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Segment Information, Nature of Operations and Certain Concentrations (Tables) | 12 Months Ended
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Dec. 31, 2011
Segment Information, Nature of Operations, and Certain Concentrations [Abstract] |
Revenues |
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,582,826 |  |  | $ | 1,780,521 |  |  | $ | 1,661,244 |
Homebuilding North East |  |  | 221,146 |  |  |  | 287,561 |  |  |  | 254,654 |
Homebuilding Mid East |  |  | 549,384 |  |  |  | 632,377 |  |  |  | 505,431 |
Homebuilding South East |  |  | 257,839 |  |  |  | 280,299 |  |  |  | 262,138 |
Mortgage Banking |  |  | 47,954 |  |  |  | 61,134 |  |  |  | 60,381 |
Total Consolidated Revenues |  | $ | 2,659,149 |  |  | $ | 3,041,892 |  |  | $ | 2,743,848 |
Profit |
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Profit: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 148,373 |  |  | $ | 209,496 |  |  | $ | 185,861 |
Homebuilding North East |  |  | 13,463 |  |  |  | 25,090 |  |  |  | 19,572 |
Homebuilding Mid East |  |  | 27,194 |  |  |  | 56,882 |  |  |  | 38,012 |
Homebuilding South East |  |  | 14,162 |  |  |  | 10,870 |  |  |  | 7,384 |
Mortgage Banking |  |  | 26,102 |  |  |  | 35,704 |  |  |  | 38,138 |
Total Segment Profit |  |  | 229,294 |  |  |  | 338,042 |  |  |  | 288,967 |
Contract land deposit impairment reserve (1) |  |  | (2,878 | ) |  |  | 16,206 |  |  |  | 42,939 |
Equity-based compensation expense (2) |  |  | (64,473 | ) |  |  | (53,136 | ) |  |  | (46,302 | )
Corporate capital allocation (3) |  |  | 71,226 |  |  |  | 65,971 |  |  |  | 61,753 |
Unallocated corporate overhead (4) |  |  | (45,355 | ) |  |  | (55,992 | ) |  |  | (44,103 | )
Consolidation adjustments and other |  |  | 20,477 |  |  |  | 15,848 |  |  |  | 4,970 |
Corporate interest expense (5) |  |  | (715 | ) |  |  | (4,546 | ) |  |  | (9,810 | )
Reconciling items sub-total |  |  | (21,718 | ) |  |  | (15,649 | ) |  |  | 9,447 |
Consolidated Income before Taxes |  | $ | 207,576 |  |  | $ | 322,393 |  |  | $ | 298,414 |
(1) | This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. The 2011 and 2010 variances are attributable to year over year reductions in amounts allocated to our operating segments that had been previously reserved.
(2) | The increase in equity-based compensation expense in 2011 compared to the prior year was primarily due to recognizing a full year of expense in 2011 related to non-qualified stock options and restricted share units granted in the second quarter of 2010 under the 2010 Equity Incentive Plan. In addition, stock-based compensation expense in 2010 was reduced by an approximate $7,000 pre-tax reversal of stock-based compensation expense attributable to the adjustment of our option forfeiture estimates based on our actual forfeiture experience.
(3) | This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the years presented:
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Homebuilding Mid Atlantic |  | $ | 48,697 |  |  | $ | 44,758 |  |  | $ | 40,765 |
Homebuilding North East |  |  | 5,763 |  |  |  | 5,926 |  |  |  | 6,473 |
Homebuilding Mid East |  |  | 11,074 |  |  |  | 9,657 |  |  |  | 8,863 |
Homebuilding South East |  |  | 5,692 |  |  |  | 5,630 |  |  |  | 5,652 |
Total |  | $ | 71,226 |  |  | $ | 65,971 |  |  | $ | 61,753 |
(4) | The decrease in unallocated corporate overhead in 2011 from 2010 was attributable to reduced management incentive costs year over year. The increase in costs in 2010 from 2009 was attributable to increased personnel levels year over year and to higher management incentive costs as the 2009 incentive plan was limited to a payout of 50% of the maximum bonus opportunity, while no similar restrictions were imposed on 2010 incentive compensation.
(5) | The decrease in corporate interest expense in 2011 from 2010 was attributable to the redemption upon maturity of the outstanding senior notes in the second quarter of 2010 and the termination of the working capital credit facility in the fourth quarter of 2010.
Assets |
|  | As of December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 626,157 |  |  | $ | 492,148 |  |  | $ | 448,019 |
Homebuilding North East |  |  | 55,948 |  |  |  | 35,827 |  |  |  | 54,132 |
Homebuilding Mid East |  |  | 94,593 |  |  |  | 78,246 |  |  |  | 94,225 |
Homebuilding South East |  |  | 63,263 |  |  |  | 43,041 |  |  |  | 37,663 |
Mortgage Banking |  |  | 270,820 |  |  |  | 196,441 |  |  |  | 52,696 |
Total Segment Assets |  |  | 1,110,781 |  |  |  | 845,703 |  |  |  | 686,735 |
Consolidated variable interest entities |  |  | 20,182 |  |  |  | 22,371 |  |  |  | 70,430 |
Cash and cash equivalents |  |  | 475,566 |  |  |  | 1,190,731 |  |  |  | 1,248,689 |
Marketable securities |  |  | — |  |  |  | — |  |  |  | 219,535 |
Deferred taxes |  |  | 155,881 |  |  |  | 184,930 |  |  |  | 200,340 |
Intangible assets |  |  | 48,927 |  |  |  | 48,927 |  |  |  | 48,927 |
Contract land deposit reserve |  |  | (70,333 | ) |  |  | (73,517 | ) |  |  | (94,940 | )
Consolidation adjustments and other |  |  | 38,481 |  |  |  | 40,916 |  |  |  | 16,054 |
Reconciling items sub-total |  |  | 668,704 |  |  |  | 1,414,358 |  |  |  | 1,709,035 |
Consolidated Assets |  | $ | 1,779,485 |  |  | $ | 2,260,061 |  |  | $ | 2,395,770 |
Interest Income |
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Interest Income: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Banking |  | $ | 5,702 |  |  | $ | 5,411 |  |  | $ | 2,979 |
Total Segment Interest Income |  |  | 5,702 |  |  |  | 5,411 |  |  |  | 2,979 |
Other unallocated interest income |  |  | 3,202 |  |  |  | 5,301 |  |  |  | 5,407 |
Consolidated Interest Income |  | $ | 8,904 |  |  | $ | 10,712 |  |  | $ | 8,386 |
Interest Expense |
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Interest Expense: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 48,971 |  |  | $ | 45,082 |  |  | $ | 41,130 |
Homebuilding North East |  |  | 5,776 |  |  |  | 5,936 |  |  |  | 6,475 |
Homebuilding Mid East |  |  | 11,080 |  |  |  | 9,669 |  |  |  | 8,873 |
Homebuilding South East |  |  | 5,701 |  |  |  | 5,641 |  |  |  | 5,661 |
Mortgage Banking |  |  | 875 |  |  |  | 1,126 |  |  |  | 1,184 |
Total Segment Interest Expense |  |  | 72,403 |  |  |  | 67,454 |  |  |  | 63,323 |
Corporate capital allocation |  |  | (71,226 | ) |  |  | (65,971 | ) |  |  | (61,753 | )
Senior Note and other interest |  |  | 715 |  |  |  | 4,546 |  |  |  | 9,810 |
Consolidated Interest Expense |  | $ | 1,892 |  |  | $ | 6,029 |  |  | $ | 11,380 |
Depreciation and Amortization |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 3,353 |  |  | $ | 3,369 |  |  | $ | 4,351 |
Homebuilding North East |  |  | 409 |  |  |  | 515 |  |  |  | 612 |
Homebuilding Mid East |  |  | 1,398 |  |  |  | 1,224 |  |  |  | 1,233 |
Homebuilding South East |  |  | 729 |  |  |  | 758 |  |  |  | 1,163 |
Mortgage Banking |  |  | 295 |  |  |  | 362 |  |  |  | 357 |
Total Segment Depreciation and Amortization |  |  | 6,184 |  |  |  | 6,228 |  |  |  | 7,716 |
Unallocated corporate |  |  | 488 |  |  |  | 1,035 |  |  |  | 1,997 |
Consolidated Depreciation and Amortization |  | $ | 6,672 |  |  | $ | 7,263 |  |  | $ | 9,713 |
Expenditures for Property and Equipment |
Expenditures for Property and Equipment: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 3,784 |  |  | $ | 2,165 |  |  | $ | 1,511 |
Homebuilding North East |  |  | 424 |  |  |  | 440 |  |  |  | 414 |
Homebuilding Mid East |  |  | 5,611 |  |  |  | 2,247 |  |  |  | 741 |
Homebuilding South East |  |  | 369 |  |  |  | 583 |  |  |  | 269 |
Mortgage Banking |  |  | 1,049 |  |  |  | 883 |  |  |  | 87 |
Total Segment Expenditures for Property and Equipment |  |  | 11,237 |  |  |  | 6,318 |  |  |  | 3,022 |
Unallocated corporate |  |  | 207 |  |  |  | 625 |  |  |  | 22 |
Consolidated Expenditures for Property and Equipment |  | $ | 11,444 |  |  | $ | 6,943 |  |  | $ | 3,044 |
Corporate capital allocation charge |
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Homebuilding Mid Atlantic |  | $ | 48,697 |  |  | $ | 44,758 |  |  | $ | 40,765 |
Homebuilding North East |  |  | 5,763 |  |  |  | 5,926 |  |  |  | 6,473 |
Homebuilding Mid East |  |  | 11,074 |  |  |  | 9,657 |  |  |  | 8,863 |
Homebuilding South East |  |  | 5,692 |  |  |  | 5,630 |  |  |  | 5,652 |
Total |  | $ | 71,226 |  |  | $ | 65,971 |  |  | $ | 61,753 |

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