Segment Information

12 Months Ended

Dec. 31, 2013

Segment Information

Segment Information

Note B: Segment Information

The Company is a leading national homebuilder and provider of mortgage-related financial services. As one of the largest single-family on-site homebuilders in the United States, it operates in 17 states across the country. In accordance with ASC No. 280 ("ASC 280"), "Segment Reporting," the Company has identified six reportable segments: four geographically determined homebuilding regions (North, Southeast, Texas and West); financial services; and corporate. The homebuilding segments specialize in the sale and construction of single-family attached and detached housing. The Company's financial services segment, which includes RMC, RHIC and CNRRG, provides mortgage-related products and services, as well as title and escrow services, to its homebuyers. Corporate is a nonoperating business segment with the sole purpose of supporting operations. In order to best reflect the Company's financial condition and results of operations, certain corporate expenses are allocated to the homebuilding and financial services segments, along with certain assets and liabilities relating to employee benefit plans.

The Company evaluates performance and allocates resources based on a number of factors, including segment pretax earnings and risk. The accounting policies of the segments are the same as those described in Note A, "Summary of Significant Accounting Policies."

Selected Segment Information

	YEAR ENDED DECEMBER 31,
(in thousands)		2013			2012			2011
REVENUES
Homebuilding
North	$	617,550		$	393,238		$	299,595
Southeast		597,933			355,621			218,672
Texas		448,828			323,162			262,321
West		425,064			198,826			82,016
Financial services		51,380			37,619			26,927
Total	$	2,140,755		$	1,308,466		$	889,531
EARNINGS (LOSS) BEFORE TAXES
Homebuilding
North	$	52,440		$	11,602		$	(9,054	)
Southeast		65,510			18,566			(11,676	)
Texas		39,030			22,984			9,243
West		46,546			10,732			(5,326	)
Financial services		20,068			13,142			5,739
Corporate and unallocated		(27,903	)		(33,059	)		(21,658	)
Total	$	195,691		$	43,967		$	(32,732	)
DEPRECIATION AND AMORTIZATION
Homebuilding
North	$	5,819		$	4,710		$	3,527
Southeast		5,629			4,308			3,145
Texas		3,960			2,834			2,610
West		4,569			2,984			1,295
Financial services		175			78			181
Corporate and unallocated		365			485			554
Total	$	20,517		$	15,399		$	11,312

The following table provides the Company's total assets at December 31, 2013 and 2012:

	DECEMBER 31, 2013
(in thousands)		HOUSING INVENTORIES		OTHER ASSETS		TOTAL ASSETS
Homebuilding
North	$	464,777	$	48,314	$	513,091
Southeast		397,237		24,143		421,380
Texas		290,018		37,310		327,328
West		497,751		30,248		527,999
Financial services		–		193,652		193,652
Corporate and unallocated		–		796,862		796,862
Total	$	1,649,783	$	1,130,529	$	2,780,312

	DECEMBER 31, 2012
Homebuilding
North	$	378,523	$	29,818	$	408,341
Southeast		292,288		22,755		315,043
Texas		174,153		22,244		196,397
West		232,454		41,596		274,050
Financial services		–		157,781		157,781
Corporate and unallocated		–		579,827		579,827
Total	$	1,077,418	$	854,021	$	1,931,439

Additionally, the Company had assets of $30,000 and $2.5 million associated with discontinued operations at December 31, 2013 and 2012, respectively.