2019 Q2 Form 10-Q Financial Statement

#000079929219000041 Filed on July 26, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $623.7M $722.5M $558.1M
YoY Change 11.75% 16.21% 22.16%
Cost Of Revenue $503.9M $586.6M $449.3M
YoY Change 12.14% 17.67% 22.23%
Gross Profit $119.8M $130.0M $108.8M
YoY Change 10.18% 12.54% 21.84%
Gross Profit Margin 19.21% 18.0% 19.49%
Selling, General & Admin $73.62M $80.40M $70.26M
YoY Change 4.78% 4.82% 16.4%
% of Gross Profit 61.43% 61.83% 64.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.300M $3.100M $2.800M
YoY Change 17.86% 10.71% 16.67%
% of Gross Profit 2.75% 2.38% 2.57%
Operating Expenses $73.62M $80.40M $70.26M
YoY Change 4.78% 4.82% 16.4%
Operating Profit $46.21M $49.64M $38.51M
YoY Change 20.02% 27.77% 33.19%
Interest Expense $5.197M -$5.200M $4.888M
YoY Change 6.32% 10.64% 27.49%
% of Operating Profit 11.25% -10.48% 12.69%
Other Income/Expense, Net
YoY Change
Pretax Income $41.20M $44.40M $33.53M
YoY Change 22.88% 30.21% 33.14%
Income Tax $10.96M $12.00M $5.620M
% Of Pretax Income 26.59% 27.03% 16.76%
Net Earnings $30.25M $32.40M $27.91M
YoY Change 8.37% 103.77% 64.29%
Net Earnings / Revenue 4.85% 4.48% 5.0%
Basic Earnings Per Share $1.10 $1.17 $0.98
Diluted Earnings Per Share $1.08 $1.15 $0.96
COMMON SHARES
Basic Shares Outstanding 27.60M shares 27.77M shares 28.57M shares
Diluted Shares Outstanding 28.09M shares 28.18M shares 29.10M shares

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.40M $21.50M $67.80M
YoY Change -69.91% -85.83% 126.76%
Cash & Equivalents $20.39M $21.53M $67.82M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.764B $1.675B $1.653B
Prepaid Expenses
Receivables $123.9M $169.7M $108.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.908B $1.866B $1.828B
YoY Change 4.35% 7.35% 21.77%
LONG-TERM ASSETS
Property, Plant & Equipment $28.09M $29.40M $28.89M
YoY Change -2.74% 9.62% 29.79%
Goodwill $16.40M $16.40M $16.40M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $41.34M $35.87M $13.75M
YoY Change 200.62% 74.76% -39.88%
Other Assets $12.60M $13.50M $17.50M
YoY Change -28.0% -26.63% -41.86%
Total Long-Term Assets $181.4M $155.9M $142.2M
YoY Change 27.54% 22.87% 9.43%
TOTAL ASSETS
Total Short-Term Assets $1.908B $1.866B $1.828B
Total Long-Term Assets $181.4M $155.9M $142.2M
Total Assets $2.089B $2.022B $1.971B
YoY Change 6.02% 8.41% 20.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $154.1M $131.5M $141.5M
YoY Change 8.9% 12.2% 25.11%
Accrued Expenses $19.40M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $211.5M $163.6M $183.0M
YoY Change 15.57% 13.93% -8.59%
LONG-TERM LIABILITIES
Long-Term Debt $828.7M $821.0M $828.0M
YoY Change 0.08% 1.65% 35.03%
Other Long-Term Liabilities $144.8M $181.8M $143.6M
YoY Change 0.84% 9.45% 15.06%
Total Long-Term Liabilities $973.5M $1.003B $971.6M
YoY Change 0.2% 2.98% 31.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $211.5M $163.6M $183.0M
Total Long-Term Liabilities $973.5M $1.003B $971.6M
Total Liabilities $1.185B $1.166B $1.155B
YoY Change 2.63% 4.37% 23.08%
SHAREHOLDERS EQUITY
Retained Earnings $629.0M $581.0M $519.3M
YoY Change 21.12% 22.75% 18.4%
Common Stock $330.4M $330.8M $327.8M
YoY Change 0.79% 7.84% 33.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $55.07M $56.51M $31.11M
YoY Change 77.04% 72.23% -21.22%
Treasury Stock Shares 2.520M shares 2.621M shares 1.566M shares
Shareholders Equity $904.2M $855.3M $816.0M
YoY Change
Total Liabilities & Shareholders Equity $2.089B $2.022B $1.971B
YoY Change 6.02% 8.41% 20.79%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income $30.25M $32.40M $27.91M
YoY Change 8.37% 103.77% 64.29%
Depreciation, Depletion And Amortization $3.300M $3.100M $2.800M
YoY Change 17.86% 10.71% 16.67%
Cash From Operating Activities $33.20M $71.30M $11.50M
YoY Change 188.7% 428.15% -171.88%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$2.200M -$4.500M
YoY Change -75.56% -21.43% 400.0%
Acquisitions
YoY Change
Other Investing Activities -$9.100M -$10.10M -$2.000M
YoY Change 355.0% 405.0% 42.86%
Cash From Investing Activities -$10.20M -$12.50M -$6.400M
YoY Change 59.38% 165.96% 190.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -44.50M -73.70M 9.200M
YoY Change -583.7% -287.53% -2.13%
NET CHANGE
Cash From Operating Activities 33.20M 71.30M 11.50M
Cash From Investing Activities -10.20M -12.50M -6.400M
Cash From Financing Activities -44.50M -73.70M 9.200M
Net Change In Cash -21.50M -14.90M 14.30M
YoY Change -250.35% -130.98% -262.5%
FREE CASH FLOW
Cash From Operating Activities $33.20M $71.30M $11.50M
Capital Expenditures -$1.100M -$2.200M -$4.500M
Free Cash Flow $34.30M $73.50M $16.00M
YoY Change 114.38% 350.92% -205.96%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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20393000 USD
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264900000 USD
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1443
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us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
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us-gaap Basis Of Accounting
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Basis of Presentation<div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span 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 </span><span style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2018</span><span style="font-family:inherit;font-size:10pt;"> (the “</span><span style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2018</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K”).</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span 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 </span><span style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2018</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K, as the same may be updated from time to time in our subsequent filings with the SEC. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As a result of the Company's change in reportable segments, the Company recast certain prior year amounts in the condensed consolidated financial statements to conform with the 2019 presentation (see </span><a href="#sA2361EC62441546C9340DF6F35567ED5" style="font-family:inherit;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Note 11</span></a><span style="font-family:inherit;font-size:10pt;">). These reclassifications had no impact on the Company's results of operations. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Adopted Accounting Standards</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2016-02”), which requires 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 all lease agreements. 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 publicly traded companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Following the issuance of ASU 2016-02, the FASB issued ASU No. 2018-01, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Land Easement Practical Expedient for Transition to Topic 842</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2018-01”), ASU No. 2018-10, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 842, Leases </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-10”), ASU No. 2018-11, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Targeted Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-11”), and ASU No. 2018-20, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Narrow-Scope Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-20”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> In March 2019, the FASB issued ASU No. 2019-01, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Codification Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-01”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;"> </span><span style="font-family:inherit;font-size:10pt;">which clarifies how to apply certain aspects of the new lease standard as discussed in more detail below. These ASUs do not change the core principle of the guidance stated in ASU 2016-02, but are instead intended to clarify and improve the operability of certain topics addressed by ASU 2016-02 and provide practical expedients for certain aspects of the guidance to aid companies in transition. These additional ASUs have the same effective date and transition requirements as ASU 2016-02.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We adopted ASU 2016-02 and the subsequently issued ASUs identified above on January 1, 2019 using the additional modified retrospective transition method in accordance with ASU 2018-11, which includes a cumulative catch-up in retained earnings on the initial date of adoption (i.e., the initial date of adoption method). The adoption of the new lease standard did not have any impact on our retained earnings. At January 1, 2019, we recognized Operating Right-of-Use (“ROU”) Assets and Operating Lease Liabilities of </span><span style="font-family:inherit;font-size:10pt;"><span>$20.9 million</span></span><span style="font-family:inherit;font-size:10pt;"> on our Unaudited Condensed Consolidated Balance Sheets. As a result of adopting the standard, we added certain internal controls to our control framework and ensured that these controls were designed and operating as part of </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">the implementation process. See </span><a href="#sFF6C7B8B14605B24A1353BAA796E5C41" style="font-family:inherit;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Note 15</span></a><span style="font-family:inherit;font-size:10pt;"> to the Company’s financial statements for the additional expanded disclosures required by the new standard.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the SEC issued SEC Final Rule 33-10532, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Disclosure Update and Simplification</span><span style="font-family:inherit;font-size:10pt;">, which revised or eliminated certain of the SEC’s disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC and or GAAP disclosure requirements. As a result of the final rule’s amendments, the SEC now requires a registrant to reconcile its changes in stockholders' equity for both the current and comparative interim and year-to-date periods, with subtotals. This final rule was effective on November 5, 2018. Our Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2019 and 2018 reflect adoption of this final rule.</span></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impact of New Accounting Standards</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning January 1, 2020. We are currently evaluating the impact that the adoption of ASU 2016-13 may have on our consolidated financial statements and disclosures. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU No. 2018-19, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 326, Financial Instruments -Credit Losses</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2018-19”) in November 2018, ASU No. 2019-04, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-04”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">, </span><span style="font-family:inherit;font-size:10pt;">in April 2019, and ASU No. 2019-05, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments -Credit Losses (Topic 326) Targeted Transition Relief </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-05”) in May 2019. These ASUs do not change the core principle of the guidance in ASU 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. These ASUs will have the same effective date and transition requirements as ASU 2016-13.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU 2018-13, </span><span 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 </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-13”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> ASU 2018-13 modifies the disclosure requirements for fair value measurements and 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.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU 2018-15, </span><span 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) </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-15”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> ASU 2018-15 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 publicly traded companies, 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.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In March 2019, the FASB issued ASU 2019-01, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Codification Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-01”), which provides clarification on implementation issues associated with adopting ASU 2016-02. The implementation issues noted in ASU 2019-01 include determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, presentation on the statement of cash flows for sales-type and direct financing leases, and transition disclosures related to Topic 250, Accounting Changes and Error Corrections. We applied the guidance on January 1, 2019, the date we adopted ASU 2016-02. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Significant Accounting Policies</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We believe that there have been no significant changes to our significant accounting policies during the </span><span style="font-family:inherit;font-size:10pt;">quarter ended June 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> as compared to those disclosed in our </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K, other than the changes described above under “Reclassifications” and below.</span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Leases</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company leases certain office space and model homes under operating leases with remaining terms of one to six years.  The Company sells model homes to investors with the express purpose of leasing the homes back as sales models for a specified period of time.  Under ASC 842, the Company records the sale of the model home and the profit on the sale at the time of the home delivery.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company determines if an arrangement is a lease at inception when the arrangement transfers the right to control the use of an identified asset to the Company. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make payments arising from the lease agreement. The Company has operating leases, but does not have any financing leases.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Operating lease ROU assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. The lease term may include an option to extend or terminate a lease when it is reasonably certain that the option will be exercised. The exercise of these lease renewal options is generally at our discretion.  The operating lease ROU assets include any lease payments made in advance and exclude any lease incentives. Lease payments include both lease and non-lease components as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The expense recognition pattern for our leases remained substantially unchanged as a result of the adoption of ASC 842. Variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are expensed as incurred. Short-term leases include leases with terms of less than one year without renewal options that are reasonably certain to be exercised and are recognized on a straight-line basis over the lease term. Due to our election of the practical expedient, leases with an initial term of twelve months or less are not recorded on the balance sheet. As the rate implicit in our leases is not readily determinable, the Company uses its estimated incremental borrowing rate at the commencement date in determining the present value of the lease payments. We give consideration to our recent debt issuances as well as to the current rate available under our Credit Facility (defined below) when calculating our incremental borrowing rate. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. See </span><a href="#sFF6C7B8B14605B24A1353BAA796E5C41" style="font-family:inherit;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Note 15</span></a><span style="font-family:inherit;font-size:10pt;"> to our financial statements for further discussion.</span></div>
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
20900000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impact of New Accounting Standards</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning January 1, 2020. We are currently evaluating the impact that the adoption of ASU 2016-13 may have on our consolidated financial statements and disclosures. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU No. 2018-19, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 326, Financial Instruments -Credit Losses</span><span style="font-family:inherit;font-size:10pt;"> (“ASU 2018-19”) in November 2018, ASU No. 2019-04, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-04”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">, </span><span style="font-family:inherit;font-size:10pt;">in April 2019, and ASU No. 2019-05, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments -Credit Losses (Topic 326) Targeted Transition Relief </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-05”) in May 2019. These ASUs do not change the core principle of the guidance in ASU 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. These ASUs will have the same effective date and transition requirements as ASU 2016-13.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU 2018-13, </span><span 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 </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-13”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> ASU 2018-13 modifies the disclosure requirements for fair value measurements and 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.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU 2018-15, </span><span 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) </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2018-15”)</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">.</span><span style="font-family:inherit;font-size:10pt;"> ASU 2018-15 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 publicly traded companies, 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.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In March 2019, the FASB issued ASU 2019-01, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Codification Improvements </span><span style="font-family:inherit;font-size:10pt;">(“ASU 2019-01”), which provides clarification on implementation issues associated with adopting ASU 2016-02. The implementation issues noted in ASU 2019-01 include determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, presentation on the statement of cash flows for sales-type and direct financing leases, and transition disclosures related to Topic 250, Accounting Changes and Error Corrections. We applied the guidance on January 1, 2019, the date we adopted ASU 2016-02. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Significant Accounting Policies</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We believe that there have been no significant changes to our significant accounting policies during the </span><span style="font-family:inherit;font-size:10pt;">quarter ended June 30, 2019</span><span style="font-family:inherit;font-size:10pt;"> as compared to those disclosed in our </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> Form 10-K, other than the changes described above under “Reclassifications” and below.</span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Leases</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company leases certain office space and model homes under operating leases with remaining terms of one to six years.  The Company sells model homes to investors with the express purpose of leasing the homes back as sales models for a specified period of time.  Under ASC 842, the Company records the sale of the model home and the profit on the sale at the time of the home delivery.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company determines if an arrangement is a lease at inception when the arrangement transfers the right to control the use of an identified asset to the Company. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make payments arising from the lease agreement. The Company has operating leases, but does not have any financing leases.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Operating lease ROU assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. The lease term may include an option to extend or terminate a lease when it is reasonably certain that the option will be exercised. The exercise of these lease renewal options is generally at our discretion.  The operating lease ROU assets include any lease payments made in advance and exclude any lease incentives. Lease payments include both lease and non-lease components as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The expense recognition pattern for our leases remained substantially unchanged as a result of the adoption of ASC 842. Variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are expensed as incurred. Short-term leases include leases with terms of less than one year without renewal options that are reasonably certain to be exercised and are recognized on a straight-line basis over the lease term. Due to our election of the practical expedient, leases with an initial term of twelve months or less are not recorded on the balance sheet. As the rate implicit in our leases is not readily determinable, the Company uses its estimated incremental borrowing rate at the commencement date in determining the present value of the lease payments. We give consideration to our recent debt issuances as well as to the current rate available under our Credit Facility (defined below) when calculating our incremental borrowing rate. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. See </span><a href="#sFF6C7B8B14605B24A1353BAA796E5C41" style="font-family:inherit;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Note 15</span></a><span style="font-family:inherit;font-size:10pt;"> to our financial statements for further discussion.</span></div>
CY2019Q2 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
804453000 USD
CY2018Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
778943000 USD
CY2019Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
13018000 USD
CY2018Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
12633000 USD
CY2019Q2 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
796479000 USD
CY2018Q4 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
730390000 USD
CY2019Q2 mho Inventory Model Homes And Furnishings
InventoryModelHomesAndFurnishings
93201000 USD
CY2018Q4 mho Inventory Model Homes And Furnishings
InventoryModelHomesAndFurnishings
87132000 USD
CY2019Q2 mho Community Development District
CommunityDevelopmentDistrict
10866000 USD
CY2018Q4 mho Community Development District
CommunityDevelopmentDistrict
12392000 USD
CY2019Q2 mho Land Purchase Deposits
LandPurchaseDeposits
32353000 USD
CY2018Q4 mho Land Purchase Deposits
LandPurchaseDeposits
33662000 USD
CY2019Q2 mho Consolidated Inventory Not Owned
ConsolidatedInventoryNotOwned
13109000 USD
CY2018Q4 mho Consolidated Inventory Not Owned
ConsolidatedInventoryNotOwned
19308000 USD
CY2019Q2 us-gaap Inventory Real Estate
InventoryRealEstate
1763479000 USD
CY2018Q4 us-gaap Inventory Real Estate
InventoryRealEstate
1674460000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
-12773000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
-11067000 USD
CY2019Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22162000 USD
CY2018Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
19252000 USD
CY2019Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22162000 USD
CY2018Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
19252000 USD
CY2019Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
13233000 USD
CY2018Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
12079000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
26159000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
23916000 USD
mho Increase In Investment In Llcs And Other Joint Agreements
IncreaseInInvestmentInLlcsAndOtherJointAgreements
5500000 USD
CY2018Q4 us-gaap Equity Method Investments
EquityMethodInvestments
35900000 USD
CY2019Q2 us-gaap Equity Method Investments
EquityMethodInvestments
41300000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
15300000 USD
mho Distribution Of Single Family Lots From Unconsolidated Llcs
DistributionOfSingleFamilyLotsFromUnconsolidatedLlcs
9700000 USD
CY2019Q2 us-gaap Equity Method Investments
EquityMethodInvestments
41300000 USD
CY2019Q2 mho Notional Amount Of Best Effort Contracts And Related Committed Interest Rate Lock Commitments
NotionalAmountOfBestEffortContractsAndRelatedCommittedInterestRateLockCommitments
3879000 USD
CY2018Q4 mho Notional Amount Of Best Effort Contracts And Related Committed Interest Rate Lock Commitments
NotionalAmountOfBestEffortContractsAndRelatedCommittedInterestRateLockCommitments
5823000 USD
CY2019Q2 mho Notional Amount Of Uncommitted Interest Rate Lock Commitments
NotionalAmountOfUncommittedInterestRateLockCommitments
141479000 USD
CY2018Q4 mho Notional Amount Of Uncommitted Interest Rate Lock Commitments
NotionalAmountOfUncommittedInterestRateLockCommitments
76117000 USD
CY2019Q2 mho Forward Sales Of Mortgage Backed Securities Related To Uncommitted Interest Rate Lock Commitments
ForwardSalesOfMortgageBackedSecuritiesRelatedToUncommittedInterestRateLockCommitments
141000000 USD
CY2018Q4 mho Forward Sales Of Mortgage Backed Securities Related To Uncommitted Interest Rate Lock Commitments
ForwardSalesOfMortgageBackedSecuritiesRelatedToUncommittedInterestRateLockCommitments
83000000 USD
CY2019Q2 mho Best Effort Contracts And Related Mortgage Loans Held For Sale
BestEffortContractsAndRelatedMortgageLoansHeldForSale
4331000 USD
CY2018Q4 mho Best Effort Contracts And Related Mortgage Loans Held For Sale
BestEffortContractsAndRelatedMortgageLoansHeldForSale
14285000 USD
CY2019Q2 mho Forward Sales Of Mortgage Backed Securities Related To Mortgage Loans Held For Sale
ForwardSalesOfMortgageBackedSecuritiesRelatedToMortgageLoansHeldForSale
117000000 USD
CY2018Q4 mho Forward Sales Of Mortgage Backed Securities Related To Mortgage Loans Held For Sale
ForwardSalesOfMortgageBackedSecuritiesRelatedToMortgageLoansHeldForSale
150000000 USD
CY2019Q2 mho Mortgage Loans Held For Sale Covered By Forward Sales Of Mortgage Backed Securities
MortgageLoansHeldForSaleCoveredByForwardSalesOfMortgageBackedSecurities
117030000 USD
CY2018Q4 mho Mortgage Loans Held For Sale Covered By Forward Sales Of Mortgage Backed Securities
MortgageLoansHeldForSaleCoveredByForwardSalesOfMortgageBackedSecurities
149980000 USD
CY2019Q2 mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
253000 USD
CY2018Q2 mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
61000 USD
mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
796000 USD
mho Gain Loss On Assets And Liabilities Measured On Recurring Basis
GainLossOnAssetsAndLiabilitiesMeasuredOnRecurringBasis
1056000 USD
CY2019Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2019Q2 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0 USD
CY2019Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
5600000 USD
CY2019Q2 us-gaap Impairment Charge On Reclassified Assets
ImpairmentChargeOnReclassifiedAssets
0 USD
CY2019Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
58900000 USD
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
52700000 USD
CY2019Q2 mho Total Of Loans Covered By Guarantees
TotalOfLoansCoveredByGuarantees
82100000 USD
CY2018Q4 mho Total Of Loans Covered By Guarantees
TotalOfLoansCoveredByGuarantees
63600000 USD
CY2019Q2 mho Total Of Guaranteed Loans Inquired About
TotalOfGuaranteedLoansInquiredAbout
1200000 USD
CY2018Q4 mho Total Of Guaranteed Loans Inquired About
TotalOfGuaranteedLoansInquiredAbout
600000 USD
CY2019Q2 mho Total Loans Indemnified
TotalLoansIndemnified
1000000.0 USD
CY2019Q2 mho Loan Repurchase Guarantee Liability
LoanRepurchaseGuaranteeLiability
700000 USD
CY2018Q4 mho Loan Repurchase Guarantee Liability
LoanRepurchaseGuaranteeLiability
600000 USD
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
25220000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
24301000 USD
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26459000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26133000 USD
CY2019Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3641000 USD
CY2018Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3299000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
6481000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5842000 USD
CY2019Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
557000 USD
CY2018Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
557000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
735000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
465000 USD
CY2019Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
CY2018Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
CY2019Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-3944000 USD
CY2018Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-4878000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-8201000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-9161000 USD
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
25474000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
23279000 USD
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
25474000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
23279000 USD
CY2019Q2 mho Estimated Repair Costsfor Affected Homes
EstimatedRepairCostsforAffectedHomes
5300000 USD
CY2019Q2 mho Letters Of Credit And Bonds
LettersOfCreditAndBonds
233500000 USD
CY2019Q2 mho Outstanding Performance Bonds
OutstandingPerformanceBonds
167700000 USD
CY2019Q2 mho Performance Letters Of Credit Outstanding
PerformanceLettersOfCreditOutstanding
48800000 USD
CY2019Q2 mho Financial Letters Of Credit
FinancialLettersOfCredit
10000000.0 USD
CY2019Q2 mho Outstanding Letters Of Credit In Lieu Of Cash Deposits Under Certain Land Option Contracts
OutstandingLettersOfCreditInLieuOfCashDepositsUnderCertainLandOptionContracts
9600000 USD
CY2019Q2 mho Financial Bonds
FinancialBonds
7000000.0 USD
CY2019Q2 mho Unrecorded Conditional Purchase Obligation
UnrecordedConditionalPurchaseObligation
574100000 USD
CY2019Q2 mho Amount Reserved For Legal Expenses
AmountReservedForLegalExpenses
500000 USD
CY2018Q4 mho Amount Reserved For Legal Expenses
AmountReservedForLegalExpenses
400000 USD
CY2019Q2 us-gaap Debt Instrument Unused Borrowing Capacity Amount
DebtInstrumentUnusedBorrowingCapacityAmount
669200000 USD
CY2019Q2 us-gaap Line Of Credit
LineOfCredit
174300000 USD
CY2019Q2 mho Letters Of Credit Outstanding Under Credit Facility
LettersOfCreditOutstandingUnderCreditFacility
58900000 USD
CY2019Q2 mho Maximumborrowingavailabilitysubjecttolimit
Maximumborrowingavailabilitysubjecttolimit
266800000 USD
CY2019Q2 mho Maximum Borrowing Availability Under All Credit Lines
MaximumBorrowingAvailabilityUnderAllCreditLines
175000000.0 USD
CY2018Q4 mho Maximum Borrowing Availability Under All Credit Lines
MaximumBorrowingAvailabilityUnderAllCreditLines
225000000.0 USD
CY2019Q2 us-gaap Warehouse Agreement Borrowings
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104000000.0 USD
CY2018Q4 us-gaap Warehouse Agreement Borrowings
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153200000 USD
CY2019Q2 mho Restricted Payments Basket
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229600000 USD
CY2018Q4 mho Restricted Payments Basket
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215200000 USD
CY2019Q2 us-gaap Other Notes Payable
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5100000 USD
CY2018Q4 us-gaap Other Notes Payable
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5900000 USD
CY2019Q2 us-gaap Profit Loss
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30246000 USD
CY2018Q2 us-gaap Profit Loss
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27911000 USD
us-gaap Profit Loss
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47969000 USD
us-gaap Profit Loss
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45974000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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30246000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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27911000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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47969000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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46383000 USD
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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27599000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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28571000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27549000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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28349000 shares
CY2019Q2 mho Incremental Common Shares Attributable To Stock Options
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308000 shares
CY2018Q2 mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
353000 shares
mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
276000 shares
mho Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
409000 shares
CY2019Q2 mho Incremental Common Shares Attributable To Deferred Compensation
IncrementalCommonSharesAttributableToDeferredCompensation
183000 shares
CY2018Q2 mho Incremental Common Shares Attributable To Deferred Compensation
IncrementalCommonSharesAttributableToDeferredCompensation
177000 shares
mho Incremental Common Shares Attributable To Deferred Compensation
IncrementalCommonSharesAttributableToDeferredCompensation
202000 shares
mho Incremental Common Shares Attributable To Deferred Compensation
IncrementalCommonSharesAttributableToDeferredCompensation
194000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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28090000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29101000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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28027000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29818000 shares
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1.10
CY2018Q2 us-gaap Earnings Per Share Basic
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0.98
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.74
us-gaap Earnings Per Share Basic
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1.62
CY2019Q2 us-gaap Earnings Per Share Diluted
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1.08
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.96
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.71
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.56
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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412000 shares
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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434000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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714000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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326000 shares
CY2019Q2 us-gaap Income Tax Expense Benefit
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11000000.0 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
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5600000 USD
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.266 Rate
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.168 Rate
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16700000 USD
us-gaap Income Tax Expense Benefit
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11400000 USD
us-gaap Effective Income Tax Rate Continuing Operations
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0.258 Rate
us-gaap Effective Income Tax Rate Continuing Operations
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0.199 Rate
CY2018Q2 us-gaap Income Tax Reconciliation Tax Credits
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3000000.0 USD
CY2019Q2 us-gaap Revenues
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623686000 USD
CY2018Q2 us-gaap Revenues
Revenues
558098000 USD
us-gaap Revenues
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1104795000 USD
us-gaap Revenues
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995955000 USD
CY2019Q2 us-gaap Operating Income Loss
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46213000 USD
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38505000 USD
us-gaap Operating Income Loss
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us-gaap Interest Expense
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11989000 USD
us-gaap Interest Expense
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CY2019Q2 us-gaap Income Loss From Equity Method Investments
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187000 USD
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us-gaap Income Loss From Equity Method Investments
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66000 USD
us-gaap Income Loss From Equity Method Investments
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224000 USD
CY2019Q2 us-gaap Business Combination Acquisition Related Costs
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CY2018Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0 USD
us-gaap Business Combination Acquisition Related Costs
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1700000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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41203000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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33531000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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64682000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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57404000 USD
CY2019Q2 mho Purchase Accounting Adjustments
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100000 USD
CY2018Q2 mho Purchase Accounting Adjustments
PurchaseAccountingAdjustments
3000000.0 USD
mho Purchase Accounting Adjustments
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600000 USD
mho Purchase Accounting Adjustments
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3900000 USD
CY2019Q2 us-gaap Advances On Inventory Purchases
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32353000 USD
CY2019Q2 mho Inventory Segments
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CY2019Q2 us-gaap Equity Method Investments
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284383000 USD
CY2019Q2 us-gaap Assets
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CY2018Q4 us-gaap Assets
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CY2019Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group
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5600000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
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37452000 USD
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187000 USD
CY2019Q2 us-gaap Interest Expense
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41203000 USD
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10957000 USD
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33531000 USD
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5620000 USD
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16713000 USD
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11430000 USD
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12594000 USD
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CY2019Q2 us-gaap Assets
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CY2019Q2 mho Community Development District Obligations
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CY2018Q4 mho Intercompanyassets
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CY2018Q4 us-gaap Goodwill
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CY2018Q4 us-gaap Assets
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CY2018Q4 mho Seniornotesdue2021
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CY2018Q4 mho Seniornotesdue2025
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mho Return Of Investment From Unconsolidated Llcs
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mho Intercompany Financing
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mho Intercompany Investing
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4321000 USD
mho Return Of Investment From Unconsolidated Llcs
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676000 USD
us-gaap Proceeds From Sale Of Mortgage Servicing Rights Msr
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mho Intercompany Financing
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115000 USD
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426000 USD
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39924000 USD
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CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q2 us-gaap Stock Repurchase Program Authorized Amount1
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CY2019Q1 us-gaap Treasury Stock Shares Acquired
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30900000 USD
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19100000 USD
CY2019Q2 us-gaap Revenues
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623686000 USD
CY2018Q2 us-gaap Revenues
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558098000 USD
us-gaap Revenues
Revenues
1104795000 USD
us-gaap Revenues
Revenues
995955000 USD
CY2019Q2 us-gaap Gain Loss On Oil And Gas Hedging Activity
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200000 USD
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3200000 USD
CY2019Q2 us-gaap Revenues
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623686000 USD
CY2018Q2 us-gaap Revenues
Revenues
558098000 USD
us-gaap Revenues
Revenues
1104795000 USD
us-gaap Revenues
Revenues
995955000 USD
CY2019Q2 us-gaap Gain Loss On Oil And Gas Hedging Activity
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CY2018Q2 us-gaap Gain Loss On Oil And Gas Hedging Activity
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200000 USD
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2479000 USD
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us-gaap Gain Loss On Oil And Gas Hedging Activity
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3200000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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20900000 USD
mho Leasesnotyetcommenced
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25000000 USD
mho Increasein Operatingleasesduetonewleases
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1100000 USD
us-gaap Operating Lease Cost
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2600000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
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19400000 USD
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1547000 USD
us-gaap Operating Lease Payments
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3092000 USD
CY2019Q2 us-gaap Variable Lease Payment
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473000 USD
us-gaap Variable Lease Payment
VariableLeasePayment
878000 USD
CY2019Q2 us-gaap Short Term Lease Payments
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459000 USD
us-gaap Short Term Lease Payments
ShortTermLeasePayments
877000 USD
us-gaap Operating Lease Expense
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4847000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050 Rate
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3058000 USD
CY2019Q2 mho Lessee Operating Lease Liability Payments Due Year One
LesseeOperatingLeaseLiabilityPaymentsDueYearOne
5425000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4644000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3986000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2735000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1480000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
274000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21602000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
-2205000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
19397000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
22500000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5500000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4400000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4100000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3800000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2800000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1900000 USD

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0000799292-19-000041.txt Edgar Link pending
0000799292-19-000041-xbrl.zip Edgar Link pending
exhibit311ceocertifica.htm Edgar Link pending
exhibit312cfocertifica.htm Edgar Link pending
exhibit31amendedandres.htm Edgar Link pending
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mho-20190630x10q_htm.xml Edgar Link completed
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