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Segment Information, Nature of Operations, and Certain Concentrations (Tables) | 12 Months Ended
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Dec. 31, 2012
Revenues |
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,877,905 |  |  | $ | 1,582,826 |  |  | $ | 1,780,521 |
Homebuilding North East |  |  | 278,715 |  |  |  | 221,146 |  |  |  | 287,561 |
Homebuilding Mid East |  |  | 630,367 |  |  |  | 549,384 |  |  |  | 632,377 |
Homebuilding South East |  |  | 334,257 |  |  |  | 257,839 |  |  |  | 280,299 |
Mortgage Banking |  |  | 63,406 |  |  |  | 47,954 |  |  |  | 61,134 |
Total consolidated revenues |  | $ | 3,184,650 |  |  | $ | 2,659,149 |  |  | $ | 3,041,892 |
Profit |
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Profit: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 189,089 |  |  | $ | 148,373 |  |  | $ | 209,496 |
Homebuilding North East |  |  | 21,529 |  |  |  | 13,463 |  |  |  | 25,090 |
Homebuilding Mid East |  |  | 39,847 |  |  |  | 27,194 |  |  |  | 56,882 |
Homebuilding South East |  |  | 20,674 |  |  |  | 14,162 |  |  |  | 10,870 |
Mortgage Banking |  |  | 38,135 |  |  |  | 26,102 |  |  |  | 35,704 |
Total segment profit |  |  | 309,274 |  |  |  | 229,294 |  |  |  | 338,042 |
Contract land deposit reserve adjustment (1) |  |  | 5,333 |  |  |  | (2,878 | ) |  |  | 16,206 |
Equity-based compensation expense (2) |  |  | (64,841 | ) |  |  | (64,473 | ) |  |  | (53,136 | )
Corporate capital allocation (3) |  |  | 91,507 |  |  |  | 71,226 |  |  |  | 65,971 |
Unallocated corporate overhead (4) |  |  | (70,258 | ) |  |  | (45,355 | ) |  |  | (55,992 | )
Consolidation adjustments and other |  |  | 10,858 |  |  |  | 20,477 |  |  |  | 15,848 |
Corporate interest expense (5) |  |  | (6,796 | ) |  |  | (715 | ) |  |  | (4,546 | )
Reconciling items sub-total |  |  | (34,197 | ) |  |  | (21,718 | ) |  |  | (15,649 | )
Consolidated income before taxes |  | $ | 275,077 |  |  | $ | 207,576 |  |  | $ | 322,393 |
(1) | This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments.
(2) | The increase in equity-based compensation expense in 2011 compared to 2010 was 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, equity based compensation in 2010 was reduced as a result of an adjustment to option forfeiture estimates based on our actual forfeiture experience (see Note 10 herein for further discussion).
(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, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Homebuilding Mid Atlantic |  | $ | 59,144 |  |  | $ | 48,697 |  |  | $ | 44,758 |
Homebuilding North East |  |  | 8,187 |  |  |  | 5,763 |  |  |  | 5,926 |
Homebuilding Mid East |  |  | 15,039 |  |  |  | 11,074 |  |  |  | 9,657 |
Homebuilding South East |  |  | 9,137 |  |  |  | 5,692 |  |  |  | 5,630 |
Total |  | $ | 91,507 |  |  | $ | 71,226 |  |  | $ | 65,971 |
(4) | The increase in unallocated corporate overhead in 2012 from 2011 was attributable to increased management incentive costs year over year. The decrease in unallocated corporate overhead in 2011 from 2010 was attributable to decreased management incentive costs year over year.
(5) | The increase in corporate interest expense in 2012 from 2011 was attributable to the issuance of 3.95% Senior Notes due 2022 in the third quarter of 2012. The decrease in corporate interest expense in 2011 from 2010 was attributable to the redemption upon maturity of the outstanding 5% Senior Notes due 2010 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, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 726,335 |  |  | $ | 626,157 |  |  | $ | 492,148 |
Homebuilding North East |  |  | 64,568 |  |  |  | 55,948 |  |  |  | 35,827 |
Homebuilding Mid East |  |  | 166,859 |  |  |  | 94,593 |  |  |  | 78,246 |
Homebuilding South East |  |  | 85,521 |  |  |  | 63,263 |  |  |  | 43,041 |
Mortgage Banking |  |  | 215,225 |  |  |  | 270,820 |  |  |  | 196,441 |
Total segment assets |  |  | 1,258,508 |  |  |  | 1,110,781 |  |  |  | 845,703 |
Consolidated variable interest entity |  |  | 15,626 |  |  |  | 20,182 |  |  |  | 22,371 |
Cash and cash equivalents |  |  | 1,139,103 |  |  |  | 475,566 |  |  |  | 1,190,731 |
Deferred taxes |  |  | 145,618 |  |  |  | 155,881 |  |  |  | 184,930 |
Intangible assets and goodwill |  |  | 58,146 |  |  |  | 48,927 |  |  |  | 48,927 |
Contract land deposit reserve |  |  | (65,039 | ) |  |  | (70,333 | ) |  |  | (73,517 | )
Consolidation adjustments and other |  |  | 52,880 |  |  |  | 38,481 |  |  |  | 40,916 |
Reconciling items sub-total |  |  | 1,346,334 |  |  |  | 668,704 |  |  |  | 1,414,358 |
Consolidated assets |  | $ | 2,604,842 |  |  | $ | 1,779,485 |  |  | $ | 2,260,061 |
Interest Income |
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Interest Income: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Banking |  | $ | 4,504 |  |  | $ | 5,702 |  |  | $ | 5,411 |
Total segment interest income |  |  | 4,504 |  |  |  | 5,702 |  |  |  | 5,411 |
Other unallocated interest income |  |  | 1,388 |  |  |  | 3,202 |  |  |  | 5,301 |
Consolidated interest income |  | $ | 5,892 |  |  | $ | 8,904 |  |  | $ | 10,712 |
Interest Expense |
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Interest Expense: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 59,310 |  |  | $ | 48,971 |  |  | $ | 45,082 |
Homebuilding North East |  |  | 8,196 |  |  |  | 5,776 |  |  |  | 5,936 |
Homebuilding Mid East |  |  | 15,043 |  |  |  | 11,080 |  |  |  | 9,669 |
Homebuilding South East |  |  | 9,145 |  |  |  | 5,701 |  |  |  | 5,641 |
Mortgage Banking |  |  | 546 |  |  |  | 875 |  |  |  | 1,126 |
Total segment interest expense |  |  | 92,240 |  |  |  | 72,403 |  |  |  | 67,454 |
Corporate capital allocation |  |  | (91,507 | ) |  |  | (71,226 | ) |  |  | (65,971 | )
Senior notes and other interest |  |  | 6,796 |  |  |  | 715 |  |  |  | 4,546 |
Consolidated interest expense |  | $ | 7,529 |  |  | $ | 1,892 |  |  | $ | 6,029 |
Depreciation and Amortization |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 3,886 |  |  | $ | 3,353 |  |  | $ | 3,369 |
Homebuilding North East |  |  | 631 |  |  |  | 409 |  |  |  | 515 |
Homebuilding Mid East |  |  | 1,473 |  |  |  | 1,398 |  |  |  | 1,224 |
Homebuilding South East |  |  | 808 |  |  |  | 729 |  |  |  | 758 |
Mortgage Banking |  |  | 397 |  |  |  | 295 |  |  |  | 362 |
Total segment depreciation and amortization |  |  | 7,195 |  |  |  | 6,184 |  |  |  | 6,228 |
Unallocated corporate |  |  | 905 |  |  |  | 488 |  |  |  | 1,035 |
Consolidated depreciation and amortization |  | $ | 8,100 |  |  | $ | 6,672 |  |  | $ | 7,263
Expenditures for Property and Equipment |
Expenditures for Property and Equipment: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 3,595 |  |  | $ | 3,784 |  |  | $ | 2,165 |
Homebuilding North East |  |  | 1,703 |  |  |  | 424 |  |  |  | 440 |
Homebuilding Mid East |  |  | 1,886 |  |  |  | 5,611 |  |  |  | 2,247 |
Homebuilding South East |  |  | 1,260 |  |  |  | 369 |  |  |  | 583 |
Mortgage Banking |  |  | 1,169 |  |  |  | 1,049 |  |  |  | 883 |
Total segment expenditures for property and equipment |  |  | 9,613 |  |  |  | 11,237 |  |  |  | 6,318 |
Unallocated corporate |  |  | 2,752 |  |  |  | 207 |  |  |  | 625 |
Consolidated expenditures for property and equipment |  | $ | 12,365 |  |  | $ | 11,444 |  |  | $ | 6,943 |
Corporate Capital Allocation Charge |
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Homebuilding Mid Atlantic |  | $ | 59,144 |  |  | $ | 48,697 |  |  | $ | 44,758 |
Homebuilding North East |  |  | 8,187 |  |  |  | 5,763 |  |  |  | 5,926 |
Homebuilding Mid East |  |  | 15,039 |  |  |  | 11,074 |  |  |  | 9,657 |
Homebuilding South East |  |  | 9,137 |  |  |  | 5,692 |  |  |  | 5,630 |
Total |  | $ | 91,507 |  |  | $ | 71,226 |  |  | $ | 65,971 |

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