Segment Information

3 Months Ended

Mar. 31, 2017

Segment Information

Segment Information

Note 7 - 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, the Carolinas and Arizona.

The following table summarizes our information for reportable segments for the three months ended March 31, 2017 and 2016 (in thousands):

	Three Months Ended
	March 31,
	2017		2016
Operating income:
Florida
Revenues:
Homebuilding	$	70,487	$	66,047
Amenity and other		4,637		2,782
Land sales		1,469		75
Total revenues		76,593		68,904
Expenses:
Homebuilding cost of revenues		55,994		51,917
Homebuilding selling, general and administrative		9,298		9,208
Amenity and other		4,307		2,554
Land sales		196		16
Segment operating income	$	6,798	$	5,209
Carolinas
Revenues:
Homebuilding	$	46,845	$	33,512
Land sales		782		—
Total revenues		47,627		33,512
Expenses:
Homebuilding cost of revenues		40,133		28,534
Homebuilding selling, general and administrative		5,023		4,047
Land sales		786		—
Segment operating income	$	1,685	$	931
Arizona
Revenues:
Homebuilding	$	31,328	$	21,674
Total revenues		31,328		21,674
Expenses:
Homebuilding cost of revenues		26,738		18,546
Homebuilding selling, general and administrative		3,371		3,042
Amenity and other		23		32
Segment operating income	$	1,196	$	54
Operating income	$	9,679	$	6,194
Unallocated income (expenses):
Interest income and other		5		24
Corporate general and administrative expenses		(4,679)		(4,087)
Interest expense		(837)		(1,272)
Income before income taxes		4,168		859
Income tax expense		1,729		68
Net income	$	2,439	$	791