| Segment information on operating results |
The following segment information is in thousands:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2015 |
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2014 |
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2015 |
|
2014 |
Homebuilding revenue (1): |
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West |
$ |
270,202 |
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|
$ |
234,950 |
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$ |
696,854 |
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|
$ |
659,596 |
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Central |
191,132 |
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|
179,761 |
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|
524,633 |
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|
459,619 |
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East |
208,622 |
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|
142,065 |
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|
564,982 |
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|
351,510 |
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Consolidated total |
$ |
669,956 |
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$ |
556,776 |
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$ |
1,786,469 |
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$ |
1,470,725 |
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Homebuilding segment operating income: |
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West |
$ |
24,347 |
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$ |
22,204 |
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$ |
53,800 |
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$ |
74,398 |
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Central |
19,524 |
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19,323 |
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|
54,682 |
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|
47,512 |
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East |
13,849 |
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|
9,295 |
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|
35,427 |
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|
30,539 |
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Total homebuilding segment operating income |
57,720 |
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|
50,822 |
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|
143,909 |
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|
152,449 |
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Financial services segment profit |
5,601 |
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|
4,294 |
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|
13,517 |
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|
10,936 |
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Corporate and unallocated costs (2) |
(8,347 |
) |
|
(9,490 |
) |
|
(28,225 |
) |
|
(22,823 |
) |
Loss from unconsolidated entities, net |
(123 |
) |
|
(134 |
) |
|
(415 |
) |
|
(364 |
) |
Interest expense |
(4,187 |
) |
|
(460 |
) |
|
(11,962 |
) |
|
(4,569 |
) |
Other (expense)/income, net |
(3,996 |
) |
|
1,998 |
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(3,445 |
) |
|
6,395 |
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Net earnings before income taxes |
$ |
46,668 |
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$ |
47,030 |
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$ |
113,379 |
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$ |
142,024 |
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(1) |
Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below. |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Land closing revenue: |
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West |
$ |
— |
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$ |
10,105 |
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$ |
— |
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$ |
11,155 |
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Central |
7,677 |
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|
1,147 |
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|
14,194 |
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|
3,244 |
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East |
395 |
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— |
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|
2,091 |
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|
2,223 |
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Total |
$ |
8,072 |
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$ |
11,252 |
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$ |
16,285 |
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$ |
16,622 |
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(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 September 30, 2015 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated
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Total |
Deposits on real estate under option or contract |
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$ |
32,380 |
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$ |
32,272 |
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$ |
26,874 |
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|
$ |
— |
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$ |
— |
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$ |
91,526 |
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Real estate |
|
1,022,906 |
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|
498,041 |
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|
567,743 |
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— |
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— |
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|
2,088,690 |
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Investments in unconsolidated entities |
|
204 |
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|
8,446 |
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— |
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— |
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|
1,724 |
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|
10,374 |
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Other assets |
|
61,618 |
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|
70,411 |
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(1) |
72,097 |
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(2) |
873 |
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|
268,297 |
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(3) |
473,296 |
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Total assets |
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$ |
1,117,108 |
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$ |
609,170 |
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$ |
666,714 |
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$ |
873 |
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$ |
270,021 |
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$ |
2,663,886 |
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At December 31, 2014 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated
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Total |
Deposits on real estate under option or contract |
|
$ |
34,622 |
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$ |
31,317 |
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$ |
29,050 |
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$ |
— |
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$ |
— |
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$ |
94,989 |
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Real estate |
|
943,600 |
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|
446,208 |
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|
487,874 |
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— |
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|
— |
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|
1,877,682 |
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Investments in unconsolidated entities |
|
204 |
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|
8,561 |
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— |
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— |
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|
2,015 |
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|
10,780 |
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Other assets |
|
48,120 |
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|
80,689 |
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(1) |
70,036 |
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(2) |
958 |
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|
132,884 |
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(3) |
332,687 |
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Total assets |
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$ |
1,026,546 |
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$ |
566,775 |
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$ |
586,960 |
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$ |
958 |
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$ |
134,899 |
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$ |
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), prepaid permits and fees to local municipalities and cash. |
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(3) |
Balance consists primarily of cash and our deferred tax asset. |
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