Segment Information

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2017 and 2016 (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Operating income:
Florida
Revenues:
Homebuilding	$	81,796	$	96,943	$	231,395	$	251,587
Amenity and other		3,875		3,315		12,637		8,834
Land sales		30		26		1,499		670
Total revenues		85,701		100,284		245,531		261,091
Expenses:
Homebuilding cost of revenue		64,739		74,872		183,373		196,045
Homebuilding selling, general and administrative		9,837		12,189		28,241		33,374
Amenity and other		3,145		3,075		11,000		7,978
Land sales		14		6		210		225
Segment operating income	$	7,966	$	10,142	$	22,707	$	23,469
Carolinas
Revenues:
Homebuilding	$	84,893	$	62,864	$	214,255	$	151,817
Land sales		110		265		892		265
Total revenues		85,003		63,129		215,147		152,082
Expenses:
Homebuilding cost of revenue		74,376		53,803		184,557		130,573
Homebuilding selling, general and administrative		8,791		5,744		22,954		15,525
Land sales		110		289		896		289
Segment operating income	$	1,726	$	3,293	$	6,740	$	5,695
Arizona
Revenues:
Homebuilding	$	35,035	$	42,014	$	101,618	$	104,255
Land sales		—		—		185		185
Total revenues		35,035		42,014		101,803		104,440
Expenses:
Homebuilding cost of revenue		29,440		35,236		86,090		87,672
Homebuilding selling, general and administrative		3,797		3,854		10,950		10,773
Amenity and other		22		26		63		79
Land sales		—		—		180		171
Segment operating income	$	1,776	$	2,898	$	4,520	$	5,745
Operating income	$	11,468	$	16,333	$	33,967	$	34,909
Unallocated income (expenses):
Interest income and other		407		—		665		1
Corporate general and administrative expenses		(4,660)		(3,697)		(14,325)		(11,967)
Loss on extinguishment of debt		(6,939)		—		(9,872)		—
Interest expense		(2,625)		(701)		(7,147)		(2,853)
Income (loss) before income taxes		(2,349)		11,935		3,288		20,090
Income tax expense (benefit)		(872)		38		1,679		(109,959)
Net income (loss)	$	(1,477)	$	11,897	$	1,609	$	130,049