Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Revenues

The following tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenues:
Homebuilding Mid Atlantic	$	982,032	$	973,677	$	1,863,356	$	1,816,173
Homebuilding North East	121,804		147,618		244,431		270,332
Homebuilding Mid East	359,908		363,288		698,457		653,525
Homebuilding South East	293,704		265,880		594,410		500,526
Mortgage Banking	42,746		36,842		86,551		76,163
Total consolidated revenues	$	1,800,194	$	1,787,305	$	3,487,205	$	3,316,719

Profit before Taxes

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Income before taxes:
Homebuilding Mid Atlantic	$	123,802		$	112,221		$	223,166		$	203,268
Homebuilding North East	11,563			16,777			23,023			32,481
Homebuilding Mid East	40,291			42,174			75,766			69,385
Homebuilding South East	30,825			29,203			65,861			52,440
Mortgage Banking	26,173			19,685			55,731			42,235
Total segment profit before taxes	232,654			220,060			443,547			399,809
Reconciling items:
Equity-based compensation expense (1)	(18,577		)	(18,595		)	(37,910		)	(28,104		)
Corporate capital allocation (2)	56,177			53,954			110,735			104,653
Unallocated corporate overhead	(29,354		)	(22,503		)	(61,089		)	(53,787		)
Consolidation adjustments and other	9,836			14,701			20,034			22,031
Corporate interest expense	(6,024		)	(6,031		)	(11,998		)	(12,018		)
Reconciling items sub-total	12,058			21,526			19,772			32,775
Consolidated income before taxes	$	244,712		$	241,586		$	463,319		$	432,584

(1) The increase in equity-based compensation expense for the six-month period ended June 30, 2019 was primarily attributable to the equity grant in the second quarter of 2018.

(2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments.  The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	31,378	$	31,501	$	61,794	$	61,949
Homebuilding North East	4,626		4,580		9,353		8,760
Homebuilding Mid East	9,497		9,057		18,512		17,030
Homebuilding South East	10,676		8,816		21,076		16,914
Total	$	56,177	$	53,954	$	110,735	$	104,653

Assets

	June 30, 2019			December 31, 2018
Assets:
Homebuilding Mid Atlantic	$	1,082,646		$	1,018,953
Homebuilding North East	154,143			144,412
Homebuilding Mid East	330,446			290,815
Homebuilding South East	380,499			332,468
Mortgage Banking	537,496			517,075
Total segment assets	2,485,230			2,303,723
Reconciling items:
Cash and cash equivalents	860,956			688,783
Deferred taxes	115,432			112,333
Intangible assets and goodwill	49,911			49,989
Operating lease right-of-use assets	65,027			—
Contract land deposit reserve	(27,892		)	(29,216		)
Consolidation adjustments and other	54,576			40,321
Reconciling items sub-total	1,118,010			862,210
Consolidated assets	$	3,603,240		$	3,165,933