Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Revenues

Following are tables presenting 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,
	2014		2013		2014		2013
Revenues:
Homebuilding Mid Atlantic	$	657,825	$	594,902	$	1,122,855	$	1,026,770
Homebuilding North East		92,438		82,260		171,230		144,871
Homebuilding Mid East		221,088		213,463		371,736		384,219
Homebuilding South East		112,729		101,585		217,446		187,218
Mortgage Banking		17,974		17,682		30,097		37,070
Total consolidated revenues	$	1,102,054	$	1,009,892	$	1,913,364	$	1,780,148

Profit

Profit:
Homebuilding Mid Atlantic	$	67,347		$	48,727		$	108,358		$	85,266
Homebuilding North East		8,398			6,397			14,705			10,083
Homebuilding Mid East		11,116			9,412			10,867			11,235
Homebuilding South East		7,895			5,101			15,941			8,748
Mortgage Banking		7,427			9,316			9,267			21,118
Total segment profit		102,183			78,953			159,138			136,450
Contract land deposit reserve adjustment (1)		1,672			2,845			3,655			3,852
Equity-based compensation expense (2)		(15,938	)		(10,589	)		(26,641	)		(18,652	)
Corporate capital allocation (3)		34,511			29,673			63,477			55,291
Unallocated corporate overhead		(15,513	)		(20,972	)		(41,473	)		(46,170	)
Consolidation adjustments and other		7,488			5,479			11,629			15,138
Corporate interest expense		(5,579	)		(5,208	)		(11,254	)		(10,623	)
Reconciling items sub-total		6,641			1,228			(607	)		(1,164	)
Consolidated income before taxes	$	108,824		$	80,181		$	158,531		$	135,286

(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 the three month period ended June 30, 2014 was attributable to the issuance of Options under the 2014 Plan during the second quarter of 2014. The increase in equity-based compensation expense in the six month period ended June 30, 2014 is primarily attributable to the second quarter 2014 Options granted and RSUs granted in the second quarter of 2013. See Note 6 for additional discussion of equity-based compensation.

(3) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments.

Assets

	June 30, 2014			December 31, 2013
Assets:
Homebuilding Mid Atlantic	$	944,257		$	810,270
Homebuilding North East		95,993			84,958
Homebuilding Mid East		223,559			172,167
Homebuilding South East		146,000			106,389
Mortgage Banking		204,518			253,421
Total segment assets		1,614,327			1,427,205
Consolidated variable interest entity		6,802			7,268
Cash and cash equivalents		538,940			844,274
Deferred taxes		166,695			162,378
Intangible assets and goodwill		54,982			55,674
Contract land deposit reserve		(55,869	)		(59,761	)
Consolidation adjustments and other		56,186			49,110
Reconciling items sub-total		767,736			1,058,943
Consolidated assets	$	2,382,063		$	2,486,148

Corporate Capital Allocation Charge

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,
	2014		2013		2014		2013
Homebuilding Mid Atlantic	$	21,742	$	18,609	$	39,898	$	34,716
Homebuilding North East		2,733		2,353		5,182		4,347
Homebuilding Mid East		6,180		5,716		11,478		10,731
Homebuilding South East		3,856		2,995		6,919		5,497
Total	$	34,511	$	29,673	$	63,477	$	55,291