DENVER, July 27, 2023 /PRNewswire/ -- M.D.C Holdings, Inc. (NYSE:MDC), one of the nation's leading homebuilders, announced results for the quarter ended June 30, 2023.
"MDC delivered another quarter of strong results in the second quarter of 2023, generating net income of $93 million, or $1.24 per diluted share, on home sale revenues of $1.1 billion," said MDC's Executive Chairman, Larry Mizel. "Net new orders increased on both a sequential and year-over-year basis in the quarter, thanks in large part to a sales pace of 3.1 homes per community per month. We feel that these results reflect both the health of the new home industry and the strength of our operations."
"The new home market continues to benefit from a lack of existing home supply, which has created a real opportunity for homebuilders to take market share and has helped to stabilize pricing," said David Mandarich, MDC's President and Chief Executive Officer. "We believe this dynamic can continue as long as rates stay at these higher levels, and existing homeowners opt to stay in their current homes. MDC is well positioned to take advantage of these conditions thanks to our focus on affordability and our strong presence in some of the best housing markets in the country."
"Given this favorable industry outlook, we have become more active in the land market, approving the purchase of over 1,300 lots in the second quarter," said Mr. Mizel. "These lots will help us in achieving our growth objectives and improving our size and scale in our markets. With over $1.8 billion in cash and marketable securities at the end of the quarter, we have ample liquidity to both expand our homebuilding operations and continue to fund our industry-leading quarterly dividend, which we just increased to $0.55 per share based on the strength of our results."
Mr. Mizel concluded, "For the first time in over two years, MDC achieved a sequential improvement in the average construction build time for those homes that closed in the quarter. Supply chain conditions and material availability have improved considerably since the pandemic, as we are now projecting a construction build time of under 180 days on homes that we are starting today. The improvement in building conditions, coupled with our increased emphasis on spec inventory, should result in better inventory turns and improved capital efficiency for our company."
2023 Second Quarter Highlights and Comparisons to 2022 Second Quarter
• | Home sale revenues of $1.10 billion compared to $1.45 billion | ||
◦ | Unit deliveries of 2,009 vs. 2,536 | ||
◦ | Average selling price of deliveries of $549,000 vs. $572,000 | ||
• | Homebuilding pretax income of $92.1 million compared to $240.3 million | ||
◦ | Gross margin from home sales of 16.4% vs. 26.8% | ||
◦ | Inventory impairments of $13.5 million in the second quarter of 2023 | ||
◦ | Selling, general and administrative expenses as a percentage of home sale revenues ("SG&A rate") of 9.7% vs. 9.2% | ||
◦ | Project abandonment expense of $0.1 million vs $15.5 million | ||
• | Financial services pretax income of $21.0 million compared to $18.7 million | ||
• | Net income of $93.5 million, or $1.24 per diluted share, compared to $189.5 million, or $2.59 per diluted share | ||
◦ | Effective tax rate of 17.3% vs 26.8% | ||
• | Dollar value of net new orders increased 37% to $1.21 billion from $882.1 million | ||
◦ | Unit gross orders increased 21% to 2,717 from 2,237 | ||
◦ | Cancellations as a percentage of gross orders of 20.2% vs. 37.2% | ||
◦ | Average selling price of gross orders decreased 10% to $552,000 from $617,000 | ||
• | Cash flow from operating activities of $225.8 million compared to $53.0 million | ||
2023 Outlook and Other Selected Information1
• | Projected home deliveries for the 2023 third quarter between 1,850 and 2,000 | ||
◦ | Projected average selling price for 2023 third quarter unit deliveries of approximately $555,000 | ||
◦ | Projected gross margin from home sales for the 2023 third quarter between 18.0% and 19.0% (assuming no impairments or warranty adjustments) | ||
• | Projected home deliveries for the 2023 full year of at least 8,000 | ||
• | Active subdivision count at June 30, 2023 of 232, up 12% year-over-year | ||
• | Lots controlled of 22,309 at June 30, 2023, down 33% year-over-year | ||
• | Quarterly cash dividend of fifty-five cents ($0.55) per share declared on July 24, 2023 | ||
◦ | Consistent record of stable or increasing dividends for nearly 30 years | ||
1 | See "Forward-Looking Statements" below. | ||
About MDC
M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding subsidiaries, which operate under the name Richmond American Homes, have helped more than 240,000 homebuyers achieve the American Dream since 1977. One of the largest homebuilders in the nation, MDC is committed to quality and value that is reflected in each home its subsidiaries build. The Richmond American companies have operations in Alabama, Arizona, California, Colorado, Florida, Idaho, Maryland, Nevada, New Mexico, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia and Washington. Mortgage lending, insurance and title services are offered by the following MDC subsidiaries, respectively: HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company. M.D.C. Holdings, Inc. stock 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, changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by MDC, including 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 June 30, 2023, 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. | |||||||
Three Months Ended | Six Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
(Dollars in thousands, except per share amounts) | |||||||
Homebuilding: | |||||||
Home sale revenues | $ 1,103,470 | $ 1,450,823 | $ 2,123,486 | $ 2,691,343 | |||
Home cost of sales | (908,991) | (1,062,016) | (1,749,738) | (1,983,394) | |||
Inventory impairments | (13,500) | — | (21,300) | (660) | |||
Total cost of sales | (922,491) | (1,062,016) | (1,771,038) | (1,984,054) | |||
Gross profit | 180,979 | 388,807 | 352,448 | 707,289 | |||
Selling, general and administrative expenses | (106,733) | (133,849) | (201,721) | (263,163) | |||
Interest and other income | 17,939 | 822 | 31,398 | 1,577 | |||
Other expense | (127) | (15,509) | 932 | (16,933) | |||
Homebuilding pretax income | 92,058 | 240,271 | 183,057 | 428,770 | |||
Financial Services: | |||||||
Revenues | 32,619 | 36,229 | 62,105 | 65,360 | |||
Expenses | (15,487) | (18,801) | (30,737) | (35,736) | |||
Other income, net | 3,860 | 1,264 | 7,594 | 2,451 | |||
Financial services pretax income | 20,992 | 18,692 | 38,962 | 32,075 | |||
Income before income taxes | 113,050 | 258,963 | 222,019 | 460,845 | |||
Provision for income taxes | (19,557) | (69,421) | (47,826) | (122,882) | |||
Net income | $ 93,493 | $ 189,542 | $ 174,193 | $ 337,963 | |||
Other comprehensive income (loss) net of tax: | |||||||
Unrealized gain (loss) related to available-for-sale debt securities | (233) | — | 90 | — | |||
Other comprehensive income (loss) | (233) | — | 90 | — | |||
Comprehensive income | $ 93,260 | $ 189,542 | $ 174,283 | $ 337,963 | |||
Earnings per share: | |||||||
Basic | $ 1.28 | $ 2.66 | $ 2.38 | $ 4.75 | |||
Diluted | $ 1.24 | $ 2.59 | $ 2.33 | $ 4.61 | |||
Weighted average common shares outstanding: | |||||||
Basic | 72,934,920 | 70,841,476 | 72,793,951 | 70,804,019 | |||
Diluted | 74,956,026 | 72,881,012 | 74,500,489 | 72,945,748 | |||
Dividends declared per share | $ 0.50 | $ 0.50 | $ 1.00 | $ 1.00 | |||
M.D.C. HOLDINGS, INC. | |||
June 30, | December 31, | ||
(Dollars in thousands, except per share amounts) | |||
ASSETS | |||
Homebuilding: | |||
Cash and cash equivalents | $ 1,011,748 | $ 696,075 | |
Restricted cash | 3,503 | 3,143 | |
Marketable securities | 597,152 | 443,712 | |
Trade and other receivables | 67,497 | 116,364 | |
Inventories: | |||
Housing completed or under construction | 1,733,515 | 1,722,061 | |
Land and land under development | 1,411,753 | 1,793,718 | |
Total inventories | 3,145,268 | 3,515,779 | |
Property and equipment, net | 63,014 | 63,730 | |
Deferred tax asset, net | 46,607 | 49,252 | |
Prepaids and other assets | 68,073 | 70,007 | |
Total homebuilding assets | 5,002,862 | 4,958,062 | |
Financial Services: | |||
Cash and cash equivalents | 140,615 | 17,877 | |
Marketable securities | 79,413 | 117,388 | |
Mortgage loans held-for-sale, net | 158,746 | 229,513 | |
Other assets | 31,895 | 40,432 | |
Total financial services assets | 410,669 | 405,210 | |
Total Assets | $ 5,413,531 | $ 5,363,272 | |
LIABILITIES AND EQUITY | |||
Homebuilding: | |||
Accounts payable | $ 133,190 | $ 109,218 | |
Accrued and other liabilities | 341,773 | 383,406 | |
Revolving credit facility | 10,000 | 10,000 | |
Senior notes, net | 1,482,985 | 1,482,576 | |
Total homebuilding liabilities | 1,967,948 | 1,985,200 | |
Financial Services: | |||
Accounts payable and accrued liabilities | 101,329 | 110,536 | |
Mortgage repurchase facility | 123,151 | 175,752 | |
Total financial services liabilities | 224,480 | 286,288 | |
Total Liabilities | 2,192,428 | 2,271,488 | |
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; 74,544,221 and 72,585,596 issued and | 745 | 726 | |
Additional paid-in-capital | 1,812,299 | 1,784,173 | |
Retained earnings | 1,407,969 | 1,306,885 | |
Accumulated other comprehensive income | 90 | — | |
Total Stockholders' Equity | 3,221,103 | 3,091,784 | |
Total Liabilities and Stockholders' Equity | $ 5,413,531 | $ 5,363,272 | |
M.D.C. HOLDINGS, INC. | |||||||
Three Months Ended | Six Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
(Dollars in thousands) | |||||||
Operating Activities: | |||||||
Net income | $ 93,493 | $ 189,542 | $ 174,193 | $ 337,963 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Stock-based compensation expense | 4,787 | 9,911 | 10,285 | 24,793 | |||
Depreciation and amortization | 5,953 | 7,251 | 11,453 | 13,903 | |||
Inventory impairments | 13,500 | — | 21,300 | 660 | |||
Project abandonment costs | 130 | 15,515 | (918) | 16,949 | |||
Amortization of discount of marketable debt securities | (10,384) | — | (18,856) | — | |||
Deferred income tax benefit (expense) | (1) | 365 | 2,616 | 1,207 | |||
Net changes in assets and liabilities: | |||||||
Trade and other receivables | 1,353 | (5,655) | 57,221 | (22,332) | |||
Mortgage loans held-for-sale, net | 7,506 | (2,156) | 70,767 | 92,459 | |||
Housing completed or under construction | (149,176) | (191,114) | (13,595) | (468,301) | |||
Land and land under development | 248,259 | 2,030 | 364,133 | 109,351 | |||
Prepaids and other assets | (2,207) | 14,704 | 1,263 | (5,775) | |||
Accounts payable and accrued and other liabilities | 12,552 | 12,612 | (27,933) | 70,183 | |||
Net cash provided by operating activities | 225,765 | 53,005 | 651,929 | 171,060 | |||
Investing Activities: | |||||||
Purchases of marketable securities | (231,116) | — | (665,490) | — | |||
Maturities of marketable securities | 374,000 | 569,000 | — | ||||
Purchases of property and equipment | (5,164) | (6,814) | (10,550) | (13,698) | |||
Net cash provided by (used in) investing activities | 137,720 | (6,814) | (107,040) | (13,698) | |||
Financing Activities: | |||||||
Payments on mortgage repurchase facility, net | (7,376) | (2,666) | (52,601) | (80,735) | |||
Dividend payments | (36,566) | (35,580) | (73,109) | (71,163) | |||
Issuance of shares under stock-based compensation programs, net | 31,332 | (58) | 19,592 | (12,686) | |||
Net cash used in financing activities | (12,610) | (38,304) | (106,118) | (164,584) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 350,875 | 7,887 | 438,771 | (7,222) | |||
Cash, cash equivalents and restricted cash: | |||||||
Beginning of period | 804,991 | 588,350 | 717,095 | 603,459 | |||
End of period | $ 1,155,866 | $ 596,237 | $ 1,155,866 | $ 596,237 | |||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||
Homebuilding: | |||||||
Cash and cash equivalents | $ 1,011,748 | $ 475,254 | $ 1,011,748 | $ 475,254 | |||
Restricted cash | 3,503 | 5,994 | 3,503 | 5,994 | |||
Financial Services: | |||||||
Cash and cash equivalents | 140,615 | 114,989 | 140,615 | 114,989 | |||
Total cash, cash equivalents and restricted cash | $ 1,155,866 | $ 596,237 | $ 1,155,866 | $ 596,237 | |||
New Home Deliveries | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2023 | 2022 | % Change | |||||||||||||||
Homes | Home Sale Revenues | Average Price | Homes | Home Sale Revenues | Average Price | Homes | Home Sale Revenues | Average | |||||||||
(Dollars in thousands) | |||||||||||||||||
West | 1,162 | $ 616,559 | $ 530.6 | 1,371 | $ 788,279 | $ 575.0 | (15) % | (22) % | (8) % | ||||||||
Mountain | 539 | 346,070 | 642.1 | 665 | 437,001 | 657.1 | (19) % | (21) % | (2) % | ||||||||
East | 308 | 140,841 | 457.3 | 500 | 225,543 | 451.1 | (38) % | (38) % | 1 % | ||||||||
Total | 2,009 | $ 1,103,470 | $ 549.3 | 2,536 | $ 1,450,823 | $ 572.1 | (21) % | (24) % | (4) % | ||||||||
Six Months Ended June 30, | |||||||||||||||||
2023 | 2022 | % Change | |||||||||||||||
Homes | Home Sale Revenues | Average Price | Homes | Home Sale Revenues | Average Price | Homes | Home Sale Revenues | Average | |||||||||
(Dollars in thousands) | |||||||||||||||||
West | 2,226 | $ 1,194,492 | $ 536.6 | 2,614 | $ 1,495,590 | $ 572.1 | (15) % | (20) % | (6) % | ||||||||
Mountain | 1,026 | 647,225 | 630.8 | 1,213 | 772,129 | 636.5 | (15) % | (16) % | (1) % | ||||||||
East | 608 | 281,769 | 463.4 | 942 | 423,624 | 449.7 | (35) % | (33) % | 3 % | ||||||||
Total | 3,860 | $ 2,123,486 | $ 550.1 | 4,769 | $ 2,691,343 | $ 564.3 | (19) % | (21) % | (3) % | ||||||||
Net New Orders | |||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | % Change | |||||||||||||||||||||
Homes | Dollar Value | Average Price | Monthly Absorption Rate 1 | Homes | Dollar | Average | Monthly Absorption | Homes | Dollar | Average | Monthly Absorption Rate | ||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
West | 1,341 | $ 761,926 | $ 568.2 | 3.20 | 857 | $ 543,584 | $ 634.3 | 2.45 | 56 % | 40 % | (10) % | 31 % | |||||||||||
Mountain | 474 | 286,350 | 604.1 | 2.85 | 277 | 196,340 | 708.8 | 1.79 | 71 % | 46 % | (15) % | 59 % | |||||||||||
East | 352 | 158,164 | 449.3 | 3.17 | 270 | 142,221 | 526.7 | 2.63 | 30 % | 11 % | (15) % | 21 % | |||||||||||
Total | 2,167 | $ 1,206,440 | $ 556.7 | 3.10 | 1,404 | $ 882,145 | $ 628.3 | 2.31 | 54 % | 37 % | (11) % | 34 % | |||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | % Change | |||||||||||||||||||||
Homes | Dollar Value | Average Price | Monthly Absorption Rate 1 | Homes | Dollar | Average | Monthly Absorption | Homes | Dollar | Average | Monthly Absorption Rate | ||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
West | 2,353 | $ 1,337,435 | $ 568.4 | 2.84 | 2,561 | $ 1,574,372 | $ 614.7 | 3.91 | (8) % | (15) % | (8) % | (27) % | |||||||||||
Mountain | 884 | 528,139 | 597.4 | 2.66 | 1,197 | 799,482 | 667.9 | 3.76 | (26) % | (34) % | (11) % | (29) % | |||||||||||
East | 697 | 313,257 | 449.4 | 3.12 | 797 | 399,780 | 501.6 | 3.73 | (13) % | (22) % | (10) % | (17) % | |||||||||||
Total | 3,934 | $ 2,178,831 | $ 553.8 | 2.85 | 4,555 | $ 2,773,634 | $ 608.9 | 3.83 | (14) % | (21) % | (9) % | (26) % | |||||||||||
1 | 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 | Average Active Subdivisions | ||||||||||||||||
Active Subdivisions | Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | % | June 30, | % | June 30, | % | ||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||
West | 142 | 122 | 16 % | 140 | 117 | 20 % | 138 | 109 | 27 % | ||||||||
Mountain | 56 | 51 | 10 % | 56 | 52 | 8 % | 55 | 53 | 4 % | ||||||||
East | 34 | 34 | — % | 37 | 34 | 9 % | 37 | 36 | 3 % | ||||||||
Total | 232 | 207 | 12 % | 233 | 203 | 15 % | 230 | 198 | 16 % | ||||||||
Backlog | |||||||||||||||||
June 30, | |||||||||||||||||
2023 | 2022 | % Change | |||||||||||||||
Homes | Dollar Value | Average Price | Homes | Dollar Value | Average Price | Homes | Dollar Value | Average Price | |||||||||
(Dollars in thousands) | |||||||||||||||||
West | 2,018 | $ 1,163,697 | $ 576.7 | 4,163 | $ 2,438,184 | $ 585.7 | (52) % | (52) % | (2) % | ||||||||
Mountain | 573 | 385,027 | 671.9 | 2,158 | 1,450,194 | 672.0 | (73) % | (73) % | — % | ||||||||
East | 457 | 214,658 | 469.7 | 1,105 | 549,721 | 497.5 | (59) % | (61) % | (6) % | ||||||||
Total | 3,048 | $ 1,763,382 | $ 578.5 | 7,426 | $ 4,438,099 | $ 597.6 | (59) % | (60) % | (3) % | ||||||||
Homes Completed or Under Construction (WIP lots) | |||||
June 30, | % | ||||
2023 | 2022 | Change | |||
Unsold: | |||||
Completed | 184 | 46 | 300 % | ||
Under construction | 1,971 | 607 | 225 % | ||
Total unsold started homes | 2,155 | 653 | 230 % | ||
Sold homes under construction or completed | 2,691 | 7,007 | (62) % | ||
Model homes under construction or completed | 558 | 524 | 6 % | ||
Total homes completed or under construction | 5,404 | 8,184 | (34) % | ||
Lots Owned and Optioned (including homes completed or under construction) | |||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||
Lots Owned | Lots Optioned | Total | Lots Owned | Lots Optioned | Total | Total % Change | |||||||
West | 10,795 | 687 | 11,482 | 15,027 | 1,963 | 16,990 | (32) % | ||||||
Mountain | 4,552 | 1,637 | 6,189 | 6,696 | 2,961 | 9,657 | (36) % | ||||||
East | 3,197 | 1,441 | 4,638 | 4,111 | 2,372 | 6,483 | (28) % | ||||||
Total | 18,544 | 3,765 | 22,309 | 25,834 | 7,296 | 33,130 | (33) % | ||||||
Selling, General and Administrative Expenses | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||
(Dollars in thousands) | |||||||||||
General and administrative expenses | $ 52,205 | $ 72,894 | $ (20,689) | $ 94,981 | $ 144,877 | $ (49,896) | |||||
General and administrative expenses as a percentage of | 4.7 % | 5.0 % | -30 bps | 4.5 % | 5.4 % | -90 bps | |||||
Marketing expenses | $ 22,637 | $ 26,035 | $ (3,398) | $ 45,733 | $ 51,667 | $ (5,934) | |||||
Marketing expenses as a percentage of home sale | 2.1 % | 1.8 % | 30 bps | 2.2 % | 1.9 % | 30 bps | |||||
Commissions expenses | $ 31,891 | $ 34,920 | $ (3,029) | $ 61,007 | $ 66,619 | $ (5,612) | |||||
Commissions expenses as a percentage of home sale | 2.9 % | 2.4 % | 50 bps | 2.9 % | 2.5 % | 40 bps | |||||
Total selling, general and administrative expenses | $ 106,733 | $ 133,849 | $ (27,116) | $ 201,721 | $ 263,163 | $ (61,442) | |||||
Total selling, general and administrative expenses as a | 9.7 % | 9.2 % | 50 bps | 9.5 % | 9.8 % | -30 bps | |||||
Capitalized Interest | |||||||
Three Months Ended | Six Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
(Dollars in thousands) | |||||||
Homebuilding interest incurred | $ 17,450 | $ 17,382 | $ 34,904 | $ 34,640 | |||
Less: Interest capitalized | (17,450) | (17,382) | (34,904) | (34,640) | |||
Homebuilding interest expensed | $ — | $ — | $ — | $ — | |||
Interest capitalized, beginning of period | $ 61,310 | $ 60,468 | $ 59,921 | $ 58,054 | |||
Plus: Interest capitalized during period | 17,450 | 17,382 | 34,904 | 34,640 | |||
Less: Previously capitalized interest included in home cost of sales | (16,807) | (15,681) | (32,872) | (30,525) | |||
Interest capitalized, end of period | $ 61,953 | $ 62,169 | $ 61,953 | $ 62,169 | |||
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SOURCE M.D.C. Holdings, Inc.