BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2012

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, 2012, 2011 and 2010:

	2012		2011			2010
Revenues:
Segment revenues
Active adult communities	$	43,032	$	39,934		$	36,949
Primary residential		35,936		15,272			14,209
Commercial and industrial and other land sales		26,595		31,731			4,712
Other operations		598		932			1,485
		106,161		87,869			57,355
Unallocated revenues
Interest income		127		309			580
Other		1,199		804			1,203
Total revenues	$	107,487		88,982		$	59,138
Operating income (loss):
Segment operating income (loss)
Active adult communities	$	(8,919)		(12,188	)	$	(5,043	)
Primary residential		(9)		(7,527	)		(6,284	)
Commercial and industrial and other land sales		8,014		3,632			3,717
Other operations		631		159			387
		(283)		(15,924	)		(7,223	)
Unallocated income (expenses)
Interest income		127		309			580
Gain (loss) on extinguishment of debt		(1,144)		(211	)		-
Equity loss from unconsolidated entities		259		(398	)		(276	)
General and administrative expenses		(16,148)		(17,502	)		(20,508	)
Change in fair value of contingent consideration		-		4,388			-
Interest expense		(7,973)		(9,516	)		(5,531	)
Other real estate expenses		(5,113)		(1,654	)		(3,099	)
Impairment of the Poinciana Parkway		(7,659)		-			-
Impairment of goodwill		-		(17,215	)		-
Impairment of land developed or held for future development		(49,749)		(107,981	)		-
Loss before income taxes	$	(87,683)		(165,704	)	$	(36,057	)

	December 31
	2012		2011
Segment assets:
Active adult communities	$	89,793	$	166,369
Primary residential		56,951		41,188
Commercial and industrial and other land sales		30,095		8,774
Poinciana Parkway		-		8,437
Assets held for sale		25,649		30,078
Unallocated assets		135,383		154,210
Total assets	$	337,871	$	409,056

(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, 2012 and 2011, respectively: cash, cash equivalents and restricted cash of $86,163 and $119,456; land inventories of $36,715 and $20,876 (a majority of which is bulk land); property and equipment of $2,164 and $845; investment in and notes from unconsolidated entities of $1,220 and $845; receivables of $4,661 and $7,584; and prepaid expenses and other assets of $4,459 and $4,605. 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 2012, 2011 and 2010.

(f) Included in segment operating profit/(loss) for 2012 is depreciation expense of $2,069, $90 and $476 from active adult, primary residential communities and unallocated corporate/other, respectively. 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.

(g) During fiscal year 2012, impairment losses of approximately $1,620 and $15 reduced the carrying value of the assets of active adult and primary residential communities, respectively. 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.