| Segment information on operating results |
The following segment information is in thousands:
|
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Three Months Ended March 31, |
|
|
2015 |
|
2014 |
Homebuilding revenue (1): |
|
|
|
|
West |
|
$ |
206,878 |
|
|
$ |
192,681 |
|
Central |
|
154,026 |
|
|
119,715 |
|
East |
|
157,808 |
|
|
95,949 |
|
Consolidated total |
|
518,712 |
|
|
408,345 |
|
Homebuilding segment operating income: |
|
|
|
|
West |
|
14,197 |
|
|
24,810 |
|
Central |
|
14,105 |
|
|
9,469 |
|
East |
|
5,619 |
|
|
10,664 |
|
Total homebuilding segment operating income |
|
33,921 |
|
|
44,943 |
|
Financial services segment profit |
|
3,780 |
|
|
3,025 |
|
Corporate and unallocated costs (2) |
|
(9,542 |
) |
|
(5,976 |
) |
Loss from unconsolidated entities, net |
|
(123 |
) |
|
(169 |
) |
Interest expense |
|
(3,154 |
) |
|
(2,713 |
) |
Other income/(loss), net |
|
415 |
|
|
648 |
|
Net earnings before income taxes |
|
$ |
25,297 |
|
|
$ |
39,758 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment as outlined in the table below. |
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Three Months Ended March 31, |
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|
2015 |
|
2014 |
Land closing revenue: |
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|
|
West |
|
$ |
— |
|
|
$ |
1,050 |
|
Central |
|
1,439 |
|
|
1,516 |
|
East |
|
— |
|
|
— |
|
Total |
|
$ |
1,439 |
|
|
$ |
2,566 |
|
|
|
(2) |
Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not allocated to the homebuilding or financial reporting segments. |
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| Total assets from segment |
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At March 31, 2015 |
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|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
30,680 |
|
|
$ |
31,706 |
|
|
$ |
29,536 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
91,922 |
|
Real estate |
|
972,589 |
|
|
467,929 |
|
|
502,537 |
|
|
— |
|
|
— |
|
|
1,943,055 |
|
Investments in unconsolidated entities |
|
205 |
|
|
8,541 |
|
|
— |
|
|
— |
|
|
1,525 |
|
|
10,271 |
|
Other assets |
|
49,177 |
|
|
69,472 |
|
(1) |
70,089 |
|
(2) |
2,164 |
|
|
130,308 |
|
(3) |
321,210 |
|
Total assets |
|
$ |
1,052,651 |
|
|
$ |
577,648 |
|
|
$ |
602,162 |
|
|
$ |
2,164 |
|
|
$ |
131,833 |
|
|
$ |
2,366,458 |
|
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At December 31, 2014 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
34,622 |
|
|
$ |
31,317 |
|
|
$ |
29,050 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
94,989 |
|
Real estate |
|
943,600 |
|
|
446,208 |
|
|
487,874 |
|
|
— |
|
|
— |
|
|
1,877,682 |
|
Investments in unconsolidated entities |
|
204 |
|
|
8,561 |
|
|
— |
|
|
— |
|
|
2,015 |
|
|
10,780 |
|
Other assets |
|
48,120 |
|
|
80,689 |
|
(1) |
70,036 |
|
(2) |
958 |
|
|
132,884 |
|
(3) |
332,687 |
|
Total assets |
|
$ |
1,026,546 |
|
|
$ |
566,775 |
|
|
$ |
586,960 |
|
|
$ |
958 |
|
|
$ |
134,899 |
|
|
$ |
2,316,138 |
|
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(1) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(2) |
Balance consists primarily of goodwill (see Note 9) and cash. |
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(3) |
Balance consists primarily of cash and securities and our deferred tax asset. |
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