| Segment information on operating results |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2012 |
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2011 |
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2012 |
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2011 |
Revenue (1): |
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West |
$ |
97,249 |
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$ |
32,930 |
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$ |
184,365 |
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$ |
88,290 |
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Central |
193,784 |
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|
156,935 |
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|
510,110 |
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|
458,623 |
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East |
51,610 |
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|
27,669 |
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|
134,613 |
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|
68,341 |
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Consolidated total |
342,643 |
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|
217,534 |
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|
829,088 |
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|
615,254 |
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Operating income/(loss) (2): |
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West |
8,665 |
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|
363 |
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|
10,621 |
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(84 |
) |
Central |
12,327 |
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5,128 |
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27,674 |
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17,203 |
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East |
3,691 |
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1,721 |
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9,768 |
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5,962 |
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Segment operating income |
24,683 |
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|
7,212 |
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48,063 |
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|
23,081 |
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Corporate and unallocated (3) |
(7,323 |
) |
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(5,443 |
) |
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(17,233 |
) |
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(15,620 |
) |
Earnings from unconsolidated entities, net |
2,975 |
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1,797 |
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6,626 |
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3,931 |
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Interest expense |
(5,009 |
) |
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(7,517 |
) |
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(18,718 |
) |
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(23,036 |
) |
Other (expense)/income, net |
(8,340 |
) |
|
876 |
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(7,712 |
) |
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2,872 |
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Loss on extinguishment of debt |
— |
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— |
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(5,772 |
) |
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— |
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Income/(loss) before income taxes |
$ |
6,986 |
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$ |
(3,075 |
) |
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$ |
5,254 |
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$ |
(8,772 |
) |
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(1) |
Revenue includes the following land closing revenue, by segment: three months ended September 30, 2012— $4.4 million in the West Region, $2.6 million in the Central Region, $0.8 million in the East Region; nine months ended September 30, 2012— $4.4 million in the West Region, $3.6 million in the Central Region, $0.8 million in the East Region; nine months ended September 30, 2011—$100,000 in the Central Region.
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(2) |
See Note 2 of this Quarterly Report on Form 10-Q for a breakout of real estate-related impairments by region. |
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(3) |
Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not allocated to the reporting segments. |
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| Total assets from segment |
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At September 30, 2012 |
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West |
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Central |
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East |
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Corporate and
Unallocated (1)
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Total |
Deposits on real estate under option or contract |
$ |
3,516 |
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$ |
8,367 |
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$ |
1,100 |
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$ |
— |
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$ |
12,983 |
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Real estate |
204,737 |
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672,037 |
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|
128,051 |
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— |
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|
1,004,825 |
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Investments in unconsolidated entities |
177 |
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10,983 |
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13 |
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|
835 |
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|
12,008 |
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Other assets |
18,417 |
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|
145,271 |
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|
21,264 |
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|
266,434 |
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|
451,386 |
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Total assets |
$ |
226,847 |
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$ |
836,658 |
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$ |
150,428 |
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$ |
267,269 |
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$ |
1,481,202 |
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At December 31, 2011 |
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West |
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Central |
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East |
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Corporate and
Unallocated (1)
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Total |
Deposits on real estate under option or contract |
$ |
3,216 |
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$ |
11,158 |
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$ |
834 |
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$ |
— |
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$ |
15,208 |
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Real estate |
207,656 |
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|
529,885 |
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|
77,884 |
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— |
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|
815,425 |
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Investments in unconsolidated entities |
176 |
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|
10,245 |
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14 |
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|
653 |
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|
11,088 |
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Other assets |
8,911 |
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90,532 |
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8,842 |
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271,372 |
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379,657 |
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Total assets |
$ |
219,959 |
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$ |
641,820 |
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$ |
87,574 |
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$ |
272,025 |
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$ |
1,221,378 |
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(1) |
Balance consists primarily of cash and other corporate assets not allocated to the reporting segments. |
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