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Supplemental Guarantor Information | 9 Months Ended
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Sep. 30, 2012
Supplemental Guarantor Information [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Supplemental Guarantor Information The Company's obligations under the 2018 Senior Notes and 2017 Convertible Senior Subordinated Notes are not guaranteed by all of the Company's subsidiaries and therefore, the Company has disclosed condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. The subsidiary guarantors of the 2018 Senior Notes and the 2017 Convertible Senior Subordinated Notes are the same. The following condensed consolidating financial information includes balance sheets, statements of operations and cash flow information for the parent company, the guarantors for the 2018 Senior Notes and the 2017 Convertible Senior Subordinated Notes (the “Guarantor Subsidiaries”), collectively, and for all other subsidiaries and joint ventures of the Company (“the Non-Guarantor Subsidiaries”), collectively. Each Guarantor Subsidiary is a direct or indirect wholly-owned subsidiary of M/I Homes, Inc. and has fully and unconditionally guaranteed the (a) 2018 Senior Notes, on a joint and several senior unsecured basis and (b) the 2017 Convertible Senior Subordinated Notes on a joint and several senior subordinated unsecured basis. There are no significant restrictions on the parent company's ability to obtain funds from its Guarantor Subsidiaries in the form of a dividend, loan, or other means. As of September 30, 2012, each of the Company's subsidiaries is a Guarantor Subsidiary, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, the origination of mortgages for resale, title insurance or similar financial businesses relating to the homebuilding and home sales business and certain subsidiaries that are not wholly-owned by the Company or another subsidiary. In the condensed financial tables presented below, the parent company presents all of its wholly-owned subsidiaries as if they were accounted for under the equity method. All applicable corporate expenses have been allocated appropriately among the Guarantor Subsidiaries and Non-Guarantor Subsidiaries.
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
|  | Three Months Ended September 30, 2012
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 202,492 |  | $ | 6,383 |  | $ | — |  | $ | 208,875 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 164,452 |  | — |  | — |  | 164,452 |
Impairment of inventory and investment in Unconsolidated LLCs |  | — |  | 1,309 |  | — |  | — |  | 1,309 |
General and administrative |  | — |  | 13,425 |  | 2,591 |  | — |  | 16,016 |
Selling |  | — |  | 14,647 |  | — |  | — |  | 14,647 |
Interest |  | — |  | 3,584 |  | 415 |  | — |  | 3,999 |
Total costs and expenses |  | — |  | 197,417 |  | 3,006 |  | — |  | 200,423 |
Income before income taxes |  | — |  | 5,075 |  | 3,377 |  | — |  | 8,452 |
(Benefit) provision for income taxes |  | — |  | (1,003 | ) | 1,141 |  | — |  | 138 |
Equity in subsidiaries |  | 8,314 |  | — |  | — |  | (8,314 | ) | — |
Net income |  | $ | 8,314 |  | $ | 6,078 |  | $ | 2,236 |  | $ | (8,314 | ) | $ | 8,314 |
|  | Three Months Ended September 30, 2011
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 138,752 |  | $ | 2,872 |  | $ | — |  | $ | 141,624 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 116,269 |  | — |  | — |  | 116,269 |
Impairment of inventory and investment in Unconsolidated LLCs |  | — |  | 1,697 |  | — |  | — |  | 1,697 |
General and administrative |  | — |  | 11,914 |  | 1,982 |  | — |  | 13,896 |
Selling |  | — |  | 11,213 |  | — |  | — |  | 11,213 |
Interest |  | — |  | 3,181 |  | 203 |  | — |  | 3,384 |
Total costs and expenses |  | — |  | 144,274 |  | 2,185 |  | — |  | 146,459 |
(Loss) income before income taxes |  | — |  | (5,522 | ) | 687 |  | — |  | (4,835 | )
(Benefit) provision for income taxes |  | — |  | (366 | ) | 249 |  | — |  | (117 | )
Equity in subsidiaries |  | (4,718 | ) | — |  | — |  | 4,718 |  | — |
Net (loss) income |  | $ | (4,718 | ) | $ | (5,156 | ) | $ | 438 |  | $ | 4,718 |  | $ | (4,718 | )
|  | Nine Months Ended September 30, 2012
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 495,371 |  | $ | 15,623 |  | $ | — |  | $ | 510,994 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 408,893 |  | — |  | — |  | 408,893 |
Impairment of inventory and investment in Unconsolidated LLCs |  | — |  | 1,876 |  | — |  | — |  | 1,876 |
General and administrative |  | — |  | 34,938 |  | 7,361 |  | — |  | 42,299 |
Selling |  | — |  | 38,482 |  | 1 |  | — |  | 38,483 |
Interest |  | — |  | 10,972 |  | 1,094 |  | — |  | 12,066 |
Total costs and expenses |  | — |  | 495,161 |  | 8,456 |  | — |  | 503,617 |
Income before income taxes |  | — |  | 210 |  | 7,167 |  | — |  | 7,377 |
(Benefit) provision for income taxes |  | — |  | (3,403 | ) | 2,448 |  | — |  | (955 | )
Equity in subsidiaries |  | 8,332 |  | — |  | — |  | (8,332 | ) | — |
Net income |  | $ | 8,332 |  | $ | 3,613 |  | $ | 4,719 |  | $ | (8,332 | ) | $ | 8,332 |
|  | Nine Months Ended September 30, 2011
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 380,271 |  | $ | 9,367 |  | $ | — |  | $ | 389,638 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 322,886 |  | — |  | — |  | 322,886 |
Impairment of inventory and investment in Unconsolidated LLCs |  | — |  | 18,013 |  | — |  | — |  | 18,013 |
General and administrative |  | — |  | 32,606 |  | 5,458 |  | — |  | 38,064 |
Selling |  | — |  | 30,621 |  | — |  | — |  | 30,621 |
Interest |  | — |  | 10,240 |  | 644 |  | — |  | 10,884 |
Total costs and expenses |  | — |  | 414,366 |  | 6,102 |  | — |  | 420,468 |
(Loss) income before income taxes |  | — |  | (34,095 | ) | 3,265 |  | — |  | (30,830 | )
(Benefit) provision for income taxes |  | — |  | (1,003 | ) | 1,074 |  | — |  | 71 |
Equity in subsidiaries |  | (30,901 | ) | — |  | — |  | 30,901 |  | — |
Net (loss) income |  | $ | (30,901 | ) | $ | (33,092 | ) | $ | 2,191 |  | $ | 30,901 |  | $ | (30,901 | )
CONDENSED CONSOLIDATING BALANCE SHEET
|  | September 30, 2012
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated
ASSETS: |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | 140,899 |  | $ | 18,866 |  | $ | — |  | $ | 159,765 |
Restricted cash |  | — |  | 8,980 |  | — |  | — |  | 8,980 |
Mortgage loans held for sale |  | — |  | — |  | 58,338 |  | — |  | 58,338 |
Inventory |  | — |  | 543,871 |  | — |  | — |  | 543,871 |
Property and equipment - net |  | — |  | 11,821 |  | 135 |  | — |  | 11,956 |
Investment in Unconsolidated LLCs |  | — |  | — |  | 11,256 |  | — |  | 11,256 |
Investment in subsidiaries |  | 388,041 |  | — |  | — |  | (388,041 | ) | — |
Intercompany |  | 213,796 |  | (204,295 | ) | (9,501 | ) | — |  | — |
Other assets |  | 9,725 |  | 12,217 |  | 1,184 |  | — |  | 23,126 |
TOTAL ASSETS |  | $ | 611,562 |  | $ | 513,493 |  | $ | 80,278 |  | $ | (388,041 | ) | $ | 817,292 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
LIABILITIES: |  |  |  |  |  |
Accounts payable |  | $ | — |  | $ | 64,694 |  | $ | 654 |  | $ | — |  | $ | 65,348 |
Customer deposits |  | — |  | 10,976 |  | — |  | — |  | 10,976 |
Other liabilities |  | — |  | 45,875 |  | 6,382 |  | — |  | 52,257 |
Community development district obligations |  | — |  | 4,988 |  | — |  | — |  | 4,988 |
Obligation for consolidated inventory not owned |  | — |  | 6,552 |  | — |  | — |  | 6,552 |
Note payable bank - financial services operations |  | — |  | — |  | 54,840 |  | — |  | 54,840 |
Note payable - other |  | — |  | 10,769 |  | — |  | — |  | 10,769 |
Convertible senior subordinated notes |  | 57,500 |  | — |  | — |  | — |  | 57,500 |
Senior notes |  | 227,570 |  | — |  | — |  | — |  | 227,570 |
TOTAL LIABILITIES |  | 285,070 |  | 143,854 |  | 61,876 |  | — |  | 490,800 |
Shareholders' equity |  | 326,492 |  | 369,639 |  | 18,402 |  | (388,041 | ) | 326,492 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 611,562 |  | $ | 513,493 |  | $ | 80,278 |  | $ | (388,041 | ) | $ | 817,292 |
CONDENSED CONSOLIDATING BALANCE SHEET
|  | December 31, 2011
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated
ASSETS: |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | 43,539 |  | $ | 16,254 |  | $ | — |  | $ | 59,793 |
Restricted cash |  | — |  | 41,334 |  | — |  | — |  | 41,334 |
Mortgage loans held for sale |  | — |  | — |  | 57,275 |  | — |  | 57,275 |
Inventory |  | — |  | 466,772 |  | — |  | — |  | 466,772 |
Property and equipment - net |  | — |  | 14,241 |  | 117 |  | — |  | 14,358 |
Investment in Unconsolidated LLCs |  | — |  | — |  | 10,357 |  | — |  | 10,357 |
Investment in subsidiaries |  | 381,709 |  | — |  | — |  | (381,709 | ) | — |
Intercompany |  | 125,272 |  | (115,058 | ) | (10,214 | ) | — |  | — |
Other assets |  | 5,385 |  | 8,455 |  | 756 |  | — |  | 14,596 |
TOTAL ASSETS |  | $ | 512,366 |  | $ | 459,283 |  | $ | 74,545 |  | $ | (381,709 | ) | $ | 664,485 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
LIABILITIES: |  |  |  |  |  |
Accounts payable |  | $ | — |  | $ | 40,759 |  | $ | 497 |  | $ | — |  | $ | 41,256 |
Customer deposits |  | — |  | 4,181 |  | — |  | — |  | 4,181 |
Other liabilities |  | — |  | 33,589 |  | 5,759 |  | — |  | 39,348 |
Community development district obligations |  | — |  | 5,983 |  | — |  | — |  | 5,983 |
Obligation for consolidated inventory not owned |  | — |  | 2,944 |  | — |  | — |  | 2,944 |
Note payable bank - financial services operations |  | — |  | — |  | 52,606 |  | — |  | 52,606 |
Note payable - other |  | — |  | 5,801 |  | — |  | — |  | 5,801 |
Senior notes |  | 239,016 |  | — |  | — |  | — |  | 239,016 |
TOTAL LIABILITIES |  | 239,016 |  | 93,257 |  | 58,862 |  | — |  | 391,135 |
Shareholders' equity |  | 273,350 |  | 366,026 |  | 15,683 |  | (381,709 | ) | 273,350 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 512,366 |  | $ | 459,283 |  | $ | 74,545 |  | $ | (381,709 | ) | $ | 664,485 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, 2012
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
Net cash (used in) provided by operating activities | $ | — |  | $ | (20,546 | ) | $ | 4,225 |  | $ | — |  | $ | (16,321 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |
Restricted cash | — |  | 32,391 |  | — |  | — |  | 32,391 |
Purchase of property and equipment | — |  | (786 | ) | (72 | ) | — |  | (858 | )
Acquisition, net of cash acquired | — |  | (4,707 | ) | — |  | — |  | (4,707 | )
Investments in and advances to Unconsolidated LLC's | — |  | — |  | (949 | ) | — |  | (949 | )
Net cash provided by (used in) investing activities | — |  | 26,898 |  | (1,021 | ) | — |  | 25,877 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Repayment of senior notes | (41,443 | ) | — |  | — |  | — |  | (41,443 | )
Proceeds from bank borrowings - net | — |  | — |  | 2,234 |  | — |  | 2,234 |
Principal proceeds from note payable - other and community development district bond obligations | — |  | 4,968 |  | — |  | — |  | 4,968 |
Proceeds from issuance of senior notes | 29,700 |  | — |  | — |  | — |  | 29,700 |
Proceeds from issuance of convertible senior subordinated notes | 57,500 |  | — |  | — |  | — |  | 57,500 |
Proceeds from issuance of common shares | 42,085 |  | — |  | — |  | — |  | 42,085 |
Intercompany financing | (89,057 | ) | 91,852 |  | (2,795 | ) | — |  | — |
Debt issue costs | — |  | (5,812 | ) | (31 | ) | — |  | (5,843 | )
Proceeds from exercise of stock options | 1,215 |  | — |  | — |  | — |  | 1,215 |
Net cash provided by (used in) financing activities | — |  | 91,008 |  | (592 | ) | — |  | 90,416 |
Net increase in cash and cash equivalents | — |  | 97,360 |  | 2,612 |  | — |  | 99,972 |
Cash and cash equivalents balance at beginning of period | — |  | 43,539 |  | 16,254 |  | — |  | 59,793 |
Cash and cash equivalents balance at end of period | $ | — |  | $ | 140,899 |  | $ | 18,866 |  | $ | — |  | $ | 159,765 |
| Nine Months Ended September 30, 2011
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
Net cash (used in) provided by operating activities | $ | — |  | $ | (37,939 | ) | $ | 13,373 |  | $ | — |  | $ | (24,566 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |
Restricted cash | — |  | (4,532 | ) | — |  | — |  | (4,532 | )
Purchase of property and equipment | — |  | (851 | ) | (38 | ) | — |  | (889 | )
Acquisition, net of cash acquired | — |  | (4,654 | ) | — |  | — |  | (4,654 | )
Distributions from Unconsolidated LLCs | — |  | — |  | (648 | ) | — |  | (648 | )
Net cash used in investing activities | — |  | (10,037 | ) | (686 | ) | — |  | (10,723 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Repayments of bank borrowings - net | — |  | — |  | (539 | ) | — |  | (539 | )
Principal repayments of note payable - other and community development district bond obligations | — |  | 4 |  | — |  | — |  | 4 |
Intercompany financing | (1,665 | ) | 8,636 |  | (6,971 | ) | — |  | — |
Debt issue costs | — |  | (150 | ) | (70 | ) | — |  | (220 | )
Proceeds from exercise of stock options | 1,500 |  | — |  | — |  | — |  | 1,500 |
Excess tax deficiency from stock-based payment arrangements | 165 |  | — |  | — |  | — |  | 165 |
Net cash provided by (used in) financing activities | — |  | 8,490 |  | (7,580 | ) | — |  | 910 |
Net (decrease) increase in cash and cash equivalents | — |  | (39,486 | ) | 5,107 |  | — |  | (34,379 | )
Cash and cash equivalents balance at beginning of period | — |  | 71,874 |  | 9,334 |  | — |  | 81,208 |
Cash and cash equivalents balance at end of period | $ | — |  | $ | 32,388 |  | $ | 14,441 |  | $ | — |  | $ | 46,829 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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