| Segment information on operating results |
The following segment information is in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2014 |
|
2013 |
|
2012 |
Homebuilding revenue (1): |
|
|
|
|
|
|
West |
|
$ |
920,244 |
|
|
$ |
937,050 |
|
|
$ |
600,227 |
|
Central |
|
692,320 |
|
|
508,961 |
|
|
392,678 |
|
East |
|
557,079 |
|
|
368,648 |
|
|
200,769 |
|
Consolidated total |
|
2,169,643 |
|
|
1,814,659 |
|
|
1,193,674 |
|
Homebuilding segment operating income: |
|
|
|
|
|
|
West |
|
102,640 |
|
|
131,352 |
|
|
44,727 |
|
Central |
|
75,372 |
|
|
38,499 |
|
|
17,790 |
|
East |
|
46,510 |
|
|
39,557 |
|
|
15,283 |
|
Total homebuilding segment operating income |
|
224,522 |
|
|
209,408 |
|
|
77,800 |
|
Financial services segment profit |
|
16,178 |
|
|
15,954 |
|
|
10,255 |
|
Corporate and unallocated costs (2) |
|
(33,245 |
) |
|
(31,216 |
) |
|
(22,619 |
) |
Loss from unconsolidated entities, net |
|
(447 |
) |
|
(378 |
) |
|
(224 |
) |
Interest expense |
|
(5,163 |
) |
|
(15,092 |
) |
|
(24,244 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
(3,796 |
) |
|
(5,772 |
) |
Other income/(loss), net |
|
6,572 |
|
|
$ |
2,792 |
|
|
(6,342 |
) |
Net earnings before income taxes |
|
$ |
208,417 |
|
|
$ |
177,672 |
|
|
$ |
28,854 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
Land closing revenue: |
|
2014 |
|
2013 |
|
2012 |
West |
|
$ |
11,155 |
|
|
$ |
11,616 |
|
|
$ |
6,488 |
|
Central |
|
8,603 |
|
|
16,184 |
|
|
2,036 |
|
East |
|
7,494 |
|
|
3,470 |
|
|
790 |
|
Total |
|
$ |
27,252 |
|
|
$ |
31,270 |
|
|
$ |
9,314 |
|
|
|
(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 reporting segments. |
|
| Total assets from segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2014 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
34,622 |
|
|
$ |
31,317 |
|
|
$ |
29,050 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
94,989 |
|
Real estate |
|
943,600 |
|
|
446,208 |
|
|
487,874 |
|
|
— |
|
|
— |
|
|
1,877,682 |
|
Investments in unconsolidated entities |
|
204 |
|
|
8,561 |
|
|
— |
|
|
— |
|
|
2,015 |
|
|
10,780 |
|
Other assets |
|
48,120 |
|
|
80,689 |
|
|
70,036 |
|
|
958 |
|
|
132,884 |
|
|
332,687 |
|
Total assets |
|
$ |
1,026,546 |
|
|
$ |
566,775 |
|
|
$ |
586,960 |
|
|
$ |
958 |
|
|
$ |
134,899 |
|
|
$ |
2,316,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2013 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
26,415 |
|
|
$ |
12,198 |
|
|
$ |
12,982 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
51,595 |
|
Real estate |
|
800,288 |
|
|
369,464 |
|
|
235,547 |
|
|
— |
|
|
— |
|
|
1,405,299 |
|
Investments in unconsolidated entities |
|
204 |
|
|
8,941 |
|
|
50 |
|
|
— |
|
|
2,443 |
|
|
11,638 |
|
Other assets |
|
26,900 |
|
|
165,403 |
|
(1) |
31,372 |
|
|
497 |
|
|
310,657 |
|
(1) |
534,829 |
|
Total assets |
|
$ |
853,807 |
|
|
$ |
556,006 |
|
|
$ |
279,951 |
|
|
$ |
497 |
|
|
$ |
313,100 |
|
|
$ |
2,003,361 |
|
(1) Balance consists primarily of cash and securities and our deferred tax asset.
|