XML 35 R19.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Fair Value Measurements Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
Fair Value Measurements [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The table below shows the notional amounts of our financial instruments at September 30, 2016 and December 31, 2015:
Description of Financial Instrument (in thousands) | September 30, 2016 |  | December 31, 2015
Best efforts contracts and related committed IRLCs | $ | 3,799 |  |  | $ | 2,625 |
Uncommitted IRLCs | 90,244 |  |  | 46,339 |
FMBSs related to uncommitted IRLCs | 92,000 |  |  | 46,000 |
Best efforts contracts and related mortgage loans held for sale | 6,927 |  |  | 100,152 |
FMBSs related to mortgage loans held for sale | 87,000 |  |  | 27,000 |
Mortgage loans held for sale covered by FMBSs | 87,700 |  |  | 26,690 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The table below shows the level and measurement of assets and liabilities measured on a recurring basis at September 30, 2016 and December 31, 2015:
Description of Financial Instrument (in thousands) | Fair Value Measurements September 30, 2016 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale | $ | 95,545 |  |  | $ | — |  |  | $ | 95,545 |  |  | $ | — |  |
Forward sales of mortgage-backed securities | (338 | ) |  | — |  |  | (338 | ) |  | — |  |
Interest rate lock commitments | 709 |  |  | — |  |  | 709 |  |  | — |  |
Best-efforts contracts | (175 | ) |  | — |  |  | (175 | ) |  | — |  |
Total | $ | 95,741 |  |  | $ | — |  |  | $ | 95,741 |  |  | $ | — |  |
Description of Financial Instrument (in thousands) | Fair Value Measurements December 31, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale | $ | 127,001 |  |  | $ | — |  |  | $ | 127,001 |  |  | $ | — |  |
Forward sales of mortgage-backed securities | (93 | ) |  | — |  |  | (93 | ) |  | — |  |
Interest rate lock commitments | 321 |  |  | — |  |  | 321 |  |  | — |  |
Best-efforts contracts | (206 | ) |  | — |  |  | (206 | ) |  | — |  |
Total | $ | 127,023 |  |  | $ | — |  |  | $ | 127,023 |  |  | $ | — |  |
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block] | The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2016 and 2015:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Description (in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Mortgage loans held for sale | $ | (1,127 | ) |  | $ | 1,585 |  |  | $ | 1,059 |  |  | $ | 761 |
Forward sales of mortgage-backed securities | 1,443 |  |  | (2,520 | ) |  | (245 | ) |  | (1,088 | )
Interest rate lock commitments | (531 | ) |  | 924 |  |  | 388 |  |  | 696 |
Best-efforts contracts | 15 |  |  | (125 | ) |  | 31 |  |  | (253 | )
Total (loss) gain recognized | $ | (200 | ) |  | $ | (136 | ) |  | $ | 1,233 |  |  | $ | 116 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables set forth the fair value of the Company’s derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which is disclosed as a separate line item):
|  | Asset Derivatives |  | Liability Derivatives
|  | September 30, 2016 |  | September 30, 2016
Description of Derivatives |  | Balance Sheet Location |  | Fair Value (in thousands) |  | Balance Sheet Location |  | Fair Value (in thousands)
Forward sales of mortgage-backed securities |  | Other assets |  | $ | — |  |  | Other liabilities |  | $ | 338 |
Interest rate lock commitments |  | Other assets |  | 709 |  |  | Other liabilities |  | — |
Best-efforts contracts |  | Other assets |  | — |  |  | Other liabilities |  | 175 |
Total fair value measurements |  |  |  | $ | 709 |  |  |  |  | $ | 513 |
|  | Asset Derivatives |  | Liability Derivatives
|  | December 31, 2015 |  | December 31, 2015
Description of Derivatives |  | Balance Sheet Location |  | Fair Value (in thousands) |  | Balance Sheet Location |  | Fair Value (in thousands)
Forward sales of mortgage-backed securities |  | Other assets |  | $ | — |  |  | Other liabilities |  | $ | 93 |
Interest rate lock commitments |  | Other assets |  | 321 |  |  | Other liabilities |  | — |
Best-efforts contracts |  | Other assets |  | — |  |  | Other liabilities |  | 206 |
Total fair value measurements |  |  |  | $ | 321 |  |  |  |  | $ | 299 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the carrying amounts and fair values of the Company’s financial instruments at September 30, 2016 and December 31, 2015. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions.
|  | September 30, 2016 |  | December 31, 2015
(In thousands) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  | $ | 23,308 |  |  | $ | 23,308 |  |  | $ | 13,101 |  |  | $ | 13,101 |
Mortgage loans held for sale |  | 95,545 |  |  | 95,545 |  |  | 127,001 |  |  | 127,001 |
Split dollar life insurance policies |  | 214 |  |  | 214 |  |  | 199 |  |  | 199 |
Notes receivable |  | 1,188 |  |  | 1,006 |  |  | 3,153 |  |  | 3,076 |
Commitments to extend real estate loans |  | 709 |  |  | 709 |  |  | 321 |  |  | 321 |
Liabilities: |  |  |  |  |  |  |  |
Notes payable - homebuilding operations |  | 85,000 |  |  | 85,000 |  |  | 43,800 |  |  | 43,800 |
Notes payable - financial services operations |  | 91,483 |  |  | 91,483 |  |  | 123,648 |  |  | 123,648 |
Notes payable - other |  | 8,566 |  |  | 7,922 |  |  | 8,441 |  |  | 8,039 |
Convertible senior subordinated notes due 2017 (a) |  | 57,500 |  |  | 63,609 |  |  | 57,500 |  |  | 61,884 |
Convertible senior subordinated notes due 2018 (a) |  | 86,250 |  |  | 88,083 |  |  | 86,250 |  |  | 84,741 |
Senior notes due 2021 (a) |  | 300,000 |  |  | 314,250 |  |  | 300,000 |  |  | 295,500 |
Best-efforts contracts for committed IRLCs and mortgage loans held for sale |  | 175 |  |  | 175 |  |  | 206 |  |  | 206 |
Forward sales of mortgage-backed securities |  | 338 |  |  | 338 |  |  | 93 |  |  | 93 |
Off-Balance Sheet Financial Instruments: |  |  |  |  |  |  |  |
Letters of credit |  | — |  |  | 839 |  |  | — |  |  | 735 |
(a) | Our senior notes and convertible senior subordinated notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.

X
- Definition 3. Fair Value Measurements [Abstract] + References No definition available. + Details
Name: | mho_FairValueMeasurementsAbstract
Namespace Prefix: | mho_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration