| Schedule of Segment Information |
The following segment information is in thousands:
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Homebuilding revenue (1):
|
|
|
|
West |
$ |
311,804 |
|
|
$ |
261,046 |
|
Central |
174,831 |
|
|
161,889 |
|
East |
186,137 |
|
|
174,831 |
|
Consolidated total |
$ |
672,772 |
|
|
$ |
597,766 |
|
Homebuilding segment operating income: |
|
|
|
West |
$ |
24,012 |
|
|
$ |
16,063 |
|
Central |
13,890 |
|
|
13,894 |
|
East |
2,436 |
|
|
5,859 |
|
Total homebuilding segment operating income |
40,338 |
|
|
35,816 |
|
Financial services segment profit |
4,290 |
|
|
4,046 |
|
Corporate and unallocated costs (2)
|
(8,517 |
) |
|
(7,815 |
) |
Earnings/(loss) from other unconsolidated entities, net |
373 |
|
|
(157 |
) |
Interest expense |
(825 |
) |
|
(3,288 |
) |
Other income, net |
1,110 |
|
|
283 |
|
Net earnings before income taxes |
$ |
36,769 |
|
|
$ |
28,885 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below. |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Land closing revenue: |
|
|
|
West |
$ |
11,800 |
|
|
$ |
— |
|
Central |
122 |
|
|
1,918 |
|
East |
233 |
|
|
231 |
|
Total |
$ |
12,155 |
|
|
$ |
2,149 |
|
|
|
(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 services reporting segments. |
|
| Schedule of Segment Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2017 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
21,757 |
|
|
$ |
25,217 |
|
|
$ |
31,552 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
78,526 |
|
Real estate |
|
1,137,301 |
|
|
639,624 |
|
|
735,928 |
|
|
— |
|
|
— |
|
|
2,512,853 |
|
Investments in unconsolidated entities |
|
7,339 |
|
|
7,856 |
|
|
— |
|
|
— |
|
|
1,733 |
|
|
16,928 |
|
Other assets |
|
62,978 |
|
(1) |
85,600 |
|
(2) |
75,021 |
|
(3) |
724 |
|
|
123,917 |
|
(4) |
348,240 |
|
Total assets |
|
$ |
1,229,375 |
|
|
$ |
758,297 |
|
|
$ |
842,501 |
|
|
$ |
724 |
|
|
$ |
125,650 |
|
|
$ |
2,956,547 |
|
|
|
(1) |
Balance consists primarily of cash, property and equipment and real estate not owned. |
|
|
(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
|
|
(3) |
Balance consists primarily of goodwill (see Note 9), prepaid permits and fees to local municipalities and cash. |
|
|
(4) |
Balance consists primarily of cash and our deferred tax asset.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2016 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
25,863 |
|
|
$ |
27,669 |
|
|
$ |
32,024 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
85,556 |
|
Real estate |
|
1,120,038 |
|
|
595,485 |
|
|
706,540 |
|
|
— |
|
|
— |
|
|
2,422,063 |
|
Investments in unconsolidated entities |
|
7,362 |
|
|
7,450 |
|
|
— |
|
|
— |
|
|
2,285 |
|
|
17,097 |
|
Other assets |
|
45,624 |
|
|
94,299 |
|
(1) |
93,245 |
|
(2) |
812 |
|
|
129,995 |
|
(3) |
363,975 |
|
Total assets |
|
$ |
1,198,887 |
|
|
$ |
724,903 |
|
|
$ |
831,809 |
|
|
$ |
812 |
|
|
$ |
132,280 |
|
|
$ |
2,888,691 |
|
|
|
(1) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
|
|
(2) |
Balance consists primarily of goodwill (see Note 9), prepaid permits and fees to local municipalities and cash. |
|
|
(3) |
Balance consists primarily of cash and our deferred tax asset. |
|