XML 25 R18.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Business Segments | 6 Months Ended
--- | ---
Jun. 30, 2013
Business Segments [Abstract] |
Segment Reporting Disclosure [Text Block] | Business Segments The Company’s segment information is presented on the basis that the chief operating decision makers use in evaluating segment performance. The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our 12 individual homebuilding operating segments and the results of our financial services operations; (2) the results of our three homebuilding regions; and (3) our consolidated financial results. We have determined our reportable segments as follows: Midwest homebuilding, Southern homebuilding, Mid-Atlantic homebuilding and financial services operations. The homebuilding operating segments that are included within each reportable segment have similar operations and exhibit similar long-term economic characteristics. Our homebuilding operations include the acquisition and development of land, the sale and construction of single-family attached and detached homes, and the occasional sale of lots to third parties. The homebuilding operating segments that comprise each of our reportable segments are as follows:
Midwest | Southern | Mid-Atlantic
Columbus, Ohio | Tampa, Florida | Washington, D.C.
Cincinnati, Ohio | Orlando, Florida | Charlotte, North Carolina
Indianapolis, Indiana | Houston, Texas | Raleigh, North Carolina
Chicago, Illinois | San Antonio, Texas |
| Austin, Texas |
Our financial services operations include the origination and sale of mortgage loans and title services primarily for purchasers of the Company's homes. The following table shows, by segment, revenue, operating income and interest expense for the three and six months ended June 30, 2013 and 2012, as well as the Company’s income (loss) before income taxes for such periods:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2013 |  | 2012 |  | 2013 |  | 2012
Revenue: |  |  |  |  |  |  |
Midwest homebuilding | $ | 79,498 |  |  | $ | 63,026 |  |  | $ | 140,201 |  |  | $ | 119,979 |
Southern homebuilding | 68,946 |  |  | 43,499 |  |  | 119,906 |  |  | 72,572 |
Mid-Atlantic homebuilding | 78,857 |  |  | 59,545 |  |  | 149,511 |  |  | 100,328 |
Financial services (b) | 7,252 |  |  | 4,924 |  |  | 15,662 |  |  | 9,240 |
Total revenue | $ | 234,553 |  |  | $ | 170,994 |  |  | $ | 425,280 |  |  | $ | 302,119 |
Operating income: |  |  |  |  |  |  |
Midwest homebuilding (a) | $ | 4,381 |  |  | $ | 3,961 |  |  | $ | 6,582 |  |  | $ | 5,072 |
Southern homebuilding (a) | 3,858 |  |  | 2,808 |  |  | 6,949 |  |  | 3,693 |
Mid-Atlantic homebuilding (a) | 6,184 |  |  | 3,248 |  |  | 10,529 |  |  | 3,709 |
Financial services (b) | 4,169 |  |  | 2,210 |  |  | 9,625 |  |  | 4,646 |
Less: Corporate selling, general and administrative expense | (6,800 | ) |  | (5,467 | ) |  | (12,667 | ) |  | (10,128 | )
Total operating income | $ | 11,792 |  |  | $ | 6,760 |  |  | $ | 21,018 |  |  | $ | 6,992 |
Interest expense: |  |  |  |  |  |  |
Midwest homebuilding | $ | 1,356 |  |  | $ | 1,211 |  |  | $ | 2,830 |  |  | $ | 2,937 |
Southern homebuilding | 1,800 |  |  | 743 |  |  | 3,104 |  |  | 1,545 |
Mid-Atlantic homebuilding | 906 |  |  | 1,196 |  |  | 2,149 |  |  | 2,906 |
Financial services (b) | 335 |  |  | 311 |  |  | 654 |  |  | 679 |
Total interest expense | $ | 4,397 |  |  | $ | 3,461 |  |  | $ | 8,737 |  |  | $ | 8,067 |
Income (loss) before income taxes | $ | 7,395 |  |  | $ | 3,299 |  |  | $ | 12,281 |  |  | $ | (1,075 | )
(a) | For the three months ended June 30, 2013 and 2012, the impact of charges relating to the impairment of inventory and investment in Unconsolidated LLCs and the write-off of abandoned land transaction costs was $1.2 million and $0.7 million, respectively. These charges reduced operating income by $1.2 million and $0.5 million in the Midwest region for the three months ended June 30, 2013 and 2012, respectively, and $0.1 million in the Southern and less than $0.1 million in the Mid-Atlantic region for the three months ended June 30, 2012,. There were no charges in the Mid-Atlantic or Southern regions for the three months ended June 30, 2013.
For the six months ended June 30, 2013 and 2012, the impact of charges relating to the impairment of inventory and investment in Unconsolidated LLCs and the write-off of abandoned land transaction costs was $2.1 million and $0.8 million, respectively. These charges reduced operating income by $2.1 million and $0.6 million in the Midwest region for the six months ended June 30, 2013 and 2012, respectively, and $0.1 million in the Southern and Mid-Atlantic regions for the six months ended June 30, 2012. There were no charges in the Mid-Atlantic or Southern regions for the six months ended June 30, 2013.
(b) | Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of a small amount of mortgage re-financing.
The following tables show total assets by segment at June 30, 2013 and December 31, 2012:
| June 30, 2013
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 2,221 |  |  | $ | 5,226 |  |  | $ | 3,495 |  |  | $ | — |  |  | $ | 10,942 |
Inventory (a) | 213,387 |  |  | 202,750 |  |  | 187,920 |  |  | — |  |  | 604,057 |
Investments in Unconsolidated LLCs | 5,614 |  |  | 23,034 |  |  | — |  |  | — |  |  | 28,648 |
Other assets | 7,590 |  |  | 13,327 |  |  | 10,583 |  |  | 243,119 |  |  | 274,619 |
Total assets | $ | 228,812 |  |  | $ | 244,337 |  |  | $ | 201,998 |  |  | $ | 243,119 |  |  | $ | 918,266 |
| December 31, 2012
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 1,462 |  |  | $ | 4,612 |  |  | $ | 2,653 |  |  | $ | — |  |  | $ | 8,727 |
Inventory (a) | 196,554 |  |  | 157,302 |  |  | 194,234 |  |  | — |  |  | 548,090 |
Investments in Unconsolidated LLCs | 5,121 |  |  | 6,611 |  |  | — |  |  | — |  |  | 11,732 |
Other assets | 4,421 |  |  | 8,436 |  |  | 7,759 |  |  | 242,135 |  |  | 262,751 |
Total assets | $ | 207,558 |  |  | $ | 176,961 |  |  | $ | 204,646 |  |  | $ | 242,135 |  |  | $ | 831,300 |
(a) | Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.

X
- Details
Name: | mho_BusinessSegmentsAbstract
Namespace Prefix: | mho_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration