Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

We manage our operations through three business segments: real estate, oil and gas and other natural resources. Real estate secures entitlements and develops infrastructure on our lands for single-family residential and mixed-use communities, and manages our undeveloped land, commercial and income producing properties, primarily a hotel and our multifamily investments. Oil and gas is an independent oil and gas exploration, development and production operation and manages our owned and leased mineral interests. Other natural resources manages our timber, recreational leases and water resource initiatives.

We evaluate performance based on segment earnings (loss) before unallocated items and income taxes. Segment earnings (loss) consist of operating income, equity in earnings (loss) of unconsolidated ventures, gain on sales of assets, interest income on loans secured by real estate and net (income) loss attributable to noncontrolling interests. Items not allocated to our business segments consist of general and administrative expense, share-based compensation, gain on sale of strategic timberland, interest expense and other corporate non-operating income and expense. The accounting policies of the segments are the same as those described in Note 1 — Summary of Significant Accounting Policies. Our revenues are derived from our U.S. operations and all of our assets are located in the U.S. In 2014, 2013 and 2012, no single customer accounted for more than 10 percent of our total revenues.

	Real Estate		Oil and Gas			Other Natural Resources		Items Not Allocated to Segments				Total
	(In thousands)
For the year or at year-end 2014
Revenues	$	213,112	$	84,300		$	9,362	$	—			$	306,774
Depreciation, depletion and amortization	3,741		29,442			497		8,035				41,715
Equity in earnings (loss) of unconsolidated ventures	8,068		586			31		—				8,685
Income (loss) before taxes	96,906		(22,686		)	5,499		(54,479		)	(a)	25,240
Total assets	654,774		342,703			22,531		238,191				1,258,199
Investment in unconsolidated ventures	65,005		—			—		—				65,005
Capital expenditures(b)	28,980		103,385			5,817		616				138,798
For the year or at year-end 2013
Revenues	$	248,011	$	72,313		$	10,721	$	—			$	331,045
Depreciation, depletion and amortization	3,117		19,552			651		6,660				29,980
Equity in earnings (loss) of unconsolidated ventures	8,089		592			56		—				8,737
Income (loss) before taxes	68,454		18,859			6,507		(57,291		)	(a)	36,529
Total assets	582,802		312,553			23,478		253,319				1,172,152
Investment in unconsolidated ventures	41,147		—			—		—				41,147
Capital expenditures(b)	7,265		97,696			2,720		216				107,897
For the year or at year-end 2012
Revenues	$	120,115	$	44,220		$	8,256	$	—			$	172,591
Depreciation, depletion and amortization	4,340		4,987			1,254		8,345				18,926
Equity in earnings of unconsolidated ventures	13,897		509			63		—				14,469
Income (loss) before taxes	53,582		26,608			29		(59,261		)	(a)	20,958
Total assets	588,137		227,061			24,066		79,170				918,434
Investment in unconsolidated ventures	41,546		—			—		—				41,546
Capital expenditures(b)	1,093		21,971			292		795				24,151

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^(a)  Items not allocated to segments consist of:

	For the Year
	2014			2013			2012
	(In thousands)
General and administrative expense	$	(21,229	)	$	(20,597	)	$	(25,176	)
Share-based compensation expense	(3,417		)	(16,809		)	(14,929		)
Gain on sale of assets	—			—			16
Interest expense	(30,286		)	(20,004		)	(19,363		)
Other corporate non-operating income	453			119			191
	$	(54,479	)	$	(57,291	)	$	(59,261	)

^(b)  Consists of expenditures for oil and gas properties and equipment, commercial and income producing properties, property, plant and equipment and reforestation of timber.