| Segment information on operating results |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2013 |
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2012 |
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2013 |
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2012 |
Homebuilding revenue (1): |
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West |
$ |
246,741 |
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$ |
134,263 |
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$ |
435,946 |
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$ |
228,964 |
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Central |
127,310 |
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|
102,499 |
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218,099 |
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|
174,478 |
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East |
75,899 |
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|
45,333 |
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|
132,340 |
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|
83,003 |
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Consolidated total |
$ |
449,950 |
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$ |
282,095 |
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$ |
786,385 |
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$ |
486,445 |
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Homebuilding segment operating income: |
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West |
$ |
34,895 |
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$ |
8,410 |
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$ |
54,058 |
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$ |
11,651 |
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Central |
7,263 |
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5,336 |
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9,643 |
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5,652 |
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East |
6,765 |
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3,271 |
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|
10,001 |
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|
6,077 |
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Total homebuilding segment operating income |
48,923 |
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|
17,017 |
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73,702 |
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23,380 |
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Financial services profit |
4,165 |
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|
2,177 |
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|
7,221 |
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|
3,758 |
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Corporate and unallocated (2) |
(7,502 |
) |
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(5,085 |
) |
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(13,349 |
) |
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(9,910 |
) |
Loss from other unconsolidated entities, net |
(120 |
) |
|
(91 |
) |
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(275 |
) |
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(274 |
) |
Interest expense |
(4,523 |
) |
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(6,338 |
) |
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(9,651 |
) |
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(13,709 |
) |
Other income, net |
685 |
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|
934 |
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|
1,155 |
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|
795 |
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Loss on early extinguishment of debt |
(3,096 |
) |
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(5,772 |
) |
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(3,796 |
) |
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(5,772 |
) |
Earnings/(loss) before income taxes |
$ |
38,532 |
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$ |
2,842 |
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$ |
55,007 |
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$ |
(1,732 |
) |
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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, |
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2013 |
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2012 |
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2013 |
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2012 |
Land closing revenue: |
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West |
100 |
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$ |
— |
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$ |
5,741 |
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$ |
— |
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Central |
10,340 |
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755 |
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10,424 |
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1,083 |
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East |
3,470 |
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— |
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3,470 |
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— |
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Consolidated total |
$ |
13,910 |
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$ |
755 |
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$ |
19,635 |
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$ |
1,083 |
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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, 2013 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated (1)
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Total |
Deposits on real estate under option or contract |
$ |
5,601 |
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$ |
7,570 |
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$ |
8,541 |
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$ |
— |
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$ |
— |
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$ |
21,712 |
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Real estate |
691,423 |
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328,895 |
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|
206,911 |
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— |
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— |
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1,227,229 |
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Investments in unconsolidated entities |
206 |
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9,427 |
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40 |
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— |
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1,025 |
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10,698 |
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Other assets (2) |
44,661 |
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161,252 |
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26,230 |
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|
506 |
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275,189 |
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507,838 |
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Total assets |
$ |
741,891 |
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$ |
507,144 |
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$ |
241,722 |
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$ |
506 |
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$ |
276,214 |
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$ |
1,767,477 |
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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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Financial Services |
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Corporate and
Unallocated (3)
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Total |
Deposits on real estate under option or contract |
$ |
4,419 |
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$ |
7,168 |
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$ |
2,764 |
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$ |
— |
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$ |
— |
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$ |
14,351 |
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Real estate |
647,316 |
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|
305,100 |
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|
160,771 |
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— |
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— |
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1,113,187 |
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Investments in unconsolidated entities |
365 |
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|
10,645 |
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16 |
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— |
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1,059 |
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|
12,085 |
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Other assets (4) |
24,935 |
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|
132,546 |
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25,914 |
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|
297 |
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|
252,247 |
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|
435,939 |
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Total assets |
$ |
677,035 |
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$ |
455,459 |
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$ |
189,465 |
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$ |
297 |
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$ |
253,306 |
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$ |
1,575,562 |
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(1)(3) Balance consists primarily of corporate assets not allocated to the reporting segments.
(2)(4) Balance consists primarily of cash and securities.
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