M/I Homes Announces $100 million Increase to Share Repurchase Authorization

Rhea-AI Summary

M/I Homes, Inc. (NYSE:MHO) has announced an increase of $100 million to its existing share repurchase authorization, raising the total amount available to $148.5 million. The original authorization was established in July 2021, with $48.5 million remaining as of December 31, 2021. The company plans to execute these buybacks through various methods, subject to market conditions and legal requirements. Notably, the authorization has no expiration and can be modified or suspended at any time.

Positive

• Increased share repurchase authorization by $100 million, enhancing shareholder value.
• Total repurchase capacity now stands at $148.5 million.

Negative

• None.

COLUMBUS, Ohio, Feb. 17, 2022 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced today that its Board of Directors has approved an increase in its existing share repurchase authorization by an additional $100 million. The Company established its existing $100 million share repurchase authorization in July 2021, and as of December 31, 2021, there was $48.5 million of remaining availability under the authorization. With the increase, the Company has increased the available authorization under the program to purchase up to $148.5 million of its common shares. Such common shares may be purchased through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing and amount of any purchases will be determined by the Company's management at its discretion based on a variety of factors, including the market price of the Company's common shares, business considerations, general market and economic conditions and legal requirements. The authorization has no expiration date and may be modified, discontinued or suspended at any time.

M/I Homes, Inc. is one of the nation's leading builders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.

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," "envisions", "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 any 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, the impact of COVID-19, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, 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 herein will increase with the passage of time.  We undertake 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.

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SOURCE M/I Homes, Inc.

FAQ

What is the new share repurchase authorization for M/I Homes (MHO)?

M/I Homes has increased its share repurchase authorization by $100 million, now totaling $148.5 million.

When was the original share repurchase authorization established for M/I Homes?

The original share repurchase authorization of $100 million was established in July 2021.

How much of the previous share repurchase authorization remained as of December 31, 2021?

As of December 31, 2021, $48.5 million remained available under the previous share repurchase authorization.

What factors will M/I Homes consider for share repurchases?

M/I Homes will determine the timing and amount of share repurchases based on market price, business considerations, and legal requirements.

Does the share repurchase authorization have an expiration date?

No, the share repurchase authorization has no expiration date and may be modified or suspended at any time.