| Segment information on operating results |
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Years Ended December 31, |
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2013 |
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2012 |
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2011 |
Revenue (1): |
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West |
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$ |
937,050 |
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$ |
600,227 |
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$ |
366,265 |
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Central |
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508,961 |
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392,678 |
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395,638 |
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East |
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368,648 |
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200,769 |
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|
99,341 |
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Consolidated total |
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1,814,659 |
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1,193,674 |
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|
861,244 |
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Homebuilding segment operating income: |
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West |
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131,352 |
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44,727 |
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5,037 |
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Central |
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38,499 |
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17,790 |
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11,042 |
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East |
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39,557 |
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15,283 |
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|
6,858 |
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Total homebuilding segment operating income (2) |
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209,408 |
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77,800 |
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22,937 |
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Financial services segment profit |
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15,954 |
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10,255 |
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6,563 |
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Corporate and unallocated costs (3) |
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(31,216 |
) |
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(22,619 |
) |
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(20,925 |
) |
Loss from unconsolidated entities, net |
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(378 |
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(224 |
) |
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(714 |
) |
Interest expense |
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(15,092 |
) |
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(24,244 |
) |
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(30,399 |
) |
Loss on early extinguishment of debt |
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(3,796 |
) |
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(5,772 |
) |
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— |
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Other income/(loss), net |
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2,792 |
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$ |
(6,342 |
) |
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2,162 |
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Net earnings/(loss) before income taxes |
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$ |
177,672 |
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$ |
28,854 |
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$ |
(20,376 |
) |
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(1) |
Revenue includes the following land closing revenue, by segment: 2013 – $11.6 million in the West Region, $16.2 million in the Central Region and $3.5 million in the East Region; 2012 – $6.5 million in the West Region, $2.0 million in the Central Region and $790,000 in the East Region; 2011 – $360,000 in the Central Region.
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(2) |
Operating income includes the following real-estate related and joint venture related impairments: |
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Years Ended December 31, |
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2013 |
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2012 |
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2011 |
West |
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$ |
514 |
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$ |
1,618 |
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$ |
11,333 |
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Central |
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235 |
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219 |
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2,896 |
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East |
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238 |
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172 |
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1,095 |
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Total |
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$ |
987 |
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$ |
2,009 |
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$ |
15,324 |
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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 homebuilding or financial reporting segments. |
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| Total assets from segment |
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At December 31, 2013 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated (1)
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Total |
Deposits on real estate under option or contract |
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$ |
26,415 |
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$ |
12,198 |
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$ |
12,982 |
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$ |
— |
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$ |
— |
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$ |
51,595 |
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Real estate |
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800,288 |
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369,464 |
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|
235,547 |
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— |
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— |
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1,405,299 |
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Investments in unconsolidated entities |
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204 |
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8,941 |
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50 |
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— |
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2,443 |
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11,638 |
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Other assets (2) |
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26,900 |
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165,403 |
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31,372 |
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497 |
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310,657 |
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534,829 |
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Total assets |
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$ |
853,807 |
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$ |
556,006 |
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$ |
279,951 |
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$ |
497 |
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$ |
313,100 |
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$ |
2,003,361 |
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At December 31, 2012 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated (3)
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Total |
Deposits on real estate under option or contract |
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$ |
4,419 |
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$ |
7,168 |
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$ |
2,764 |
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$ |
— |
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$ |
— |
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$ |
14,351 |
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Real estate |
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647,316 |
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305,100 |
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160,771 |
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— |
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— |
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1,113,187 |
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Investments in unconsolidated entities |
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365 |
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10,645 |
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16 |
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— |
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1,059 |
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12,085 |
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Other assets (4) |
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24,935 |
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132,546 |
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25,914 |
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297 |
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252,247 |
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|
435,939 |
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Total assets |
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$ |
677,035 |
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$ |
455,459 |
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$ |
189,465 |
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$ |
297 |
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$ |
253,306 |
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$ |
1,575,562 |
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(1)(3)Balance consists primarily of cash and other corporate assets not allocated to the reporting segments.
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