent upon satisfaction of certain requirements by the Company and the sellers. Legal Matters The Company and certain of its subsidiaries have been named as defendants in certain other legal proceedings which are incidental to our business. While management currently believes that the ultimate resolution of these other legal proceedings, individually and in the aggregate, will not have a material effect on the Company’s financial position, results of operations and cash flows, such legal proceedings are subject to inherent uncertainties. The Company has recorded a liability to provide for the anticipated costs, including legal defense costs, associated with the resolution of these other legal proceedings. However, the possibility exists that the costs to resolve these legal proceedings could differ from the recorded estimates and, therefore, have a material effect on the Company’s net income for the periods in which they are resolved. At June 30, 2023 and December 31, 2022, we had $1.1 million and $1.2 million reserved for legal expenses, respectively.

Goodwill (Notes)

Goodwill (Notes)	6 Months Ended
Goodwill (Notes)	Jun. 30, 2023
Goodwill [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired and liabilities assumed in business combinations. In connection with the Company’s acquisition of the homebuilding assets and operations of Pinnacle Homes in Detroit, Michigan in March of 2018, the Company recorded goodwill of $16.4 million, which is included as Goodwill in our Consolidated Balance Sheets. This amount was based on the estimated fair values of the acquired assets and liabilities at the date of the acquisition in accordance with ASC 350.In accordance with ASC 350, the Company analyzes goodwill for impairment on an annual basis (or more often if indicators of impairment exist). The Company performs a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then a quantitative assessment is performed to determine the reporting unit’s fair value. If the reporting unit’s carrying value exceeds its fair value, then an impairment loss is recognized for the amount of the excess of the carrying amount over the reporting unit’s fair value. The Company performed its annual goodwill impairment analysis via a quantitative test during the fourth quarter of 2022, and there was no impairment recorded at December 31, 2022. At June 30, 2023, no indicators for impairment existed and therefore no impairment was recorded. However, we will continue to monitor the fair value of the reporting unit in future periods if conditions worsen or other events occur that could impact the fair value of the reporting unit.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Notes Payable - Homebuilding The Credit Facility provides for an aggregate commitment amount of $650 million and also includes an accordion feature pursuant to which the maximum borrowing availability may be increased to an aggregate of $800 million, subject to obtaining additional commitments from lenders. The Credit Facility matures on December 9, 2026. Interest on amounts borrowed under the Credit Facility is payable at multiple interest rate options including one, three or six month adjusted term SOFR (subject to a floor of 0.25%) plus a margin of 175 basis points (subject to adjustment in subsequent quarterly periods based on the Company’s leverage ratio). The Credit Facility also contains certain financial covenants. At June 30, 2023, the Company was in compliance with all financial covenants of the Credit Facility. The available amount under the Credit Facility is computed in accordance with a borrowing base, which is calculated by applying various advance rates for different categories of inventory, and totaled $1.81 billion of availability for additional senior debt at June 30, 2023. As a result, the full $650 million commitment amount of the Credit Facility was available, less any borrowings and letters of credit outstanding. At June 30, 2023, there were no borrowings outstanding and $81.2 million of letters of credit outstanding, leaving a net remaining borrowing availability of $568.8 million. The Credit Facility includes a $250 million sub-facility for letters of credit. The Company’s obligations under the Credit Facility are guaranteed by all of the Company’s subsidiaries, 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 (as defined in the Credit Facility), subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Credit Facility and the indentures governing the Company’s $300.0 million aggregate principal amount of 3.95% Senior Notes due 2030 (the “2030 Senior Notes”) and the Company’s $400.0 million aggregate principal amount of 4.95% Senior Notes due 2028 (the “2028 Senior Notes”). The guarantors for the Credit Facility (the “Subsidiary Guarantors”) are the same subsidiaries that guarantee the 2030 Senior Notes and the 2028 Senior Notes. The Company’s obligations under the Credit Facility are general, unsecured senior obligations of the Company and the Subsidiary Guarantors and rank equally in right of payment with all our and the Subsidiary Guarantors’ existing and future unsecured senior indebtedness. Our obligations under the Credit Facility are effectively subordinated to our and the Subsidiary Guarantors’ existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness. Notes Payable - Financial Services The MIF Mortgage Warehousing Agreement is used to finance eligible residential mortgage loans originated by M/I Financial. On May 26, 2023, M/I Financial amended and restated the MIF Mortgage Warehousing Agreement which, among other things, extended the expiration date to May 24, 2024, and replaced the Bloomberg Short Term Bank Yield Index (“BSBY”) rate with the SOFR rate. The MIF Mortgage Warehousing Agreement provides for a maximum borrowing availability of $200 million, which increases to $275 million from September 18, 2023 to November 10, 2023 and increases to $300 million from November 11, 2023 to February 9, 2024. Interest on amounts borrowed under the MIF Mortgage Warehousing Agreement is payable at a per annum rate equal to the one-month SOFR rate (adjusting daily subject to a floor of 0.50%) plus a spread of 165 basis points. The MIF Mortgage Warehousing Agreement also contains certain financial covenants. At June 30, 2023, M/I Financial was in compliance with all financial covenants of the MIF Mortgage Warehousing Agreement. The MIF Mortgage Repurchase Facility is used to finance eligible residential mortgage loans originated by M/I Financial. The MIF Mortgage Repurchase Facility provides for a mortgage repurchase facility with a maximum borrowing availability of $90 million. The MIF Mortgage Repurchase Facility expires on October 23, 2023. M/I Financial pays interest on each advance under the MIF Mortgage Repurchase Facility at a per annum rate equal to One-Month Term SOFR (subject to an all-in floor of 2.375% or 2.75% based on the type of loan) and adjusts certain financial covenant limits, plus 150 or 200 basis points depending on the loan type. The MIF Mortgage Repurchase Facility also contains certain financial covenants. At June 30, 2023, M/I Financial was in compliance with all financial covenants of the MIF Mortgage Repurchase Facility. At June 30, 2023 and December 31, 2022, M/I Financial’s total combined maximum borrowing availability under the two credit facilities was $290.0 million and $390.0 million, respectively. At June 30, 2023 and December 31, 2022, M/I Financial had $186.4 million and $245.7 million, respectively, in borrowings outstanding on a combined basis under its credit facilities. Senior Notes As of both June 30, 2023 and December 31, 2022, we had $300.0 million of our 2030 Senior Notes outstanding. The 2030 Senior Notes bear interest at a rate of 3.95% per year, payable semiannually in arrears on February 15 and August 15 of each year, and mature on February 15, 2030. The Company may redeem some or all of the 2030 Senior Notes at any time prior to August 15, 2029 (the date that is six months prior to the maturity of the 2030 Senior Notes), at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” amount set forth in the indenture governing the 2030 Senior Notes. In addition, on or after August 15, 2029 (the date that is six months prior to the maturity of the 2030 Senior Notes), the Company may redeem some or all of the 2030 Senior Notes at a redemption price equal to 100.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date. As of both June 30, 2023 and December 31, 2022, we had $400.0 million of our 2028 Senior Notes outstanding. The 2028 Senior Notes bear interest at a rate of 4.95% per year, payable semiannually in arrears on February 1 and August 1 of each year and mature on February 1, 2028. We may redeem all or any portion of the 2028 Senior Notes at a stated redemption price, together with accrued and unpaid interest thereon. The redemption price is currently 103.713% of the principal amount outstanding, but will decline to 102.475% of the principal amount outstanding if redeemed during the 12-month period beginning on February 1, 2024, will further decline to 101.238% of the principal amount outstanding if redeemed during the 12-month period beginning on February 1, 2025 and will further decline to 100.000% of the principal amount outstanding if redeemed on or after February 1, 2026, but prior to maturity. The 2030 Senior Notes contain certain covenants, as more fully described and defined in the indenture governing the 2030 Senior Notes, which limit the ability of the Company and the restricted subsidiaries to, among other things: incur certain liens securing indebtedness without equally and ratably securing the 2030 Senior Notes and the guarantees thereof; enter into certain sale and leaseback transactions; and consolidate or merge with or into other companies, liquidate or sell or otherwise dispose of all or substantially all of the Company’s assets. These covenants are subject to a number of exceptions and qualifications as described in the indenture governing the 2030 Senior Notes. As of June 30, 2023, the Company was in compliance with all terms, conditions, and covenants under the indenture. The 2028 Senior Notes contain certain covenants, as more fully described and defined in the indenture governing the 2028 Senior Notes, which limit the ability of the Company and the restricted subsidiaries to, among other things: incur additional indebtedness; make certain payments, including dividends, or repurchase any shares, in an aggregate amount exceeding our “restricted payments basket”; make certain investments; and create or incur certain liens, consolidate or merge with or into other companies, or liquidate or sell or transfer all or substantially all of our assets. These covenants are subject to a number of exceptions and qualifications as described in the indenture governing the 2028 Senior Notes. As of June 30, 2023, the Company was in compliance with all terms, conditions, and covenants under the indenture. The 2030 Senior Notes and the 2028 Senior Notes are fully and unconditionally guaranteed jointly and severally on a senior unsecured basis by the Subsidiary Guarantors. The 2030 Senior Notes and the 2028 Senior Notes are general, unsecured senior obligations of the Company and the Subsidiary Guarantors and rank equally in right of payment with all our and the Subsidiary Guarantors’ existing and future unsecured senior indebtedness. The 2030 Senior Notes and the 2028 Senior Notes are effectively subordinated to our and the Subsidiary Guarantors’ existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness. The indenture governing the 2028 Senior Notes limits our ability to pay dividends on, and repurchase, our common shares and any of our preferred shares then outstanding to the amount of the positive balance in our “restricted payments basket,” as defined in the indenture. The “restricted payments basket” is equal to $125.0 million plus (1) 50% of our aggregate consolidated net income (or minus 100% of our aggregate consolidated net loss) from October 1, 2015, excluding income or loss from Unrestricted Subsidiaries (as defined in the indenture), plus (2) 100% of the net cash proceeds from either contributions to the common equity of the Company after December 1, 2015 or the sale of qualified equity interests after December 1, 2015, plus other items and subject to other exceptions. The positive balance in our restricted payments basket was $747.5 million at June 30, 2023 and $661.7 million at December 31, 2022. The determination to pay future dividends on, or make future repurchases of, our common shares will be at the discretion of our board of directors and will depend upon our results of operations, financial condition, capital requirements and compliance with debt covenants, and other factors deemed relevant by our board of directors (see Note 12 to our financial statements for more information).

Earnings per Share

Earnings per Share	6 Months Ended
Earnings per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income, and basic and diluted income per share for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2023 2022 2023 2022 NUMERATOR Net income $ 118,001 $ 136,838 $ 221,067 $ 228,677 DENOMINATOR Basic weighted average shares outstanding 27,792 28,041 27,698 28,231 Effect of dilutive securities: Stock option awards 516 246 451 287 Deferred compensation awards 316 303 320 308 Diluted weighted average shares outstanding 28,624 28,590 28,469 28,826 Earnings per common share: Basic $ 4.25 $ 4.88 $ 7.98 $ 8.10 Diluted $ 4.12 $ 4.79 $ 7.77 $ 7.93 Anti-dilutive equity awards not included in the calculation of diluted earnings per common share — 908 8 784

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	The Inflation Reduction Act (IRA) was enacted on August 16, 2022 to address the high cost of prescription drugs, healthcare availability, climate change and inflation. The IRA extended the energy efficient homes credit through 2032 and, as a result, the Company recognized a $0.9 million year-to-date tax benefit during the first half of 2023. The Company did not recognize a tax benefit for energy efficient homes credit in 2022’s first half due to the IRA enactment date noted above. During the three months ended June 30, 2023 and 2022, the Company recorded a tax provision of $37.4 million and $45.3 million, respectively, which reflects income tax expense related to income before income taxes for the periods. The effective tax rate for the three months ended June 30, 2023 and 2022 was 24.0% and 24.9%, respectively. The decrease in the effective rate from the three months ended June 30, 2022 was primarily attributable to a $1.0 million increase in tax benefit from equity compensation for 2023. During the six months ended June 30, 2023 and 2022, the Company recorded a tax provision of $70.3 million and $75.7 million, respectively. The effective tax rate for the six months ended June 30, 2023 and 2022 was 24.1% and 24.9%, respectively. The decrease in the effective rate from the six months ended June 30, 2022 was primarily attributable to a $1.6 million increase in tax benefit from equity compensation and a $0.9 million increase in tax benefit for energy efficient homes credit taken during the first half of 2023 compared to the same period in 2022 (due to the timing of the IRA enactment as described above).

Business Segments

Business Segments	6 Months Ended
Business Segments	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our individual homebuilding operating segments and the results of our financial services operations; (2) the results of our homebuilding reportable segments; and (3) our consolidated financial results. In accordance with ASC 280, Segment Reporting (“ASC 280”), we have identified each homebuilding division as an operating segment and have elected to aggregate our operating segments into separate reportable segments as they share similar aggregation characteristics prescribed in ASC 280 in the following regards: (1) long-term economic characteristics; (2) historical and expected future long-term gross margin percentages; (3) housing products, production processes and methods of distribution; and (4) geographical proximity. The homebuilding operating segments that comprise each of our reportable segments are as follows: Northern Southern Chicago, Illinois Ft. Myers/Naples, Florida Cincinnati, Ohio Orlando, Florida Columbus, Ohio Sarasota, Florida Indianapolis, Indiana Tampa, Florida Minneapolis/St. Paul, Minnesota Austin, Texas Detroit, Michigan Dallas/Fort Worth, Texas Houston, Texas San Antonio, Texas Charlotte, North Carolina Raleigh, North Carolina Nashville, Tennessee The following table shows, by segment, revenue, operating income (loss) and interest (income) expense - net for the three and six months ended June 30, 2023 and 2022, as well as the Company’s income before income taxes for such periods: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Revenue: Northern homebuilding $ 383,886 $ 472,814 $ 766,616 $ 826,600 Southern homebuilding 604,861 548,466 1,197,380 1,031,380 Financial services (a) 25,266 19,374 50,547 43,485 Total revenue $ 1,014,013 $ 1,040,654 $ 2,014,543 $ 1,901,465 Operating income (loss): Northern homebuilding $ 46,853 $ 74,078 $ 86,013 $ 114,294 Southern homebuilding 109,912 120,024 207,524 204,317 Financial services (a) 13,743 9,608 28,711 23,541 Less: Corporate selling, general and administrative expense (19,849) (20,845) (37,003) (36,382) Total operating income $ 150,659 $ 182,865 $ 285,245 $ 305,770 Interest (income) expense - net: Northern homebuilding $ (47) $ — $ (93) $ — Southern homebuilding (203) — (205) (2) Financial services (a) 2,584 941 4,911 1,819 Corporate (7,004) (248) (10,672) (453) Total interest (income) expense - net $ (4,670) $ 693 $ (6,059) $ 1,364 Other income $ (28) $ (1) $ (35) $ (17) Income before income taxes $ 155,357 $ 182,173 $ 291,339 $ 304,423 (a) Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of an immaterial amount of mortgage refinancing. The following tables show total assets by segment at June 30, 2023 and December 31, 2022: June 30, 2023 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 7,923 $ 46,596 $ — $ 54,519 Inventory (a) 975,315 1,657,180 — 2,632,495 Investments in joint venture arrangements — 41,988 — 41,988 Other assets 40,315 119,319 (b) 973,113 1,132,747 Total assets $ 1,023,553 $ 1,865,083 $ 973,113 $ 3,861,749 December 31, 2022 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 8,138 $ 47,601 $ — $ 55,739 Inventory (a) 1,100,472 1,672,391 — 2,772,863 Investments in joint venture arrangements — 51,554 — 51,554 Other assets 38,265 103,182 (b) 693,320 834,767 Total assets $ 1,146,875 $ 1,874,728 $ 693,320 $ 3,714,923 (a) Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned. (b) Includes development reimbursements from local municipalities.

Share Repurchase Program (Notes

Share Repurchase Program (Notes)	6 Months Ended
Share Repurchase Program (Notes)	Jun. 30, 2023
Share Repurchase Program [Abstract]
Treasury Stock [Text Block]	On July 28, 2021, the Company announced that its Board of Directors approved a new share repurchase program pursuant to which the Company may purchase up to $100 million of its outstanding common shares (the “2021 Share Repurchase Program”). On February 17, 2022, the Company announced that its Board of Directors approved an increase to its 2021 Share Repurchase Program by an additional $100 million. Pursuant to the 2021 Share Repurchase Program, the Company may purchase up to $200 million of its outstanding common shares through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing, amount and other terms and conditions of any additional repurchases under the 2021 Share Repurchase Program will be based on a variety of factors, including the market price of the Company’s common shares, business considerations, general market and economic conditions and legal requirements. The 2021 Share Repurchase Program does not have an expiration date and the Board may modify, discontinue or suspend it at any time. The Company repurchased 0.2 million outstanding common shares at an aggregate purchase price of $15.2 million under the 2021 Share Repurchase Program during the second quarter of 2023. As of June 30, 2023, $77.9 million remained available for repurchases under the 2021 Share Repurchase Program.

Revenue (Notes)

Revenue (Notes)	6 Months Ended
Revenue (Notes)	Jun. 30, 2023
Revenue [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue and the related profit from the sale of a home and revenue and the related profit from the sale of land to third parties are recognized in the financial statements on the date of closing if delivery has occurred, title has passed to the buyer, all performance obligations (as defined below) have been met, and control of the home or land is transferred to the buyer in an amount that reflects the consideration we expect to be entitled to receive in exchange for the home or land. If not received immediately upon closing, cash proceeds from home closings are held in escrow for the Company’s benefit, typically for up to three days, and are included in Cash, cash equivalents and restricted cash on the Condensed Consolidated Balance Sheets. Sales incentives vary by type of incentive and by amount on a community-by-community and home-by-home basis. The costs of any sales incentives in the form of free or discounted products and services provided to homebuyers are reflected in Land and housing costs in the Condensed Consolidated Statements of Income because such incentives are identified in our home purchase contracts with homebuyers as an intrinsic part of our single performance obligation to deliver and transfer title to their home for the transaction price stated in the contracts. Sales incentives that we may provide in the form of closing cost allowances are recorded as a reduction of housing revenue at the time the home is delivered. We record sales commissions within Selling expenses in the Condensed Consolidated Statements of Income when incurred (i.e., when the home is delivered) as the amortization period is generally one year or less and therefore capitalization is not required as part of the practical expedient for incremental costs of obtaining a contract. Contract liabilities include customer deposits related to sold but undelivered homes. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. Contract liabilities expected to be recognized as revenue, excluding revenue pertaining to contracts that have an original expected duration of one year or less, is not material. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. All of our home purchase contracts have a single performance obligation as the promise to transfer the home is not separately identifiable from other promises in the contract and, therefore, not distinct. Our performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers is not material. Although our third party land sale contracts may include multiple performance obligations, the revenue we expect to recognize in any future year related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less, is not material. We do not disclose the value of unsatisfied performance obligations for land sale contracts with an original expected duration of one year or less. We recognize the majority of the revenue associated with our mortgage loan operations when the mortgage loans are sold and/or related servicing rights are sold to third party investors or retained and managed under a third party sub-service arrangement. The revenue recognized is reduced by the fair value of the related guarantee provided to the investor. The fair value of the guarantee is recognized in revenue when the Company is released from its obligation under the guarantee (note that guarantees are excluded from the scope of ASC 606, Revenue from Contracts with Customers ). We recognize financial services revenue associated with our title operations as homes are delivered, closing services are rendered, and title policies are issued, all of which generally occur simultaneously as each home is delivered. All of the underwriting risk associated with title insurance policies is transferred to third-party insurers. The following table presents our revenues disaggregated by revenue source: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2023 2022 2023 2022 Housing $ 980,198 $ 1,017,906 $ 1,955,144 $ 1,851,069 Land sales 8,549 3,374 8,852 6,911 Financial services (a) 25,266 19,374 50,547 43,485 Total revenue $ 1,014,013 $ 1,040,654 $ 2,014,543 $ 1,901,465 (a) Revenue includes a hedging loss of $0.1 million and a hedging gain of $18.3 million for the three months ended June 30, 2023 and 2022, respectively, and hedging gains of $4.1 million and $26.5 million for the six months ended June 30, 2023 and 2022. Hedging gains/losses do not represent revenue recognized from contracts with customers. Refer to Note 11 for presentation of our revenues disaggregated by geography. As our homebuilding operations accounted for over 97% of our total revenues for the three and six months ended June 30, 2023 and 2022, with most of those revenues generated from home purchase contracts with customers, we believe the disaggregation of revenues as disclosed above and in Note 11 fairly depict how the nature, amount, timing and uncertainty of cash flows are affected by economic factors.

Inventory and Capitalized Int_2

Inventory and Capitalized Interest Inventory (Tables)	6 Months Ended
Inventory and Capitalized Interest Inventory (Tables)	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	A summary of the Company’s inventory as of June 30, 2023 and December 31, 2022 is as follows: (In thousands) June 30, 2023 December 31, 2022 Single-family lots, land and land development costs $ 1,296,486 $ 1,294,779 Land held for sale 15,183 3,331 Homes under construction 1,207,759 1,366,804 Model homes and furnishings - at cost (less accumulated depreciation: June 30, 2023 - $11,039; December 31, 2022 - $10,371) 68,681 61,200 Community development district infrastructure 23,732 29,701 Land purchase deposits 54,519 55,739 Consolidated inventory not owned 20,654 17,048 Total inventory $ 2,687,014 $ 2,828,602
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	A summary of capitalized interest for the three and six months ended June 30, 2023 and 2022 is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Capitalized interest, beginning of period $ 30,609 $ 25,807 $ 29,675 $ 24,343 Interest capitalized to inventory 8,925 8,778 17,949 17,569 Capitalized interest charged to land and housing costs and expenses (8,734) (7,536) (16,824) (14,863) Capitalized interest, end of period $ 30,800 $ 27,049 $ 30,800 $ 27,049 Interest incurred - net $ 4,255 $ 9,471 $ 11,890 $ 18,933

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Measurements [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The table below shows the notional amounts of our financial instruments at June 30, 2023 and December 31, 2022: Description of Financial Instrument (in thousands) June 30, 2023 December 31, 2022 Whole loan contracts and related committed IRLCs $ 937 $ — Uncommitted IRLCs 222,123 262,529 FMBSs related to uncommitted IRLCs 212,000 341,088 Whole loan contracts and related mortgage loans held for sale 10,412 16,507 FMBSs related to mortgage loans held for sale 175,000 232,518 Mortgage loans held for sale covered by FMBSs 182,057 233,378
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]	The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, Description (in thousands) 2023 2022 2023 2022 Mortgage loans held for sale $ (3,139) $ 3,081 $ 836 $ (2,875) Forward sales of mortgage-backed securities 4,632 (16,312) 5,867 (2,753) Interest rate lock commitments (2,537) 4,536 961 (2,693) Whole loan contracts 474 (13) 94 112 Total (loss) gain recognized $ (570) $ (8,708) $ 7,758 $ (8,209)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following tables set forth the fair value of the Company’s derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item): Asset Derivatives Liability Derivatives June 30, 2023 June 30, 2023 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ 2,862 Other liabilities $ — Interest rate lock commitments Other assets 1,739 Other liabilities — Whole loan contracts Other assets — Other liabilities 274 Total fair value measurements $ 4,601 $ 274 Asset Derivatives Liability Derivatives December 31, 2022 December 31, 2022 Description of Derivatives Balance Sheet Fair Value Balance Sheet Location Fair Value Forward sales of mortgage-backed securities Other assets $ — Other liabilities $ 3,005 Interest rate lock commitments Other assets 787 Other liabilities — Whole loan contracts Other assets — Other liabilities 377 Total fair value measurements $ 787 $ 3,382
Fair Value, by Balance Sheet Grouping [Table Text Block]	The following table presents the carrying amounts and fair values of the Company’s financial instruments at June 30, 2023 and December 31, 2022. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions. June 30, 2023 December 31, 2022 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash, cash equivalents and restricted cash Level 1 $ 668,287 $ 668,287 $ 311,542 $ 311,542 Mortgage loans held for sale Level 2 190,845 190,845 242,539 242,539 Interest rate lock commitments Level 2 1,739 1,739 787 787 Forward sales of mortgage-backed securities Level 2 2,862 2,862 — — Liabilities: Notes payable - homebuilding operations Level 2 — — — — Notes payable - financial services operations Level 2 186,396 186,396 245,741 245,741 Senior notes due 2028 (a) Level 2 400,000 373,000 400,000 353,500 Senior notes due 2030 (a) Level 2 300,000 257,250 300,000 240,750 Whole loan contracts for committed IRLCs and mortgage loans held for sale Level 2 274 274 377 377 Forward sales of mortgage-backed securities Level 2 — — 3,005 3,005 (a) Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Warranty Accrual Rollforward [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	A summary of warranty activity for the three and six months ended June 30, 2023 and 2022 is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Warranty reserves, beginning of period $ 33,193 $ 29,472 $ 32,902 $ 29,728 Warranty expense on homes delivered during the period 5,378 5,546 10,752 10,106 Changes in estimates for pre-existing warranties 1,058 907 1,700 1,178 Settlements made during the period (6,110) (5,955) (11,835) (11,042) Warranty reserves, end of period $ 33,519 $ 29,970 $ 33,519 $ 29,970

Earnings per Share Earnings per

Earnings per Share Earnings per Share (Tables)	6 Months Ended
Earnings per Share Earnings per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income, and basic and diluted income per share for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2023 2022 2023 2022 NUMERATOR Net income $ 118,001 $ 136,838 $ 221,067 $ 228,677 DENOMINATOR Basic weighted average shares outstanding 27,792 28,041 27,698 28,231 Effect of dilutive securities: Stock option awards 516 246 451 287 Deferred compensation awards 316 303 320 308 Diluted weighted average shares outstanding 28,624 28,590 28,469 28,826 Earnings per common share: Basic $ 4.25 $ 4.88 $ 7.98 $ 8.10 Diluted $ 4.12 $ 4.79 $ 7.77 $ 7.93 Anti-dilutive equity awards not included in the calculation of diluted earnings per common share — 908 8 784

Business Segments Business Segm

Business Segments Business Segments (Tables)	6 Months Ended
Business Segments Business Segments (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table shows, by segment, revenue, operating income (loss) and interest (income) expense - net for the three and six months ended June 30, 2023 and 2022, as well as the Company’s income before income taxes for such periods: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Revenue: Northern homebuilding $ 383,886 $ 472,814 $ 766,616 $ 826,600 Southern homebuilding 604,861 548,466 1,197,380 1,031,380 Financial services (a) 25,266 19,374 50,547 43,485 Total revenue $ 1,014,013 $ 1,040,654 $ 2,014,543 $ 1,901,465 Operating income (loss): Northern homebuilding $ 46,853 $ 74,078 $ 86,013 $ 114,294 Southern homebuilding 109,912 120,024 207,524 204,317 Financial services (a) 13,743 9,608 28,711 23,541 Less: Corporate selling, general and administrative expense (19,849) (20,845) (37,003) (36,382) Total operating income $ 150,659 $ 182,865 $ 285,245 $ 305,770 Interest (income) expense - net: Northern homebuilding $ (47) $ — $ (93) $ — Southern homebuilding (203) — (205) (2) Financial services (a) 2,584 941 4,911 1,819 Corporate (7,004) (248) (10,672) (453) Total interest (income) expense - net $ (4,670) $ 693 $ (6,059) $ 1,364 Other income $ (28) $ (1) $ (35) $ (17) Income before income taxes $ 155,357 $ 182,173 $ 291,339 $ 304,423 (a) Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of an immaterial amount of mortgage refinancing.
Reconciliation of Assets from Segment to Consolidated	The following tables show total assets by segment at June 30, 2023 and December 31, 2022: June 30, 2023 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 7,923 $ 46,596 $ — $ 54,519 Inventory (a) 975,315 1,657,180 — 2,632,495 Investments in joint venture arrangements — 41,988 — 41,988 Other assets 40,315 119,319 (b) 973,113 1,132,747 Total assets $ 1,023,553 $ 1,865,083 $ 973,113 $ 3,861,749 December 31, 2022 (In thousands) Northern Southern Corporate, Financial Services and Unallocated Total Deposits on real estate under option or contract $ 8,138 $ 47,601 $ — $ 55,739 Inventory (a) 1,100,472 1,672,391 — 2,772,863 Investments in joint venture arrangements — 51,554 — 51,554 Other assets 38,265 103,182 (b) 693,320 834,767 Total assets $ 1,146,875 $ 1,874,728 $ 693,320 $ 3,714,923 (a) Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned. (b) Includes development reimbursements from local municipalities.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2023
Disaggregated Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents our revenues disaggregated by revenue source: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2023 2022 2023 2022 Housing $ 980,198 $ 1,017,906 $ 1,955,144 $ 1,851,069 Land sales 8,549 3,374 8,852 6,911 Financial services (a) 25,266 19,374 50,547 43,485 Total revenue $ 1,014,013 $ 1,040,654 $ 2,014,543 $ 1,901,465

Inventory and Capitalized Int_3

Inventory and Capitalized Interest Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Single-family lots, land and land development costs	$ 1,296,486	$ 1,294,779
Land held for sale	15,183	3,331
Homes under construction	1,207,759	1,366,804
Model homes and furnishings - at cost (less accumulated depreciation: June 30, 2023 - $11,039; December 31, 2022 - $10,371)	68,681	61,200
Community Development District	23,732	29,701
Land purchase deposits	54,519	55,739
Consolidated Inventory Not Owned	20,654	17,048
Total Inventory	$ 2,687,014	$ 2,828,602

Inventory and Capitalized Int_4

Inventory and Capitalized Interest Inventory Subsection (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Parantheticals - Inventory [Abstract]
Model Home Accumulated Depreciation	$ 11,039	$ 10,371

Inventory and Capitalized Int_5

Inventory and Capitalized Interest Other Inventory Items - Homes under construction not subject to a sale contract (Details) $ in Thousands	Jun. 30, 2023 USD ($) homes	Dec. 31, 2022 USD ($)
Other Inventory, Gross [Abstract]
Number of Speculative Homes	1,737	1,827
Speculative Homes Carrying Value	$ 329,700	$ 431,700
Community Development District	$ 23,732	$ 29,701

Inventory and Capitalized Int_6

Inventory and Capitalized Interest Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized Interest, beginning of period	$ 30,609	$ 25,807	$ 29,675	$ 24,343
Interest capitalized to inventory	8,925	8,778	17,949	17,569
Capitalized interest charged to land and housing costs and expenses	(8,734)	(7,536)	(16,824)	(14,863)
Capitalized Interest, end of period	30,800	27,049	30,800	27,049
Interest incurred	$ 4,255	$ 9,471	$ 11,890	$ 18,933

Investment in Joint Venture A_2

Investment in Joint Venture Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investment in joint venture arrangements	$ 41,988		$ 41,988		$ 51,554
Increase (decrease) in investments in unconsolidated joint ventures and other similar arrangements			(9,600)
Distribution of single-family lots from joint venture arrangements			20,073	$ 10,383
Investment in joint venture arrangements			10,472	10,916
Company's investment in joint development or similar agreements	36,300		36,300		45,900
Equity invested in LLCs	5,600		5,600		$ 5,700
Equity in loss (income) from joint venture arrangements	$ (28)	$ (1)	$ (35)	$ (17)
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	25%		25%		25%
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50%		50%		50%

Fair Value Measurements Notiona

Fair Value Measurements Notional Amount of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Notional Disclosures [Abstract]
Whole loan contracts and related committed IRLCs	$ 937	$ 0
Uncommitted IRLCs	222,123	262,529
FMBSs related to uncommitted IRLCs	212,000	341,088
Whole loan contracts and related mortgage loans held for sale	10,412	16,507
FMBSs related to mortgage loans held for sale	175,000	232,518
Mortgage loans held for sale covered by FMBSs	$ 182,057	$ 233,378

Fair Value Measurements (Loss)

Fair Value Measurements (Loss) Gain On Assets and Liabilities Measured On A Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	$ (570)	$ (8,708)	$ 7,758	$ (8,209)
Mortgage Loans Held for Sale [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	(3,139)	3,081	836	(2,875)
Forward Sales of Mortgage Backed Securities [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	4,632	(16,312)	5,867	(2,753)
Interest Rate Lock Commitments [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	(2,537)	4,536	961	(2,693)
Whole Loan Contracts [Member]
Financial Instrument [Line Items]
Gain (Loss) On Assets and Liabilities Measured On A Recurring Basis	$ 474	$ (13)	$ 94	$ 112

Fair Value Measurements Balance

Fair Value Measurements Balance Sheet Location of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Embedded Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	$ 4,601	$ 787
Embedded Derivative, Fair Value of Embedded Derivative Liability	274	3,382
Forward Sales of Mortgage Backed Securities [Member]
Embedded Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	2,862	0
Embedded Derivative, Fair Value of Embedded Derivative Liability	0	3,005
Interest Rate Lock Commitments [Member]
Embedded Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	1,739	787
Embedded Derivative, Fair Value of Embedded Derivative Liability	0	0
Whole Loan Contracts [Member]
Embedded Derivative [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 274	$ 377

Fair Value Measurements Assets

Fair Value Measurements Assets and Liabilities Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory valuation adjustments and abandoned land transaction write-offs	$ 0	$ 0	$ 0	$ 0
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying (Reported) Amount, Fair Value Disclosure [Member]
ASSETS:
Servicing Asset	$ 7,900	$ 15,800
Cash, cash equivalents and restricted cash	668,287	311,542
Mortgage loans held for sale	190,845	242,539
Commitments to extend real estate loans (assets)	1,739	787
Forward sales of mortgage-backed securities	2,862	0
LIABILITIES:
Notes payable - homebuilding operations	0	0
Notes payable - financial services operations	186,396	245,741
Senior Notes due 2028 (a)	400,000	400,000
Senior Notes due 2030 (a)	300,000	300,000
Whole Loan contracts for committed IRLCs and mortgage loans held for sale	274	377
Forward sales of mortgage-backed securities	0	3,005
Estimate of Fair Value, Fair Value Disclosure [Member]
ASSETS:
Servicing Asset	7,900	15,800
Cash, cash equivalents and restricted cash	668,287	311,542
Mortgage loans held for sale	190,845	242,539
Commitments to extend real estate loans (assets)	1,739	787
Forward sales of mortgage-backed securities	2,862	0
LIABILITIES:
Notes payable - homebuilding operations	0	0
Notes payable - financial services operations	186,396	245,741
Senior Notes due 2028 (a)	373,000	353,500
Senior Notes due 2030 (a)	257,250	240,750
Whole Loan contracts for committed IRLCs and mortgage loans held for sale	274	377
Forward sales of mortgage-backed securities	$ 0	$ 3,005

Fair Value Measurements Fair _2

Fair Value Measurements Fair Value of Financial Instrument Assumptions (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Nov. 11, 2023	Sep. 18, 2023
Revolving Credit Facility [Member]
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 650
Line of Credit Facility, Maximum Borrowing Capacity	$ 800
Line of Credit Facility, Initiation Date	Jul. 18, 2013
Basis point spread on variable rate under Credit Facility	1.75%
Warehousing Agreement - Fourth Amended and Restated
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 200	$ 300	$ 275
Line of Credit Facility, Initiation Date	May 26, 2023
Basis point spread on variable rate under Credit Facility	1.65%
Repurchase Agreement-Fifth Amendment to Second Amendment and Restated
Fair Value of Financial Instrument Assumptions [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 90
Line of Credit Facility, Initiation Date	Oct. 30, 2017

Guarantees and Indemnificatio_2

Guarantees and Indemnifications Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Guarantees [Abstract]
Total of Loans Covered by Guarantees	$ 499.4	$ 360.4
Total of Guaranteed Loans Inquired About	4.6	2.4
Loan Repurchase Guarantee Liability	$ 1.3	$ 0.7

Commitments and Contingencies W

Commitments and Contingencies Warranty Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Warranty Accrual Rollforward [Abstract]
Warranty reserves, beginning of period	$ 33,193	$ 29,472	$ 32,902	$ 29,728
Warranty expense on homes delivered during the period	5,378	5,546	10,752	10,106
Changes in estimates for pre-existing warranties	1,058	907	1,700	1,178
Settlements made during the period	(6,110)	(5,955)	(11,835)	(11,042)
Warranty reserves, end of period	$ 33,519	$ 29,970	$ 33,519	$ 29,970

Commitments and Contingencies_2

Commitments and Contingencies Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies [Abstract]
Letters of credit and completion bonds	$ 391,000
Performance bonds outstanding	301,700
Performance letters of credit outstanding	71,500
Financial letters of credit	9,700
Financial letters of credit representing deposits on land and lot purchase agreements	9,200
Financial Bonds	4,800
Corporate Notes	3,300
Unrecorded conditional purchase obligation	$ 848,300

Commitments and Contingencies L

Commitments and Contingencies Legal Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Legal Reserve	$ 1.1	$ 1.2

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 16.4	$ 16.4
Pinnacle Homes [Member]
Business Acquisition [Line Items]
Goodwill			$ 16.4

Debt Debt (Details)

Debt Debt (Details) $ in Thousands	6 Months Ended
Debt Debt (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount	$ 1,810,000
Notes payable bank - homebuilding operations	0
letters of credit outstanding under credit facility	81,200
Maximum borrowing availability subject to limit	568,800
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 650,000
Line of Credit Facility, Expiration Date	Dec. 09, 2026
Line of Credit Facility, Maximum Borrowing Capacity	$ 800,000
Libor Floor	0.25%
Sub-limit for letters of credit	$ 250,000
Basis point spread on variable rate under Credit Facility	1.75%
2028 Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	4.95%
2030 Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	3.95%

Debt MIF Warehousing Agreement

Debt MIF Warehousing Agreement (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Nov. 11, 2023	Sep. 18, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum Borrowing Availability under all Credit Lines	$ 290,000			$ 390,000
Notes payable bank - financial service operations	$ 186,396			$ 245,741
Warehousing Agreement - Fourth Amended and Restated
Debt Instrument [Line Items]
Line of Credit Facility, Initiation Date	May 26, 2023
Line of Credit Facility, Expiration Date	May 24, 2024
Basis point spread on variable rate under warehouse	1.65%
Line of Credit Facility, Maximum Borrowing Capacity	$ 200,000	$ 300,000	$ 275,000
SOFR	0.50%
Repurchase Agreement-Fifth Amendment to Second Amendment and Restated
Debt Instrument [Line Items]
Line of Credit Facility, Initiation Date	Oct. 30, 2017
Line of Credit Facility, Expiration Date	Oct. 23, 2023
Line of Credit Facility, Maximum Borrowing Capacity	$ 90,000
SOFR - Loan Type 2	2.375%
SOFR	2.75%
Minimum [Member] \| Repurchase Agreement-Fifth Amendment to Second Amendment and Restated
Debt Instrument [Line Items]
Basis point spread on variable rate under warehouse	1.50%
Maximum [Member] \| Repurchase Agreement-Fifth Amendment to Second Amendment and Restated
Debt Instrument [Line Items]
Basis point spread on variable rate under warehouse	2%

Debt Senior Notes (Details)

Debt Senior Notes (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended		24 Months Ended	48 Months Ended
Debt Senior Notes (Details) - USD ($) $ in Thousands	Feb. 15, 2030	Jun. 30, 2023	Jan. 31, 2026	Jan. 31, 2025	Feb. 01, 2028	Jan. 31, 2024	Dec. 31, 2022
Debt Instrument [Line Items]
Restricted Payments Basket		$ 747,500					$ 661,700
2028 Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 400,000
Debt Instrument, Interest Rate, Stated Percentage		4.95%
Debt Instrument, Maturity Date		Feb. 01, 2028
Debt Instrument, Redemption Price, Percentage			101.238%	102.475%	100%	103.713%
2030 Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 300,000
Debt Instrument, Interest Rate, Stated Percentage		3.95%
Debt Instrument, Maturity Date		Feb. 15, 2030
Debt Instrument, Redemption Price, Percentage	100%
Base of restricted payments basket income calculation [Member]
Debt Instrument [Line Items]
Other Restrictions on Payment of Dividends		$ 125,000
Percentage of our aggregate consolidated net income added to base amount of calculation [Member]
Debt Instrument [Line Items]
Percent restrictions on payment of dividends		50%
Percentage of our aggregate consolidated net income subtracted from base amount of calculation [Member]
Debt Instrument [Line Items]
Percent restrictions on payment of dividends		100%
Percentage of net cash proceeds from sale of qualified equity interests added to base and income/loss amount in calculation [Member]
Debt Instrument [Line Items]
Percent restrictions on payment of dividends		100%

Earnings per Share Earnings p_2

Earnings per Share Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 118,001	$ 136,838	$ 221,067	$ 228,677
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	27,792	28,041	27,698	28,231
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Incremental Common Shares Attributable to Stock Options	516	246	451	287
Deferred Compensation Awards	316	303	320	308
Diluted Weighted Average Number of Shares Outstanding	28,624	28,590	28,469	28,826
Earnings Per Share, Basic	$ 4.25	$ 4.88	$ 7.98	$ 8.10
Earnings Per Share, Diluted	$ 4.12	$ 4.79	$ 7.77	$ 7.93
Anti-dilutive stock equivalent awards not included in the calculation of diluted loss per share	0	908	8	784

Income Taxes Income Tax (Narrat

Income Taxes Income Tax (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Valuation Allowance [Line Items]
Provision for income taxes	$ 37,356	$ 45,335	$ 70,272	$ 75,746
Effective Income Tax Rate Reconciliation, Percent	24%	24.90%	24.10%	24.90%
Effective Income Tax Rate Reconciliation, Tax Credit, Amount			$ 900
Share-based Payment Arrangement, Expense, Tax Benefit	$ (1,000)		$ (1,600)

Business Segments Business Se_2

Business Segments Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 1,014,013	$ 1,040,654	$ 2,014,543	$ 1,901,465
Operating Income	150,659	182,865	285,245	305,770
Interest expense		693		1,364
Interest income	(4,670)		(6,059)
Equity in loss (income) from joint venture arrangements	(28)	(1)	(35)	(17)
Income before income taxes	155,357	182,173	291,339	304,423
Northern Homebuilding [Member]
Segment Reporting Information [Line Items]
Revenue	383,886	472,814	766,616	826,600
Operating Income	46,853	74,078	86,013	114,294
Interest expense		0		0
Interest income	(47)		(93)
Southern Homebuilding [Member]
Segment Reporting Information [Line Items]
Revenue	604,861	548,466	1,197,380	1,031,380
Operating Income	109,912	120,024	207,524	204,317
Interest income	(203)	0	(205)	(2)
Financial Service
Segment Reporting Information [Line Items]
Revenue	25,266	19,374	50,547	43,485
Operating Income	13,743	9,608	28,711	23,541
Interest expense	2,584	941	4,911	1,819
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Selling, general and administrative expenses	(19,849)	(20,845)	(37,003)	(36,382)
Interest income	$ (7,004)	$ (248)	$ (10,672)	$ (453)

Business Segments Business Se_3

Business Segments Business Segments - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	$ 54,519	$ 55,739
Inventory	2,632,495	2,772,863
Investment in joint venture arrangements	41,988	51,554
Other assets	1,132,747	834,767
Total assets	3,861,749	3,714,923
Northern Homebuilding [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	7,923	8,138
Inventory	975,315	1,100,472
Investment in joint venture arrangements	0	0
Other assets	40,315	38,265
Total assets	1,023,553	1,146,875
Southern Homebuilding [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	46,596	47,601
Inventory	1,657,180	1,672,391
Investment in joint venture arrangements	41,988	51,554
Other assets	119,319	103,182
Total assets	1,865,083	1,874,728
Corporate, Financial Services and Unallocated [Member]
Segment Reporting Information [Line Items]
Deposits on real estate under option or contract	0	0
Inventory	0	0
Investment in joint venture arrangements	0	0
Other assets	973,113	693,320
Total assets	$ 973,113	$ 693,320

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 17, 2022	Jul. 28, 2021
Share Repurchase Program [Abstract]
Stock Repurchase Program, Authorized Amount	$ 200,000		$ 200,000			$ 100,000
Repurchase of common shares, shares	0.2
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 77,900		77,900
Stock Repurchase Program, Authorized Amount increase/decrease					$ 100,000
Repurchase of common shares	$ 15,207	$ 24,842	$ 15,207	$ 40,235

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 1,014,013	$ 1,040,654	$ 2,014,543	$ 1,901,465
(Gain) Loss on Hedging Activity	$ (100)	$ 18,300	$ 4,100	$ 26,500
Homebuilding operations percent of total revenue	98%	98%	97%	98%
Construction [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 980,198	$ 1,017,906	$ 1,955,144	$ 1,851,069
Land [Member]
Disaggregation of Revenue [Line Items]
Revenues	8,549	3,374	8,852	6,911
Financial Service
Disaggregation of Revenue [Line Items]
Revenues	$ 25,266	$ 19,374	$ 50,547	$ 43,485