Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
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