BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2011

BUSINESS SEGMENTS [Abstract]

BUSINESS SEGMENTS

NOTE P - BUSINESS SEGMENTS

In accordance with ASC 280, Segment Reporting (“ASC 280”), our current operations include the following segments: the development, sale and management of active adult communities; the development and sale of primary residential communities; and the sale of commercial, industrial or other land. In accordance with ASC 280, our title insurance agency (which we sold in July 2011) does not qualify as a separate reportable segment and is included in “Other Operations”.

The following tables summarize our information for reportable segments for the years ended December 31, 2011, 2010 and 2009:

	2011			2010			2009
Revenues:
Segment revenues
Active adult communities	$	39,934		$	36,949		$	32,604
Primary residential		15,272			14,209			26,968
Commercial and industrial and other land sales		31,731			4,712			8,825
Other operations		932			1,485			995
		87,869			57,355			69,392
Unallocated revenues
Interest income		309			580			657
Gain on repurchase of 4.50% Notes		-			-			1,783
Other		804			1,203			1,669
Total revenues	$	88,982		$	59,138		$	73,501
Operating income (loss):
Segment operating income (loss)
Active adult communities	$	(12,188	)	$	(5,043	)	$	(5,613	)
Primary residential		(7,527	)		(6,284	)		(8,103	)
Commercial and industrial and other land sales		3,632			3,717			(316	)
Other operations		159			387			211
		(15,924	)		(7,223	)		(13,821	)
Unallocated income (expenses)
Interest income		309			580			657
Gain (loss) on repurchase of 4.50% Notes		(211	)		-			1,783
Equity loss from unconsolidated entities		(398	)		(276	)		(196	)
General and administrative expenses		(17,502	)		(20,508	)		(19,694	)
Change in fair value of contingent consideration		4,388			-			-
Interest expense		(9,516	)		(5,531	)		(6,857	)
Other real estate expenses		(1,654	)		(3,099	)		(3,688	)
Impairment of the Poinciana Parkway		-			-			(8,108	)
Impairment of goodwill		(17,215	)		-			-
Impairment of land developed or held for future development		(107,981	)		-			(11,919	)
Loss before income taxes	$	(165,704	)	$	(36,057	)	$	(61,843	)

	December 31
	2011		2010
Segment assets:
Active adult communities	$	166,369	$	184,656
Primary residential		41,188		73,092
Commercial and industrial and other land sales		8,774		10,587
Poinciana Parkway		8,437		8,452
Assets held for sale		30,078		84,025
Unallocated assets		154,210		184,639
Total assets	$	409,056	$	545,451

(a) Our businesses are primarily conducted in the United States.

(b) Identifiable assets by segment are those assets that are used in the operations of each segment.

(c) No significant part of the business is dependent upon a single customer or group of customers.

(d) The caption “Unallocated assets” under the table depicting the segment assets represents the following as of December 31, 2011 and 2010, respectively: cash, cash equivalents and restricted cash of $119,456 and $114,555; land inventories of $20,876 and $37,065 (a majority of which is bulk land); property and equipment of $845 and $1,180; investment in and notes from unconsolidated entities of $845 and $5,193; receivables of $7,584 and $6,427; prepaid expenses and other assets of $4,605 and $3,006; and goodwill of $0 and $17,215. None of the foregoing are directly attributable to a reportable segment in accordance with ASC 280.

(e) There is no interest expense from active adult communities, primary residential, and commercial, industrial and other land sales included in segment operating income/(loss) for 2011, 2010 and 2009.

(f) Included in segment operating profit/(loss) for 2011 is depreciation expense of $2,167, $546 and $124 from active adult, primary residential communities and unallocated corporate/other, respectively. Included in segment operating profit/(loss) for 2010 is depreciation expense of $2,282, $552 and $257 from active adult, primary residential communities and unallocated corporate/other, respectively. Included in segment operating profit/(loss) for 2009 is depreciation expense of $2,301, $859 and $302 from active adult, primary residential communities and unallocated corporate/other, respectively.

(g) During fiscal year 2011, impairment losses of approximately $1,060 and $467 reduced the carrying value of the assets of active adult and primary residential communities, respectively. During fiscal year 2010, impairment losses of approximately $408 and $252 reduced the carrying value of the assets of active adult and primary residential communities, respectively. During fiscal year 2009, impairment losses of approximately $371 and $1,449 reduced the carrying value of the assets of active adult and primary residential communities, respectively. In addition, impairment losses of approximately $8,108 and approximately $11,919 reduce the carrying values of Poinciana Parkway and land developed or held for future development (which is currently not allocated to a reportable segment), respectively.