Business Segments

3 Months Ended

Mar. 31, 2014

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

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; interest expense; and income before income taxes for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
(In thousands)	2014			2013
Revenue:
Midwest homebuilding	$	79,604		$	60,702
Southern homebuilding	80,200			50,961
Mid-Atlantic homebuilding	67,172			70,654
Financial services (a)	7,865			8,410
Total revenue	$	234,841		$	190,727
Operating income:
Midwest homebuilding (b)	$	7,243		$	2,201
Southern homebuilding (b)	5,877			3,091
Mid-Atlantic homebuilding (b)	4,793			4,345
Financial services (a)	5,026			5,455
Less: Corporate selling, general and administrative expense	(6,346		)	(5,866		)
Total operating income	$	16,593		$	9,226
Interest expense:
Midwest homebuilding	$	1,269		$	1,474
Southern homebuilding	1,591			1,304
Mid-Atlantic homebuilding	995			1,244
Financial services (a)	315			318
Total interest expense	$	4,170		$	4,340
Equity in income of unconsolidated joint ventures	(62		)	—
Income before income taxes	$	12,485		$	4,886

(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.

(b) For the three months ended March 31, 2013, the impact of charges relating to the impairment of future communities and land held for sale in the Midwest region reduced operating income by $0.3 million and $0.6 million, respectively. There were no charges relating to the impairment of inventory for the three months ended March 31, 2014 and no charges in the Mid-Atlantic or Southern regions for the three months ended March 31, 2013.

The following tables show total assets by segment at March 31, 2014 and December 31, 2013:

	March 31, 2014
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	2,040	$	9,353	$	5,517	$	—	$	16,910
Inventory (a)	240,696		256,348		209,673		—		706,717
Investments in unconsolidated joint ventures	4,361		40,486		—		—		44,847
Other assets	11,115		16,268		8,121		280,925		316,429
Total assets	$	258,212	$	322,455	$	223,311	$	280,925	$	1,084,903

	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

(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.