Business Segments

6 Months Ended

Jun. 30, 2011

Business Segments [Abstract]

Segment Reporting Disclosure [Text Block]

Business Segments

The Company’s segment information is presented on the basis that the chief operating decision makers use in evaluating segment performance.  The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our eleven individual homebuilding operating segments and the results of our financial services operations; (2) the results of our three homebuilding regions; and (3) our consolidated financial results.  We have determined our reportable segments as follows: Midwest homebuilding, Southern homebuilding, Mid-Atlantic homebuilding and financial services operations.  The homebuilding operating segments that are included within each reportable segment have similar operations and exhibit similar economic characteristics.  Our homebuilding operations include the acquisition and development of land, the sale and construction of single-family attached and detached homes, and the occasional sale of lots to third parties.  The homebuilding operating segments that comprise each of our reportable segments are as follows:

Midwest	Southern	Mid-Atlantic
Columbus, Ohio	Tampa, Florida	Washington, D.C.
Cincinnati, Ohio	Orlando, Florida	Charlotte, North Carolina
Indianapolis, Indiana	Houston, Texas (1)	Raleigh, North Carolina
Chicago, Illinois	San Antonio, Texas (2)

⁽¹⁾ We announced our entry into the Houston, Texas market in March 2010, and we commenced home construction in Houston

during the fourth quarter of 2010.

⁽²⁾ In April 2011, we acquired the assets of TriStone Homes, a privately-held homebuilder based in San Antonio, Texas.

Our financial services operations include the origination and sale of mortgage loans and title services primarily for purchasers of the Company's homes.

The following table shows, by segment, revenue, operating (loss) income and interest expense for the three and six months ended June 30, 2011 and 2010, as well as the Company’s loss before income taxes for such periods:

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2011			2010			2011			2010
Revenue:
Midwest homebuilding	$	58,878		$	96,727		$	109,350		$	154,635
Southern homebuilding	31,900			31,260			48,836			50,693
Mid-Atlantic homebuilding	43,371			64,930			83,333			103,271
Financial services	3,295			3,487			6,495			7,194
Total revenue	$	137,444		$	196,404		$	248,014		$	315,793
Operating (loss) income:
Midwest homebuilding (a)	$	(3,669	)	$	341		$	(8,289	)	$	175
Southern homebuilding (a)	(58		)	313			(6,692		)	(2,284		)
Mid-Atlantic homebuilding (a)	1,857			1,112			3,050			748
Financial services	1,612			1,489			3,234			3,351
Less: Corporate selling, general and administrative expenses	(5,306		)	(5,922		)	(9,798		)	(11,178		)
Total operating loss	$	(5,564	)	$	(2,667	)	$	(18,495	)	$	(9,188	)
Interest expense:
Midwest homebuilding	$	1,440		$	822		$	3,321		$	1,819
Southern homebuilding	661			259			1,197			696
Mid-Atlantic homebuilding	1,193			757			2,541			1,335
Financial services	171			241			441			370
Total interest expense	$	3,465		$	2,079		$	7,500		$	4,220
Loss before income taxes	$	(9,029	)	$	(4,746	)	$	(25,995	)	$	(13,408	)

(a) For the three months ended June 30, 2011 and 2010, the impact of charges relating to the impairment of inventory and investment in Unconsolidated LLCs and the write-off of abandoned land transaction costs was $5.5 million and $6.5 million, respectively. These charges reduced operating income by $5.3 million and $3.1 million in the Midwest region, $0.1 million and $0.4 million in the Southern region and less than $0.1 million and $3.0 million in the Mid-Atlantic region for the three months ended June 30, 2011 and 2010, respectively.

For the six months ended June 30, 2011 and 2010, the impact of charges relating to the impairment of inventory and investment in unconsolidated LLCs and the write-off of abandoned land transaction costs was $16.6 million and $9.7 million, respectively. These charges reduced operating income by $10.4 million and $3.1 million in the Midwest region, $6.0 million and $2.2 million in the Southern region and $0.3 million and $4.4 million in the Mid-Atlantic region for the six months ended June 30, 2011 and 2010, respectively.

The following tables show total assets by segment:

	At June 30, 2011
							Corporate,
							Financial Services
(In thousands)	Midwest		Southern		Mid-Atlantic		and Unallocated		Total
Deposits on real estate under option or contract	$	897	$	930	$	893	$	—	$	2,720
Inventory (a)	196,153		87,178		176,744		—		460,075
Investments in unconsolidated entities	5,074		4,953		—		—		10,027
Other assets	5,130		2,719		6,722		165,890		180,461
Total assets	$	207,254	$	95,780	$	184,359	$	165,890	$	653,283

	At December 31, 2010
							Corporate,
							Financial Services
(In thousands)	Midwest		Southern		Mid-Atlantic		and Unallocated		Total
Deposits on real estate under option or contract	$	1,027	$	85	$	853	$	—	$	1,965
Inventory (a)	212,159		69,652		167,161		—		448,972
Investments in unconsolidated entities	5,929		4,660		—		—		10,589
Other assets	5,187		1,719		4,283		189,179		200,368
Total assets	$	224,302	$	76,116	$	172,297	$	189,179	$	661,894

(a) Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.