Segment Disclosures (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Revenues:
Homebuilding Mid Atlantic	$	702,645	$	685,822	$	1,825,500	$	1,712,592
Homebuilding North East		96,015		88,451		267,245		233,322
Homebuilding Mid East		257,649		266,598		629,385		650,817
Homebuilding South East		128,851		126,724		346,297		313,942
Mortgage Banking		18,006		21,372		48,103		58,442
Total consolidated revenues	$	1,203,166	$	1,188,967	$	3,116,530	$	2,969,115

Profit

Profit:
Homebuilding Mid Atlantic	$	76,542		$	92,496		$	184,900		$	177,762
Homebuilding North East		9,056			8,031			23,761			18,114
Homebuilding Mid East		18,374			21,823			29,241			33,058
Homebuilding South East		10,093			11,529			26,034			20,277
Mortgage Banking		8,617			12,665			17,884			33,783
Total segment profit		122,682			146,544			281,820			282,994
Contract land deposit reserve adjustment (1)		453			699			4,108			4,551
Equity-based compensation expense (2)		(18,233	)		(11,733	)		(44,874	)		(30,385	)
Corporate capital allocation (3)		42,220			31,297			105,697			86,588
Unallocated corporate overhead		(8,179	)		(13,969	)		(49,652	)		(60,139	)
Consolidation adjustments and other		10,464			(15,743	)		22,093			(605	)
Corporate interest expense		(5,616	)		(5,505	)		(16,870	)		(16,128	)
Reconciling items sub-total		21,109			(14,954	)		20,502			(16,118	)
Consolidated income before taxes	$	143,791		$	131,590		$	302,322		$	266,876

(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 months ended September 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 nine months ended September 30, 2014 is primarily attributable to the issuance of Options under the 2014 Plan 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

	September 30, 2014			December 31, 2013
Assets:
Homebuilding Mid Atlantic	$	1,022,146		$	810,270
Homebuilding North East		108,597			84,958
Homebuilding Mid East		218,105			172,167
Homebuilding South East		148,140			106,389
Mortgage Banking		225,489			253,421
Total segment assets		1,722,477			1,427,205
Consolidated variable interest entity		6,232			7,268
Cash and cash equivalents		455,387			844,274
Deferred taxes		167,983			162,378
Intangible assets and goodwill		54,637			55,674
Contract land deposit reserve		(54,375	)		(59,761	)
Consolidation adjustments and other		60,735			49,110
Reconciling items sub-total		690,599			1,058,943
Consolidated assets	$	2,413,076		$	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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Homebuilding Mid Atlantic	$	27,187	$	19,320	$	67,085	$	54,036
Homebuilding North East		3,151		2,487		8,333		6,834
Homebuilding Mid East		7,202		6,137		18,680		16,868
Homebuilding South East		4,680		3,353		11,599		8,850
Total	$	42,220	$	31,297	$	105,697	$	86,588