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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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| Cash flows from operating activities: | |||
| Net earnings | $ 142,241us-gaap_NetIncomeLoss | $ 124,464us-gaap_NetIncomeLoss | $ 105,163us-gaap_NetIncomeLoss |
| Adjustments to reconcile net earnings to net cash used in operating activities: | |||
| Depreciation and amortization | 11,614us-gaap_DepreciationAndAmortization | 9,934us-gaap_DepreciationAndAmortization | 8,196us-gaap_DepreciationAndAmortization |
| Stock-based compensation | 12,211us-gaap_ShareBasedCompensation | 9,483us-gaap_ShareBasedCompensation | 8,319us-gaap_ShareBasedCompensation |
| Loss on early extinguishment of debt | 0us-gaap_GainsLossesOnExtinguishmentOfDebt | 3,796us-gaap_GainsLossesOnExtinguishmentOfDebt | 5,772us-gaap_GainsLossesOnExtinguishmentOfDebt |
| Excess income tax benefit from stock-based awards | (2,297)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities | (1,891)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities | (436)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities |
| Equity in earnings from unconsolidated entities | (10,422)mth_EarningsFromUnconsolidatedEntitiesNet | (12,805)mth_EarningsFromUnconsolidatedEntitiesNet | (10,233)mth_EarningsFromUnconsolidatedEntitiesNet |
| Deferred tax asset valuation benefit | 0us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount | (8,666)us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount | (77,974)us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount |
| Distributions of earnings from unconsolidated entities | 11,613us-gaap_EquityMethodInvestmentDividendsOrDistributions | 13,013us-gaap_EquityMethodInvestmentDividendsOrDistributions | 9,648us-gaap_EquityMethodInvestmentDividendsOrDistributions |
| Other | 10,149us-gaap_OtherOperatingActivitiesCashFlowStatement | 17,742us-gaap_OtherOperatingActivitiesCashFlowStatement | 2,380us-gaap_OtherOperatingActivitiesCashFlowStatement |
| Changes in assets and liabilities: | |||
| Increase in real estate | (338,594)us-gaap_IncreaseDecreaseInInventories | (263,886)us-gaap_IncreaseDecreaseInInventories | (292,897)us-gaap_IncreaseDecreaseInInventories |
| (Increase)/decrease in deposits on real estate under option or contract | (42,278)us-gaap_IncreaseDecreaseInDepositsOutstanding | (36,974)us-gaap_IncreaseDecreaseInDepositsOutstanding | 824us-gaap_IncreaseDecreaseInDepositsOutstanding |
| Increase in receivables, prepaids and other assets | (25,032)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets | (18,429)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets | (6,301)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets |
| Increase in accounts payable and accrued liabilities | 14,688us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 76,898us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 23,097us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
| Increase in home sale deposits | 4,859us-gaap_IncreaseDecreaseInCustomerDeposits | 9,397us-gaap_IncreaseDecreaseInCustomerDeposits | 3,519us-gaap_IncreaseDecreaseInCustomerDeposits |
| Net cash used in operating activities | (211,248)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | (77,924)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | (220,923)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
| Cash flows from investing activities: | |||
| Investments in unconsolidated entities | (515)us-gaap_PaymentsToAcquireInterestInJointVenture | (107)us-gaap_PaymentsToAcquireInterestInJointVenture | (407)us-gaap_PaymentsToAcquireInterestInJointVenture |
| Distributions of capital from unconsolidated entities | 65us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital | 158us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital | 25us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital |
| Purchases of property and equipment | (20,788)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (15,783)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (10,863)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
| Proceeds from sales of property and equipment | 262us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment | 56us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment | 503us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
| Maturities of investments and securities | 124,599us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities | 163,012us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities | 198,201us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities |
| Payments to purchase investments and securities | (35,813)us-gaap_PaymentsToAcquireHeldToMaturitySecurities | (166,619)us-gaap_PaymentsToAcquireHeldToMaturitySecurities | (136,823)us-gaap_PaymentsToAcquireHeldToMaturitySecurities |
| Cash paid for acquisitions | (130,677)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired | (18,624)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired | 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired |
| Decrease/(increase) in restricted cash | 0us-gaap_IncreaseDecreaseInRestrictedCash | 38,938us-gaap_IncreaseDecreaseInRestrictedCash | (26,792)us-gaap_IncreaseDecreaseInRestrictedCash |
| Net cash (used in)/provided by investing activities | (62,867)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | 1,031us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | 23,844us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
| Cash flows from financing activities: | |||
| Repayment of loans payable and other borrowings | (10,447)us-gaap_ProceedsFromRepaymentsOfDebt | (8,352)us-gaap_ProceedsFromRepaymentsOfDebt | 0us-gaap_ProceedsFromRepaymentsOfDebt |
| Repayments of Subordinated Debt | 0us-gaap_RepaymentsOfSubordinatedDebt | (102,822)us-gaap_RepaymentsOfSubordinatedDebt | (315,080)us-gaap_RepaymentsOfSubordinatedDebt |
| Proceeds from issuance of senior notes | 0us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt | 281,699us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt | 426,500us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt |
| Debt issuance costs | 0us-gaap_PaymentsOfDebtIssuanceCosts | 3,188us-gaap_PaymentsOfDebtIssuanceCosts | 9,312us-gaap_PaymentsOfDebtIssuanceCosts |
| Excess income tax benefit from stock-based awards | 2,297us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | 1,891us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | 436us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
| Non-controlling interest acquisition | 0us-gaap_PaymentsToMinorityShareholders | 257us-gaap_PaymentsToMinorityShareholders | 0us-gaap_PaymentsToMinorityShareholders |
| Proceeds from issuance of common stock, net | 110,420us-gaap_ProceedsFromIssuanceOfCommonStock | 0us-gaap_ProceedsFromIssuanceOfCommonStock | 87,113us-gaap_ProceedsFromIssuanceOfCommonStock |
| Proceeds from stock option exercises | 1,042us-gaap_ProceedsFromStockOptionsExercised | 11,601us-gaap_ProceedsFromStockOptionsExercised | 4,267us-gaap_ProceedsFromStockOptionsExercised |
| Net cash provided by financing activities | 103,312us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations | 180,572us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations | 193,924us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
| Net (decrease)/increase in cash and cash equivalents | (170,803)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 103,679us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | (3,155)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
| Cash and cash equivalents, beginning of year | 274,136us-gaap_CashAndCashEquivalentsAtCarryingValue | 170,457us-gaap_CashAndCashEquivalentsAtCarryingValue | 173,612us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Cash and cash equivalents, end of year | $ 103,333us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 274,136us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 170,457us-gaap_CashAndCashEquivalentsAtCarryingValue |
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- Definition
The portion of earnings attributable to the Company from investments in joint ventures. No definition available.
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- Details
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the period in the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in monies given as security or collateral for items acquired or borrowed on a temporary basis. Deposits may also be paid as initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Other cash or noncash adjustments to reconcile net income to cash provided by (used in) operating activities that are not separately disclosed in the statement of cash flows (for example, cash received or cash paid during the current period for miscellaneous operating activities, net change during the reporting period in other assets or other liabilities). No definition available.
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- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow through purchase of long-term held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Cash dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations that are returns of capital. Excludes dividends or distributions from equity method investments classified as operating activities. No definition available.
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- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow or outflow in aggregate debt due to repayments and proceeds from additional borrowings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from the sale or maturity of long-term held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow from the repayment of long-term borrowing where a lender is placed in a lien position behind debt having a higher priority of repayment (senior) in case of liquidation of the entity's assets or underlying collateral. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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