| Segment information on operating results |
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Years Ended December 31, |
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2012 |
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2011 |
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2010 |
Revenue (1): |
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West |
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$ |
600,227 |
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$ |
366,265 |
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$ |
368,137 |
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Central |
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392,678 |
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395,638 |
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489,047 |
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East |
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200,769 |
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99,341 |
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84,472 |
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Consolidated total |
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1,193,674 |
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861,244 |
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941,656 |
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Operating income (2): |
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West |
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44,727 |
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5,037 |
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23,261 |
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Central |
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17,790 |
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11,042 |
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19,350 |
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East |
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15,283 |
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6,858 |
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8,925 |
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Segment operating income |
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77,800 |
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22,937 |
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51,536 |
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Corporate and unallocated costs (3) |
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(22,619 |
) |
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(20,925 |
) |
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(20,422 |
) |
Earnings from unconsolidated entities, net |
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10,233 |
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5,849 |
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5,243 |
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Interest expense |
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(24,244 |
) |
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(30,399 |
) |
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(33,722 |
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Loss on extinguishment of debt, net of transaction costs |
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(5,772 |
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— |
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(3,454 |
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Other (expense)/income, net |
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(6,544 |
) |
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2,162 |
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3,303 |
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Net income/(loss) before income taxes |
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$ |
28,854 |
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$ |
(20,376 |
) |
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$ |
2,484 |
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(1) |
Revenue includes the following land closing revenue, by segment: 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; 2010 – $1.3 million in the Central Region.
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(2) |
See Note 2 to these consolidated financial statements for breakout of real estate-related impairment by Region. |
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(3) |
Balance consists primarily of corporate costs and numerous shared service functions that are not allocated to the reporting segments. |
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| Total assets from segment |
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At December 31, 2012 |
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West |
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Central |
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East |
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Corporate and
Unallocated (1)
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Total |
Deposits on real estate under option or contract |
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$ |
4,419 |
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$ |
7,168 |
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$ |
2,764 |
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$ |
— |
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$ |
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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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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1,059 |
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12,085 |
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Other assets |
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24,935 |
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132,546 |
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25,914 |
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252,544 |
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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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$ |
253,603 |
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$ |
1,575,562 |
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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 |
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$ |
5,387 |
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$ |
8,987 |
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$ |
834 |
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$ |
— |
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$ |
15,208 |
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Real estate |
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504,617 |
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232,924 |
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77,884 |
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— |
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815,425 |
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Investments in unconsolidated entities |
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371 |
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10,050 |
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14 |
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653 |
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11,088 |
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Other assets |
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18,421 |
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81,022 |
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8,842 |
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271,372 |
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379,657 |
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Total assets |
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$ |
528,796 |
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$ |
332,983 |
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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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