Segment Information

9 Months Ended

Sep. 30, 2012

Segment Information

14. 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 or end users. This segment also includes the Company’s resort and club operations, the purpose of which is to enhance and promote 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 woodfiber, sawtimber and other forest products.

The Company uses income (loss) from continuing operations before equity in 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 the Company’s Form 10-K. Total revenues represent sales to unaffiliated customers, as reported in the Company’s consolidated statements of operations. All significant 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						Nine Months Ended
	September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
OPERATING REVENUES:
Residential real estate	$	23,358		$	16,592		$	53,424		$	40,802
Commercial real estate		4,102			1,450			11,195			2,345
Rural land sales		18,889			517			23,377			3,342
Forestry		9,558			8,186			28,784			78,976
Consolidated operating revenue	$	55,907		$	26,745		$	116,780		$	125,465
Income (loss) from operations before equity in loss of unconsolidated affiliates and income taxes:
Residential real estate	$	248		$	(3,663	)	$	(3,373	)	$	(18,817	)
Commercial real estate		(142	)		(523	)		1,167			(5,295	)
Rural land sales		14,666			307			16,849			2,204
Forestry		3,709			2,593			9,609			57,090
Other		(2,771	)		(2,613	)		(8,602	)		(37,688	)
Consolidated income (loss) from operations before equity in loss of unconsolidated affiliates and income taxes	$	15,710		$	(3,899	)	$	15,650		$	(2,506	)

	September 30, 2012		December 31, 2011
TOTAL ASSETS:
Residential real estate	$	259,723	$	272,210
Commercial real estate		73,002		67,650
Rural land sales		8,449		10,048
Forestry		50,816		58,638
Other		260,725		252,745
Total Assets	$	652,715	$	661,291