Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2020

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,
	2020		2019		2020		2019
Revenues:
Homebuilding Mid Atlantic	$	839,845	$	982,032	$	1,613,903	$	1,863,356
Homebuilding North East	98,219		121,804		204,355		244,431
Homebuilding Mid East	299,955		359,908		620,650		698,457
Homebuilding South East	350,739		293,704		705,557		594,410
Mortgage Banking	31,610		42,746		58,431		86,551
Total consolidated revenues	$	1,620,368	$	1,800,194	$	3,202,896	$	3,487,205

Profit before Taxes

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Income before taxes:
Homebuilding Mid Atlantic	$	98,067	$	123,802	$	179,740	$	223,166
Homebuilding North East	6,658		11,563		16,809		23,023
Homebuilding Mid East	27,302		40,291		58,466		75,766
Homebuilding South East	42,765		30,825		89,909		65,861
Mortgage Banking	15,692		26,173		27,571		55,731
Total segment profit before taxes	190,484		232,654		372,495		443,547
Reconciling items:
Contract land deposit reserve adjustment (1)	(460)		374		(36,075)		1,324
Equity-based compensation expense (2)	(14,434)		(18,577)		(21,926)		(37,910)
Corporate capital allocation (3)	59,870		56,177		116,521		110,735
Unallocated corporate overhead	(23,288)		(29,354)		(60,927)		(61,089)
Consolidation adjustments and other	6,803		9,462		16,456		18,710
Corporate interest expense	(9,144)		(6,024)		(15,338)		(11,998)
Reconciling items sub-total	19,347		12,058		(1,289)		19,772
Consolidated income before taxes	$	209,831	$	244,712	$	371,206	$	463,319

(1)This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2.

(2)The decrease in equity-based compensation expense for the three and six-month periods ended June 30, 2020 was primarily attributable to stock options issued in 2014 under the 2014 Equity Incentive Plan becoming fully vested in 2019. In addition, stock compensation expense for the six-month period ended June 30, 2020 was favorably impacted by higher stock option forfeitures during 2020.

(3)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,
	2020		2019		2020		2019
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	31,581	$	31,378	$	61,336	$	61,794
Homebuilding North East	5,790		4,626		11,349		9,353
Homebuilding Mid East	9,687		9,497		19,050		18,512
Homebuilding South East	12,812		10,676		24,786		21,076
Total	$	59,870	$	56,177	$	116,521	$	110,735

Assets

	June 30, 2020		December 31, 2019
Assets:
Homebuilding Mid Atlantic	$	1,148,688	$	1,024,996
Homebuilding North East	189,076		166,860
Homebuilding Mid East	346,232		293,773
Homebuilding South East	444,593		400,979
Mortgage Banking	384,576		560,407
Total segment assets	2,513,165		2,447,015
Reconciling items:
Cash and cash equivalents	1,982,890		1,110,892
Deferred taxes	121,526		115,731
Intangible assets and goodwill	49,756		49,834
Operating lease right-of-use assets	57,701		63,825
Contract land deposit reserve	(63,647)		(27,572)
Consolidation adjustments and other	68,629		50,090
Reconciling items sub-total	2,216,855		1,362,800
Consolidated assets	$	4,730,020	$	3,809,815