$MHO
M/I HOMES, INC. Stock $mho

$mho Overview Financials Valuation SEC Filings Company Website

2018 Q3 Form 10-Q Financial Statement

#000079929218000040 Filed on October 26, 2018

Income Statement

Concept	2018 Q3	2017 Q3
Revenue	$567.8M	$476.4M
YoY Change	19.19%	7.67%
Cost Of Revenue	$452.0M	$374.7M
YoY Change	20.64%	3.05%
Gross Profit	$115.8M	$101.8M
YoY Change	13.82%	29.08%
Gross Profit Margin	20.4%	21.36%
Selling, General & Admin	$71.95M	$62.47M
YoY Change	15.17%	9.94%
% of Gross Profit	62.13%	61.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$3.000M	$2.800M
YoY Change	7.14%	3.7%
% of Gross Profit	2.59%	2.75%
Operating Expenses	$71.95M	$62.47M
YoY Change	15.17%	9.94%
Operating Profit	$43.86M	$39.28M
YoY Change	11.67%	78.48%
Interest Expense	$4.426M	$4.675M
YoY Change	-5.33%	30.33%
% of Operating Profit	10.09%	11.9%
Other Income/Expense, Net
YoY Change
Pretax Income	$39.48M	$34.67M
YoY Change	13.86%	88.0%
Income Tax	$10.20M	$12.35M
% Of Pretax Income	25.83%	35.61%
Net Earnings	$29.28M	$22.33M
YoY Change	31.15%	104.05%
Net Earnings / Revenue	5.16%	4.69%
Basic Earnings Per Share	$1.03	$0.74
Diluted Earnings Per Share	$1.01	$0.64
COMMON SHARES
Basic Shares Outstanding	28.47M shares	25.58M shares
Diluted Shares Outstanding	28.91M shares	30.68M shares

Balance Sheet

Concept	2018 Q3	2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$36.40M	$103.6M
YoY Change	-64.86%	364.57%
Cash & Equivalents	$36.36M	$103.6M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory	$1.752B	$1.456B
Prepaid Expenses
Receivables	$115.2M	$92.00M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$1.903B	$1.651B
YoY Change	15.24%	22.96%
LONG-TERM ASSETS
Property, Plant & Equipment	$28.69M	$25.32M
YoY Change	13.31%	16.19%
Goodwill	$16.40M
YoY Change
Intangibles
YoY Change
Long-Term Investments	$24.57M	$22.98M
YoY Change	6.91%	-13.37%
Other Assets	$16.90M	$29.60M
YoY Change	-42.91%	-27.63%
Total Long-Term Assets	$155.2M	$133.3M
YoY Change	16.46%	-13.58%
TOTAL ASSETS
Total Short-Term Assets	$1.903B	$1.651B
Total Long-Term Assets	$155.2M	$133.3M
Total Assets	$2.058B	$1.785B
YoY Change	15.33%	19.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$148.4M	$120.6M
YoY Change	23.05%	9.44%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$188.8M	$151.2M
YoY Change	24.87%	-21.86%
LONG-TERM LIABILITIES
Long-Term Debt	$879.6M	$774.2M
YoY Change	13.61%	36.86%
Other Long-Term Liabilities	$154.6M	$136.4M
YoY Change	13.34%	28.2%
Total Long-Term Liabilities	$1.034B	$910.6M
YoY Change	13.57%	35.49%
TOTAL LIABILITIES
Total Short-Term Liabilities	$188.8M	$151.2M
Total Long-Term Liabilities	$1.034B	$910.6M
Total Liabilities	$1.223B	$1.062B
YoY Change	15.2%	22.65%
SHAREHOLDERS EQUITY
Retained Earnings	$548.6M	$457.4M
YoY Change	19.92%	17.95%
Common Stock	$328.8M	$305.0M
YoY Change	7.8%	25.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$42.19M	$39.48M
YoY Change	6.86%	-17.98%
Treasury Stock Shares	2.004M shares	1.988M shares
Shareholders Equity	$835.2M	$723.0M
YoY Change
Total Liabilities & Shareholders Equity	$2.058B	$1.785B
YoY Change	15.33%	19.2%

Cashflow Statement

Concept	2018 Q3	2017 Q3
OPERATING ACTIVITIES
Net Income	$29.28M	$22.33M
YoY Change	31.15%	104.05%
Depreciation, Depletion And Amortization	$3.000M	$2.800M
YoY Change	7.14%	3.7%
Cash From Operating Activities	-$54.20M	-$26.70M
YoY Change	103.0%	85.42%
INVESTING ACTIVITIES
Capital Expenditures	-$1.300M	-$4.100M
YoY Change	-68.29%	583.33%
Acquisitions
YoY Change
Other Investing Activities	-$16.20M	-$1.800M
YoY Change	800.0%	-58.14%
Cash From Investing Activities	-$17.40M	-$6.100M
YoY Change	185.25%	24.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	40.20M	106.4M
YoY Change	-62.22%	744.44%
NET CHANGE
Cash From Operating Activities	-54.20M	-26.70M
Cash From Investing Activities	-17.40M	-6.100M
Cash From Financing Activities	40.20M	106.4M
Net Change In Cash	-31.40M	73.60M
YoY Change	-142.66%	-1198.51%
FREE CASH FLOW
Cash From Operating Activities	-$54.20M	-$26.70M
Capital Expenditures	-$1.300M	-$4.100M
Free Cash Flow	-$52.90M	-$22.60M
YoY Change	134.07%	63.77%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2018
	mho	Incremental Common Shares Attributable To Deferred Compensation IncrementalCommonSharesAttributableToDeferredCompensation	202000	shares
	us-gaap	Equity Method Investment Other Than Temporary Impairment EquityMethodInvestmentOtherThanTemporaryImpairment	0	USD
	dei	Amendment Flag AmendmentFlag	false
	dei	Document Period End Date DocumentPeriodEndDate	2018-09-30
	dei	Document Type DocumentType	10-Q
	dei	Entity Central Index Key EntityCentralIndexKey	0000799292
CY2018Q4	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	27923936	shares
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
	dei	Entity Filer Category EntityFilerCategory	Accelerated Filer
	dei	Entity Registrant Name EntityRegistrantName	M I HOMES INC
	dei	Entity Small Business EntitySmallBusiness	false
CY2017Q4	mho	Amount Reserved For Legal Expenses AmountReservedForLegalExpenses	400000	USD
CY2017Q4	mho	A2018 Convertible Subordinated Debt A2018ConvertibleSubordinatedDebt	86132000	USD
CY2018Q3	mho	A2018 Convertible Subordinated Debt A2018ConvertibleSubordinatedDebt	0	USD
CY2018Q3	mho	Aggregate Capacity Of Secured Letters Of Credit Under Credit Facility AggregateCapacityOfSecuredLettersOfCreditUnderCreditFacility	1000000	USD
	mho	Amortization Of Intangibles And Debt Discount And Debt Issue Costs AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts	2632000	USD
	mho	Amortization Of Intangibles And Debt Discount And Debt Issue Costs AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts	2110000	USD
CY2018Q3	mho	Amount Reserved For Legal Expenses AmountReservedForLegalExpenses	200000	USD
CY2017Q4	mho	Best Effort Contracts And Related Mortgage Loans Held For Sale BestEffortContractsAndRelatedMortgageLoansHeldForSale	80956000	USD
CY2018Q3	mho	Best Effort Contracts And Related Mortgage Loans Held For Sale BestEffortContractsAndRelatedMortgageLoansHeldForSale	11015000	USD
CY2017Q4	mho	Community Development District CommunityDevelopmentDistrict	13049000	USD
CY2018Q3	mho	Community Development District CommunityDevelopmentDistrict	16101000	USD
	mho	Community Development District Infrastructure CommunityDevelopmentDistrictInfrastructure	4822000	USD
	mho	Community Development District Infrastructure CommunityDevelopmentDistrictInfrastructure	3052000	USD
CY2017Q4	mho	Community Development District Obligations CommunityDevelopmentDistrictObligations	13049000	USD
CY2018Q3	mho	Community Development District Obligations CommunityDevelopmentDistrictObligations	16101000	USD
CY2017Q4	mho	Consolidated Inventory Not Owned ConsolidatedInventoryNotOwned	21545000	USD
CY2018Q3	mho	Consolidated Inventory Not Owned ConsolidatedInventoryNotOwned	21897000	USD
	mho	Consolidated Inventory Not Owned Obligation ConsolidatedInventoryNotOwnedObligation	14675000	USD
	mho	Consolidated Inventory Not Owned Obligation ConsolidatedInventoryNotOwnedObligation	352000	USD
	mho	Corporate Federal Tax Rate CorporateFederalTaxRate	0.35	Rate
	mho	Corporate Federal Tax Rate CorporateFederalTaxRate	0.21	Rate
	mho	Deferral Of Executive And Director Compensation DeferralOfExecutiveAndDirectorCompensation	184000	USD
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	mho	Distribution Of Single Family Lots From Unconsolidated Llcs DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs	11839000	USD
	mho	Distribution Of Single Family Lots From Unconsolidated Llcs DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs	16036000	USD
CY2017Q3	mho	Equity In Income Loss Of Subsidiaries EquityInIncomeLossOfSubsidiaries	0	USD
	mho	Equity In Income Loss Of Subsidiaries EquityInIncomeLossOfSubsidiaries	0	USD
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	mho	Equity In Income Loss Of Subsidiaries EquityInIncomeLossOfSubsidiaries	0	USD
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CY2018Q3	mho	Financial Letters Of Credit FinancialLettersOfCredit	10600000	USD
CY2017Q4	mho	Forward Sales Of Mortgage Backed Securities Related To Mortgage Loans Held For Sale ForwardSalesOfMortgageBackedSecuritiesRelatedToMortgageLoansHeldForSale	91000000	USD
CY2018Q3	mho	Forward Sales Of Mortgage Backed Securities Related To Mortgage Loans Held For Sale ForwardSalesOfMortgageBackedSecuritiesRelatedToMortgageLoansHeldForSale	103000000	USD
CY2017Q4	mho	Forward Sales Of Mortgage Backed Securities Related To Uncommitted Interest Rate Lock Commitments ForwardSalesOfMortgageBackedSecuritiesRelatedToUncommittedInterestRateLockCommitments	53000000	USD
CY2018Q3	mho	Forward Sales Of Mortgage Backed Securities Related To Uncommitted Interest Rate Lock Commitments ForwardSalesOfMortgageBackedSecuritiesRelatedToUncommittedInterestRateLockCommitments	143000000	USD
CY2017Q3	mho	Gain Loss On Assets And Liabilities Measured On Recurring Basis GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis	-211000	USD
	mho	Gain Loss On Assets And Liabilities Measured On Recurring Basis GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis	4713000	USD
CY2018Q3	mho	Gain Loss On Assets And Liabilities Measured On Recurring Basis GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis	513000	USD
	mho	Gain Loss On Assets And Liabilities Measured On Recurring Basis GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis	1569000	USD
	mho	Increase In Investment In Llcs And Other Joint Agreements IncreaseInInvestmentInLlcsAndOtherJointAgreements	4100000	USD
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	mho	Incremental Common Shares Attributable To Stock Options IncrementalCommonSharesAttributableToStockOptions	302000	shares
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	mho	Incremental Common Shares Attributable To Deferred Compensation IncrementalCommonSharesAttributableToDeferredCompensation	207000	shares
CY2018Q3	mho	Incremental Common Shares Attributable To Deferred Compensation IncrementalCommonSharesAttributableToDeferredCompensation	217000	shares
CY2018Q3	mho	Incremental Common Shares Attributable To Stock Options IncrementalCommonSharesAttributableToStockOptions	220000	shares
	mho	Incremental Common Shares Attributable To Stock Options IncrementalCommonSharesAttributableToStockOptions	346000	shares
	mho	Intercompany Financing IntercompanyFinancing	0	USD
	mho	Intercompany Financing IntercompanyFinancing	0	USD
	mho	Intercompany Investing IntercompanyInvesting	0	USD
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CY2017Q4	mho	Intercompanyliabilities Intercompanyliabilities	0	USD
CY2018Q3	mho	Intercompanyliabilities Intercompanyliabilities	0	USD
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CY2017Q4	mho	Inventory Segments InventorySegments	1382018000	USD
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CY2017Q3	mho	Land And Housing Costs LandAndHousingCosts	374673000	USD
	mho	Land And Housing Costs LandAndHousingCosts	1062552000	USD
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	mho	Land And Housing Costs LandAndHousingCosts	1250067000	USD
CY2017Q4	mho	Land Purchase Deposits LandPurchaseDeposits	32556000	USD
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CY2018Q3	mho	Letters Of Credit And Bonds LettersOfCreditAndBonds	205900000	USD
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CY2018Q3	mho	Model Home Accumulated Depreciation ModelHomeAccumulatedDepreciation	14194000	USD
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CY2018Q3	mho	Notional Amount Of Uncommitted Interest Rate Lock Commitments NotionalAmountOfUncommittedInterestRateLockCommitments	135450000	USD
CY2017Q4	mho	Number Of Speculative Homes NumberOfSpeculativeHomes	1134
CY2018Q3	mho	Number Of Speculative Homes NumberOfSpeculativeHomes	1436	homes
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	mho	Return Of Investment From Unconsolidated Llcs ReturnOfInvestmentFromUnconsolidatedLlcs	1833000	USD
	mho	Return Of Investment From Unconsolidated Llcs ReturnOfInvestmentFromUnconsolidatedLlcs	676000	USD
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CY2018Q3	mho	Total Loans Indemnified TotalLoansIndemnified	1000000	USD
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	us-gaap	Costs And Expenses CostsAndExpenses	1466913000	USD
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	us-gaap	Depreciation Depreciation	8064000	USD
CY2017Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.74
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	2.00
CY2018Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	1.03
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	2.65
CY2017Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.64
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.73
CY2018Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.01
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	2.56
CY2017Q3	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.356	Rate
CY2017Q3	us-gaap	Equity Method Investment Other Than Temporary Impairment EquityMethodInvestmentOtherThanTemporaryImpairment	0	USD
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.348	Rate
CY2018Q3	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.258	Rate
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.223	Rate
CY2018Q3	us-gaap	Equity Method Investment Other Than Temporary Impairment EquityMethodInvestmentOtherThanTemporaryImpairment	0	USD
	us-gaap	Equity Method Investment Other Than Temporary Impairment EquityMethodInvestmentOtherThanTemporaryImpairment	0	USD
CY2017Q4	us-gaap	Equity Method Investments EquityMethodInvestments	20525000	USD
CY2018Q3	us-gaap	Equity Method Investments EquityMethodInvestments	24568000	USD
CY2017Q3	us-gaap	Gain Loss On Oil And Gas Hedging Activity GainLossOnOilAndGasHedgingActivity	-1200000	USD
	us-gaap	Gain Loss On Oil And Gas Hedging Activity GainLossOnOilAndGasHedgingActivity	1300000	USD
CY2018Q3	us-gaap	Gain Loss On Oil And Gas Hedging Activity GainLossOnOilAndGasHedgingActivity	-200000	USD
	us-gaap	Gain Loss On Oil And Gas Hedging Activity GainLossOnOilAndGasHedgingActivity	3000000	USD
CY2017Q3	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	31337000	USD
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	89209000	USD
CY2018Q3	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	36897000	USD
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	99514000	USD
CY2017Q4	us-gaap	Goodwill Goodwill	0	USD
CY2018Q3	us-gaap	Goodwill Goodwill	16400000	USD
CY2017Q3	us-gaap	Impairment Charge On Reclassified Assets ImpairmentChargeOnReclassifiedAssets	0	USD
	us-gaap	Impairment Charge On Reclassified Assets ImpairmentChargeOnReclassifiedAssets	0	USD
CY2018Q3	us-gaap	Impairment Charge On Reclassified Assets ImpairmentChargeOnReclassifiedAssets	0	USD
	us-gaap	Impairment Charge On Reclassified Assets ImpairmentChargeOnReclassifiedAssets	0	USD
CY2017Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	34673000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	86193000	USD
CY2018Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	39480000	USD
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	96884000	USD
CY2017Q3	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	71000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	198000	USD
CY2018Q3	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	44000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	268000	USD
CY2017Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	12346000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	29994000	USD
CY2018Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	10198000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	21628000	USD
	us-gaap	Income Tax Reconciliation Tax Credits IncomeTaxReconciliationTaxCredits	3000000	USD
	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	27702000	USD
	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	17784000	USD
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	17386000	USD
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	20660000	USD
	us-gaap	Increase Decrease In Accrued Salaries IncreaseDecreaseInAccruedSalaries	-9341000	USD
	us-gaap	Increase Decrease In Accrued Salaries IncreaseDecreaseInAccruedSalaries	-10199000	USD
	us-gaap	Increase Decrease In Customer Deposits IncreaseDecreaseInCustomerDeposits	8427000	USD
	us-gaap	Increase Decrease In Customer Deposits IncreaseDecreaseInCustomerDeposits	9914000	USD
	us-gaap	Increase Decrease In Deferred Income Taxes IncreaseDecreaseInDeferredIncomeTaxes	-1306000	USD
	us-gaap	Increase Decrease In Deferred Income Taxes IncreaseDecreaseInDeferredIncomeTaxes	-1513000	USD
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	212660000	USD
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	221279000	USD
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	-4763000	USD
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	6447000	USD
	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-4600000	USD
	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-10312000	USD
CY2017Q3	us-gaap	Interest Costs Incurred InterestCostsIncurred	10853000	USD
	us-gaap	Interest Costs Incurred InterestCostsIncurred	29087000	USD
CY2018Q3	us-gaap	Interest Costs Incurred InterestCostsIncurred	12473000	USD
	us-gaap	Interest Costs Incurred InterestCostsIncurred	36389000	USD
CY2017Q3	us-gaap	Interest Expense InterestExpense	4675000	USD
	us-gaap	Interest Expense InterestExpense	13847000	USD
CY2018Q3	us-gaap	Interest Expense InterestExpense	4426000	USD
	us-gaap	Interest Expense InterestExpense	15192000	USD
	us-gaap	Interest Paid Net InterestPaidNet	15386000	USD
	us-gaap	Interest Paid Net InterestPaidNet	21833000	USD
CY2017Q4	us-gaap	Inventory Homes Under Construction InventoryHomesUnderConstruction	579051000	USD
CY2018Q3	us-gaap	Inventory Homes Under Construction InventoryHomesUnderConstruction	831129000	USD
CY2017Q4	us-gaap	Inventory Land Held For Sale InventoryLandHeldForSale	6491000	USD
CY2018Q3	us-gaap	Inventory Land Held For Sale InventoryLandHeldForSale	14312000	USD
CY2017Q4	us-gaap	Inventory Real Estate InventoryRealEstate	1414574000	USD
CY2018Q3	us-gaap	Inventory Real Estate InventoryRealEstate	1751525000	USD
CY2017Q4	us-gaap	Inventory Real Estate Land And Land Development Costs InventoryRealEstateLandAndLandDevelopmentCosts	687260000	USD
CY2018Q3	us-gaap	Inventory Real Estate Land And Land Development Costs InventoryRealEstateLandAndLandDevelopmentCosts	754322000	USD
CY2017Q4	us-gaap	Investments In Affiliates Subsidiaries Associates And Joint Ventures InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures	0	USD
CY2018Q3	us-gaap	Investments In Affiliates Subsidiaries Associates And Joint Ventures InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures	0	USD
CY2017Q4	us-gaap	Letters Of Credit Outstanding Amount LettersOfCreditOutstandingAmount	49700000	USD
CY2018Q3	us-gaap	Letters Of Credit Outstanding Amount LettersOfCreditOutstandingAmount	48800000	USD
CY2017Q4	us-gaap	Liabilities Liabilities	1117473000	USD
CY2018Q3	us-gaap	Liabilities Liabilities	1223131000	USD
CY2017Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	1864771000	USD
CY2018Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	2058335000	USD
CY2017Q4	us-gaap	Line Of Credit LineOfCredit	0	USD
CY2018Q3	us-gaap	Line Of Credit LineOfCredit	222700000	USD
CY2017Q4	us-gaap	Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage	171580000	USD
CY2018Q3	us-gaap	Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage	115189000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	140285000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	80078000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-5065000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-121526000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-66025000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-73895000	USD
CY2017Q3	us-gaap	Net Income Loss NetIncomeLoss	22327000	USD
	us-gaap	Net Income Loss NetIncomeLoss	56199000	USD
CY2018Q3	us-gaap	Net Income Loss NetIncomeLoss	29282000	USD
	us-gaap	Net Income Loss NetIncomeLoss	75256000	USD
CY2017Q3	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	18852000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	50286000	USD
CY2018Q3	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	29282000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	75256000	USD
CY2017Q3	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	19706000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	52978000	USD
CY2018Q3	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	29282000	USD
	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	75664000	USD
CY2017Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	39277000	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	99842000	USD
CY2018Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	43862000	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	113508000	USD
CY2017Q4	us-gaap	Other Assets OtherAssets	61135000	USD
CY2018Q3	us-gaap	Other Assets OtherAssets	68677000	USD
CY2017Q4	us-gaap	Other Liabilities OtherLiabilities	131534000	USD
CY2018Q3	us-gaap	Other Liabilities OtherLiabilities	116651000	USD
CY2017Q4	us-gaap	Other Notes Payable OtherNotesPayable	10576000	USD
CY2018Q3	us-gaap	Other Notes Payable OtherNotesPayable	8838000	USD
	us-gaap	Payments For Origination Of Mortgage Loans Held For Sale PaymentsForOriginationOfMortgageLoansHeldForSale	732587000	USD
	us-gaap	Payments For Origination Of Mortgage Loans Held For Sale PaymentsForOriginationOfMortgageLoansHeldForSale	828400000	USD
	us-gaap	Payments For Proceeds From Mortgage Servicing Rights PaymentsForProceedsFromMortgageServicingRights	3873000	USD
	us-gaap	Payments For Proceeds From Mortgage Servicing Rights PaymentsForProceedsFromMortgageServicingRights	3649000	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	0	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	11085000	USD
	us-gaap	Payments For Repurchase Of Redeemable Preferred Stock PaymentsForRepurchaseOfRedeemablePreferredStock	-50400000	USD
CY2017	us-gaap	Payments For Repurchase Of Redeemable Preferred Stock PaymentsForRepurchaseOfRedeemablePreferredStock	-50420000	USD
	us-gaap	Payments Of Debt Issuance Costs PaymentsOfDebtIssuanceCosts	6572000	USD
	us-gaap	Payments Of Debt Issuance Costs PaymentsOfDebtIssuanceCosts	115000	USD
	us-gaap	Payments Of Dividends PaymentsOfDividends	3656000	USD
	us-gaap	Payments Of Dividends PaymentsOfDividends	0	USD
	us-gaap	Payments To Acquire Businesses Gross PaymentsToAcquireBusinessesGross	0	USD
	us-gaap	Payments To Acquire Businesses Gross PaymentsToAcquireBusinessesGross	100960000	USD
	us-gaap	Payments To Acquire Interest In Subsidiaries And Affiliates PaymentsToAcquireInterestInSubsidiariesAndAffiliates	8439000	USD
	us-gaap	Payments To Acquire Interest In Subsidiaries And Affiliates PaymentsToAcquireInterestInSubsidiariesAndAffiliates	20487000	USD
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	6017000	USD
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	5866000	USD
	us-gaap	Preferred Stock Dividend Rate Percentage PreferredStockDividendRatePercentage	0.0975
CY2017Q3	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	1218000	USD
	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	3656000	USD
CY2018Q3	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	0	USD
	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	0	USD
CY2018Q3	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2017Q3	us-gaap	Preferred Stock Redemption Premium PreferredStockRedemptionPremium	2257000	USD
	us-gaap	Preferred Stock Redemption Premium PreferredStockRedemptionPremium	2257000	USD
CY2018Q3	us-gaap	Preferred Stock Redemption Premium PreferredStockRedemptionPremium	0	USD
	us-gaap	Preferred Stock Redemption Premium PreferredStockRedemptionPremium	0	USD
CY2017Q3	us-gaap	Preferred Stock Redemption Price Per Share PreferredStockRedemptionPricePerShare	609.375
CY2018Q3	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	2000000	shares
CY2007Q1	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	4000	shares
	us-gaap	Proceeds From Bank Debt ProceedsFromBankDebt	366500000	USD
	us-gaap	Product Warranty Accrual Payments ProductWarrantyAccrualPayments	-13669000	USD
	us-gaap	Proceeds From Bank Debt ProceedsFromBankDebt	519900000	USD
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	20309000	USD
	us-gaap	Proceeds From Other Debt ProceedsFromOtherDebt	250000000	USD
	us-gaap	Proceeds From Other Debt ProceedsFromOtherDebt	0	USD
	us-gaap	Proceeds From Repayments Of Other Debt ProceedsFromRepaymentsOfOtherDebt	-2358000	USD
	us-gaap	Proceeds From Repayments Of Other Debt ProceedsFromRepaymentsOfOtherDebt	-1738000	USD
	us-gaap	Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess	-61620000	USD
	us-gaap	Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess	-64169000	USD
	us-gaap	Proceeds From Repurchase Of Equity ProceedsFromRepurchaseOfEquity	57500000	USD
	us-gaap	Proceeds From Repurchase Of Equity ProceedsFromRepurchaseOfEquity	20309000	USD
	us-gaap	Proceeds From Repurchase Of Redeemable Preferred Stock ProceedsFromRepurchaseOfRedeemablePreferredStock	50420000	USD
	us-gaap	Proceeds From Repurchase Of Redeemable Preferred Stock ProceedsFromRepurchaseOfRedeemablePreferredStock	0	USD
	us-gaap	Proceeds From Sale Of Mortgage Loans Held For Sale ProceedsFromSaleOfMortgageLoansHeldForSale	798946000	USD
	us-gaap	Proceeds From Sale Of Mortgage Loans Held For Sale ProceedsFromSaleOfMortgageLoansHeldForSale	884725000	USD
	us-gaap	Proceeds From Sale Of Mortgage Servicing Rights Msr ProceedsFromSaleOfMortgageServicingRightsMSR	7558000	USD
	us-gaap	Proceeds From Sale Of Mortgage Servicing Rights Msr ProceedsFromSaleOfMortgageServicingRightsMSR	5111000	USD
	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	4791000	USD
	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	426000	USD
CY2016Q4	us-gaap	Product Warranty Accrual ProductWarrantyAccrual	27732000	USD
CY2017Q2	us-gaap	Product Warranty Accrual ProductWarrantyAccrual	30303000	USD
CY2017Q3	us-gaap	Product Warranty Accrual ProductWarrantyAccrual	27068000	USD
CY2017Q4	us-gaap	Product Warranty Accrual ProductWarrantyAccrual	26133000	USD
CY2018Q2	us-gaap	Product Warranty Accrual ProductWarrantyAccrual	23279000	USD
CY2018Q3	us-gaap	Product Warranty Accrual ProductWarrantyAccrual	22541000	USD
CY2017Q3	us-gaap	Product Warranty Accrual Payments ProductWarrantyAccrualPayments	-6209000	USD
	us-gaap	Product Warranty Accrual Payments ProductWarrantyAccrualPayments	-18412000	USD
CY2018Q3	us-gaap	Product Warranty Accrual Payments ProductWarrantyAccrualPayments	-4508000	USD
	us-gaap	Product Warranty Accrual Period Increase Decrease ProductWarrantyAccrualPeriodIncreaseDecrease	28400000	USD
CY2017Q3	us-gaap	Product Warranty Accrual Period Increase Decrease ProductWarrantyAccrualPeriodIncreaseDecrease	0	USD
	us-gaap	Product Warranty Accrual Period Increase Decrease ProductWarrantyAccrualPeriodIncreaseDecrease	8500000	USD
CY2018Q3	us-gaap	Product Warranty Accrual Period Increase Decrease ProductWarrantyAccrualPeriodIncreaseDecrease	0	USD
	us-gaap	Product Warranty Accrual Period Increase Decrease ProductWarrantyAccrualPeriodIncreaseDecrease	0	USD
CY2017Q3	us-gaap	Product Warranty Accrual Preexisting Increase Decrease ProductWarrantyAccrualPreexistingIncreaseDecrease	92000	USD
	us-gaap	Product Warranty Accrual Preexisting Increase Decrease ProductWarrantyAccrualPreexistingIncreaseDecrease	1154000	USD
CY2018Q3	us-gaap	Product Warranty Accrual Preexisting Increase Decrease ProductWarrantyAccrualPreexistingIncreaseDecrease	417000	USD
	us-gaap	Product Warranty Accrual Preexisting Increase Decrease ProductWarrantyAccrualPreexistingIncreaseDecrease	882000	USD
CY2017Q3	us-gaap	Product Warranty Accrual Warranties Issued ProductWarrantyAccrualWarrantiesIssued	2882000	USD
	us-gaap	Product Warranty Accrual Warranties Issued ProductWarrantyAccrualWarrantiesIssued	8094000	USD
CY2018Q3	us-gaap	Product Warranty Accrual Warranties Issued ProductWarrantyAccrualWarrantiesIssued	3353000	USD
	us-gaap	Product Warranty Accrual Warranties Issued ProductWarrantyAccrualWarrantiesIssued	9195000	USD
CY2017Q3	us-gaap	Profit Loss ProfitLoss	22327000	USD
	us-gaap	Profit Loss ProfitLoss	56199000	USD
CY2018Q3	us-gaap	Profit Loss ProfitLoss	29282000	USD
	us-gaap	Profit Loss ProfitLoss	75256000	USD
CY2017Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	26816000	USD
CY2018Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	28691000	USD
CY2016Q4	us-gaap	Real Estate Inventory Capitalized Interest Costs RealEstateInventoryCapitalizedInterestCosts	16012000	USD
CY2017Q2	us-gaap	Real Estate Inventory Capitalized Interest Costs RealEstateInventoryCapitalizedInterestCosts	16465000	USD
CY2017Q3	us-gaap	Real Estate Inventory Capitalized Interest Costs RealEstateInventoryCapitalizedInterestCosts	17655000	USD
CY2017Q4	us-gaap	Real Estate Inventory Capitalized Interest Costs RealEstateInventoryCapitalizedInterestCosts	17169000	USD
CY2018Q2	us-gaap	Real Estate Inventory Capitalized Interest Costs RealEstateInventoryCapitalizedInterestCosts	19252000	USD
CY2018Q3	us-gaap	Real Estate Inventory Capitalized Interest Costs RealEstateInventoryCapitalizedInterestCosts	21021000	USD
CY2017Q3	us-gaap	Real Estate Inventory Capitalized Interest Costs Cost Of Sales1 RealEstateInventoryCapitalizedInterestCostsCostOfSales1	-4988000	USD
	us-gaap	Real Estate Inventory Capitalized Interest Costs Cost Of Sales1 RealEstateInventoryCapitalizedInterestCostsCostOfSales1	-13597000	USD
CY2018Q3	us-gaap	Real Estate Inventory Capitalized Interest Costs Cost Of Sales1 RealEstateInventoryCapitalizedInterestCostsCostOfSales1	-6278000	USD
	us-gaap	Real Estate Inventory Capitalized Interest Costs Cost Of Sales1 RealEstateInventoryCapitalizedInterestCostsCostOfSales1	-17345000	USD
CY2017Q3	us-gaap	Real Estate Inventory Capitalized Interest Costs Incurred RealEstateInventoryCapitalizedInterestCostsIncurred	6178000	USD
	us-gaap	Real Estate Inventory Capitalized Interest Costs Incurred RealEstateInventoryCapitalizedInterestCostsIncurred	15240000	USD
CY2018Q3	us-gaap	Real Estate Inventory Capitalized Interest Costs Incurred RealEstateInventoryCapitalizedInterestCostsIncurred	8047000	USD
	us-gaap	Real Estate Inventory Capitalized Interest Costs Incurred RealEstateInventoryCapitalizedInterestCostsIncurred	21197000	USD
	us-gaap	Repayments Of Bank Debt RepaymentsOfBankDebt	406800000	USD
	us-gaap	Repayments Of Bank Debt RepaymentsOfBankDebt	297200000	USD
	us-gaap	Repayments Of Other Debt RepaymentsOfOtherDebt	0	USD
	us-gaap	Repayments Of Other Debt RepaymentsOfOtherDebt	65941000	USD
	us-gaap	Repayments Of Senior Debt RepaymentsOfSeniorDebt	65941000	USD
CY2017Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	473329000	USD
CY2018Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	548585000	USD
CY2017Q3	us-gaap	Revenues Revenues	476423000	USD
	us-gaap	Revenues Revenues	1340269000	USD
CY2018Q3	us-gaap	Revenues Revenues	567842000	USD
	us-gaap	Revenues Revenues	1563797000	USD
CY2017Q3	us-gaap	Selling Expense SellingExpense	31136000	USD
	us-gaap	Selling Expense SellingExpense	88666000	USD
CY2018Q3	us-gaap	Selling Expense SellingExpense	35054000	USD
	us-gaap	Selling Expense SellingExpense	100708000	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	4034000	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	3771000	USD
CY2017Q3	us-gaap	Standard Product Warranty Accrual Period Increase Decrease StandardProductWarrantyAccrualPeriodIncreaseDecrease	0	USD
	us-gaap	Standard Product Warranty Accrual Period Increase Decrease StandardProductWarrantyAccrualPeriodIncreaseDecrease	8500000	USD
CY2018Q3	us-gaap	Standard Product Warranty Accrual Period Increase Decrease StandardProductWarrantyAccrualPeriodIncreaseDecrease	0	USD
	us-gaap	Standard Product Warranty Accrual Period Increase Decrease StandardProductWarrantyAccrualPeriodIncreaseDecrease	0	USD
	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	426000	USD
CY2018Q3	us-gaap	Stock Repurchase Program Authorized Amount1 StockRepurchaseProgramAuthorizedAmount1	50000000	USD
CY2018Q3	us-gaap	Stock Repurchase Program Remaining Authorized Repurchase Amount1 StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1	38900000	USD
CY2017Q4	us-gaap	Stockholders Equity StockholdersEquity	747298000	USD
CY2018Q3	us-gaap	Stockholders Equity StockholdersEquity	835204000	USD
CY2017Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	747298000	USD
CY2018Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	835204000	USD
CY2017Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	1651874	shares
CY2018Q3	us-gaap	Treasury Stock Shares TreasuryStockShares	2003778	shares
	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	-437490	shares
CY2017Q4	us-gaap	Treasury Stock Value TreasuryStockValue	32809000	USD
CY2018Q3	us-gaap	Treasury Stock Value TreasuryStockValue	42193000	USD
	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	-11085000	USD
CY2017Q4	us-gaap	Warehouse Agreement Borrowings WarehouseAgreementBorrowings	168195000	USD
CY2018Q3	us-gaap	Warehouse Agreement Borrowings WarehouseAgreementBorrowings	104026000	USD
CY2017Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	30675000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	30539000	shares
CY2018Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	28906000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	29511000	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	25581000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	25106000	shares
CY2018Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	28469000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	28389000	shares
	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;"> (the “</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K”).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K and “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q, as the same may be updated from time to time in our subsequent filings with the SEC. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Significant Accounting Policies</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We believe that there have been no significant changes to our significant accounting policies during the </font><font style="font-family:inherit;font-size:10pt;">quarter ended September 30, 2018</font><font style="font-family:inherit;font-size:10pt;"> as compared to those disclosed in our </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K, other than the changes described below.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition.</font><font style="font-family:inherit;font-size:10pt;">  On January 1, 2018, we adopted ASC 606, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts from Customers</font><font style="font-family:inherit;font-size:10pt;"> (“ASC 606”),</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">using the modified retrospective transition method, which includes a cumulative catch-up in retained earnings on the initial date of adoption for existing contracts (those that are not completed) as of, and new contracts after, January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition </font><font style="font-family:inherit;font-size:10pt;">(“ASC 605”)</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.</font><font style="font-family:inherit;font-size:10pt;"> We did not have any material adjustments to our 2018 results under ASC 606.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue from the sale of a home and revenue from the sale of land to third parties is recognized in the financial statements on the date of closing (point in time) if delivery has occurred, title has passed, all performance obligations have been met (please see definition of performance obligations below), 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 in exchange for the home or land.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 subservice 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). 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.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 contracts to sell homes 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 third party land contracts may include multiple performance obligations; however, revenue expected to be recognized 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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within general, selling and administrative expenses as part of our sales and marketing expenses. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents our revenues disaggregated by geography:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:684px;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:369px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:61px;" rowspan="1" colspan="1"></td><td style="width:3px;" rowspan="1" colspan="1"></td><td style="width:9px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:61px;" rowspan="1" colspan="1"></td><td style="width:3px;" rowspan="1" colspan="1"></td><td style="width:13px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:61px;" rowspan="1" colspan="1"></td><td style="width:3px;" rowspan="1" colspan="1"></td><td style="width:9px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:61px;" rowspan="1" colspan="1"></td><td style="width:3px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(In thousands)</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018 </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(a)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Midwest homebuilding</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">236,803</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">180,488</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">622,325</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">495,379</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Southern homebuilding</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">221,044</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">176,502</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">649,014</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">504,647</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Mid-Atlantic homebuilding</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">97,802</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">107,670</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">253,363</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">302,305</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Financial services </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(b)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">12,193</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">11,763</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">39,095</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">37,938</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">567,842</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">476,423</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">1,563,797</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,340,269</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:7.8pt;padding-left:0px;"><font style="font-family:inherit;font-size:7.8pt;">(a)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:7.8pt;"><font style="font-family:inherit;font-size:7.8pt;">As noted above, prior period amounts have not been adjusted under the cumulative catch-up transition method.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:7.8pt;padding-left:0px;"><font style="font-family:inherit;font-size:7.8pt;">(b)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:7.8pt;"><font style="font-family:inherit;font-size:7.8pt;">Revenues include </font><font style="font-family:inherit;font-size:7.8pt;">$0.2 million</font><font style="font-family:inherit;font-size:7.8pt;"> and </font><font style="font-family:inherit;font-size:7.8pt;">$1.2 million</font><font style="font-family:inherit;font-size:7.8pt;"> related to hedging losses for the </font><font style="font-family:inherit;font-size:7.8pt;">three months ended September 30, 2018</font><font style="font-family:inherit;font-size:7.8pt;"> and 2017. Revenues include </font><font style="font-family:inherit;font-size:7.8pt;">$3.0 million</font><font style="font-family:inherit;font-size:7.8pt;"> and </font><font style="font-family:inherit;font-size:7.8pt;">$1.3 million</font><font style="font-family:inherit;font-size:7.8pt;"> related to hedging gains for the </font><font style="font-family:inherit;font-size:7.8pt;">nine months ended September 30, 2018 and 2017</font><font style="font-family:inherit;font-size:7.8pt;">, respectively. Hedging gains (losses) do not represent revenues recognized from contracts with customers.</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents our revenues disaggregated by revenue source:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:684px;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:369px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:61px;" rowspan="1" colspan="1"></td><td style="width:3px;" rowspan="1" colspan="1"></td><td style="width:9px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:61px;" rowspan="1" colspan="1"></td><td style="width:3px;" rowspan="1" colspan="1"></td><td style="width:13px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:61px;" rowspan="1" colspan="1"></td><td style="width:3px;" rowspan="1" colspan="1"></td><td style="width:9px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:61px;" rowspan="1" colspan="1"></td><td style="width:3px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Dollars in thousands)</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018 </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(a)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2017</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Housing</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">554,820</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">459,342</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">1,518,278</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,289,893</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Land sales</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">829</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,318</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">6,424</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12,438</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Financial services </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(b)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">12,193</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">11,763</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">39,095</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">37,938</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">567,842</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">476,423</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">1,563,797</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,340,269</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:7.8pt;padding-left:0px;"><font style="font-family:inherit;font-size:7.8pt;">(a)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:7.8pt;"><font style="font-family:inherit;font-size:7.8pt;">As noted above, prior period amounts have not been adjusted under the cumulative catch-up transition method.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:7.8pt;padding-left:0px;"><font style="font-family:inherit;font-size:7.8pt;">(b)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:7.8pt;"><font style="font-family:inherit;font-size:7.8pt;">Revenues include </font><font style="font-family:inherit;font-size:7.8pt;">$0.2 million</font><font style="font-family:inherit;font-size:7.8pt;"> and </font><font style="font-family:inherit;font-size:7.8pt;">$1.2 million</font><font style="font-family:inherit;font-size:7.8pt;"> related to hedging losses for the </font><font style="font-family:inherit;font-size:7.8pt;">three months ended September 30, 2018</font><font style="font-family:inherit;font-size:7.8pt;"> and 2017. Revenues include </font><font style="font-family:inherit;font-size:7.8pt;">$3.0 million</font><font style="font-family:inherit;font-size:7.8pt;"> and </font><font style="font-family:inherit;font-size:7.8pt;">$1.3 million</font><font style="font-family:inherit;font-size:7.8pt;"> related to hedging gains for the </font><font style="font-family:inherit;font-size:7.8pt;">nine months ended September 30, 2018 and 2017</font><font style="font-family:inherit;font-size:7.8pt;">, respectively. Hedging gains (losses) do not represent revenues recognized from contracts with customers.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Goodwill.</font><font style="font-family:inherit;font-size:10pt;"> Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired and liabilities assumed in business combinations. Because the purchase price allocation is subject to change within a measurement period of up to one year from the acquisition date pursuant to ASC 805, in connection with the Company’s acquisition of the homebuilding assets and operations of Pinnacle Homes in Detroit, Michigan, the Company recorded a provisional amount of goodwill of approximately </font><font style="font-family:inherit;font-size:10pt;">$16.4 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">September 30, 2018</font><font style="font-family:inherit;font-size:10pt;">, which is included as Goodwill in our Unaudited Condensed Consolidated Balance Sheets. This provisional amount was based on the estimated fair values of the acquired assets and assumed liabilities at the date of the acquisition in accordance with ASC 350,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Intangibles, Goodwill and Other </font><font style="font-family:inherit;font-size:10pt;">(“ASC 350”). Please see </font><a style="font-family:inherit;font-size:10pt;" href="#sFD9209EF73C855828ADF47B6EDD3E9C8"><font style="font-family:inherit;font-size:10pt;">Note 7</font></a><font style="font-family:inherit;font-size:10pt;"> to the Company’s financial statements for further discussion.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Test for Goodwill Impairment</font><font style="font-family:inherit;font-size:10pt;">, which eliminates Step 2 from the goodwill impairment test in order to simplify the subsequent measurement of goodwill. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. As a result of this ASU, the Company will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit.  ASU 2017-04 is effective beginning January 1, 2020, with early adoption permitted, and applied prospectively. The Company elected to early adopt this ASU effective for the current reporting period in its impairment testing and analyses. The adoption of ASU 2017-04 on January 1, 2018 did not have an impact on the Company’s consolidated financial statements and disclosures as it will perform its annual goodwill impairment analysis during the fourth quarter of 2018 (as no indicators for impairment existed at </font><font style="font-family:inherit;font-size:10pt;">September 30, 2018</font><font style="font-family:inherit;font-size:10pt;">).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. When performing a qualitative assessment, the Company evaluates qualitative factors such as (1) macroeconomic conditions, such as a deterioration in general economic conditions; (2) industry and market considerations such as deterioration in the environment in which the entity operates; (3) cost factors such as increases in raw materials and labor costs; and (4) overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings, to determine if it is more-likely-than-not that the fair value of the 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.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The evaluation of goodwill for possible impairment includes estimating fair value using one or a combination of valuation techniques, such as discounted cash flows. These valuations require the Company to make estimates and assumptions regarding future operating results, cash flows, changes in capital expenditures, selling prices, profitability, and the cost of capital. Although the Company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce a materially different result.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Adopted Accounting Standards</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers </font><font style="font-family:inherit;font-size:10pt;">(“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in ASC 605 and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” ASU 2014-09’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU No. 2015-14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers: Deferral of the Effective Date</font><font style="font-family:inherit;font-size:10pt;">, which delayed the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended, is effective for public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subsequent to the issuance of ASU 2014-09, the FASB has issued several ASUs, such as ASU 2016-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</font><font style="font-family:inherit;font-size:10pt;">, ASU 2016-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing</font><font style="font-family:inherit;font-size:10pt;">, and ASU 2016-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients</font><font style="font-family:inherit;font-size:10pt;">. These ASUs do not change the core principle of the guidance stated in ASU 2014-09. Instead, these amendments are intended to clarify and improve the operability of certain topics addressed by ASU 2014-09. These additional ASUs have the same effective date and transition requirements as ASU 2014-09, as amended.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We adopted the standard, and the subsequently issued standards mentioned above, on January 1, 2018 using the modified retrospective transition method, which includes a cumulative catch-up in retained earnings on the initial date of adoption for existing contracts (those that are not completed) as of, and new contracts after, January 1, 2018. The adoption did not have a material impact on our consolidated financial statements. The amount and timing of our housing and land revenue remained substantially unchanged, and we did not have significant changes to our business processes, systems, or internal controls as a result of adopting the standard. The Company has developed the additional expanded disclosures required (please see our Significant Accounting Policies section above); however, the adoption did not have a material impact on its consolidated results of operations, financial position and cash flows.</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2017, the FASB issued ASU 2017-05, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets</font><font style="font-family:inherit;font-size:10pt;"> (“ASU 2017-05”). ASU 2017-05 is intended to clarify the scope of the original guidance within Subtopic 610-20 that was issued in connection with ASU 2014-09, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. ASU 2017-05 additionally added guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We were required to adopt ASU 2017-05 concurrent with the adoption of ASU 2014-09. The adoption of ASU 2017-05 did not have a material impact on the Company’s consolidated financial statements and disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments</font><font style="font-family:inherit;font-size:10pt;"> (“ASU 2016-15”). ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. For public entities, ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2016-15 did not modify the Company's current disclosures within the condensed consolidated statement of cash flows and did not have any impact on the Company’s consolidated financial statements and disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations (Topic 805): Clarifying the Definition of a Business</font><font style="font-family:inherit;font-size:10pt;"> (“ASU 2017-01”), which provides a more robust framework for determining whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the standard on January 1, 2018. The adoption of ASU 2017-01 did not have an impact on the Company’s consolidated financial statements and disclosures as the Company’s acquisition during the first quarter of 2018 met all requirements to be accounted for as a business acquisition.</font></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impact of New Accounting Standards</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;"> (“ASU 2016-02”). ASU 2016-02 will require organizations that lease assets - referred to as “lessees” - to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities will be expanded to include qualitative and specific quantitative information. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 mandates a modified retrospective transition method. The Company continues to evaluate the potential impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements and disclosures; however, because a large majority of our leases are for office space, which we have determined will be treated as operating leases under ASU 2016-02, we anticipate recording a right-of-use asset and related lease liability for these leases, but do not expect our expense recognition pattern to change.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU 2017-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities</font><font style="font-family:inherit;font-size:10pt;"> (“ASU 2017-08”), which shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public entities, ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not believe the adoption of ASU 2017-08 will have a material impact on the Company’s consolidated financial statements and disclosures.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> In January 2018, the FASB issued ASU 2018-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Land Easement Practical Expedient for Transition to Topic 842</font><font style="font-family:inherit;font-size:10pt;"> (“ASU 2018-01”), which provides an optional transition practical expedient to not evaluate under Topic 842 existing or expired land easements that were not previously accounted for as leases under the current lease guidance in Topic 840. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date the entity adopts Topic 842; otherwise, an entity should evaluate all existing or expired land easements in connection with the adoption of the new lease requirements in Topic 842 to assess whether they meet the definition of a lease. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in ASU 2016-02. This ASU is not expected to have a significant impact on the Company's expected impact of the adoption of ASU 2016-02 (discussed above) or its consolidated financial statements and disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2018, the FASB issued ASU 2018-05, which amends Income Taxes (Topic 740) by incorporating the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin 118 (“SAB 118”) issued on December 22, 2017. SAB 118 provides guidance on accounting for the effects of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). We recognized the income tax effects of the Tax Act in our 2017 financial statements in accordance with SAB 118. Please see </font><a style="font-family:inherit;font-size:10pt;" href="#s070F0B1DAF9C5B4286296EBD05F0C46A"><font style="font-family:inherit;font-size:10pt;">Note 10</font></a><font style="font-family:inherit;font-size:10pt;"> to our financial statements for additional disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2018, the FASB issued ASU 2018-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements </font><font style="font-family:inherit;font-size:10pt;">(“ASU 2018-09”). ASU 2018-09 amends a variety of topics in the FASB’s Accounting Standards Codification. The transition and effective date of the guidance are based on the facts and circumstances of each amendment. Some of the amendments in ASU 2018-09 do not require transition guidance and were effective upon issuance of ASU 2018-09. However, many of the amendments include transition guidance with effective dates for annual periods beginning after December 15, 2018. The Company does not believe the adoption of ASU 2018-09 will have a material impact on the Company’s consolidated financial statements and disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2018, the FASB issued ASU 2018-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 842, Leases.</font><font style="font-family:inherit;font-size:10pt;"> This ASU includes certain clarifications to address potential narrow-scope implementation issues which we are incorporating into our assessment and adoption of ASU 2016-02. The amendments in this ASU are effective in the same time-frame as ASU 2016-02 as discussed above.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2018, the FASB issued ASU 2018-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Targeted Improvements. </font><font style="font-family:inherit;font-size:10pt;">This ASU allows entities to not recast comparative periods in transition to ASC 842 and instead report the comparative periods presented in the period of adoption under ASC 840. The ASU also includes a practical expedient for lessors to not separate the lease and non-lease components of a contract. The amendments in this ASU are effective in the same time-frame as ASU 2016-02 as discussed above. We are incorporating this ASU into our assessment and adoption of ASU 2016-02.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU 2018-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement </font><font style="font-family:inherit;font-size:10pt;">(“ASU 2018-13”)</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.</font><font style="font-family:inherit;font-size:10pt;"> This ASU modifies the disclosure requirements for fair value measurements. This ASU removes the requirement to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For all entities, ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect that this guidance will have on our consolidated financial statements and disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU 2018-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) </font><font style="font-family:inherit;font-size:10pt;">(“ASU 2018-15”)</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.</font><font style="font-family:inherit;font-size:10pt;"> This ASU requires entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. The guidance may be applied retrospectively or prospectively to implementation costs incurred after the date of adoption. For public entities, ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect that this guidance will have on our consolidated financial statements and disclosures.</font></div></div>
	us-gaap	Description Of New Accounting Pronouncements Not Yet Adopted DescriptionOfNewAccountingPronouncementsNotYetAdopted	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impact of New Accounting Standards</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;"> (“ASU 2016-02”). ASU 2016-02 will require organizations that lease assets - referred to as “lessees” - to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities will be expanded to include qualitative and specific quantitative information. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 mandates a modified retrospective transition method. The Company continues to evaluate the potential impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements and disclosures; however, because a large majority of our leases are for office space, which we have determined will be treated as operating leases under ASU 2016-02, we anticipate recording a right-of-use asset and related lease liability for these leases, but do not expect our expense recognition pattern to change.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU 2017-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities</font><font style="font-family:inherit;font-size:10pt;"> (“ASU 2017-08”), which shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public entities, ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not believe the adoption of ASU 2017-08 will have a material impact on the Company’s consolidated financial statements and disclosures.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> In January 2018, the FASB issued ASU 2018-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Land Easement Practical Expedient for Transition to Topic 842</font><font style="font-family:inherit;font-size:10pt;"> (“ASU 2018-01”), which provides an optional transition practical expedient to not evaluate under Topic 842 existing or expired land easements that were not previously accounted for as leases under the current lease guidance in Topic 840. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date the entity adopts Topic 842; otherwise, an entity should evaluate all existing or expired land easements in connection with the adoption of the new lease requirements in Topic 842 to assess whether they meet the definition of a lease. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in ASU 2016-02. This ASU is not expected to have a significant impact on the Company's expected impact of the adoption of ASU 2016-02 (discussed above) or its consolidated financial statements and disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2018, the FASB issued ASU 2018-05, which amends Income Taxes (Topic 740) by incorporating the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin 118 (“SAB 118”) issued on December 22, 2017. SAB 118 provides guidance on accounting for the effects of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). We recognized the income tax effects of the Tax Act in our 2017 financial statements in accordance with SAB 118. Please see </font><a style="font-family:inherit;font-size:10pt;" href="#s070F0B1DAF9C5B4286296EBD05F0C46A"><font style="font-family:inherit;font-size:10pt;">Note 10</font></a><font style="font-family:inherit;font-size:10pt;"> to our financial statements for additional disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2018, the FASB issued ASU 2018-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements </font><font style="font-family:inherit;font-size:10pt;">(“ASU 2018-09”). ASU 2018-09 amends a variety of topics in the FASB’s Accounting Standards Codification. The transition and effective date of the guidance are based on the facts and circumstances of each amendment. Some of the amendments in ASU 2018-09 do not require transition guidance and were effective upon issuance of ASU 2018-09. However, many of the amendments include transition guidance with effective dates for annual periods beginning after December 15, 2018. The Company does not believe the adoption of ASU 2018-09 will have a material impact on the Company’s consolidated financial statements and disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2018, the FASB issued ASU 2018-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 842, Leases.</font><font style="font-family:inherit;font-size:10pt;"> This ASU includes certain clarifications to address potential narrow-scope implementation issues which we are incorporating into our assessment and adoption of ASU 2016-02. The amendments in this ASU are effective in the same time-frame as ASU 2016-02 as discussed above.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2018, the FASB issued ASU 2018-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Targeted Improvements. </font><font style="font-family:inherit;font-size:10pt;">This ASU allows entities to not recast comparative periods in transition to ASC 842 and instead report the comparative periods presented in the period of adoption under ASC 840. The ASU also includes a practical expedient for lessors to not separate the lease and non-lease components of a contract. The amendments in this ASU are effective in the same time-frame as ASU 2016-02 as discussed above. We are incorporating this ASU into our assessment and adoption of ASU 2016-02.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU 2018-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement </font><font style="font-family:inherit;font-size:10pt;">(“ASU 2018-13”)</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.</font><font style="font-family:inherit;font-size:10pt;"> This ASU modifies the disclosure requirements for fair value measurements. This ASU removes the requirement to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 requires disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For all entities, ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect that this guidance will have on our consolidated financial statements and disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU 2018-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) </font><font style="font-family:inherit;font-size:10pt;">(“ASU 2018-15”)</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.</font><font style="font-family:inherit;font-size:10pt;"> This ASU requires entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. The guidance may be applied retrospectively or prospectively to implementation costs incurred after the date of adoption. For public entities, ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect that this guidance will have on our consolidated financial statements and disclosures.</font></div></div>

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2018 Q3 Form 10-Q Financial Statement

#000079929218000040 Filed on October 26, 2018

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$MHO M/I HOMES, INC. Stock $mho

2018 Q3 Form 10-Q Financial Statement

#000079929218000040 Filed on October 26, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MHO
M/I HOMES, INC. Stock $mho