Meritage Homes Corporation
(NYSE:MTH)

Meritage Homes Corporation designs and builds single-family homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for first-time and first move-up buyers. The company also of...

Website: http://www.meritagehomes.com

Founded: 1985

Full Time Employees: 1,510

Sector: Consumer Cyclical

Industry: Residential Construction

Consumer Cyclical

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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	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	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

homebuilding:
home closing revenue	1,107,822,000	1,406,449,000	1,399,335,000	1,615,709,000	1,342,104,000	1,595,928,000	1,585,784,000	1,693,738,000	1,466,096,000	1,641,523,000	1,610,317,000	1,543,021,000	1,261,923,000	1,984,063,000	1,569,032,000	1,408,947,000	1,245,456,000	1,498,813,000	1,251,435,000	1,264,643,000	1,079,982,000	1,409,160,000	1,133,221,000	1,031,591,000	890,417,000	1,103,741,000	939,185,000	863,053,000	698,650,000	996,063,000	877,734,000	872,383,000	728,532,000	923,370,000	805,008,000	797,780,000	660,617,000	876,094,000	735,870,000	795,845,000	595,617,000	761,372,000	661,884,000	591,027,000	517,273,000	688,288,000	545,524,000	502,800,000	405,779,000	533,492,000	483,147,000	436,040,000	330,710,000	364,118,000	334,880,000	281,340,000	204,022,000			220,131,000	177,489,000	214,616,000	233,803,000	291,405,000	200,582,000	279,589,000	231,816,000	220,414,000	230,978,000	279,621,500	372,907,000	373,923,000	371,656,000	429,632,500	574,667,000	567,748,000	576,115,000	819,318,000	875,743,000	902,851,000	846,374,000	1,040,711,000	753,505,000	651,783,000	550,947,000	698,254,000	462,711,000	431,275,000	423,502,000
land closing revenue	9,361,000	21,072,000	16,068,000	8,277,000	15,421,000	17,356,000	2,665,000		2,305,000	11,682,000	2,783,000	24,379,000	17,385,000	7,328,000	8,989,000	3,434,000	41,478,000	12,000	8,470,000	12,956,000	3,799,000	777,000	4,870,000	1,488,000	10,596,000	33,107,000	1,695,000	1,557,000	9,495,000	12,716,000	6,847,000	5,112,000	14,032,000	23,055,000	589,000	4,198,000	12,155,000	4,614,000	16,987,000	2,051,000	2,149,000	20,241,000	8,072,000	6,774,000	1,439,000	10,630,000	11,252,000	2,804,000	2,566,000	2,702,000	8,933,000	13,910,000	5,725,000	468,000	7,763,000	755,000	328,000				100,000	28,000			1,222,000	6,231,000		1,125,000	160,000	1,251,750	1,859,000	1,375,000	1,773,000	1,539,000	3,902,000	919,000	1,335,000	1,875,000	2,453,000	11,809,000	897,000	202,000	1,945,000	1,788,000	221,000	1,565,000	20,037,000	2,660,000
total closing revenue	1,117,183,000	1,427,521,000	1,415,403,000	1,623,986,000	1,357,525,000	1,613,284,000	1,588,449,000	1,693,738,000	1,468,401,000	1,653,205,000	1,613,100,000	1,567,400,000	1,279,308,000	1,991,391,000	1,578,021,000	1,412,381,000	1,286,934,000	1,498,825,000	1,259,905,000	1,277,599,000	1,083,781,000	1,409,937,000	1,138,091,000	1,033,079,000	901,013,000	1,136,848,000	940,880,000	864,610,000	708,145,000	1,008,779,000	884,581,000	877,495,000	742,564,000	946,425,000	805,597,000	801,978,000	672,772,000	880,708,000	752,857,000	797,896,000	597,766,000	781,613,000	669,956,000	597,801,000	518,712,000	698,918,000	556,776,000	505,604,000	408,345,000	536,194,000	492,080,000	449,950,000	336,435,000	364,586,000	342,643,000	282,095,000	204,350,000			220,131,000	177,589,000	214,644,000	233,803,000	291,405,000	201,804,000	285,820,000	231,816,000	221,539,000	231,138,000	399,575,000	374,766,000	375,298,000	373,429,000	618,908,000	578,569,000	568,667,000	577,450,000	821,193,000	878,196,000	914,660,000	847,271,000
yoy	-17.70%	-11.51%	-10.89%	-4.12%	-7.55%	-2.41%	-1.53%	8.06%	14.78%	-16.98%	2.22%	10.98%	-0.59%	32.86%	25.25%	10.55%	18.74%	6.30%	10.70%	23.67%	20.28%	24.02%	20.96%	19.48%	27.24%	12.70%	6.36%	-1.47%	-4.64%	6.59%	9.80%	9.42%	10.37%	7.46%	7.01%	0.51%	12.55%	12.68%	12.37%	33.47%	15.24%	11.83%	20.33%	18.24%	27.03%	30.35%	13.15%	12.37%	21.37%	47.07%	43.61%	59.50%	64.64%			28.15%	15.07%			-24.46%	-12.00%	-24.90%	0.86%	31.54%	-12.69%	-28.47%	-38.14%	-40.97%	-38.10%	-35.44%	-35.23%	-34.00%	-35.33%	-24.63%	-34.12%	-37.83%	-31.85%
qoq	-21.74%	0.86%	-12.84%	19.63%	-15.85%	1.56%	-6.22%	15.35%	-11.18%	2.49%	2.92%	22.52%	-35.76%	26.20%	11.73%	9.75%	-14.14%	18.96%	-1.38%	17.88%	-23.13%	23.89%	10.16%	14.66%	-20.74%	20.83%	8.82%	22.10%	-29.80%	14.04%	0.81%	18.17%	-21.54%	17.48%	0.45%	19.21%	-23.61%	16.98%	-5.64%	33.48%	-23.52%	16.67%	12.07%	15.25%	-25.78%	25.53%	10.12%	23.82%	-23.84%	8.96%	9.36%	33.74%	-7.72%	6.40%	21.46%	38.05%				23.96%	-17.26%	-8.19%	-19.77%	44.40%	-29.39%	23.30%	4.64%	-4.15%	-42.15%	6.62%	-0.14%	0.50%	-39.66%	6.97%	1.74%	-1.52%	-29.68%	-6.49%	-3.99%	7.95%
cost of home closings	-914,024,000	-1,174,192,000	-1,132,378,000	-1,274,381,000	-1,046,454,000	-1,226,114,000	-1,193,219,000	-1,254,232,000	-1,088,138,000	-1,228,426,000	-1,180,742,000	-1,166,041,000	-979,462,000	-1,484,071,000	-1,118,394,000	-964,208,000	-867,807,000	-1,064,068,000	-879,759,000	-919,342,000	-813,327,000	-1,071,375,000	-889,654,000	-810,895,000	-712,057,000	-884,778,000	-753,068,000	-703,935,000	-582,188,000	-806,550,000	-719,142,000	-712,868,000	-604,202,000	-755,067,000	-659,350,000	-656,870,000	-553,349,000	-719,324,000	-604,891,000	-658,099,000	-492,270,000	-614,794,000	-536,267,000	-476,790,000	-421,786,000	-548,371,000	-434,286,000	-392,839,000	-313,180,000	-409,568,000	-372,772,000	-342,435,000	-266,350,000	-294,919,000	-272,309,000	-229,200,000	-168,616,000			-179,954,000	-146,445,000	-175,707,000	-190,562,000	-238,205,000	-162,042,000																	376,549,000	575,494,000
cost of land closings	-9,630,000	-21,898,000	-15,876,000	-8,996,000	-12,256,000	-14,026,000	-1,985,000		-2,298,000	-9,104,000	-2,535,000	-24,202,000	-15,945,000	-7,600,000	-8,577,000	-2,784,000	-30,685,000	-2,074,000	-7,706,000	-13,288,000	-3,252,000	-21,016,000	-4,360,000	-2,936,000	-10,213,000	-32,750,000	-1,721,000	-3,299,000	-9,129,000	-13,541,000	-6,922,000	-5,799,000	-15,242,000	-20,133,000	-1,646,000	-4,198,000	-9,660,000	-3,946,000	-16,092,000	-1,693,000	-1,700,000	-14,744,000	-7,445,000	-6,262,000	-1,285,000	-10,266,000	-11,729,000	-2,762,000	-3,593,000	-1,990,000	-6,126,000	-12,463,000	-5,550,000	-258,000	-7,493,000	-466,000	-205,000				-91,000	-29,000			-964,000																	856,500	1,888,000
total cost of closings	-923,654,000	-1,196,090,000	-1,148,254,000	-1,283,377,000	-1,058,710,000	-1,240,140,000	-1,195,204,000	-1,254,232,000	-1,090,436,000	-1,237,530,000	-1,183,277,000	-1,190,243,000	-995,407,000	-1,491,671,000	-1,126,971,000	-966,992,000	-898,492,000	-1,066,142,000	-887,465,000	-932,630,000	-816,579,000	-1,092,391,000	-894,014,000	-813,831,000	-722,270,000	-917,528,000	-754,789,000	-707,234,000	-591,317,000	-820,091,000	-726,064,000	-718,667,000	-619,444,000	-775,200,000	-660,996,000	-661,068,000	-563,009,000	-723,270,000	-620,983,000	-659,792,000	-493,970,000	-629,538,000	-543,712,000	-483,052,000	-423,071,000	-558,637,000	-446,015,000	-395,601,000	-316,773,000	-251,424,000	-378,898,000	-354,898,000	-271,900,000																								487,110,000
home closing gross profit	193,798,000	232,257,000	266,957,000	341,328,000	295,650,000	369,814,000	392,565,000	439,506,000	377,958,000	413,097,000	429,575,000	376,980,000	282,461,000	499,992,000	450,638,000	444,739,000	377,649,000	434,745,000	371,676,000	345,301,000	266,655,000	337,785,000	243,567,000	220,696,000	178,360,000	218,963,000	186,117,000	159,118,000	116,462,000	189,513,000	158,592,000	159,515,000	124,330,000	168,303,000	145,658,000	140,910,000	107,268,000	156,770,000	130,979,000	137,746,000	103,347,000	146,578,000	125,617,000	114,237,000	95,487,000	139,917,000	111,238,000	109,961,000	92,599,000	123,574,000	110,375,000	93,605,000	64,360,000	68,763,000	62,154,000	51,946,000	35,113,000			39,587,000	30,380,000	34,001,000	42,561,000	52,896,000	37,998,000	17,244,000	23,183,000		17,350,000	7,783,750	6,786,000	23,268,000	1,081,000	9,364,000		9,588,000	90,151,000	100,671,000	177,787,000	219,467,000	214,063,000	256,414,000	178,011,000	152,703,000	119,325	-257,238,713	95,409,000	79,067,000	83,163,000
land closing gross profit	-269,000	-826,000	192,000	-719,000	3,165,000	3,330,000	680,000		7,000	2,578,000	248,000	177,000	1,440,000	-272,000	412,000	650,000	10,793,000	244,750	764,000	-332,000	547,000	-138,750	510,000		383,000				366,000	-825,000	-75,000	-687,000	-1,210,000	2,922,000	-1,057,000		2,495,000	668,000	895,000	358,000	449,000	5,497,000	627,000	512,000	154,000	364,000	-477,000	42,000	-1,027,000	75,000	2,807,000	1,447,000	175,000	210,000	270,000	-380,000	123,000				9,000	-18,000											86,000			171,000	189,000	-708,000	221,000	1,151,000		9,000	57,000	462,000	9	-8,080,817	7,160,000	929,000
total closing gross profit	193,529,000	231,431,000	267,149,000	340,609,000	298,815,000	373,144,000	393,245,000	439,506,000	377,965,000	415,675,000	429,823,000	377,157,000	283,901,000	499,720,000	451,050,000	445,389,000	388,442,000	432,683,000	372,440,000	344,969,000	267,202,000	317,546,000	244,077,000	219,248,000	178,743,000	219,320,000	186,091,000	157,376,000	116,828,000	188,688,000	158,517,000	158,828,000	123,120,000	171,225,000	144,601,000	140,910,000	109,763,000	157,438,000	131,874,000	138,104,000	103,796,000	152,075,000	126,244,000	114,749,000	95,641,000	140,281,000	110,761,000	110,003,000	91,572,000	123,649,000	113,182,000	95,052,000	64,535,000	68,973,000	62,424,000	51,566,000	35,236,000			39,587,000	30,389,000	33,983,000	42,561,000	52,896,000	38,256,000	3,052,000	22,902,000		17,322,000	2,879,750		16,616,000	1,167,000	9,264,250		9,759,000	90,340,000	99,963,000	178,008,000	220,618,000	214,041,000
yoy	-35.23%	-37.98%	-32.07%	-22.50%	-20.94%	-10.23%	-8.51%	16.53%	33.13%	-16.82%	-4.71%	-15.32%	-26.91%	15.49%	21.11%	29.11%	45.37%	36.26%	52.59%	57.34%	49.49%	44.79%	31.16%	39.31%	53.00%	16.23%	17.39%	-0.91%	-5.11%	10.20%	9.62%	12.72%	12.17%	8.76%	9.65%	2.03%	5.75%	3.53%	4.46%	20.35%	8.53%	8.41%	13.98%	4.31%	4.44%	13.45%	-2.14%	15.73%	41.90%	79.27%	81.31%	84.33%	83.15%			30.26%	15.95%			-25.16%	-20.56%	1013.47%	85.84%		120.85%	5.98%			1384.32%	-68.92%		70.26%	-98.71%	-90.73%		-95.58%	-57.79%
qoq	-16.38%	-13.37%	-21.57%	13.99%	-19.92%	-5.11%	-10.53%	16.28%	-9.07%	-3.29%	13.96%	32.85%	-43.19%	10.79%	1.27%	14.66%	-10.22%	16.18%	7.96%	29.10%	-15.85%	30.10%	11.32%	22.66%	-18.50%	17.86%	18.25%	34.71%	-38.08%	19.03%	-0.20%	29.00%	-28.09%	18.41%	2.62%	28.38%	-30.28%	19.39%	-4.51%	33.05%	-31.75%	20.46%	10.02%	19.98%	-31.82%	26.65%	0.69%	20.13%	-25.94%	9.25%	19.07%	47.29%	-6.43%	10.49%	21.06%	46.34%				30.27%	-10.58%	-20.15%	-19.54%	38.27%	1153.47%	-86.67%			501.51%			1323.82%	-87.40%			-89.20%	-9.63%	-43.84%	-19.31%	3.07%
gross margin %	17.32%	16.21%	18.87%	20.97%	22.01%	23.13%	24.76%	25.95%	25.74%	25.14%	26.65%	24.06%	22.19%	25.09%	28.58%	31.53%	30.18%	28.87%	29.56%	27.00%	24.65%	22.52%	21.45%	21.22%	19.84%	19.29%	19.78%	18.20%	16.50%	18.70%	17.92%	18.10%	16.58%	18.09%	17.95%	17.57%	16.32%	17.88%	17.52%	17.31%	17.36%	19.46%	18.84%	19.20%	18.44%	20.07%	19.89%	21.76%	22.43%	23.06%	23.00%	21.13%	19.18%	18.92%	18.22%	18.28%	17.24%		NaN%	17.98%	17.11%	15.83%	18.20%	18.15%	18.96%	1.07%	9.88%	0%	7.49%	0.72%	0%	4.43%	0.31%	1.50%	0%	1.72%	15.64%	12.17%	20.27%	24.12%	25.26%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
financial services:
revenue	6,285,000	8,235,000	8,460,000	9,425,000	7,082,000	8,429,000	8,070,000	8,311,000	6,353,000	7,200,000	6,109,000	6,210,000	5,731,000	7,357,000	6,308,000	5,139,000	4,672,000	5,583,000	5,208,000	5,665,000	4,751,000	5,768,000	4,939,000	4,478,000	3,912,000	4,756,000	4,317,000	4,160,000	3,228,000	4,412,000	3,832,000	3,870,000	3,048,000	4,061,000	3,549,000	3,649,000	2,944,000	3,392,000	3,139,000	3,476,000	2,500,000	3,101,000	3,000,000	2,741,000	2,535,000	3,022,000	2,749,000	2,451,000	1,899,000	2,077,000	1,684,000	1,434,000	842,000
expense	-3,623,000	-4,403,000	-4,311,000	-4,656,000	-4,192,000	-4,024,000	-3,706,000	-3,924,000	-3,003,000	-3,218,000	-2,871,000	-2,972,000	-3,067,000	-3,236,000	-2,804,000	-2,581,000	-2,512,000	-2,336,000	-2,308,000	-2,367,000	-2,171,000	-2,278,000	-2,026,000	-1,758,000	-1,735,000	-1,832,000	-1,725,000	-1,720,000	-1,504,000	-1,618,000	-1,659,000	-1,693,000	-1,484,000	-1,552,000	-1,524,000	-1,551,000	-1,379,000	-1,435,000	-1,398,000	-1,508,000	-1,246,000	-1,289,000	-1,253,000	-1,362,000	-1,299,000	-1,368,000	-1,238,000	-1,131,000	-1,075,000	-557,250	-901,000	-755,000	-573,000
earnings from financial services unconsolidated entities and other	831,000	1,132,000	331,000	842,000	673,000	2,757,000	-1,263,000	450,000	-4,040,000	2,418,000	2,462,000	-5,795,000	259,000	1,918,000	1,338,000	1,521,000	1,174,000	2,188,000	1,324,000	1,317,000	1,180,000	1,956,000	1,402,000	1,069,000	661,000	1,340,000	2,990,000	3,591,000	2,978,000	5,058,000	4,148,000	3,474,000	2,656,000	4,185,000	3,489,000	3,459,000	2,725,000	4,180,000	4,215,000	3,795,000	2,792,000	3,942,000	3,854,000	2,757,000	2,544,000	3,588,000	2,783,000	2,297,000	2,201,000	3,399,000	3,511,000	3,486,000	2,787,000
financial services profit	3,493,000	4,964,000	4,480,000	5,611,000	3,563,000	7,162,000	3,101,000	4,837,000	-690,000	6,400,000	5,700,000	-2,557,000	2,923,000	6,039,000	4,842,000	4,079,000	3,334,000	5,435,000	4,224,000	4,615,000	3,760,000	5,446,000	4,315,000	3,789,000	2,838,000	4,264,000	5,582,000	6,031,000	4,702,000	7,852,000	6,321,000	5,651,000	4,220,000	6,694,000	5,514,000	5,557,000	4,290,000	6,137,000	5,956,000	5,763,000	4,046,000	5,754,000	5,601,000	4,136,000	3,780,000	5,242,000	4,294,000	3,617,000	3,025,000	4,439,000	4,294,000	4,165,000	3,056,000
commissions and other sales costs	-79,472,000	-101,133,000	-99,722,000	-108,830,000	-94,720,000	-104,956,000	-97,898,000	-104,665,000	-101,550,000	-107,145,000	-99,122,000	-95,798,000	-82,846,000	-110,459,000	-77,884,000	-69,383,000	-65,540,000	-74,818,000	-68,952,000	-73,889,000	-67,744,000	-83,038,000	-73,282,000	-70,408,000	-61,173,000	-70,598,000	-63,450,000	-60,125,000	-52,555,000	-68,040,000	-60,282,000	-60,823,000	-52,752,000	-62,781,000	-55,845,000	-54,701,000	-48,320,000	-60,058,000	-52,478,000	-56,379,000	-46,177,000	-53,542,000	-48,097,000	-45,167,000	-41,612,000	-49,492,000	-40,211,000	-36,105,000	-30,934,000	-36,190,000	-33,467,000	-31,180,000	-25,879,000	-26,883,000	-25,855,000	-23,118,000	-18,977,000			-18,853,000	-15,315,000	-18,346,000	-19,624,000	-21,606,000	-17,222,000																											-21,328
general and administrative expenses	-51,402,000	-47,795,000	-51,787,000	-55,183,000	-56,997,000	-67,742,000	-59,198,000	-53,184,000	-50,732,000	-68,972,000	-63,091,000	-52,140,000	-47,519,000	-56,614,000	-48,443,000	-47,932,000	-39,995,000	-53,152,000	-47,192,000	-43,156,000	-37,949,000	-47,937,000	-40,737,000	-36,176,000	-34,170,000	-40,557,000	-37,191,000	-34,779,000	-33,566,000	-37,474,000	-35,906,000	-34,205,000	-30,893,000	-33,192,000	-31,636,000	-29,591,000	-29,622,000	-32,029,000	-33,258,000	-28,898,000	-29,618,000	-26,775,000	-28,774,000	-27,650,000	-29,650,000	-29,138,000	-29,218,000	-24,571,000	-21,671,000	-24,923,000	-24,412,000	-22,451,000	-19,724,000	-17,739,000	-19,209,000	-16,516,000	-14,721,000			-14,990,000	-15,126,000	-12,684,000	-15,678,000	-16,729,000	-14,693,000
interest expense	-587,000																-41,000	-72,000	-79,000	-77,000	-90,000	-1,000	-55,000	-2,105,000	-16,000	-20,000	-1,068,000	-3,197,000	-4,085,000	-552,000	-53,000	-44,000	-136,000	-292,000	-1,116,000	-1,620,000	-825,000	-45,000	-167,000	-1,672,000	-3,288,000	-4,003,000	-4,187,000	-4,621,000	-3,154,000	-594,000	-460,000	-1,396,000	-2,713,000	-1,979,000	-3,462,000	-4,523,000	-5,128,000	-5,526,000	-5,009,000	-6,338,000	-7,371,000			-7,496,000	-8,023,000	-8,449,000	-8,425,000	-8,553,000	-8,295,000
other income	6,963,000	15,666,000	8,128,000	10,853,000	9,498,000	13,954,000	10,682,000	11,498,000	9,022,000	12,911,000	13,331,000	12,862,000	8,844,000	3,563,000	-74,000	-458,000	-317,000	1,421,000	1,268,000	1,377,000	798,000	3,349,000	1,188,000	1,514,000	611,000	3,761,000	2,402,000	2,368,000	1,046,000	1,393,000	1,918,000	1,934,000	5,371,000	1,187,000	2,028,000	2,080,000	1,110,000	1,690,000	1,435,000	1,545,000	283,000	2,499,000	-3,996,000	136,000	415,000	177,000	1,998,000	3,749,000	648,000	1,032,000	605,000	685,000	470,000	1,168,000	-8,340,000	792,000	-164,000			1,273,000	723,000	-1,334,000	654,000	51,000	3,932,000	-403,000	1,862,000	3,099,000	1,551,000	824,000	3,770,000	973,000	2,297,000				3,133,000	3,966,000	2,482,000	3,474,000	1,911,000	1,143,000	2,369,000	4,369,000	4,135	-8,522,928	3,366,000	2,980,000	2,189,000	1,865	1,839	863
earnings before income taxes	72,524,000	103,133,000	128,248,000	193,060,000	160,159,000	221,562,000	249,932,000	297,361,000	234,015,000	258,869,000	285,734,000	239,524,000	165,303,000	342,249,000	329,491,000	331,695,000	285,883,000	311,497,000	261,709,000	215,651,000	165,977,000	195,365,000	135,506,000	115,862,000	86,833,000	110,535,000	92,366,000	67,674,000	32,370,000	91,776,000	71,409,000	71,185,000	48,884,000	84,090,000	63,455,000	63,205,000	36,769,000	76,337,000	53,802,000	59,036,000	28,885,000	76,085,000	46,668,000	41,414,000	25,297,000	66,393,000	47,030,000	55,236,000	39,758,000	65,879,000	56,786,000	38,532,000	16,475,000												2,781,000																								43,463,000	51,076	40,714	34,064
provision for income taxes	-17,215,000	-19,102,000	-28,951,000	-46,181,000	-37,353,000	-48,913,000	-53,966,000	-65,806,000	-47,999,000	-60,018,000	-63,974,000	-52,688,000	-34,002,000	-79,884,000	-67,002,000	-81,611,000	-68,629,000	-74,037,000	-60,957,000	-48,262,000	-34,134,000	-42,838,000	-26,388,000	-25,184,000	-15,681,000	-6,921,000	-22,557,000	-16,846,000	-6,958,000	-16,291,000	-17,274,000	-17,347,000	-5,010,000	-48,537,000	-20,905,000	-21,625,000	-13,197,000	-24,530,000	-16,915,000	-19,158,000	-7,916,000	-23,188,000	-16,360,000	-12,281,000	-8,897,000	-12,247,750	-14,453,000	-20,157,000	-14,381,000				-4,434,000				-180,000			-185,000	-215,000			-225,000	-121,000
net earnings	55,309,000	84,031,000	99,297,000	146,879,000	122,806,000	172,649,000	195,966,000	231,555,000	186,016,000	198,851,000	221,760,000	186,836,000	131,301,000	262,365,000	262,489,000	250,084,000	217,254,000	237,460,000	200,752,000	167,389,000	131,843,000	152,527,000	109,118,000	90,678,000	71,152,000	103,614,000	69,809,000	50,828,000	25,412,000	75,485,000	54,135,000	53,838,000	43,874,000	35,553,000	42,550,000	41,580,000	23,572,000	51,807,000	36,887,000	39,878,000	20,969,000	52,897,000	30,308,000	29,133,000	16,400,000	49,208,000	32,577,000	35,079,000	25,377,000	46,089,000	38,191,000	28,143,000	12,041,000												2,660,000								-45,305,000			-56,576,000	15,116,000	9,024,000	59,539,000	77,055,000	79,736,000	101,977,000	70,253,000	59,239,000	24,196	-87,017,032	35,600,000	24,637,000	26,919,000	31,566	25,755	21,312
yoy	-54.96%	-51.33%	-49.33%	-36.57%	-33.98%	-13.18%	-11.63%	23.93%	41.67%	-24.21%	-15.52%	-25.29%	-39.56%	10.49%	30.75%	49.40%	64.78%	55.68%	83.98%	84.60%	85.30%	47.21%	56.31%	78.40%	179.99%	37.26%	28.95%	-5.59%	-42.08%	112.32%	27.23%	29.48%	86.13%	-31.37%	15.35%	4.27%	12.41%	-2.06%	21.71%	36.88%	27.86%	7.50%	-6.97%	-16.95%	-35.37%	6.77%	-14.70%	24.65%	110.75%																								-399.72%			-173.42%	-81.04%	-91.15%	-15.25%	30.07%	329442.07%	-217.19%	97.34%	140.45%	-99.91%	-275766.96%	138125.59%	115501.54%
qoq	-34.18%	-15.37%	-32.40%	19.60%	-28.87%	-11.90%	-15.37%	24.48%	-6.45%	-10.33%	18.69%	42.30%	-49.95%	-0.05%	4.96%	15.11%	-8.51%	18.29%	19.93%	26.96%	-13.56%	39.78%	20.34%	27.44%	-31.33%	48.42%	37.34%	100.02%	-66.34%	39.44%	0.55%	22.71%	23.40%	-16.44%	2.33%	76.40%	-54.50%	40.45%	-7.50%	90.18%	-60.36%	74.53%	4.03%	77.64%	-66.67%	51.05%	-7.13%	38.23%	-44.94%	20.68%	35.70%	133.73%																								-474.28%	67.51%	-84.84%	-22.73%	-3.36%	-21.81%	45.16%	18.59%	244729.72%	-100.03%	-344.43%	44.50%	-8.48%	85178.46%	22.56%	20.85%
net income margin %	4.95%	5.89%	7.02%	9.04%	9.05%	10.70%	12.34%	13.67%	12.67%	12.03%	13.75%	11.92%	10.26%	13.17%	16.63%	17.71%	16.88%	15.84%	15.93%	13.10%	12.17%	10.82%	9.59%	8.78%	7.90%	9.11%	7.42%	5.88%	3.59%	7.48%	6.12%	6.14%	5.91%	3.76%	5.28%	5.18%	3.50%	5.88%	4.90%	5.00%	3.51%	6.77%	4.52%	4.87%	3.16%	7.04%	5.85%	6.94%	6.21%	8.60%	7.76%	6.25%	3.58%	0%	0%	0%	0%		NaN%	0%	0%	0%	0%	0%	1.32%	0%	0%	0%	0%	0%	0%	0%	-12.13%	0%	0%	-9.95%	2.62%	1.10%	6.78%	8.42%	9.41%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
earnings per common share:
basic	820	1,230	1,400	2,060	1,710	-6,060	5,410	6,380	5,120	5,450	6,060	5,080	3,580	7,170	7,180	6,820	5,870	6,350	5,330	4,430	3,500	4,060	2,900	2,410	1,870	2,720	1,820	1,330	660	1,920	1,340	1,320	1,080	890	1,060	1,030	590	1,290	920	1,000	530	1,330	760	730	420	1,260	830	900	660	1,280	1,050	780	340								-210				80								-1,720	-1,525	-4,520	-2,160	580	2,037.5	2,280	2,900	2,960	1,430	2,570			1,665	2,760
diluted	820	1,220	1,390	2,040	1,690	-6,000	5,340	6,310	5,060	5,380	5,980	5,020	3,540	7,090	7,100	6,770	5,790	6,230	5,250	4,360	3,440	3,960	2,840	2,380	1,830	2,660	1,790	1,310	650	1,890	1,330	1,310	1,070	860	1,020	980	560	1,220	880	950	500	1,260	730	700	400	1,190	790	850	620	1,200	990	740	320								-210				80								-1,720	-1,525	-4,520	-2,160	570	1,985	2,250	2,820	2,860	1,337.5	2,400			1,570	2,610
weighted-average number of shares:
basic	67,367,000	70,819,000	70,680,000	71,456,000	71,915,000	72,476,000	36,226,000	36,322,000	36,311,000	36,619,000	36,603,000	36,765,000	36,664,000	36,694,000	36,569,000	36,647,000	36,996,000	37,610,000	37,647,000	37,818,000	37,644,000	37,718,000	37,607,000	37,599,000	38,085,000	38,100,000	38,296,000	38,266,000	38,215,000	40,107,000	40,283,000	40,647,000	40,488,000	40,287,000	40,323,000	40,317,000	40,178,000	39,976,000	40,022,000	40,012,000	39,839,000	39,593,000	39,663,000	39,648,000	39,390,000	39,017,000	39,123,000	39,118,000	38,687,000	36,105,000	36,226,000	36,151,000	35,798,000	34,057	35,216,000	32,755,000			32,382	32,395,000	32,260,000	32,060	32,095,000	32,077,000	31,940,000							29,594,000	26,313,000		26,249,000	26,232,000	26,165,000	26,448	26,087,000	26,609,000	26,974,000	26,977	27,311,000				12,894,000	13,146,000	13,234,000		13,033	12,985
diluted	67,806,000	71,348,000	71,188,000	71,900,000	72,650,000	73,332,000	36,669,000	36,718,000	36,779,000	37,069,000	37,078,000	37,191,000	37,121,000	37,101,000	36,946,000	36,962,000	37,527,000	38,233,000	38,229,000	38,377,000	38,339,000	38,484,000	38,405,000	38,169,000	38,817,000	38,891,000	39,079,000	38,889,000	38,849,000	40,728,000	40,855,000	41,164,000	41,140,000	42,228,000	42,011,000	42,781,000	42,808,000	42,585,000	42,608,000	42,533,000	42,363,000	42,164,000	42,192,000	42,145,000	41,948,000	41,614,000	41,656,000	41,598,000	41,308,000	38,801,000	38,865,000	38,758,000	38,440,000	35,172	35,761,000	33,104,000			32,382	32,638,000	32,260,000	32,322	32,297,000	32,287,000	32,197,000							29,594,000	26,313,000		26,249,000	26,232,000	26,543,000	27,102	26,490,000	27,362,000	27,876,000	28,787	29,217,000				13,644,000	13,912,000	14,052,000		13,837	13,747
loss on early extinguishment of debt								-631,000			-907,000									-18,188,000																																-3,096,000	-700,000
land closing gross loss																								-1,448,000		-350,500	-26,000	-1,742,000
earnings from other unconsolidated entities																														-91,000	894,000	-156,000	-46,000	1,249,000	-91,000	570,000	373,000	3,204,000	440,000	573,000						-91,000	-134,000			-57,250	46,000
loss from other unconsolidated entities																																									-157,000	77,000	-123,000	-169,000	-123,000			-61,000	-169,000			-120,000	-155,000
benefit from income taxes																																																		-19,790,000	-18,595,000	-10,389,000		71,528,000	-202,000	5,163,000						35,500	488,000
real estate impairments																																																						-436,000	-417,000	-194,000	-293,000			-590,000	-664,000	-381,500	-680,000	-304,000
land impairments																																																								-669,000
total cost of closings and impairments																																																						-295,613,000	-280,219,000	-230,529,000	-169,114,000			-180,544,000	-147,200,000	-180,661,000	-191,242,000	-238,509,000	-163,548,000
earnings from unconsolidated entities																																																						3,607,000	2,975,000	2,228,000	1,423,000			1,226,000	908,000	1,411,000	1,243,000	1,786,000	803,000	2,663,000		852,000	1,397,000		1,322,000					1,800,000	3,146,000	5,287,000	4,238,000	5,251,000	5,588,000	8,229,000	3,594,000
loss on extinguishment of debt																																																								-5,772,000
income before income taxes																																																						1,313,500	6,986,000	2,842,000	-4,574,000			747,000	-6,444,000	1,975,750	731,000	4,391,000
net income																																																						95,128,000	6,784,000	8,005,000	-4,754,000			562,000	-6,659,000	-895,000	1,219,000	4,166,000		43,286,000	-17,785,000	-73,602,000	-18,355,000	-53,196,500	-144,013,000	-23,468,000
income per common share:
basic																																																						75	190	240				20		62.5	40	130
diluted																																																						75	190	240				20		62.5	40	130
loss per common share:
basic and diluted																																																									-150									-880	-560	-2,370	-600	-1,842.5	-4,690
weighted-average number of shares:
basic and diluted																																																									32,634,000									31,350		31,055,000	30,808,000		30,690,000
gain on extinguishment of debt																																																																-3,454,000				6,585,000	2,805,000
home impairments																																																																	-542,000
land closing profit																																																																	258,000
land closing loss
weighted average number of shares:
basic and diluted																																																																			31,718,000
land closing gross
benefit for income taxes																																																																								10,692,000	25,479,000	24,747,750	73,865,000
goodwill and related impairments
loss before benefit for income taxes
loss per common share:
basic																																																																								-790
diluted																																																																								-790
earnings before benefit for income taxes
interest expense and other income																																																																										1,943,750	972,000	3,670,000
net/earnings																																																																										-40,003,000	-118,552,000
earnings before provision for income taxes																																																																													22,618,000	13,621,000	94,447,000	125,150,000	130,791,000	170,206,000	112,502,000	94,796,000	38,721	-140,576,242	57,512,000	39,826,000
(benefit) provision for income taxes																																																																												32,628,000
earnings per common share:
basic *																																																																																				2,190	0.92
diluted *																																																																																				2,050	0.86
net earnings per common share:
general and administrative costs																																																																																												-12,076
net earnings per common share:
basic																																																																																								1,870	2,030	1.208	1.98	1.64
diluted																																																																																								1,770	1,920	1.143	1.86	1.55
income taxes																																																																																												-12,752
home sales revenue																																																																																										247,473,750	380,752,000	325,733,000
land sales revenue																																																																																										2,025,000		8,100,000
cost of home sales																																																																																												-260,369
cost of land sales																																																																																												-6,859
home sales gross profit																																																																																										49,614.25	76,739	65,364
land sales gross profit																																																																																										310.25		1,241

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	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	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

assets
cash and cash equivalents	766,632,000	775,157,000	728,937,000	930,463,000	1,011,652,000	651,555,000	831,559,000	992,921,000	905,298,000	921,227,000	1,048,755,000	1,163,243,000	957,210,000	861,561,000	299,387,000	272,147,000	520,395,000	618,335,000	562,291,000	684,374,000	716,433,000	745,621,000	609,979,000	484,622,000	797,321,000	319,466,000	454,812,000	407,427,000	327,499,000	311,466,000	205,762,000	169,426,000	172,552,000	170,746,000	115,167,000	216,739,000	85,689,000	131,702,000	107,915,000	128,171,000	172,175,000	262,208,000	235,409,000	217,021,000	89,245,000	103,333,000	84,105,000	230,630,000	260,956,000	274,136,000	177,584,000	218,019,000	325,021,000	170,457,000	305,049,000	81,826,000	90,603,000	173,612,000	157,104,000	167,568,000	103,508,000	103,953,000	145,324,000	156,669,000	242,680,000	249,331,000	346,951,000	385,310,000	344,399,000	205,923,000	119,027,000	115,153,000	26,140,000	27,677,000	45,297,000	51,678,000	38,919,000	56,710,000	75,436,000	47,465,000	41,662,000	65,812,000	40,185,000		44,828,000	47,876,000	19,340,000	11,735,000	11,690,000	4,799,000	6,910,000	26,555,000
other receivables	280,922,000	306,956,000	321,762,000	270,836,000	262,103,000	256,282,000	286,939,000	258,137,000	243,322,000	266,972,000	228,852,000	210,068,000	209,315,000	215,019,000	193,307,000	171,408,000	155,380,000	147,548,000	148,743,000	131,104,000	102,860,000	98,573,000	96,702,000	93,872,000	82,170,000	88,492,000	85,962,000	82,057,000	79,990,000	77,285,000	79,573,000	78,395,000	74,380,000	79,317,000	78,933,000	73,109,000	86,232,000	70,355,000	76,371,000	68,837,000	60,491,000	57,296,000	59,617,000	64,659,000	61,515,000	56,763,000	56,178,000	50,695,000	54,165,000	38,983,000	35,711,000	30,246,000	23,885,000	20,290,000	16,681,000	15,778,000	14,884,000	14,932,000	19,617,000	16,080,000	19,516,000	20,835,000	20,782,000	35,591,000	21,633,000	22,934,000	27,063,000	25,864,000	27,065,000	31,046,000	38,010,000	46,532,000	52,179,000	56,079,000
real estate	5,962,075,000	5,987,120,000	6,140,687,000	5,963,674,000	5,800,954,000	5,728,775,000	5,457,103,000	5,175,084,000	4,914,512,000	4,721,291,000	4,501,358,000	4,348,600,000	4,355,178,000	4,358,263,000	4,726,262,000	4,474,062,000	4,027,950,000	3,734,408,000	3,593,007,000	3,251,787,000	2,975,121,000	2,778,039,000	2,741,016,000	2,733,428,000	2,789,790,000	2,744,361,000	2,853,933,000	2,735,883,000	2,744,578,000	2,742,621,000	2,887,293,000	2,870,047,000	2,802,798,000	2,731,380,000	2,762,269,000	2,638,407,000	2,512,853,000	2,422,063,000	2,429,014,000	2,301,305,000	2,219,169,000	2,098,302,000	2,088,690,000	2,027,064,000	1,943,055,000	1,877,682,000	1,865,051,000	1,638,028,000	1,538,218,000	1,405,299,000	1,345,214,000	1,227,229,000	1,152,139,000	1,113,187,000	1,004,825,000	955,233,000	868,034,000	815,425,000	798,057,000	776,228,000	757,653,000	738,928,000	744,808,000	714,248,000	724,722,000	675,037,000	718,438,000	710,129,000	772,872,000	859,305,000	1,049,530,000	1,120,311,000	1,163,872,000	1,267,879,000	1,504,137,000	1,619,705,000	1,563,022,000	1,530,602,000	1,577,169,000	1,548,822,000	1,502,109,000	1,390,803,000	1,409,433,000	1,184,793,000	1,002,078,000	867,218,000	854,317,000	747,780,000	696,375,000	678,011,000	668,495,000	611,318,000
deposits on real estate under option or contract	166,236,000	174,170,000	198,158,000	221,359,000	254,546,000	192,405,000	207,461,000	156,698,000	122,813,000	111,364,000	93,501,000	70,984,000	65,841,000	76,729,000	88,428,000	97,967,000	93,432,000	90,679,000	77,987,000	74,397,000	64,355,000	59,534,000	62,967,000	47,832,000	54,167,000	50,901,000	45,643,000	46,320,000	44,827,000	51,410,000	49,893,000	48,880,000	52,539,000	59,945,000	67,547,000	74,750,000	78,526,000	85,556,000	91,053,000	91,444,000	91,991,000	87,839,000	91,526,000	92,085,000	91,922,000	94,989,000	80,263,000	58,881,000	54,666,000	51,595,000	34,911,000	21,712,000	11,321,000	14,351,000	12,983,000	14,759,000	15,028,000	15,208,000	13,318,000	11,810,000	10,388,000	10,359,000	10,887,000	12,152,000	10,772,000	8,636,000	12,309,000	16,436,000	49,771,000	51,658,000	69,032,000	71,003,000	76,757,000	87,191,000	106,768,000	126,095,000	150,202,000	167,132,000	194,644,000	172,636,000	163,620,000	167,040,000	174,764,000	145,020,000	140,425,000	129,072,000	123,222,000	118,019,000	109,994,000	105,870,000	100,475,000	90,542,000
investments in unconsolidated entities	60,762,000	57,268,000	45,714,000	34,676,000	31,288,000	28,735,000	18,217,000	23,630,000	18,743,000	17,170,000	15,062,000	12,451,000	11,280,000	11,753,000	11,356,000	11,223,000	5,631,000	5,764,000	3,905,000	3,943,000	4,001,000	4,350,000	3,819,000	3,646,000	3,279,000	4,443,000	7,908,000	7,555,000	15,661,000	17,480,000	16,294,000	16,639,000	16,441,000	17,068,000	16,378,000	16,678,000	16,928,000	17,097,000	11,831,000	11,188,000	10,592,000	11,370,000	10,374,000	10,303,000	10,271,000	10,780,000	9,900,000	9,903,000	9,756,000	11,638,000	10,662,000	10,698,000	10,949,000	12,085,000	12,008,000	12,180,000	11,389,000	11,088,000	10,783,000	10,939,000	10,900,000	10,987,000	11,196,000	11,768,000	11,524,000	11,882,000	12,311,000	14,416,000	15,729,000	17,288,000	20,788,000	21,429,000	21,881,000	26,563,000	57,387,000	95,880,000	119,268,000	114,250,000	108,149,000	87,320,000	78,971,000	88,714,000	57,632,000	50,056,000	52,285,000	50,944,000	39,348,000	33,974,000	27,991,000	23,528,000	21,161,000	15,079,000
property and equipment	46,064,000	46,647,000	47,976,000	46,449,000	47,015,000	47,285,000	47,231,000	46,585,000	47,868,000	48,953,000	50,822,000	47,312,000	41,702,000	38,635,000	39,437,000	39,030,000	38,299,000	37,340,000	36,595,000	36,224,000	37,308,000	38,933,000	42,730,000	46,299,000	49,180,000	50,606,000	53,111,000	54,157,000	53,798,000	54,596,000	53,371,000	52,122,000	49,761,000	33,631,000	32,080,000	32,620,000	32,700,000	33,202,000	33,983,000	34,009,000	34,544,000	33,970,000	34,403,000	33,741,000	33,826,000	32,403,000	31,979,000	28,828,000	26,726,000	22,099,000	18,690,000	17,013,000	16,352,000	15,718,000	14,112,000	13,955,000	13,733,000	13,491,000	14,750,000	14,781,000	14,175,000	14,602,000	15,064,000	15,440,000	15,310,000	15,251,000	17,454,000	19,217,000	21,015,000	22,692,000	26,378,000	28,932,000	29,028,000	30,973,000	37,143,000	39,655,000	40,940,000	40,712,000	40,416,000	41,639,000	41,811,000	36,239,000	34,038,000	32,605,000	31,086,000	27,742,000	28,083,000	27,495,000	25,708,000	23,669,000	24,521,000	16,171,000
deferred tax assets	51,211,000	53,293,000	47,222,000	52,397,000	54,145,000	54,524,000	51,146,000	60,167,000	47,000,000	47,573,000	45,932,000	45,036,000	44,801,000	45,452,000	41,060,000	41,271,000	40,515,000	40,672,000	38,850,000	33,502,000	33,329,000	36,040,000																												70,404,000				77,974,000
prepaids, other assets and goodwill	220,709,000	221,676,000	228,054,000	236,515,000	238,515,000	203,093,000	203,796,000	210,758,000	189,749,000	218,584,000	197,588,000	167,947,000	185,819,000	164,689,000	171,853,000	192,604,000	168,548,000	124,776,000	104,071,000	106,222,000	105,009,000	103,308,000	101,680,000	105,561,000	112,739,000	114,063,000	108,010,000	108,307,000	103,575,000	84,156,000	82,837,000	84,227,000	84,560,000	85,145,000	83,121,000	83,112,000	79,749,000	75,396,000	65,436,000	67,361,000	66,562,000	80,390,000	77,017,000	76,145,000	71,913,000	71,052,000	64,942,000	42,481,000	37,885,000	39,231,000	36,693,000
total assets	7,554,611,000	7,622,287,000	7,758,510,000	7,756,369,000	7,700,218,000	7,162,654,000	7,103,452,000	6,923,980,000	6,489,305,000	6,353,134,000	6,181,870,000	6,065,641,000	5,871,146,000	5,772,101,000	5,571,090,000	5,307,723,000	5,058,161,000	4,807,533,000	4,565,449,000	4,321,553,000	4,038,416,000	3,864,398,000	3,687,318,000	3,541,728,000	3,914,456,000	3,398,249,000	3,635,035,000	3,466,876,000	3,395,867,000	3,365,479,000	3,448,259,000	3,394,894,000	3,327,164,000	3,251,258,000	3,252,158,000	3,200,692,000	2,956,547,000	2,888,691,000	2,873,155,000	2,761,155,000	2,714,513,000	2,690,522,000	2,663,886,000	2,586,669,000	2,366,458,000	2,316,138,000	2,272,812,000	2,192,678,000	2,129,353,000	2,003,361,000	1,874,086,000	1,767,477,000	1,770,985,000	1,575,562,000	1,481,202,000	1,243,838,000	1,217,614,000	1,221,378,000	1,233,543,000	1,225,769,000	1,218,934,000	1,224,938,000	1,240,661,000	1,255,586,000	1,240,638,000	1,242,667,000	1,183,639,000	1,200,650,000	1,265,392,000	1,326,249,000	1,453,744,000	1,619,810,000	1,581,683,000	1,748,381,000	2,075,468,000	2,229,595,000	2,184,129,000	2,170,525,000	2,243,777,000	2,128,352,000	2,043,826,000	1,971,357,000	1,888,637,000	1,603,197,000	1,422,935,000	1,265,394,000	1,200,111,000	1,080,928,000	1,020,412,000	954,539,000	956,729,000	887,414,000
liabilities
accounts payable	199,943,000	200,679,000	217,875,000	242,081,000	229,845,000	212,477,000	287,403,000	299,780,000	306,150,000	271,650,000	294,183,000	276,123,000	263,655,000	273,267,000	322,227,000	341,717,000	280,114,000	216,009,000	214,575,000	215,221,000	199,667,000	175,250,000	167,788,000	167,235,000	163,060,000	155,024,000	180,069,000	141,194,000	124,562,000	128,169,000	156,772,000	154,819,000	140,557,000	140,516,000	140,492,000	139,957,000	136,804,000	140,682,000	148,260,000	126,028,000	122,289,000	106,440,000	113,869,000	103,145,000	91,474,000	83,619,000	105,068,000	83,960,000	76,192,000	68,018,000	76,647,000	68,662,000	60,283,000	49,801,000	52,069,000	53,616,000	39,214,000	37,735,000	38,903,000	31,302,000	27,662,000	23,589,000	29,501,000	35,177,000	36,576,000	30,296,000	29,956,000	25,501,000	21,157,000	31,655,000	48,185,000	51,446,000	46,683,000	59,680,000	79,641,000	85,254,000	92,515,000	117,443,000	119,488,000	132,213,000	140,771,000	140,789,000	139,073,000	146,018,000	92,280,000	77,799,000	106,793,000	75,628,000	76,453,000	80,737,000	65,214,000	59,379,000
accrued and other liabilities	408,718,000
home sale deposits	10,907,000	9,213,000	9,420,000	10,949,000	17,650,000	20,513,000	32,133,000	39,380,000	42,796,000	36,605,000	48,133,000	49,779,000	47,892,000	37,961,000	57,767,000	60,820,000	48,278,000	42,610,000	40,002,000	33,958,000	30,973,000	25,074,000	25,509,000	23,247,000	26,102,000	24,246,000	31,444,000	32,249,000	29,171,000	28,636,000	34,159,000	37,130,000	33,761,000	34,059,000	39,446,000	36,197,000	32,797,000	28,348,000	36,988,000	39,646,000	42,639,000	36,197,000	39,587,000	38,728,000	32,771,000	29,379,000	33,535,000	27,533,000	23,835,000	21,996,000	28,183,000	25,566,000	17,744,000	12,377,000	14,027,000	12,746,000	11,240,000	8,858,000	10,033,000	7,600,000	8,459,000	6,897,000	7,839,000	8,729,000	10,421,000	9,501,000	11,641,000	10,561,000	8,245,000	8,486,000	14,430,000	17,615,000	16,808,000	19,484,000	29,698,000	35,807,000	39,269,000	42,022,000	57,281,000	68,075,000	74,229,000	76,299,000	79,885,000	61,998,000	52,863,000	41,537,000	45,366,000	38,452,000	28,709,000	25,352,000	28,948,000	24,875,000
loans payable and other borrowings	34,990,000	24,328,000	25,811,000	26,120,000	35,183,000	29,343,000	9,306,000	9,711,000	6,604,000	13,526,000	11,008,000	11,204,000	6,889,000	7,057,000	12,460,000	15,613,000	22,561,000	17,552,000	18,985,000	19,534,000	23,344,000	23,094,000	23,031,000	20,889,000	521,867,000	22,876,000	13,992,000	12,224,000	13,785,000	14,773,000	16,669,000	16,552,000	16,854,000	17,354,000	38,082,000	17,256,000	75,820,000	32,195,000	45,183,000	19,889,000	25,734,000	23,867,000	41,898,000	34,654,000	61,406,000	30,722,000																									792,000	6,091,000	16,938,000	101,073,000	255,167,000	274,611,000	181,687,000	254,640,000	309,416,000	243,013,000	168,646,000	112,398,000	192,096,000	81,857,000	46,870,000	54,419,000
senior and convertible senior notes	1,806,284,000	1,804,726,000	1,803,167,000	1,801,609,000	1,800,085,000	1,306,535,000	1,304,949,000	1,303,600,000																										1,266,450,000	1,266,160,000	1,340,274,000	1,095,606,000	1,095,119,000	1,094,632,000	1,094,146,000	1,093,659,000	1,103,918,000	1,104,060,000	1,104,202,000	904,344,000	904,486,000
total liabilities	2,460,842,000	2,426,644,000	2,470,990,000	2,487,195,000	2,505,474,000	2,021,081,000	2,073,662,000	2,041,446,000	1,768,732,000	1,741,234,000	1,760,828,000	1,817,346,000	1,803,936,000	1,822,490,000	1,889,280,000	1,895,254,000	1,889,846,000	1,763,144,000	1,740,179,000	1,693,409,000	1,561,723,000	1,516,530,000	1,487,469,000	1,457,127,000	1,923,690,000	1,424,259,000	1,761,469,000	1,668,776,000	1,652,796,000	1,644,724,000	1,735,775,000	1,711,954,000	1,701,832,000	1,674,433,000	1,713,050,000	1,708,253,000	1,508,182,000	1,467,196,000	1,505,750,000	1,434,352,000	1,430,204,000	1,431,585,000	1,461,217,000	1,418,331,000	1,231,170,000	1,206,649,000	1,216,115,000	1,172,359,000	1,146,759,000	1,161,969,000	1,081,760,000	1,016,796,000	1,059,348,000	881,352,000	885,135,000	747,180,000	730,748,000	732,466,000	735,834,000	726,972,000	722,367,000	724,943,000	741,359,000	759,330,000	749,961,000	757,242,000	743,080,000	746,155,000	751,853,000	799,043,000	848,853,000	873,016,000	894,849,000	1,018,217,000	1,222,570,000	1,260,658,000	1,161,068,000	1,163,693,000	1,248,896,000	1,194,614,000	1,152,286,000	1,120,352,000	1,126,715,000	914,538,000	802,340,000	742,639,000	731,686,000	633,490,000	579,544,000	542,644,000	573,446,000
stockholders’ equity
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2026 and december 31, 2025
common stock	667,000	682,000	704,000	712,000	718,000	360,000	362,000	363,000	363,000	364,000	364,000	368,000	368,000	366,000	366,000	366,000	367,000	373,000	376,000	376,000	378,000	375,000	377,000	377,000	376,000	382,000	383,000	383,000	383,000	381,000	400,000	406,000	406,000	403,000	403,000	403,000	403,000	400,000	400,000	400,000	400,000	397,000	397,000	397,000	396,000	391,000	391,000	391,000	391,000	362,000	362,000	362,000	360,000	356,000	356,000	407,000	406,000	404,000	403,000	403,000	403,000	400,000	400,000	400,000	400,000	397,000	397,000	396,000	389,000	386,000	386,000	386,000	343,000	341,000	341,000	341,000	341,000	340,000	340,000	338,000	334,000	331,000	331,000	330,000	327,000	315,000	157,000	156,000	156,000	155,000	154,000
additional paid-in capital			11,416,000	62,084,000	103,930,000	143,036,000	176,929,000	198,503,000	240,852,000	290,955,000	289,109,000	328,277,000	324,101,000	327,878,000	322,442,000	315,590,000	321,519,000	414,841,000	433,179,000	436,805,000	452,741,000	455,762,000	460,268,000	454,138,000	450,982,000	505,352,000	508,541,000	502,884,000	498,683,000	501,781,000	568,976,000	593,561,000	589,791,000	584,578,000	582,414,000	578,295,000	575,801,000	572,506,000	570,223,000	566,508,000	563,892,000	559,492,000	556,121,000	552,098,000	548,182,000	538,788,000	535,204,000	531,403,000	528,757,000	412,961,000	409,984,000	406,530,000	395,631,000	390,249,000	387,234,000	483,331,000	481,545,000	478,839,000	475,863,000	473,716,000	472,048,000	468,820,000	467,232,000	465,405,000	463,992,000	461,403,000	459,823,000	455,975,000	441,424,000	436,739,000	435,267,000	433,157,000	349,772,000	347,796,000	341,691,000	339,178,000	336,726,000	332,652,000	329,725,000	326,147,000	306,899,000	296,804,000	295,292,000	292,283,000	283,461,000	209,630,000	207,364,000	206,518,000	204,731,000	202,678,000	198,594,000	198,153,000
retained earnings	5,093,102,000	5,194,961,000	5,275,400,000	5,206,378,000	5,090,096,000	4,998,177,000	4,852,499,000	4,683,668,000	4,479,358,000	4,320,581,000	4,131,569,000	3,919,650,000	3,742,741,000	3,621,367,000	3,359,002,000	3,096,513,000	2,846,429,000	2,629,175,000	2,391,715,000	2,190,963,000	2,023,574,000	1,891,731,000	1,739,204,000	1,630,086,000	1,539,408,000	1,468,256,000	1,364,642,000	1,294,833,000	1,244,005,000	1,218,593,000	1,143,108,000	1,088,973,000	1,035,135,000	991,844,000	956,291,000	913,741,000	872,161,000	848,589,000	796,782,000	759,895,000	720,017,000	699,048,000	646,151,000	615,843,000	586,710,000	570,310,000	521,102,000	488,525,000	453,446,000	428,069,000	381,980,000	343,789,000	315,646,000	303,605,000	208,477,000	201,693,000	193,688,000	198,442,000	210,216,000	213,451,000	212,889,000	219,548,000	220,443,000	219,224,000	215,058,000	212,398,000	169,112,000	186,897,000	260,499,000	278,854,000	358,003,000	502,016,000	525,484,000	570,789,000	699,628,000	818,180,000	874,756,000	862,602,000	853,578,000	794,039,000	716,983,000	637,248,000	535,270,000	465,017,000	405,778,000	381,583,000	329,771,000	294,170,000	269,534,000	242,615,000	211,050,000	185,294,000
total stockholders’ equity	5,093,769,000	5,195,643,000	5,287,520,000	5,269,174,000	5,194,744,000	5,141,573,000	5,029,790,000	4,882,534,000	4,720,573,000	4,611,900,000	4,421,042,000	4,248,295,000	4,067,210,000	3,949,611,000	3,681,810,000	3,412,469,000	3,168,315,000	3,044,389,000	2,825,270,000	2,628,144,000	2,476,693,000	2,347,868,000	2,199,849,000	2,084,601,000	1,990,766,000	1,973,990,000	1,873,566,000	1,798,100,000	1,743,071,000	1,720,755,000	1,712,484,000	1,682,940,000	1,625,332,000	1,576,825,000	1,539,108,000	1,492,439,000	1,448,365,000	1,421,495,000	1,367,405,000	1,326,803,000	1,284,309,000	1,258,937,000	1,202,669,000	1,168,338,000	1,135,288,000	1,109,489,000	1,056,697,000	1,020,319,000	982,594,000	841,392,000	792,326,000	750,681,000	711,637,000	694,210,000	596,067,000	496,658,000	486,866,000	488,912,000	497,709,000	498,797,000	496,567,000	499,995,000	499,302,000	496,256,000	490,677,000	485,425,000	440,559,000	454,495,000	513,539,000	527,206,000	604,891,000	746,794,000	686,834,000	730,164,000	852,898,000	968,937,000	1,023,061,000	1,006,832,000	994,881,000	933,738,000	891,540,000	851,005,000	761,922,000	688,659,000	620,595,000	522,555,000	468,321,000	447,438,000	440,868,000	411,895,000	376,246,000
total liabilities and stockholders’ equity	7,554,611,000	7,622,287,000	7,758,510,000	7,756,369,000	7,700,218,000	7,162,654,000	7,103,452,000	6,923,980,000	6,489,305,000	6,353,134,000	6,181,870,000	6,065,641,000	5,871,146,000	5,772,101,000	5,571,090,000	5,307,723,000	5,058,161,000	4,807,533,000	4,565,449,000	4,321,553,000	4,038,416,000	3,864,398,000	3,687,318,000	3,541,728,000	3,914,456,000	3,398,249,000	3,635,035,000	3,466,876,000	3,395,867,000	3,365,479,000	3,448,259,000	3,394,894,000	3,327,164,000	3,251,258,000	3,252,158,000	3,200,692,000	2,956,547,000	2,888,691,000	2,873,155,000	2,761,155,000	2,714,513,000	2,690,522,000	2,663,886,000	2,586,669,000	2,366,458,000	2,316,138,000	2,272,812,000	2,192,678,000	2,129,353,000	2,003,361,000	1,874,086,000	1,767,477,000	1,770,985,000	1,575,562,000	1,481,202,000	1,243,838,000	1,217,614,000	1,221,378,000	1,233,543,000	1,225,769,000	1,218,934,000	1,224,938,000	1,240,661,000	1,255,586,000	1,240,638,000	1,242,667,000	1,183,639,000	1,200,650,000	1,265,392,000	1,326,249,000	1,453,744,000	1,619,810,000	1,581,683,000	1,748,381,000	2,075,468,000	2,229,595,000	2,184,129,000	2,170,525,000	2,243,777,000	2,128,352,000	2,043,826,000	1,971,357,000	1,888,637,000	1,603,197,000	1,422,935,000	1,265,394,000	1,200,111,000	1,080,928,000	1,020,412,000	954,539,000	956,729,000	887,414,000
accrued liabilities		387,698,000	414,717,000	406,436,000	422,711,000	452,213,000	439,871,000	388,975,000	418,216,000	424,764,000	413,092,000	336,098,000	341,634,000	360,615,000	353,512,000	326,856,000	388,921,000	337,277,000	324,407,000	282,762,000	310,527,000	296,121,000	274,371,000	249,208,000	216,334,000	226,008,000	240,102,000	187,411,000	189,763,000	177,862,000	200,445,000	173,770,000	181,188,000	181,076,000	193,102,000	166,080,000	158,666,000	170,852,000	180,687,000	154,643,000	145,883,000	161,163,000	161,803,000	137,602,000	141,175,000	154,144,000	168,584,000	151,796,000	141,771,000	166,611,000	178,247,000	124,353,000	100,102,000	96,377,000	96,364,000	84,548,000	72,775,000	79,464,000	79,348,000	80,677,000	80,309,000	87,811,000	94,369,000	103,720,000	93,883,000	103,236,000	86,463,000	98,298,000	92,791,000	125,101,000	150,153,000	162,514,000	178,741,000	202,790,000	206,729,000	213,066,000	206,904,000	266,683,000	265,242,000	253,465,000	268,643,000	289,307,000	211,012,000	138,073,000	120,060,000	135,590,000	89,819,000	63,032,000	61,181,000	67,411,000	70,836,000	51,615,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2025 and 2024
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2025 and december 31, 2024
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2025 and december 31, 2024
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2025 and december 31, 2024
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2024 and 2023
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2024 and december 31, 2023
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2024 and december 31, 2023
senior notes									994,966,000	994,689,000	994,412,000	1,144,142,000	1,143,866,000	1,143,590,000	1,143,314,000	1,143,038,000	1,142,762,000	1,142,486,000	1,142,210,000	1,141,934,000	997,212,000	996,991,000	996,770,000	996,548,000	996,327,000	996,105,000	1,295,862,000	1,295,698,000	1,295,515,000	1,295,284,000	1,295,054,000	1,294,705,000	1,294,494,000																																									628,802,000				478,636,000	478,594,000	478,553,000	479,767,000	479,726,000	479,686,000	479,645,000	481,654,000	416,996,000	417,268,000	417,539,000	287,721,000	287,991,000	288,260,000	206,625,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2024 and december 31, 2023
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2023 and 2022
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2023 and december 31, 2022
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2023 and december 31, 2022
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2023 and december 31, 2022
real estate not owned																8,011,000	8,011,000	8,011,000													36,562,000	38,864,000	38,864,000	38,864,000	39,793,000	9,987,000	9,987,000									4,999,000	4,999,000	4,999,000	48,000	289,000	481,000					233,000	1,025,000		1,398,000	1,398,000		866,000	4,105,000	6,839,000	4,283,000	10,527,000	11,588,000	8,043,000	8,534,000	5,762,000	14,228,000	14,636,000	14,903,000	13,629,000	34,062,000	29,581,000	13,016,000	5,269,000				1,464,000	2,557,000	6,272,000	8,185,000	18,344,000
liabilities related to real estate not owned																7,210,000	7,210,000	7,210,000													32,676,000	34,978,000	34,978,000	34,978,000	35,768,000	8,489,000	8,489,000									4,299,000	4,299,000	4,299,000	48,000	289,000	346,000					216,000	952,000		1,298,000	1,298,000		866,000	4,027,000	6,238,000	4,030,000	9,200,000	10,052,000	6,869,000	7,239,000	4,833,000	6,367,000	6,465,000	6,836,000	6,388,000	22,575,000	23,201,000	12,016,000	4,269,000				968,000	2,143,000	5,429,000	7,096,000	14,780,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2022 and 2021
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2022 and december 31, 2021
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2022 and december 31, 2021
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2022 and december 31, 2021
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2021 and 2020
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2021 and december 31, 2020
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2021 and december 31, 2020
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2021 and december 31, 2020
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2020 and 2019
deferred tax asset																							28,425,000	26,468,000	25,810,000	25,917,000	25,656,000	25,170,000	25,939,000	26,465,000	36,674,000	36,294,000	35,269,000	35,162,000	56,870,000	55,290,000	53,883,000	53,320,000	57,552,000	58,840,000	58,989,000	59,147,000	66,850,000	65,651,000	64,711,000	64,137,000	65,538,000	68,289,000	69,235,000		80,390,000	77,279,000	74,407,000		7,709,000	7,705,000															31,336,000	148,080,000	147,618,000	139,057,000	110,390,000	61,422,000	28,711,000	28,119,000									1,443,000	1,443,000	1,443,000	1,204,000	3,060,000	2,791,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2020 and december 31, 2019
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2020 and december 31, 2019
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2020 and december 31, 2019
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2019 and 2018
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2019 and december 31, 2018
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2019 and december 31, 2018
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2019 and december 31, 2018
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2018 and 2017
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2018 and december 31, 2017
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2018 and december 31, 2017
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2018 and december 31, 2017
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2017 and 2016
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2017 and december 31, 2016
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2017 and december 31, 2016
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2017 and december 31, 2016
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2016 and 2015
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2016 and december 31, 2015
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2016 and december 31, 2015
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2016 and december 31, 2015
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2015 and 2014
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2015 and december 31, 2014
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2015 and december 31, 2014
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2015 and december 31, 2014
investments and securities																																															9,857,000	59,944,000	77,698,000	89,687,000	92,846,000	91,988,000	88,901,000	86,074,000	66,549,000	103,753,000	173,955,000	147,429,000	188,996,000	199,215,000	273,944,000	299,345,000	265,571,000	270,666,000	175,723,000	125,699,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2014 and 2013
assets:
liabilities:
senior, convertible senior notes and other borrowings																																															904,629,000	904,771,000	904,913,000
stockholders’ equity:
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2014 and december 31, 2013
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2014 and december 31, 2013
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2014 and december 31, 2013
restricted cash																																																			40,904,000	43,265,000	38,938,000	38,938,000	15,254,000	19,108,000	12,229,000	12,146,000	11,109,000	10,270,000	10,270,000	9,344,000	8,948,000	14,766,000	16,244,000	16,348,000	18,604,000
senior, senior subordinated and convertible notes																																																		905,055,000				722,797,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2013 and 2012
senior, senior subordinated, convertible senior notes and other borrowings																																																			798,337,000	798,215,000	881,219,000		722,675,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2013 and december 31, 2012
prepaid expenses and other assets																																																				30,028,000	29,072,000	26,488,000	26,032,000	17,897,000	15,169,000	16,476,000	16,895,000	15,673,000	16,739,000	13,576,000	11,465,000	12,655,000	12,466,000	10,923,000	12,854,000	14,739,000	17,451,000	16,044,000	18,378,000	19,422,000	21,818,000	23,728,000	21,074,000	21,744,000	22,664,000	19,855,000	31,004,000	26,791,000	17,246,000	16,289,000	16,026,000	15,976,000	14,654,000	16,749,000	15,253,000	14,468,000	17,470,000	14,525,000	14,102,000	9,822,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2013 and december 31, 2012
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2013 and december 31, 2012
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2012 and 2011
treasury stock																																																								-188,773,000	-188,773,000	-188,773,000	-188,773,000	-188,773,000	-188,773,000	-188,773,000	-188,773,000	-188,773,000	-188,773,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2012 and december 31, 2011
intangibles																																																								1,411,000	1,565,000	1,571,000	1,516,000	1,807,000	1,841,000	2,143,000	2,511,000	3,101,000	3,428,000	3,590,000	3,942,000	4,350,000	4,745,000	5,023,000	6,622,000	7,137,000	7,706,000	8,181,000	8,099,000	8,049,000	9,091,000	9,492,000	13,055,000	14,075,000	13,689,000	14,029,000	10,516,000	2,278,000	2,569,000
senior and senior subordinated notes																																																								596,054,000	606,567,000	606,409,000	606,252,000	606,095,000	605,937,000	605,780,000	605,623,000	605,466,000	605,051,000	605,009,000	604,968,000	604,926,000	622,421,000	628,968,000	628,926,000	628,885,000	628,843,000		628,760,000	628,719,000	628,677,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2012 and december 31, 2011
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2012 and december 31, 2011
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2011 and 2010
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2011 and december 31, 2010
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2011 and december 31, 2010
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2011 and december 31, 2010
income tax receivable																																																																1,691,000	1,853,000	92,509,000				111,508,000				67,424,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2010 and 2009
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2010 and december 31, 2009
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2010 and december 31, 2009
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2010 and december 31, 2009
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2009 and 2008
income tax receivables																																																																			2,125,000	2,146,000	3,811,000		60,415,000	27,175,000	19,781,000
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2009 and december 31, 2008
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2009 and december 31, 2008
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at march 31, 2009 and december 31, 2008
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at december 31, 2008 and 2007
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at september 30, 2008 and december 31, 2007
preferred stock, par value 0.01. authorized 10,000,000 shares; none issued and outstanding at june 30, 2008 and december 31, 2007
goodwill																																																																											57,538,000	102,585,000	129,519,000	129,659,000	129,800,000	129,940,000	130,081,000	130,222,000	124,062,000	113,907,000	114,313,000	91,475,000	89,650,000	88,664,000	87,800,000	75,645,000	75,329,000	74,509,000
receivables																																																																											93,573,000	73,201,000	68,777,000	68,725,000	74,104,000	59,664,000	54,637,000	60,745,000	19,424,000	18,186,000	12,512,000	15,974,000	7,776,000	9,014,000	9,638,000	8,716,000	7,961,000	9,560,000
deferred tax liability																																																																															18,875,000	19,295,000	20,230,000	20,865,000	22,820,000	1,518,000	1,517,000	1,518,000
deferred stock compensation
minority interests																																																																																						200,000
cash and equivalents																																																																																				34,104,000
consolidated real estate not owned																																																																																							21,679,000	28,336,000	32,303,000	18,572,000	34,715,000	31,067,000
obligations related to consolidated real estate not owned																																																																																							17,040,000	21,839,000
loans payable																																																																																							55,400,000	17,000,000	94,000,000	63,500,000	95,550,000	165,250,000
minority interest																																																																																							104,000
commitments and contingencies
liabilities related to consolidated real estate not owned																																																																																									31,480,000	17,653,000	24,638,000	29,357,000
minority interest related to consolidated real estate not owned																																																																																											7,037,000	265,000

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	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	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

cash flows from operating activities:
net earnings	55,309,000	84,031,000	99,297,000	146,879,000	122,806,000	172,649,000	195,966,000	231,555,000	186,016,000	198,851,000	221,760,000	186,836,000	131,301,000	262,365,000	262,489,000	250,084,000	217,254,000	237,460,000	200,752,000	167,389,000	131,843,000	152,527,000	109,118,000	90,678,000	71,152,000	103,614,000	69,809,000	50,828,000	25,412,000	75,485,000	54,135,000	53,838,000	43,874,000	35,553,000	42,550,000	41,580,000	23,572,000	51,807,000	36,887,000	39,878,000	20,969,000	52,897,000	30,308,000	29,133,000	16,400,000	49,208,000	32,577,000	35,079,000	25,377,000	46,089,000	38,191,000	28,143,000	12,041,000												2,660,000								-45,305,000	-128,839,000	-118,552,000	-56,576,000	15,116,000	9,024,000	59,539,000	77,055,000	79,736,000	101,977,000	70,253,000	59,239,000	24,196,000	51,812,000	35,600,000	24,637,000	26,919,000	31,566,000	25,755,000
adjustments to reconcile net earnings to net cash from operating activities:
depreciation and amortization	5,373,000	6,682,000	5,991,000	6,663,000	5,949,000	6,601,000	6,546,000	6,774,000	6,038,000	7,758,000	6,380,000	5,988,000	5,208,000	7,203,000	5,822,000	5,964,000	5,759,000	6,353,000	6,478,000	6,879,000	6,535,000	8,556,000	7,945,000	7,540,000	7,011,000	8,370,000	7,172,000	6,549,000	5,832,000	7,508,000	6,850,000	6,742,000	5,866,000	4,633,000	4,199,000	4,202,000	3,670,000	4,508,000	3,870,000	4,198,000	3,402,000	3,947,000	3,565,000	3,518,000	3,211,000	3,460,000	2,972,000	2,669,000	2,513,000	2,765,000	2,511,000	2,500,000	2,158,000	2,283,000	2,299,000	1,921,000	1,693,000	1,911,000	1,694,000	1,817,000	1,756,000	1,835,000	2,111,000	2,081,000	1,947,000	2,296,000	2,003,000	2,119,000	2,425,000	5,884,000	3,221,000	3,216,000	3,348,000	4,361,000	4,413,000	4,775,000	4,269,000	8,457,000	5,095,000	5,304,000	4,873,000	4,455,000	4,728,000	4,270,000	3,754,000	4,264,000	3,205,000	3,017,000	2,747,000	2,805,000
real estate and land impairments	2,427,000	8,826,000
write-off of terminated land deals	1,373,000
stock-based compensation	5,860,000	4,903,000	4,858,000	3,597,000	6,325,000	6,504,000	8,473,000	4,718,000	6,114,000	5,954,000	6,156,000	4,176,000	6,225,000	5,436,000	6,852,000	4,070,000	5,975,000	5,634,000	5,845,000	3,223,000	5,367,000	4,271,000	6,130,000	3,157,000	6,437,000	3,888,000	5,657,000	4,201,000	5,861,000	3,433,000	4,761,000	3,767,000	5,209,000	2,158,000	4,113,000	2,490,000	3,295,000	2,699,000	3,729,000	2,555,000	4,758,000	3,363,000	3,953,000	3,835,000	4,630,000	3,176,000	3,771,000	2,853,000	2,411,000	2,443,000	3,099,000	2,097,000	1,844,000	2,224,000	2,822,000	1,620,000	1,653,000	2,195,000	2,114,000	1,388,000	1,713,000	1,296,000	1,566,000	1,239,000	1,257,000	1,692,000	2,219,000	1,229,000	1,064,000	1,461,000	1,988,000	638,000	1,419,000	2,231,000	2,513,000	1,958,000	2,264,000	2,148,000	2,068,000	4,650,000	2,679,000
equity in earnings from unconsolidated entities	-656,000	-840,000	-969,000	-1,538,000	-626,000	-5,300,000	-1,298,000	-1,655,000	-972,000	-1,720,000	-1,769,000	-1,536,000	-1,346,000	-2,390,000	-1,558,000	-1,209,000	-936,000	-1,779,000	-1,071,000	-1,057,000	-750,000	-1,675,000	-1,130,000	-1,007,000	-684,000	-3,011,000	-3,106,000	-3,654,000	-2,174,000	-5,173,000	-5,182,000	-3,368,000	-2,610,000	-5,434,000	-3,398,000	-4,029,000	-3,098,000	-7,384,000	-4,655,000	-4,368,000	-2,635,000	-4,019,000	-3,731,000	-2,588,000	-2,421,000	-3,505,000	-2,649,000	-2,236,000	-2,032,000		-3,557,000	-3,366,000	-2,632,000		-2,975,000	-2,228,000	-1,423,000		-1,797,000	-1,226,000	-908,000		-1,243,000
distributions of earnings from unconsolidated entities	673,000	411,000	1,616,000	1,528,000	588,000	3,456,000	1,227,000	1,793,000	985,000	1,634,000	1,740,000	1,642,000	1,776,000	2,115,000	1,446,000	1,270,000	1,069,000	1,627,000	1,109,000	1,115,000	1,100,000	1,145,000	958,000	642,000	849,000	2,177,000	2,753,000	4,512,000	3,996,000	4,244,000	5,064,000	3,590,000	3,244,000	4,927,000	3,698,000	3,432,000	3,280,000	5,520,000	4,096,000	3,866,000	3,477,000	3,204,000	3,677,000	2,734,000	3,035,000	2,829,000	2,665,000	2,164,000	3,955,000	2,217,000	3,560,000	3,514,000	3,722,000	3,530,000	3,123,000	1,743,000	1,252,000	1,888,000	1,955,000	1,466,000	1,188,000	2,027,000	1,880,000	2,016,000	1,340,000	2,945,000	1,436,000	1,550,000	2,355,000	2,325,000	2,363,000	2,094,000	3,267,000	3,700,000	3,461,000	3,815,000	4,953,000	3,168,000	6,122,000	4,570,000	3,266,000	6,132,000
other	2,074,000	-17,520,000	11,025,000	5,905,000	1,922,000	-633,000	10,396,000	3,696,000	1,001,000	2,707,000	-740,000	1,220,000	928,000	-291,000	11,755,000	-809,000	208,000	174,000	-5,351,000	-385,000	2,651,000	12,525,000	-667,000	2,384,000	164,000	5,371,000	-403,000	2,478,000	1,827,000	13,650,000	-210,000	106,000	2,301,000	4,584,000	1,255,000	28,000	-18,000	4,597,000	1,680,000	2,214,000	1,048,000	10,284,000	822,000	914,000	-490,000	1,788,000	4,406,000	2,112,000	1,843,000	13,526,000	-2,684,000	390,000	3,632,000
changes in assets and liabilities:
decrease in real estate	34,049,000							-257,120,000	-193,431,000			11,951,000	2,999,000					-137,324,000	-340,998,000			-49,169,000	-575,000																																							1,973,000	-31,089,000	10,126,000	-49,920,000	10,864,000	-16,608,000	27,030,000	77,167,000	108,553,000	12,520,000	10,890,000	63,796,000
decrease in deposits on real estate under option or contract	7,389,000							-34,127,000	-11,449,000	-19,113,000	-22,518,000	-5,395,000	10,886,000	10,287,000								3,433,000	-15,135,000	5,491,000	-3,266,000	-5,320,000	677,000	-1,487,000	6,583,000	2,364,000	-1,013,000	3,687,000	7,406,000	7,722,000	4,325,000	3,776,000	5,532,000	5,497,000	391,000	495,000	-4,046,000	3,597,000	-885,000	-163,000	3,767,000				-3,071,000	-16,549,000	-13,064,000	-10,391,000	3,030,000	-1,368,000	1,768,000	325,000	99,000					-16,000	1,788,000	-1,764,000	-1,062,000	3,044,000	1,255,000	5,195,000	681,000	7,033,000	2,052,000	4,211,000	2,349,000				11,852,000				3,916,000
decrease in other receivables, prepaids and other assets	29,018,000		-34,576,000	-5,628,000	-37,636,000		-16,930,000	-29,532,000	53,769,000										-15,221,000	-29,272,000	-7,118,000		1,464,000	-4,088,000	7,557,000		-3,080,000	1,626,000	-1,654,000		52,000	-3,792,000	5,426,000
decrease in accounts payable and accrued and other liabilities	-43,274,000
increase in home sale deposits	1,694,000			-6,701,000	-2,863,000		-7,247,000	-3,416,000	6,191,000	-11,528,000	-1,646,000	1,887,000	9,931,000	-19,806,000	-3,053,000	12,542,000	5,668,000	2,608,000	6,044,000	2,985,000	5,899,000	-435,000	2,262,000	-2,855,000	1,856,000	-7,198,000	-805,000	3,078,000	535,000	-5,523,000	-2,971,000	3,369,000	-298,000	-5,387,000	3,249,000	3,400,000	4,449,000	-8,640,000	-2,658,000	-2,993,000	6,442,000	-3,390,000	859,000	5,957,000	3,392,000	-4,156,000	3,478,000	3,698,000	1,839,000	-6,187,000	2,395,000	7,822,000	5,367,000	-1,650,000	1,281,000	1,506,000	2,382,000	-1,175,000	2,433,000	-859,000	1,562,000	-942,000			920,000	-2,140,000	1,080,000															-3,585,000	10,301,000	9,135,000	6,103,000	-3,829,000	6,914,000	9,744,000	3,269,000	-3,596,000
net cash from operating activities	101,309,000	243,673,000	-96,510,000	13,701,000	-42,576,000	-99,563,000	-91,996,000	-117,947,000	81,930,000	-104,520,000	104,207,000	231,413,000	124,472,000	575,079,000	37,018,000	-219,015,000	12,188,000	96,614,000	-105,234,000	-129,526,000	-13,946,000	157,278,000	135,637,000	193,532,000	43,913,000	179,460,000	54,011,000	81,095,000	32,254,000	188,548,000	84,107,000	6,874,000	-17,329,000	87,294,000	-43,678,000	-45,982,000	-84,766,000	44,943,000	-37,726,000	-28,802,000	-81,817,000	49,911,000	23,702,000	-38,757,000	-38,191,000	24,905,000	-61,503,000	-42,983,000	-131,667,000	-46,750,000	-20,005,000	-19,402,000	-119,000	-88,235,000	-27,345,000	-49,545,000	-55,362,000	-22,923,000	-18,478,000	-8,172,000	-24,563,000	-5,612,000	-20,682,000	14,908,000	43,937,000		-20,820,000	39,635,000	138,619,000		4,396,000	20,633,000	81,123,000																8,662,000
capital expenditures	-4,308,000	-5,577,000	-7,786,000	-6,767,000	-5,592,000	-7,484,000	-8,016,000	-6,900,000	-6,258,000	-6,971,000	-10,087,000	-12,235,000	-8,899,000	-7,434,000	-6,685,000	-6,429,000	-6,423,000	-7,754,000	-6,940,000	-5,977,000	-4,993,000	-5,161,000	-4,428,000	-5,012,000	-5,331,000	-6,009,000	-6,244,000	-6,892,000	-5,240,000	-9,661,000	-8,028,000	-9,343,000	-6,383,000	-6,058,000	-3,716,000	-5,084,000	-3,238,000	-4,406,000	-4,686,000	-3,630,000	-3,940,000	-3,758,000	-4,505,000	-3,240,000	-4,589,000	-4,421,000	-4,503,000	-4,869,000	-6,995,000	-6,066,000	-3,930,000	-3,083,000	-2,704,000	-3,724,000	-2,756,000	-2,047,000	-2,336,000	-1,653,000	-1,468,000	-2,530,000	-1,431,000	-1,350,000	-1,153,000	-1,931,000	-1,955,000		0	0	0		0	0	0																0
free cash flows	97,001,000	238,096,000	-104,296,000	6,934,000	-48,168,000	-107,047,000	-100,012,000	-124,847,000	75,672,000	-111,491,000	94,120,000	219,178,000	115,573,000	567,645,000	30,333,000	-225,444,000	5,765,000	88,860,000	-112,174,000	-135,503,000	-18,939,000	152,117,000	131,209,000	188,520,000	38,582,000	173,451,000	47,767,000	74,203,000	27,014,000	178,887,000	76,079,000	-2,469,000	-23,712,000	81,236,000	-47,394,000	-51,066,000	-88,004,000	40,537,000	-42,412,000	-32,432,000	-85,757,000	46,153,000	19,197,000	-41,997,000	-42,780,000	20,484,000	-66,006,000	-47,852,000	-138,662,000	-52,816,000	-23,935,000	-22,485,000	-2,823,000	-91,959,000	-30,101,000	-51,592,000	-57,698,000	-24,576,000	-19,946,000	-10,702,000	-25,994,000	-6,962,000	-21,835,000	12,977,000	41,982,000		-20,820,000	39,635,000	138,619,000		4,396,000	20,633,000	81,123,000																8,662,000
cash flows from investing activities:
investments in unconsolidated entities	-3,517,000	-11,648,000	-11,703,000	-3,527,000	-5,850,000	-8,103,000	-3,831,000	-5,025,000	-1,586,000	-2,132,000	-2,582,000			-122,000	-21,000			-1,707,000	0	0	-1,000	-1,000	-1,000	-2,000	-1,000	-1,000	0	-2,000	-1,110,000	-257,000	-134,000			-266,000	4,000	-398,000	-10,000	-7,002,000	-83,000	-96,000	-63,000	-181,000	-18,000	-178,000	-104,000	-270,000	-12,000					-88,000	-28,000	-1,000	-1,000	-275,000	-130,000	-275,000	-1,000	-288,000	-138,000	-488,000	-113,000	-338,000	-95,000
purchases of property and equipment	-4,308,000	-5,577,000	-7,786,000	-6,767,000	-5,592,000	-7,484,000	-8,016,000	-6,900,000	-6,258,000	-6,971,000	-10,087,000	-12,235,000	-8,899,000	-7,434,000	-6,685,000	-6,429,000	-6,423,000	-7,754,000	-6,940,000	-5,977,000	-4,993,000	-5,161,000	-4,428,000	-5,012,000	-5,331,000	-6,009,000	-6,244,000	-6,892,000	-5,240,000	-9,661,000	-8,028,000	-9,343,000	-6,383,000	-6,058,000	-3,716,000	-5,084,000	-3,238,000	-4,406,000	-4,686,000	-3,630,000	-3,940,000	-3,758,000	-4,505,000	-3,240,000	-4,589,000	-4,421,000	-4,503,000	-4,869,000	-6,995,000	-6,066,000	-3,930,000	-3,083,000	-2,704,000	-3,724,000	-2,756,000	-2,047,000	-2,336,000	-1,653,000	-1,468,000	-2,530,000	-1,431,000	-1,350,000	-1,153,000	-1,931,000	-1,955,000
proceeds from sales of property and equipment	94,000	67,000	58,000	97,000	29,000	83,000	49,000	51,000	79,000	89,000	106,000	100,000	128,000	153,000	81,000	69,000	178,000	147,000	112,000	208,000	84,000	175,000	269,000	163,000	96,000	192,000	75,000	118,000	74,000	-8,000	15,000	62,000	30,000	105,000	165,000	37,000	49,000	56,000	57,000	52,000	35,000	-6,000	30,000	18,000	44,000	89,000	27,000					-1,000	33,000	33,000	106,000	14,000	350,000	14,000	33,000	4,000	3,000	56,000	15,000	19,000	31,000	23,000	14,000	69,000	45,000	69,000	599,000	70,000	35,000	89,000	372,000	148,000	212,000	74,000	794,000	204,000	8,000	4,000	42,000	389,000	57,000
net cash from investing activities	-7,731,000	-16,658,000	-19,431,000	-10,197,000	-11,413,000	-12,637,000	-11,798,000	-11,874,000	-7,765,000	-8,920,000	-12,563,000	-13,412,000	-8,728,000	-7,403,000	-6,625,000	-12,013,000	-6,245,000	-9,314,000	-6,828,000	-5,769,000	-4,910,000	-4,987,000	-4,160,000	-4,851,000	-4,236,000	-1,518,000	-6,169,000	474,000	-6,276,000	-9,926,000	-7,550,000	-9,698,000	-6,353,000	-6,131,000	-3,547,000	-4,195,000	-3,199,000	-7,752,000	-4,712,000	-3,674,000	-3,968,000	-3,945,000	-4,493,000	-3,400,000	-4,649,000	4,362,000	-85,052,000	12,750,000	5,073,000	37,854,000	-20,785,000	-10,586,000	-5,452,000	-46,900,000	38,431,000	61,015,000	-28,702,000	38,649,000	7,981,000	71,952,000	22,600,000	-36,051,000	9,174,000	-95,715,000	-51,923,000
cash flows from financing activities:
repayment of loans payable and other borrowings	-33,000	-1,483,000	-309,000	-9,063,000	-2,150,000	-1,083,000	-405,000	-523,000	-6,922,000	-182,000	-407,000	-2,041,000	-168,000	-5,502,000	-3,153,000	-7,220,000	-4,580,000	-7,281,000	-550,000	-3,811,000	-1,947,000	-7,870,000	-6,120,000	-1,380,000	-1,009,000	-590,000	-457,000	-1,641,000	-988,000	-2,271,000	-10,985,000	-302,000	-2,197,000	-479,000	-4,766,000	-2,677,000	-3,048,000	-2,988,000	-2,804,000	-11,589,000	-3,893,000	-19,182,000	-833,000	-194,000	-3,017,000
proceeds from issuance of senior notes				0	497,195,000													0	0											0	0	0	206,000,000	0	0							0	0							106,699,000	0	0	175,000,000										0																			-1,000	0	-4,414,000	348,250,000	88,000	0			115,000	81,635,000
payment of debt issuance costs		0	0	-33,000	-5,073,000	250,000	-29,000											0	0											0	117,000	0	-3,315,000	-105,000	12,000
proceeds from liabilities related to consolidated real estate not owned	59,947,000
dividends paid	-32,017,000	-29,313,000	-30,275,000	-30,597,000	-30,887,000	-26,971,000	-27,135,000	-27,245,000	-27,239,000	-9,839,000	-9,841,000	-9,927,000	-9,927,000
repurchase of shares	-130,000,000	-149,999,000	-55,001,000	-45,000,000	-44,999,000	-40,000,000	-29,999,000	0	-55,933,000	-4,067,000	-45,000,000	0	-10,000,000	0	0	-10,000,000	-99,303,000	-23,975,000	-9,471,000	-19,161,000	-8,385,000	-8,779,000	0	0	-60,813,000	-7,078,000	0	0	-8,957,000	-70,647,000
net cash from financing activities	-102,103,000	-180,795,000	-85,585,000	-84,693,000	414,086,000	-67,804,000	-57,568,000	217,444,000	-90,094,000	-14,088,000	-206,132,000	-11,968,000	-20,095,000	-5,502,000	-3,153,000	-17,220,000	-103,883,000	-31,256,000	-10,021,000	103,236,000	-10,332,000	-16,649,000	-6,120,000	-501,380,000	438,178,000	-313,288,000	-457,000	-1,641,000	-9,945,000	-72,918,000	-40,221,000	-302,000	25,488,000	-25,584,000	-54,347,000	181,227,000	41,952,000	-13,404,000	22,182,000	-11,528,000	-4,248,000	-19,167,000	-821,000	169,933,000	28,752,000	-10,039,000	30,000	-93,000	113,414,000	105,448,000	355,000	-77,014,000	160,135,000	543,000	212,137,000	-20,247,000	1,055,000	782,000	33,000	280,000	1,518,000	292,000	163,000	-5,204,000	1,335,000	490,000	1,630,000			3,000	122,000				-19,385,000	95,766,000	77,087,000				16,623,000	-78,769,000				-24,641,000	23,574,000	34,127,000	31,650,000	-30,661,000
net increase in cash and cash equivalents	-8,525,000	46,220,000	-201,526,000	-81,189,000	360,097,000	-180,004,000	-161,362,000	87,623,000	-15,929,000	-127,528,000	-114,488,000	206,033,000	95,649,000					56,044,000	-122,083,000	-32,059,000	-29,188,000	135,642,000	125,357,000	-312,699,000	477,855,000	-135,346,000	47,385,000	79,928,000	16,033,000	105,704,000	36,336,000	-3,126,000	1,806,000					23,787,000	-20,256,000			26,799,000	18,388,000			19,228,000	-146,525,000	-30,326,000	-13,180,000	96,552,000	-40,435,000	-107,002,000	154,564,000	-134,592,000	223,223,000			16,508,000	-10,464,000			-41,371,000	-11,345,000	-86,011,000	-6,651,000	-97,620,000	-38,359,000	40,911,000	138,476,000	86,896,000	3,874,000															28,536,000	7,605,000	45,000	6,891,000		-19,645,000
cash and cash equivalents, beginning of period	775,157,000		0	0	651,555,000		0	0	921,227,000		0	0	861,561,000		0	0	618,335,000		0	0	745,621,000		0	0	319,466,000		0	0	311,466,000		0	0	170,746,000		0	0	131,702,000		0	0	262,208,000		0	0	103,333,000																																								47,876,000				4,799,000
cash and cash equivalents, end of period	766,632,000		-201,526,000	-81,189,000	1,011,652,000		-161,362,000	87,623,000	905,298,000		-114,488,000	206,033,000	957,210,000		27,240,000	-248,248,000	520,395,000		-122,083,000	-32,059,000	716,433,000		125,357,000	-312,699,000	797,321,000		47,385,000	79,928,000	327,499,000		36,336,000	-3,126,000	172,552,000		-101,572,000	131,050,000	85,689,000		-20,256,000	-44,004,000	172,175,000		18,388,000	127,776,000	89,245,000																																								44,828,000				11,690,000
loss on early extinguishment of debt						0				0								0	0																															0	0	3,096,000	700,000		0
increase in real estate		139,172,000	-188,607,000	-163,796,000	-60,821,000	-255,419,000				-219,865,000				365,584,000	-260,656,000	-445,565,000	-283,885,000				-193,395,000				-45,207,000				-1,753,000	142,390,000	-6,007,000	-68,077,000	-87,732,000	34,592,000	-124,685,000	-122,162,000	-89,222,000	7,064,000	-124,509,000	-77,946,000	-116,035,000	-10,887,000	-54,070,000	-85,544,000	-58,906,000	12,274,000	-115,984,000	-100,077,000	-134,807,000	-60,276,000	-107,676,000	-75,116,000	-38,876,000	-108,676,000	-49,847,000	-87,940,000	-52,722,000		-22,645,000	-18,908,000	-19,232,000
increase in deposits on real estate under option or contract		3,302,000	21,405,000	31,764,000	-62,179,000											-4,535,000	-2,753,000				-4,821,000																										-19,566,000												-1,508,000	-1,524,000	-29,000
decrease in receivables, prepaids and other assets
increase in accounts payable and accrued liabilities		-47,044,000			-16,041,000	-63,320,000			27,668,000	-14,476,000	64,839,000	3,933,000	-31,687,000	-41,651,000	5,215,000	-2,506,000	115,927,000	8,857,000	40,769,000	-12,211,000	38,743,000	28,903,000	25,267,000			-41,978,000	91,071,000			-48,445,000	28,628,000			-13,173,000	26,795,000	10,567,000	-16,064,000	-17,829,000	48,262,000	12,489,000	455,000	-8,066,000	34,953,000			-19,813,000	31,211,000	18,987,000	-15,697,000	-20,258,000	58,147,000	34,044,000	14,671,000	-1,819,000	10,270,000			-1,252,000	6,270,000																							81,175,000				16,410,000				12,098,000
decrease in home sale deposits		-207,000
distributions of capital from unconsolidated entities										94,000	0	0	43,000									0	0	0	1,000,000	4,300,000	0			0				88,000	0																	0	74,000	1,000				0	1,000			80,000	136,000	0	16,000	217,000	44,000	-600,000	1,709,000	-3,000	464,000	29,000	1,833,000	-1,435,000	16,700,000	14,154,000	2,056,000	3,396,000	206,000	1,018,000	14,339,000	8,303,000
maturities/sales of investments and securities		0	1,000,000			0	0			0	0			0	0	-1,181,000	2,213,000	0	98,000	131,000	2,566,000	1,857,000	0	549,000	83,000	79,000	109,000	0	566,000	116,000	0	47,000	1,018,000	105,000	39,000	32,000	1,226,000	101,000	0	0	645,000
payments to purchase investments and securities		0	-1,000,000			0	0			0	0			0	0	1,181,000	-2,213,000	0	-98,000	-131,000	-2,566,000	-1,857,000	0	-549,000	-83,000	-79,000	-109,000	0	-566,000	-116,000	0	-47,000	-1,018,000	-105,000	-39,000	-32,000	-1,226,000	-101,000	0	0	-645,000					-116,000	-83,000	-100,000	-35,514,000	-26,947,000	-62,734,000	-30,112,000	-46,826,000	-27,025,000	-33,296,000	1,000	-76,503,000	17,495,000	-84,745,000	-69,243,000	-59,908,000
repayment of senior notes						0	0			0								0	0														-175,000,000
proceeds from issuance of senior and convertible senior notes		0
purchase of capped calls related to issuance of convertible senior notes						0	0
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
decrease in accounts payable and accrued liabilities																									-1,956,000				-12,211,000				-15,000												-3,179,000												-5,210,000				-3,484,000				-3,438,000
proceeds from issuance of convertible senior notes						0	0
increase in receivables, prepaids and other assets																																									-168,000	-1,016,000	4,279,000	-4,651,000	-5,695,000
increase in other receivables, prepaids and other assets													-11,749,000		1,242,000	-38,321,000	-52,098,000																		-5,779,000	10,734,000	-20,162,000		-4,833,000
net decrease in cash and cash equivalents															27,240,000	-248,248,000	-97,940,000																				-46,013,000				-90,033,000				-14,088,000												-83,009,000				-445,000
proceeds from credit facility																									500,000,000												45,000,000	-10,000,000							27,000,000
deferred tax asset revaluation
repayment of senior notes and senior convertible notes																														0	0
(repayment of)/proceeds from credit facility
(increase) in real estate
excess income tax benefit from stock-based awards																																						-416,000	-14,000	-10,000	-516,000	-3,000	-28,000	-77,000	-1,935,000	-100,000	-3,000					-1,223,000	-464,000																					0	0	25,000	321,000
excess income tax provision from stock-based awards																																						416,000	14,000	10,000	516,000
proceeds from stock option exercises																																						0	0	71,000	161,000	5,000	42,000	5,000	2,834,000	308,000	27,000					7,838,000	3,078,000	367,000	2,678,000	167,000	1,055,000	782,000	33,000	280,000	1,518,000	292,000	261,000	174,000	1,335,000	490,000	1,630,000			14,000	122,000	16,000	767,000	33,000	0	469,000	1,390,000	622,000	2,475,000	7,982,000	2,456,000	842,000	1,360,000	3,291,000	1,498,000	1,250,000	739,000	980,000	1,150,000	1,275,000	437,000
repayment of credit facility
repurchase/redemption of convertible senior notes
repurchase of convertible senior notes																																			-74,593,000
cash paid for acquisitions																																														0				-245,000
debt issuance costs																																										7,000	-58,000									-260,000	-1,143,000	188,000	-4,166,000							0	-98,000
proceeds from issuance of common stock																																														0	0	-12,000	110,432,000
deferred tax asset valuation benefit																																																			-1,557,000				-4,000
decrease in restricted cash																																																										-1,037,000	-839,000	0	-926,000	-396,000	5,818,000	1,478,000	104,000
repayment of senior subordinated notes																																																		0	0	-85,558,000	-17,264,000
non-controlling interest acquisition
maturities of investments and securities																																														9,015,000	50,196,000	17,855,000	47,533,000	30,112,000	61,876,000	27,025,000	43,999,000		70,500,000	70,201,000	50,000,000		95,000,000	144,000,000	85,000,000
increase in receivables and prepaid expenses and other assets																																															-4,381,000	-1,123,000	-13,998,000
increase in restricted cash																																																							3,854,000	-6,879,000	-83,000
cash and cash equivalents at beginning of period																																															0	0	274,136,000		0	0	170,457,000		0	0	173,612,000		0	0	103,953,000		0	0	249,331,000		0	0	205,923,000		0	0	27,677,000		0	0	56,710,000		0	0	65,812,000						0				0
cash and cash equivalents at end of period																																															-146,525,000	-30,326,000	260,956,000		-40,435,000	-107,002,000	325,021,000		223,223,000	-8,777,000	90,603,000		-10,464,000	64,060,000	103,508,000		-11,345,000	-86,011,000	242,680,000		-38,359,000	40,911,000	344,399,000		3,874,000	89,013,000	26,140,000		-6,381,000	12,759,000	38,919,000		27,971,000	5,803,000	41,662,000						7,605,000				-19,645,000
real estate-related impairments																																																																								35,142,000	44,349,000
equity in earnings of unconsolidated entities
deferred tax asset valuation reversal
decrease in receivables and prepaid expenses and other assets																																																				-7,855,000	-5,312,000			403,000	1,355,000	5,044,000	-4,759,000	4,502,000	-1,540,000	-2,164,000	17,750,000	-11,606,000	90,494,000	19,378,000	1,513,000	5,658,000	2,405,000		-24,482,000	-1,601,000	53,300,000				63,000				7,712,000
net income																																																						95,128,000	6,784,000			-11,774,000	-3,235,000	562,000	-6,659,000	-895,000	1,219,000
adjustments to reconcile net income to net cash from operating activities:
other assets-related impairments
loss on early extinguishment of senior subordinated debt
other operating expenses																																																						-32,000	357,000	26,000	20,000	138,000	-47,000	12,000	406,000	229,000	622,000
proceeds from sales and maturities of investment securities																																																														149,970,000	49,992,000
proceeds from issuance of senior and senior subordinated notes
proceeds from sale of common stock																																																																																		10,000	0	5,000	69,694,000
real-estate-related impairments																																																							417,000	863,000	293,000		1,047,000	590,000	664,000		680,000
repayments of senior notes																																																							0								0
proceeds from issuance of senior and senior convertible notes
net loss																																																									-4,754,000									43,286,000	-17,785,000	-73,602,000	-18,355,000		-144,013,000
adjustments to reconcile net loss to net cash from operating activities:
loss on early extinguishment of debt, net of transaction costs																																																															0
goodwill and tangible asset impairments
decrease in deferred taxes
deferred tax asset valuation allowance																																																																						12,338,000
equity in losses of unconsolidated entities
(decrease) in accounts payable and accrued liabilities
net repayments under credit facility
proceeds from issuance of common stock, net of transaction fees																																																																						-3,000	0
purchase of treasury stock
purchase of investment securities																																																															-45,521,000
real estate related impairments																																																																	542,000			66,380,000	10,468,000						146,145,000
gain on early extinguishment of senior subordinated debt, net of transaction costs
equity in losses from unconsolidated entities																																																																	-803,000						-1,322,000	2,089,000	13,529,000
increase in investment and securities																																																																	-50,024,000
tender offer stock compensation expense
gain on early extinguishment of senior subordinated debt
net cash from by operating activities
payments for stock option tender offer
decrease in income tax receivables
adjustments to reconcile net loss to net cash provided by operating activities:
increase in deferred taxes
decrease in income tax receivable																																																																				0	107,660,000
changes in assets and liabilities, net of effect of acquisitions:
(increase) in receivables and prepaid expenses and other assets
(decrease) in home sale deposits
net (repayments)/borrowings under credit facility
proceeds from loans payable and other borrowings																																																																														-367,000	359,000	-967,645,000	968,500,000	1,033,462,000	900,100,000	763,000,000	587,600,000
payments for repurchase of senior notes
goodwill-related impairments																																																																										57,538,000	45,000,000
net (repayments)/borrowing under credit facility
repayments of loan payable and other borrowings
proceeds from issuance of senior subordinated notes																																																																											0	0	150,000,000
net borrowings/(repayments) under credit facility
repayments of loans payable and other borrowings
net cash (used in)/provided by financing activities
write-off of senior note issuance cost																																																																																		0	0
income tax benefit from stock option exercises
decrease (increase) in real estate
decrease (increase) in deposits on real estate under option or contract
(decrease) increase in accounts payable and accrued liabilities
(decrease) increase in home sale deposits
net cash (used in) provided by operating activities
cash paid for earn-out agreements
net cash provided by financing activities																																																																																				36,235,000	124,055,000
net (decrease) increase in cash and cash equivalents
loss from earnings from unconsolidated entities
net borrowings under line of credit agreement																																																																											-17,000,000				71,400,000
payments of senior notes
equity in earnings from unconsolidated entities, includes 1,120 of impairments to joint venture investments in 2007
senior subordinated notes issuance costs
adjustments to reconcile net earnings to net cash used in operating activities:
write-off of deposits and land acquisition costs																																																																													17,037,000		8,938,000
net borrowings (payments) under line of credit agreement
inventory impairments and land option deposit and land pre-acquisition cost write-offs
increase (decrease) in deferred taxes
increase (decrease) in accounts payable and accrued liabilities
increase (decrease) in home sale deposits
increase in deferred tax liability
excess tax benefit from stock-based compensation																																																																															1,069,000	5,147,000	4,974,000
tax benefit from stock option exercises																																																																																		654,000	1,643,000	5,525,000	2,643,000	1,271,000	0	801,000	900,000
purchases of treasury stock
net increase (decrease) in cash and cash equivalents
decrease in deferred tax liability
increase in deferred tax asset
distributions of income from unconsolidated entities
changes in assets and liabilities, net of effect of acquisition:
cash paid for earnout agreements
net increase in cash and equivalents
cash and equivalents at beginning of period
cash and equivalents at end of period
see supplemental disclosures of cash flow information at note 10.
see accompanying notes to condensed consolidated financial statements
write-off of senior note issuance costs																																																																																					4,942,000
net increase in liabilities over assets not owned																																																																																									96,000
decrease (increase) in receivables and prepaid expenses and other assets																																																																																					5,441,000
distributions from unconsolidated entities																																																																																					1,932,000	-4,447,000	6,170,000	1,059,000	916,000
senior note issuance costs
deferred income taxes
changes in assets and liabilities, net of effect of acquisitions in 2004 and 2002:
deferred tax asset
net increase in assets not owned
cash paid for acquisition
increase in goodwill
proceeds from loans payable																																																																																							581,279,000	301,800,000	466,800,000	521,200,000	345,800,000
repayments of loans payable
deferred income tax provision
changes in assets and liabilities, net of effect of acquisition in 2004:
decrease in deferred tax asset
changes in assets and liabilities, net of effect of acquisitions in 2002 and 2001:
changes in operating assets and liabilities, excluding the effects of 2002 acquisitions:
investments in and distributions from unconsolidated entities
supplemental disclosure of cash flow information:
cash paid during the period for:
interest
income taxes
supplemental disclosure of non-cash flow activity:
increase in consolidated real estate not owned																																																																																											-61,297,000
supplemental disclosure of non-cash activity:

Meritage Homes Corporation(NYSE:MTH)

Meritage Homes Corporation
(NYSE:MTH)