Segment Reporting

3 Months Ended

Mar. 31, 2014

Segment Reporting

Segment Reporting

14. 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: (i) Homebuilding; (ii) Real Estate Services; and (iii) Amenities.

During the three months ended March 31, 2014 and 2013, all of the revenues of our reportable segments were generated by 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.  The results of operations for the Homebuilding segment consist of revenues generated from the delivery of homes and land and home site sales, less the cost of home construction, land and land development costs, asset impairments (if any) and selling, general and administrative expenses incurred by the segment.

Operations of our Real Estate Services segment include providing residential real estate brokerage and title services.  The results of operations for the Real Estate Services segment consist of revenues generated primarily from those activities, less the cost of such services, including royalties associated with franchise agreements with third-parties, 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 that we develop in certain Florida markets.  Amenities consist of golf courses and country clubs, marinas and resort-style facilities.  The results of operations for the Amenities segment consist of revenues from the sale of equity and nonequity memberships, the sale and lease of marina slips, membership dues, and golf and restaurant operations, less the cost of such services, asset impairments (if any) and selling, general and administrative expenses incurred by the segment.  When in evidence, the Amenities segment also includes discontinued operations associated with our retained and operated amenities that have been classified as assets held for sale.

Each reportable segment follows the same accounting policies as those described in Note 2 to the audited consolidated financial statements in our 2013 Form 10-K.  The financial position and operating results of our segments, which are included in the tables below, are not necessarily indicative of the results and financial position that would have occurred had the segments been independent stand-alone entities during the periods presented.

	Three Months Ended March 31,
	2014			2013
	(in thousands)
Revenues
Homebuilding	$	47,995		$	30,491
Real estate services	18,463			16,429
Amenities	7,322			6,814
Total revenues	$	73,780		$	53,734
Operating earnings (loss)
Homebuilding	$	3,125		$	671
Real estate services	(119		)	397
Amenities	506			380
Other income	365			209
Interest expense	(498		)	(885		)
Income from operations before income taxes	$	3,379		$	772

	March 31,		December 31,
	2014		2013
	(in thousands)
Assets
Homebuilding	$	303,831	$	283,386
Real estate services	17,782		17,723
Amenities	40,428		40,973
Corporate and unallocated	323,904		343,404
Total assets	$	685,945	$	685,486