Business Segments

12 Months Ended

Dec. 31, 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 13 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
	Dallas/Fort Worth, Texas

In July 2013, we announced our entry into the Dallas/Fort Worth, Texas market. We expect to open our first community in our Dallas/Fort Worth market in the second half of 2014.

Our financial services operations include the origination, sale and servicing 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 2013, 2012 and 2011, as well as the Company’s income (loss) before income taxes for such periods:

	Year Ended December 31,
(In thousands)	2013			2012			2011
Revenue:
Midwest homebuilding	$	336,242		$	281,959		$	228,191
Southern homebuilding	324,436			189,714			123,061
Mid-Atlantic homebuilding	347,565			266,976			200,706
Financial services (a)	28,539			23,256			14,466
Total revenue	$	1,036,782		$	761,905		$	566,424
Operating income (loss):
Midwest homebuilding	$	21,469		$	11,443		$	(6,396	)
Southern homebuilding	23,653			14,530			(5,314		)
Mid-Atlantic homebuilding	27,297			15,130			7,039
Financial services (a)	15,798			12,436			6,641
Less: Corporate selling, general and administrative expenses	(29,524		)	(24,709		)	(20,867		)
Total operating income (loss)	$	58,693		$	28,830		$	(18,897	)
Interest expense:
Midwest homebuilding	$	4,923		$	5,502		$	6,154
Southern homebuilding	6,142			3,742			2,798
Mid-Atlantic homebuilding	3,491			5,406			5,099
Financial services (a)	1,382			1,421			954
Total interest expense	$	15,938		$	16,071		$	15,005
Equity in income of unconsolidated joint ventures	$	(306	)	$	—		$	—
Loss on early extinguishment of debt	$	1,726		$	—		$	—
Income (loss) before income taxes	$	41,335		$	12,759		$	(33,902	)
Depreciation and amortization:
Midwest homebuilding	$	1,063		$	2,834		$	1,179
Southern homebuilding	1,230			968			601
Mid-Atlantic homebuilding	995			975			844
Financial services	138			140			282
Corporate	4,885			4,825			4,668
Total depreciation and amortization	$	8,311		$	9,742		$	7,574

(a) 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 December 31, 2013 and 2012:

	December 31, 2013
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	2,003	$	7,107	$	5,255	$	—	$	14,365
Inventory (a)	248,218		236,505		191,847		—		676,570
Investments in unconsolidated joint ventures	5,331		29,935		—		—		35,266
Other assets	10,571		982		11,050		361,372		383,975
Total assets	$	266,123	$	274,529	$	208,152	$	361,372	$	1,110,176

	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 joint ventures	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.