Segment Disclosures (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Revenues:
Homebuilding Mid Atlantic	$	1,012,056	$	991,077	$	2,875,411	$	2,807,251
Homebuilding North East	120,478		152,858		364,909		423,190
Homebuilding Mid East	406,145		391,933		1,104,603		1,045,458
Homebuilding South East	334,652		273,477		929,062		774,002
Mortgage Banking	37,933		43,062		124,484		119,225
Total consolidated revenues	$	1,911,264	$	1,852,407	$	5,398,469	$	5,169,126

Profit before Taxes

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Income before taxes:
Homebuilding Mid Atlantic	$	124,900		$	115,180		$	348,067		$	318,447
Homebuilding North East	13,164			18,560			36,187			51,041
Homebuilding Mid East	50,210			51,744			125,976			121,129
Homebuilding South East	39,721			31,426			105,582			83,867
Mortgage Banking	22,835			27,183			78,566			69,418
Total segment profit before taxes	250,830			244,093			694,378			643,902
Reconciling items:
Equity-based compensation expense (1)	(20,770		)	(23,586		)	(58,680		)	(51,690		)
Corporate capital allocation (2)	57,887			55,438			168,621			160,091
Unallocated corporate overhead	(27,914		)	(20,424		)	(89,003		)	(74,211		)
Consolidation adjustments and other	13,107			142			33,141			22,173
Corporate interest expense	(5,966		)	(5,953		)	(17,964		)	(17,971		)
Reconciling items sub-total	16,344			5,617			36,115			38,392
Consolidated income before taxes	$	267,174		$	249,710		$	730,493		$	682,294

(1) The increase in equity-based compensation expense for the nine-month period ended September 30, 2019 was primarily attributable to incurring a full nine months of expense for the equity awards granted 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	31,504	$	31,733	$	93,297	$	93,682
Homebuilding North East	5,028		4,565		14,381		13,325
Homebuilding Mid East	9,791		9,541		28,303		26,571
Homebuilding South East	11,564		9,599		32,640		26,513
Total	$	57,887	$	55,438	$	168,621	$	160,091

Assets

	September 30, 2019			December 31, 2018
Assets:
Homebuilding Mid Atlantic	$	1,122,806		$	1,018,953
Homebuilding North East	176,567			144,412
Homebuilding Mid East	322,672			290,815
Homebuilding South East	410,556			332,468
Mortgage Banking	482,146			517,075
Total segment assets	2,514,747			2,303,723
Reconciling items:
Cash and cash equivalents	1,068,172			688,783
Deferred taxes	114,579			112,333
Intangible assets and goodwill	49,872			49,989
Operating lease right-of-use assets	63,505			—
Contract land deposit reserve	(27,644		)	(29,216		)
Consolidation adjustments and other	60,128			40,321
Reconciling items sub-total	1,328,612			862,210
Consolidated assets	$	3,843,359		$	3,165,933