XML 35 R19.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Earnings per Share | 12 Months Ended
--- | ---
Dec. 31, 2018
Loss per Share [Abstract] |
Earnings Per Share [Text Block] | Earnings Per Share The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the years ended December 31, 2018, 2017 and 2016:
| Year Ended December 31,
(In thousands, except per share amounts) | 2018 |  | 2017 |  | 2016
NUMERATOR |  |  |  |  |
Net income | $ | 107,663 |  |  | $ | 72,081 |  |  | $ | 56,609 |
Preferred stock dividends (a) | — |  |  | (3,656 | ) |  | (4,875 | )
Excess of fair value over book value of preferred shares redeemed | — |  |  | (2,257 | ) |  | — |
Net income available to common shareholders | 107,663 |  |  | 66,168 |  |  | 51,734 |
Interest on 3.25% convertible senior subordinated notes due 2017 (b) | — |  |  | 1,106 |  |  | 1,520 |
Interest on 3.00% convertible senior subordinated notes due 2018 (c) | 407 |  |  | 2,113 |  |  | 2,050 |
Diluted income available to common shareholders | $ | 108,070 |  |  | $ | 69,387 |  |  | $ | 55,304 |
DENOMINATOR |  |  |  |  |
Basic weighted average shares outstanding | 28,234 |  |  | 25,769 |  |  | 24,666 |
Effect of dilutive securities: |  |  |  |  |
Stock option awards | 295 |  |  | 342 |  |  | 216 |
Deferred compensation awards | 219 |  |  | 221 |  |  | 149 |
3.25% convertible senior subordinated notes due 2017 (b) | — |  |  | 1,687 |  |  | 2,416 |
3.00% convertible senior subordinated notes due 2018 (c) | 430 |  |  | 2,669 |  |  | 2,669 |
Diluted weighted average shares outstanding - adjusted for assumed conversions | 29,178 |  |  | 30,688 |  |  | 30,116 |
Earnings per common share |  |  |  |  |
Basic | $ | 3.81 |  |  | $ | 2.57 |  |  | $ | 2.10 |
Diluted | $ | 3.70 |  |  | $ | 2.26 |  |  | $ | 1.84 |
Anti-dilutive equity awards not included in the calculation of diluted earnings per common share | 381 |  |  | 23 |  |  | 1,273 |
(a) | The Company’s Articles of Incorporation authorize the issuance of up to 2,000,000 preferred shares, par value $.01 per share. On March 15, 2007, the Company issued 4,000,000 depositary shares, each representing 1/1000th of a 9.75% Series A Preferred Share of the Company (the “Series A Preferred Shares”), or 4,000 Series A Preferred Shares in the aggregate. On April 10, 2013, the Company redeemed 2,000 of its Series A Preferred Shares (and the 2,000,000 related depositary shares) for an aggregate redemption price of approximately $50.4 million in cash. On October 16, 2017, the Company redeemed the remaining 2,000 outstanding Series A Preferred Shares (and the 2,000,000 related depositary shares) for an aggregate redemption price of approximately $50.4 million in cash. The Company declared and paid a quarterly cash dividend of $609.375 per share on its then outstanding Series A Preferred Shares in each of the first three quarters of 2017 and in each quarter of 2016, for aggregate dividend payments on the Series A Preferred Shares of $3.7 million and $4.9 million for the years ended December 31, 2017 and 2016, respectively.
(b) | On September 11, 2012, the Company issued $57.5 million in aggregate principal amount of 3.25% Convertible Senior Subordinated Notes due 2017 (the “2017 Convertible Senior Subordinated Notes”). The 2017 Convertible Senior Subordinated Notes were scheduled to mature on September 15, 2017 and the deadline for holders to convert the 2017 Convertible Senior Subordinated Notes was September 13, 2017. As a result of conversion elections made by holders of the 2017 Convertible Senior Subordinated Notes, all $57.5 million in aggregate principal amount of the 2017 Convertible Senior Subordinated Notes were converted and settled through the issuance of our common shares. In total, we issued approximately 2.4 million common shares (at a conversion price per common share of $23.80).
(c) | On March 1, 2013, the Company issued $86.3 million in aggregate principal amount of 3.0% Convertible Senior Subordinated Notes due 2018 (the “2018 Convertible Senior Subordinated Notes”). The 2018 Convertible Senior Subordinated Notes were scheduled to mature on March 1, 2018 and the deadline for holders to convert the 2018 Convertible Senior Subordinated Notes was February 27, 2018. As a result of conversion elections made by holders of the 2018 Convertible Senior Subordinated Notes, (1) approximately $20.3 million in aggregate principal amount of the 2018 Convertible Senior Subordinated Notes were converted and settled through the issuance of approximately 0.629 million of our common shares (at a conversion price per common share of $32.31) and (2) the Company repaid in cash approximately $65.9 million in aggregate principal amount of the 2018 Convertible Senior Subordinated Notes at maturity.
For the years ended December 31, 2018, 2017 and 2016, the effect of our convertible debt outstanding was included in the diluted earnings per share calculations.

X
- Definition Loss per Share [Abstract] + References No definition available. + Details
Name: | mho_LossPerShareAbstract
Namespace Prefix: | mho_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration