Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information

Segment Information

10. Segment Information

     The Company's reportable operating segments are residential real estate, commercial real estate, rural land sales and forestry. The residential real estate segment primarily develops and sells homesites to builders. This segment also includes the Company's resort and club operations, the purpose of which is to enhance the desirability of the Company's residential real estate. The commercial real estate segment sells and leases developed and undeveloped lands. The rural land sales segment primarily sells parcels of land included in the Company's timberland holdings. The forestry segment produces and sells pine wood fiber, sawtimber and other forest products.

     The Company uses income (loss) from continuing operations before equity in income (loss) of unconsolidated affiliates, income taxes and noncontrolling interest for purposes of making decisions about allocating resources to each segment and assessing each segment's performance, which the Company believes represents current performance measures.

     The accounting policies of the segments are the same as those described above in the summary of significant accounting policies herein and in our Form 10-K. Total revenues represent sales to unaffiliated customers, as reported in the Company's consolidated statements of operations. All intercompany transactions have been eliminated. The caption entitled "Other" consists of corporate general and administrative expenses, net of investment income.

     

Information by business segment is as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Operating Revenues:
Residential real estate	$	16,445		$	12,986		$	24,210		$	18,497
Commercial real estate		598			59			895			447
Rural land sales		75			1,186			2,825			2,172
Forestry		8,166			7,804			70,790			14,219
Consolidated operating revenues	$	25,284		$	22,035		$	98,720		$	35,335
Income (loss) from continuing operations before equity in loss of unconsolidated affiliates and income taxes :
Residential real estate	$	(6,308	)	$	(7,156	)	$	(15,154	)	$	(18,400	)
Commercial real estate		(2,906	)		(1,320	)		(4,772	)		(1,754	)
Rural land sales		(388	)		710			1,897			401
Forestry		1,753			2,162			54,497			3,632
Other		(12,424	)		(9,115	)		(35,074	)		(16,234	)
Consolidated income (loss) from continuing operations before equity in loss of unconsolidated affiliates and income taxes	$	(20,273	)	$	(14,719	)	$	1,394		$	(32,355	)

	June 30, 2011		December 31, 2010
Total Assets:
Residential real estate	$	638,467	$	639,460
Commercial real estate		78,387		72,581
Rural land sales		7,894		7,964
Forestry		58,468		61,756
Other		283,329		269,934
Total Assets	$	1,066,545	$	1,051,695