| Schedule of Segment Information |
The following segment information is in thousands:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Homebuilding revenue (1):
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|
|
|
|
|
|
West |
$ |
332,643 |
|
|
$ |
219,774 |
|
|
$ |
593,689 |
|
|
$ |
426,652 |
|
Central |
208,701 |
|
|
179,475 |
|
|
370,590 |
|
|
333,501 |
|
East |
256,552 |
|
|
198,552 |
|
|
431,383 |
|
|
356,360 |
|
Consolidated total |
$ |
797,896 |
|
|
$ |
597,801 |
|
|
$ |
1,395,662 |
|
|
$ |
1,116,513 |
|
Homebuilding segment operating income: |
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|
|
|
|
|
|
West |
$ |
27,495 |
|
|
$ |
15,256 |
|
|
$ |
43,558 |
|
|
$ |
29,453 |
|
Central |
19,784 |
|
|
21,053 |
|
|
33,678 |
|
|
35,158 |
|
East |
12,322 |
|
|
15,959 |
|
|
18,181 |
|
|
21,578 |
|
Total homebuilding segment operating income |
59,601 |
|
|
52,268 |
|
|
95,417 |
|
|
86,189 |
|
Financial services segment profit |
5,763 |
|
|
4,136 |
|
|
9,809 |
|
|
7,916 |
|
Corporate and unallocated costs (2)
|
(6,774 |
) |
|
(10,336 |
) |
|
(14,589 |
) |
|
(19,878 |
) |
Earnings/(loss) from other unconsolidated entities, net |
573 |
|
|
(169 |
) |
|
416 |
|
|
(292 |
) |
Interest expense |
(1,672 |
) |
|
(4,621 |
) |
|
(4,960 |
) |
|
(7,775 |
) |
Other income, net |
1,545 |
|
|
136 |
|
|
1,828 |
|
|
551 |
|
Net earnings before income taxes |
$ |
59,036 |
|
|
$ |
41,414 |
|
|
$ |
87,921 |
|
|
$ |
66,711 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below. |
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Land closing revenue: |
|
|
|
|
|
|
|
West |
$ |
65 |
|
|
$ |
— |
|
|
$ |
65 |
|
|
$ |
— |
|
Central |
1,794 |
|
|
5,078 |
|
|
3,712 |
|
|
6,517 |
|
East |
192 |
|
|
1,696 |
|
|
423 |
|
|
1,696 |
|
Total |
$ |
2,051 |
|
|
$ |
6,774 |
|
|
$ |
4,200 |
|
|
$ |
8,213 |
|
|
|
(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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| Schedule of Segment Assets |
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At June 30, 2016 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
30,155 |
|
|
$ |
29,641 |
|
|
$ |
31,648 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
91,444 |
|
Real estate |
|
1,101,474 |
|
|
553,574 |
|
|
646,257 |
|
|
— |
|
|
— |
|
|
2,301,305 |
|
Investments in unconsolidated entities |
|
298 |
|
|
9,184 |
|
|
— |
|
|
— |
|
|
1,706 |
|
|
11,188 |
|
Other assets |
|
58,506 |
|
|
83,256 |
|
(1) |
82,795 |
|
(2) |
963 |
|
|
131,698 |
|
(3) |
357,218 |
|
Total assets |
|
$ |
1,190,433 |
|
|
$ |
675,655 |
|
|
$ |
760,700 |
|
|
$ |
963 |
|
|
$ |
133,404 |
|
|
$ |
2,761,155 |
|
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At December 31, 2015 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
28,488 |
|
|
$ |
30,241 |
|
|
$ |
29,110 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
87,839 |
|
Real estate |
|
1,008,457 |
|
|
505,954 |
|
|
583,891 |
|
|
— |
|
|
— |
|
|
2,098,302 |
|
Investments in unconsolidated entities |
|
204 |
|
|
8,704 |
|
|
— |
|
|
— |
|
|
2,462 |
|
|
11,370 |
|
Other assets |
|
55,112 |
|
|
87,313 |
|
(1) |
77,548 |
|
(2) |
898 |
|
|
261,395 |
|
(3) |
482,266 |
|
Total assets |
|
$ |
1,092,261 |
|
|
$ |
632,212 |
|
|
$ |
690,549 |
|
|
$ |
898 |
|
|
$ |
263,857 |
|
|
$ |
2,679,777 |
|
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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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