Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Revenues

	Three Months Ended March 31,
	2013		2012
Revenues:
Homebuilding Mid Atlantic	$	431,868	$	360,811
Homebuilding North East		62,611		52,200
Homebuilding Mid East		170,756		106,282
Homebuilding South East		85,633		66,902
Mortgage Banking		19,388		14,297
Total consolidated revenues	$	770,256	$	600,492

Profit

Profit:
Homebuilding Mid Atlantic	$	36,539		$	29,086
Homebuilding North East		3,686			2,461
Homebuilding Mid East		1,823			960
Homebuilding South East		3,647			3,905
Mortgage Banking		11,802			8,742
Total segment profit		57,497			45,154
Contract land deposit reserve adjustment (1)		1,007			1,309
Equity-based compensation expense (2)		(8,063	)		(16,440	)
Corporate capital allocation (3)		25,618			18,972
Unallocated corporate overhead (4)		(25,198	)		(18,803	)
Consolidation adjustments and other (5)		9,659			827
Corporate interest expense (6)		(5,415	)		(61	)
Reconciling items sub-total		(2,392	)		(14,196	)
Consolidated income before taxes	$	55,105		$	30,958

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

(2) Equity-based compensation expense is lower in the first quarter of 2013 due to restricted share units issued in 2010 under the 2010 Equity Incentive Plan becoming fully vested effective December 31, 2012.

(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,
	2013		2012
Homebuilding Mid Atlantic	$	16,107	$	12,680
Homebuilding North East		1,994		1,822
Homebuilding Mid East		5,015		2,742
Homebuilding South East		2,502		1,728
Total	$	25,618	$	18,972

(4) The change in unallocated corporate overhead in the first quarter of 2013 was primarily attributable to higher employee costs related to increased headcount period over period.

(5) The increase in consolidation adjustments and other in 2013 from 2012 was primarily attributable to changes in the corporate consolidation entries based on production and settlement volumes in the respective quarters.

(6) The increase in corporate interest expense in 2013 from 2012 was attributable to the issuance of 3.95% Senior Notes due 2022 in the third quarter of 2012.

 

Assets

	March 31,			December 31,
	2013			2012
Assets:
Homebuilding Mid Atlantic	$	857,935		$	726,335
Homebuilding North East		76,842			64,568
Homebuilding Mid East		188,454			166,859
Homebuilding South East		95,454			85,521
Mortgage Banking		147,218			215,225
Total segment assets		1,365,903			1,258,508
Consolidated variable interest entity		11,436			15,626
Cash and cash equivalents		1,082,792			1,139,103
Deferred taxes		146,737			145,618
Intangible assets and goodwill		57,746			58,146
Contract land deposit reserve		(64,031	)		(65,039	)
Consolidation adjustments and other		64,472			52,880
Reconciling items sub-total		1,299,152			1,346,334
Consolidated assets	$	2,665,055		$	2,604,842

Corporate Capital Allocation Charge

	Three Months Ended March 31,
	2013		2012
Homebuilding Mid Atlantic	$	16,107	$	12,680
Homebuilding North East		1,994		1,822
Homebuilding Mid East		5,015		2,742
Homebuilding South East		2,502		1,728
Total	$	25,618	$	18,972