XML 49 R24.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Business Segments Business Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2014
Business Segments [Abstract] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table shows, by segment: revenue; operating income; interest expense; and income before income taxes for the three and nine months ended September 30, 2014 and 2013:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Revenue: |  |  |  |  |  |  |
Midwest homebuilding | $ | 118,319 |  |  | $ | 82,689 |  |  | $ | 283,472 |  |  | $ | 222,890 |
Southern homebuilding | 118,150 |  |  | 96,275 |  |  | 299,472 |  |  | 216,181 |
Mid-Atlantic homebuilding | 86,718 |  |  | 89,550 |  |  | 242,357 |  |  | 239,061 |
Financial services (a) | 7,580 |  |  | 6,681 |  |  | 21,915 |  |  | 22,343 |
Total revenue | $ | 330,767 |  |  | $ | 275,195 |  |  | $ | 847,216 |  |  | $ | 700,475 |
Operating income: |  |  |  |  |  |  |
Midwest homebuilding (b) | $ | 12,802 |  |  | $ | 5,114 |  |  | $ | 26,771 |  |  | $ | 11,696 |
Southern homebuilding (b) | 10,215 |  |  | 8,271 |  |  | 24,741 |  |  | 15,222 |
Mid-Atlantic homebuilding (b) | 6,511 |  |  | 8,433 |  |  | 18,888 |  |  | 18,961 |
Financial services (a) | 3,804 |  |  | 3,827 |  |  | 12,204 |  |  | 13,451 |
Less: Corporate selling, general and administrative expense | (8,502 | ) |  | (6,996 | ) |  | (23,126 | ) |  | (19,663 | )
Total operating income | $ | 24,830 |  |  | $ | 18,649 |  |  | $ | 59,478 |  |  | $ | 39,667 |
Interest expense: |  |  |  |  |  |  |
Midwest homebuilding | $ | 450 |  |  | $ | 1,023 |  |  | $ | 2,211 |  |  | $ | 3,852 |
Southern homebuilding | 968 |  |  | 1,405 |  |  | 3,927 |  |  | 4,510 |
Mid-Atlantic homebuilding | 829 |  |  | 659 |  |  | 2,392 |  |  | 2,809 |
Financial services (a) | 402 |  |  | 362 |  |  | 1,019 |  |  | 1,015 |
Total interest expense | $ | 2,649 |  |  | $ | 3,449 |  |  | $ | 9,549 |  |  | $ | 12,186 |
Equity in income of unconsolidated joint ventures | (22 | ) |  | (278 | ) |  | (62 | ) |  | (278 | )
Loss on early extinguishment of debt | — |  |  | 1,726 |  |  | — |  |  | 1,726 |
Income before income taxes | $ | 22,203 |  |  | $ | 13,752 |  |  | $ | 49,991 |  |  | $ | 26,033 |
(a) | Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of a small amount of mortgage re-financing.
(b) | For the three months ended September 30, 2014, operating income was reduced by $0.6 million related to the impairment of future communities in the Midwest region. For the nine months ended September 30, 2014, operating income was reduced by $0.8 million related to the impairment of operating communities in the Midwest region and $0.6 million related to the impairment of future communities in the Midwest region. For the three months ended September 30, 2013, operating income was reduced by $0.5 million related to the impairment of operating communities in the Midwest region and $1.7 million related to the impairment of future communities in the Midwest region. For the nine months ended September 30, 2013, operating income was reduced by $0.5 million related to the impairment of operating communities, $2.5 million related to the impairment of future communities, and $1.3 million related to the impairment of land held for sale in the Midwest region. There were no impairment charges in the Mid-Atlantic or Southern regions for the three and nine months ended September 30, 2014 and 2013.
The following tables show total assets by segment at September 30, 2014 and December 31, 2013:
| September 30, 2014
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 4,671 |  |  | $ | 12,332 |  |  | $ | 4,635 |  |  | $ | — |  |  | $ | 21,638 |
Inventory (a) | 310,559 |  |  | 315,169 |  |  | 246,598 |  |  | — |  |  | 872,326 |
Investments in unconsolidated joint ventures | 2,980 |  |  | 37,789 |  |  | — |  |  | — |  |  | 40,769 |
Other assets | 10,806 |  |  | 23,995 |  |  | 11,069 |  |  | 212,551 |  |  | 258,421 |
Total assets | $ | 329,016 |  |  | $ | 389,285 |  |  | $ | 262,302 |  |  | $ | 212,551 |  |  | $ | 1,193,154 |
| December 31, 2013
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 2,003 |  |  | $ | 7,107 |  |  | $ | 5,255 |  |  | $ | — |  |  | $ | 14,365 |
Inventory (a) | 248,218 |  |  | 236,505 |  |  | 191,847 |  |  | — |  |  | 676,570 |
Investments in unconsolidated joint ventures | 5,331 |  |  | 29,935 |  |  | — |  |  | — |  |  | 35,266 |
Other assets | 10,571 |  |  | 982 |  |  | 11,050 |  |  | 361,372 |  |  | 383,975 |
Total assets | $ | 266,123 |  |  | $ | 274,529 |  |  | $ | 208,152 |  |  | $ | 361,372 |  |  | $ | 1,110,176 |
(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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration