Note 3 - Segment Reporting

3 Months Ended

Mar. 31, 2013

Segment Reporting Disclosure [Text Block]

3.        Segment Reporting

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations construct and sell single-family attached and detached homes.  In accordance with the aggregation criteria defined in ASC Topic 280, Segment Reporting, our homebuilding operating segments have been grouped into three reportable segments: California; Southwest, consisting of our operating divisions in Arizona, Texas, Colorado and Nevada; and Southeast, consisting of our operating divisions in Florida and the Carolinas.

Our mortgage financing operation provides mortgage financing to our homebuyers in substantially all of the markets in which we operate, and sells substantially all of the loans it originates in the secondary mortgage market.  Our title service operation provides title examinations for our homebuyers in Texas.  Our mortgage financing and title services operations are included in our financial services reportable segment, which is separately reported in our condensed consolidated financial statements under “Financial Services.”

Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating divisions by centralizing key administrative functions such as accounting, finance and treasury, information technology, insurance and risk management, litigation, marketing and human resources.  Corporate also provides the necessary administrative functions to support us as a publicly traded company.  All of the expenses incurred by Corporate are allocated to each of our operating divisions based on their respective percentage of revenues.

Segment financial information relating to the Company’s homebuilding operations was as follows:

	Three Months Ended March 31,
	2013		2012
	(Dollars in thousands)
Homebuilding revenues:
California	$	199,190	$	115,370
Southwest		79,404		56,119
Southeast		79,127		52,213
Total homebuilding revenues	$	357,721	$	223,702
Homebuilding pretax income (loss):
California	$	22,408	$	5,569
Southwest		6,511		1,762
Southeast		4,017		(50	)
Total homebuilding pretax income (loss)	$	32,936	$	7,281

Segment financial information relating to the Company’s homebuilding assets was as follows:

	March 31, 2013		December 31, 2012
	(Dollars in thousands)
Homebuilding assets:
California	$	1,196,747	$	1,192,249
Southwest		537,567		496,902
Southeast		476,896		438,122
Corporate		771,870		842,705
Total homebuilding assets	$	2,983,080	$	2,969,978