Note 3 - Segment Reporting

12 Months Ended

Dec. 31, 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 280, 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 and Florida. Our mortgage financing and title services operations are included in our financial services reportable segment, which is separately reported in our 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 divisions based on their respective percentage of revenues. 

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

	Year Ended December 31,
	2014		2013		2012
	(Dollars in thousands)
Homebuilding revenues:
California	$	1,154,847	$	1,006,572	$	699,672
Southwest		583,555		411,967		248,421
Southeast		672,776		496,070		288,865
Total homebuilding revenues	$	2,411,178	$	1,914,609	$	1,236,958
Homebuilding pretax income:
California	$	215,259	$	164,805	$	46,491
Southwest		58,630		42,792		12,852
Southeast		66,232		38,672		8,302
Total homebuilding pretax income	$	340,121	$	246,269	$	67,645

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

	December 31,
	2014		2013
	(Dollars in thousands)
Homebuilding assets:
California	$	1,542,584	$	1,344,605
Southwest		826,489		641,711
Southeast		1,060,343		785,988
Corporate		517,701		740,950
Total homebuilding assets	$	3,947,117	$	3,513,254