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Segment Disclosures (Tables)

9 Months Ended

Sep. 30, 2012

Revenues

Following are tables presenting segment revenues, segment profit and segment assets for each reportable segment, with reconciliations to the amounts reported for the consolidated enterprise, where applicable:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2012				2011				2012				2011
Revenues:
Homebuilding Mid Atlantic		$	509,487			$	417,742			$	1,324,802			$	1,134,935
Homebuilding North East			80,525				55,214				203,926				162,122
Homebuilding Mid East			174,645				160,585				432,948				402,118
Homebuilding South East			89,739				63,439				234,205				183,212
Mortgage Banking			16,241				10,496				45,031				35,474
Total consolidated revenues		$	870,637			$	707,476			$	2,240,912			$	1,917,861

Profit

Profit:
Homebuilding Mid Atlantic		$	56,763			$	42,389			$	130,428			$	113,592
Homebuilding North East			8,383				3,981				16,476				11,780
Homebuilding Mid East			13,652				9,716				24,256				20,045
Homebuilding South East			5,555				2,851				13,839				10,315
Mortgage Banking			10,646				5,036				27,267				18,818
Total segment profit			94,999				63,973				212,266				174,550
Contract land deposit reserve adjustment (1)			(764	)			133				586				(2,372	)
Equity-based compensation expense			(16,963	)			(16,261	)			(50,136	)			(47,966	)
Corporate capital allocation (2)			24,712				19,182				66,239				52,502
Unallocated corporate overhead (3)			(19,027	)			(4,355	)			(53,039	)			(35,216	)
Consolidation adjustments and other (4)			2,486				6,365				4,562				15,938
Corporate interest expense			(1,310	)			(95	)			(1,432	)			(305	)
Reconciling items sub-total			(10,866	)			4,969				(33,220	)			(17,419	)
Consolidated income before taxes		$	84,133			$	68,942			$	179,046			$	157,131

Assets

		September 30, 2012				December 31, 2011
Assets:
Homebuilding Mid Atlantic		$	749,379			$	626,157
Homebuilding North East			67,242				55,948
Homebuilding Mid East			147,367				94,593
Homebuilding South East			89,217				63,263
Mortgage Banking			147,480				270,820
Total segment assets			1,200,685				1,110,781
Consolidated variable interest entity			16,210				20,182
Cash and cash equivalents			1,071,999				475,566
Deferred taxes			163,815				155,881
Intangible assets			48,927				48,927
Contract land deposit reserve			(69,785	)			(70,333	)
Consolidation adjustments and other			48,875				38,481
Reconciling items sub-total			1,280,041				668,704
Consolidated assets		$	2,480,726			$	1,779,485

(1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments.

(2) 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 periods presented:

Corporate Capital Allocation Charge

		Three Months Ended September 30,								Nine Months Ended September 30,
		2012				2011				2012				2011
Homebuilding Mid Atlantic		$	15,592			$	13,117			$	43,109			$	36,053
Homebuilding North East			2,203				1,423				6,024				4,152
Homebuilding Mid East			4,371				3,149				10,619				8,193
Homebuilding South East			2,546				1,493				6,487				4,104
Total		$	24,712			$	19,182			$	66,239			$	52,502

(3) The increase in unallocated corporate overhead in the three and nine month periods of 2012 was primarily attributable to higher management incentive costs period over period.

(4) The decrease in consolidation adjustments and other in 2012 from 2011 was primarily attributable to changes in the corporate consolidation entries based on production and settlement volumes in the respective quarters.

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