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Segment Information
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Segment Information
Segment Information
We manage our operations through three 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.


Total assets allocated by segment are as follows:
 
First
Quarter-End
 
Year-End
 
2016
 
2015
 
(In thousands)
Real estate
$
666,726

 
$
691,238

Oil and gas
97,346

 
144,436

Other natural resources
19,025

 
19,106

Assets not allocated to segments (a)
164,955

 
117,466

 
$
948,052

 
$
972,246


 
 _________________________
(a) 
Assets not allocated to segments at first quarter-end 2016 principally consist of cash and cash equivalents of $142,646,000 and an income tax receivable of $14,359,000. Assets not allocated to segments at year-end 2015 principally consist of cash and cash equivalents of $96,442,000 and an income tax receivable of $12,056,000.
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 and long-term incentive 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—Basis of Presentation. Our revenues are derived from U.S. operations and all of our assets are located in the U.S. In first quarter 2016, no single customer accounted for more than ten percent of our total revenues.
Segment revenues and earnings are as follows:
 
First Quarter
 
2016
 
2015
 
(In thousands)
Revenues:
 
 
 
Real estate
$
36,098

 
$
32,830

Oil and gas
5,352

 
13,185

Other natural resources
438

 
1,790

Total revenues
$
41,888

 
$
47,805

Segment earnings (loss):
 
 
 
Real estate
$
20,224

 
$
9,066

Oil and gas
(12,441
)
 
(2,941
)
Other natural resources
(581
)
 
(391
)
Total segment earnings (loss)
7,202

 
5,734

Items not allocated to segments (a)
(14,204
)
 
(18,251
)
Income (loss) before taxes attributable to Forestar Group Inc.
$
(7,002
)
 
$
(12,517
)

  _________________________
(a) 
Items not allocated to segments consist of:
 
First Quarter
 
2016
 
2015
 
(In thousands)
General and administrative expense
$
(4,973
)
 
$
(6,020
)
Shared-based and long-term incentive compensation expense
(1,544
)
 
(3,458
)
Interest expense
(7,639
)
 
(8,821
)
Other corporate non-operating income
(48
)
 
48

 
$
(14,204
)
 
$
(18,251
)