M/I Homes Inc. (MHO, Financial) filed Quarterly Report for the period ended 2011-03-31.
M/i Homes Inc. has a market cap of $247.75 million; its shares were traded at around $13.29 with and P/S ratio of 0.4.
Income Tax Receivable. Income tax receivable consists of tax refunds that the Company expects to receive within one year. As of March 31, 2011 and December 31, 2010, the Company had $1.2 million and $1.0 million, respectively of income tax receivable.
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M/i Homes Inc. has a market cap of $247.75 million; its shares were traded at around $13.29 with and P/S ratio of 0.4.
Highlight of Business Operations:
Self-insurance. Self-insurance accruals are made for estimated liabilities associated with employee health care, workers' compensation, and general liability insurance. For 2011, our self-insurance limit for employee health care was $250,000 per claim per year, with stop loss insurance covering amounts in excess of $250,000. Our workers compensation claims are insured by a third party and carry a deductible of $250,000 per claim, with maximum incurred losses not to exceed $350,000, except for claims made in the state of Ohio where the Company is self-insured. Our self-insurance limit for Ohio workers compensation is $450,000 per claim, with stop loss insurance covering all amounts in excess of this limit. The accruals related to employee health care and workers' compensation are based on historical experience and open case reserves. Our general liability claims are insured by a third party; the Company generally has a $7.5 million deductible per occurrence and a $30.0 million deductible in the aggregate, with lower deductibles for certain types of claims. The Company records a general liability accrual for claims falling below the Company's deductible. The general liability accrual estimate is based on an actuarial evaluation of our past history of claims, other industry specific factors and specific event analysis. The Company recorded expenses totaling $0.6 million and $1.2 million, respectively, for all self-insured and general liability claims during the three months ended March 31, 2011 and 2010. For the three months ended March 31, 2010, this included $0.6 million of charges related to defective imported drywall. Because of the high degree of judgment required in determining these estimated accrual amounts, actual future costs could differ from our current estimated amounts. Please see Note 9 to our Unaudited Condensed Consolidated Financial Statements for more information regarding expenses relating to defective drywall.Income Tax Receivable. Income tax receivable consists of tax refunds that the Company expects to receive within one year. As of March 31, 2011 and December 31, 2010, the Company had $1.2 million and $1.0 million, respectively of income tax receivable.
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