Segment Information

9 Months Ended

Sep. 30, 2013

Segment Information

Segment Information

Note 5.  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. The Company consists of 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, RH Insurance Company, Inc. (“RHIC”) and Columbia National Risk Retention Group, Inc. (“CNRRG”), provides mortgage-related products and services, as well as title, escrow and insurance 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 position 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 1, “Consolidated Financial Statements.”

	THREE MONTHS ENDED						NINE MONTHS ENDED
	SEPTEMBER 30,						SEPTEMBER 30,
(in thousands)	2013			2012			2013			2012
REVENUES
Homebuilding
North	$	178,318		$	118,757		$	421,818		$	266,815
Southeast	159,778			95,527			395,605			230,548
Texas	119,993			87,998			297,543			229,871
West	104,820			46,914			289,435			116,090
Financial services	13,514			9,497			39,697			25,007
Total	$	576,423		$	358,693		$	1,444,098		$	868,331
EARNINGS (LOSS) BEFORE TAXES
Homebuilding
North	$	15,380		$	3,956		$	31,531		$	4,130
Southeast	17,530			5,904			36,887			9,292
Texas	9,928			7,239			23,772			15,548
West	12,392			3,728			30,615			2,840
Financial services	6,017			3,386			17,964			6,975
Corporate and unallocated	(7,261		)	(13,783		)	(20,301		)	(25,137		)
Total	$	53,986		$	10,430		$	120,468		$	13,648

The following table provides the Company’s total assets at September 30, 2013 and December 31, 2012:

	SEPTEMBER 30, 2013
(in thousands)	HOUSING INVENTORIES		OTHER ASSETS		TOTAL ASSETS
Homebuilding
North	$	476,239	$	51,043	$	527,282
Southeast	400,141		28,937		429,078
Texas	288,243		34,911		323,154
West	410,684		30,854		441,538
Financial services	-		153,537		153,537
Corporate and unallocated	-		763,708		763,708
Total	$	1,575,307	$	1,062,990	$	2,638,297
Homebuilding	DECEMBER 31, 2012
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 $31,000 and $2.5 million associated with discontinued operations at September 30, 2013 and December 31, 2012, respectively.