Business Segments

12 Months Ended

Dec. 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 12 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
	Austin, Texas

In April 2012, we expanded our Houston, Texas operations by acquiring the assets of a privately-held homebuilder based in Houston, Texas.

In October 2012, we announced our entry into the Austin, Texas market. We expect to open our first community in our Austin market in 2013.

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 2012, 2011 and 2010, as well as the Company’s loss before income taxes for such periods:

	Year Ended December 31,
(In thousands)	2012			2011			2010
Revenue:
Midwest homebuilding	$	281,959		$	228,191		$	295,096
Southern homebuilding	189,714			123,061			89,896
Mid-Atlantic homebuilding	266,976			200,706			217,148
Financial services	23,256			14,466			14,237
Total revenue	$	761,905		$	566,424		$	616,377
Operating income (loss):
Midwest homebuilding (a)	$	11,443		$	(6,396	)	$	3,294
Southern homebuilding (a)	14,530			(5,314		)	(3,593		)
Mid-Atlantic homebuilding (a)	15,130			7,039			7,004
Financial services	12,436			6,641			6,508
Less: Corporate selling, general and administrative expenses	(24,709		)	(20,867		)	(22,824		)
Total operating income (loss)	$	28,830		$	(18,897	)	$	(9,611	)
Interest expense:
Midwest homebuilding	$	5,502		$	6,154		$	3,689
Southern homebuilding	3,742			2,798			1,520
Mid-Atlantic homebuilding	5,406			5,099			3,262
Financial services	1,421			954			944
Total interest expense	$	16,071		$	15,005		$	9,415
Other loss (b)	$	—		$	—		$	(8,378	)
Income (loss) before income taxes	$	12,759		$	(33,902	)	$	(27,404	)
Depreciation and amortization:
Midwest homebuilding	$	2,834		$	1,179		$	1,036
Southern homebuilding	968			601			498
Mid-Atlantic homebuilding	975			844			763
Financial services	140			282			390
Corporate	4,825			4,668			2,507
Total depreciation and amortization	$	9,742		$	7,574		$	5,194

(a) For 2012, 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 $3.8 million, $23.0 million and $13.2 million, respectively. These charges reduced operating income by $3.5 million, $13.9 million and $3.9 million in the Midwest region, $0.1 million, $6.8 million and $4.5 million in the Southern region, and $0.1 million, $2.3 million and $4.8 million in the Mid-Atlantic region for 2012, 2011 and 2010, respectively.

(b) Other loss is comprised of the loss on the early extinguishment of debt in the fourth quarter of 2010.

The following tables show total assets by segment at December 31, 2012 and 2011:

	December 31, 2012
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	1,462	$	4,612	$	2,653	$	—	$	8,727
Inventory (a)	196,554		157,302		194,234		—		548,090
Investments in Unconsolidated LLCs	5,121		6,611		—		—		11,732
Other assets	4,421		8,436		7,759		242,135		262,751
Total assets	$	207,558	$	176,961	$	204,646	$	242,135	$	831,300

	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 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

(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.