| Segment information on operating results |
The following segment information is in thousands:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Homebuilding revenue (1): |
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West |
$ |
234,950 |
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|
$ |
259,669 |
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|
$ |
659,596 |
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|
$ |
695,615 |
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Central |
179,761 |
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|
139,307 |
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|
459,619 |
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|
357,406 |
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East |
142,065 |
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|
93,104 |
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|
351,510 |
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|
225,444 |
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Consolidated total |
$ |
556,776 |
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|
$ |
492,080 |
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$ |
1,470,725 |
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$ |
1,278,465 |
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Homebuilding segment operating income: |
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West |
$ |
22,204 |
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$ |
41,298 |
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$ |
74,398 |
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$ |
95,356 |
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Central |
19,323 |
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|
12,677 |
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|
47,512 |
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|
22,320 |
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East |
9,295 |
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|
9,990 |
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|
30,539 |
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|
19,991 |
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Total homebuilding segment operating income |
50,822 |
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|
63,965 |
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|
152,449 |
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|
137,667 |
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Financial services profit |
4,294 |
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|
4,294 |
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|
10,936 |
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|
11,515 |
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Corporate and unallocated (2) |
(9,490 |
) |
|
(8,662 |
) |
|
(22,823 |
) |
|
(22,011 |
) |
(Loss)/earnings from other unconsolidated entities, net |
(134 |
) |
|
46 |
|
|
(364 |
) |
|
(229 |
) |
Interest expense |
(460 |
) |
|
(3,462 |
) |
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(4,569 |
) |
|
(13,113 |
) |
Other income, net |
1,998 |
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|
605 |
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|
6,395 |
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|
1,760 |
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Loss on early extinguishment of debt |
— |
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— |
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— |
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(3,796 |
) |
Earnings before income taxes |
$ |
47,030 |
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$ |
56,786 |
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$ |
142,024 |
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$ |
111,793 |
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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, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Land closing revenue: |
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West |
$ |
10,105 |
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$ |
5,875 |
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$ |
11,155 |
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$ |
11,616 |
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Central |
1,147 |
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|
3,058 |
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|
3,244 |
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|
13,482 |
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East |
— |
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— |
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|
2,223 |
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|
3,470 |
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Consolidated total |
$ |
11,252 |
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$ |
8,933 |
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$ |
16,622 |
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$ |
28,568 |
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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, 2014 |
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West |
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Central |
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East |
|
Financial Services |
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Corporate and
Unallocated
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Total |
Deposits on real estate under option or contract |
$ |
22,569 |
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|
$ |
26,956 |
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$ |
30,738 |
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$ |
— |
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$ |
— |
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|
$ |
80,263 |
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Real estate |
945,921 |
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|
464,158 |
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|
454,972 |
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|
— |
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— |
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|
1,865,051 |
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Investments in unconsolidated entities |
203 |
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|
8,451 |
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— |
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— |
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|
1,246 |
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|
9,900 |
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Other assets |
45,005 |
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|
83,378 |
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|
63,916 |
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|
607 |
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|
124,692 |
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(1) |
317,598 |
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Total assets |
$ |
1,013,698 |
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|
$ |
582,943 |
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$ |
549,626 |
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|
$ |
607 |
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$ |
125,938 |
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$ |
2,272,812 |
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At December 31, 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
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Total |
Deposits on real estate under option or contract |
$ |
26,415 |
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|
$ |
12,198 |
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|
$ |
12,982 |
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$ |
— |
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$ |
— |
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|
$ |
51,595 |
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Real estate |
800,288 |
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|
369,464 |
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|
235,547 |
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|
— |
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|
— |
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|
1,405,299 |
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Investments in unconsolidated entities |
204 |
|
|
8,941 |
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|
50 |
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— |
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|
2,443 |
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|
11,638 |
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Other assets |
26,900 |
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|
165,403 |
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(1) |
31,372 |
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|
497 |
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|
310,657 |
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(1) |
534,829 |
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Total assets |
$ |
853,807 |
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|
$ |
556,006 |
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$ |
279,951 |
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|
$ |
497 |
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$ |
313,100 |
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$ |
2,003,361 |
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(1) Balance consists primarily of cash and securities and our deferred tax asset.
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