Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations

Discontinued Operations

Note 20.  Discontinued Operations

During 2011, the Company discontinued homebuilding operations in its Jacksonville and Dallas divisions. The Company intends to sell its land from discontinued operations 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, were 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. During the second quarter of 2013, the Company acquired the operations and assets of LionsGate Homes in Dallas, Texas. Future operations in Dallas will be included in continuing operations. (See discussion in “Overview” under “Results of Operations” within Management’s Discussion and Analysis of Financial Condition and Results of Operations.)

For the three-month period ended June 30, 2013, net loss from discontinued operations totaled $37,000, compared to net income from discontinued operations that totaled $223,000 for the same period in 2012. For the six-month period ended June 30, 2013, net income from discontinued operations totaled $76,000, compared to a net loss from discontinued operations that totaled $1.9 million for the same period in 2012.