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M / I HOMES M / I Homes Reports 2021 Second Quarter Results and $ 100 million Share Repurchase Authorization Columbus , Ohio ( July 28 , 2021 ) - M / I Homes , Inc. ( NYSE : MHO ) announced results for the three and six months ended June 30 , 2021 , and a $ 100 million share repurchase authorization . 2021 Second Quarter Highlights : • New contracts were 2,267 , a second quarter record • Backlog units increased 49 % to 5,488 , an all - time record • Backlog sales value reached $ 2.5 billion , an all - time record • Homes delivered increased 23 % to 2,258 , an all - time quarterly record • Revenue increased 35 % to $ 961.0 million , an all - time quarterly record • Pre - tax income increased 97 % to $ 141.3 million , an all - time quarterly record • • • Net income of $ 107.6 million ( $ 3.58 per diluted share ) , a 97 % increase compared to $ 54.5 million ( $ 1.89 per diluted share ) in 2020 Shareholders ' equity reached an all - time record of $ 1.5 billion , a 34 % increase from a year ago , with book value per share of $ 50 Homebuilding debt to capital of 31 % compared to 37 % at June 30 , 2020 • Return on equity improved to 27 % For the second quarter , pre - tax income increased 97 % to a record $ 141.3 million and net income increased 97 % to $ 107.6 million , or $ 3.58 per diluted share . This compares to pre - tax income of $ 71.7 million and net income of $ 54.5 million , or $ 1.89 per diluted share , for the second quarter of 2020. For the six months ended June 30 , 2021 , net income increased 123 % to $ 192.5 million , or $ 6.43 per diluted share , compared to $ 86.3 million , or $ 2.98 per diluted share , for the same period of 2020 . Homes delivered in 2021's second quarter increased 23 % to 2,258 . This compares to 1,835 homes delivered in 2020's second quarter . Homes delivered for the six months ended June 30 , 2021 increased 28 % to 4,277 from 2020's deliveries of 3,330 . New contracts for the second quarter of 2021 were 2,267 compared to 2,261 in 2020 . For the first six months of 2021 , new contracts increased 24 % to 5,376 compared to 4,350 in 2020. Homes in backlog at June 30 , 2021 had a total sales value of $ 2.5 billion , a 71 % increase from a year ago . Backlog units at June 30 , 2021 increased 49 % to 5,488 homes , with an average sales price of $ 454,000 . At June 30 , 2020 , backlog sales value was $ 1.5 billion , with backlog units of 3,691 and an average sales price of $ 396,000 . M / I Homes had 175 active communities at June 30 , 2021 compared to 220 communities at June 30 , 2020. The Company's cancellation rate was 7 % in the second quarter of 2021 compared to 14 % in the second quarter of 2020 . The Company also announced that its Board of Directors has approved a $ 100 million share repurchase authorization , replacing its existing $ 50 million share repurchase authorization . From August 14 , 2018 through July 27 , 2021 , the Company repurchased approximately 1.4 million shares for an aggregate purchase price of $ 32.8 million .