| Schedule of Segment Information |
The following segment information is in thousands:
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2016 |
|
2015 |
Homebuilding revenue (1):
|
|
|
|
West |
$ |
261,046 |
|
|
$ |
206,878 |
|
Central |
161,889 |
|
|
154,026 |
|
East |
174,831 |
|
|
157,808 |
|
Consolidated total |
$ |
597,766 |
|
|
$ |
518,712 |
|
Homebuilding segment operating income: |
|
|
|
West |
$ |
16,063 |
|
|
$ |
14,197 |
|
Central |
13,894 |
|
|
14,105 |
|
East |
5,859 |
|
|
5,619 |
|
Total homebuilding segment operating income |
35,816 |
|
|
33,921 |
|
Financial services segment profit |
4,046 |
|
|
3,780 |
|
Corporate and unallocated costs (2)
|
(7,815 |
) |
|
(9,542 |
) |
Loss from unconsolidated entities, net |
(157 |
) |
|
(123 |
) |
Interest expense |
(3,288 |
) |
|
(3,154 |
) |
Other income, net |
283 |
|
|
415 |
|
Net earnings before income taxes |
$ |
28,885 |
|
|
$ |
25,297 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below. |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2016 |
|
2015 |
Land closing revenue: |
|
|
|
West |
$ |
— |
|
|
$ |
— |
|
Central |
1,918 |
|
|
1,439 |
|
East |
231 |
|
|
— |
|
Total |
$ |
2,149 |
|
|
$ |
1,439 |
|
|
|
(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. |
|
| Schedule of Segment Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2016 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
30,035 |
|
|
$ |
31,517 |
|
|
$ |
30,439 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
91,991 |
|
Real estate |
|
1,039,716 |
|
|
540,039 |
|
|
639,414 |
|
|
— |
|
|
— |
|
|
2,219,169 |
|
Investments in unconsolidated entities |
|
205 |
|
|
8,609 |
|
|
— |
|
|
— |
|
|
1,778 |
|
|
10,592 |
|
Other assets |
|
49,434 |
|
|
81,570 |
|
(1) |
81,567 |
|
(2) |
1,271 |
|
|
178,919 |
|
(3) |
392,761 |
|
Total assets |
|
$ |
1,119,390 |
|
|
$ |
661,735 |
|
|
$ |
751,420 |
|
|
$ |
1,271 |
|
|
$ |
180,697 |
|
|
$ |
2,714,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
28,488 |
|
|
$ |
30,241 |
|
|
$ |
29,110 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
87,839 |
|
Real estate |
|
1,008,457 |
|
|
505,954 |
|
|
583,891 |
|
|
— |
|
|
— |
|
|
2,098,302 |
|
Investments in unconsolidated entities |
|
204 |
|
|
8,704 |
|
|
— |
|
|
— |
|
|
2,462 |
|
|
11,370 |
|
Other assets |
|
55,112 |
|
|
87,313 |
|
(1) |
77,548 |
|
(2) |
898 |
|
|
261,395 |
|
(3) |
482,266 |
|
Total assets |
|
$ |
1,092,261 |
|
|
$ |
632,212 |
|
|
$ |
690,549 |
|
|
$ |
898 |
|
|
$ |
263,857 |
|
|
$ |
2,679,777 |
|
|
|
(1) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
|
|
(2) |
Balance consists primarily of goodwill (see Note 9), prepaid permits and fees to local municipalities and cash. |
|
|
(3) |
Balance consists primarily of cash and our deferred tax asset. |
|