Note 3 - Segment Reporting

6 Months Ended

Jun. 30, 2013

Segment Reporting Disclosure [Text Block]

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 June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
	(Dollars in thousands)
Homebuilding revenues:
California	$	229,008	$	147,087	$	428,198	$	262,457
Southwest		93,017		64,115		172,421		120,234
Southeast		116,656		63,670		195,783		115,883
Total homebuilding revenues	$	438,681	$	274,872	$	796,402	$	498,574
Homebuilding pretax income:
California	$	30,002	$	8,955	$	52,410	$	14,524
Southwest		8,542		2,109		15,053		3,871
Southeast		8,520		814		12,537		764
Total homebuilding pretax income	$	47,064	$	11,878	$	80,000	$	19,159

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

	June 30, 2013		December 31, 2012
	(Dollars in thousands)
Homebuilding assets:
California	$	1,263,547	$	1,192,249
Southwest		589,600		496,902
Southeast		664,061		438,122
Corporate		546,499		842,705
Total homebuilding assets	$	3,063,707	$	2,969,978