M I SCHOTTENSTEIN HOMES INC
EXHIBIT 10.5
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<DESCRIPTION>EXHIBIT 10.5
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                                                                    EXHIBIT 10.5


                                                                       M/I HOMES
                                            AWARD FORMULAS AND PERFORMANCE GOALS
                                                         CHIEF FINANCIAL OFFICER
                                                       EFFECTIVE JANUARY 1, 2003







In accordance with the terms of the M/I Schottenstein Homes Executive Officer
Compensation Plan (the "Plan"), the Executive Officer Compensation Committee
(the "Committee") shall, for each Participant, establish the award formulas and
performance goals (as those terms are defined in the Plan) annually to be
measured to determine the amount of bonus awards for each Plan Year. The
following are the performance goals and award formulas for the 2003 Plan Year
for the Chief Financial Officer. Subject to the maximum limit set forth in the
Plan, the maximum award the Chief Financial Officer is eligible to receive for
the 2003 Plan Year shall be an amount equal to 500% of his 1999 base salary.
This Plan was approved by the stockholders in April 1999.


I.       ACTUAL NET INCOME: In the event the actual net income of the Company is
         at least 50% of budgeted net income, the Chief Financial Officer will
         receive 35% of December 31 base salary. A maximum of 111% will be
         earned at 99% budgeted income achievement; 4% higher than 2002's
         achievement.


II.      CUSTOMER SERVICE: If 92% of the Company's homeowners respond "yes" to
         Question #14 on the related questionnaire, the Chief Financial Officer
         will receive 20% of December 31 base salary. A maximum bonus of 37%
         will be earned at 100% customer satisfaction achievement. If the
         customer response level is less than 92%, and the plan maximum has been
         met, the bonus payment will be reduced by 10%.


III.     RETURN ON EQUITY: If the ROE of the Company is 10%, the Chief Financial
         Officer will receive 10% of December 31 base salary, with the amount
         increasing to a maximum of 37% at a 20% ROE achievement.





PAYMENT
-------

The individual must be employed in this capacity with the Company on the date
bonuses are distributed to receive a bonus. No amounts are considered due or
payable if the employment relationship with the Company is terminated.


ACKNOWLEDGED:



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 Name                                             Date



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