| 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, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Homebuilding revenue (1):
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|
West |
$ |
369,574 |
|
|
$ |
332,643 |
|
|
$ |
681,378 |
|
|
$ |
593,689 |
|
Central |
225,679 |
|
|
208,701 |
|
|
400,510 |
|
|
370,590 |
|
East |
206,725 |
|
|
256,552 |
|
|
392,862 |
|
|
431,383 |
|
Consolidated total |
$ |
801,978 |
|
|
$ |
797,896 |
|
|
$ |
1,474,750 |
|
|
$ |
1,395,662 |
|
Homebuilding segment operating income: |
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West |
$ |
35,131 |
|
|
$ |
27,495 |
|
|
$ |
59,143 |
|
|
$ |
43,558 |
|
Central |
23,230 |
|
|
19,784 |
|
|
37,120 |
|
|
33,678 |
|
East |
5,285 |
|
|
12,322 |
|
|
7,721 |
|
|
18,181 |
|
Total homebuilding segment operating income |
63,646 |
|
|
59,601 |
|
|
103,984 |
|
|
95,417 |
|
Financial services segment profit |
5,557 |
|
|
5,763 |
|
|
9,847 |
|
|
9,809 |
|
Corporate and unallocated costs (2)
|
(7,028 |
) |
|
(6,774 |
) |
|
(15,545 |
) |
|
(14,589 |
) |
Earnings/(loss) from other unconsolidated entities, net |
570 |
|
|
573 |
|
|
943 |
|
|
416 |
|
Interest expense |
(1,620 |
) |
|
(1,672 |
) |
|
(2,445 |
) |
|
(4,960 |
) |
Other income, net |
2,080 |
|
|
1,545 |
|
|
3,190 |
|
|
1,828 |
|
Net earnings before income taxes |
$ |
63,205 |
|
|
$ |
59,036 |
|
|
$ |
99,974 |
|
|
$ |
87,921 |
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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 June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Land closing revenue: |
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|
|
|
|
|
West |
$ |
— |
|
|
$ |
65 |
|
|
$ |
11,800 |
|
|
$ |
65 |
|
Central |
— |
|
|
1,794 |
|
|
122 |
|
|
3,712 |
|
East |
4,198 |
|
|
192 |
|
|
4,431 |
|
|
423 |
|
Total |
$ |
4,198 |
|
|
$ |
2,051 |
|
|
$ |
16,353 |
|
|
$ |
4,200 |
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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 services reporting segments. |
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| Schedule of Segment Assets |
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At June 30, 2017 |
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|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
20,491 |
|
|
$ |
23,788 |
|
|
$ |
30,471 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
74,750 |
|
Real estate |
|
1,179,257 |
|
|
671,392 |
|
|
787,758 |
|
|
— |
|
|
— |
|
|
2,638,407 |
|
Investments in unconsolidated entities |
|
7,708 |
|
|
7,205 |
|
|
— |
|
|
— |
|
|
1,765 |
|
|
16,678 |
|
Other assets |
|
46,699 |
|
(1) |
89,947 |
|
(2) |
73,315 |
|
(3) |
689 |
|
|
260,207 |
|
(4) |
470,857 |
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Total assets |
|
$ |
1,254,155 |
|
|
$ |
792,332 |
|
|
$ |
891,544 |
|
|
$ |
689 |
|
|
$ |
261,972 |
|
|
$ |
3,200,692 |
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(1) |
Balance consists primarily of cash, real estate not owned and property and equipment. |
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(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(3) |
Balance consists primarily of goodwill (see Note 9) and prepaid permits and fees to local municipalities. |
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(4) |
Balance consists primarily of cash and our deferred tax asset.
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At December 31, 2016 |
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|
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 |
|
(1) |
94,299 |
|
(2) |
93,245 |
|
(3) |
812 |
|
|
129,995 |
|
(4) |
363,975 |
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Total assets |
|
$ |
1,198,887 |
|
|
$ |
724,903 |
|
|
$ |
831,809 |
|
|
$ |
812 |
|
|
$ |
132,280 |
|
|
$ |
2,888,691 |
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(1) |
Balance consists primarily of cash and property and equipment. |
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(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(3) |
Balance consists primarily of goodwill (see Note 9), prepaid permits and fees to local municipalities and cash. |
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(4) |
Balance consists primarily of cash and our deferred tax asset. |
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