| 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, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Homebuilding revenue (1): |
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West |
$ |
219,774 |
|
|
$ |
231,965 |
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|
$ |
426,652 |
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|
$ |
424,646 |
|
Central |
179,475 |
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|
160,143 |
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|
333,501 |
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|
279,858 |
|
East |
198,552 |
|
|
113,496 |
|
|
356,360 |
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|
209,445 |
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Consolidated total |
$ |
597,801 |
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|
$ |
505,604 |
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|
$ |
1,116,513 |
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|
$ |
913,949 |
|
Homebuilding segment operating income: |
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West |
$ |
15,256 |
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|
$ |
27,384 |
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|
$ |
29,453 |
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|
$ |
52,194 |
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Central |
21,053 |
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|
18,720 |
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|
35,158 |
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|
28,189 |
|
East |
15,959 |
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|
10,580 |
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|
21,578 |
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|
21,244 |
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Total homebuilding segment operating income |
52,268 |
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|
56,684 |
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|
86,189 |
|
|
101,627 |
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Financial services segment profit |
4,136 |
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|
3,617 |
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|
7,916 |
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|
6,642 |
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Corporate and unallocated costs (2) |
(10,336 |
) |
|
(7,357 |
) |
|
(19,878 |
) |
|
(13,333 |
) |
Loss from unconsolidated entities, net |
(169 |
) |
|
(61 |
) |
|
(292 |
) |
|
(230 |
) |
Interest expense |
(4,621 |
) |
|
(1,396 |
) |
|
(7,775 |
) |
|
(4,109 |
) |
Other income, net |
136 |
|
|
3,749 |
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|
551 |
|
|
4,397 |
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Net earnings before income taxes |
$ |
41,414 |
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|
$ |
55,236 |
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$ |
66,711 |
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|
$ |
94,994 |
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(1) |
Homebuilding revenue includes the following land closing revenue, by segment as outlined in the table below. |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Land closing revenue: |
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West |
$ |
— |
|
|
$ |
— |
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|
$ |
— |
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|
$ |
1,050 |
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Central |
5,078 |
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|
581 |
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|
6,517 |
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|
2,097 |
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East |
1,696 |
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|
2,223 |
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|
1,696 |
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|
2,223 |
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Total |
$ |
6,774 |
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|
$ |
2,804 |
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|
$ |
8,213 |
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$ |
5,370 |
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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 reporting segments. |
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| Total assets from segment |
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At June 30, 2015 |
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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 |
|
$ |
31,983 |
|
|
$ |
33,510 |
|
|
$ |
26,592 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
92,085 |
|
Real estate |
|
1,008,212 |
|
|
480,194 |
|
|
538,658 |
|
|
— |
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|
— |
|
|
2,027,064 |
|
Investments in unconsolidated entities |
|
204 |
|
|
8,552 |
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|
— |
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|
— |
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|
1,547 |
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|
10,303 |
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Other assets |
|
45,621 |
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|
75,576 |
|
(1) |
83,185 |
|
(2) |
1,033 |
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|
251,802 |
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(3) |
457,217 |
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Total assets |
|
$ |
1,086,020 |
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|
$ |
597,832 |
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|
$ |
648,435 |
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|
$ |
1,033 |
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|
$ |
253,349 |
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$ |
2,586,669 |
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At December 31, 2014 |
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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 |
|
$ |
34,622 |
|
|
$ |
31,317 |
|
|
$ |
29,050 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
94,989 |
|
Real estate |
|
943,600 |
|
|
446,208 |
|
|
487,874 |
|
|
— |
|
|
— |
|
|
1,877,682 |
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Investments in unconsolidated entities |
|
204 |
|
|
8,561 |
|
|
— |
|
|
— |
|
|
2,015 |
|
|
10,780 |
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Other assets |
|
48,120 |
|
|
80,689 |
|
(1) |
70,036 |
|
(2) |
958 |
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|
132,884 |
|
(3) |
332,687 |
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Total assets |
|
$ |
1,026,546 |
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|
$ |
566,775 |
|
|
$ |
586,960 |
|
|
$ |
958 |
|
|
$ |
134,899 |
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|
$ |
2,316,138 |
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(1) |
Balance consists primarily of development reimbursements from local municipalities, deposits and cash. |
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(2) |
Balance consists primarily of goodwill (see Note 9) and cash. |
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(3) |
Balance consists primarily of cash and securities and our deferred tax asset. |
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