Note 3 - Segment Reporting

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

3. Segment Reporting

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations acquire and develop land and 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 many of 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 services 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 segments 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 segments 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,
	2014		2013		2014		2013
	(Dollars in thousands)
Homebuilding revenues:
California	$	290,899	$	229,008	$	510,378	$	428,198
Southwest		131,590		93,017		238,797		172,421
Southeast		169,997		116,656		303,510		195,783
Total homebuilding revenues	$	592,486	$	438,681	$	1,052,685	$	796,402
Homebuilding pretax income:
California	$	57,566	$	30,002	$	96,119	$	52,410
Southwest		14,274		8,542		24,332		15,053
Southeast		17,440		8,520		28,739		12,537
Total homebuilding pretax income	$	89,280	$	47,064	$	149,190	$	80,000

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

	June 30,		December 31,
	2014		2013
	(Dollars in thousands)
Homebuilding assets:
California	$	1,401,858	$	1,344,605
Southwest		781,667		641,711
Southeast		921,156		785,988
Corporate		505,358		740,950
Total homebuilding assets	$	3,610,039	$	3,513,254