Attached files
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| 8-K/A - AMENDMENT NO. 1 TO 8-K - M.D.C. HOLDINGS, INC. | d476885d8ka.htm |
M.D.C. HOLDINGS, INC.
Consolidated Statements of Operations and Comprehensive Income
| Three Months Ended December 31, |
Year Ended December 31, |
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| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Homebuilding: |
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| Home sale revenues |
$ | 389,141 | $ | 230,732 | $ | 1,150,998 | $ | 805,164 | ||||||||
| Land sale revenues |
1,724 | 8,360 | 5,144 | 11,859 | ||||||||||||
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| Total home sale and land revenues |
390,865 | 239,092 | 1,156,142 | 817,023 | ||||||||||||
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| Home cost of sales |
(323,179 | ) | (196,140 | ) | (973,120 | ) | (686,661 | ) | ||||||||
| Land cost of sales |
(1,613 | ) | (8,314 | ) | (4,823 | ) | (10,796 | ) | ||||||||
| Inventory impairments |
(1,105 | ) | (283 | ) | (1,105 | ) | (12,965 | ) | ||||||||
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| Total cost of sales |
(325,897 | ) | (204,737 | ) | (979,048 | ) | (710,422 | ) | ||||||||
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| Gross margin |
64,968 | 34,355 | 177,094 | 106,601 | ||||||||||||
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| Selling, general and administrative expenses |
(49,160 | ) | (35,934 | ) | (167,295 | ) | (179,105 | ) | ||||||||
| Interest income |
6,747 | 6,631 | 23,398 | 26,068 | ||||||||||||
| Interest expense |
— | (1,200 | ) | (808 | ) | (20,842 | ) | |||||||||
| Other income (expense) |
(364 | ) | (22,365 | ) | 228 | (43,350 | ) | |||||||||
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| Homebuilding pretax income (loss) |
22,191 | (18,513 | ) | 32,617 | (110,628 | ) | ||||||||||
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| Financial Services: |
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| Revenues |
14,908 | 8,111 | 46,881 | 26,086 | ||||||||||||
| Expenses |
(8,186 | ) | (10,244 | ) | (21,645 | ) | (26,306 | ) | ||||||||
| Interest and other income |
938 | 870 | 3,262 | 3,376 | ||||||||||||
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| Financial services pretax income (loss) |
7,660 | (1,263 | ) | 28,498 | 3,156 | |||||||||||
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| Income (loss) before income taxes |
29,851 | (19,776 | ) | 61,115 | (107,472 | ) | ||||||||||
| Benefit (provision) for income taxes |
(181 | ) | 955 | 1,584 | 9,082 | |||||||||||
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| Net income (loss) |
$ | 29,670 | $ | (18,821 | ) | $ | 62,699 | $ | (98,390 | ) | ||||||
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| Other comprehensive income (loss): |
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| Unrealized gain related to available-for-sale securities |
1,133 | 6,781 | 12,078 | (12,124 | ) | |||||||||||
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| Comprehensive income (loss) |
$ | 30,803 | $ | (12,040 | ) | $ | 74,777 | $ | (110,514 | ) | ||||||
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| Earnings (loss) per share: |
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| Basic |
$ | 0.60 | $ | (0.40 | ) | $ | 1.29 | $ | (2.12 | ) | ||||||
| Diluted |
$ | 0.59 | $ | (0.40 | ) | $ | 1.28 | $ | (2.12 | ) | ||||||
| Weighted Average Common Shares Outstanding: |
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| Basic |
48,140,725 | 47,011,311 | 47,660,629 | 46,796,334 | ||||||||||||
| Diluted |
48,865,996 | 47,011,311 | 48,064,839 | 46,796,334 | ||||||||||||
| Dividends declared per share |
$ | 1.25 | $ | 0.25 | $ | 2.00 | $ | 1.00 | ||||||||
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