Segment Information

3 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segment Information

Segment Information

We have three homebuilding segments operating in 16 states. Beginning in the second quarter of fiscal 2011, through May 2, 2012, we operated our Pre-Owned Homes business in Arizona and Nevada. The results below include operating results of our Pre-Owned segment through May 2, 2012. Effective May 3, 2012, we contributed our Pre-Owned Homes business for an investment in an unconsolidated entity (see Note 3 for additional information). Revenues in our homebuilding segments are derived from the sale of homes which we construct and from land and lot sales. Revenues from our Pre-Owned segment were derived from the rental of previously owned homes purchased and improved by the Company. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. The reportable homebuilding segments and all other homebuilding operations, not required to be reported separately, include operations conducting business in the following states:

West: Arizona, California, Nevada and Texas

East: Delaware, Indiana, Maryland, New Jersey, New York, Pennsylvania, Tennessee (Nashville) and Virginia

Southeast: Florida, Georgia, North Carolina (Raleigh) and South Carolina

Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding, land sale and other revenues less home construction, land development and land sales expense, commission expense, depreciation and amortization and certain general and administrative expenses which are incurred by or allocated to our homebuilding segments. Operating income for our Pre-Owned segment is defined as rental revenues less home repairs and operating expenses, home sales expense, depreciation and amortization and certain general and administrative expenses which are incurred by or allocated to the segment. The accounting policies of our segments are those described in Note 1 above and Note 1 to our consolidated financial statements in our 2012 Annual Report.

	Three Months Ended
	December 31,
(In thousands)	2012		2011
Revenue
West	$	110,126	$	70,777
East	96,539		81,818
Southeast	40,237		35,568
Pre-Owned	—		385
Continuing Operations	$	246,902	$	188,548

	Three Months Ended
	December 31,
(In thousands)	2012			2011
Operating income/(loss)
West	$	8,358		$	(591	)
East	6,188			806
Southeast	2,330			785
Pre-Owned	—			(138		)
Segment total	16,876			862
Corporate and unallocated (a)	(20,477		)	(17,561		)
Total operating loss	(3,601		)	(16,699		)
Equity in income (loss) of unconsolidated entities	36			(77		)
Other expense, net	(15,627		)	(18,273		)
Loss from continuing operations before income taxes	$	(19,192	)	$	(35,049	)

	Three Months Ended
	December 31,
(In thousands)	2012		2011
Depreciation and amortization
West	$	1,022	$	780
East	683		505
Southeast	318		339
Pre-Owned	—		119
Segment total	2,023		1,743
Corporate and unallocated (a)	692		660
Continuing Operations	$	2,715	$	2,403

	Three Months Ended
	December 31,
(In thousands)	2012		2011
Capital Expenditures
West	$	815	$	675
East	231		815
Southeast	24		626
Pre-Owned (b)	—		6,375
Corporate and unallocated	702		145
Consolidated total	$	1,772	$	8,636

(In thousands)	December 31, 2012		September 30, 2012
Assets
West	$	625,347	$	618,805
East	315,499		320,404
Southeast	186,652		160,868
Corporate and unallocated (c)	794,026		882,141
Consolidated total	$	1,921,524	$	1,982,218

(a) Corporate and unallocated includes amortization of capitalized interest and numerous shared services functions that benefit all segments, the costs of which are not allocated to the operating segments reported above including information technology, national sourcing and purchasing, treasury, corporate finance, legal, branding and other national marketing costs.

(b) Capital expenditures represent the purchase of previously owned homes during the quarter ended December 31, 2011.

(c) Primarily consists of cash and cash equivalents, consolidated inventory not owned, deferred taxes, capitalized interest and other items that are not allocated to the segments.