Segment Reporting

6 Months Ended

Jun. 30, 2013

Segment Reporting

Segment Reporting

18. Segment Reporting

As defined in ASC 280, Segment Reporting (ASC 280) our reportable segments are based on operating segments with similar economic characteristics and lines of business. Our reportable segments consist of the following:

1. Homebuilding

2. Real Estate Services

3. Amenities

For the three months and six months ended June 30, 2013, 100% of the total revenues of our reportable segments are generated from our Florida operations.

Evaluation of segment performance is based primarily on operating earnings. Operations of our Homebuilding segment primarily include the construction and sale of single- and multi-family homes.

Operating earnings (loss) for the Homebuilding segment consists of revenues generated from the delivery of homes and land sales, less the cost of home construction, land and land development costs, and selling, general, and administrative expenses.

Operations of our Real Estate Services segment include providing residential real estate brokerage and title services. Operating earnings (loss) of the Real Estate Services segment consists of revenues generated primarily from real estate brokerage and title services, less the cost of such services, including royalties associated with a franchise agreement we have with a third-party, and selling, general, and administrative expenses incurred by the segment.

Operations of our Amenities segment primarily include the construction, ownership, and management of recreational amenities in residential communities we develop in several Florida markets. Amenities consist of golf courses and country clubs, marinas, and resort-style facilities. Operating (loss) of the Amenities segment consist of revenues from the sale of equity and nonequity memberships, the sale and lease of marina slips, billed membership dues, and golf and restaurant operations, less the cost of such services, and selling, general, and administrative expenses incurred by the segment. The Amenities segment also includes discontinued operations associated with the sale of our retained and operated amenities classified as assets held for sale. In accordance with ASC 280, the segment information below does not include the results from discontinued operations for the three and six months ended June 30, 2012 (Note 7 — “Discontinued Operations”).

Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented.

Financial information relating to reportable segments was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(in thousands)				(in thousands)
Revenues
Homebuilding	$	53,761	$	21,835	$	84,252	$	31,456
Real estate services	23,962		21,806		40,391		38,674
Amenities	5,614		4,868		12,428		11,463
Total revenues	$	83,337	$	48,509	$	137,071	$	81,593

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
	(in thousands)						(in thousands)
Operating earnings (loss)
Homebuilding	$	7,224		$	(726	)	$	7,895		$	(5,632	)
Real estate services	1,888			1,238			2,285			1,629
Amenities	(582		)	(846		)	(202		)	(576		)
Other income	1,011			363			1,220			1,168
Interest expense	(729		)	(2,155		)	(1,614		)	(5,015		)
Expenses related to early repayment of debt	—			(16,984		)	—			(16,984		)
Income (loss) from continuing operations before income taxes	$	8,812		$	(19,110	)	$	9,584		$	(25,410	)

	June 30,		December 31,
	2013		2012
	(in thousands)
Assets
Homebuilding	$	272,268	$	186,786
Real estate services	15,932		15,056
Amenities	36,924		38,366
Corporate and unallocated	42,234		107,054
Total assets	$	367,358	$	347,262