Business Segments Business Segments (Tables)

9 Months Ended

Sep. 30, 2017

Business Segments [Abstract]

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

The following table shows, by segment: revenue, operating income and interest expense for the three and nine months ended September 30, 2017 and 2016:

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2017			2016			2017			2016
Revenue:
Midwest homebuilding	$	180,488		$	166,928		$	495,379		$	438,016
Southern homebuilding	176,502			143,315			504,647			414,974
Mid-Atlantic homebuilding	107,670			121,659			302,305			284,527
Financial services (a)	11,763			10,562			37,938			30,564
Total revenue	$	476,423		$	442,464		$	1,340,269		$	1,168,081
Operating income:
Midwest homebuilding	$	20,887		$	20,628		$	53,730		$	48,943
Southern homebuilding (b)	13,082			(5,249		)	26,503			8,380
Mid-Atlantic homebuilding	9,969			11,359			26,810			22,827
Financial services (a)	5,887			5,944			21,977			17,581
Less: Corporate selling, general and administrative expense	(10,548		)	(10,676		)	(29,178		)	(26,876		)
Total operating income (b)	$	39,277		$	22,006		$	99,842		$	70,855
Interest expense:
Midwest homebuilding	$	1,319		$	647		$	3,559		$	2,539
Southern homebuilding	2,143			1,788			6,311			6,118
Mid-Atlantic homebuilding	557			601			1,988			3,058
Financial services (a)	656			551			1,989			1,445
Total interest expense	$	4,675		$	3,587		$	13,847		$	13,160
Equity in income of joint venture arrangements	(71		)	(24		)	(198		)	(413		)
Income before income taxes	$	34,673		$	18,443		$	86,193		$	58,108

(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 $14.5 million charge for stucco-related repair costs in certain of our Florida communities taken during the three months ended September 30, 2016, and an $8.5 million and a $19.4 million charge for stucco-related repair costs in certain of our Florida communities taken during the nine months ended September 30, 2017 and 2016, respectively (as more fully discussed in Note 6).

The following tables show total assets by segment at September 30, 2017 and December 31, 2016:

	September 30, 2017
(In thousands)	Midwest		Southern			Mid-Atlantic		Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	5,078	$	20,094		$	6,202	$	—	$	31,374
Inventory (a)	514,949		623,815			285,671		—		1,424,435
Investments in joint venture arrangements	3,798		10,493			8,690		—		22,981
Other assets	13,106		24,624		(b)	11,600		256,575		305,905
Total assets	$	536,931	$	679,026		$	312,163	$	256,575	$	1,784,695

	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		304,561
Total assets	$	439,705	$	552,897		$	326,629	$	229,280	$	1,548,511

(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.