Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations

Discontinued Operations

Note 19.  Discontinued Operations

During 2011, the Company discontinued future homebuilding operations in its Jacksonville and Dallas divisions. The Company intends to complete all homes currently under contract and to sell its remaining available land in these divisions as part of a strategic plan designed to efficiently manage its invested capital. The results of operations and cash flows for Jacksonville and Dallas, which were historically reported in the Company’s Southeast and Texas segments, respectively, have been classified as discontinued operations. Additionally, the assets and liabilities related to these discontinued operations were presented separately in “Assets of discontinued operations” and “Liabilities of discontinued operations” within the Consolidated Balance Sheets. All prior period amounts have been reclassified to conform to the 2013 presentation.

BALANCE SHEETS

	MARCH 31,		DECEMBER 31,
(in thousands)	2013		2012
Assets
Cash and cash equivalents	$	27	$	27
Housing inventories	490		2,239
Other assets	19		214
Total assets of discontinued operations	536		2,480
Liabilities
Accounts payable and accrued liabilities	1,258		1,536
Total liabilities of discontinued operations	$	1,258	$	1,536

The Company’s net income from discontinued operations totaled $113,000 for the three-month period ended March 31, 2013, compared to a net loss from discontinued operations that totaled $2.1 million for the same period in 2012.