MHO-2011.12-31-Exh 99.1






Exhibit 99.1







M/I Homes Reports 
Fourth Quarter and Year-End Results 


Columbus, Ohio (February 2, 2012) - M/I Homes, Inc. (NYSE:MHO) announced results for its fourth quarter and year ended December 31, 2011.


2011 Fourth Quarter Results:
		
	•
	Adjusted pre-tax income from operations of $1.4 million


		
	•
	New contracts increased 10%


		
	•
	Homes delivered increased 3%


		
	•
	Adjusted operating gross margin percentage of 18.4% vs. 16.1%  in 2010's fourth quarter


		
	•
	Backlog units and value increased 27% and 34%, respectively


		
	•
	Net loss of $3.0 million, after $4.5 million of asset impairments


		
	•
	Adjusted EBITDA of $10.7 million


		
	•
	Cash balance of $101.1 million, including $51.0 million of unrestricted cash


		
	•
	Net debt to net capital ratio of 42%


 
For the 2011 fourth quarter, the Company reported a net loss of $3.0 million, or $0.16 per share.  The loss consists primarily of $1.4 million of adjusted pre-tax income from operations, offset by $4.5 million of asset impairments.  In 2010's fourth quarter, the Company reported a net loss of $11.1 million, or $0.60 per share, consisting primarily of a $2.4 million adjusted pre-tax loss from operations and an $8.4 million loss on the early retirement of senior notes due in 2012.  The Company reported a net loss of $33.9 million for the year ended December 31, 2011, or $1.81 per share, compared to a net loss of $26.3 million, or $1.42 per share for 2010.  The current year loss consists primarily of a $10.9 million adjusted pre-tax loss from operations and $23.0 million of asset impairments.  For the year ended December 31, 2010, the Company had a $7.7 million adjusted pre-tax loss from operations; $13.2 million of asset impairments; and an $8.4 million loss on the early retirement of debt.  
 
New contracts increased 10% in 2011's fourth quarter to 505 compared to 460 in 2010's same period.  For the year, new contracts increased 3% from 2,316 in 2010 to 2,381 for the twelve months ended December 31, 2011. M/I Homes had 122 active communities at December 31, 2011 compared to 110 a year-ago.  The Company's cancellation rate was 23% in the fourth quarter of 2011, compared to 25% in 2010's fourth quarter and for the year it was 19%.  


Homes delivered in 2011's fourth quarter were 667 compared to 650 in 2010's fourth quarter.  Homes delivered for the twelve months ended December 31, 2011 decreased 6% to 2,278 compared to 2010's deliveries of 2,434.  The sales value of homes in backlog at December 31, 2011 was $181 million, with backlog units of 676 and an average sales price of $267,000.  The backlog of homes at December 31, 2010 had a sales value of $135 million, with backlog units of 532 and an average sales price of $254,000. 
 
Robert H. Schottenstein, Chief Executive Officer and President, commented, “We are very pleased to report positive adjusted pre-tax income from operations of $1.4 million for the fourth quarter.  This represents a significant improvement 









from the operating loss in last year's fourth quarter and continues a trend of quarter-by-quarter improvement in our operating results for the year.  The improvement in our performance is due to a number of factors including controlling costs, improved operating efficiencies and better gross margins. Specifically, with respect to margins, our adjusted gross margin for the fourth quarter was 18.4% and improved sequentially in each quarter during the year.  This improvement, which is 230 basis points better than last year's fourth quarter, is largely due to a strategic shift in our mix of  communities towards newer, better performing locations.  We opened 46 new communities during 2011 and increased our community count by 11% during the year, with our Southern and Mid-Atlantic region community count increasing by 47% and 17%, respectively.  For the quarter, nearly 70% of our deliveries came from new communities (i.e., those opened for sale since January, 2009). We are also pleased to report a 10% increase in new contracts for the quarter and that we ended the year with units in backlog 27% higher than a year ago, representing our highest year-end backlog unit level since 2007. In addition, we posted our tenth consecutive quarter of positive EBITDA.” 
 
Mr. Schottenstein continued, “Our financial condition remains strong.  We ended the year with $101 million in cash, a 42% net debt to capital ratio, and no outstanding borrowings under our $140 million credit facility. And, we are pleased to report that earlier this week, we finalized an extension of our credit facility, extending its maturity by 18 months to December 2014.” 
 
Mr. Schottenstein concluded, "As we begin 2012, housing forecasts are increasingly more positive with many suggesting that market conditions have finally bottomed. Clearly, there appears to be a greater sense of optimism. We remain relentlessly focused on returning to profitability and will continue to manage accordingly."


The Company will broadcast live its earnings conference call today at 4:00 p.m. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the “Investors” section of the site, and select “Listen to the Conference Call.”  A replay of the call will continue to be available on our website through February 2013.


M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having delivered over 80,000 homes.  The Company's homes are marketed and sold under the trade names M/I Homes, Showcase Homes and TriStone Homes.  The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Chicago, Illinois; Indianapolis, Indiana; Tampa and Orlando, Florida; Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.


Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities and various governmental rules and regulations, as more fully discussed in the Risk Factors section in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. 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. The Company undertakes no duty to publicly update 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 presentations should be consulted.
 
In this press release, we use the following non-GAAP financial measures:  adjusted operating gross margin, adjusted operating gross margin percentage, adjusted pre-tax income (loss) from operations, and adjusted EBITDA. For these measures, we have provided reconciliations to the most comparable GAAP measures along with an explanation of the usefulness of the non-GAAP measures. Please see the “Non-GAAP Financial Results / Reconciliations” table below.
 
Contact M/I Homes, Inc.
Phillip G. Creek, Executive Vice President, Chief Financial Officer, (614) 418-8011









Ann Marie W. Hunker, Vice President, Controller, (614) 418-8225
Kevin C. Hake, Senior Vice President, Treasurer (614) 418-8227









M/I Homes, Inc. and Subsidiaries
Summary Operating Results (Unaudited)
(Dollars in thousands, except per share amounts)


	
																
	 
	Three Months Ended
	 
	Twelve Months Ended

	 
	December 31,
	 
	December 31,

	 
	2011
	 
	2010
	 
	2011
	 
	2010

	New contracts
	505
	

	 
	460
	

	 
	2,381
	

	 
	2,316
	


	Average community count
	121
	

	 
	109
	

	 
	116
	

	 
	108
	


	Cancellation rate
	23
	%
	 
	25
	%
	 
	19
	%
	 
	20
	%

	Backlog units
	 
	 
	 
	 
	676
	

	 
	532
	


	Backlog value
	 
	 
	 
	 
	$
	180,655
	

	 
	$
	135,246
	


	 
	 
	 
	 
	 
	 
	 
	 

	Homes delivered
	667
	

	 
	650
	

	 
	2,278
	

	 
	2,434
	


	Average home closing price
	$
	257
	

	 
	$
	246
	

	 
	$
	242
	

	 
	$
	247
	


	 
	 
	 
	 
	 
	 
	 
	 

	Homebuilding revenue:
	 
	 
	 
	 
	 
	 
	 

	   Housing revenue
	$
	171,687
	

	 
	$
	160,216
	

	 
	$
	550,848
	

	 
	$
	600,732
	


	   Land revenue
	—
	

	 
	1,322
	

	 
	1,110
	

	 
	1,408
	


	Total homebuilding revenue
	$
	171,687
	

	 
	$
	161,538
	

	 
	$
	551,958
	

	 
	$
	602,140
	


	 
	 
	 
	 
	 
	 
	 
	 

	   Financial services revenue
	5,099
	

	 
	3,437
	

	 
	14,466
	

	 
	14,237
	


	 
	 
	 
	 
	 
	 
	 
	 

	Total revenue
	$
	176,786
	

	 
	$
	164,975
	

	 
	$
	566,424
	

	 
	$
	616,377
	


	 
	 
	 
	 
	 
	 
	 
	 

	Cost of sales - operations
	144,244
	

	 
	138,378
	

	 
	467,130
	

	 
	513,218
	


	Cost of sales - impairment / other
	3,980
	

	 
	1,332
	

	 
	21,993
	

	 
	10,728
	


	Gross margin
	28,562
	

	 
	25,265
	

	 
	77,301
	

	 
	92,431
	


	General and administrative expense
	14,600
	

	 
	14,357
	

	 
	52,664
	

	 
	53,958
	


	Selling expense
	12,913
	

	 
	11,602
	

	 
	43,534
	

	 
	48,084
	


	Operating profit (loss)
	1,049
	

	 
	(694
	)
	 
	(18,897
	)
	 
	(9,611
	)

	Loss on extinguishment of debt
	—
	

	 
	8,378
	

	 
	—
	

	 
	8,378
	


	Interest expense
	4,121
	

	 
	3,243
	

	 
	15,005
	

	 
	9,415
	


	Loss before income taxes
	(3,072
	)
	 
	(12,315
	)
	 
	(33,902
	)
	 
	(27,404
	)

	Benefit for income taxes
	(96
	)
	 
	(1,258
	)
	 
	(25
	)
	 
	(1,135
	)

	Net loss
	(2,976
	)
	 
	(11,057
	)
	 
	(33,877
	)
	 
	(26,269
	)

	Net loss per share
	$
	(0.16
	)
	 
	$
	(0.60
	)
	 
	$
	(1.81
	)
	 
	$
	(1.42
	)

	 
	 
	 
	 
	 
	 
	 
	 

	Weighted average shares outstanding:
	 
	 
	 
	 
	 
	 
	 

	Basic
	18,736
	

	 
	18,523
	

	 
	18,698
	

	 
	18,523
	


	Diluted
	18,736
	

	 
	18,523
	

	 
	18,698
	

	 
	18,523
	














M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)


	
								
	 
	As of

	 
	December 31,

	 
	2011
	 
	2010

	Assets:
	 
	 
	 

	Total cash and cash equivalents(1)
	$
	101,127
	

	 
	$
	123,131
	


	Mortgage loans held for sale
	57,275
	

	 
	43,312
	


	Inventory:
	 
	 
	 

	Lots, land and land development
	242,372
	

	 
	262,960
	


	Homes under construction
	181,483
	

	 
	151,524
	


	Other inventory
	42,917
	

	 
	36,452
	


	Total inventory
	$
	466,772
	

	 
	$
	450,936
	


	 
	 
	 
	 

	Property and equipment - net
	14,358
	

	 
	16,554
	


	Investments in unconsolidated joint ventures
	10,357
	

	 
	10,589
	


	Income tax receivable
	592
	

	 
	994
	


	Other assets(2)
	14,004
	

	 
	16,378
	


	Total Assets
	$
	664,485
	

	 
	$
	661,894
	


	 
	 
	 
	 

	Liabilities:
	 
	 
	 

	Debt - Homebuilding Operations:
	 
	 
	 

	Senior notes
	$
	239,016
	

	 
	$
	238,610
	


	Notes payable - other
	5,801
	

	 
	5,853
	


	Total Debt - Homebuilding Operations
	$
	244,817
	

	 
	$
	244,463
	


	 
	 
	 
	 

	Note payable bank - financial services operations
	52,606
	

	 
	32,197
	


	Total Debt
	$
	297,423
	

	 
	$
	276,660
	


	 
	 
	 
	 

	Accounts payable
	41,256
	

	 
	29,030
	


	Other liabilities
	52,456
	

	 
	52,713
	


	Total Liabilities
	$
	391,135
	

	 
	$
	358,403
	


	 
	 
	 
	 

	Shareholders' Equity
	273,350
	

	 
	303,491
	


	Total Liabilities and Shareholders' Equity
	$
	664,485
	

	 
	$
	661,894
	


	 
	 
	 
	 

	Book value per common share
	$
	9.25
	

	 
	$
	10.99
	


	Net debt/net capital ratio(3)
	42
	%
	 
	34
	%




		
	(1)
	2011 and 2010 amounts include $50.1 million and $41.9 million of restricted cash and cash held in escrow, respectively.


		
	(2)
	2011 and 2010 amounts include gross deferred tax assets of $140.8 million and $127.9 million, respectively, net of valuation allowances of $140.8 million and $127.9 million, respectively.


		
	(3)
	Net debt/net capital ratio is calculated as total debt minus total cash and cash equivalents, divided by the sum of total debt minus total cash and cash equivalents plus shareholders' equity.











M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
(Dollars in thousands)


	
																
	 
	Three Months Ended
	 
	Twelve Months Ended

	 
	December 31,
	 
	December 31,

	 
	2011
	 
	2010
	 
	2011
	 
	2010

	 
	 
	 
	 
	 
	 
	 
	 

	Adjusted operating gross margin(1)
	$
	32,542
	

	 
	$
	26,597
	

	 
	$
	99,294
	

	 
	$
	103,159
	


	Adjusted operating gross margin %
	18.4
	%
	 
	16.1
	%
	 
	17.5
	%
	 
	16.7
	%

	 
	 
	 
	 
	 
	 
	 
	 

	Adjusted pre-tax income (loss) from operations(1)
	$
	1,442
	

	 
	$
	(2,382
	)
	 
	$
	(10,935
	)
	 
	$
	(7,678
	)

	 
	 
	 
	 
	 
	 
	 
	 

	Adjusted EBITDA(1)
	$
	10,702
	

	 
	$
	6,588
	

	 
	$
	23,344
	

	 
	$
	26,551
	


	 
	 
	 
	 
	 
	 
	 
	 

	Cash flow (used in) provided by operating activities
	$
	(18,197
	)
	 
	$
	5,685
	

	 
	$
	(42,763
	)
	 
	$
	(37,302
	)

	Cash provided by (used in) investing activities
	$
	1,399
	

	 
	$
	(3,810
	)
	 
	$
	(9,324
	)
	 
	$
	(22,361
	)

	Cash provided by (used in) financing activities
	$
	20,960
	

	 
	$
	35,439
	

	 
	$
	21,870
	

	 
	$
	30,941
	


	 
	 
	 
	 
	 
	 
	 
	 

	Land/lot purchases
	$
	15,696
	

	 
	$
	16,730
	

	 
	$
	72,312
	

	 
	$
	110,746
	


	Land development spending
	$
	11,460
	

	 
	$
	12,579
	

	 
	$
	44,942
	

	 
	$
	42,228
	


	Land/lot sale proceeds
	$
	—
	

	 
	$
	1,322
	

	 
	$
	1,110
	

	 
	$
	1,408
	


	 
	 
	 
	 
	 
	 
	 
	 

	Financial services pre-tax income
	$
	2,128
	

	 
	$
	1,065
	

	 
	$
	5,687
	

	 
	$
	5,564
	


	 
	 
	 
	 
	 
	 
	 
	 

	Deferred tax asset valuation allowance
	$
	(1,293
	)
	 
	$
	5,113
	

	 
	$
	(12,950
	)
	 
	$
	10,797
	







Impairment and Abandonments by Region
(Dollars in thousands)


	
																
	 
	Three Months Ended
	 
	Twelve Months Ended

	 
	December 31,
	 
	December 31,

	Impairment by Region:
	2011
	 
	2010
	 
	2011
	 
	2010

	Midwest
	$
	2,015
	

	 
	$
	552
	

	 
	$
	13,457
	

	 
	$
	3,665
	


	Southern
	149
	

	 
	657
	

	 
	6,703
	

	 
	4,374
	


	Mid-Atlantic
	1,816
	

	 
	123
	

	 
	1,833
	

	 
	4,499
	


	Total
	$
	3,980
	

	 
	$
	1,332
	

	 
	$
	21,993
	

	 
	$
	12,538
	


	 
	 
	 
	 
	 
	 
	 
	 

	Abandonments by Region:
	 
	 
	 
	 
	 
	 
	 

	Midwest
	$
	298
	

	 
	$
	104
	

	 
	$
	441
	

	 
	$
	198
	


	Southern
	33
	

	 
	65
	

	 
	89
	

	 
	160
	


	Mid-Atlantic
	203
	

	 
	54
	

	 
	444
	

	 
	262
	


	Total
	$
	534
	

	 
	$
	223
	

	 
	$
	974
	

	 
	$
	620
	





		
	(1)
	See “Non-GAAP Financial Results / Reconciliations” table below.















M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results / Reconciliations
(Dollars in thousands)


	
																
	 
	Three Months Ended
	 
	Twelve Months Ended

	 
	December 31,
	 
	December 31,

	 
	2011
	 
	2010
	 
	2011
	 
	2010

	Gross margin
	$
	28,562
	

	 
	$
	25,265
	

	 
	$
	77,301
	

	 
	$
	92,431
	


	Add: Impairments
	3,980
	

	 
	1,332
	

	 
	21,993
	

	 
	12,538
	


	       Imported drywall charges
	—
	

	 
	—
	

	 
	—
	

	 
	(1,810
	)

	Adjusted operating gross margin
	$
	32,542
	

	 
	$
	26,597
	

	 
	$
	99,294
	

	 
	$
	103,159
	


	 
	 
	 
	 
	 
	 
	 
	 

	Loss before income taxes
	$
	(3,072
	)
	 
	$
	(12,315
	)
	 
	$
	(33,902
	)
	 
	$
	(27,404
	)

	Add: Impairments and abandonments
	4,514
	

	 
	1,555
	

	 
	22,967
	

	 
	13,158
	


	      Imported drywall charges
	—
	

	 
	—
	

	 
	—
	

	 
	(1,810
	)

	      Other loss
	—
	

	 
	8,378
	

	 
	—
	

	 
	8,378
	


	Adjusted pre-tax income (loss) from operations
	$
	1,442
	

	 
	$
	(2,382
	)
	 
	$
	(10,935
	)
	 
	$
	(7,678
	)

	 
	 
	 
	 
	 
	 
	 
	 

	Net loss
	$
	(2,976
	)
	 
	$
	(11,057
	)
	 
	$
	(33,877
	)
	 
	$
	(26,269
	)

	Add (subtract):
	 
	 
	 
	 
	 
	 
	 

	Income taxes
	(96
	)
	 
	(1,258
	)
	 
	(25
	)
	 
	(1,135
	)

	Interest expense net of interest income
	3,752
	

	 
	2,941
	

	 
	13,889
	

	 
	8,202
	


	Interest amortized to cost of sales
	3,277
	

	 
	3,435
	

	 
	10,949
	

	 
	13,339
	


	Depreciation and amortization
	1,889
	

	 
	1,962
	

	 
	7,574
	

	 
	8,067
	


	 Other loss
	—
	

	 
	8,378
	

	 
	—
	

	 
	8,378
	


	Non-cash charges
	4,856
	

	 
	2,187
	

	 
	24,834
	

	 
	15,969
	


	Adjusted EBITDA
	$
	10,702
	

	 
	$
	6,588
	

	 
	$
	23,344
	

	 
	$
	26,551
	







Adjusted operating gross margin, adjusted operating gross margin percentage, adjusted pre-tax (loss) income from operations and adjusted EBITDA are non-GAAP financial measures. Management finds these measures to be useful in evaluating the Company's performance because they disclose the financial results generated from homes the Company actually delivered during the period, as the asset impairments and certain other write-offs relate, in part, to inventory that was not delivered during the period. They also assist the Company's management in making strategic decisions regarding the Company's future operations. The Company believes investors will also find these measures to be important and useful because they disclose financial  measures that can be compared to a prior period without regard to the variability of asset impairments and certain other write-offs and unusual charges. In addition, to the extent that the Company's competitors provide similar information, disclosure of these measures helps readers of the Company's financial statements compare the Company's financial results to the results of its competitors with regard to the homes they deliver in the same period. Because these measures are not calculated in accordance with GAAP, they may not be completely comparable to similarly titled measures of the Company's competitors due to potential differences in methods of calculation and charges being excluded.  Due to the significance of the GAAP components excluded, such measures should not be considered in isolation or as an alternative to operating performance measures prescribed by GAAP.  Adjusted EBITDA is also presented in accordance with the terms of our revolving credit facility. 











M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data




	
																		
	 
	NEW CONTRACTS

	 
	Three Months Ended
	 
	Twelve Months Ended

	 
	December 31,
	 
	December 31,

	 
	 
	 
	 
	 
	%
	 
	 
	 
	 
	 
	%

	Region
	2011
	 
	2010
	 
	Change
	 
	2011
	 
	2010
	 
	Change

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Midwest
	196
	

	 
	221
	

	 
	(11
	)%
	 
	1,042
	

	 
	1,215
	

	 
	(14
	)%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Southern
	156
	

	 
	96
	

	 
	63
	 %
	 
	607
	

	 
	461
	

	 
	32
	 %

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Mid-Atlantic
	153
	

	 
	143
	

	 
	7
	 %
	 
	732
	

	 
	640
	

	 
	14
	 %

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total
	505
	

	 
	460
	

	 
	10
	 %
	 
	2,381
	

	 
	2,316
	

	 
	3
	 %






	
																		
	 
	HOMES DELIVERED

	 
	Three Months Ended
	 
	Twelve Months Ended

	 
	December 31,
	 
	December 31,

	 
	 
	 
	 
	 
	%
	 
	 
	 
	 
	 
	%

	Region
	2011
	 
	2010
	 
	Change
	 
	2011
	 
	2010
	 
	Change

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Midwest
	250
	

	 
	329
	

	 
	(24
	)%
	 
	991
	

	 
	1,296
	

	 
	(24
	)%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Southern
	176
	

	 
	106
	

	 
	66
	 %
	 
	571
	

	 
	429
	

	 
	33
	 %

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Mid-Atlantic
	241
	

	 
	215
	

	 
	12
	 %
	 
	716
	

	 
	709
	

	 
	1
	 %

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total
	667
	

	 
	650
	

	 
	3
	 %
	 
	2,278
	

	 
	2,434
	

	 
	(6
	)%






	
																						
	 
	BACKLOG

	 
	December 31, 2011
	 
	December 31, 2010

	 
	 
	 
	Dollars
	 
	Average
	 
	 
	 
	Dollars
	 
	Average

	Region
	Units
	 
	(millions)
	 
	Sales Price
	 
	Units
	 
	(millions)
	 
	Sales Price

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Midwest
	387
	

	 
	$
	100
	

	 
	$
	259,000
	

	 
	336
	

	 
	$
	83
	

	 
	$
	247,000
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Southern
	164
	

	 
	$
	40
	

	 
	$
	241,000
	

	 
	87
	

	 
	$
	19
	

	 
	$
	218,000
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Mid-Atlantic
	125
	

	 
	$
	41
	

	 
	$
	328,000
	

	 
	109
	

	 
	$
	33
	

	 
	$
	304,000
	


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total
	676
	

	 
	$
	181
	

	 
	$
	267,000
	

	 
	532
	

	 
	$
	135
	

	 
	$
	254,000
	







	
															
	 
	LAND POSITION SUMMARY

	 
	December 31, 2011
	 
	 
	December 31, 2010

	 
	Lots
	Lots Under
	 
	 
	 
	Lots
	Lots Under
	 

	Region
	Owned
	Contract
	Total
	 
	 
	Owned
	Contract
	Total

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Midwest
	3,903
	

	795
	

	4,698
	

	 
	 
	4,184
	

	1,318
	

	5,502
	


	 
	 
	 
	 
	 
	 
	 
	 
	 

	Southern
	1,460
	

	964
	

	2,424
	

	 
	 
	1,384
	

	209
	

	1,593
	


	 
	 
	 
	 
	 
	 
	 
	 
	 

	Mid-Atlantic
	1,794
	

	1,437
	

	3,231
	

	 
	 
	2,043
	

	1,032
	

	3,075
	


	 
	 
	 
	 
	 
	 
	 
	 
	 

	Total
	7,157
	

	3,196
	

	10,353
	

	 
	 
	7,611
	

	2,559
	

	10,170