Segment Information

12 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues in our homebuilding segments are derived from the sale of homes that 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. We have considered the applicable aggregation criteria, and have combined our homebuilding operations into the three reportable segments as follows:

West: Arizona, California, Nevada and Texas

East: Delaware, Indiana, Maryland, New Jersey^(a), Tennessee and Virginia

Southeast: Florida, Georgia, North Carolina and South Carolina

^(a) During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey.

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 G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 2.

The following tables contain our revenue, operating income (loss) and depreciation and amortization by segment for the periods presented:

	Fiscal Year Ended September 30,
(In thousands)	2015		2014		2013
Revenue
West	$	607,515	$	556,741	$	547,636
East	576,560		552,082		483,685
Southeast	443,338		354,944		256,256
Total revenue	$	1,627,413	$	1,463,767	$	1,287,577

	Fiscal Year Ended September 30,
(In thousands)	2015			2014			2013
Operating income (loss)
West	$	67,236		$	65,442		$	59,084
East	52,516			48,127			40,670
Southeast	37,114			31,854			23,030
Operating segment total	156,866			145,423			122,784
Corporate and unallocated (a)	(105,279		)	(89,734		)	(95,523		)
Total operating income	$	51,587		$	55,689		$	27,261

	Fiscal Year Ended September 30,
(In thousands)	2015		2014		2013
Depreciation and amortization
West	$	5,544	$	5,722	$	5,305
East	3,091		3,447		3,479
Southeast	2,776		2,075		1,683
Operating segment total	11,411		11,244		10,467
Corporate and unallocated (a)	1,927		2,035		2,317
Depreciation and amortization	$	13,338	$	13,279	$	12,784

^(a) Corporate and unallocated operating loss includes amortization of capitalized interest and expenses related to numerous shared services functions including information technology, treasury, corporate finance, legal, branding and other national marketing costs that benefit all segments, the costs of which are not allocated to the operating segments reported above. Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by corporate functions that benefit all segments.

The following table contains our capital expenditures by segment for the periods presented:

	Fiscal Year Ended September 30,
(In thousands)	2015		2014		2013
Capital Expenditures
West	$	7,348	$	6,660	$	4,835
East	3,692		3,050		1,915
Southeast	3,379		2,979		1,311
Corporate and unallocated (a)	2,219		1,864		2,700
Total capital expenditures	$	16,638	$	14,553	$	10,761

^(a) Amount includes non-cash capital expenditure; refer to Note 3.

The following table contains our asset balance by segment as of September 30, 2015 and September 30, 2014:

(In thousands)	September 30, 2015		September 30, 2014		September 30, 2013
Assets
West	$	843,564	$	756,575	$	680,346
East	436,346		433,032		369,937
Southeast	317,295		299,215		228,814
Corporate and unallocated (a)	823,998		577,398		707,692
Total assets	$	2,421,203	$	2,066,220	$	1,986,789

^(a) 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.