Segment Information

6 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

We have three homebuilding segments operating in 16 states. Revenues in our homebuilding segments are derived from the sale of homes which we construct and from land and lot sales. 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. The accounting policies of our segments are those described in Note 1 above and Note 1 to our consolidated financial statements in our 2013 Annual Report.

	Three Months Ended				Six Months Ended
	March 31,				March 31,
(In thousands)	2014		2013		2014		2013
Revenue
West	$	121,886	$	118,996	$	244,462	$	229,122
East	83,366		117,129		190,955		213,668
Southeast	64,769		51,777		127,774		92,014
Total revenue	$	270,021	$	287,902	$	563,191	$	534,804

	Three Months Ended						Six Months Ended
	March 31,						March 31,
(In thousands)	2014			2013			2014			2013
Operating income (loss)
West	$	14,338		$	10,045		$	30,100		$	18,403
East	2,994			10,313			11,229			16,501
Southeast	4,162			2,050			9,790			4,380
Segment total	21,494			22,408			51,119			39,284
Corporate and unallocated (a)	(15,877		)	(22,097		)	(33,970		)	(42,574		)
Total operating income (loss)	$	5,617		$	311		$	17,149		$	(3,290	)

	Three Months Ended				Six Months Ended
	March 31,				March 31,
(In thousands)	2014		2013		2014		2013
Depreciation and amortization
West	$	1,304	$	1,185	$	2,686	$	2,207
East	556		900		1,248		1,583
Southeast	358		339		749		657
Segment total	2,218		2,424		4,683		4,447
Corporate and unallocated (a)	613		669		1,055		1,361
Depreciation and amortization - continuing operations	$	2,831	$	3,093	$	5,738	$	5,808

	Six Months Ended
	March 31,
(In thousands)	2014		2013
Capital Expenditures
West	$	2,661	$	1,866
East	1,546		611
Southeast	1,022		482
Corporate and unallocated	1,412		910
Consolidated total	$	6,641	$	3,869

(In thousands)	March 31, 2014		September 30, 2013
Assets
West	$	709,167	$	680,346
East	428,398		369,937
Southeast	283,985		228,814
Corporate and unallocated (b)	529,834		707,692
Consolidated total	$	1,951,384	$	1,986,789

(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) 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.