Segment Information

3 Months Ended

Dec. 31, 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 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 sale 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 described in Note 2 to our consolidated financial statements in our 2015 Annual Report.

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

	Three Months Ended
	December 31,
(In thousands)	2015		2014
Revenue
West	$	157,196	$	87,465
East	100,557		104,813
Southeast	86,696		73,486
Total revenue	$	344,449	$	265,764

	Three Months Ended
	December 31,
(In thousands)	2015			2014
Operating income (loss)
West	$	16,786		$	6,783
East	4,147			7,369
Southeast	10,657			(6,233		)
Segment total	31,590			7,919
Corporate and unallocated (a)	(22,442		)	(17,409		)
Total operating income (loss)	$	9,148		$	(9,490	)

	Three Months Ended
	December 31,
(In thousands)	2015		2014
Depreciation and amortization
West	$	1,218	$	767
East	797		668
Southeast	449		485
Segment total	2,464		1,920
Corporate and unallocated (a)	527		421
Depreciation and amortization - continuing operations	$	2,991	$	2,341

^(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 cost of which is 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:

	Three Months Ended
	December 31,
(In thousands)	2015		2014
Capital Expenditures
West	$	1,133	$	1,070
East	467		799
Southeast	969		862
Corporate and unallocated	94		203
Total capital expenditures	$	2,663	$	2,934

The following table contains our asset balance by segment as of December 31, 2015 and September 30, 2015:

(In thousands)	December 31, 2015		September 30, 2015
Assets
West	$	855,207	$	843,564
East	418,575		436,346
Southeast	322,695		317,295
Corporate and unallocated (a)	742,219		823,998
Total assets	$	2,338,696	$	2,421,203

^(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirects and other items that are not allocated to the segments.