Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2021

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


	Three Months Ended March 31,
		2021		2020
Revenues:
Homebuilding Mid Atlantic		$	936,141	$	774,058
Homebuilding North East		162,193		106,136
Homebuilding Mid East		424,952		320,695
Homebuilding South East		440,425		354,818
Mortgage Banking		77,735		26,821
Total consolidated revenues		$	2,041,446	$	1,582,528

Profit before Taxes


	Three Months Ended March 31,
		2021		2020
Income before taxes:
Homebuilding Mid Atlantic		$	129,067	$	81,673
Homebuilding North East		15,227		10,151
Homebuilding Mid East		48,941		31,164
Homebuilding South East		56,665		47,144
Mortgage Banking		59,562		11,879
Total segment profit before taxes		309,462		182,011
Reconciling items:
Contract land deposit recoveries/(impairments) (1)		6,196		(35,615)
Equity-based compensation expense (2)		(14,471)		(7,492)
Corporate capital allocation (3)		61,551		56,650
Unallocated corporate overhead		(39,717)		(37,639)
Consolidation adjustments and other		1,967		9,654
Corporate interest expense		(12,982)		(6,194)
Reconciling items sub-total		2,544		(20,636)
Consolidated income before taxes		$	312,006	$	161,375

(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 increase in equity-based compensation expense for the three-month period ended March 31, 2021 was primarily attributable to the reversal of approximately $7,200 in equity based compensation during the first quarter of 2020 related to stock option forfeitures.

(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 March 31,
		2021		2020
Corporate capital allocation charge:
Homebuilding Mid Atlantic		$	30,596	$	29,755
Homebuilding North East		6,038		5,558
Homebuilding Mid East		10,624		9,363
Homebuilding South East		14,293		11,974
Total		$	61,551	$	56,650

Assets


	March 31, 2021		December 31, 2020
Assets:
Homebuilding Mid Atlantic	$	1,171,850	$	1,140,910
Homebuilding North East	228,644		202,591
Homebuilding Mid East	403,637		377,448
Homebuilding South East	521,124		494,295
Mortgage Banking	407,842		555,278
Total segment assets	2,733,097		2,770,522
Reconciling items:
Cash and cash equivalents	2,753,123		2,714,720
Deferred taxes	134,930		132,980
Intangible assets and goodwill	49,640		49,678
Operating lease right-of-use assets	50,770		53,110
Finance lease right-of-use assets	15,419		15,772
Contract land deposit reserve	(46,008)		(52,205)
Consolidation adjustments and other	129,837		92,564
Reconciling items sub-total	3,087,711		3,006,619
Consolidated assets	$	5,820,808	$	5,777,141