| Segment information on operating results |
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, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Homebuilding revenue (1): |
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West |
$ |
231,965 |
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|
$ |
246,741 |
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|
$ |
424,646 |
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|
$ |
435,946 |
|
Central |
160,143 |
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|
127,310 |
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|
279,858 |
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|
218,099 |
|
East |
113,496 |
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|
75,899 |
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|
209,445 |
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|
132,340 |
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Consolidated total |
$ |
505,604 |
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|
$ |
449,950 |
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|
$ |
913,949 |
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|
$ |
786,385 |
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Homebuilding segment operating income: |
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West |
$ |
27,384 |
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|
$ |
34,895 |
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$ |
52,194 |
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|
$ |
54,058 |
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Central |
18,720 |
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|
7,263 |
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|
28,189 |
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|
9,643 |
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East |
10,580 |
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|
6,765 |
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|
21,244 |
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|
10,001 |
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Total homebuilding segment operating income |
56,684 |
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|
48,923 |
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|
101,627 |
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|
73,702 |
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Financial services profit |
3,617 |
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|
4,165 |
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|
6,642 |
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|
7,221 |
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Corporate and unallocated (2) |
(7,357 |
) |
|
(7,502 |
) |
|
(13,333 |
) |
|
(13,349 |
) |
Loss from other unconsolidated entities, net |
(61 |
) |
|
(120 |
) |
|
(230 |
) |
|
(275 |
) |
Interest expense |
(1,396 |
) |
|
(4,523 |
) |
|
(4,109 |
) |
|
(9,651 |
) |
Other income, net |
3,749 |
|
|
685 |
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|
4,397 |
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|
1,155 |
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Loss on early extinguishment of debt |
— |
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|
(3,096 |
) |
|
— |
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|
(3,796 |
) |
Earnings before income taxes |
$ |
55,236 |
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$ |
38,532 |
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$ |
94,994 |
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$ |
55,007 |
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(1) |
Homebuilding revenue includes the following land closing revenue, by segment: |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Land closing revenue: |
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West |
$ |
— |
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|
$ |
100 |
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|
$ |
1,050 |
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$ |
5,741 |
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Central |
581 |
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|
10,340 |
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|
2,097 |
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|
10,424 |
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East |
2,223 |
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|
3,470 |
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|
2,223 |
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|
3,470 |
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Consolidated total |
$ |
2,804 |
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$ |
13,910 |
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$ |
5,370 |
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$ |
19,635 |
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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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| Total assets from segment |
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At June 30, 2014 |
|
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 |
$ |
19,783 |
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|
$ |
25,010 |
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|
$ |
14,088 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
58,881 |
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Real estate |
908,667 |
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|
439,342 |
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|
290,019 |
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|
— |
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|
— |
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|
1,638,028 |
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Investments in unconsolidated entities |
204 |
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|
8,572 |
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|
— |
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— |
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|
1,127 |
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|
9,903 |
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Other assets (1) |
45,160 |
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|
183,505 |
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|
36,707 |
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|
570 |
|
|
219,924 |
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|
485,866 |
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Total assets |
$ |
973,814 |
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|
$ |
656,429 |
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|
$ |
340,814 |
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|
$ |
570 |
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|
$ |
221,051 |
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$ |
2,192,678 |
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At December 31, 2013 |
|
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 |
$ |
26,415 |
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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 |
|
Real estate |
800,288 |
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|
369,464 |
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|
235,547 |
|
|
— |
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|
— |
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|
1,405,299 |
|
Investments in unconsolidated entities |
204 |
|
|
8,941 |
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|
50 |
|
|
— |
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|
2,443 |
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|
11,638 |
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Other assets (1) |
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 |
$ |
853,807 |
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|
$ |
556,006 |
|
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$ |
279,951 |
|
|
$ |
497 |
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|
$ |
313,100 |
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$ |
2,003,361 |
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(1) Balance consists primarily of cash and securities and our deferred tax asset.
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