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Segment Information
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION

Financial information relating to Company’s reportable segments was as follows. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Our segments generally follow the same accounting policies used for our consolidated financial statements as described in Note 2. Evaluation of segment performance is primarily based on a combination of revenues, gross profit, income before taxes and inventory.
 
Years End December 31,
(in thousands)
2016
 
2015
 
2014
Revenues:(1)(2)
 
 
 
 
 
Builder Operations
 
 
 
 
 
Texas
$
201,473

 
$
121,979

 
$
83,625

Georgia
163,942

 
132,288

 
116,692

Corporate and Other(3)
—

 
—

 
—

Land Development
14,913

 
36,878

 
45,785

 
$
380,328

 
$
291,145

 
$
246,102

Gross profit:(1)(4)
 
 
 
 
 
Builder Operations
 
 
 
 


Texas
$
50,320

 
$
29,992

 
$
19,383

Georgia
37,114

 
31,733

 
32,950

Corporate and Other(3)
(5,659
)
 
(9,108
)
 
(3,989
)
Land Development
4,600

 
9,635

 
9,877

 
$
86,375

 
$
62,252

 
$
58,221

Income before taxes(4)
  

 
  

 
  

Builder Operations
 
 
 
 
 
Texas
$
34,939

 
$
19,945

 
$
10,889

Georgia
24,639

 
21,744

 
24,688

Corporate and Other(3)
(12,635
)
 
(12,091
)
 
(632
)
Land Development
3,611

 
5,118

 
1,264

 
$
50,554

 
$
34,716

 
$
36,209

Inventory:
 
 
 
 
 
Builder Operations
 
 
 
 
 
Texas
$
76,878

 
$
61,403

 
$
42,665

Georgia
90,859

 
86,707

 
55,747

Corporate and Other(3)
9,834

 
7,869

 
2,631

Land Development
232,726

 
188,153

 
174,098

 
$
410,297

 
$
344,132

 
$
275,141

 

(1)
The Builder Operations segment revenues is not equal to the sale of residential units included in the consolidated statements of income. The difference is due to sale of land and lots operations related to controlled builders which are reported within the Builder Operations segment versus Land Development. The Land Development segment includes sale of land and lots operations related to the acquisition and development of land which is sold to the Company’s controlled builders and third-party homebuilders. Therefore, the gross profit on the sale of land and lots related to controlled builders is reported within the Builder Operations segment.
(2)
Due to the change in our segments, as discussed in Note 2, we moved (i) $0.3 million in revenues from our Builder Operations segment to our Land Development segment during the year ended December 31, 2014, (ii) $0.1 million and $1.5 million in gross profit from our Land Development segment to our Builder Operations segment during the years ended December 31, 2015 and 2014, respectively, and (iii) $63.4 million and $73.9 million in inventory from our Builder Operations segment to our Land Development segment during the years ended December 31, 2015 and 2014, respectively.
(3)
Corporate and Other is comprised principally of general corporate expenses associated with administrative functions such as finance, treasury, information technology and human resources, and results from Title.
(4)
Certain indirect project costs previously classified as salary expense and selling, general and administrative expense have been classified as cost of residential units for the years ended December 31, 2015 and December 31, 2014 to properly present cost of residential units, salary expense, and selling, general and administrative expense. Therefore, amounts presented differ from the amounts previously reported in our Annual Report on Form 10-K for the year ended December 31, 2015. See Note 2 for further discussion on this change in classification.