M/I Homes: Common Share Price Perplexing

While the credit storm batters the worldwide markets, M/I Homes' common shares (MHO) have been a floating fortress.  An island of strength in a sea of uncertainty.  What makes this situation more bizarre is their sinking cash position.  As of their June filing, their cash on hand was $2M while long term debt stood at $274M. 

Year to date, the common is up 115%; while the preferred (MHO-A) is essentially flat and trading at about one-half it’s redemption value.  Their bonds (55305BAC5) are also trading at a 20% discount to par and 13% lower than their first print in January.