Segment Information

3 Months Ended

Mar. 31, 2016

Segment Information

Segment Information

Note 8 - Segment Information

Our operating segments are defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the chief operating decision maker to evaluate performance and make operating decisions. We have identified our chief operating decision maker as our Chief Executive Officer. Our reportable segments are as follows: Florida, Arizona and the Carolinas.

The following table summarizes our information for reportable segments for the three months ended March 31, 2016 and 2015 (in thousands):

	Three Months
	2016		2015
Operating income (loss):
Florida
Revenues:
Homebuilding	$	66,047	$	41,906
Amenity and other		2,782		2,777
Land sales		75		2,704
Total revenues		68,904		47,387
Expenses:
Homebuilding cost of revenues		51,917		34,601
Homebuilding selling, general and administrative		9,208		6,588
Amenity and other		2,554		2,345
Land sales		16		285
Segment operating income	$	5,209	$	3,568
Arizona
Revenues:
Homebuilding	$	21,674	$	9,907
Total revenues		21,674		9,907
Expenses:
Homebuilding cost of revenues		18,546		8,613
Homebuilding selling, general and administrative		3,042		2,322
Amenity and other		32		38
Segment operating income (loss)	$	54	$	(1,066)
Carolinas
Revenues:
Homebuilding	$	33,512	$	1,536
Total revenues		33,512		1,536
Expenses:
Homebuilding cost of revenues		28,534		1,375
Homebuilding selling, general and administrative		4,047		816
Segment operating income (loss)	$	931	$	(655)
Operating income	$	6,194	$	1,847
Unallocated income (expenses):
Interest income and other		24		56
Corporate general and administrative expenses		(4,087)		(3,654)
Interest expense		(1,272)		(3,257)
Income (loss) before income taxes		859		(5,008)
Income tax expense		68		—
Net income (loss)	$	791	$	(5,008)