Note 3 - Segment Reporting

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

3.       Segment Reporting

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations construct and sell single-family attached and detached homes. In accordance with the aggregation criteria defined in ASC Topic 280, Segment Reporting, our homebuilding operating segments have been grouped into three reportable segments: California; Southwest, consisting of our operating divisions in Arizona, Texas, Colorado and Nevada; and Southeast, consisting of our operating divisions in Florida and the Carolinas.

Our mortgage financing operation provides mortgage financing to our homebuyers in substantially all of the markets in which we operate, and sells substantially all of the loans it originates in the secondary mortgage market. Our title service operation provides title examinations for our homebuyers in Texas. Our mortgage financing and title services operations are included in our financial services reportable segment, which is separately reported in our condensed consolidated financial statements under “Financial Services.”

Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating divisions by centralizing key administrative functions such as accounting, finance and treasury, information technology, insurance and risk management, litigation, marketing and human resources. Corporate also provides the necessary administrative functions to support us as a publicly traded company. All of the expenses incurred by Corporate are allocated to each of our operating divisions based on their respective percentage of revenues.

Segment financial information relating to the Company’s homebuilding operations was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(Dollars in thousands)
Homebuilding revenues:
California	$	273,711	$	183,177	$	701,909	$	445,634
Southwest		97,736		61,638		270,157		181,872
Southeast		140,309		73,726		336,092		189,609
Total homebuilding revenues	$	511,756	$	318,541	$	1,308,158	$	817,115
Homebuilding pretax income:
California	$	47,888	$	12,513	$	100,298	$	27,037
Southwest		10,159		4,080		25,212		7,951
Southeast		9,673		2,800		22,210		3,564
Total homebuilding pretax income	$	67,720	$	19,393	$	147,720	$	38,552

Segment financial information relating to the Company’s homebuilding assets was as follows:

	September 30, 2013		December 31, 2012
	(Dollars in thousands)
Homebuilding assets:
California	$	1,269,215	$	1,192,249
Southwest		620,699		496,902
Southeast		724,689		438,122
Corporate		805,543		842,705
Total homebuilding assets	$	3,420,146	$	2,969,978