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Business Segments Business Segments (Tables)
6 Months Ended
Jun. 30, 2018
Business Segments [Abstract]  
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 six months ended June 30, 2018 and 2017, as well as the Company’s income before income taxes for such periods:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2018
 
2017
 
2018
 
2017
Revenue:
 
 
 
 
 
 
 
Midwest homebuilding
$
226,902

 
$
168,469

 
$
385,522

 
$
314,891

Southern homebuilding
237,582

 
178,780

 
427,970

 
328,145

Mid-Atlantic homebuilding
81,738

 
97,749

 
155,561

 
194,635

Financial services (a)
11,876

 
11,868

 
26,902

 
26,175

Total revenue
$
558,098

 
$
456,866

 
$
995,955

 
$
863,846

 
 
 
 
 
 
 
 
Operating income:
 
 
 
 
 
 
 
Midwest homebuilding (b)
$
18,981

 
$
17,984

 
$
31,198

 
$
32,843

Southern homebuilding (c)
19,370

 
4,709

 
34,220

 
13,421

Mid-Atlantic homebuilding
5,106

 
9,588

 
7,698

 
16,841

Financial services (a)
5,938

 
6,860

 
15,478

 
16,090

Less: Corporate selling, general and administrative expense
(10,890
)
 
(10,232
)
 
(18,948
)
 
(18,630
)
Total operating income (b) (c)
$
38,505

 
$
28,909

 
$
69,646

 
$
60,565

 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
Midwest homebuilding
$
1,812

 
$
863

 
$
3,878

 
$
2,240

Southern homebuilding
1,908

 
1,791

 
4,195

 
4,168

Mid-Atlantic homebuilding
473

 
515

 
1,229

 
1,431

Financial services (a)
695

 
665

 
1,464

 
1,333

Total interest expense
$
4,888

 
$
3,834

 
$
10,766

 
$
9,172

 
 
 
 
 
 
 
 
Equity in loss (income) from joint venture arrangements
86

 
(110
)
 
(224
)
 
(127
)
Acquisition and integration costs (d)

 

 
1,700

 

 
 
 
 
 
 
 
 
Income before income taxes
$
33,531

 
$
25,185

 
$
57,404

 
$
51,520

(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 an immaterial amount of mortgage refinancing.
(b)
Includes $3.0 million and $3.9 million of charges related to purchase accounting adjustments taken during the three and six months ended June 30, 2018, respectively, as a result of our acquisition of Pinnacle Homes in Detroit, Michigan on March 1, 2018.
(c)
Includes an $8.5 million charge for stucco-related repair costs in certain of our Florida communities taken during both the three and six months ended June 30, 2017 (as more fully discussed in Note 6 to our financial statements).
(d)
Represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses, and miscellaneous expenses related to our recent acquisition of Pinnacle Homes. As these costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred.
The following tables show total assets by segment at June 30, 2018 and December 31, 2017:
 
June 30, 2018
(In thousands)
Midwest
 
Southern
 
Mid-Atlantic
 
Corporate, Financial Services and Unallocated
 
Total
Deposits on real estate under option or contract
$
5,933

 
$
20,724

 
$
7,163

 
$

 
$
33,820

Inventory (a)
657,154

 
697,404

 
264,090

 

 
1,618,648

Investments in joint venture arrangements
342

 
5,088

 
8,323

 

 
13,753

Other assets
26,288

 
36,977

(b) 
16,440

 
224,614

 
304,319

Total assets
$
689,717

 
$
760,193

 
$
296,016

 
$
224,614

 
$
1,970,540

 
December 31, 2017
(In thousands)
Midwest
 
Southern
 
Mid-Atlantic
 
Corporate, Financial Services and Unallocated
 
Total
Deposits on real estate under option or contract
$
4,933

 
$
20,719

 
$
6,904

 
$

 
$
32,556

Inventory (a)
500,671

 
636,019

 
245,328

 

 
1,382,018

Investments in joint venture arrangements
4,410

 
9,677

 
6,438

 

 
20,525

Other assets
13,573

 
38,784

(b) 
13,311

 
364,004

 
429,672

Total assets
$
523,587

 
$
705,199

 
$
271,981

 
$
364,004

 
$
1,864,771

(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.
(b)
Includes development reimbursements from local municipalities.