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, Arizona and Texas.

The following table summarizes our information for reportable segments for the three and six months ended June 30, 2018 and 2017 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Operating income:
Florida
Revenues:
Homebuilding	$	74,140	$	79,112	$	132,243	$	149,599
Amenity and other		4,289		4,125		9,107		8,762
Land sales		615		—		2,660		1,469
Total revenues		79,044		83,237		144,010		159,830
Expenses:
Homebuilding cost of revenue		58,540		62,640		103,617		118,634
Homebuilding selling, general and administrative		9,313		9,106		18,415		18,404
Amenity and other		4,088		3,548		9,310		7,855
Land sales		207		—		438		196
Segment operating income	$	6,896	$	7,943	$	12,230	$	14,741

Carolinas
Revenues:
Homebuilding	$	76,119	$	82,517	$	130,023	$	129,362
Land sales		—		—		—		782
Total revenues		76,119		82,517		130,023		130,144
Expenses:
Homebuilding cost of revenue		65,470		70,048		113,633		110,181
Homebuilding selling, general and administrative		8,173		9,140		15,130		14,163
Land sales		—		—		—		786
Segment operating income	$	2,476	$	3,329	$	1,260	$	5,014

Arizona
Revenues:
Homebuilding	$	39,736	$	35,255	$	64,982	$	66,583
Land sales		—		185		—		185
Total revenue		39,736		35,440		64,982		66,768
Expenses:
Homebuilding cost of revenue		32,698		29,912		53,832		56,650
Homebuilding selling, general and administrative		4,269		3,782		7,394		7,153
Amenity and other		18		18		40		41
Land sales		—		180		—		180
Segment operating income	$	2,751	$	1,548	$	3,716	$	2,744

Texas
Revenues:
Homebuilding	$	8,661	$	—	$	16,553	$	—
Total revenue		8,661		—		16,553		—
Expenses:
Homebuilding cost of revenue		7,347		—		13,950		—
Homebuilding selling, general and administrative		1,954		—		3,541		—
Segment operating loss	$	(640)	$	—	$	(938)	$	—

Operating income	$	11,483	$	12,820	$	16,268	$	22,499

Unallocated income (expenses):
Interest income and other		581		253		850		258
Corporate general and administrative expenses		(5,009)		(4,986)		(9,753)		(9,665)
Loss on extinguishment of debt		—		(2,933)		—		(2,933)
Interest expense		(3,012)		(3,685)		(6,403)		(4,522)
Income before income taxes		4,043		1,469		962		5,637
Income tax expense		1,044		822		306		2,551
Net income	$	2,999	$	647	$	656	$	3,086