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Segment Disclosures (Tables)
 6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Revenues
     Three Months Ended June 30,     Six Months Ended June 30,  
     2013     2012     2013     2012  

Revenues:

         

Homebuilding Mid Atlantic

    $ 594,902      $ 454,504      $ 1,026,770      $ 815,315   

Homebuilding North East

      82,260        71,201        144,871        123,401   

Homebuilding Mid East

      213,463        152,021        384,219        258,303   

Homebuilding South East

      101,585        77,564        187,218        144,466   

Mortgage Banking

      17,682        14,493        37,070        28,790   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total consolidated revenues

    $ 1,009,892      $ 769,783      $ 1,780,148      $ 1,370,275   
  

 

 

    

 

 

    

 

 

    

 

 

  
Profit

Profit:

         

Homebuilding Mid Atlantic

    $ 48,727      $ 44,579      $ 85,266      $ 73,665   

Homebuilding North East

      6,397        5,632        10,083        8,093   

Homebuilding Mid East

      9,412        9,644        11,235        10,604   

Homebuilding South East

      5,101        4,379        8,748        8,284   

Mortgage Banking

      9,316        7,879        21,118        16,621   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total segment profit

      78,953        72,113        136,450        117,267   
  

 

 

    

 

 

    

 

 

    

 

 

  

Contract land deposit reserve adjustment (1)

      2,845        41        3,852        1,350   

Equity-based compensation expense (2)

      (10,589 )      (16,733 )      (18,652 )      (33,173 ) 

Corporate capital allocation (3)

      29,673        22,555        55,291        41,527   

Unallocated corporate overhead (4)

      (20,972 )      (15,209 )      (46,170 )      (34,012 ) 

Consolidation adjustments and other (5)

      5,479        1,249        15,138        2,076   

Corporate interest expense (6)

      (5,208 )      (61 )      (10,623 )      (122 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciling items sub-total

      1,228        (8,158 )      (1,164 )      (22,354 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated income before taxes

    $ 80,181      $ 63,955      $ 135,286      $ 94,913   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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 for the three and six months ended June 30, 2013 due to restricted share units issued in 2010 under the 2010 Equity Incentive Plan becoming fully vested effective December 31, 2012. This reduction was partially offset by equity-based compensation expense incurred in 2013 related to RSUs issued in May 2013 under the 2010 Equity Incentive Plan.
(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,  
     2013      2012      2013      2012  

Homebuilding Mid Atlantic

    $ 18,609       $ 14,837       $ 34,716       $ 27,517   

Homebuilding North East

      2,353         1,999         4,347         3,821   

Homebuilding Mid East

      5,716         3,506         10,731         6,248   

Homebuilding South East

      2,995         2,213         5,497         3,941   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 29,673       $ 22,555       $ 55,291       $ 41,527   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(4) The change in unallocated corporate overhead in the three and six month periods 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 periods.
(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
     June 30,
2013		     December 31,
2012		  

Assets:

     

Homebuilding Mid Atlantic

    $ 906,532      $ 726,335   

Homebuilding North East

      86,039        64,568   

Homebuilding Mid East

      219,485        166,859   

Homebuilding South East

      116,916        85,521   

Mortgage Banking

      207,539        215,225   
  

 

 

    

 

 

  

Total segment assets

      1,536,511        1,258,508   
  

 

 

    

 

 

  

Consolidated variable interest entity

      10,209        15,626   

Cash and cash equivalents

      773,289        1,139,103   

Deferred taxes

      150,930        145,618   

Intangible assets and goodwill

      57,221        58,146   

Contract land deposit reserve

      (61,186 )      (65,039 ) 

Consolidation adjustments and other

      64,193        52,880   
  

 

 

    

 

 

  

Reconciling items sub-total

      994,656        1,346,334   
  

 

 

    

 

 

  

Consolidated assets

    $ 2,531,167      $ 2,604,842   
  

 

 

    

 

 

  
Corporate Capital Allocation Charge
     Three Months Ended June 30,      Six Months Ended June 30,  
     2013      2012      2013      2012  

Homebuilding Mid Atlantic

    $ 18,609       $ 14,837       $ 34,716       $ 27,517   

Homebuilding North East

      2,353         1,999         4,347         3,821   

Homebuilding Mid East

      5,716         3,506         10,731         6,248   

Homebuilding South East

      2,995         2,213         5,497         3,941   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 29,673       $ 22,555       $ 55,291       $ 41,527