Segment Information

6 Months Ended

Jun. 30, 2017

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, the Carolinas and Arizona.

The following table summarizes our information for reportable segments for the three and six months ended June 30, 2017 and 2016 (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Operating income:
Florida
Revenues:
Homebuilding	$	79,112	$	88,597	$	149,599	$	154,644
Amenity and other		4,125		2,737		8,762		5,519
Land sales		—		569		1,469		644
Total revenues		83,237		91,903		159,830		160,807
Expenses:
Homebuilding cost of revenues		62,640		69,256		118,634		121,173
Homebuilding selling, general and administrative		9,106		11,977		18,404		21,185
Amenity and other		3,548		2,349		7,855		4,903
Land sales		—		203		196		219
Segment operating income	$	7,943	$	8,118	$	14,741	$	13,327
Carolinas
Revenues:
Homebuilding	$	82,517	$	55,441	$	129,362	$	88,953
Land sales		—		—		782		—
Total revenues		82,517		55,441		130,144		88,953
Expenses:
Homebuilding cost of revenues		70,048		48,236		110,181		76,770
Homebuilding selling, general and administrative		9,140		5,734		14,163		9,781
Land sales		—		—		786		—
Segment operating income	$	3,329	$	1,471	$	5,014	$	2,402
Arizona
Revenues:
Homebuilding	$	35,255	$	40,567	$	66,583	$	62,241
Land sales		185		185		185		185
Total revenues		35,440		40,752		66,768		62,426
Expenses:
Homebuilding cost of revenues		29,912		33,890		56,650		52,436
Homebuilding selling, general and administrative		3,782		3,877		7,153		6,919
Amenity and other		18		21		41		53
Land sales		180		171		180		171
Segment operating income	$	1,548	$	2,793	$	2,744	$	2,847
Operating income	$	12,820	$	12,382	$	22,499	$	18,576
Unallocated income (expenses):
Interest income and other		253		(23)		258		1
Corporate general and administrative expenses		(4,986)		(4,183)		(9,665)		(8,270)
Loss on extinguishment of debt		(2,933)		—		(2,933)		—
Interest expense		(3,685)		(880)		(4,522)		(2,152)
Income before income taxes		1,469		7,296		5,637		8,155
Income tax expense (benefit)		822		(110,065)		2,551		(109,997)
Net income	$	647	$	117,361	$	3,086	$	118,152