Segment Information, Nature of Operations, and Certain Concentrations (Tables)

12 Months Ended

Dec. 31, 2012

Revenues

	Year Ended December 31,
	2012		2011		2010
Revenues:
Homebuilding Mid Atlantic	$	1,877,905	$	1,582,826	$	1,780,521
Homebuilding North East		278,715		221,146		287,561
Homebuilding Mid East		630,367		549,384		632,377
Homebuilding South East		334,257		257,839		280,299
Mortgage Banking		63,406		47,954		61,134
Total consolidated revenues	$	3,184,650	$	2,659,149	$	3,041,892

Profit

	Year Ended December 31,
	2012			2011			2010
Profit:
Homebuilding Mid Atlantic	$	189,089		$	148,373		$	209,496
Homebuilding North East		21,529			13,463			25,090
Homebuilding Mid East		39,847			27,194			56,882
Homebuilding South East		20,674			14,162			10,870
Mortgage Banking		38,135			26,102			35,704
Total segment profit		309,274			229,294			338,042
Contract land deposit reserve adjustment (1)		5,333			(2,878	)		16,206
Equity-based compensation expense (2)		(64,841	)		(64,473	)		(53,136	)
Corporate capital allocation (3)		91,507			71,226			65,971
Unallocated corporate overhead (4)		(70,258	)		(45,355	)		(55,992	)
Consolidation adjustments and other		10,858			20,477			15,848
Corporate interest expense (5)		(6,796	)		(715	)		(4,546	)
Reconciling items sub-total		(34,197	)		(21,718	)		(15,649	)
Consolidated income before taxes	$	275,077		$	207,576		$	322,393

(1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments.

(2) The increase in equity-based compensation expense in 2011 compared to 2010 was due to recognizing a full year of expense in 2011 related to non-qualified stock options and restricted share units granted in the second quarter of 2010 under the 2010 Equity Incentive Plan. In addition, equity based compensation in 2010 was reduced as a result of an adjustment to option forfeiture estimates based on our actual forfeiture experience (see Note 10 herein for further discussion).

(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 years presented:

	Year Ended December 31,
	2012		2011		2010
Homebuilding Mid Atlantic	$	59,144	$	48,697	$	44,758
Homebuilding North East		8,187		5,763		5,926
Homebuilding Mid East		15,039		11,074		9,657
Homebuilding South East		9,137		5,692		5,630
Total	$	91,507	$	71,226	$	65,971

(4) The increase in unallocated corporate overhead in 2012 from 2011 was attributable to increased management incentive costs year over year. The decrease in unallocated corporate overhead in 2011 from 2010 was attributable to decreased management incentive costs year over year.

(5) The increase in corporate interest expense in 2012 from 2011 was attributable to the issuance of 3.95% Senior Notes due 2022 in the third quarter of 2012. The decrease in corporate interest expense in 2011 from 2010 was attributable to the redemption upon maturity of the outstanding 5% Senior Notes due 2010 in the second quarter of 2010 and the termination of the working capital credit facility in the fourth quarter of 2010.

Assets

	As of December 31,
		2012			2011			2010
Assets:
Homebuilding Mid Atlantic		$	726,335		$	626,157		$	492,148
Homebuilding North East			64,568			55,948			35,827
Homebuilding Mid East			166,859			94,593			78,246
Homebuilding South East			85,521			63,263			43,041
Mortgage Banking			215,225			270,820			196,441
Total segment assets			1,258,508			1,110,781			845,703
Consolidated variable interest entity			15,626			20,182			22,371
Cash and cash equivalents			1,139,103			475,566			1,190,731
Deferred taxes			145,618			155,881			184,930
Intangible assets and goodwill			58,146			48,927			48,927
Contract land deposit reserve			(65,039	)		(70,333	)		(73,517	)
Consolidation adjustments and other			52,880			38,481			40,916
Reconciling items sub-total			1,346,334			668,704			1,414,358
Consolidated assets		$	2,604,842		$	1,779,485		$	2,260,061

Interest Income

	Year Ended December 31,
	2012		2011		2010
Interest Income:
Mortgage Banking	$	4,504	$	5,702	$	5,411
Total segment interest income		4,504		5,702		5,411
Other unallocated interest income		1,388		3,202		5,301
Consolidated interest income	$	5,892	$	8,904	$	10,712

Interest Expense

	Year Ended December 31,
	2012			2011			2010
Interest Expense:
Homebuilding Mid Atlantic	$	59,310		$	48,971		$	45,082
Homebuilding North East		8,196			5,776			5,936
Homebuilding Mid East		15,043			11,080			9,669
Homebuilding South East		9,145			5,701			5,641
Mortgage Banking		546			875			1,126
Total segment interest expense		92,240			72,403			67,454
Corporate capital allocation		(91,507	)		(71,226	)		(65,971	)
Senior notes and other interest		6,796			715			4,546
Consolidated interest expense	$	7,529		$	1,892		$	6,029

Depreciation and Amortization

Depreciation and Amortization:
Homebuilding Mid Atlantic	$	3,886	$	3,353	$	3,369
Homebuilding North East		631		409		515
Homebuilding Mid East		1,473		1,398		1,224
Homebuilding South East		808		729		758
Mortgage Banking		397		295		362
Total segment depreciation and amortization		7,195		6,184		6,228
Unallocated corporate		905		488		1,035
Consolidated depreciation and amortization	$	8,100	$	6,672	$	7,263

Expenditures for Property and Equipment

Expenditures for Property and Equipment:
Homebuilding Mid Atlantic	$	3,595	$	3,784	$	2,165
Homebuilding North East		1,703		424		440
Homebuilding Mid East		1,886		5,611		2,247
Homebuilding South East		1,260		369		583
Mortgage Banking		1,169		1,049		883
Total segment expenditures for property and equipment		9,613		11,237		6,318
Unallocated corporate		2,752		207		625
Consolidated expenditures for property and equipment	$	12,365	$	11,444	$	6,943

Corporate Capital Allocation Charge

	Year Ended December 31,
	2012		2011		2010
Homebuilding Mid Atlantic	$	59,144	$	48,697	$	44,758
Homebuilding North East		8,187		5,763		5,926
Homebuilding Mid East		15,039		11,074		9,657
Homebuilding South East		9,137		5,692		5,630
Total	$	91,507	$	71,226	$	65,971