Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company operates one principal homebuilding business. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. The Company’s Co-Chief Executive Officer and Co-Chief Executive Officer, President have been identified as the chief operating decision makers. The Company’s chief operating decision makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment.

The Company’s homebuilding operations design, construct and sell a wide range of homes designed to meet the specific needs in each of its markets. As a result of the Acquisition of Polygon Northwest Homes during the year ended December 31, 2014, the Company reorganized its business into six reporting segments during the year ended December 31, 2014, from the existing five segments at December 31, 2013. Southern California and Northern California were aggregated, and the newly acquired Washington and Oregon segments were established. As such, in accordance with the aggregation criteria defined by FASB ASC Topic 280, Segment Reporting (“ASC 280”), the Company’s homebuilding operating segments have been grouped into six reportable segments:

California, consisting of operating divisions in i) Southern California, consisting of operations in Orange, Los Angeles, Riverside and San Bernardino counties; ii) Northern California, consisting of operations in Alameda, Contra Costa, San Joaquin, and Santa Clara counties.

Arizona, consisting of operations in the Phoenix, Arizona metropolitan area.

Nevada, consisting of operations in the Las Vegas, Nevada metropolitan area.

Colorado, consisting of operations in the Denver, Colorado metropolitan area.

Washington, consisting of operations in the Seattle, Washington metropolitan area.

Oregon, consisting of operations in the Portland, Oregon metropolitan area.

Corporate develops and implements strategic initiatives and supports the Company’s operating segments by centralizing key administrative functions such as finance and treasury, information technology, risk management and litigation and human resources. All prior periods have been restated to reflect the Company's current segment reporting structure.

Segment financial information relating to the Company’s operations was as follows (in thousands):

	Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Operating revenue:
California (1)	$	404,434	$	536,908	$	295,022
Arizona	69,510		59,195		129,089
Nevada	130,845		121,815		78,148
Colorado	107,014		46,460		70,276
Washington	181,258		65,886		—
Oregon	213,491		66,415		—
Total operating revenue	$	1,106,552	$	896,679	$	572,535

(1) Operating revenue in the California segment includes construction services revenue.

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Income before (provision) benefit for income taxes:
California	$	46,752		$	84,379		$	50,052
Arizona	5,743			6,112			17,861
Nevada	13,022			9,925			9,180
Colorado	3,291			(271		)	736
Washington	18,652			6,483			—
Oregon	24,787			5,498			—
Corporate	(25,180		)	(33,803		)	(24,528		)
Income before (provision) benefit from income taxes	$	87,067		$	78,323		$	53,301

	December 31,		December 31,
	2015		2014
Total assets:
California	$	721,066	$	572,900
Arizona	197,828		179,529
Nevada	183,019		135,358
Colorado	118,307		131,085
Washington	249,615		281,456
Oregon	228,183		200,761
Corporate (1)	225,432		158,635
Total assets	$	1,923,450	$	1,659,724

(1) Comprised primarily of cash and cash equivalents, receivables, deferred income taxes, and other assets.