Segment Information

9 Months Ended

Jun. 30, 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				Nine Months Ended
	June 30,				June 30,
(In thousands)	2014		2013		2014		2013
Revenue
West	$	136,906	$	133,519	$	381,368	$	362,641
East	128,358		111,556		319,313		325,224
Southeast	89,407		69,364		217,181		161,378
Total revenue	$	354,671	$	314,439	$	917,862	$	849,243

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(In thousands)	2014			2013			2014			2013
Operating income
West	$	18,754		$	15,313		$	48,854		$	33,716
East	10,438			7,714			21,667			24,215
Southeast	8,235			7,644			18,025			12,024
Segment total	37,427			30,671			88,546			69,955
Corporate and unallocated (a)	(22,339		)	(22,199		)	(56,309		)	(64,773		)
Total operating income	$	15,088		$	8,472		$	32,237		$	5,182

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(In thousands)	2014		2013		2014		2013
Depreciation and amortization
West	$	1,427	$	1,263	$	4,113	$	3,470
East	890		750		2,138		2,333
Southeast	521		411		1,270		1,068
Segment total	2,838		2,424		7,521		6,871
Corporate and unallocated (a)	562		529		1,617		1,890
Depreciation and amortization - continuing operations	$	3,400	$	2,953	$	9,138	$	8,761

	Nine Months Ended
	June 30,
(In thousands)	2014		2013
Capital Expenditures
West	$	3,891	$	2,979
East	1,827		881
Southeast	1,498		1,087
Corporate and unallocated	1,768		1,625
Consolidated total	$	8,984	$	6,572

(In thousands)	June 30, 2014		September 30, 2013
Assets
West	$	746,336	$	680,346
East	462,266		369,937
Southeast	311,059		228,814
Corporate and unallocated (b)	457,733		707,692
Consolidated total	$	1,977,394	$	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.