Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations

Discontinued Operations

Note M: Discontinued Operations

During 2011, the Company discontinued its future homebuilding operations in its Jacksonville and Dallas divisions. The Company intends to complete all homes currently under contract and to sell its remaining available land in these divisions as part of a strategic plan designed to efficiently manage its invested capital. The results of operations and cash flows for Jacksonville and Dallas, which were historically reported in the Company's Southeast and Texas segments, respectively, have been classified as discontinued operations. Additionally, the assets and liabilities related to these discontinued operations were presented separately in "Assets of discontinued operations" and "Liabilities of discontinued operations" within the Consolidated Balance Sheets. All prior periods have been reclassified to conform to the current year's presentation.

BALANCE SHEETS

	DECEMBER 31,
(in thousands)		2011		2010
Assets
Cash	$	56	$	39
Housing inventories		30,670		47,187
Other assets		4,598		3,438
Total assets of discontinued operations		35,324		50,664
Liabilities
Accounts payable, accrued liabilities and secured notes payable		6,217		4,351
Total liabilities of discontinued operations	$	6,217	$	4,351

The Company's net loss from discontinued operations totaled $20.9 million, $4.4 million and $19.1 million for the years ended December 31, 2011, 2010 and 2009, respectively.