Business Segments Business Segments (Tables)

9 Months Ended

Sep. 30, 2015

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

The following table shows, by segment: revenue, operating income and interest expense for the three and nine months ended September 30, 2015 and 2014:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2015			2014			2015			2014
Revenue:
Midwest homebuilding	$	128,121		$	118,319		$	331,479		$	283,472
Southern homebuilding	137,185			118,150			341,139			299,472
Mid-Atlantic homebuilding	88,875			86,718			250,546			242,357
Financial services (a)	9,276			7,580			26,308			21,915
Total revenue	$	363,457		$	330,767		$	949,472		$	847,216

Operating income:
Midwest homebuilding (b)	$	13,511		$	12,802		$	33,526		$	26,771
Southern homebuilding	13,860			10,215			30,421			24,741
Mid-Atlantic homebuilding	6,350			6,511			19,376			18,888
Financial services (a)	4,856			3,804			15,425			12,204
Less: Corporate selling, general and administrative expense	(8,457		)	(8,502		)	(23,051		)	(23,126		)
Total operating income	$	30,120		$	24,830		$	75,697		$	59,478

Interest expense:
Midwest homebuilding	$	649		$	450		$	2,536		$	2,211
Southern homebuilding	1,649			968			5,185			3,927
Mid-Atlantic homebuilding	948			829			3,011			2,392
Financial services (a)	412			402			1,138			1,019
Total interest expense	$	3,658		$	2,649		$	11,870		$	9,549

Equity in income of unconsolidated joint ventures	(36		)	(22		)	(248		)	(62		)

Income before income taxes	$	26,498		$	22,203		$	64,075		$	49,991


(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, the impact of charges relating to the impairment of future communities in the Midwest region reduced operating income by $0.6 million. For the nine months ended September 30, 2014, the impact of charges relating to the impairment of operating and future communities in the Midwest region reduced operating income by $0.8 million and $0.6 million, respectively.

The following tables show total assets by segment at September 30, 2015 and December 31, 2014:



	September 30, 2015
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	3,092	$	14,940	$	3,962	$	—	$	21,994
Inventory (a)	366,677		423,588		321,155		—		1,111,420
Investments in unconsolidated joint ventures	5,783		27,499		—		—		33,282
Other assets	10,208		29,001		8,081		192,016		239,306
Total assets	$	385,760	$	495,028	$	333,198	$	192,016	$	1,406,002



	December 31, 2014
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	4,573	$	14,752	$	4,170	$	—	$	23,495
Inventory (a)	303,037		331,938		260,119		—		895,094
Investments in unconsolidated joint ventures	1,764		26,005		—		—		27,769
Other assets	7,933		16,829		7,536		232,754		265,052
Total assets	$	317,307	$	389,524	$	271,825	$	232,754	$	1,211,410


(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.