Business Segments Business Segments (Tables)

9 Months Ended

Sep. 30, 2014

Business Segments [Abstract]

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

The following table shows, by segment: revenue; operating income; interest expense; and income before income taxes for the three and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2014			2013			2014			2013
Revenue:
Midwest homebuilding	$	118,319		$	82,689		$	283,472		$	222,890
Southern homebuilding	118,150			96,275			299,472			216,181
Mid-Atlantic homebuilding	86,718			89,550			242,357			239,061
Financial services (a)	7,580			6,681			21,915			22,343
Total revenue	$	330,767		$	275,195		$	847,216		$	700,475
Operating income:
Midwest homebuilding (b)	$	12,802		$	5,114		$	26,771		$	11,696
Southern homebuilding (b)	10,215			8,271			24,741			15,222
Mid-Atlantic homebuilding (b)	6,511			8,433			18,888			18,961
Financial services (a)	3,804			3,827			12,204			13,451
Less: Corporate selling, general and administrative expense	(8,502		)	(6,996		)	(23,126		)	(19,663		)
Total operating income	$	24,830		$	18,649		$	59,478		$	39,667
Interest expense:
Midwest homebuilding	$	450		$	1,023		$	2,211		$	3,852
Southern homebuilding	968			1,405			3,927			4,510
Mid-Atlantic homebuilding	829			659			2,392			2,809
Financial services (a)	402			362			1,019			1,015
Total interest expense	$	2,649		$	3,449		$	9,549		$	12,186
Equity in income of unconsolidated joint ventures	(22		)	(278		)	(62		)	(278		)
Loss on early extinguishment of debt	—			1,726			—			1,726
Income before income taxes	$	22,203		$	13,752		$	49,991		$	26,033

(a) Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of a small amount of mortgage re-financing.

(b) For the three months ended September 30, 2014, operating income was reduced by $0.6 million related to the impairment of future communities in the Midwest region. For the nine months ended September 30, 2014, operating income was reduced by $0.8 million related to the impairment of operating communities in the Midwest region and $0.6 million related to the impairment of future communities in the Midwest region. For the three months ended September 30, 2013, operating income was reduced by $0.5 million related to the impairment of operating communities in the Midwest region and $1.7 million related to the impairment of future communities in the Midwest region. For the nine months ended September 30, 2013, operating income was reduced by $0.5 million related to the impairment of operating communities, $2.5 million related to the impairment of future communities, and $1.3 million related to the impairment of land held for sale in the Midwest region. There were no impairment charges in the Mid-Atlantic or Southern regions for the three and nine months ended September 30, 2014 and 2013.

The following tables show total assets by segment at September 30, 2014 and December 31, 2013:

	September 30, 2014
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	4,671	$	12,332	$	4,635	$	—	$	21,638
Inventory (a)	310,559		315,169		246,598		—		872,326
Investments in unconsolidated joint ventures	2,980		37,789		—		—		40,769
Other assets	10,806		23,995		11,069		212,551		258,421
Total assets	$	329,016	$	389,285	$	262,302	$	212,551	$	1,193,154

	December 31, 2013
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	2,003	$	7,107	$	5,255	$	—	$	14,365
Inventory (a)	248,218		236,505		191,847		—		676,570
Investments in unconsolidated joint ventures	5,331		29,935		—		—		35,266
Other assets	10,571		982		11,050		361,372		383,975
Total assets	$	266,123	$	274,529	$	208,152	$	361,372	$	1,110,176

(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.