Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company operates one principal homebuilding business. In accordance with FASB ASC Topic 280, Segment Reporting ("ASC 280"), the Company has determined that each of its operating divisions is an operating segment.The Company’s President and Chief Executive Officer has been identified as the chief operating decision maker. The Company’s chief operating decision maker directs 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 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; and 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):

	Three   Months   Ended    March 31,   2016			Three   Months   Ended   March 31,   2015
Operating revenue:
California (1)	$	95,884		$	86,793
Arizona	21,047			7,186
Nevada	30,741			27,242
Colorado	26,393			18,189
Washington	32,901			31,280
Oregon	57,459			26,478
Total operating revenue	$	264,425		$	197,168
(1) Operating revenue in the California segment includes construction services revenue.
	Three   Months   Ended    March 31,   2016			Three   Months   Ended   March 31,   2015
Income before provision for income taxes
California	$	9,923		$	9,312
Arizona	1,499			304
Nevada	2,558			3,362
Colorado	429			(170		)
Washington	1,423			2,573
Oregon	6,958			2,245
Corporate	(7,804		)	(6,450		)
Income before provision for income taxes	$	14,986		$	11,176

	March 31, 2016		December 31, 2015
Homebuilding assets:
California	$	705,240	$	721,066
Arizona	203,202		197,828
Nevada	206,081		183,019
Colorado	118,789		118,307
Washington	324,574		249,615
Oregon	231,654		228,183
Corporate (1)	189,495		225,432
Total homebuilding assets	$	1,979,035	$	1,923,450

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