Business Segments

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2014 and 2013:

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2014			2013			2014			2013
Revenue:
Midwest homebuilding	$	85,549		$	79,498		$	165,153		$	140,201
Southern homebuilding	101,122			68,946			181,322			119,906
Mid-Atlantic homebuilding	88,467			78,857			155,639			149,511
Financial services (a)	6,470			7,252			14,335			15,662
Total revenue	$	281,608		$	234,553		$	516,449		$	425,280
Operating income:
Midwest homebuilding (b)	$	6,726		$	4,381		$	13,969		$	6,582
Southern homebuilding (b)	8,649			3,858			14,526			6,949
Mid-Atlantic homebuilding (b)	7,584			6,184			12,377			10,529
Financial services (a)	3,374			4,169			8,400			9,625
Less: Corporate selling, general and administrative expense	(8,278		)	(6,800		)	(14,624		)	(12,667		)
Total operating income	$	18,055		$	11,792		$	34,648		$	21,018
Interest expense:
Midwest homebuilding	$	492		$	1,356		$	1,761		$	2,830
Southern homebuilding	1,368			1,800			2,959			3,104
Mid-Atlantic homebuilding	568			906			1,563			2,149
Financial services (a)	302			335			617			654
Total interest expense	$	2,730		$	4,397		$	6,900		$	8,737
Equity in loss (income) of unconsolidated joint ventures	22			—			(40		)	—
Income before income taxes	$	15,303		$	7,395		$	27,788		$	12,281

(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 and six months ended June 30, 2014, the impact of charges relating to the impairment of operating communities in the Midwest region reduced operating income by $0.8 million. For the three months ended June 30, 2013, operating income was reduced by $0.6 million related to the impairment of future communities and $0.6 million related to the impairment of land held for sale in the Midwest region. For the six months ended June 30, 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 $0.8 million and $1.3 million, respectively. There were no impairment charges in the Mid-Atlantic or Southern regions for the three and six months ended June 30, 2014 and 2013.

The following tables show total assets by segment at June 30, 2014 and December 31, 2013:

	June 30, 2014
(In thousands)	Midwest		Southern		Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	3,009	$	8,364	$	5,175	$	—	$	16,548
Inventory (a)	274,305		295,883		229,404		—		799,592
Investments in unconsolidated joint ventures	3,671		38,511		—		—		42,182
Other assets	13,707		19,165		11,532		223,980		268,384
Total assets	$	294,692	$	361,923	$	246,111	$	223,980	$	1,126,706

	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.