| Segment information on operating results |
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Three Months Ended September 30 |
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Nine Months Ended September 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 |
$ |
259,669 |
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$ |
186,507 |
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$ |
695,615 |
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$ |
415,471 |
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Central |
139,307 |
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104,526 |
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357,406 |
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279,004 |
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East |
93,104 |
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51,610 |
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|
225,444 |
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|
134,613 |
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Consolidated total |
$ |
492,080 |
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$ |
342,643 |
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$ |
1,278,465 |
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$ |
829,088 |
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Homebuilding segment operating income: |
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West |
$ |
41,298 |
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$ |
15,319 |
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$ |
95,356 |
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$ |
26,970 |
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Central |
12,677 |
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5,673 |
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22,320 |
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11,325 |
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East |
9,990 |
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3,691 |
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19,991 |
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|
9,768 |
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Total homebuilding segment operating income |
63,965 |
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|
24,683 |
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137,667 |
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48,063 |
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Financial services profit |
4,294 |
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2,985 |
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11,515 |
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|
6,743 |
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Corporate and unallocated (2) |
(8,662 |
) |
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(7,323 |
) |
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(22,011 |
) |
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(17,233 |
) |
Earnings/(loss) from other unconsolidated entities, net |
46 |
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(74 |
) |
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(229 |
) |
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(348 |
) |
Interest expense |
(3,462 |
) |
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(5,009 |
) |
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(13,113 |
) |
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(18,718 |
) |
Other income/(expense), net |
605 |
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(8,276 |
) |
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1,760 |
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(7,481 |
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Loss on early extinguishment of debt |
— |
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— |
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(3,796 |
) |
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(5,772 |
) |
Earnings before income taxes |
$ |
56,786 |
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$ |
6,986 |
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$ |
111,793 |
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$ |
5,254 |
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(1) |
Homebuilding revenue includes the following land closing revenue, by segment: |
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Three Months Ended
September 30,
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Nine Months Ended
September 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 |
5,875 |
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$ |
6,488 |
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$ |
11,616 |
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$ |
6,488 |
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Central |
3,058 |
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|
485 |
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13,482 |
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1,568 |
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East |
— |
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|
790 |
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3,470 |
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790 |
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Consolidated total |
$ |
8,933 |
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$ |
7,763 |
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$ |
28,568 |
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$ |
8,846 |
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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 September 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 |
$ |
13,644 |
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$ |
11,390 |
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$ |
9,877 |
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$ |
— |
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$ |
— |
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$ |
34,911 |
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Real estate |
738,573 |
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370,005 |
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236,636 |
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— |
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— |
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1,345,214 |
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Investments in unconsolidated entities |
205 |
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9,340 |
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46 |
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— |
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1,071 |
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10,662 |
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Other assets (2) |
33,765 |
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167,260 |
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30,556 |
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553 |
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251,165 |
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483,299 |
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Total assets |
$ |
786,187 |
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$ |
557,995 |
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$ |
277,115 |
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$ |
553 |
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$ |
252,236 |
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$ |
1,874,086 |
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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 and our deferred tax asset.
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