Business Segments

6 Months Ended

Jun. 30, 2013

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

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 and interest expense for the three and six months ended June 30, 2013 and 2012, as well as the Company’s income (loss) before income taxes for such periods:

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2013			2012			2013			2012
Revenue:
Midwest homebuilding	$	79,498		$	63,026		$	140,201		$	119,979
Southern homebuilding	68,946			43,499			119,906			72,572
Mid-Atlantic homebuilding	78,857			59,545			149,511			100,328
Financial services (b)	7,252			4,924			15,662			9,240
Total revenue	$	234,553		$	170,994		$	425,280		$	302,119
Operating income:
Midwest homebuilding (a)	$	4,381		$	3,961		$	6,582		$	5,072
Southern homebuilding (a)	3,858			2,808			6,949			3,693
Mid-Atlantic homebuilding (a)	6,184			3,248			10,529			3,709
Financial services (b)	4,169			2,210			9,625			4,646
Less: Corporate selling, general and administrative expense	(6,800		)	(5,467		)	(12,667		)	(10,128		)
Total operating income	$	11,792		$	6,760		$	21,018		$	6,992
Interest expense:
Midwest homebuilding	$	1,356		$	1,211		$	2,830		$	2,937
Southern homebuilding	1,800			743			3,104			1,545
Mid-Atlantic homebuilding	906			1,196			2,149			2,906
Financial services (b)	335			311			654			679
Total interest expense	$	4,397		$	3,461		$	8,737		$	8,067
Income (loss) before income taxes	$	7,395		$	3,299		$	12,281		$	(1,075	)

(a) For the three months ended June 30, 2013 and 2012, 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 $1.2 million and $0.7 million, respectively. These charges reduced operating income by $1.2 million and $0.5 million in the Midwest region for the three months ended June 30, 2013 and 2012, respectively, and $0.1 million in the Southern and less than $0.1 million in the Mid-Atlantic region for the three months ended June 30, 2012,. There were no charges in the Mid-Atlantic or Southern regions for the three months ended June 30, 2013.

For the six months ended June 30, 2013 and 2012, 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 $2.1 million and $0.8 million, respectively. These charges reduced operating income by $2.1 million and $0.6 million in the Midwest region for the six months ended June 30, 2013 and 2012, respectively, and $0.1 million in the Southern and Mid-Atlantic regions for the six months ended June 30, 2012. There were no charges in the Mid-Atlantic or Southern regions for the six months ended June 30, 2013.

(b) Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of a small amount of mortgage re-financing.

The following tables show total assets by segment at June 30, 2013 and December 31, 2012:

	June 30, 2013
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	2,221	$	5,226	$	3,495	$	—	$	10,942
Inventory (a)	213,387		202,750		187,920		—		604,057
Investments in Unconsolidated LLCs	5,614		23,034		—		—		28,648
Other assets	7,590		13,327		10,583		243,119		274,619
Total assets	$	228,812	$	244,337	$	201,998	$	243,119	$	918,266

	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

(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.