Business Segments Business Segments (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following table shows, by segment, revenue, operating income and interest expense for 2016, 2015 and 2014, as well as the Company’s income before income taxes for such periods:



	Year Ended December 31,
(In thousands)	2016			2015			2014
Revenue:
Midwest homebuilding	$	637,894		$	500,873		$	426,090
Southern homebuilding	602,273			514,747			420,901
Mid-Atlantic homebuilding	409,149			366,800			338,067
Financial services ^(a)	42,011			35,975			30,122
Total revenue	$	1,691,327		$	1,418,395		$	1,215,180

Operating income:
Midwest homebuilding	$	70,446		$	51,436		$	37,484
Southern homebuilding ^(b)	20,398			47,276			34,341
Mid-Atlantic homebuilding	33,450			25,144			27,502
Financial services ^(a)	23,262			21,032			15,616
Less: Corporate selling, general and administrative expenses	(38,813		)	(33,094		)	(32,189		)
Total operating income ^{(b) (c)}	$	108,743		$	111,794		$	82,754

Interest expense:
Midwest homebuilding	$	3,754		$	4,005		$	3,001
Southern homebuilding	8,039			7,244			5,445
Mid-Atlantic homebuilding	3,693			4,656			3,480
Financial services ^(a)	2,112			1,616			1,439
Total interest expense	$	17,598		$	17,521		$	13,365

Equity in income of joint venture arrangements	$	(640	)	$	(498	)	$	(347	)
Loss on early extinguishment of debt	—			7,842			—

Income before income taxes	$	91,785		$	86,929		$	69,736

Depreciation and amortization:
Midwest homebuilding	$	1,752		$	1,614		$	1,277
Southern homebuilding	2,525			2,069			1,584
Mid-Atlantic homebuilding	1,645			1,464			970
Financial services	1,948			1,213			201
Corporate	5,736			4,568			4,264
Total depreciation and amortization	$	13,606		$	10,928		$	8,296


(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 an immaterial amount of mortgage refinancing.


(b)	Includes a $19.4 million charge for known and estimated future stucco-related repair costs in certain of our Florida communities (as more fully discussed in Note 8) taken during the year ended December 31, 2016.


(c)	For the years ended December 31, 2016, 2015 and 2014, total operating income was reduced by $4.0 million, $3.6 million and $3.5 million, respectively, related to asset impairment charges taken during the period.

The following tables show total assets by segment at December 31, 2016 and 2015:



	December 31, 2016
(In thousands)	Midwest		Southern			Mid-Atlantic		Corporate, Financial Services and Unallocated			Total
Deposits on real estate under option or contract	$	3,989	$	22,607		$	3,260	$	—		$	29,856
Inventory ^(a)	399,814		484,038			302,226		—			1,186,078
Investments in joint venture arrangements	10,155		10,630			7,231		—			28,016
Other assets	25,747		35,622		^(b)	13,912		229,280		^(c)	304,561
Total assets	$	439,705	$	552,897		$	326,629	$	229,280		$	1,548,511



	December 31, 2015
(In thousands)	Midwest		Southern			Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	3,379	$	16,128		$	4,203	$	—	$	23,710
Inventory ^(a)	368,748		416,443			303,141		—		1,088,332
Investments in joint venture arrangements	5,976		30,991			—		—		36,967
Other assets	10,018		23,704		^(b)	7,253		225,570		266,545
Total assets	$	388,121	$	487,266		$	314,597	$	225,570	$	1,415,554


(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.


(b)	Includes development reimbursements from local municipalities.


(c)	During the first quarter of 2016, the Company purchased an airplane for $9.9 million. The asset is included within Property and Equipment - Net in our Consolidated Balance Sheets.