M/I Homes, Inc
(NYSE:MHO)

M/I Homes, Inc., together with its subsidiaries, operates as a builder of single-family homes in Ohio, Indiana, Illinois, Michigan, Minnesota, North Carolina, Florida, and Texas, the United States. The company operates through Northern Homebuilding, Southern Homebuilding, and Financial Services segm...

Website: http://www.mihomes.com

Full Time Employees: 1,401

Sector: Consumer Cyclical

Industry: Residential Construction

Consumer Cyclical

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-03-31	2015-12-31	2015-06-30	2014-12-31	2014-09-30	2013-12-31	2013-03-31	2012-12-31	2012-06-30	2011-12-31	2011-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30

revenue	920,707,000	1,147,305,000	1,131,791,000	1,162,592,000	976,093,000	1,205,277,000	1,142,909,000	1,109,781,000	1,046,703,000	972,588,000	1,046,371,000	1,014,013,000	1,000,530,000	1,217,000,000	1,012,928,000	1,040,654,000	860,811,000	1,051,752,000	904,319,000	961,040,000	828,776,000	906,427,000	847,921,000	714,194,000	577,603,000	742,150,000	653,345,000	623,686,000	481,109,000	722,485,000	567,842,000	558,098,000	437,857,000	621,702,000	476,423,000	456,866,000	406,980,000		324,370,000		322,856,000	367,964,000	330,767,000		190,727,000		170,994,000	176,786,000	141,624,000	196,404,000	119,389,000	204,916,000	152,738,000	116,146,000	96,149,000	160,385,000	141,002,000	156,085,000	219,259,250	243,668,000	235,647,000	224,459,000	-849,912,000	306,188,000	311,794,000	259,055,000	209,969,000	332,478,000	265,999,000	241,399,000	349,278,000	315,496,000	281,197,000	228,664,000	350,911,000	268,390,000	241,253,000
yoy	-5.67%	-4.81%	-0.97%	4.76%	-6.75%	23.92%	9.23%	9.44%	4.61%	-20.08%	3.30%	-2.56%	16.23%	15.71%	12.01%	8.28%	3.87%	16.03%	6.65%	34.56%	43.49%	22.14%	29.78%	14.51%	20.06%	2.72%	15.06%	11.75%	9.88%	16.21%	19.19%	22.16%	7.59%		46.88%		26.06%		-1.93%		69.28%		93.44%		34.67%		43.22%	-13.73%	-7.28%	69.10%	24.17%	27.77%	8.32%	-25.59%	-56.15%	-34.18%	-40.16%	-30.46%	-125.80%	-20.42%	-24.42%	-13.35%	-504.78%	-7.91%	17.22%	7.31%	-39.88%	5.38%	-5.40%	5.57%	-0.47%	17.55%	16.56%
qoq	-19.75%	1.37%	-2.65%	19.11%	-19.02%	5.46%	2.99%	6.03%	7.62%	-7.05%	3.19%	1.35%	-17.79%	20.15%	-2.66%	20.89%	-18.15%	16.30%	-5.90%	15.96%	-8.57%	6.90%	18.72%	23.65%	-22.17%	13.59%	4.76%	29.64%	-33.41%	27.23%	1.75%	27.46%	-29.57%	30.49%	4.28%	12.26%					-12.26%	11.25%					-3.28%	24.83%	-27.89%	64.51%	-41.74%	34.16%	31.51%	20.80%	-40.05%	13.75%	-9.66%	-28.81%	-10.02%	3.40%	4.98%	-126.41%	-377.58%	-1.80%	20.36%	23.38%	-36.85%	24.99%	10.19%	-30.89%	10.71%	12.20%	22.97%	-34.84%	30.75%	11.25%
costs and expenses:
land and housing	718,116,000	899,508,000	854,122,000	875,973,000	723,310,000	908,452,000	833,468,000	800,501,000	763,360,000	728,202,000	764,638,000	755,829,000	765,904,000	924,117,000	741,013,000	756,367,000	647,702,000	808,150,000	682,565,000	719,672,000	626,585,000	689,245,000	653,407,000	557,791,000	460,924,000	594,373,000	519,164,000	503,857,000	388,467,000	586,637,000	452,029,000	449,336,000	348,702,000	498,470,000	374,673,000	367,598,000	320,281,000		260,172,000		252,595,000	292,174,000	261,636,000		151,513,000		137,111,000	144,244,000	116,269,000	165,063,000	99,308,000	174,060,000	131,416,000	101,598,000	87,915,000	141,499,000	122,233,000	131,568,000	161,321,500	196,019,000	185,101,000	176,866,000	161,801,750	233,033,000	225,808,000	188,366,000	156,672,500	247,730,000	198,286,000	180,674,000	266,932,000	237,542,000	203,568,000	167,572,000	265,702,000	201,080,000	177,599,000
general and administrative	61,186,000	65,680,000	70,766,000	67,247,000	59,073,000	70,059,000	68,285,000	63,994,000	56,084,000	60,284,000	55,867,000	55,654,000	50,960,000	52,565,000	58,247,000	55,216,000	48,783,000	48,306,000	49,420,000	49,078,000	45,205,000	53,784,000	48,879,000	41,037,000	33,847,000	41,706,000	39,385,000	36,164,000	30,699,000	38,265,000	36,897,000	34,666,000	27,951,000	37,073,000	31,337,000	30,112,000	27,760,000		22,259,000		21,705,000	27,510,000	21,724,000		15,979,000		13,826,000	14,600,000	13,896,000	13,561,000	12,892,000	16,339,000	14,414,000	16,415,000	12,002,000	17,267,000	17,133,000	17,558,000	18,652,250	24,648,000	27,074,000	21,764,000	18,652,250	25,052,000	29,358,000	20,199,000	13,336,250	21,039,000	17,831,000	14,475,000	18,765,000	17,840,000	17,039,000	11,310,000	18,264,000	15,717,000	13,846,000
selling	55,340,000	67,390,000	64,049,000	63,655,000	52,786,000	62,775,000	59,163,000	58,495,000	53,940,000	54,256,000	53,735,000	51,871,000	49,080,000	57,580,000	46,373,000	46,206,000	41,421,000	55,231,000	47,114,000	50,576,000	45,689,000	52,041,000	49,539,000	41,127,000	36,828,000	45,234,000	40,147,000	37,452,000	31,551,000	42,121,000	35,054,000	35,591,000	30,063,000	39,661,000	31,136,000	30,247,000	27,283,000		22,266,000		22,935,000	22,973,000	21,955,000		13,109,000		12,825,000	12,913,000	11,213,000	14,153,000	10,594,000	13,611,000	11,601,000	9,629,000	9,109,000	14,726,000	13,087,000	13,726,000	16,377,500	20,605,000	19,622,000	17,979,000	16,377,500	21,645,000	22,952,000	20,913,000	14,094,500	21,394,000	18,050,000	16,934,000	21,220,000	19,847,000	17,694,000	15,667,000	21,867,000	17,285,000	16,009,000
interest income, net of interest expense	-3,105,000	-3,530,500	-4,548,000	-4,377,000	-5,197,000	-5,237,000	-6,680,000	-7,348,000	-6,920,000
total costs and expenses	831,537,000	1,066,751,000	991,972,000	1,002,498,000	829,972,000	1,034,720,000	954,236,000	915,642,000	866,464,000	834,614,000	868,407,000	858,656,000	864,548,000	1,052,810,000	846,334,000	858,481,000	738,561,000	910,388,000	788,147,000	819,743,000	718,495,000	804,576,000	752,812,000	642,467,000	536,247,000	690,871,000	603,281,000	582,483,000	457,630,000	678,080,000	528,362,000	524,567,000	413,984,000	587,571,000	441,750,000	431,681,000	380,645,000		309,655,000		300,971,000	348,219,000	308,564,000		185,841,000		167,695,000	105,117,000	146,459,000										199,564,000	278,620,000	300,872,000	220,860,000	199,564,000	283,308,000	282,309,000	232,639,000	186,271,500	294,066,000	237,074,000	213,946,000	308,702,000	278,194,000	240,070,000	196,372,000	309,424,000	236,090,000	209,242,000
income before income taxes	89,170,000	80,554,000	139,819,000	160,094,000	146,121,000	170,557,000	188,673,000	194,139,000	180,239,000	137,974,000	177,964,000	155,357,000	135,982,000	164,190,000	166,594,000	182,173,000	122,250,000	141,364,000	116,172,000	141,297,000	110,281,000	101,851,000	95,109,000	71,727,000	41,356,000	51,279,000	50,064,000	41,203,000	23,479,000	44,405,000	39,480,000	33,531,000	23,873,000	34,131,000	34,673,000	25,185,000	26,335,000		14,715,000		21,885,000	19,745,000	22,203,000		4,886,000		3,299,000	-3,072,000	-4,835,000	-4,746,000	-8,662,000	-17,199,000	-20,953,000	-19,883,000	-27,960,000		-53,429,000		19,695,250	-34,952,000		3,599,000	-63,371,000	22,880,000	29,485,000	26,416,000	23,697,500	38,412,000	28,925,000	27,453,000	40,576,000	37,302,000	41,127,000	32,292,000	41,487,000	32,300,000	32,011,000
provision for income taxes	21,338,000	16,583,000	33,329,000	38,851,000	34,884,000	37,088,000	43,224,000	47,393,000	42,178,000			37,356,000	32,916,000	33,795,000	35,004,000	45,335,000	30,411,000	27,981,000	25,160,000	33,690,000	25,415,000	21,768,000	21,572,000	17,219,000	9,610,000	9,499,000	12,226,000	10,957,000	5,756,000	11,998,000	10,198,000	5,620,000	5,810,000																			77,250	121,000														8,830,000	13,333,000	11,280,000	10,707,000	16,027,000	14,735,000	16,246,000	12,755,000	16,537,000	12,919,000
net income	67,832,000	63,971,000	106,490,000	121,243,000	111,237,000	133,469,000	145,449,000	146,746,000	138,061,000	105,282,000	139,016,000	118,001,000	103,066,000	130,395,000	131,590,000	136,838,000	91,839,000	113,383,000	91,012,000	107,607,000	84,866,000	80,083,000	73,537,000	54,508,000	31,746,000	41,780,000	37,838,000	30,246,000	17,723,000	32,407,000	29,282,000	27,911,000	18,063,000	15,882,000	22,327,000	16,989,000	16,883,000		9,189,000		13,350,000	10,986,000	13,617,000		4,587,000		3,204,000	-2,976,000	-4,718,000	-4,807,000	-8,335,000	6,996,000	-21,074,000	-19,902,000	-28,129,000	-58,655,000	-91,663,000	-19,770,000	12,461,000	-21,717,000		2,230,000	12,461,000	15,185,000	18,281,000	16,378,000	14,867,500	25,079,000	17,645,000	16,746,000	24,549,000	22,567,000	24,881,000	19,537,000	24,950,000	19,381,000	19,525,000
yoy	-39.02%	-52.07%	-26.79%	-17.38%	-19.43%	26.77%	4.63%	24.36%	33.95%	-19.26%	5.64%	-13.77%	12.22%	15.00%	44.59%	27.16%	8.22%	41.58%	23.76%	97.42%	167.33%	91.68%	94.35%	80.22%	79.12%	28.92%	29.22%	8.37%	-1.88%	104.05%	31.15%	64.29%	6.99%		142.98%		26.46%		-32.52%		191.04%		325.00%		-197.22%		-138.44%	-142.54%	-77.61%	-75.85%	-70.37%	-111.93%	-77.01%	0.67%	-325.74%	170.09%		-986.55%	0.00%	-243.02%		-86.38%	-16.19%	-39.45%	3.60%	-2.20%	-39.44%	11.13%	-29.08%	-14.29%	-1.61%	16.44%	27.43%
qoq	6.04%	-39.93%	-12.17%	9.00%	-16.66%	-8.24%	-0.88%	6.29%	31.13%	-24.27%	17.81%	14.49%	-20.96%	-0.91%	-3.84%	49.00%	-19.00%	24.58%	-15.42%	26.80%	5.97%	8.90%	34.91%	71.70%	-24.02%	10.42%	25.10%	70.66%	-45.31%	10.67%	4.91%	54.52%	13.73%	-28.87%	31.42%	0.63%					21.52%	-19.32%					-207.66%	-36.92%	-1.85%	-42.33%	-219.14%	-133.20%	5.89%	-29.25%	-52.04%	-36.01%	363.65%	-258.66%	-157.38%			-82.10%	-17.94%	-16.94%	11.62%	10.16%	-40.72%	42.13%	5.37%	-31.79%	8.78%	-9.30%	27.35%	-21.70%	28.73%	-0.74%
net income margin %	7.37%	5.58%	9.41%	10.43%	11.40%	11.07%	12.73%	13.22%	13.19%	10.82%	13.29%	11.64%	10.30%	10.71%	12.99%	13.15%	10.67%	10.78%	10.06%	11.20%	10.24%	8.84%	8.67%	7.63%	5.50%	5.63%	5.79%	4.85%	3.68%	4.49%	5.16%	5.00%	4.13%	2.55%	4.69%	3.72%	4.15%	NaN%	2.83%	NaN%	4.13%	2.99%	4.12%	NaN%	2.41%	NaN%	1.87%	-1.68%	-3.33%	-2.45%	-6.98%	3.41%	-13.80%	-17.14%	-29.26%	-36.57%	-65.01%	-12.67%	5.68%	-8.91%	0%	0.99%	-1.47%	4.96%	5.86%	6.32%	7.08%	7.54%	6.63%	6.94%	7.03%	7.15%	8.85%	8.54%	7.11%	7.22%	8.09%
earnings per common share:
basic	2,610	2,470	4,010	4,520	4,070	4,840	5,260	5,260	4,920	3,790	4,980	4,250	3,730	4,740	4,760	4,880	3,230	3,920	3,110	3,680	2,920	2,780	2,570	1,910	1,110	1,480	1,350	1,100	640	1,160	1,030	980	640	570	740	630	630		320		490	400	510		110		170												890	-1,730		160	890	1,090	1,310	1,160	1,040	1,750	1,230	1,180	1,740	1,600	1,760	1,390
diluted	2,550	2,420	3,920	4,420	3,980	4,720	5,100	5,120	4,780	3,630	4,820	4,120	3,640	4,650	4,670	4,790	3,160	3,820	3,030	3,580	2,850	2,730	2,510	1,890	1,090	1,440	1,320	1,080	630	1,140	1,010	960	600	530	640	550	550		300		430	350	440		110		170												877.5	-1,730		160	877.5	1,080	1,290	1,140	1,022.5	1,720	1,210	1,160	1,700	1,570	1,730	1,350
weighted-average shares outstanding:
basic	26,007,000	26,730,000	26,544,000	26,836,000	27,314,000	27,777,000	27,644,000	27,878,000	28,052,000	27,769,000	27,909,000	27,792,000	27,602,000	27,876,000	27,618,000	28,041,000	28,424,000	29,092,000	29,250,000	29,271,000	29,015,000	28,610,000	28,653,000	28,531,000	28,478,000	27,846,000	27,981,000	27,599,000	27,498,000	28,234,000	28,469,000	28,571,000	28,124,000	25,769,000	25,581,000	24,990,000	24,738,000	24,666,000	24,657,000	24,575,000	24,531,000	24,463,000	24,474,000	23,822,000	22,273,000	19,651,000	18,833,000	18,698,000	18,728,000	18,523,000	18,521,000	16,730,000		15,790,000	14,027,000	14,019,000	14,016,000			13,990,000	13,975,000	13,943,000		13,892,000	13,973,000	14,110,000						14,099,000	14,122,000	14,065,000	14,428,000	14,435,000	14,350,000
diluted	26,562,000	27,338,000	27,188,000	27,406,000	27,941,000	28,600,000	28,534,000	28,668,000	28,888,000	28,716,000	28,837,000	28,624,000	28,305,000	28,463,000	28,185,000	28,590,000	29,072,000	29,880,000	30,028,000	30,093,000	29,743,000	29,152,000	29,286,000	28,836,000	29,009,000	28,475,000	28,598,000	28,090,000	27,970,000	29,178,000	28,906,000	29,101,000	30,544,000	30,688,000	30,675,000	30,619,000	30,329,000	30,116,000	30,032,000	30,047,000	30,023,000	29,912,000	29,921,000	28,763,000	22,688,000	19,891,000	19,031,000	18,698,000	18,728,000	18,523,000	18,521,000	16,730,000		15,790,000	14,027,000	14,019,000	14,016,000			13,990,000	13,975,000	14,120,000		14,078,000	14,174,000	14,313,000						14,370,000	14,394,000	14,435,000	14,825,000	14,848,000	14,764,000
impairment of inventory and land deposit write-offs		40,086,000	7,583,000
other expense
other income										1,000	1,000	-28,000	-7,000			-1,000	-16,000																																									-5,555,000
interest income - net										-2,973,250	-5,834,000
benefit from income taxes										27,305,000	38,948,000																							7,498,500	12,346,000	8,196,000	9,452,000		5,526,000		8,535,000													19,000								1,369,000	7,234,250	7,695,000	11,204,000	10,038,000
interest expense - net												-4,670,000
interest expense													-1,389,000	516,250	701,000	693,000	671,000	388,500	-74,000
other loss														-4,250																																									941,000
loss on early extinguishment of debt																			9,072,000
equity in loss from joint venture arrangements																		-36,250	50,000						-52,000			-187,000	121,000			86,000
equity in income from joint venture arrangements																				-35,000	-160,000	-159,000	-252,000	-3,000		-193,000	-52,000			-44,000	-44,000
interest																				452,000	1,176,000	1,230,000	1,239,000	2,515,000	4,700,000	4,749,000	4,637,000	5,197,000	6,792,000	5,292,000	4,426,000	4,888,000	5,878,000	5,027,000	4,675,000	3,834,000	5,338,000		5,265,000		3,750,000	3,816,000	2,649,000		4,340,000		3,461,000	4,121,000	3,384,000	2,079,000	2,141,000	2,162,000	1,298,000	1,811,000	3,196,000		2,106,000	4,439,000	2,732,500	5,014,000	3,015,000	4,251,000	2,732,500	3,578,000	4,191,000	3,161,000	2,168,250	3,903,000	2,907,000	1,863,000	1,785,000	2,965,000	1,769,000	1,823,000	3,591,000	2,008,000	1,788,000
acquisition and integration costs																																	1,700,000
preferred dividends																																			1,218,000	1,219,000	1,219,000		1,219,000		1,219,000	1,219,000	1,218,000														2,438,000	2,437,000
excess of fair value over book value of preferred shares subject to redemption																																		564,250	2,257,000										2,190,000
net income available to common shareholders																														32,407,000	29,282,000	27,911,000	18,063,000																										12,461,000	-24,154,000
equity in income of unconsolidated joint ventures																																	-310,000	-49,500	-71,000	-110,000	-17,000		-307,000			-285,000	-22,000
net income to common shareholders																																		15,882,000	18,852,000	15,770,000	15,664,000		7,970,000		12,131,000	9,767,000	12,399,000		2,397,000									-19,902,000	-28,129,000	-58,655,000	-94,101,000	-22,207,000
impairment of inventory and investment in unconsolidated joint ventures																																										2,031,000	622,000
equity in (income) loss of unconsolidated joint ventures																																									-14,000
benefit for income taxes																																										2,547,000	8,586,000		299,000		95,000	17,750	-117,000	61,000	-327,000				169,000	232,000	37,821,000
excess of fair value over book value of preferred shares redeemed
impairment of inventory and investment in unconsolidated llcs																																													900,000		472,000	3,980,000	1,697,000			22,937,000	14,962,000	6,576,000	10,946,000	43,166,000	39,872,000	21,107,000
loss per common share:
basic																																																-160	-250	-260	-450
diluted																																																-160	-250	-260	-450
costs, expenses and other loss:
impairment of inventory and investment in unconsolidated
limited liability companies																																																		6,294,000
total costs, expenses and other loss																																																		201,150,000	128,051,000	108,457,250	173,691,000	136,029,000	124,109,000
impairment of inventory and investment in unconsolidated limited liability companies																																																			3,116,000								480,250	32,334,000	66,060,000
loss from continuing operations																																																				-17,276,250	-21,074,000
discontinued operation, net of tax																																																									-413,000	380,000
net loss to common shareholders																																																				-17,276,250	-21,074,000
loss per common share:
basic:
continuing operations																																																				580	-1,140	-1,260		-4,180	-6,690
discontinued operation																																																									-30
basic loss																																																				580	-1,140	-1,260	-2,010	-4,180	-6,720
diluted:
diluted loss																																																				580	-1,140	-1,260	-2,010	-4,180	-6,720
weighted average shares outstanding:
basic																																																					18,514,000					14,007,000										14,325,000	14,308,000	14,238,000	14,107,000
diluted																																																					18,514,000					14,007,000										14,577,000	14,531,000	14,498,000	14,407,000
dividends per common share																																																									25	100	18.75	25	25	25	18.75	25	25	25	18.75	25	25	25	25	25		25	18.75	25	25
costs, expenses and other loss
income from continuing operations																																																						-19,902,000	-28,129,000	-58,655,000	-91,250,000
costs, expenses and other income:
earnings per common share:
earnings from discontinued operation																																																										30
interest - net																																																								2,150,000
total costs, expenses and other income																																																								218,808,000	194,431,000	182,843,000
income from continuing operations before income taxes																																																								-58,423,000
(loss) income before income taxes																																																										-26,758,000
(benefit) provision for income taxes																																																										-6,608,000
(loss) income from continuing operations																																																										-20,150,000
(loss) earnings from continuing operations																																																										-1,610
basic earnings																																																										-1,580
diluted earnings																																																										-1,580
income tax benefit																																																											7,234,250	-13,235,000
less: preferred share dividends																																																												2,437,000	2,438,000
weighted-average common shares outstanding:
basic	26,007,000	26,730,000	26,544,000	26,836,000	27,314,000	27,777,000	27,644,000	27,878,000	28,052,000	27,769,000	27,909,000	27,792,000	27,602,000	27,876,000	27,618,000	28,041,000	28,424,000	29,092,000	29,250,000	29,271,000	29,015,000	28,610,000	28,653,000	28,531,000	28,478,000	27,846,000	27,981,000	27,599,000	27,498,000	28,234,000	28,469,000	28,571,000	28,124,000	25,769,000	25,581,000	24,990,000	24,738,000	24,666,000	24,657,000	24,575,000	24,531,000	24,463,000	24,474,000	23,822,000	22,273,000	19,651,000	18,833,000	18,698,000	18,728,000	18,523,000	18,521,000	16,730,000		15,790,000	14,027,000	14,019,000	14,016,000			13,990,000	13,975,000	13,943,000		13,892,000	13,973,000	14,110,000						14,099,000	14,122,000	14,065,000	14,428,000	14,435,000	14,350,000
diluted	26,562,000	27,338,000	27,188,000	27,406,000	27,941,000	28,600,000	28,534,000	28,668,000	28,888,000	28,716,000	28,837,000	28,624,000	28,305,000	28,463,000	28,185,000	28,590,000	29,072,000	29,880,000	30,028,000	30,093,000	29,743,000	29,152,000	29,286,000	28,836,000	29,009,000	28,475,000	28,598,000	28,090,000	27,970,000	29,178,000	28,906,000	29,101,000	30,544,000	30,688,000	30,675,000	30,619,000	30,329,000	30,116,000	30,032,000	30,047,000	30,023,000	29,912,000	29,921,000	28,763,000	22,688,000	19,891,000	19,031,000	18,698,000	18,728,000	18,523,000	18,521,000	16,730,000		15,790,000	14,027,000	14,019,000	14,016,000			13,990,000	13,975,000	14,120,000		14,078,000	14,174,000	14,313,000						14,370,000	14,394,000	14,435,000	14,825,000	14,848,000	14,764,000
net income per common share:
basic																																																																											982.5	1,340	1,360
diluted																																																																											957.5	1,310	1,320
see notes to unaudited condensed consolidated financial statements.
income tax expense:
current																																																																													11,268,000
deferred																																																																													1,218,000
total income tax expense																																																																													12,486,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-03-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30

assets:
cash, cash equivalents and restricted cash	767,416,000	689,189,000	734,174,000	800,398,000	776,378,000	821,570,000	719,920,000	837,458,000	870,162,000	732,804,000	736,252,000	668,287,000	542,564,000	311,542,000	67,761,000	188,755,000	218,606,000	236,368,000	221,157,000	371,806,000	292,900,000	260,810,000	202,512,000	94,023,000	21,184,000	6,083,000	33,451,000	20,393,000	41,931,000	21,529,000	36,360,000	67,817,000	53,577,000	151,703,000	103,636,000	29,940,000	38,898,000	34,441,000
mortgage loans held for sale	261,807,000	309,100,000	239,585,000	280,867,000	238,583,000	283,540,000	242,812,000	227,254,000	235,047,000	176,329,000	207,181,000	190,845,000	226,629,000	242,539,000	183,327,000	194,450,000	200,455,000	275,655,000	215,857,000	172,760,000	217,524,000	234,293,000	140,046,000	163,536,000	156,208,000	155,244,000	128,322,000	123,909,000	119,665,000	169,651,000	115,189,000	108,000,000	110,612,000	171,580,000	91,987,000	91,986,000	113,596,000	154,020,000	95,545,000	100,379,000	94,438,000	127,001,000	77,550,000	75,063,000	79,180,000	92,794,000	76,983,000	64,782,000	55,750,000	81,810,000	60,388,000	51,491,000	57,721,000	71,121,000	58,338,000	49,779,000	45,345,000	57,275,000	36,666,000	33,182,000	51,944,000	35,140,000	34,978,000	37,087,000	30,509,000	34,695,000	31,919,000	29,923,000	54,127,000	33,080,000	32,380,000	30,172,000	58,305,000	35,915,000	25,075,000	30,015,000	67,416,000	31,200,000	32,516,000	30,265,000	67,918,000	37,826,000	48,723,000	47,702,000	65,929,000
inventory	3,399,101,000	3,383,941,000	3,412,830,000	3,286,606,000	3,204,705,000	3,091,862,000	3,132,694,000	2,938,464,000	2,774,165,000	2,797,151,000	2,740,528,000	2,687,014,000	2,657,409,000	2,828,602,000	3,016,735,000	2,816,265,000	2,582,552,000	2,452,434,000	2,353,143,000	2,076,469,000	1,960,534,000	1,916,608,000	1,843,409,000	1,830,810,000	1,822,531,000	1,769,507,000	1,827,068,000	1,763,479,000	1,730,788,000	1,674,460,000	1,751,525,000	1,652,468,000	1,580,344,000	1,414,574,000	1,455,809,000	1,379,544,000	1,286,618,000	1,215,934,000	1,225,153,000	1,170,325,000	1,153,537,000	1,112,042,000	1,133,414,000	1,040,944,000	959,070,000	918,589,000	893,964,000	816,140,000	723,627,000	690,934,000	676,336,000	614,999,000	577,640,000	556,817,000	543,871,000	521,956,000	490,058,000	466,772,000	491,361,000	443,478,000	433,248,000	442,667,000	420,289,000	494,270,000	496,367,000	617,933,000
property and equipment - net	31,879,000	34,342,000	32,668,000	33,749,000	33,569,000	34,513,000	34,714,000	36,438,000	33,145,000	34,918,000	36,015,000	35,495,000	37,419,000	37,446,000	35,217,000	36,150,000	36,776,000	37,648,000	23,644,000	23,997,000	24,939,000	26,612,000	25,696,000	21,004,000	21,046,000	22,118,000	27,621,000	28,094,000	28,392,000	29,395,000	28,691,000	28,885,000	25,872,000	26,816,000	25,320,000	22,255,000	22,338,000	22,299,000	21,792,000	22,154,000	22,740,000	12,897,000	11,841,000	11,819,000	11,081,000	11,490,000	11,430,000	11,283,000	10,506,000	10,536,000	10,346,000	10,267,000	9,994,000	10,439,000	11,956,000	12,902,000	13,531,000	14,358,000	14,741,000	15,952,000	17,778,000	18,650,000	18,998,000	19,701,000	20,097,000	31,244,000	32,216,000	30,806,000	35,699,000	36,797,000	36,791,000	36,169,000	36,258,000	36,816,000	34,551,000	35,259,000	34,507,000	33,095,000	33,158,000	33,072,000	33,306,000
investment in joint venture arrangements	68,357,000	106,299,000	81,514,000	67,466,000	70,727,000	65,334,000	63,095,000	46,180,000	59,146,000	44,011,000	44,866,000	41,988,000	49,031,000	51,554,000	51,700,000	55,625,000	57,309,000	57,121,000	42,466,000	32,833,000	33,822,000	34,673,000	34,038,000	45,144,000	40,306,000	37,885,000	47,557,000	41,344,000	40,736,000	35,870,000	24,568,000	13,753,000		20,525,000				28,016,000
operating lease right-of-use assets	53,116,000	54,976,000	50,322,000	56,403,000	57,428,000	53,895,000	55,259,000	56,697,000	57,890,000	56,364,000	58,304,000	58,404,000	59,787,000	60,416,000	55,388,000	52,328,000	50,907,000	50,950,000	51,181,000	52,085,000	51,755,000	52,291,000	52,574,000	51,193,000	20,075,000	18,415,000	19,059,000	19,397,000	20,603,000
deferred income tax asset	4,508,000	4,508,000	13,451,000	13,451,000	13,451,000	13,451,000	15,313,000	15,313,000	15,313,000	16,094,000	18,019,000	18,019,000	18,019,000	18,019,000	10,251,000	10,251,000	10,251,000	10,251,000	6,183,000	6,183,000	6,183,000	6,183,000	9,205,000	9,378,000	9,540,000	9,631,000	11,988,000	12,594,000	13,146,000	13,482,000	16,925,000	17,528,000	18,104,000	18,438,000
goodwill	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000	16,400,000
other assets	185,802,000	178,370,000	188,600,000	184,699,000	173,982,000	169,231,000	179,650,000	165,866,000	150,683,000	148,369,000	145,803,000	145,297,000	155,112,000	148,405,000	151,134,000	123,100,000	133,255,000	103,026,000	116,569,000	108,879,000	105,503,000	95,175,000	96,675,000	96,220,000	91,673,000	70,311,000	70,137,000	63,596,000	60,117,000	60,794,000	68,677,000	65,689,000	67,398,000	61,135,000	55,393,000	54,706,000	56,148,000	62,926,000	64,967,000	55,113,000	50,123,000	46,142,000	50,846,000	50,805,000	47,138,000	43,870,000	41,060,000	39,042,000	38,048,000	38,092,000	30,946,000	34,131,000	28,471,000	27,013,000	23,126,000	18,329,000	17,372,000	14,596,000	15,654,000	14,117,000	18,494,000	15,992,000	16,897,000	16,424,000	18,971,000	20,743,000	23,091,000	25,076,000	31,270,000	36,695,000	95,523,000	79,669,000	78,019,000	44,919,000	44,259,000	41,253,000	44,786,000	44,914,000	53,861,000	27,621,000	31,206,000	24,926,000	22,659,000	24,176,000	28,356,000	22,814,000	37,511,000
total assets	4,788,386,000	4,777,125,000	4,769,544,000	4,740,039,000	4,585,223,000	4,549,796,000	4,459,857,000	4,340,070,000	4,211,951,000	4,022,440,000	4,003,368,000	3,861,749,000	3,762,370,000	3,714,923,000	3,587,913,000	3,493,324,000	3,306,511,000	3,239,853,000	3,046,600,000	2,861,412,000	2,709,560,000	2,643,045,000	2,420,555,000	2,327,708,000	2,198,963,000	2,105,594,000	2,181,603,000	2,089,206,000	2,071,778,000	2,021,581,000	2,058,335,000	1,970,540,000	1,894,373,000	1,864,771,000	1,784,695,000	1,631,386,000	1,572,265,000	1,548,511,000	1,497,237,000	1,453,154,000	1,436,712,000	1,415,554,000	1,406,002,000	1,314,989,000	1,250,764,000	1,211,410,000	1,193,154,000	1,126,706,000	1,084,903,000	1,110,176,000	1,083,067,000	918,266,000	968,652,000	831,300,000	817,292,000	670,760,000	657,733,000	664,485,000	661,725,000	645,742,000	665,156,000	660,991,000	663,828,000	677,932,000	680,825,000	781,492,000	860,556,000	961,893,000	1,117,645,000	1,354,380,000	1,359,523,000	1,395,643,000	1,477,079,000	1,590,891,000	1,475,102,000	1,420,373,000	1,329,678,000	1,301,370,000	1,159,978,000	1,007,581,000	978,526,000	944,785,000	914,233,000	816,805,000	746,872,000	747,225,000	678,717,000
liabilities and shareholders’ equity
liabilities:
accounts payable	215,817,000	181,189,000	257,981,000	252,476,000	228,909,000	198,579,000	256,708,000	278,859,000	224,972,000	204,678,000	250,937,000	264,656,000	208,426,000	228,597,000	296,326,000	329,384,000	281,387,000	244,505,000	227,311,000	221,909,000	198,216,000	185,669,000	176,581,000	169,088,000	150,256,000	125,026,000	169,528,000	154,070,000	132,935,000	131,511,000	148,421,000	141,491,000	118,839,000	117,233,000	120,598,000	113,072,000	94,403,000	103,212,000	110,179,000	105,669,000	81,594,000	86,878,000	95,950,000	90,643,000	69,452,000	75,338,000	97,873,000	87,325,000	71,376,000	70,226,000	85,804,000	61,888,000	57,071,000	47,690,000	65,348,000	51,307,000	41,068,000	41,256,000	45,842,000	32,242,000	48,376,000	45,948,000	38,262,000	50,464,000	44,778,000	48,271,000	55,162,000	53,175,000	66,242,000	100,395,000	86,331,000	81,774,000	81,200,000	122,390,000	90,921,000	88,828,000	73,705,000	93,069,000	71,969,000	68,775,000	51,162,000	83,136,000	79,289,000	76,203,000	55,131,000	86,672,000	74,930,000
customer deposits	59,439,000	50,841,000	61,602,000	72,160,000	78,687,000	69,327,000	87,343,000	93,259,000	92,516,000	85,128,000	94,675,000	98,091,000	97,800,000	93,118,000	126,368,000	135,781,000	131,682,000	107,864,000	115,288,000	109,739,000	97,464,000	72,635,000	66,632,000	49,529,000	45,099,000	34,462,000	36,250,000	38,048,000	36,336,000	32,055,000	40,448,000	41,510,000	37,454,000	26,378,000	30,583,000	29,655,000	26,680,000	22,156,000	26,439,000	27,415,000	23,467,000	19,567,000	18,976,000	18,438,000	15,352,000	11,759,000	14,202,000	15,019,000	12,984,000	11,262,000	14,918,000	15,472,000	12,246,000	10,239,000	10,976,000	10,508,000	8,334,000	4,181,000	5,377,000	4,076,000	4,490,000	4,956,000	3,831,000	5,651,000	5,517,000	5,205,000	6,455,000	6,660,000	6,932,000	14,609,000	16,332,000	18,523,000	19,414,000	32,728,000	35,317,000	36,267,000	35,581,000	40,651,000	36,214,000	27,107,000	24,302,000	26,414,000	26,049,000	23,951,000	21,308,000	22,789,000	20,822,000
operating lease liabilities	54,867,000	56,675,000	51,968,000	57,997,000	58,960,000	55,365,000	56,667,000	58,043,000	59,163,000	57,566,000	59,433,000	59,461,000	60,763,000	61,310,000	56,199,000	53,058,000	51,546,000	51,497,000	51,637,000	52,450,000	52,029,000	52,474,000	52,666,000	51,193,000	20,075,000	18,415,000	19,059,000	19,397,000	20,603,000
other liabilities	252,172,000	308,535,000	293,716,000	281,230,000	260,289,000	281,019,000	256,952,000	232,566,000	246,399,000	252,303,000	234,223,000	217,195,000	249,055,000	276,217,000	252,532,000	227,233,000	221,585,000	226,969,000	179,562,000	167,420,000	162,723,000	183,583,000	156,390,000	158,146,000	117,942,000	147,937,000	131,434,000	120,813,000	109,169,000	150,051,000	116,651,000	117,022,000	102,758,000	131,534,000	108,870,000	106,637,000	97,576,000	123,162,000	99,969,000	85,449,000	74,345,000	93,670,000	83,940,000	67,194,000	66,816,000	79,723,000	74,203,000	59,416,000	59,057,000	71,341,000	62,310,000	49,130,000	47,760,000	49,972,000	52,257,000	37,854,000	42,540,000	39,348,000	47,237,000	42,806,000	50,009,000	53,115,000	56,426,000	60,892,000	56,015,000	56,248,000	51,502,000	54,405,000	58,473,000	67,009,000	57,594,000	57,546,000	66,533,000	57,884,000	51,741,000	61,550,000	75,528,000	65,667,000	53,510,000	53,611,000	62,630,000	57,252,000	54,113,000	54,742,000	61,906,000	45,774,000	41,490,000
community development district obligations	12,884,000	10,209,000	8,747,000	9,867,000	11,736,000	12,839,000	15,173,000	17,517,000	17,124,000	19,339,000	21,150,000	23,732,000	27,060,000	29,701,000	31,991,000	33,217,000	16,766,000	20,089,000	15,975,000	16,807,000	12,322,000	8,196,000	9,892,000	11,560,000	12,914,000	13,531,000	14,328,000	10,866,000	11,728,000	12,392,000	16,101,000	11,789,000	12,499,000	13,049,000	5,298,000	5,875,000	6,277,000																				5,610,000	5,983,000	6,348,000	6,860,000	7,575,000	7,881,000	8,204,000	9,031,000	9,548,000	11,491,000	12,153,000	12,276,000	12,410,000	22,963,000	23,750,000	19,364,000	19,577,000	20,635,000	10,149,000	10,295,000	9,822,000	6,746,000	7,121,000	7,237,000	5,057,000	5,293,000
obligation for consolidated inventory not owned	44,055,000	30,330,000	18,122,000	12,586,000	17,010,000	11,809,000	11,515,000	1,534,000	14,608,000	26,899,000	23,195,000	20,654,000	19,648,000	17,048,000	4,778,000	8,954,000	2,828,000	2,768,000	4,403,000	12,481,000	12,143,000	9,914,000	364,000	11,035,000	14,284,000	7,934,000	6,687,000	13,109,000	15,920,000	19,308,000	21,897,000	14,794,000	18,199,000	21,545,000	22,203,000	12,263,000	11,968,000	7,528,000	5,862,000	5,169,000	4,921,000	6,007,000	11,418,000	14,115,000	299,000	608,000	1,700,000	1,268,000	1,627,000	1,775,000	1,576,000	1,881,000	16,994,000	19,105,000	6,552,000	6,040,000	2,587,000	2,944,000	4,600,000	468,000			616,000	723,000	803,000	7,093,000	7,093,000	7,413,000	7,433,000	7,373,000	7,729,000	5,102,000	5,026,000	5,037,000	3,868,000	3,882,000	4,092,000	4,092,000	4,092,000	4,512,000	4,932,000	4,932,000	4,932,000
notes payable bank - financial services operations	260,201,000	276,856,000	231,979,000	275,926,000	227,957,000	286,159,000	235,441,000	222,792,000	224,321,000	165,844,000	200,619,000	186,396,000	223,618,000	245,741,000	189,371,000	194,602,000	203,650,000	266,160,000	211,281,000	167,119,000	176,204,000	225,634,000	136,119,000	134,184,000	145,055,000	136,904,000	108,594,000	104,003,000	104,026,000	153,168,000	104,026,000	93,163,000	102,711,000	168,195,000	91,275,000	89,518,000	106,937,000	152,895,000	91,483,000	92,666,000	87,186,000	123,648,000	73,239,000	69,681,000	71,723,000	85,379,000	73,778,000	61,914,000	51,532,000	80,029,000	55,614,000	50,442,000	53,126,000	67,957,000
senior notes due 2028 - net	398,620,000	398,427,000	398,233,000	398,040,000	397,846,000	397,653,000	397,459,000	397,266,000	397,072,000	396,879,000	396,685,000	396,492,000	396,298,000	396,105,000	395,911,000	395,718,000	395,524,000	395,331,000	395,137,000	394,944,000	394,750,000	394,557,000	394,363,000	394,174,000	393,989,000
senior notes due 2030 - net	297,999,000	297,873,000	297,747,000	297,621,000	297,495,000	297,369,000	297,243,000	297,117,000	296,991,000	296,865,000	296,739,000	296,613,000	296,487,000	296,361,000	296,235,000	296,109,000	295,983,000	295,937,000	296,002,000
total liabilities	1,596,054,000	1,610,935,000	1,620,095,000	1,657,903,000	1,578,889,000	1,610,119,000	1,614,501,000	1,598,953,000	1,573,166,000	1,505,501,000	1,577,656,000	1,563,290,000	1,579,155,000	1,644,198,000	1,650,140,000	1,675,057,000	1,602,822,000	1,615,669,000	1,502,133,000	1,394,868,000	1,356,138,000	1,384,347,000	1,245,815,000	1,233,303,000	1,161,282,000	1,102,117,000	1,226,962,000	1,184,966,000	1,200,316,000	1,166,278,000	1,223,131,000	1,154,574,000	1,108,008,000	1,117,473,000	1,061,722,000	938,069,000	900,553,000	894,337,000	865,645,000	832,642,000	832,107,000	818,988,000	822,664,000	747,816,000	697,151,000	667,115,000	659,861,000	606,562,000	578,312,000	617,373,000	603,487,000	563,732,000	623,651,000	495,872,000	490,800,000	395,614,000	386,718,000	391,135,000	385,833,000	356,960,000	349,923,000	341,765,000	337,065,000	358,975,000	341,739,000	373,648,000	394,473,000	402,311,000	536,300,000	702,492,000	683,906,000	677,982,000	860,027,000	963,966,000	864,126,000	823,220,000	737,110,000	749,556,000	633,681,000	498,789,000	490,915,000	483,665,000	474,196,000	401,355,000	344,463,000	361,305,000	312,055,000
commitments and contingencies
shareholders’ equity:
common shares - 0.01 par value...	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000
additional paid-in capital	333,362,000	344,118,000	339,812,000	344,536,000	342,367,000	348,705,000	350,544,000	350,554,000	348,039,000	349,907,000	348,162,000	350,127,000	349,988,000	352,639,000	350,569,000	347,923,000	346,291,000	347,452,000	345,092,000	343,301,000	340,696,000	339,001,000	336,623,000	334,261,000	332,490,000	332,861,000	331,128,000	330,052,000	328,580,000	330,517,000	328,511,000	327,470,000	325,780,000	306,483,000	304,715,000	245,775,000	246,092,000	246,549,000	243,481,000	242,125,000	240,977,000	241,239,000	240,071,000	240,159,000	239,421,000	238,560,000	238,095,000	237,345,000	236,270,000	236,060,000	235,880,000	234,926,000	235,109,000	180,289,000	181,324,000	139,271,000	139,475,000	139,943,000	139,509,000	139,058,000	139,055,000	138,241,000	137,492,000	136,708,000	135,946,000	81,586,000	80,909,000	79,967,000	79,428,000	77,723,000	77,138,000	76,301,000	76,282,000	75,360,000	74,312,000	73,855,000	72,470,000	72,357,000	71,920,000	71,774,000	69,073,000	68,355,000	68,238,000	68,200,000	67,026,000	66,882,000	66,907,000
retained earnings	3,335,846,000	3,268,014,000	3,204,043,000	3,097,553,000	2,976,310,000	2,865,073,000	2,731,604,000	2,586,155,000	2,439,409,000	2,301,348,000	2,196,066,000	2,057,050,000	1,939,049,000	1,835,983,000	1,705,588,000	1,573,998,000	1,437,160,000	1,345,321,000	1,231,938,000	1,140,926,000	1,033,319,000	948,453,000	868,370,000	794,833,000	740,325,000	708,579,000	666,799,000	628,961,000	598,715,000	580,992,000	548,585,000	519,303,000	491,392,000	473,329,000	457,447,000	438,595,000	422,825,000	407,161,000	387,818,000	378,094,000	363,397,000	355,427,000	343,371,000	329,019,000	316,888,000	308,539,000	298,772,000	286,373,000	274,038,000	262,625,000	249,582,000	125,490,000	119,445,000	117,048,000	112,033,000	103,719,000	100,515,000	103,701,000	106,677,000	120,539,000	150,705,000	155,512,000	163,847,000	156,851,000	177,925,000	301,316,000	360,324,000	454,778,000	477,339,000	548,587,000	573,094,000	616,065,000	614,186,000	625,505,000	610,670,000	592,743,000	576,726,000	535,770,000	511,049,000	493,762,000	477,370,000	453,173,000	430,959,000	406,431,000	387,250,000	362,661,000	343,640,000
treasury shares - at cost - 4,547,032 and 4,374,432 shares at march 31, 2026 and december 31, 2025, respectively	-477,177,000
total shareholders’ equity	3,192,332,000	3,166,190,000	3,149,449,000	3,082,136,000	3,006,334,000	2,939,677,000	2,845,356,000	2,741,117,000	2,638,785,000	2,516,939,000	2,425,712,000	2,298,459,000	2,183,215,000	2,070,725,000	1,937,773,000	1,818,267,000	1,703,689,000	1,624,184,000	1,544,467,000	1,466,544,000	1,353,422,000	1,258,698,000	1,174,740,000	1,094,405,000	1,037,681,000	1,003,477,000	954,641,000	904,240,000	871,462,000	855,303,000	835,204,000	815,966,000	786,365,000	747,298,000	722,973,000	693,317,000	671,712,000	654,174,000	631,592,000	620,512,000	604,605,000	596,566,000	583,338,000	567,173,000	553,613,000	544,295,000															315,233,000	319,226,000	326,763,000	318,957,000	339,086,000	407,844,000	466,083,000	559,582,000	581,345,000	651,888,000	675,617,000	717,661,000	617,052,000	626,925,000	610,976,000	597,153,000	592,568,000	551,814,000	526,297,000	508,792,000	487,611,000	461,120,000	440,037,000	415,450,000	402,409,000	385,920,000	366,662,000
total liabilities and shareholders’ equity	4,788,386,000	4,777,125,000	4,769,544,000	4,740,039,000	4,585,223,000	4,549,796,000	4,459,857,000	4,340,070,000	4,211,951,000	4,022,440,000	4,003,368,000	3,861,749,000	3,762,370,000	3,714,923,000	3,587,913,000	3,493,324,000	3,306,511,000	3,239,853,000	3,046,600,000	2,861,412,000	2,709,560,000	2,643,045,000	2,420,555,000	2,327,708,000	2,198,963,000	2,105,594,000	2,181,603,000	2,089,206,000	2,071,778,000	2,021,581,000	2,058,335,000	1,970,540,000	1,894,373,000	1,864,771,000	1,784,695,000	1,631,386,000	1,572,265,000	1,548,511,000	1,497,237,000	1,453,154,000	1,436,712,000	1,415,554,000	1,406,002,000	1,314,989,000	1,250,764,000	1,211,410,000															665,156,000	660,991,000	663,828,000	677,932,000	680,825,000	781,492,000	860,556,000	961,893,000	1,117,645,000	1,354,380,000	1,359,523,000	1,395,643,000	1,477,079,000	1,590,891,000	1,475,102,000	1,420,373,000	1,329,678,000	1,301,370,000	1,159,978,000	1,007,581,000	978,526,000	944,785,000	914,233,000	816,805,000	746,872,000	747,225,000	678,717,000
treasury shares - at cost - 4,374,432 and 3,074,118 shares at december 31, 2025 and 2024, respectively		-446,243,000
treasury shares - at cost - 3,988,632 and 3,074,118 shares at september 30, 2025 and december 31, 2024, respectively			-394,707,000
treasury shares - at cost - 3,797,355 and 3,074,118 shares at june 30, 2025 and december 31, 2024, respectively				-360,254,000
treasury shares - at cost - 3,364,519 and 3,074,118 shares at march 31, 2025 and december 31, 2024, respectively					-312,644,000
treasury shares - at cost - 3,074,118 and 2,375,842 shares at december 31, 2024 and 2023, respectively						-274,402,000
treasury shares - at cost - 2,932,087 and 2,375,842 shares at september 30, 2024 and december 31, 2023, respectively							-237,093,000
treasury shares - at cost - 2,733,233 and 2,375,842 shares at june 30, 2024 and december 31, 2023, respectively								-195,893,000
treasury shares - at cost - 2,385,483 and 2,375,842 shares at march 31, 2024 and december 31, 2023, respectively									-148,964,000
treasury shares - at cost - 2,375,842 and 2,697,058 shares at december 31, 2023 and 2022, respectively										-134,617,000
treasury shares - at cost - 2,288,619 and 2,697,058 shares at september 30, 2023 and december 31, 2022, respectively											-118,817,000
treasury shares - at cost - 2,354,525 and 2,697,058 shares at june 30, 2023 and december 31, 2022, respectively												-109,019,000
treasury shares - at cost - 2,421,525 and 2,697,058 shares at march 31, 2023 and december 31, 2022, respectively													-106,123,000
notes payable - other															429,000	1,001,000	1,871,000	4,549,000	5,537,000	4,126,000	2,544,000	4,072,000	5,325,000	7,041,000	7,546,000	5,828,000	5,508,000	5,092,000	5,937,000	5,938,000	8,838,000	9,362,000	10,011,000	10,576,000	4,057,000	3,663,000	7,022,000	6,415,000	8,566,000	8,552,000	8,805,000	8,441,000	9,363,000	8,230,000	8,876,000	9,518,000	8,530,000	7,717,000	7,757,000	7,790,000	8,126,000	9,429,000	10,316,000	11,105,000									6,160,000
treasury shares - at cost - 2,697,058 and 1,637,511 shares at december 31, 2022 and 2021, respectively														-118,198,000
treasury shares - at cost - 2,708,158 and 1,637,511 shares at september 30, 2022 and december 31, 2021, respectively															-118,685,000
treasury shares - at cost - 2,376,558 and 1,637,511 shares at june 30, 2022 and december 31, 2021, respectively																-103,955,000
treasury shares - at cost - 1,848,358 and 1,637,511 shares at march 31, 2022 and december 31, 2021, respectively																	-80,063,000
senior notes due 2025 - net																				247,873,000	247,743,000	247,613,000	247,483,000	247,353,000	247,222,000	247,092,000	246,962,000	246,832,000	246,702,000	246,571,000	246,441,000	246,311,000	246,181,000	246,051,000	245,958,000
treasury shares - at cost - 1,637,511 and 1,323,292 shares at december 31, 2021 and 2020, respectively																		-68,890,000
treasury shares - at cost - 1,037,511 and 1,323,292 shares at september 30, 2021 and december 31, 2020, respectively																			-32,864,000
treasury shares - at cost - 819,011 and 1,323,292 shares at june 30, 2021 and december 31, 2020, respectively																				-17,984,000
treasury shares - at cost - 951,511 and 1,323,292 shares at march 31, 2021 and december 31, 2020, respectively																					-20,894,000
notes payable bank - homebuilding operations																									6,900,000	66,000,000	189,900,000	174,300,000	218,800,000	117,400,000	222,700,000	181,800,000	162,300,000			138,000,000	110,900,000	40,300,000	85,000,000	70,000,000	114,500,000	43,800,000	156,100,000	105,600,000	90,000,000	30,000,000
senior notes due 2021 - net																										298,988,000	298,712,000	298,436,000	298,160,000	297,884,000	297,608,000	297,332,000	297,056,000	296,780,000	296,505,000	296,229,000	295,953,000	295,677,000	295,401,000	295,125,000	294,904,000
treasury shares - at cost - 1,323,292 and 1,750,685 shares at december 31, 2020 and 2019, respectively																						-29,057,000
treasury shares - at cost - 1,391,492 and 1,750,685 shares at september 30, 2020 and december 31, 2019, respectively																							-30,554,000
treasury shares - at cost - 1,593,512 and 1,750,685 shares at june 30, 2020 and december 31, 2019, respectively																								-34,990,000
common shares - .01 par value...																									301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	301,000	295,000	295,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	271,000	246,000	246,000	221,000	221,000	221,000	221,000					221,000	221,000	176,000	176,000	176,000		176,000	176,000	176,000	176,000	176,000	176,000	176,000	176,000	176,000	176,000	176,000	176,000	176,000
treasury shares - at cost - 1,613,812 and 1,750,685 shares at march 31, 2020 and december 31, 2019, respectively																									-35,435,000
treasury shares - at cost - 1,750,685 and 2,620,923 shares at december 31, 2019 and 2018, respectively																										-38,264,000
treasury shares - at cost - 1,994,225 and 2,620,923 shares at september 30, 2019 and december 31, 2018, respectively																											-43,587,000
treasury shares - at cost - 2,519,775 and 2,620,923 shares at june 30, 2019 and december 31, 2018, respectively																												-55,074,000
treasury shares - at cost - 2,568,315 and 2,620,923 shares at march 31, 2019 and december 31, 2018, respectively																													-56,134,000
convertible senior subordinated notes due 2018 - net																																		86,132,000	85,955,000	85,777,000	85,600,000	85,423,000	85,246,000	85,069,000	84,891,000	84,714,000
treasury shares - at cost - 2,620,923 and 1,651,874 shares at december 31, 2018 and 2017, respectively																														-56,507,000
treasury shares - at cost - 2,003,778 and 1,651,874 shares at september 30, 2018 and december 31, 2017, respectively																															-42,193,000
treasury shares - at cost - 1,566,288 and 1,651,874 shares at june 30, 2018 and december 31, 2017, respectively																																-31,108,000
investment in unconsolidated joint venture arrangements																																	22,066,000
treasury shares - at cost - 1,566,288 and 1,651,874 shares at march 31, 2018 and december 31, 2017, respectively																																	-31,108,000
convertible senior subordinated notes due 2017 - net																																				57,380,000	57,237,000	57,093,000	56,949,000	56,806,000	56,662,000	56,518,000
preferred shares - .01 par value...																																				48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	48,163,000	96,325,000	96,325,000	96,325,000	96,325,000	96,325,000	96,325,000					96,325,000	96,325,000	96,325,000	96,325,000	96,325,000
treasury shares - at cost - 1,651,874 and 2,415,290 shares at december 31, 2017 and 2016, respectively																																		-32,809,000
investment in unconsolidated joint ventures																																			22,981,000	22,877,000	24,218,000		26,528,000	28,160,000	25,693,000	36,967,000	33,282,000	28,357,000	29,449,000	27,769,000	40,769,000	42,182,000	44,847,000	35,266,000	34,088,000
deferred income taxes																																			29,569,000	30,078,000	30,449,000	30,875,000	39,944,000	47,023,000	55,860,000	67,404,000	70,943,000	81,054,000	88,748,000																						7,622,000	57,456,000	67,867,000	73,149,000
preferred shares subject to redemption																																			50,420,000																		50,352,000
treasury shares - at cost - 1,987,994 and 2,415,290 shares at september 30, 2017 and december 31, 2016, respectively																																			-39,484,000
treasury shares - at cost - 1,988,171 and 2,415,290 shares at june 30, 2017 and december 31, 2016, respectively																																				-39,487,000
treasury shares - at cost - 2,297,931 and 2,415,290 shares at march 31, 2017 and december 31, 2016, respectively																																					-45,639,000
community development district (“cdd”) obligations																																						476,000	551,000	722,000	832,000	1,018,000	1,159,000	1,496,000	2,314,000	2,571,000	3,056,000	1,884,000	2,060,000		3,419,000	3,870,000
treasury shares - at cost - 2,415,290 and 2,443,679 shares at december 31, 2016 and 2015, respectively																																						-47,970,000
cash and cash equivalents																																							22,310,000	27,672,000	31,755,000	10,205,000	25,055,000	21,773,000	29,958,000	15,535,000	17,168,000	33,643,000	89,360,000	128,725,000	142,475,000	166,252,000	263,057,000	145,498,000	159,765,000	44,297,000	66,978,000	59,793,000
restricted cash																																							998,000	2,328,000	2,566,000	2,896,000	3,071,000	5,174,000	6,140,000	6,951,000	8,898,000	10,076,000	11,551,000	13,902,000	15,806,000	12,478,000	9,494,000	8,680,000	8,980,000	12,593,000	13,733,000	41,334,000	46,218,000	46,668,000	47,071,000	31,130,000	22,302,000	77,794,000	79,382,000
treasury shares - at cost - 2,423,890 and 2,443,679 shares at september 30, 2016 and december 31, 2015, respectively																																							-48,141,000
treasury shares - at cost - 2,423,890 and 2,443,679 shares at june 30, 2016 and december 31, 2015, respectively																																								-48,141,000
treasury shares - at cost - 2,427,018 and 2,443,679 shares at march 31, 2016 and december 31, 2015, respectively																																									-48,203,000
senior notes - net																																										294,727,000
treasury shares - at cost - 2,443,679 and 2,579,813 shares at december 31, 2015 and 2014, respectively																																										-48,534,000
convertible senior subordinated notes due 2017																																											57,500,000	57,500,000	57,500,000	57,500,000	57,500,000	57,500,000	57,500,000	57,500,000	57,500,000	57,500,000	57,500,000
convertible senior subordinated notes due 2018																																											86,250,000	86,250,000	86,250,000	86,250,000	86,250,000	86,250,000	86,250,000	86,250,000	86,250,000	86,250,000	86,250,000
senior notes																																											228,769,000	228,669,000	228,569,000	228,469,000	228,369,000	228,269,000	228,169,000	228,070,000	227,970,000	227,870,000	227,770,000	227,670,000	227,570,000	227,470,000	239,118,000	239,016,000	238,914,000	238,711,000
treasury shares - at cost - 2,443,859 and 2,579,813 shares at september 30, 2015 and december 31, 2014, respectively																																											-48,538,000
treasury shares - at cost - 2,539,558 and 2,579,813 shares at june 30, 2015 and december 31, 2014, respectively																																												-50,439,000
treasury shares - at cost - 2,574,394 and 2,579,813 shares at march 31, 2015 and december 31, 2014, respectively																																													-51,130,000
deferred income taxes, net of valuation allowance of 9.3 million at december 31, 2013																																														94,412,000	102,882,000	109,558,000
treasury shares - at cost - 2,579,813 and 2,734,780 shares at december 31, 2014 and 2013, respectively																																														-51,238,000
liabilities and shareholders' equity
notes payable bank - homebuilding																																															14,400,000
shareholders' equity:
treasury shares - at cost - 2,618,584 and 2,734,780 shares at september 30, 2014 and december 31, 2013, respectively																																															-52,008,000
total shareholders' equity																																															533,293,000	520,144,000	506,591,000	492,803,000	479,580,000	354,534,000	345,001,000	335,428,000	326,492,000	275,146,000	271,015,000	273,350,000	275,892,000	288,782,000
total liabilities and shareholders' equity																																															1,193,154,000	1,126,706,000	1,084,903,000	1,110,176,000	1,083,067,000	918,266,000	968,652,000	831,300,000	817,292,000	670,760,000	657,733,000	664,485,000	661,725,000	645,742,000
treasury shares - at cost - 2,618,584 and 2,734,780 shares at june 30, 2014 and december 31, 2013, respectively																																																-52,008,000
deferred income taxes, net of valuation allowance of 4.0 million and 9.3 million at march 31, 2014 and december 31, 2013, respectively																																																	111,214,000
treasury shares - at cost - 2,625,802 and 2,734,780 shares at march 31, 2014 and december 31, 2013, respectively																																																	-52,151,000
deferred income taxes, net of valuation allowance of 9.3 million and 135.7 million at december 31, 2013 and 2012, respectively																																																		110,911,000
community development district ("cdd") obligations																																																		3,130,000			4,266,000	4,634,000	4,988,000	5,326,000
treasury shares - at cost - 2,734,780 and 2,944,470 shares at december 31, 2013 and 2012, respectively																																																		-54,316,000
deferred income taxes, net of valuation allowance of 14.9 million and 135.7 million at september 30, 2013 and december 31, 2012, respectively																																																			112,682,000
treasury shares - at cost - 2,734,780 and 2,944,470 shares at september 30, 2013 and december 31, 2012, respectively																																																			-54,316,000
investment in unconsolidated llcs																																																				28,648,000	22,275,000	11,732,000	11,256,000	10,904,000	10,716,000	10,357,000	10,256,000	10,822,000
treasury shares - at cost - 2,734,780 and 2,944,470 shares at june 30, 2013 and december 31, 2012, respectively																																																				-54,316,000
treasury shares - at cost - 2,919,612 and 2,944,470 shares at march 31, 2013 and december 31, 2012, respectively																																																					-57,987,000
convertible senior subordinated notes																																																						57,500,000	57,500,000
treasury shares - at cost - 2,944,470 and 3,365,366 shares at december 31, 2012 and 2011, respectively																																																						-58,480,000
note payable bank - financial services operations																																																							54,840,000	46,343,000	41,580,000	52,606,000	31,658,000	26,024,000	33,911,000	24,292,000		26,622,000	19,478,000	25,606,000	29,640,000	11,200,000		21,700,000	16,000,000	5,200,000	29,900,000	11,700,000	3,400,000	24,500,000	46,000,000	13,600,000	11,600,000	9,000,000	30,000,000	15,800,000	16,900,000	18,300,000		20,700,000	20,500,000
note payable - other																																																							10,769,000	10,766,000	5,881,000	5,801,000	5,857,000
treasury shares - at cost - 3,193,996 and 3,365,366 shares at september 30, 2012 and december 31, 2011, respectively																																																							-63,436,000
treasury shares - at cost - 3,242,024 and 3,365,366 shares, respectively, at june 30, 2012 and december 31, 2011																																																								-64,390,000
treasury shares - at cost - 3,298,982 and 3,365,366 shares, respectively, at march 31, 2012 and december 31, 2011																																																									-65,521,000
treasury shares - at cost - 3,365,366 and 3,577,388 shares, respectively, at december 31, 2011 and 2010																																																										-66,840,000
cash																																																											46,829,000	80,361,000	81,602,000	102,586,000	109,930,000	25,000,000	25,000,000	4,343,000	2,113,000	1,615,000	1,506,000	2,485,000	2,348,000	4,235,000	11,516,000	2,713,000	711,000	10,283,000	25,085,000	3,277,000	1,084,000	2,709,000	2,786,000	3,866,000	1,497,000	5,777,000	3,209,000	2,527,000	2,466,000
treasury shares - at cost - 3,365,366 and 3,577,388 shares, respectively, at september 30, 2011 and december 31, 2010																																																											-66,840,000
income tax receivable																																																												1,162,000	4,450,000	4,450,000	30,135,000		3,067,000	39,457,000	31,857,000	20,241,000	53,667,000
note payable — other																																																												5,773,000
preferred shares — .01 par value...																																																												96,325,000
common shares — .01 par value...																																																												221,000
treasury shares — at cost — 3,391,623 and 3,577,388 shares, respectively, at march 31, 2011 and december 31, 2010																																																												-67,361,000
investment in unconsolidated limited liability companies																																																													10,569,000	10,376,000	10,299,000	7,656,000	7,432,000	22,955,000	26,011,000	34,087,000	40,343,000	42,725,000	50,453,000	50,615,000	49,648,000	49,683,000	52,894,000	50,705,000	49,929,000	38,814,000	33,052,000	28,100,000
note payable – other																																																													6,010,000	6,085,000		6,232,000	6,304,000
senior notes – net of discount of 448 and 576, respectively, at june 30, 2010
and december 31, 2009																																																													199,552,000	199,488,000
preferred shares – .01 par value...																																																													96,325,000	96,325,000	96,325,000
common shares – .01 par value...																																																													221,000	221,000	221,000						176,000
at june 30, 2010 and december 31, 2009
treasury shares – at cost – 3,578,504 and 3,580,987 shares, respectively, at
june 30, 2010 and december 31, 2009																																																													-71,073,000
senior notes – net of discount of 512 and 576, respectively, at march 31, 2010
at march 31, 2010 and december 31, 2009
march 31, 2010 and december 31, 2009																																																														-71,073,000
note payable bank – financial services operations																																																															24,142,000						40,400,000																24,000,000
senior notes – net of discount of 576 and 832, respectively, at december 31, 2009 and 2008																																																															199,424,000
shares, respectively, at december 31, 2009 and 2008
treasury shares – at cost – 3,580,987 and 3,602,141 shares, respectively, at december 31, 2009 and 2008																																																															-71,122,000
senior notes – net of discount of 640 and 832, respectively, at september 30, 2009
and december 31, 2008																																																																199,360,000	199,296,000
treasury shares – at cost – 3,582,287 and 3,602,141 shares, respectively, at september 30, 2009
senior notes – net of discount of 704 and 832, respectively, at june 30, 2009
treasury shares – at cost – 3,591,487 and 3,602,141 shares, respectively, at june 30, 2009
cash held in escrow																																																																		10,122,000	7,031,000	11,607,000	21,239,000	18,780,000	13,665,000	17,041,000	58,975,000	22,757,000	16,843,000	21,194,000	31,823,000	21,061,000	20,827,000	21,190,000	21,731,000	10,994,000	8,393,000	8,369,000	9,575,000	562,000	2,043,000
assets of discontinued operation																																																																				3,232,000	14,598,000
accrued compensation																																																																		4,149,000	4,207,000	2,905,000	9,509,000	7,830,000	5,560,000	4,868,000	22,777,000	16,998,000	16,146,000	5,323,000	26,817,000	16,177,000	10,634,000	7,256,000	25,462,000	19,186,000	13,071,000	7,891,000	26,504,000	18,711,000	11,610,000
liabilities of discontinued operation																																																																			2,560,000	6,661,000	14,286,000
notes payable banks - homebuilding operations																																																																			10,000,000	42,000,000		255,000,000	265,000,000	280,000,000	410,000,000	491,000,000	447,000,000	387,000,000	260,000,000	303,000,000	232,000,000	164,000,000	279,000,000	236,000,000
notes payable – other																																																																		16,481,000	16,661,000
senior notes – net of discount of 896 and 1,088, respectively, at september 30, 2008
and december 31, 2007																																																																		199,104,000	199,040,000	198,976,000
treasury shares – at cost – 3,602,990 and 3,621,333 shares, respectively, at
september 30, 2008 and december 31, 2007
inventories																																																																			698,696,000	747,850,000	797,329,000	1,110,669,000	1,128,363,000	1,177,742,000	1,184,358,000	1,398,088,000	1,300,769,000	1,231,664,000	1,076,132,000	1,129,009,000	985,480,000	864,624,000	798,486,000	819,607,000
senior notes – net of discount of 960 and 1,088, respectively, at june 30, 2008
shareholders’ equity
treasury shares – at cost – 3,607,634 and 3,621,333 shares, respectively, at june 30, 2008
mortgage notes payable																																																																				6,640,000	6,703,000	6,765,000	6,826,000	6,885,000	6,944,000	7,002,000	7,056,000	7,111,000	7,165,000	8,218,000	8,269,000	8,320,000	8,370,000	35,652,000	35,432,000	38,268,000	10,614,000	10,659,000	10,703,000
senior notes – net of discount of 1,024 and 1,088, respectively, at march 31, 2008
treasury shares – at cost – 3,608,279 and 3,621,333 shares, respectively, at march 31, 2008
liabilities and shareholders’ equity:
notes payable banks – homebuilding operations																																																																					115,000,000														189,000,000	132,000,000	95,000,000
senior notes – net of discount of 1,088 and 1,344, respectively, at december 31, 2007 and 2006																																																																					198,912,000
at december 31, 2007 and 2006																																																																					96,325,000
treasury shares – at cost – 3,621,333 and 3,705,375 shares, respectively, at december 31, 2007 and 2006																																																																					-71,923,000
senior notes – net of discount of 1,152 and 1,344, respectively, at september 30, 2007
and december 31, 2006																																																																						198,848,000	198,784,000
respectively, at september 30, 2007 and december 31, 2006																																																																						96,325,000
treasury shares – at cost – 3,570,993 and 3,705,375 shares, respectively, at september 30, 2007
senior notes – net of discount of 1,216 and 1,344, respectively, at june 30, 2007
respectively, at june 30, 2007 and december 31, 2006																																																																							96,325,000
treasury shares – at cost – 3,580,705 and 3,705,375 shares, respectively, at june 30, 2007
senior notes - net of discount of 1,280 and 1,344, respectively, at march 31, 2007 and december 31, 2006																																																																								198,720,000
march 31, 2007 and december 31, 2006																																																																								96,325,000
treasury shares - at cost 3,585,205 and 3,705,375 shares, respectively, at march 31, 2007 and december 31, 2006																																																																								-71,206,000
senior notes - net of discount of 1,344 and 1,600, respectively, at december 31, 2006 and 2005																																																																									198,656,000
treasury shares - at cost - 3,705,375 and 3,298,858 shares, respectively, at december 31, 2006 and 2005
senior notes - net of discount of 1,408 and 1,600, respectively,
at september 30, 2006 and december 31, 2005																																																																										198,592,000
treasury shares - at cost - 3,731,709 and 3,298,858 shares, respectively,
senior notes - net of discount of 1,472 and 1,600, respectively, at june 30, 2006 and december 31, 2005																																																																											198,528,000
treasury shares - at cost - 3,735,075 and 3,298,858 shares, respectively,
at june 30, 2006 and december 31, 2005
senior notes - net of discount of 1,536 and 1,600, respectively, at march 31, 2006 and december 31, 2005																																																																												198,464,000
treasury shares - at cost - 3,611,445 and 3,298,858 shares, respectively,
at march 31, 2006 and december 31, 2005
senior notes - net of discount of 1,600																																																																													198,400,000
preferred shares- .01 par value...
treasury shares - at cost - 3,298,858 and 3,440,489 shares, respectively, at december 31, 2005 and 2004
senior notes - net of discount of 1,664 at september 30, 2005																																																																														198,336,000
treasury shares - at cost - 3,293,558 and 3,440,489 shares, respectively
at september 30, 2005 and december 31, 2004
senior notes - net of discount of 1,728 at june 30, 2005																																																																															198,272,000
treasuary shares - at cost - 3,314,538 and 3,440, 489 shares, respectively at june 30, 2005 and december 31, 2004
senior notes - net of discount of 1,029 at march 31, 2005																																																																																148,971,000
treasury shares - at cost - 3,318,738 and 3,440,489 shares, respectively
at march 31, 2005 and december 31, 2004
investment in unconsolidated joint ventures and limited liability companies																																																																																	23,093,000	14,373,000	13,713,000	14,835,000	13,952,000	18,630,000	21,106,000
senior subordinated notes																																																																																			50,000,000	50,000,000	50,000,000	50,000,000	50,000,000
treasury shares - at cost - 3,440,489 and 3,394,188 shares, respectively, at december 31, 2004 and 2003																																																																																	-59,008,000
building, office furnishings, transportation and construction equipment - at cost (less accumulated
depreciation: september 30, 2004 - 9,339; december 31, 2003 - 7,608)																																																																																		33,193,000
treasury shares - at cost - 3,532,410 and 3,394,188 shares, respectively
at september 30, 2004 and december 31, 2003
inventories:
single-family lots, land and land development costs																																																																																			485,082,000	427,460,000	365,979,000	348,514,000	298,300,000
houses under construction																																																																																			284,409,000	249,611,000	211,842,000	264,686,000	239,007,000
model homes and furnishings - at cost (less accumulated depreciation: june 30, 2004 - 152;
december 31, 2003 - 121)																																																																																			1,169,000	405,000
community development district infrastrucure																																																																																			5,410,000
land purchase deposits																																																																																			4,845,000	4,641,000	11,460,000	1,547,000	1,463,000
consolidated inventory not owned																																																																																			4,932,000
building, office furnishings, transportation and construction equipment – at cost (less accumulated
depreciation: june 30, 2004 - 8,881; december 31, 2003 – 7,608)																																																																																			33,401,000
community development district obligation																																																																																			5,410,000
preferred stock - .01 par value...
common stock - .01 par value...																																																																																			176,000	176,000		176,000	176,000
treasury stock																																																																																					-52,043,000
at june 30, 2004 and december 31, 2003
model homes and furnishings - at cost (less accumulated depreciation: march 31, 2004 - 137;
depreciation: march 31, 2004 - 8,289; december 31, 2003 – 7,608)																																																																																				33,829,000
held in treasury at march 31, 2004 and december 31, 2003																																																																																				-59,357,000
model homes and furnishings – at cost																																																																																					2,345,000
depreciation: 2003 - 7,608; 2002 - 7,798)																																																																																					34,225,000
preferred stock – .01 par value...
common stock – .01 par value...																																																																																					176,000
receivables																																																																																						51,345,000	53,913,000
model homes and furnishings - at cost (less accumulated depreciation:
september 30, 2003 - 98; december 31, 2002 - 66)																																																																																						2,048,000
building, office furnishings, transportation and construction equipment - at cost (less accumulated depreciation:
september 30, 2003 - 7,646; december 31, 2002 - 7,798)																																																																																						34,552,000
note payable banks - homebuilding																																																																																						106,000,000	82,000,000
december 31, 2002																																																																																						-43,799,000
june 30, 2003 - 85; december 31, 2002 - 66)																																																																																							2,049,000
building, office furnishings, transportation and construction equipment -
at cost (less accumulated depreciation: june 30, 2003 - 8,899;
december 31, 2002 - 7,798)																																																																																							20,859,000
held in treasury at june 30, 2003 and december 31, 2002																																																																																							-44,061,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-03-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2008-03-31	2005-09-30	2005-06-30	2005-03-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30

operating activities:
net income	67,832,000	63,971,000	106,490,000	121,243,000	111,237,000	133,469,000	145,449,000	146,746,000	138,061,000	105,282,000	139,016,000	118,001,000	103,066,000	130,395,000	131,590,000	136,838,000	91,839,000	113,383,000	91,012,000	107,607,000	84,866,000	80,083,000	73,537,000	54,508,000	31,746,000	41,780,000	37,838,000	30,246,000	17,723,000	32,407,000	29,282,000	27,911,000	18,063,000	15,882,000	22,327,000	16,989,000	16,883,000	20,562,000	10,942,000	15,916,000	9,189,000	13,275,000	15,570,000	13,350,000	9,568,000	10,986,000	13,617,000	13,554,000	12,632,000	14,261,000	125,311,000	7,264,000	4,587,000	5,015,000	8,314,000	3,204,000	-3,186,000	-2,976,000	-17,039,000	-4,807,000	-8,335,000			-28,261,000	-19,770,000	25,079,000	17,645,000	16,746,000	22,567,000	24,881,000	19,537,000	24,950,000	19,381,000
adjustments to reconcile net income to net cash from operating activities:
mortgage loan originations	-633,688,000	-775,699,000	-749,752,000	-750,692,000	-620,968,000	-761,859,000	-683,118,000	-639,155,000	-600,946,000	-530,685,000	-578,205,000	-515,533,000	-494,461,000	-586,987,000	-486,588,000	-516,259,000	-479,781,000	-609,340,000	-542,555,000	-572,156,000	-515,877,000	-556,150,000	-513,456,000	-428,020,000	-345,950,000	-423,673,000	-388,033,000	-319,789,000	-251,200,000	-372,074,000	-308,598,000	-284,321,000	-235,481,000	-345,933,000	-263,755,000	-251,486,000	-217,346,000	-314,785,000	-250,306,000	-227,561,000	-177,038,000	-270,601,000	-203,701,000	-182,399,000	-151,285,000	-207,073,000	-191,935,000	-154,048,000	-124,362,000	-200,873,000	-165,660,000	-139,732,000	-121,244,000	-165,633,000	-139,020,000	-118,800,000	-97,255,000	-119,424,000	-71,034,000	-131,596,000	-80,751,000	-145,106,000	-112,043,000	-79,490,000	-84,122,000
proceeds from the sale of mortgage loans	677,475,000	705,194,000	791,478,000	708,316,000	671,469,000	714,286,000	671,129,000	646,326,000	539,379,000	569,149,000	560,159,000	548,178,000	514,346,000	535,454,000	493,315,000	525,345,000	549,025,000	548,918,000	497,754,000	623,602,000	525,706,000	463,132,000	535,608,000	417,380,000	348,725,000	397,472,000	381,655,000	315,891,000	299,823,000	321,442,000	300,025,000	287,575,000	297,125,000	265,689,000	263,690,000	272,612,000	262,644,000	251,660,000	254,014,000	222,446,000	210,960,000	219,799,000	202,799,000	185,334,000	165,257,000	191,897,000	178,775,000	145,743,000	153,210,000	175,575,000	160,128,000	143,455,000	135,568,000	150,925,000	130,788,000	115,068,000	108,587,000	98,497,000	83,195,000	116,365,000	81,833,000	145,195,000	106,514,000	56,188,000	113,046,000
fair value adjustment of mortgage loans held for sale	3,506,000	990,000	-444,000	92,000	-5,544,000	6,845,000	-3,569,000	622,000	2,849,000	-7,612,000	1,710,000	3,139,000	-3,975,000	-7,679,000	4,396,000	-3,081,000	5,956,000	624,000	1,704,000	-6,682,000	6,940,000	-1,229,000	1,338,000	3,312,000	-3,739,000	-721,000	1,965,000	-346,000	1,363,000	-3,830,000	1,384,000	-642,000	-676,000	651,000	64,000	484,000	-4,874,000	4,650,000	1,126,000	-826,000	-1,359,000	1,351,000	-1,585,000	1,182,000	-358,000	-635,000	959,000	-727,000	-2,788,000	3,876,000	-3,365,000	2,507,000	-924,000	1,925,000	-327,000	-702,000	598,000	318,000	-2,031,000	-1,573,000	-1,244,000	2,020,000	-1,049,000	2,996,000	-1,355,000
capitalization of originated mortgage servicing rights	-1,391,000	-2,561,000	-2,044,000	-1,314,000	-1,469,000	-1,724,000	-1,389,000	-1,329,000	-1,127,000	-1,870,000	-1,432,000	-1,490,000	-1,390,000	-1,782,000	-1,280,000	-2,227,000	-3,583,000	-2,617,000	-3,812,000	-5,785,000	-3,999,000	-1,929,000	-1,886,000	-926,000	-1,307,000	-1,318,000	-1,778,000	-785,000	-803,000	-901,000	-1,163,000	-1,420,000	-1,066,000	-1,132,000	-1,634,000	-1,264,000	-975,000	-1,219,000	-1,386,000	-1,403,000	-1,561,000	-937,000	-1,506,000	-1,467,000	-816,000	-963,000	-1,040,000
amortization of mortgage servicing rights	328,000	378,000	283,000	228,000	257,000	360,000	342,000	257,000	355,000	309,000	281,000	465,000	523,000	487,000	483,000	354,000	300,000	534,000	523,000	352,000	231,000	580,000	688,000	595,000	564,000	435,000	455,000	357,000	300,000	204,000	197,000	86,000	297,000	280,000	243,000	98,000	448,000	390,000	511,000	412,000	339,000	281,000	177,000	291,000	261,000
depreciation	4,077,000	4,002,000	3,991,000	3,845,000	3,689,000	3,627,000	3,665,000	3,542,000	3,304,000	3,351,000	3,219,000	3,132,000	3,214,000	3,228,000	3,223,000	3,287,000	3,244,000	3,197,000	3,137,000	3,124,000	3,233,000	3,338,000	3,261,000	3,002,000	3,035,000	3,036,000	2,957,000	2,857,000	2,841,000	2,892,000	2,786,000	2,708,000	2,570,000	2,552,000	2,470,000	2,327,000	2,281,000	2,224,000	2,179,000	2,116,000	2,033,000	1,789,000	1,682,000	1,632,000	1,509,000	1,442,000	1,341,000	1,266,000	1,126,000	1,196,000	1,211,000	1,249,000	1,317,000	2,218,000	2,132,000	1,453,000	1,355,000	1,295,000	1,252,000	1,270,000	1,285,000	1,357,000	1,288,000	1,276,000	1,323,000	665,000	667,000	622,000	580,000	607,000	597,000	633,000	624,000
amortization of debt issue costs	849,000	867,000	842,000	831,000	831,000	823,000	809,000	808,000	808,000	819,000	727,000	669,000	660,000	635,000	644,000	645,000	644,000		643,000	648,000	646,000		641,000																																													122,000
gain on sale of mortgage servicing rights	-1,597,000	0	0	0	-1,718,000		0	0	-2,613,000												-252,000
stock-based compensation expense	4,185,000	4,357,000	4,525,000	3,916,000	4,200,000	3,705,000	3,510,000	3,810,000	3,539,000	4,364,000	2,682,000	2,301,000	2,023,000	2,174,000	2,764,000	2,018,000	1,831,000	2,360,000	1,794,000	2,141,000	2,264,000	2,223,000	2,189,000	1,753,000	973,000	1,760,000	1,492,000	1,682,000	912,000	2,203,000	1,041,000	1,691,000	1,039,000	2,010,000	1,468,000	1,538,000	1,028,000	1,832,000	1,357,000	1,210,000	916,000	869,000	1,095,000	1,110,000	868,000	711,000	710,000	1,084,000	710,000	509,000	519,000	797,000	519,000	336,000	434,000	530,000	434,000		483,000	789,000	695,000	774,000	832,000	680,000	825,000
excess tax benefits on equity compensation	-752,000	-17,000	-1,225,000	-320,000	-771,000	-687,000	-2,204,000
change in assets and liabilities:
inventory	41,770,000	1,077,000	-130,960,000	-76,307,000	-107,275,000	37,332,000	-191,194,000	-159,643,000	15,775,000	-61,899,000	-48,421,000	-18,268,000	175,316,000	184,386,000	-196,566,000	-207,175,000	-129,295,000	-96,010,000	-278,893,000	-98,955,000	-34,331,000	-72,417,000	-10,921,000	-6,525,000	-45,078,000	67,715,000	-66,220,000	-29,116,000	-60,737,000	63,706,000	-83,590,000	-67,570,000	-70,119,000	44,038,000	-66,489,000	-91,413,000	-54,758,000	12,735,000	-49,654,000	-17,346,000	-29,510,000	44,133,000	-94,979,000	-65,983,000	-42,182,000	-13,179,000	-73,523,000	-89,366,000	-33,250,000	-14,066,000	-64,377,000	-54,698,000	-23,567,000	-2,638,000	-23,679,000	-22,932,000	-24,625,000	17,604,000	-4,226,000	2,367,000	-26,791,000
other assets	-12,507,000	7,686,000	9,990,000	-9,455,000	-12,546,000	13,017,000	-16,542,000	-13,016,000	-3,808,000	1,277,000	2,220,000	4,493,000	-4,564,000	5,924,000	-26,321,000	13,946,000	-25,025,000	8,116,000	-2,510,000	5,670,000	-8,947,000	1,240,000	2,260,000	-221,000	-20,532,000	1,880,000	-4,192,000	-1,985,000	2,225,000	8,491,000	-2,281,000	3,063,000	-7,229,000	-4,949,000	2,866,000	2,245,000	-348,000	2,721,000	-9,179,000	-4,172,000	-3,013,000	2,349,000	-2,094,000	-3,143,000	-3,408,000	-704,000	-1,822,000	-2,115,000	-645,000	-7,776,000	2,601,000	-6,415,000	1,371,000	-3,714,000	-2,364,000	-300,000	-1,366,000	570,000	1,663,000	452,000	292,000	-2,239,000	1,078,000	-4,671,000	5,798,000			2,700,000	-2,475,000	638,000	1,521,000
accounts payable	34,628,000	-76,792,000	5,505,000	23,567,000	30,330,000	-58,129,000	-22,151,000	53,887,000	20,294,000	-46,259,000	-13,719,000	56,230,000	-20,171,000	-67,729,000	-33,058,000	47,997,000	36,882,000	17,194,000	5,401,000	23,694,000	12,547,000	9,088,000	7,493,000	18,832,000	25,230,000	-44,502,000	15,457,000	21,136,000	1,424,000	-16,910,000	6,930,000	22,644,000	-8,914,000	-3,365,000	7,526,000	18,669,000	-8,809,000	-6,967,000	4,510,000	24,075,000	-5,284,000	-10,785,000	5,307,000	21,191,000	-5,886,000	-22,535,000	10,548,000	15,949,000	1,150,000	-15,578,000	23,916,000	4,818,000	9,380,000	-17,658,000	14,041,000	9,163,000	-188,000	-4,586,000	3,212,000	2,428,000	7,686,000	-12,202,000	5,686,000	31,516,000	-14,280,000	20,882,000	3,194,000	17,613,000	3,847,000	3,086,000	21,072,000	-24,509,000	11,742,000
customer deposits	8,598,000	-10,761,000	-10,558,000	-6,527,000	9,360,000	-18,016,000	-5,916,000	743,000	7,388,000	-9,547,000	-3,416,000	291,000	4,682,000	-33,250,000	-9,413,000	4,099,000	23,818,000	-7,424,000	5,549,000	12,275,000	24,829,000	6,003,000	17,103,000	4,430,000	10,637,000	-1,788,000	-1,798,000	1,712,000	4,281,000	-8,393,000	-1,062,000	4,186,000	6,790,000	-4,205,000	928,000	2,975,000	4,524,000	-4,283,000	-976,000	3,948,000	3,900,000	-3,759,000	538,000	3,086,000	3,593,000	-2,443,000	-817,000	2,035,000	1,722,000	-3,656,000	-554,000	3,226,000	2,007,000	-737,000	468,000	1,983,000	4,153,000	-1,196,000	1,059,000	-466,000	1,125,000	-1,820,000	134,000	3,466,000	-1,455,000	4,122,000	9,107,000	2,805,000	365,000	2,098,000	2,643,000	-1,481,000	1,967,000
accrued compensation	-44,159,000	12,054,000	18,498,000	13,073,000	-48,862,000	13,559,000	21,098,000	14,627,000	-40,047,000	9,831,000	19,678,000	12,104,000	-38,969,000	9,552,000	12,590,000	18,349,000	-31,746,000	11,145,000	8,469,000	15,458,000	-27,340,000	14,410,000	11,709,000	10,253,000	-26,952,000	15,573,000	6,857,000	6,349,000	-24,835,000	13,685,000	5,268,000	6,987,000	-22,454,000	11,679,000	4,074,000	6,744,000	-20,159,000	10,926,000	4,493,000	3,891,000	-14,457,000	6,877,000	6,371,000	2,326,000	-13,713,000	4,429,000	6,744,000	3,043,000	-13,034,000	7,986,000	5,413,000	2,313,000	-5,959,000	4,754,000	3,098,000	69,000	-1,500,000	580,000	-2,273,000	1,299,000	-2,314,000	1,513,000	545,000	2,524,000	-6,751,000			-18,206,000	6,115,000	5,180,000	-18,613,000
other liabilities	-13,423,000	7,518,000	-10,788,000	7,259,000	32,667,000	9,920,000	8,899,000	-28,306,000	32,561,000	5,023,000	-5,088,000	-46,375,000	11,206,000	12,916,000	11,532,000	-15,163,000	25,057,000	33,910,000	1,552,000	-12,754,000	4,974,000	11,332,000	-15,170,000	28,496,000	-4,193,000	-396,000	2,474,000	3,999,000	-17,082,000	19,715,000	-5,639,000	7,269,000	-11,942,000	10,984,000	-1,841,000	2,318,000	-5,077,000	12,234,000	10,026,000	7,213,000	761,000	-4,663,000	10,398,000	-1,907,000	845,000	1,131,000	8,082,000	-2,644,000	1,049,000	2,135,000	6,782,000	-891,000	3,949,000	-7,001,000	11,343,000	-4,782,000	4,742,000	-8,376,000	3,394,000	-4,380,000	-899,000	-5,952,000	4,384,000	7,429,000	-9,162,000			-8,293,000	3,188,000	-585,000	-6,462,000
net cash from operating activities	135,731,000	-8,707,000	43,414,000	37,755,000	64,887,000	104,395,000	-67,942,000	27,511,000	115,772,000	54,901,000	79,541,000	166,190,000	251,499,000	198,220,000	-92,689,000	9,214,000	69,326,000	17,518,000	-208,142,000	98,633,000	75,168,000	-28,892,000	114,400,000	107,053,000	-24,227,000	64,654,000	-9,640,000	33,250,000	-22,633,000	71,303,000	-54,194,000	11,489,000	-31,190,000	13,495,000	-26,705,000	-16,045,000	-23,275,000	7,677,000	-13,952,000	39,416,000	1,056,000	13,037,000	-48,986,000	-16,934,000	-29,276,000	-25,964,000	-40,042,000	-64,566,000	-2,103,000	-33,538,000	-15,258,000	-33,736,000	8,558,000	-30,674,000	7,208,000	-15,854,000	-7,675,000	-9,395,000	2,627,000	-13,403,000	-4,635,000	43,464,000	-15,834,000	-57,901,000	98,752,000			-3,808,000	10,414,000
capital expenditures	-154,000	-4,257,000	-1,404,000	-2,609,000	-1,339,000	-2,067,000	-580,000	-5,494,000	-276,000	-1,156,000	-2,491,000	-43,000	-2,079,000	-5,455,000	-1,185,000	-1,488,000	-1,205,000	-22,742,000	-1,523,000	-878,000	-158,000	-3,212,000	-6,489,000	-1,525,000	-451,000	-1,900,000	-1,027,000	-1,139,000	-460,000	-2,275,000	-1,251,000	-4,485,000	-130,000	-2,782,000	-4,145,000	-879,000	-993,000	-1,487,000	-590,000	-323,000	-10,706,000	-1,656,000	-602,000	-1,290,000	-111,000	-599,000	-670,000	-1,277,000	-400,000	-728,000	-604,000	-821,000	-229,000	-75,000	-606,000	-205,000	-47,000	-463,000	-332,000	-129,000	-642,000	-313,000	-568,000	-3,124,000	-3,000			-378,000	-450,000
free cash flows	135,577,000	-12,964,000	42,010,000	35,146,000	63,548,000	102,328,000	-68,522,000	22,017,000	115,496,000	53,745,000	77,050,000	166,147,000	249,420,000	192,765,000	-93,874,000	7,726,000	68,121,000	-5,224,000	-209,665,000	97,755,000	75,010,000	-32,104,000	107,911,000	105,528,000	-24,678,000	62,754,000	-10,667,000	32,111,000	-23,093,000	69,028,000	-55,445,000	7,004,000	-31,320,000	10,713,000	-30,850,000	-16,924,000	-24,268,000	6,190,000	-14,542,000	39,093,000	-9,650,000	11,381,000	-49,588,000	-18,224,000	-29,387,000	-26,563,000	-40,712,000	-65,843,000	-2,503,000	-34,266,000	-15,862,000	-34,557,000	8,329,000	-30,749,000	6,602,000	-16,059,000	-7,722,000	-9,858,000	2,295,000	-13,532,000	-5,277,000	43,151,000	-16,402,000	-61,025,000	98,749,000			-4,186,000	9,964,000
investing activities:
purchase of property and equipment	-154,000	-4,257,000	-1,404,000	-2,609,000	-1,339,000	-2,067,000	-580,000	-5,494,000	-276,000	-1,156,000	-2,491,000	-43,000	-2,079,000	-5,455,000	-1,185,000	-1,488,000	-1,205,000	-22,742,000	-1,523,000	-878,000	-158,000	-3,212,000	-6,489,000	-1,525,000	-451,000	-1,900,000	-1,027,000	-1,139,000	-460,000	-2,275,000	-1,251,000	-4,485,000	-130,000	-2,782,000	-4,145,000	-879,000	-993,000	-1,487,000	-590,000	-323,000	-10,706,000	-1,656,000	-602,000	-1,290,000	-111,000	-599,000	-670,000	-1,277,000	-400,000	-728,000	-604,000	-821,000	-229,000	-75,000	-606,000	-205,000	-47,000	-463,000	-332,000	-129,000	-642,000	-313,000	-568,000	-3,124,000	-3,000			-378,000	-450,000	-164,000	-185,000
investment in joint venture arrangements	-3,803,000		-16,050,000	-10,081,000	-8,279,000		-16,916,000	-5,319,000	-23,685,000		-9,254,000	-7,758,000	-2,714,000		-6,450,000	-5,487,000	-5,429,000		-17,637,000	-12,437,000	-4,664,000		-4,986,000	-12,631,000	-6,458,000		-8,241,000	-9,240,000	-6,041,000	-11,380,000	-16,166,000
proceeds from sale of mortgage servicing rights	9,075,000	0	0	372,000	6,690,000	382,000	0	380,000	6,853,000	490,000	415,000			100,000	0			11,093,000	0	-71,000	4,395,000
net cash from investing activities	5,118,000	-29,042,000	-15,452,000	-12,318,000	-2,928,000	-9,859,000	-17,496,000	-10,433,000	-17,108,000	-4,500,000	-11,330,000	1,991,000	-4,793,000	-8,282,000	-7,635,000	-4,829,000	-6,634,000	-19,799,000	-19,160,000	-13,386,000	623,000	-2,543,000	-10,625,000	-14,156,000	-6,546,000	-1,884,000	-8,980,000	-10,229,000	-6,501,000	-12,431,000	-17,417,000	-6,437,000	-97,672,000	-4,746,000	-6,022,000	-2,249,000	3,206,000	-11,846,000	-4,023,000	-2,913,000	-12,863,000	-31,583,000	-2,020,000	-3,183,000	-845,000	-1,082,000	-2,292,000	-328,000	-8,879,000	-2,652,000	-9,695,000	-10,505,000	-12,702,000	-555,000	2,643,000	-4,098,000	27,332,000	1,399,000	994,000	-13,251,000	-2,757,000	44,203,000	8,674,000	-80,090,000	7,734,000			-8,656,000	-2,254,000	-2,137,000	-2,965,000
financing activities:
net proceeds from (repayments of) bank borrowings - financial services operations	-16,655,000		-43,947,000	47,969,000	-58,202,000		12,649,000	-1,529,000	58,477,000
repurchase of common shares	-50,066,000	-51,655,000	-50,179,000	-50,144,000	-50,055,000	-51,134,000	-50,234,000	-50,307,000	-25,278,000	-25,085,000	-25,052,000			0	-15,099,000	-24,842,000	-15,393,000	-36,026,000				0	0	0	-1,912,000	0	0	0	-5,150,000
proceeds from exercise of stock options	4,099,000	40,000	6,448,000	758,000	1,106,000	8,253,000	5,485,000	2,054,000	5,495,000	6,643,000	10,583,000	10,130,000	6,439,000	364,000	232,000	564,000	206,000	0	611,000	3,373,000	7,257,000	1,652,000	4,609,000	463,000	3,182,000	5,296,000	11,071,000	849,000	2,428,000	112,000	0	0	426,000	6,434,000	-1,000	4,296,000	496,000	109,000	0	0	73,000	0	695,000	279,000	61,000	484,000	0	94,000	1,366,000	0	1,000			3,547,000	475,000	373,000	367,000	0	1,416,000	0	5,000	9,000			8,000	470,000	80,000	2,674,000	132,000	0	1,220,000	103,000	110,000
net cash from financing activities	-62,622,000	-7,236,000	-94,186,000	-1,417,000	-107,151,000	7,114,000	-32,100,000	-49,782,000	38,694,000	-53,849,000	-246,000	-42,458,000	-15,684,000	53,843,000	-20,670,000	-34,236,000	-80,454,000	17,492,000	76,653,000	-6,341,000	-43,701,000	89,733,000	4,714,000	-20,058,000	45,874,000	-90,138,000	31,678,000	-44,559,000	49,536,000	-73,703,000	40,154,000	9,188,000	30,736,000	39,318,000	106,423,000	9,336,000	24,526,000	13,404,000	12,613,000	-40,586,000	33,357,000	3,696,000	54,288,000	11,932,000	44,544,000	25,413,000	25,859,000	9,177,000	-28,383,000	22,440,000	1,176,000	-52,564,000	121,703,000	16,962,000	105,617,000	-2,729,000	-12,472,000	20,960,000	-4,468,000	5,670,000	48,000	-2,737,000	7,160,000	130,364,000	-106,377,000	60,503,000	118,652,000	12,387,000	-5,791,000	52,145,000	22,280,000	-16,367,000	23,906,000
net increase in cash, cash equivalents and restricted cash	78,227,000			24,020,000	-45,192,000	101,650,000	-117,538,000	-32,704,000	137,358,000	-3,448,000	67,965,000	125,723,000	231,022,000			-29,851,000	-17,762,000	15,211,000	-150,649,000	78,906,000	32,090,000	58,298,000	108,489,000	72,839,000	15,101,000	-27,368,000			20,402,000	-14,831,000			-98,126,000	48,067,000	73,696,000	-8,958,000	4,457,000
cash, cash equivalents and restricted cash balance at beginning of period	689,189,000	0	0	0	821,570,000	0	0	0	732,804,000	0	0	0	311,542,000	0	0	0	236,368,000	0	0	0	260,810,000	0	0	0	6,083,000	0	0	0	21,529,000	0	0	0	151,703,000	0	0	0	34,441,000
cash, cash equivalents and restricted cash balance at end of period	767,416,000	-44,985,000	-66,224,000	24,020,000	776,378,000	101,650,000	-117,538,000	-32,704,000	870,162,000	-3,448,000	67,965,000	125,723,000	542,564,000	243,781,000	-120,994,000	-29,851,000	218,606,000	15,211,000	-150,649,000	78,906,000	292,900,000	58,298,000	108,489,000	72,839,000	21,184,000	-27,368,000	13,058,000	-21,538,000	41,931,000	-14,831,000	-31,457,000	14,240,000	53,577,000	48,067,000	73,696,000	-8,958,000	38,898,000
supplemental disclosure of cash flow information:
cash paid during the year for:
interest — net of amount capitalized	8,321,000	-8,431,000	8,431,000	-8,784,000	7,962,000	-8,064,000	7,746,000	-8,108,000	7,788,000	-7,895,000	16,043,000	-12,843,000	6,176,000	-8,332,000	7,699,000	-7,911,000	7,895,000	-8,111,000	8,747,000	-8,690,000	9,110,000	-7,833,000	9,530,000	-6,387,000	12,501,000	-4,072,000	12,449,000	-3,875,000	14,460,000	-4,040,000	12,190,000	-4,262,000	13,905,000	-5,218,000	8,005,000	-3,122,000	10,503,000	-2,322,000	11,071,000	-2,405,000	253,000	9,468,000	-991,000	6,836,000	-140,000	6,656,000	-2,164,000	5,447,000	-209,000	6,857,000	-1,258,000	7,347,000	-1,112,000	7,641,000	-1,792,000	8,215,000	-981,000	8,548,000	-1,573,000
income taxes		27,631,000	39,118,000	63,500,000	1,191,000	27,663,000	49,173,000	82,103,000	683,000	38,293,000	35,703,000	75,834,000	838,000	31,934,000	51,416,000	70,709,000	993,000	18,335,000	31,023,000	59,554,000	969,000	24,156,000	37,648,000	1,454,000	408,000	10,415,000	13,021,000	13,195,000	362,000	7,495,000	7,608,000	10,054,000	122,000	9,100,000	9,932,000	17,698,000	72,000	198,000	272,000	1,350,000	451,000	614,000	416,000	1,181,000	97,000	1,835,000	1,000	-215,000	765,000	86,000	232,000	374,000	73,000	1,000	68,000	132,000	80,000	-654,000	102,000	261,000	5,000	33,000	32,000	-168,000	304,000	12,513,000	12,246,000	9,563,000	15,491,000	18,096,000	7,568,000	14,812,000	5,037,000
non-cash transactions during the period:
community development district infrastructure	2,675,000	1,462,000	-1,120,000	-1,869,000	-1,103,000	-2,334,000	-2,344,000	393,000	-2,215,000	-1,811,000	-2,582,000	-3,328,000	-2,641,000	-2,290,000	-1,226,000	16,451,000	-3,323,000	4,114,000	-832,000	4,485,000	4,126,000	-1,696,000	-1,668,000	-1,354,000	-617,000	-797,000	3,462,000	-862,000	-664,000	-3,709,000	4,312,000	-710,000	-550,000	7,751,000	-577,000	-402,000	5,801,000	-75,000	-171,000	-110,000	-186,000	-141,000	-337,000	-818,000	-257,000	-485,000	1,172,000	-176,000	-1,070,000	-289,000	-451,000			-354,000	-338,000	-284,000	-373,000	-365,000	-252,000	-306,000	-305,000	-827,000	-517,000	-782,000	-63,000	-375,000	-116,000	2,180,000	-117,000
consolidated inventory not owned	13,725,000	12,208,000	5,536,000	-4,424,000	5,201,000	294,000	9,981,000	-13,074,000	-12,291,000	3,704,000	2,541,000	1,006,000	2,600,000	12,270,000	-4,176,000	6,126,000	60,000	-1,635,000	-8,078,000	338,000	2,229,000	9,550,000	-10,671,000	-3,249,000	6,350,000	1,247,000	-6,422,000	-2,811,000	-3,388,000	-2,589,000	7,103,000	-3,405,000	-3,346,000	-658,000	9,940,000	295,000	4,440,000	1,666,000	693,000	248,000	-1,086,000	-5,411,000	-2,697,000	13,816,000	-309,000	-1,092,000	432,000	-359,000	-148,000	199,000	-305,000	-15,113,000	-2,111,000	12,553,000	512,000	3,453,000	-357,000	-1,656,000		0	-616,000	-107,000	-80,000	-4,726,000	-20,000			-420,000	0
distribution of single-family lots from joint venture arrangements	42,000,000	0	0	13,337,000	2,886,000	5,935,000	0	18,684,000	8,550,000	4,688,000	6,375,000	14,829,000	5,244,000	3,062,000	10,375,000	5,126,000	5,257,000	2,024,000	7,954,000	13,461,000	4,625,000	2,724,000	15,494,000	7,796,000	3,726,000	16,157,000	1,792,000	8,669,000	1,054,000	122,000	5,395,000	9,982,000	659,000	4,761,000	1,844,000	2,983,000	7,012,000
impairment of inventory and land deposit write-offs		40,086,000
equity in income from joint venture arrangements										1,000	1,000	-28,000	-7,000	11,000	0	-1,000	-16,000	42,000	50,000	-35,000	-160,000	-159,000	-252,000			-193,000	-52,000			-44,000	-44,000
deferred income tax expense																						3,022,000	173,000	162,000	91,000	2,357,000	606,000	553,000	335,000	3,444,000	603,000	575,000	335,000	11,131,000	509,000	371,000	426,000	10,400,000	7,079,000	8,837,000	4,995,000	9,057,000	10,111,000	7,694,000	5,664,000	8,470,000	6,676,000	5,620,000	5,024,000		4,728,000	2,674,000	1,788,000												10,411,000	-595,000	-4,000	3,617,000	-372,000	879,000	2,659,000	218,000	3,816,000
other																																																						29,000	49,000
return of capital from joint venture arrangements		0												-154,000	0			163,000	0	0	1,050,000	1,264,000	850,000	0	363,000	374,000	288,000			0	0
investment in and advances to joint venture arrangements
net proceeds from (net repayments of) bank borrowings - financial services operations
debt issue costs		-498,000								-632,000	0			-2,461,000	0	-40,000	-80,000	-373,000	-4,038,000			-181,000	-114,000	-2,245,000	-6,165,000	-163,000	0			-133,000	0			-135,000	-6,509,000			-47,000	0	-94,000	-99,000	-5,398,000	-380,000			-2,041,000	0			-38,000	-1,858,000	-61,000	-3,544,000	-38,000	-2,943,000	-1,007,000	-1,893,000	0				-196,000	0	-1,200,000	-922,000			-2,854,000
loss on early extinguishment of debt																							0	0	950,000
net decrease in cash, cash equivalents and restricted cash
impairment of inventory and investment in joint venture arrangements
loss on sale of mortgage servicing rights														-100,000	0				0
proceeds from bank borrowings - homebuilding operations														123,100,000	191,800,000							0	0	112,500,000	194,300,000	127,600,000	194,400,000	156,400,000	218,100,000	146,700,000	166,000,000	120,400,000	233,500,000	31,800,000	77,100,000	127,400,000	162,000,000	74,700,000	84,600,000	38,100,000	154,100,000	87,900,000	108,700,000	90,300,000	130,400,000
repayments of bank borrowings - homebuilding operations
(principal repayments of) proceeds from notes payable-other and community development district bond obligations
inventory valuation adjustments and abandoned land transaction write-offs																																														984,000	622,000			1,568,000	2,136,000	1,201,000	900,000	1,236,000	1,309,000	697,000	126,000	4,514,000	11,129,000	6,476,000	3,191,000	22,270,000	14,946,000	-6,433,000	18,563,000
net gain from property disposals
proceeds from sale of property
repayment of senior notes																		0
proceeds from issuance of senior notes																		0
(net repayments of) net proceeds from bank borrowings - financial services operations
(gain) loss on sale of mortgage servicing rights
repayment of bank borrowings - homebuilding operations															-191,800,000								0	-119,400,000	-253,400,000	-251,500,000	-178,800,000	-200,900,000	-116,700,000	-252,000,000	-125,100,000	-100,900,000	-71,200,000	-31,800,000	-215,100,000	-100,300,000	-91,400,000	-119,400,000	-69,600,000	-82,600,000	-83,400,000	-200,200,000	-58,200,000	-74,700,000	-70,400,000
net repayments of bank borrowings - financial services operations											14,223,000	-37,222,000	-22,123,000		-5,231,000	-9,048,000	-62,510,000		44,162,000				1,935,000
principal repayments of notes payable - other and community development district bond obligations																	-2,677,000
fair value adjustment of mortgage servicing rights																			0	0	-162,000		85,000	-578,000	1,000,000
(principal repayments of) proceeds from notes payable - other and community development district bond obligations															-572,000
loss (gain ) on sale of mortgage servicing rights																	176,000
amortization of debt discount and debt issue costs																									625,000	683,000	677,000	676,000	676,000	681,000	667,000	661,000	782,000	843,000	920,000	858,000	854,000	850,000	851,000	850,000	851,000	916,000	796,000	797,000	797,000	792,000	772,000	771,000	786,000
loss on early extinguishment of debt, including transaction costs
proceeds from (principal repayments of) notes payable-other and community development district bond obligations
proceeds from (principal repayments of) notes payable - other and community development district bond obligations
repayment of senior notes due 2021																						0	0	0	-300,000,000
net proceeds from issuance of senior notes due 2028																						0	0	0	400,000,000
net repayments of (net proceeds from) bank borrowings - financial services operations																					-49,430,000
principal repayments of (proceeds from) notes payable - other and community development district bond obligations																					-1,528,000
acquisition																														0	0	-197,000	-100,763,000
repayment of convertible senior subordinated notes
principal repayments of notes payable-other and community development district bond obligations
common stock issued for conversion of convertible notes																														0	0	0	20,309,000	0
equity in loss from joint venture arrangements																									-52,000
net proceeds from bank borrowings - financial services operations																									8,151,000
proceeds from notes payable - other and community development district bond obligations																									1,718,000
net loss from property disposals																																																																	-5,532,000
net proceeds from issuance of senior notes																																																						0	0
(net repayment of) net proceeds from bank borrowings - financial services operations
redemption of preferred shares																																																		0	0
dividends paid on preferred shares																																		0	-1,218,000	-1,219,000	-1,219,000	-1,219,000	-1,218,000	-1,219,000	-1,219,000	-1,219,000	-1,218,000	-1,219,000	-1,219,000	-1,219,000	-1,218,000	-1,219,000	-1,219,000	-1,218,000	-1,219,000
repayment of convertible senior subordinated notes due 2018																															0	0	-65,941,000
net repayment of bank borrowings - financial services operations																											4,591,000	-23,000	-49,142,000		10,863,000	-9,548,000	-65,484,000		1,757,000	-17,419,000	-45,958,000		-1,183,000
principal repayment of notes payable - other and community development district bond obligations																											416,000				-524,000
equity in loss (income) from joint venture arrangements																													121,000
(principal repayment of) proceeds from notes payable-other and community development district bond obligations
net proceeds from sale of mortgage servicing rights																															0	0	5,111,000	0	0	162,000	7,396,000					0				0	0
repurchases of common shares
reclassification of preferred shares subject to redemption																																																					50,352,000
equity in income of joint venture arrangements																																	-310,000	-341,000	-71,000	-110,000	-17,000
investment in unconsolidated joint ventures																																	-1,890,000		-2,632,000	-2,610,000	-3,197,000		-4,278,000	-2,936,000	-2,846,000	-7,437,000	-6,515,000	-2,873,000	-1,337,000	-3,597,000	-3,334,000	-2,610,000	-10,874,000	-4,013,000
(principal repayment of) proceeds from notes payable - other and community development district bond obligations																																	-565,000
payment of original issue discount on redemption of senior notes
acquisition, net of cash acquired																																																						0	0			0
repayment of senior notes, net of original issue discount
proceeds from (principal repayment of) notes payable-other and community development district bond obligations
return of capital from unconsolidated joint ventures																																			755,000											904,000				0
proceeds from notes payable-other and community development district bond obligations																																				-3,359,000	607,000
impairment of investment in joint venture arrangements
deferred tax asset valuation allowances																																														0	0	-3,964,000	-5,327,000	-5,622,000	-116,374,000	-2,674,000	-1,788,000
(principal repayment of) proceeds from notes payable-other and cdd bond obligations
equity in income of unconsolidated joint ventures																																							-24,000	-82,000	-307,000	-250,000	-36,000	-14,000	-198,000	-285,000	-22,000	22,000	-62,000	-28,000
cash held in escrow																																							485,000	-108,000	-359,000	-59,000	71,000	-14,000	208,000	-263,000	85,000	51,000	-44,000	-185,000	77,000	264,000	-193,000	-88,000	-22,000	124,000	-139,000	2,918,000	-6,314,000	-3,014,000	-6,794,000	7,789,000	-7,875,000	-6,040,000	9,637,000	-234,000	363,000	541,000	-2,601,000	-24,000	1,206,000
change in restricted cash																																							845,000	346,000	689,000	234,000	2,032,000	980,000	603,000	2,210,000	1,093,000	1,424,000	2,395,000	2,089,000	-3,405,000	-3,248,000	-621,000	388,000	3,635,000	1,016,000	27,740,000
proceeds from (principal repayment of) notes payable-other and cdd bond obligations																																							14,000	-253,000	364,000
net increase in cash and cash equivalents																																							-5,362,000	-4,083,000	21,550,000		3,282,000	-8,185,000	14,423,000			-55,717,000	-39,365,000	-13,750,000	-23,777,000	-96,805,000	117,559,000	-14,267,000			7,185,000
cash and cash equivalents balance at beginning of period																																							0	0	10,205,000	0	0	0	15,535,000	0	0	0	128,725,000	0	0	0	145,498,000	0	0	0	59,793,000
cash and cash equivalents balance at end of period																																							-5,362,000	-4,083,000	31,755,000	-14,850,000	3,282,000	-8,185,000	29,958,000	-1,633,000	-16,475,000	-55,717,000	89,360,000	-13,750,000	-23,777,000	-96,805,000	263,057,000	-14,267,000	115,468,000	-22,681,000	66,978,000
distribution of single-family lots from unconsolidated joint ventures																																							5,934,000	551,000	14,427,000	2,776,000	1,626,000	3,979,000	-145,000	14,931,000	4,150,000	5,253,000	1,355,000	2,888,000
(repayment of) net proceeds from bank borrowings - financial services operations																																									-36,462,000		3,558,000	-2,042,000	-13,656,000
impairment of investment in unconsolidated joint ventures
proceeds from issuance of convertible senior subordinated notes due 2018																																																		0	0
net proceeds from issuance of common shares																																																		0	0	0	54,617,000	0
net decrease in cash and cash equivalents
(principal repayments of) proceeds from notes payable-other and cdd bond obligations																																											1,133,000	-646,000	-642,000					-336,000	-1,303,000	-887,000	-789,000
bargain purchase gain																																																						0	0
amoritzation of mortgage servicing rights																																														227,000	186,000
repayment of senior notes, including transaction costs																																																						0	0
proceeds from issuance of convertible senior subordinated notes due 2017
net proceeds from (repayment of) bank borrowings - financial services operations
proceeds from (repayments of) bank borrowings - net																																																												9,619,000	150,000
principal proceeds from (repayments of) notes payable-other and cdd bond obligations
excess tax deficiency from stock-based payment arrangements
repayments of bank borrowings - net																																																10,382,000	-28,497,000		5,172,000	-2,684,000	-14,831,000			4,763,000	-11,026,000		-6,173,000			-2,480,000	7,144,000	86,600,000	-102,200,000
principal repayments of notes payable-other and cdd bond obligations																																																-40,000	-33,000
amortization of intangibles, debt discount and debt issue costs																																																		783,000	802,000	932,000	821,000	762,000	644,000	591,000	587,000	594,000	649,000	673,000	677,000	726,000	645,000	858,000	398,000
deferred income tax benefit																																																						1,355,000	3,578,000	1,283,000	-1,140,000	-1,293,000	-6,558,000	-1,886,000	-3,035,000	19,312,000
proceeds from bank borrowings - net
contingent consideration related to acquisition																																																										-183,000
net income from property disposals																																																					26,000				2,000		35,000	1,000	6,000
investment in unconsolidated llcs																																																				-6,436,000	-11,852,000	-868,000	-386,000	-202,000	-361,000	-104,000
distribution of single-family lots from unconsolidated llc's																																																				63,000	1,303,000
proceeds from issuance of convertible senior subordinated notes																																																					86,250,000	0
impairment of investment in unconsolidated llcs																																																										0
deferred tax asset valuation (benefit) expense																																																						-1,355,000	-3,578,000
return of investment from unconsolidated llcs
proceeds (repayments) from bank borrowings - net																																																						13,117,000
proceeds from note payable-other and cdd bond obligations																																																						336,000
proceeds from (repayments of) note payable-other and cdd bond obligations
deferred tax asset valuation allowance																																																									1,140,000	1,293,000	6,558,000	1,886,000	3,035,000	-19,312,000	8,204,000
excess tax benefit from stock-based payment arrangements																																																											369,000	0	-14,000
equity in undistributed loss of unconsolidated llcs																																																											10,000
proceeds from (principal repayments of) note payable-other and community development district bond obligations																																																									80,000
bad debt expense																																																														1,300,000	75,000
share-based compensation expense																																																										341,000
excess tax (benefit) deficiency from stock-based payment arrangements
equity in undistributed (income) loss of unconsolidated llcs
write-off of unamortized debt discount and financing costs																																																														0	0	-505,000	1,059,000
proceeds from the sale of property																																																														0	0	-1,576,000	9,454,000
principal repayments of note payable-other and community development district bond obligations																																																											-80,000
net proceeds from issuance of common stock																																																														0	0
payments on capital lease obligations																																																														0	0	155,000	-246,000
excess tax deficiency (benefit) from stock-based payment arrangements
excess tax (benefit) expense from stock-based payment arrangements
equity in undistributed income of unconsolidated llcs
restricted cash																																																											1,569,000	-12,927,000	-2,034,000	47,703,000	9,463,000
net decrease in cash																																																											-847,000	-20,984,000	-7,344,000
cash balance at beginning of period																																																											81,208,000	0	109,930,000		0	31,012,000	1,506,000						3,209,000
cash balance at end of period																																																											80,361,000	-20,984,000	102,586,000		0	23,385,000	1,615,000	2,193,000	-1,625,000	2,709,000	2,369,000	-4,280,000	5,777,000		61,000
income tax receivable																																																											-168,000	0	25,685,000	-30,135,000	3,067,000	2,963,000	33,426,000
excess tax expense from stock-based payment arrangements																																																											-369,000	0	14,000
investment in unconsolidated limited liability companies																																																											-243,000	-195,000	-94,000	-3,935,000	-267,000	1,273,000	-2,074,000			-12,665,000
non-cash transactions during the year:
deferral of executive and director compensation																																																											62,000	25,000	112,000	25,000	25,000	56,000	57,000	82,000	83,000	726,000
executive and director deferred compensation distributions																																																											126,000	0	37,000		0	-30,000	241,000
homebuilding																																																											63,385,000
financial services
unrestricted cash																																																											80,361,000
total cash																																																											127,029,000
impairment of investment in unconsolidated limited liability companies																																																														835,000	88,000	3,060,000	3,748,000
equity in undistributed loss (income) of unconsolidated limited liability companies																																																												2,000	4,000
return of investment from unconsolidated limited liability companies																																																												0	13,000	748,000	46,000	-342,000	357,000
principal repayments of note payable-other and community
development district bond obligations																																																												-75,000	-93,000		-72,000	-10,504,000	-134,000
net proceeds from the issuance of common stock
interest – net of amount capitalized																																																												4,611,000	-1,918,000	4,879,000	-2,492,000	3,727,000	-573,000					639,000	2,915,000	3,574,000	2,000,000
distribution of single-family lots from unconsolidated limited liability companies																																																														-24,000	0	-4,607,000	4,609,000	2,338,000	978,000	3,220,000
transfer between other assets and inventory
principal repayments of note-payable other and community
impairment of goodwill and intangible assets
impairment of property and equipment
equity in undistributed loss of limited liability companies																																																																-20,000	13,000
principal repayments of mortgage notes payable and community development
district bond obligations
proceeds from preferred shares issuance – net of issuance costs of 3,675
dividends paid																																																																	-2,791,000			-354,000	-353,000	-353,000	-356,000
net increase in cash																																																														84,930,000	0	-7,627,000	109,000			-77,000	2,369,000	-4,280,000	2,568,000	682,000	61,000
cash balance at beginning of year																																																																		0	-435,000	2,786,000	0
cash balance at end of year
capital lease obligations
non-monetary exchange of fixed assets																																																																	13,000,000							0
contribution of property to unconsolidated limited liability companies
executive and director deferred stock distributions																																																																		0	0	394,000	0	21,000	1,433,000	0	160,000
net loss
adjustments to reconcile net loss to net cash from operating activities:
excess tax benefits from stock-based payment arrangements																																																															-27,000	38,000	92,000
equity in undistributed income of limited liability companies
inventories																																																															-13,046,000	-42,685,000	42,840,000			-61,168,000	-32,510,000	-90,007,000	-61,084,000
principal repayments of mortgage notes payable other and community
deferred income tax (benefit) expense
principal repayments of mortgage notes payable and community
loss from property disposals
income tax benefit from stock transactions																																																																		244,000	55,000	1,389,000	111,000	15,000	1,776,000	106,000	78,000
equity in undistributed income of unconsolidated limited liability companies																																																																		-4,000	-50,000	51,000
net change in assets and liabilities:
mortgage loans held for sale																																																																		1,316,000	-2,251,000	37,653,000	10,897,000	-1,021,000	18,227,000
distributions from unconsolidated limited liability companies																																																																		235,000	69,000	4,387,000
(repayments of) proceeds from bank borrowings - net																																																																				-136,000,000
principal repayments of mortgage notes payable																																																																				-50,000	-47,000	-3,102,000	-46,000
redemption of senior notes
proceeds from senior notes - net of discount of 1,774																																																																		0
payments to acquire treasury shares																																																																					-1,423,000	0	-9,838,000
cash paid during the period for:
interest - net of amount capitalized																																																																		-158,000	-64,000	1,196,000
land acquired with mortgage notes payable
amortization of debt discount and issue costs
proceeds from senior notes - net of discount of 1,029																																																																				148,971,000
cash flows from operating activities:
equity in undistributed loss of unconsolidated joint ventures and limited liability companies
cash flows from investing activities:
investment in unconsolidated joint ventures and limited liability companies																																																																					-1,926,000	-2,021,000	-2,829,000
distributions from unconsolidated joint ventures and limited liability companies																																																																					122,000	48,000	49,000	1,096,000	360,000
cash flows from financing activities:
proceeds from bank borrowings - net of repayments
redemption of senior subordinated notes
land and lots acquired with mortgage notes payable																																																																					0	0	27,700,000
distribution of singe-family lots from unconsolidated joint ventures and limited liability companies																																																																							1,723,000
deferral of executive and director stock																																																																					49,000	44,000	702,000	55,000	49,000
equity in undistributed loss of unconsolidated joint ventures
and limited liability companies
proceeds from bank borrowings – net of repayments																																																																						55,600,000	31,300,000	-7,700,000	24,200,000
distribution of singe-family lots from unconsolidated joint ventures and
limited liability companies
cash flows (used in) from operating activities:
adjustments to reconcile net income to net cash (used in) from operating activities:
equity in undistributed income of unconsolidated joint ventures and limited liability companies																																																																							174,000
net cash (used in) from operating activities																																																																							-16,747,000
equity in undistributed income of unconsolidated joint ventures and limited
liability companies
distribution of single-family lots from unconsolidated joint ventures and limited
receivables																																																																									2,568,000
equity in undistributed income of unconsolidated joint ventures
cash flow used in investing activities:
cash flow from financing activities:
supplemental disclosure of cash flows information:

M/I Homes, Inc(NYSE:MHO)

M/I Homes, Inc
(NYSE:MHO)