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M I HOMES M / I Homes Reports Third Quarter Results and Announces Entry into Nashville Market Columbus , Ohio ( October 27 , 2021 ) - M / I Homes , Inc. ( NYSE : MHO ) announced results for the three and nine months ended September 30 , 2021 . 2021 Third Quarter Highlights : Revenue increased 7 % to a third quarter record of $ 904.3 million Pre - tax income increased 22 % to $ 116.2 million , a third quarter record , inclusive of a $ 9.1 million charge for early extinguishment of debt ( $ 0.24 per diluted share ) Net income of $ 91.0 million ( $ 3.03 per diluted share ) , a 24 % increase compared to $ 73.5 million ( $ 2.51 per diluted share ) in 2020 Return on equity of 27 % Homes delivered decreased 4 % to 2,045 New contracts were 1,964 , a 33 % decrease ; community count down 15 % at quarter end Backlog units increased 20 % to 5,407 , a third quarter record Backlog sales value increased 40 % to $ 2.5 billion , an all - time record Shareholders ' equity reached an all - time record of $ 1.5 billion , a 31 % increase from a year ago , with book value per share of $ 53 Homebuilding debt to capital of 31 % compared to 36 % at September 30 , 2020 For the third quarter , pre - tax income increased 22 % to a record $ 116.2 million and third quarter net income increased 24 % to $ 91.0 million , or $ 3.03 per diluted share . This compares to pre - tax income of $ 95.1 million and net income of $ 73.5 million , or $ 2.51 per diluted share , for the third quarter of 2020. The third quarter of 2021 includes a $ 9.1 million pre - tax loss on early extinguishment of debt , or $ 0.24 per diluted share . For the nine months ended September 30 , 2021 , net income increased 77 % to $ 283.5 million , or $ 9.46 per diluted share , compared to $ 159.8 million , or $ 5.50 per diluted share , for the same period of 2020 . Homes delivered in 2021's third quarter decreased 4 % to 2,045 , compared to 2,137 homes delivered in 2020's third quarter . Homes delivered for the nine months ended September 30 , 2021 increased 16 % to 6,322 from 5,467 deliveries in the first nine months of 2020. New contracts for the third quarter of 2021 were 1,964 , a 33 % decrease from 2,949 new contracts in 2020. For the first nine months of 2021 , new contracts increased 1 % to 7,340 compared to 7,299 in the first nine months of 2020. Homes in backlog at September 30 , 2021 had a record total sales value of $ 2.5 billion , a 40 % increase from a year ago . Backlog units at September 30 , 2021 increased 20 % to a third quarter record 5,407 homes , with an all - time record average sales price of $ 471,000 . At September 30 , 2020 , backlog sales value was $ 1.8 billion , with backlog units of 4,503 and an average sales price of $ 404,000 . M / I Homes had 176 communities at September 30 , 2021 compared to 207 communities at September 30 , 2020. The Company's cancellation rate was 8 % and 10 % in the third quarter of 2021 and 2020 , respectively .