Home sale revenues growth of 19% and a 380
basis point expansion of our gross margin from home sales to 25.7%
resulted in a 34% increase in net income for the quarter
DENVER, April 28,
2022 /PRNewswire/ -- M.D.C Holdings, Inc. (NYSE:
MDC), one of the nation's leading homebuilders, announced results
for the quarter ended March 31,
2022.
"MDC delivered strong results in the first quarter of 2022 both
in terms of profitability and order activity," said MDC's'
Executive Chairman, Larry Mizel. "We
generated earnings of $2.02 per
diluted share for the quarter, representing a 34% improvement over
the first quarter of 2021. This significant increase to our
bottom-line results was largely driven by a 19% year-over-year rise
in home sale revenues and a 380-basis point improvement in our home
sale gross margin to 25.7%. Our teams did an excellent job
delivering homes in a timely manner this quarter in what continues
to be a challenging supply chain environment, as we came in near
the high-end of our stated guidance with total new home deliveries
of 2,233 units."
Mr. Mizel continued, "We continued to see solid demand across
our homebuilding divisions during the quarter, as evidenced by our
sales pace of 5.4 homes per community per month. The combination of
favorable demographics, strong local economies and historically low
inventory levels in our markets has created an excellent operating
environment for our company. We have strategically positioned MDC
to address the needs of today's homebuyer and believe this is
reflected in our strong results this quarter."
Mr. Mizel concluded, "With a strong balance sheet, a seasoned
management team and a sizable quarter-end backlog, MDC is in a
great position to deliver on its goals for the year. Our growing
presence in high growth markets and focus on more affordable price
points has led to record levels of profitability for our company,
and we continue to see strong demand at our communities despite the
recent rise in interest rates. As a result, we remain positive
about the future of MDC."
"Traffic levels at our communities and online remained strong
during the first quarter" said David
Mandarich, MDC's President and Chief Executive Officer.
"Traffic conversion rates also stayed at high levels despite the
higher mortgage rate environment, as the ongoing imbalance between
housing demand and supply continued to create a sense of urgency
with prospective buyers. We believe that this is a testament to the
strength of the housing market as well as our approach to the
business, which focuses on a build-to-order operating model that
allows for personalization. It is also a testament to our teams'
ability to successfully adapt and adjust to changing market
conditions."
Mr. Mandarich concluded, "We recently announced that we have
agreed to acquire substantially all of the homebuilding assets of
The Jones Company of Tennessee,
L.L.C. We believe that this transaction, combined with the organic
land pipeline we have secured since starting in Nashville approximately one year ago, has the
potential to launch MDC into a leadership position in the
Nashville market."
2022 First Quarter Highlights and Comparisons to 2021 First
Quarter
|
•
|
Home sale revenues
increased 19% to $1.24 billion from $1.04 billion
|
|
◦
|
Unit deliveries up 3%
to 2,233
|
|
◦
|
Average selling price
of deliveries up 16% to $556,000
|
|
•
|
Homebuilding pretax
income increased 66% to $188.5 million from
$113.5 million
|
|
◦
|
Gross margin from home
sales increased 380 basis points to 25.7% from 21.9%
|
|
◦
|
Inventory impairment
and warranty adjustment totaled $3.1 million in Q1 2022
|
|
•
|
Selling, general and
administrative expenses as a percentage of home sale revenues
("SG&A rate") improved by 60 basis points to 10.4%
|
|
•
|
Net income of $148.4
million, or $2.02 per diluted share, up 34% from $110.7 million or
$1.51 per diluted share
|
|
◦
|
Effective tax rate of
26.5% vs. 23.3%
|
|
•
|
Dollar value of net new
orders increased 12% to $1.84 billion from $1.64 billion
|
|
◦
|
Average selling price
of net orders up 14%
|
|
◦
|
Unit net orders
decreased 2% to 3,151
|
|
•
|
Dollar value of ending
backlog up 26% to $4.95 billion from $3.93 billion
|
|
◦
|
Unit backlog increased
11% to 8,558
|
|
◦
|
Average selling price
of homes in backlog up 13%
|
2022 Outlook and Other Selected Information1, 2
|
•
|
Projected home
deliveries for the 2022 second quarter between 2,400 and
2,600
|
|
◦
|
Projected average
selling price for 2022 second quarter unit deliveries between
$560,000 and $570,000
|
|
◦
|
Projected gross margin
from home sales for the 2022 second quarter exceeding 26.0%
(excluding impairments and warranty adjustments)
|
|
•
|
Projected full year
2022 home deliveries between 10,500 and 11,000
|
|
•
|
Projected lots
controlled of 37,812 at March 31, 2022, up 18%
year-over-year
|
|
•
|
Recently announced
acquisition of substantially all of the homebuilding assets of The
Jones Company of Tennessee, L.L.C. ("Jones") is expected to close
near the end of the second quarter of 2022
|
|
◦
|
Expected to add
approximately 10 selling communities, 1,700 controlled lots and 150
units to backlog
|
|
•
|
Quarterly cash dividend
of fifty cents ($0.50) per share declared on April 25, 2022, up 25%
year-over-year
|
|
◦
|
Consistent dividend
program for over 25 years
|
|
◦
|
Quarterly dividend has
more than doubled in the past five years
|
|
|
|
|
1
|
See
"Forward-Looking Statements" below.
|
|
2
|
Projected metrics do
not reflect the impact of the asset acquisition of Jones. Any
impact is not expected to be significant.
|
About MDC
M.D.C. Holdings, Inc. was founded in
1972. MDC's homebuilding subsidiaries, which operate under the name
Richmond American Homes, have built and financed the American Dream
for more than 220,000 homebuyers since 1977. MDC's commitment
to customer satisfaction, quality and value is reflected in each
home its subsidiaries build. MDC is one of the largest homebuilders
in the United States. Its
subsidiaries have homebuilding operations across the country,
including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las
Vegas, Phoenix,
Tucson, Riverside-San
Bernardino, Los Angeles,
San Diego, Orange County, San
Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, Seattle, Portland, Boise, Nashville, Austin and Albuquerque. The Company's
subsidiaries also provide mortgage financing, insurance and title
services, primarily for Richmond American homebuyers, through
HomeAmerican Mortgage Corporation, American Home Insurance Agency,
Inc. and American Home Title and Escrow Company, respectively.
M.D.C. Holdings, Inc. is traded on the New York Stock Exchange
under the symbol "MDC." For more information, visit
www.mdcholdings.com.
Forward-Looking Statements
Certain statements in this release, including any statements
regarding our business, financial condition, results of operation,
cash flows, strategies and prospects, constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of MDC to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among other things, (1) general
economic conditions, including the impact of the COVID-19 pandemic,
changes in consumer confidence, inflation or deflation and
employment levels; (2) changes in business conditions experienced
by MDC, including restrictions on business activities resulting
from the COVID-19 pandemic, cancellation rates, net home orders,
home gross margins, land and home values and subdivision counts;
(3) changes in interest rates, mortgage lending programs and the
availability of credit; (4) changes in the market value of MDC's
investments in marketable securities; (5) uncertainty in the
mortgage lending industry, including repurchase requirements
associated with HomeAmerican Mortgage Corporation's sale of
mortgage loans (6) the relative stability of debt and equity
markets; (7) competition; (8) the availability and cost of land and
other raw materials used by MDC in its homebuilding operations; (9)
the availability and cost of performance bonds and insurance
covering risks associated with our business; (10) shortages and the
cost of labor; (11) weather related slowdowns and natural
disasters; (12) slow growth initiatives; (13) building moratoria;
(14) governmental regulation, including orders addressing the
COVID-19 pandemic, the interpretation of tax, labor and
environmental laws; (15) terrorist acts and other acts of war; (16)
changes in energy prices; and (17) other factors over which MDC has
little or no control. Additional information about the
risks and uncertainties applicable to MDC's business is contained
in MDC's Form 10-Q for the quarter ended March 31, 2022, which
is scheduled to be filed with the Securities and Exchange
Commission today. All forward-looking statements made in
this press release are made as of the date hereof, and the risk
that actual results will differ materially from expectations
expressed in this press release will increase with the passage of
time. MDC undertakes no duty to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise. However, any further disclosures made on related
subjects in our subsequent filings, releases or webcasts should be
consulted.
|
M.D.C. HOLDINGS,
INC.
Consolidated
Statements of Operations and Comprehensive Income
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2022
|
|
2021
|
|
|
|
|
|
(Dollars in thousands,
except per
share amounts)
|
|
Homebuilding:
|
|
|
|
|
Home sale revenues
|
$ 1,240,520
|
|
$ 1,041,858
|
|
Home cost of sales
|
(921,378)
|
|
(813,888)
|
|
Inventory impairments
|
(660)
|
|
—
|
|
Total cost of sales
|
(922,038)
|
|
(813,888)
|
|
Gross profit
|
318,482
|
|
227,970
|
|
Selling, general and administrative expenses
|
(129,314)
|
|
(114,993)
|
|
Interest and other income
|
755
|
|
967
|
|
Other expense
|
(1,424)
|
|
(437)
|
|
Homebuilding pretax
income
|
188,499
|
|
113,507
|
|
|
|
|
|
Financial
Services:
|
|
|
|
|
Revenues
|
29,131
|
|
45,023
|
|
Expenses
|
(16,935)
|
|
(15,105)
|
|
Other income, net
|
1,187
|
|
887
|
|
Financial services
pretax income
|
13,383
|
|
30,805
|
|
|
|
|
|
Income before income
taxes
|
201,882
|
|
144,312
|
|
Provision for income
taxes
|
(53,461)
|
|
(33,622)
|
|
Net income
|
$
148,421
|
|
$
110,690
|
|
|
|
|
|
Comprehensive
income
|
$
148,421
|
|
$
110,690
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
Basic
|
$
2.09
|
|
$
1.58
|
|
Diluted
|
$
2.02
|
|
$
1.51
|
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
Basic
|
70,766,146
|
|
69,790,927
|
|
Diluted
|
72,938,414
|
|
72,788,177
|
|
|
|
|
|
Dividends declared per
share
|
$
0.50
|
|
$
0.37
|
|
M.D.C. HOLDINGS,
INC.
Consolidated Balance
Sheets
(Unaudited)
|
|
|
March 31,
2022
|
|
December
31,
2021
|
|
|
|
|
|
(Dollars in
thousands, except
per share
amounts)
|
|
ASSETS
|
|
|
|
|
Homebuilding:
|
|
|
|
|
Cash and cash equivalents
|
$
474,447
|
|
$
485,839
|
|
Restricted cash
|
6,400
|
|
12,799
|
|
Trade and other receivables
|
114,823
|
|
98,580
|
|
Inventories:
|
|
|
|
|
Housing completed or under
construction
|
2,194,303
|
|
1,917,616
|
|
Land and land under
development
|
1,734,515
|
|
1,843,235
|
|
Total
inventories
|
3,928,818
|
|
3,760,851
|
|
Property and equipment, net
|
61,856
|
|
60,561
|
|
Deferred tax asset, net
|
17,100
|
|
17,942
|
|
Prepaids and other assets
|
114,120
|
|
106,562
|
|
Total homebuilding
assets
|
4,717,564
|
|
4,543,134
|
|
Financial Services:
|
|
|
|
|
Cash and cash equivalents
|
107,503
|
|
104,821
|
|
Mortgage loans held-for-sale, net
|
187,914
|
|
282,529
|
|
Other assets
|
46,133
|
|
33,044
|
|
Total financial services
assets
|
341,550
|
|
420,394
|
|
Total Assets
|
$ 5,059,114
|
|
$ 4,963,528
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Homebuilding:
|
|
|
|
|
Accounts payable
|
$
172,134
|
|
$
149,488
|
|
Accrued and other liabilities
|
405,140
|
|
370,910
|
|
Revolving credit facility
|
10,000
|
|
10,000
|
|
Senior notes, net
|
1,481,976
|
|
1,481,781
|
|
Total homebuilding
liabilities
|
2,069,250
|
|
2,012,179
|
|
Financial Services:
|
|
|
|
|
Accounts payable and accrued liabilities
|
100,551
|
|
97,903
|
|
Mortgage repurchase facility
|
178,231
|
|
256,300
|
|
Total financial services
liabilities
|
278,782
|
|
354,203
|
|
Total Liabilities
|
2,348,032
|
|
2,366,382
|
|
Stockholders' Equity
|
|
|
|
|
Preferred stock, $0.01 par value; 25,000,000 shares
authorized; none issued or outstanding
|
—
|
|
—
|
|
Common stock, $0.01 par value; 250,000,000 shares authorized;
71,162,245 and 70,668,093 issued and
outstanding at
March 31, 2022 and December 31, 2021,
respectively
|
712
|
|
707
|
|
Additional paid-in-capital
|
1,710,369
|
|
1,709,276
|
|
Retained earnings
|
1,000,001
|
|
887,163
|
|
Total Stockholders'
Equity
|
2,711,082
|
|
2,597,146
|
|
Total Liabilities and
Stockholders' Equity
|
$ 5,059,114
|
|
$ 4,963,528
|
|
M.D.C. HOLDINGS,
INC.
Consolidated
Statement of Cash Flows
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2022
|
|
2021
|
|
|
|
|
|
(Dollars in
thousands)
|
|
Operating Activities:
|
|
|
|
|
Net
income
|
$
148,421
|
|
$
110,690
|
|
Adjustments to reconcile net
income to net cash provided by (used in) operating
activities:
|
|
|
|
|
Stock-based
compensation expense
|
14,882
|
|
9,926
|
|
Depreciation and
amortization
|
6,652
|
|
7,003
|
|
Inventory
impairments
|
660
|
|
—
|
|
Deferred income tax
expense (benefit)
|
842
|
|
(1,348)
|
|
Net changes in assets
and liabilities:
|
|
|
|
|
Trade and other
receivables
|
(16,677)
|
|
(40,282)
|
|
Mortgage loans held-for-sale,
net
|
94,615
|
|
1,767
|
|
Housing completed or under
construction
|
(277,187)
|
|
(218,655)
|
|
Land and land under
development
|
108,755
|
|
34,978
|
|
Prepaids and other
assets
|
(20,479)
|
|
(23,594)
|
|
Accounts payable and accrued
other liabilities
|
57,571
|
|
61,558
|
|
Net cash provided by
(used in) operating activities
|
118,055
|
|
(57,957)
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
Purchases of property and equipment
|
(6,884)
|
|
(5,749)
|
|
Net cash used in
investing activities
|
(6,884)
|
|
(5,749)
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
Proceeds from (payments on) mortgage repurchase facility,
net
|
(78,069)
|
|
15,092
|
|
Proceeds from issuance of senior notes
|
—
|
|
347,725
|
|
Dividend payments
|
(35,583)
|
|
(26,665)
|
|
Payments of deferred financing costs
|
—
|
|
(819)
|
|
Issuance of shares under stock-based compensation programs,
net
|
(12,628)
|
|
1,009
|
|
Net cash provided by
(used in) financing activities
|
(126,280)
|
|
336,342
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
(15,109)
|
|
272,636
|
|
Cash, cash equivalents
and restricted cash:
|
|
|
|
|
Beginning of period
|
603,459
|
|
503,972
|
|
End
of period
|
$
588,350
|
|
$
776,608
|
|
|
|
|
|
Reconciliation of cash, cash equivalents and
restricted cash:
|
|
|
|
|
Homebuilding:
|
|
|
|
|
Cash and cash
equivalents
|
$
474,447
|
|
$
678,194
|
|
Restricted cash
|
6,400
|
|
17,314
|
|
Financial Services:
|
|
|
|
|
Cash and cash
equivalents
|
107,503
|
|
81,100
|
|
Total cash, cash
equivalents and restricted cash
|
$
588,350
|
|
$
776,608
|
|
New Home
Deliveries
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
% Change
|
|
Homes
|
|
Home
Sale
Revenues
|
|
Average
Price
|
|
Homes
|
|
Home
Sale
Revenues
|
|
Average
Price
|
|
Homes
|
|
Home
Sale
Revenues
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
West
|
1,243
|
|
$
707,311
|
|
$ 569.0
|
|
1,276
|
|
$
616,611
|
|
$ 483.2
|
|
(3)%
|
|
15%
|
|
18%
|
|
Mountain
|
548
|
|
335,128
|
|
611.5
|
|
612
|
|
324,717
|
|
530.6
|
|
(10)%
|
|
3%
|
|
15%
|
|
East
|
442
|
|
198,081
|
|
448.1
|
|
290
|
|
100,530
|
|
346.7
|
|
52%
|
|
97%
|
|
29%
|
|
Total
|
2,233
|
|
$
1,240,520
|
|
$ 555.5
|
|
2,178
|
|
$
1,041,858
|
|
$ 478.4
|
|
3%
|
|
19%
|
|
16%
|
|
Net New
Orders
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
% Change
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Monthly
Absorption
Rate *
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Monthly
Absorption
Rate *
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Monthly
Absorption
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
West
|
1,704
|
|
$
1,000,954
|
|
$
587.4
|
|
5.54
|
|
1,775
|
|
$
904,691
|
|
$
509.7
|
|
5.80
|
|
(4)%
|
|
11%
|
|
15%
|
|
(4)%
|
|
Mountain
|
920
|
|
581,971
|
|
632.6
|
|
5.63
|
|
1,011
|
|
562,753
|
|
556.6
|
|
5.91
|
|
(9)%
|
|
3%
|
|
14%
|
|
(5)%
|
|
East
|
527
|
|
253,850
|
|
481.7
|
|
4.78
|
|
423
|
|
168,021
|
|
397.2
|
|
4.62
|
|
25%
|
|
51%
|
|
21%
|
|
3%
|
|
Total
|
3,151
|
|
$
1,836,775
|
|
$
582.9
|
|
5.42
|
|
3,209
|
|
$
1,635,465
|
|
$
509.6
|
|
5.64
|
|
(2)%
|
|
12%
|
|
14%
|
|
(4)%
|
|
*Calculated as total net new orders
(gross orders less cancellations) in period ÷ average active
communities during period ÷ number of months in
period
|
|
Active
Subdivisions
|
|
|
|
|
|
|
|
|
Average Active
Subdivisions
|
|
Active
Subdivisions
|
|
Three Months
Ended
|
|
March 31,
|
|
%
|
|
March 31,
|
|
%
|
|
2022
|
|
2021
|
|
Change
|
|
2022
|
|
2021
|
|
Change
|
|
West
|
112
|
|
97
|
|
15%
|
|
103
|
|
102
|
|
1%
|
|
Mountain
|
53
|
|
55
|
|
(4)%
|
|
55
|
|
57
|
|
(4)%
|
|
East
|
35
|
|
34
|
|
3%
|
|
37
|
|
31
|
|
19%
|
|
Total
|
200
|
|
186
|
|
8%
|
|
195
|
|
190
|
|
3%
|
|
Backlog
|
|
|
March 31,
|
|
2022
|
|
2021
|
|
% Change
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
West
|
4,677
|
|
$
2,651,123
|
|
$ 566.8
|
|
4,209
|
|
$
2,157,618
|
|
$ 512.6
|
|
11%
|
|
23%
|
|
11%
|
|
Mountain
|
2,546
|
|
1,668,048
|
|
655.2
|
|
2,417
|
|
1,355,201
|
|
560.7
|
|
5%
|
|
23%
|
|
17%
|
|
East
|
1,335
|
|
628,631
|
|
470.9
|
|
1,060
|
|
414,474
|
|
391.0
|
|
26%
|
|
52%
|
|
20%
|
|
Total
|
8,558
|
|
$
4,947,802
|
|
$ 578.1
|
|
7,686
|
|
$
3,927,293
|
|
$ 511.0
|
|
11%
|
|
26%
|
|
13%
|
|
Homes Completed or
Under Construction (WIP lots)
|
|
|
March 31,
|
|
%
|
|
2022
|
|
2021
|
|
Change
|
|
Unsold:
|
|
|
|
|
|
|
Completed
|
19
|
|
36
|
|
(47)%
|
|
Under construction
|
313
|
|
64
|
|
389%
|
|
Total unsold started
homes
|
332
|
|
100
|
|
232%
|
|
Sold homes under
construction or completed
|
7,445
|
|
5,854
|
|
27%
|
|
Model homes under
construction or completed
|
513
|
|
502
|
|
2%
|
|
Total homes completed or under
construction
|
8,290
|
|
6,456
|
|
28%
|
|
Lots Owned
and Optioned (including homes completed or under
construction)
|
|
|
March 31,
2022
|
|
March 31,
2021
|
|
|
|
Lots
Owned
|
|
Lots
Optioned
|
|
Total
|
|
Lots
Owned
|
|
Lots
Optioned
|
|
Total
|
|
Total
% Change
|
|
West
|
15,548
|
|
4,237
|
|
19,785
|
|
12,658
|
|
3,921
|
|
16,579
|
|
19%
|
|
Mountain
|
6,741
|
|
4,240
|
|
10,981
|
|
6,790
|
|
3,418
|
|
10,208
|
|
8%
|
|
East
|
4,318
|
|
2,728
|
|
7,046
|
|
3,088
|
|
2,148
|
|
5,236
|
|
35%
|
|
Total
|
26,607
|
|
11,205
|
|
37,812
|
|
22,536
|
|
9,487
|
|
32,023
|
|
18%
|
|
Selling, General and
Administrative Expenses
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
General and
administrative expenses
|
$
71,983
|
|
$
57,163
|
|
$ 14,820
|
|
General and administrative
expenses as a percentage of home sale
revenues
|
5.8%
|
|
5.5%
|
|
30 bps
|
|
Marketing
expenses
|
$
25,632
|
|
$
25,703
|
|
$
(71)
|
|
Marketing expenses as a
percentage of home sale revenues
|
2.1%
|
|
2.5%
|
|
-40 bps
|
|
Commissions
expenses
|
$
31,699
|
|
$
32,127
|
|
$
(428)
|
|
Commissions expenses as a
percentage of home sale revenues
|
2.6%
|
|
3.1%
|
|
-50 bps
|
|
Total selling, general
and administrative expenses
|
$ 129,314
|
|
$ 114,993
|
|
$ 14,321
|
|
Total selling, general and
administrative expenses as a percentage of
home sale revenues
|
10.4%
|
|
11.0%
|
|
-60 bps
|
|
Capitalized
Interest
|
|
|
Three Months
Ended
March 31,
|
|
2022
|
|
2021
|
|
|
|
|
|
(Dollars in
thousands)
|
|
Homebuilding interest
incurred
|
$
17,258
|
|
$
17,332
|
|
Less: Interest capitalized
|
(17,258)
|
|
(17,332)
|
|
Homebuilding interest
expensed
|
$
—
|
|
$
—
|
|
|
|
|
|
Interest capitalized,
beginning of period
|
$
58,054
|
|
$
52,777
|
|
Plus: Interest capitalized during period
|
17,258
|
|
17,332
|
|
Less: Previously capitalized interest included in home cost
of sales
|
(14,844)
|
|
(14,841)
|
|
Interest capitalized,
end of period
|
$
60,468
|
|
$
55,268
|
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SOURCE M.D.C. Holdings, Inc.