| Schedule of Segment Information |
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, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Homebuilding revenue (1):
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West |
$ |
330,805 |
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|
$ |
270,202 |
|
|
$ |
924,494 |
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|
$ |
696,854 |
|
Central |
200,446 |
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|
191,132 |
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|
571,036 |
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|
524,633 |
|
East |
221,606 |
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|
208,622 |
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|
652,989 |
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|
564,982 |
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Consolidated total |
$ |
752,857 |
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|
$ |
669,956 |
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|
$ |
2,148,519 |
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|
$ |
1,786,469 |
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Homebuilding segment operating income: |
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West |
$ |
27,829 |
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|
$ |
24,347 |
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$ |
71,387 |
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|
$ |
53,800 |
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Central |
18,635 |
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|
19,524 |
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|
52,313 |
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|
54,682 |
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East |
9,737 |
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|
13,849 |
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|
27,918 |
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|
35,427 |
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Total homebuilding segment operating income |
56,201 |
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|
57,720 |
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|
151,618 |
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|
143,909 |
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Financial services segment profit |
5,956 |
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|
5,601 |
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|
15,765 |
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|
13,517 |
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Corporate and unallocated costs (2)
|
(10,063 |
) |
|
(8,347 |
) |
|
(24,652 |
) |
|
(28,225 |
) |
Earnings/(loss) from other unconsolidated entities, net |
440 |
|
|
(123 |
) |
|
856 |
|
|
(415 |
) |
Interest expense |
(167 |
) |
|
(4,187 |
) |
|
(5,127 |
) |
|
(11,962 |
) |
Other income, net |
1,435 |
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|
(3,996 |
) |
|
3,263 |
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|
(3,445 |
) |
Net earnings before income taxes |
$ |
53,802 |
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|
$ |
46,668 |
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|
$ |
141,723 |
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$ |
113,379 |
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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, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Land closing revenue: |
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West |
$ |
15,543 |
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|
$ |
— |
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|
$ |
15,608 |
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|
$ |
— |
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Central |
947 |
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|
7,677 |
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|
4,659 |
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|
14,194 |
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East |
497 |
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|
395 |
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|
920 |
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|
2,091 |
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Total |
$ |
16,987 |
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|
$ |
8,072 |
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$ |
21,187 |
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$ |
16,285 |
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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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| Schedule of Segment Assets |
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At September 30, 2016 |
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West |
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Central |
|
East |
|
Financial Services |
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Corporate and
Unallocated
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|
Total |
Deposits on real estate under option or contract |
|
$ |
26,027 |
|
|
$ |
29,757 |
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|
$ |
35,269 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
91,053 |
|
Real estate |
|
1,145,566 |
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|
590,472 |
|
|
692,976 |
|
|
— |
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|
— |
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|
2,429,014 |
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Investments in unconsolidated entities |
|
382 |
|
|
9,623 |
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|
— |
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|
— |
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|
1,826 |
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|
11,831 |
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Other assets |
|
59,158 |
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|
87,842 |
|
(1) |
76,465 |
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(2) |
847 |
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|
116,945 |
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(3) |
341,257 |
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Total assets |
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$ |
1,231,133 |
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|
$ |
717,694 |
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|
$ |
804,710 |
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|
$ |
847 |
|
|
$ |
118,771 |
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$ |
2,873,155 |
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At December 31, 2015 |
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West |
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Central |
|
East |
|
Financial Services |
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Corporate and
Unallocated
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|
Total |
Deposits on real estate under option or contract |
|
$ |
28,488 |
|
|
$ |
30,241 |
|
|
$ |
29,110 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
87,839 |
|
Real estate |
|
1,008,457 |
|
|
505,954 |
|
|
583,891 |
|
|
— |
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|
— |
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|
2,098,302 |
|
Investments in unconsolidated entities |
|
204 |
|
|
8,704 |
|
|
— |
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|
— |
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|
2,462 |
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|
11,370 |
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Other assets |
|
55,112 |
|
|
87,313 |
|
(1) |
77,548 |
|
(2) |
898 |
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|
261,395 |
|
(3) |
482,266 |
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Total assets |
|
$ |
1,092,261 |
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|
$ |
632,212 |
|
|
$ |
690,549 |
|
|
$ |
898 |
|
|
$ |
263,857 |
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|
$ |
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 assets. |
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