Business Segments

12 Months Ended

Dec. 31, 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 over the long-term.  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	Raleigh, North Carolina
Chicago, Illinois	San Antonio, Texas (1)

⁽¹⁾ In April 2011, we acquired the assets of 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, depreciation and amortization expense and interest expense for the years ended December 31, 2011, 2010 and 2009, as well as the Company’s loss before income taxes for such periods.

	Year Ended December 31,
(Dollars in thousands)	2011			2010			2009
Revenue:
Midwest homebuilding	$	228,191		$	295,096		$	258,910
Southern homebuilding	123,061			89,896			95,615
Mid-Atlantic homebuilding	200,706			217,148			201,366
Financial services	14,466			14,237			14,058
Total revenue	$	566,424		$	616,377		$	569,949
Operating (loss) income:
Midwest homebuilding (a)	$	(6,396	)	$	3,294		$	(17,590	)
Southern homebuilding (a)	(5,314		)	(3,593		)	(41,092		)
Mid-Atlantic homebuilding (a)	7,039			7,004			(7,500		)
Financial services	6,641			6,508			6,533
Less: Corporate selling, general and administrative expenses (b)	(20,867		)	(22,824		)	(23,932		)
Total operating loss	$	(18,897	)	$	(9,611	)	$	(83,581	)
Interest expense:
Midwest homebuilding	$	6,154		$	3,689		$	4,043
Southern homebuilding	2,798			1,520			1,690
Mid-Atlantic homebuilding	5,099			3,262			2,235
Financial services	954			944			499
Total interest expense	$	15,005		$	9,415		$	8,467
Other loss (c)	—			(8,378		)	(941		)
Loss before income taxes	$	(33,902	)	$	(27,404	)	$	(92,989	)

	Year Ended December 31,
(Dollars in thousands)	2011		2010		2009
Depreciation and amortization:
Midwest homebuilding	$	1,179	$	1,036	$	659
Southern homebuilding	601		498		728
Mid-Atlantic homebuilding	844		763		959
Financial services	282		390		395
Corporate	4,668		2,507		5,130
Total depreciation and amortization	$	7,574	$	5,194	$	7,871

(a) The years ended December 31, 2011, 2010 and 2009 include the impact of charges relating to the impairment of inventory and investment in Unconsolidated LLCs and the write-off of land deposits and pre-acquisition costs of $23.0 million, $13.2 million and $57.1 million, respectively.  For 2011, 2010 and 2009, these charges reduced operating income by $13.9 million, $3.9 million and $20.4 million in the Midwest region, $6.8 million, $4.5 million and $24.1 million in the Southern region, and $2.3 million, $4.8 million and $12.6 million in the Mid-Atlantic region, respectively.

(b) The year ended December 31, 2009 includes the impact of severance charges of $1.0 million.  

(c) Other loss is comprised of the loss on the early extinguishment of debt in the fourth quarter of 2010 and the sale of the Company's airplane during the first quarter of 2009.

The following tables shows, by segment, total assets and investment in Unconsolidated LLCs at December 31, 2011, and 2010:

	At December 31, 2011
							Corporate,
							Financial Services
(In thousands)	Midwest		Southern		Mid-Atlantic		and Unallocated		Total
Deposits on real estate under option or contract	$	252	$	1,516	$	907	$	—	$	2,675
Inventory (a)	200,760		89,586		173,751		—		464,097
Investments in Unconsolidated LLCs	5,157		5,200		—		—		10,357
Other assets	3,865		2,858		9,861		170,772		187,356
Total assets	$	210,034	$	99,160	$	184,519	$	170,772	$	664,485

	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 LLCs	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.