Segment Information

6 Months Ended

Jun. 30, 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.

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

	Three   Months   Ended    June 30,   2016			Three   Months   Ended   June 30,   2015			Six   Months   Ended   June 30,   2016			Six   Months   Ended   June 30,   2015
Operating revenue:
California (1)	$	101,795		$	87,661		$	197,679		$	174,454
Arizona	35,594			10,508			56,641			17,694
Nevada	48,655			30,771			79,396			58,013
Colorado	24,176			27,404			50,569			45,593
Washington	37,364			46,186			70,265			77,466
Oregon	78,069			52,165			135,528			78,643
Total operating revenue	$	325,653		$	254,695		$	590,078		$	451,863
(1) Operating revenue in the California segment includes construction services revenue.
	Three   Months   Ended    June 30,   2016			Three   Months   Ended   June 30,   2015			Six   Months   Ended   June 30,   2016			Six   Months   Ended   June 30,   2015
Income before provision for income taxes
California	$	7,965		$	11,765		$	17,888		$	21,077
Arizona	3,496			306			4,995			610
Nevada	4,738			2,687			7,296			6,049
Colorado	872			809			1,301			639
Washington	2,445			4,319			3,868			6,892
Oregon	11,028			5,866			17,986			8,111
Corporate	(7,939		)	(5,248		)	(15,743		)	(11,698		)
Income before provision for income taxes	$	22,605		$	20,504		$	37,591		$	31,680

	June 30, 2016		December 31, 2015
Homebuilding assets:
California	$	756,983	$	721,066
Arizona	205,461		197,828
Nevada	208,746		183,019
Colorado	121,688		118,307
Washington	329,452		249,615
Oregon	239,668		228,183
Corporate (1)	194,892		225,432
Total homebuilding assets	$	2,056,890	$	1,923,450

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