Business Segments

3 Months Ended

Mar. 31, 2012

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 long-term 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	Raleigh, North Carolina
Chicago, Illinois	San Antonio, Texas

In April 2012, we expanded our Houston, Texas operations by acquiring the assets of Triumph Homes, a privately-held homebuilder based in Houston, 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 income (loss) and interest expense for the three months ended March 31, 2012 and 2011, as well as the Company’s loss before income taxes for such periods:

	Three Months Ended March 31,
(In thousands)	2012			2011
Revenue:
Midwest homebuilding	$	56,953		$	50,472
Southern homebuilding	29,072			16,936
Mid-Atlantic homebuilding	40,784			39,962
Financial services	4,316			3,200
Total revenue	$	131,125		$	110,570
Operating income (loss):
Midwest homebuilding (a)	$	1,111		$	(4,620	)
Southern homebuilding (a)	885			(6,634		)
Mid-Atlantic homebuilding (a)	461			1,193
Financial services	2,436			1,622
Less: Corporate selling, general and administrative expenses	(4,661		)	(4,492		)
Total operating income (loss)	$	232		$	(12,931	)
Interest expense:
Midwest homebuilding	$	1,726		$	1,881
Southern homebuilding	802			536
Mid-Atlantic homebuilding	1,710			1,348
Financial services	368			270
Total interest expense	$	4,606		$	4,035
Loss before income taxes	$	(4,374	)	$	(16,966	)

(a) For the three months ended March 31, 2012 and 2011, 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 $0.1 million and $11.1 million, respectively. These charges reduced operating income by $0.1 million and $5.0 million in the Midwest region, less than $0.1 million and $5.9 million in the Southern region and less than $0.1 million and $0.2 million in the Mid-Atlantic region for the three months ended March 31, 2012 and 2011, respectively.

The following tables show total assets by segment:

	March 31, 2012
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	680	$	1,214	$	2,149	$	—	$	4,043
Inventory (a)	192,601		96,837		196,577		—		486,015
Investments in unconsolidated entities	5,222		5,494		—		—		10,716
Other assets	6,611		3,123		7,082		140,143		156,959
Total assets	$	205,114	$	106,668	$	205,808	$	140,143	$	657,733

	December 31, 2011
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services 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 entities	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

(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.