Business Segments Business Segments (Tables)

9 Months Ended

Sep. 30, 2012

Business Segments [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following table shows, by segment, revenue, operating income (loss) and interest expense for the three and nine months ended September 30, 2012 and 2011, as well as the Company’s loss before income taxes for such periods:

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2012			2011			2012			2011
Revenue:
Midwest homebuilding	$	79,015		$	58,941		$	198,994		$	168,291
Southern homebuilding	50,828			35,281			123,400			84,117
Mid-Atlantic homebuilding	72,649			44,530			172,977			127,863
Financial services	6,383			2,872			15,623			9,367
Total revenue	$	208,875		$	141,624		$	510,994		$	389,638
Operating income (loss):
Midwest homebuilding (a)	$	3,940		$	1,364		$	9,012		$	(6,925	)
Southern homebuilding (a)	6,144			(203		)	9,837			(6,895		)
Mid-Atlantic homebuilding (a)	5,787			1,909			9,496			4,959
Financial services	3,960			969			8,606			4,203
Less: Corporate selling, general and administrative expenses	(7,380		)	(5,490		)	(17,508		)	(15,288		)
Total operating income (loss)	$	12,451		$	(1,451	)	$	19,443		$	(19,946	)
Interest expense:
Midwest homebuilding	$	1,243		$	1,291		$	4,181		$	4,612
Southern homebuilding	999			768			2,543			1,965
Mid-Atlantic homebuilding	1,342			1,122			4,248			3,663
Financial services	415			203			1,094			644
Total interest expense	$	3,999		$	3,384		$	12,066		$	10,884
Income (loss) before income taxes	$	8,452		$	(4,835	)	$	7,377		$	(30,830	)

(a) For the three months ended September 30, 2012 and 2011, the impact of charges relating to the impairment of inventory and investment in Unconsolidated LLCs and the write-off of abandoned land transaction costs was $1.3 million and $1.8 million, respectively. These charges reduced operating income by $1.3 million and $1.2 million in the Midwest region for the three months ended September 30, 2012 and 2011, respectively, and $0.6 million in the Southern region for the three months ended September 30, 2011. There were no charges in the Mid-Atlantic or Southern regions for the three months ended September 30, 2012 or any charges in the Mid-Atlantic region for the three months ended September 30, 2011.

For the nine months ended September 30, 2012 and 2011, the impact of charges relating to the impairment of inventory and investment in Unconsolidated LLCs and the write-off of abandoned land transaction costs was $2.1 million and $18.5 million, respectively. These charges reduced operating income by $1.9 million and $11.6 million in the Midwest region, $0.1 million and $6.6 million in the Southern region and $0.1 million and $0.3 million in the Mid-Atlantic region for the nine months ended September 30, 2012 and 2011, respectively.

The following tables show total assets by segment:

	September 30, 2012
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	1,274	$	2,675	$	2,255	$	—	$	6,204
Inventory (a)	203,947		126,524		207,196		—		537,667
Investments in Unconsolidated LLCs	5,255		6,001		—		—		11,256
Other assets	5,710		4,434		11,044		240,977		262,165
Total assets	$	216,186	$	139,634	$	220,495	$	240,977	$	817,292

	December 31, 2011
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	252	$	1,516	$	907	$	—	$	2,675
Inventory (a)	200,760		89,586		173,751		—		464,097
Investments in Unconsolidated LLCs	5,157		5,200		—		—		10,357
Other assets	3,865		2,858		9,861		170,772		187,356
Total assets	$	210,034	$	99,160	$	184,519	$	170,772	$	664,485

(a) Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.