XML 61 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
Discontinued Operations
3 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase shareholder value. This review entails an evaluation of both external market factors and our position in each market and over time has resulted in the decision to discontinue certain of our homebuilding operations.
We have classified the results of operations of our discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented. There were no material assets or liabilities related to our discontinued operations as of December 31, 2014 or September 30, 2014. Discontinued operations were not segregated in the unaudited condensed consolidated statements of cash flows. Therefore, amounts for certain captions in the unaudited condensed consolidated statements of cash flows will not agree with the respective data in the unaudited condensed consolidated statements of operations. The results of our discontinued operations in the unaudited condensed consolidated statements of operations for the three months ended December 31, 2014 and 2013 were as follows:

 
Three Months Ended
 
December 31,
(In thousands)
2014
 
2013
Total revenue
$

 
$
464

Home construction and land sales expenses (a)
3,951

 
1,455

Gross loss
(3,951
)
 
(991
)
General and administrative expenses
304

 
189

Operating loss
(4,255
)
 
(1,180
)
Other (expense) income, net

 

Loss from discontinued operations before income taxes
(4,255
)
 
(1,180
)
(Benefit from) provision for income taxes
(1
)
 
10

Loss from discontinued operations, net of tax
$
(4,254
)
 
$
(1,190
)

(a) The three months ended December 31, 2014 includes a $4.0 million accrual related to the probable liability of a case regarding alleged past construction defects in our discontinued operation in Denver, Colorado.