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Segment Information
 6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Segment Information
Segment Information
We manage our operations through three segments: real estate, mineral resources and other. Real estate secures entitlements and develops infrastructure on our lands for single-family residential and mixed-use communities, and manages our undeveloped land and commercial and income producing properties, which consist of three projects and two multifamily sites. Mineral resources manages our owned mineral interests. Other manages our timber, recreational leases and water resource initiatives.
In second quarter 2016, we changed the name of the oil and gas segment to mineral resources to reflect the strategic shift from oil and gas working interest investments to owned mineral interests. We also changed the name of the other natural resources to other.
Total assets allocated by segment are as follows:
 
Second
Quarter-End
 
Year-End
 
2016
 
2015
 
(In thousands)
Real estate
$
504,552

 
$
691,238

Mineral resources
39,182

 
39,469

Other
18,483

 
19,106

Assets of discontinued operations
1,845

 
104,967

Assets not allocated to segments (a)
117,771

 
117,466

 
$
681,833

 
$
972,246


 
 _________________________
(a) 
Assets not allocated to segments at second quarter-end 2016 principally consist of cash and cash equivalents of $107,421,000 and an income tax receivable of $3,228,000. 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. Assets of discontinued operations represent oil and gas working interest assets we have or will be exiting.
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, loss on extinguishment of debt 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 second quarter 2016, no single customer accounted for more than ten percent of our total revenues.
Segment revenues and earnings are as follows:
 
Second Quarter
 
First Six Months
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
Real estate
$
46,381

 
$
39,409

 
$
82,479

 
$
72,239

Mineral resources
1,337

 
2,360

 
2,419

 
5,114

Other
274

 
1,856

 
712

 
3,646

Total revenues
$
47,992

 
$
43,625

 
$
85,610

 
$
80,999

Segment earnings (loss):
 
 
 
 

 

Real estate
$
73,290

 
$
15,527

 
$
93,514

 
$
24,593

Mineral resources
933

 
1,766

 
1,486

 
3,138

Other
(197
)
 
(43
)
 
(778
)
 
(434
)
Total segment earnings
74,026

 
17,250

 
94,222

 
27,297

Items not allocated to segments (a)
(47,435
)
 
(13,868
)
 
(61,639
)
 
(32,119
)
Income (loss) from continuing operations before taxes attributable to Forestar Group Inc.
$
26,591

 
$
3,382

 
$
32,583

 
$
(4,822
)

  _________________________
(a) 
Items not allocated to segments consist of:
 
Second Quarter
 
First Six Months
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
General and administrative expense
$
(4,514
)
 
$
(5,177
)
 
$
(9,487
)
 
$
(11,197
)
Shared-based and long-term incentive compensation expense
(412
)
 
(23
)
 
(1,956
)
 
(3,481
)
Interest expense
(6,918
)
 
(8,715
)
 
(14,557
)
 
(17,536
)
Loss on extinguishment of debt, net
(35,766
)
 
—

 
(35,864
)
 
—

Other corporate non-operating income
175

 
47

 
225

 
95

 
$
(47,435
)
 
$
(13,868
)
 
$
(61,639
)
 
$
(32,119
)