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Supplemental Guarantor Information | 9 Months Ended
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Sep. 30, 2016
Supplemental Guarantor Information [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Supplemental Guarantor Information The Company’s obligations under the 2021 Senior Notes, the 2017 Convertible Senior Subordinated Notes and the 2018 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 Guarantor Subsidiaries of the 2021 Senior Notes, the 2017 Convertible Senior Subordinated Notes and the 2018 Convertible Senior Subordinated Notes are the same. The following condensed consolidating financial information includes balance sheets, statements of income and cash flow information for M/I Homes, Inc. (the parent company and the issuer of the aforementioned guaranteed notes), the Guarantor Subsidiaries, collectively, and for all other subsidiaries and joint ventures of the Company (the “Unrestricted Subsidiaries”), collectively. Each Guarantor Subsidiary is a direct or indirect 100%-owned subsidiary of M/I Homes, Inc. and has fully and unconditionally guaranteed the (a) 2021 Senior Notes on a joint and several senior unsecured basis, (b) 2017 Convertible Senior Subordinated Notes on a joint and several senior subordinated unsecured basis and (c) 2018 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, 2016, 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, title insurance or similar financial businesses relating to the homebuilding and home sales business, certain subsidiaries that are not 100%-owned by the Company or another subsidiary, and other subsidiaries designated by the Company as Unrestricted Subsidiaries, subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Credit Facility and the indenture governing the 2021 Senior Notes. In the condensed financial tables presented below, the parent company presents all of its 100%-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 Unrestricted Subsidiaries.
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
|  | Three Months Ended September 30, 2016
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 431,903 |  | $ | 10,561 |  | $ | — |  | $ | 442,464 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 363,635 |  | — |  | — |  | 363,635 |
General and administrative |  | — |  | 24,340 |  | 4,820 |  | — |  | 29,160 |
Selling |  | — |  | 27,663 |  | — |  | — |  | 27,663 |
Equity in income of unconsolidated joint ventures |  | — |  | — |  | (24 | ) | — |  | (24 | )
Interest |  | — |  | 3,036 |  | 551 |  | — |  | 3,587 |
Total costs and expenses |  | — |  | 418,674 |  | 5,347 |  | — |  | 424,021 |
Income before income taxes |  | — |  | 13,229 |  | 5,214 |  | — |  | 18,443 |
Provision for income taxes |  | — |  | 5,601 |  | 1,900 |  | — |  | 7,501 |
Equity in subsidiaries |  | 10,942 |  | — |  | — |  | (10,942 | ) | — |
Net income |  | 10,942 |  | 7,628 |  | 3,314 |  | (10,942 | ) | 10,942 |
Preferred dividends |  | 1,218 |  | — |  | — |  | — |  | 1,218 |
Net income to common shareholders |  | $ | 9,724 |  | $ | 7,628 |  | $ | 3,314 |  | $ | (10,942 | ) | $ | 9,724 |
|  | Three Months Ended September 30, 2015
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 354,181 |  | $ | 9,276 |  | $ | — |  | $ | 363,457 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 285,416 |  | — |  | — |  | 285,416 |
General and administrative |  | — |  | 19,080 |  | 4,571 |  | — |  | 23,651 |
Selling |  | — |  | 24,270 |  | — |  | — |  | 24,270 |
Equity in income of unconsolidated joint ventures |  | — |  | — |  | (36 | ) | — |  | (36 | )
Interest |  | — |  | 3,246 |  | 412 |  | — |  | 3,658 |
Total costs and expenses |  | — |  | 332,012 |  | 4,947 |  | — |  | 336,959 |
Income before income taxes |  | — |  | 22,169 |  | 4,329 |  | — |  | 26,498 |
Provision for income taxes |  | — |  | 9,531 |  | 1,397 |  | — |  | 10,928 |
Equity in subsidiaries |  | 15,570 |  | — |  | — |  | (15,570 | ) | — |
Net income |  | 15,570 |  | 12,638 |  | 2,932 |  | (15,570 | ) | 15,570 |
Preferred dividends |  | 1,218 |  | — |  | — |  | — |  | 1,218 |
Net income to common shareholders |  | $ | 14,352 |  | $ | 12,638 |  | $ | 2,932 |  | $ | (15,570 | ) | $ | 14,352 |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
|  | Nine Months Ended September 30, 2016
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 1,137,517 |  | $ | 30,564 |  | $ | — |  | $ | 1,168,081 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 943,515 |  | — |  | — |  | 943,515 |
General and administrative |  | — |  | 64,727 |  | 13,522 |  | — |  | 78,249 |
Selling |  | — |  | 75,462 |  | — |  | — |  | 75,462 |
Equity in income of unconsolidated joint ventures |  | — |  | — |  | (413 | ) | — |  | (413 | )
Interest |  | — |  | 11,715 |  | 1,445 |  | — |  | 13,160 |
Total costs and expenses |  | — |  | 1,095,419 |  | 14,554 |  | — |  | 1,109,973 |
Income before income taxes |  | — |  | 42,098 |  | 16,010 |  | — |  | 58,108 |
Provision for income taxes |  | — |  | 16,487 |  | 5,574 |  | — |  | 22,061 |
Equity in subsidiaries |  | 36,047 |  | — |  | — |  | (36,047 | ) | — |
Net income |  | 36,047 |  | 25,611 |  | 10,436 |  | (36,047 | ) | 36,047 |
Preferred dividends |  | 3,656 |  | — |  | — |  | — |  | 3,656 |
Net income to common shareholders |  | $ | 32,391 |  | $ | 25,611 |  | $ | 10,436 |  | $ | (36,047 | ) | $ | 32,391 |
|  | Nine Months Ended September 30, 2015
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
Revenue |  | $ | — |  | $ | 923,164 |  | $ | 26,308 |  | $ | — |  | $ | 949,472 |
Costs and expenses: |  |  |  |  |  |
Land and housing |  | — |  | 744,194 |  | — |  | — |  | 744,194 |
General and administrative |  | — |  | 53,334 |  | 11,356 |  | — |  | 64,690 |
Selling |  | — |  | 64,891 |  | — |  | — |  | 64,891 |
Equity in income of unconsolidated joint ventures |  | — |  | — |  | (248 | ) | — |  | (248 | )
Interest |  | — |  | 10,732 |  | 1,138 |  | — |  | 11,870 |
Total costs and expenses |  | — |  | 873,151 |  | 12,246 |  | — |  | 885,397 |
Income before income taxes |  | — |  | 50,013 |  | 14,062 |  | — |  | 64,075 |
Provision for income taxes |  | — |  | 20,690 |  | 4,897 |  | — |  | 25,587 |
Equity in subsidiaries |  | 38,488 |  | — |  | — |  | (38,488 | ) | — |
Net income |  | 38,488 |  | 29,323 |  | 9,165 |  | (38,488 | ) | 38,488 |
Preferred dividends |  | 3,656 |  | — |  | — |  | — |  | 3,656 |
Net income to common shareholders |  | $ | 34,832 |  | $ | 29,323 |  | $ | 9,165 |  | $ | (38,488 | ) | $ | 34,832 |
CONDENSED CONSOLIDATING BALANCE SHEET
|  | September 30, 2016
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
ASSETS: |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | 7,161 |  | $ | 15,149 |  | $ | — |  | $ | 22,310 |
Restricted cash |  | — |  | 998 |  | — |  | — |  | 998 |
Mortgage loans held for sale |  | — |  | — |  | 95,545 |  | — |  | 95,545 |
Inventory |  | — |  | 1,225,153 |  | — |  | — |  | 1,225,153 |
Property and equipment - net |  | — |  | 21,221 |  | 571 |  | — |  | 21,792 |
Investment in unconsolidated joint ventures |  | — |  | 6,017 |  | 20,511 |  | — |  | 26,528 |
Deferred income taxes, net of valuation allowances |  | — |  | 39,944 |  | — |  | — |  | 39,944 |
Investment in subsidiaries |  | 649,961 |  | — |  | — |  | (649,961 | ) | — |
Intercompany assets |  | 417,303 |  | — |  | — |  | (417,303 | ) | — |
Other assets |  | 1,924 |  | 50,391 |  | 12,652 |  | — |  | 64,967 |
TOTAL ASSETS |  | $ | 1,069,188 |  | $ | 1,350,885 |  | $ | 144,428 |  | $ | (1,067,264 | ) | $ | 1,497,237 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
LIABILITIES: |  |  |  |  |  |
Accounts payable |  | $ | — |  | $ | 109,808 |  | $ | 371 |  | $ | — |  | $ | 110,179 |
Customer deposits |  | — |  | 26,439 |  | — |  | — |  | 26,439 |
Intercompany liabilities |  | — |  | 399,251 |  | 18,052 |  | (417,303 | ) | — |
Other liabilities |  | — |  | 94,998 |  | 4,971 |  | — |  | 99,969 |
Community development district obligations |  | — |  | 551 |  | — |  | — |  | 551 |
Obligation for consolidated inventory not owned |  | — |  | 5,862 |  | — |  | — |  | 5,862 |
Notes payable bank - homebuilding operations |  | — |  | 85,000 |  | — |  | — |  | 85,000 |
Notes payable bank - financial services operations |  | — |  | — |  | 91,483 |  | — |  | 91,483 |
Notes payable - other |  | — |  | 8,566 |  | — |  | — |  | 8,566 |
Convertible senior subordinated notes due 2017 - net |  | 56,949 |  | — |  | — |  | — |  | 56,949 |
Convertible senior subordinated notes due 2018 - net |  | 85,246 |  | — |  | — |  | — |  | 85,246 |
Senior notes due 2021 - net |  | 295,401 |  | — |  | — |  | — |  | 295,401 |
TOTAL LIABILITIES |  | 437,596 |  | 730,475 |  | 114,877 |  | (417,303 | ) | 865,645 |
SHAREHOLDERS’ EQUITY |  | 631,592 |  | 620,410 |  | 29,551 |  | (649,961 | ) | 631,592 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 1,069,188 |  | $ | 1,350,885 |  | $ | 144,428 |  | $ | (1,067,264 | ) | $ | 1,497,237 |
CONDENSED CONSOLIDATING BALANCE SHEET
|  | December 31, 2015
(In thousands) |  | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
ASSETS: |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 18,156 |  | $ | (7,951 | ) | $ | 10,205 |
Restricted cash |  | — |  | 2,896 |  | — |  | — |  | 2,896 |
Mortgage loans held for sale |  | — |  | — |  | 127,001 |  | — |  | 127,001 |
Inventory |  | — |  | 1,112,042 |  | — |  | — |  | 1,112,042 |
Property and equipment - net |  | — |  | 12,222 |  | 675 |  | — |  | 12,897 |
Investment in unconsolidated joint ventures |  | — |  | 17,425 |  | 19,542 |  | — |  | 36,967 |
Deferred income taxes, net of valuation allowances |  | — |  | 67,255 |  | 149 |  | — |  | 67,404 |
Investment in subsidiaries |  | 621,052 |  | — |  | — |  | (621,052 | ) | — |
Intercompany assets |  | 408,847 |  | — |  | — |  | (408,847 | ) | — |
Other assets |  | 2,626 |  | 32,335 |  | 11,181 |  | — |  | 46,142 |
TOTAL ASSETS |  | $ | 1,032,525 |  | $ | 1,244,175 |  | $ | 176,704 |  | $ | (1,037,850 | ) | $ | 1,415,554 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
LIABILITIES: |  |  |  |  |  |
Accounts payable |  | $ | — |  | $ | 94,554 |  | $ | 275 |  | $ | (7,951 | ) | $ | 86,878 |
Customer deposits |  | — |  | 19,567 |  | — |  | — |  | 19,567 |
Intercompany liabilities |  | — |  | 387,439 |  | 21,408 |  | (408,847 | ) | — |
Other liabilities |  | — |  | 88,550 |  | 5,120 |  | — |  | 93,670 |
Community development district obligations |  | — |  | 1,018 |  | — |  | — |  | 1,018 |
Obligation for consolidated inventory not owned |  | — |  | 6,007 |  | — |  | — |  | 6,007 |
Notes payable bank - homebuilding operations |  | — |  | 43,800 |  | — |  | — |  | 43,800 |
Notes payable bank - financial services operations |  | — |  | — |  | 123,648 |  | — |  | 123,648 |
Notes payable - other |  | — |  | 8,441 |  | — |  | — |  | 8,441 |
Convertible senior subordinated notes due 2017 - net |  | 56,518 |  | — |  | — |  | — |  | 56,518 |
Convertible senior subordinated notes due 2018 - net |  | 84,714 |  | — |  | — |  | — |  | 84,714 |
Senior notes due 2021 - net |  | 294,727 |  | — |  | — |  | — |  | 294,727 |
TOTAL LIABILITIES |  | 435,959 |  | 649,376 |  | 150,451 |  | (416,798 | ) | 818,988 |
SHAREHOLDERS’ EQUITY |  | 596,566 |  | 594,799 |  | 26,253 |  | (621,052 | ) | 596,566 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 1,032,525 |  | $ | 1,244,175 |  | $ | 176,704 |  | $ | (1,037,850 | ) | $ | 1,415,554 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, 2016
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
OPERATING ACTIVITIES: |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 7,138 |  | $ | (18,192 | ) | $ | 44,712 |  | $ | (7,138 | ) | $ | 26,520 |
INVESTING ACTIVITIES: |  |  |  |  |
Restricted cash | — |  | 1,880 |  | — |  | — |  | 1,880 |
Purchase of property and equipment | — |  | (11,565 | ) | (54 | ) | — |  | (11,619 | )
Intercompany investing | (3,555 | ) | — |  | — |  | 3,555 |  | — |
Investments in and advances to unconsolidated joint ventures | — |  | (5,504 | ) | (4,556 | ) | — |  | (10,060 | )
Net cash (used in) provided by investing activities | (3,555 | ) | (15,189 | ) | (4,610 | ) | 3,555 |  | (19,799 | )
FINANCING ACTIVITIES: |  |  |  |  |
Proceeds from bank borrowings - homebuilding operations | — |  | 276,800 |  | — |  | — |  | 276,800 |
Principal repayments of bank borrowings - homebuilding operations | — |  | (235,600 | ) | — |  | — |  | (235,600 | )
Net proceeds from bank borrowings - financial services operations | — |  | — |  | (32,165 | ) | — |  | (32,165 | )
Principal proceeds from notes payable - other and CDD bond obligations | — |  | 125 |  | — |  | — |  | 125 |
Proceeds from exercise of stock options | 73 |  | — |  | — |  | — |  | 73 |
Intercompany financing | — |  | (630 | ) | (3,766 | ) | 4,396 |  | — |
Dividends paid | (3,656 | ) | — |  | (7,138 | ) | 7,138 |  | (3,656 | )
Debt issue costs | — |  | (153 | ) | (40 | ) | — |  | (193 | )
Net cash (used in) provided by financing activities | (3,583 | ) | 40,542 |  | (43,109 | ) | 11,534 |  | 5,384 |
Net increase (decrease) in cash and cash equivalents | — |  | 7,161 |  | (3,007 | ) | 7,951 |  | 12,105 |
Cash and cash equivalents balance at beginning of period | — |  | — |  | 18,156 |  | (7,951 | ) | 10,205 |
Cash and cash equivalents balance at end of period | $ | — |  | $ | 7,161 |  | $ | 15,149 |  | $ | — |  | $ | 22,310 |
| Nine Months Ended September 30, 2015
(In thousands) | M/I Homes, Inc. | Guarantor Subsidiaries | Unrestricted Subsidiaries | Eliminations | Consolidated
OPERATING ACTIVITIES: |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 2,428 |  | $ | (114,357 | ) | $ | 19,161 |  | $ | (2,428 | ) | $ | (95,196 | )
INVESTING ACTIVITIES: |  |  |  |  |
Restricted cash | — |  | 3,615 |  | — |  | — |  | 3,615 |
Purchase of property and equipment | — |  | (1,939 | ) | (64 | ) | — |  | (2,003 | )
Intercompany Investing | 193 |  | — |  | — |  | (193 | ) | — |
Investments in and advances to unconsolidated joint ventures | — |  | (2,728 | ) | (7,997 | ) | — |  | (10,725 | )
Net proceeds from the sale of mortgage servicing rights | — |  | — |  | 3,065 |  | — |  | 3,065 |
Net cash provided by (used in) investing activities | 193 |  | (1,052 | ) | (4,996 | ) | (193 | ) | (6,048 | )
FINANCING ACTIVITIES: |  |  |  |  |
Proceeds from bank borrowings - homebuilding operations | — |  | 329,400 |  | — |  | — |  | 329,400 |
Principal repayments of bank borrowings - homebuilding operations | — |  | (203,300 | ) | — |  | — |  | (203,300 | )
Net repayments of bank borrowings - financial services operations | — |  | — |  | (12,140 | ) | — |  | (12,140 | )
Principal repayments of notes payable - other and CDD bond obligations | — |  | (155 | ) | — |  | — |  | (155 | )
Proceeds from exercise of stock options | 1,035 |  | — |  | — |  | — |  | 1,035 |
Intercompany financing | — |  | (6,158 | ) | 5,965 |  | 193 |  | — |
Dividends paid | (3,656 | ) | — |  | (2,428 | ) | 2,428 |  | (3,656 | )
Debt issue costs | — |  | (380 | ) | (40 | ) | — |  | (420 | )
Net cash (used in) provided by financing activities | (2,621 | ) | 119,407 |  | (8,643 | ) | 2,621 |  | 110,764 |
Net increase in cash and cash equivalents | — |  | 3,998 |  | 5,522 |  | — |  | 9,520 |
Cash and cash equivalents balance at beginning of period | — |  | 3,872 |  | 11,663 |  | — |  | 15,535 |
Cash and cash equivalents balance at end of period | $ | — |  | $ | 7,870 |  | $ | 17,185 |  | $ | — |  | $ | 25,055 |

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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 FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: 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=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: 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=26873400&loc=d3e24072-122690 + Details
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