XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Business Segments Business Segments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2016
Business Segments [Abstract] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table shows, by segment: revenue, operating income and interest expense for the three and six months ended June 30, 2016 and 2015:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Revenue: |  |  |  |  |  |  |
Midwest homebuilding | $ | 152,918 |  |  | $ | 118,141 |  |  | $ | 271,088 |  |  | $ | 203,358 |
Southern homebuilding | 148,965 |  |  | 105,399 |  |  | 271,659 |  |  | 203,954 |
Mid-Atlantic homebuilding | 89,415 |  |  | 90,382 |  |  | 162,868 |  |  | 161,671 |
Financial services (a) | 9,949 |  |  | 8,934 |  |  | 20,002 |  |  | 17,032 |
Total revenue | $ | 401,247 |  |  | $ | 322,856 |  |  | $ | 725,617 |  |  | $ | 586,015 |
Operating income: |  |  |  |  |  |  |
Midwest homebuilding | $ | 17,987 |  |  | $ | 12,219 |  |  | $ | 28,315 |  |  | $ | 20,015 |
Southern homebuilding | 7,199 |  |  | 7,970 |  |  | 13,629 |  |  | 16,561 |
Mid-Atlantic homebuilding | 7,584 |  |  | 8,266 |  |  | 11,468 |  |  | 13,026 |
Financial services (a) | 5,362 |  |  | 5,245 |  |  | 11,637 |  |  | 10,569 |
Less: Corporate selling, general and administrative expense | (8,956 | ) |  | (8,079 | ) |  | (16,200 | ) |  | (14,594 | )
Total operating income | $ | 29,176 |  |  | $ | 25,621 |  |  | $ | 48,849 |  |  | $ | 45,577 |
Interest expense: |  |  |  |  |  |  |
Midwest homebuilding | $ | 613 |  |  | $ | 563 |  |  | $ | 1,892 |  |  | $ | 1,887 |
Southern homebuilding | 2,136 |  |  | 1,762 |  |  | 4,330 |  |  | 3,536 |
Mid-Atlantic homebuilding | 1,049 |  |  | 1,030 |  |  | 2,457 |  |  | 2,063 |
Financial services (a) | 510 |  |  | 395 |  |  | 894 |  |  | 726 |
Total interest expense | $ | 4,308 |  |  | $ | 3,750 |  |  | $ | 9,573 |  |  | $ | 8,212 |
Equity in income of unconsolidated joint ventures | (82 | ) |  | (14 | ) |  | (389 | ) |  | (212 | )
Income before income taxes | $ | 24,950 |  |  | $ | 21,885 |  |  | $ | 39,665 |  |  | $ | 37,577 |
(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 refinancing.
The following tables show total assets by segment at June 30, 2016 and December 31, 2015:
| June 30, 2016
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 3,619 |  |  | $ | 22,080 |  |  | $ | 4,116 |  |  | $ | — |  |  | $ | 29,815 |
Inventory (a) | 375,861 |  |  | 444,635 |  |  | 320,014 |  |  | — |  |  | 1,140,510 |
Investments in unconsolidated joint ventures | 6,843 |  |  | 21,317 |  |  | — |  |  | — |  |  | 28,160 |
Other assets (b) | 13,972 |  |  | 30,643 |  |  | 11,127 |  |  | 198,927 |  |  | 254,669 |
Total assets | $ | 400,295 |  |  | $ | 518,675 |  |  | $ | 335,257 |  |  | $ | 198,927 |  |  | $ | 1,453,154 |
| December 31, 2015
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 3,379 |  |  | $ | 16,128 |  |  | $ | 4,203 |  |  | $ | — |  |  | $ | 23,710 |
Inventory (a) | 368,748 |  |  | 416,443 |  |  | 303,141 |  |  | — |  |  | 1,088,332 |
Investments in unconsolidated joint ventures | 5,976 |  |  | 30,991 |  |  | — |  |  | — |  |  | 36,967 |
Other assets | 10,018 |  |  | 23,704 |  |  | 7,253 |  |  | 225,570 |  |  | 266,545 |
Total assets | $ | 388,121 |  |  | $ | 487,266 |  |  | $ | 314,597 |  |  | $ | 225,570 |  |  | $ | 1,415,554 |
(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.
(b) | During the six months ended June 30, 2016, the Company purchased an airplane for $9.9 million. The asset is included in the table above in Corporate, Financial Services, and Unallocated Other Assets, and within Property and Equipment - Net in our Unaudited Condensed Consolidated Balance Sheets.

X
- Definition Business Segments [Abstract] + References No definition available. + 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 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 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=68060357&loc=d3e8813-108599 Reference 3: 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=68060357&loc=d3e8721-108599 Reference 4: 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 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=68060357&loc=d3e8736-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration