Discontinued Operations

12 Months Ended

Dec. 31, 2012

Discontinued Operations

Discontinued Operations

Note M: Discontinued Operations

During 2011, the Company discontinued 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 period amounts have been reclassified to conform to the 2012 presentation.

BALANCE SHEETS

	DECEMBER 31,
(in thousands)		2012		2011
Assets
Cash and cash equivalents	$	27	$	56
Housing inventories		2,239		30,670
Other assets		214		4,598
Total assets of discontinued operations		2,480		35,324
Liabilities
Accounts payable and accrued liabilities		1,536		6,217
Total liabilities of discontinued operations	$	1,536	$	6,217

The Company's net loss from discontinued operations totaled $2.0 million, $20.9 million and $4.4 million for the years ended December 31, 2012, 2011 and 2010, respectively.