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Segment Information, Nature of Operations, and Certain Concentrations (Tables) | 12 Months Ended
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Dec. 31, 2013
Segment Reporting [Abstract] |
Revenues |
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 2,439,387 |  |  | $ | 1,877,905 |  |  | $ | 1,582,826 |
Homebuilding North East |  |  | 332,681 |  |  |  | 278,715 |  |  |  | 221,146 |
Homebuilding Mid East |  |  | 908,198 |  |  |  | 630,367 |  |  |  | 549,384 |
Homebuilding South East |  |  | 454,215 |  |  |  | 334,257 |  |  |  | 257,839 |
Mortgage Banking |  |  | 76,786 |  |  |  | 63,406 |  |  |  | 47,954 |
Total consolidated revenues |  | $ | 4,211,267 |  |  | $ | 3,184,650 |  |  | $ | 2,659,149 |
Profit |
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Profit: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 276,399 |  |  | $ | 189,089 |  |  | $ | 148,373 |
Homebuilding North East |  |  | 14,294 |  |  |  | 21,529 |  |  |  | 13,463 |
Homebuilding Mid East |  |  | 55,537 |  |  |  | 39,847 |  |  |  | 27,194 |
Homebuilding South East |  |  | 35,001 |  |  |  | 20,674 |  |  |  | 14,162 |
Mortgage Banking |  |  | 42,075 |  |  |  | 38,135 |  |  |  | 26,102 |
Total segment profit |  |  | 423,306 |  |  |  | 309,274 |  |  |  | 229,294 |
Contract land deposit reserve adjustment (1) |  |  | 5,313 |  |  |  | 5,333 |  |  |  | (2,878 | )
Equity-based compensation expense (2) |  |  | (34,296 | ) |  |  | (64,841 | ) |  |  | (64,473 | )
Corporate capital allocation (3) |  |  | 116,457 |  |  |  | 91,507 |  |  |  | 71,226 |
Unallocated corporate overhead (4) |  |  | (72,703 | ) |  |  | (70,258 | ) |  |  | (45,355 | )
Consolidation adjustments and other |  |  | 2,362 |  |  |  | 10,858 |  |  |  | 20,477 |
Corporate interest expense (5) |  |  | (21,743 | ) |  |  | (6,796 | ) |  |  | (715 | )
Reconciling items sub-total |  |  | (4,610 | ) |  |  | (34,197 | ) |  |  | (21,718 | )
Consolidated income before taxes |  | $ | 418,696 |  |  | $ | 275,077 |  |  | $ | 207,576 |
(1) | This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments.
(2) | Equity-based compensation expense is lower in 2013 due to RSUs issued in 2010 under the 2010 Equity Incentive Plan becoming fully vested effective December 31, 2012 and an approximate $7,900 pre-tax compensation expense reversal attributable to an adjustment of the option forfeiture rates based on the Company’s actual forfeiture experience. These reductions were partially offset by equity-based compensation expense incurred in 2013 related to RSUs issued in May 2013 under the 2010 Equity Incentive Plan.
(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, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Homebuilding Mid Atlantic |  | $ | 72,271 |  |  | $ | 59,144 |  |  | $ | 48,697 |
Homebuilding North East |  |  | 9,461 |  |  |  | 8,187 |  |  |  | 5,763 |
Homebuilding Mid East |  |  | 22,580 |  |  |  | 15,039 |  |  |  | 11,074 |
Homebuilding South East |  |  | 12,145 |  |  |  | 9,137 |  |  |  | 5,692 |
Total |  | $ | 116,457 |  |  | $ | 91,507 |  |  | $ | 71,226 |
(4) | The increase in unallocated corporate overhead in 2012 from 2011 was attributable to increased management incentive costs year over year.
(5) | Corporate interest expense is attributable primarily to interest on the Senior Notes which were issued in the third quarter of 2012.
Assets |
|  | As of December 31, |
|  | 2013 |  |  | 2012 |
Assets: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 797,642 |  |  | $ | 726,335 |
Homebuilding North East |  |  | 84,958 |  |  |  | 64,568 |
Homebuilding Mid East |  |  | 172,167 |  |  |  | 166,859 |
Homebuilding South East |  |  | 106,389 |  |  |  | 85,521 |
Mortgage Banking |  |  | 253,421 |  |  |  | 215,225 |
Total segment assets |  |  | 1,414,577 |  |  |  | 1,258,508 |
Consolidated variable interest entity |  |  | 7,268 |  |  |  | 15,626 |
Cash and cash equivalents |  |  | 844,274 |  |  |  | 1,139,103 |
Deferred taxes |  |  | 162,378 |  |  |  | 145,618 |
Intangible assets and goodwill |  |  | 55,674 |  |  |  | 58,146 |
Contract land deposit reserve |  |  | (59,761 | ) |  |  | (65,039 | )
Consolidation adjustments and other |  |  | 61,738 |  |  |  | 52,880 |
Reconciling items sub-total |  |  | 1,071,571 |  |  |  | 1,346,334 |
Consolidated assets |  | $ | 2,486,148 |  |  | $ | 2,604,842 |
Interest Income |
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Interest Income: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Banking |  | $ | 4,983 |  |  | $ | 4,504 |  |  | $ | 5,702 |
Total segment interest income |  |  | 4,983 |  |  |  | 4,504 |  |  |  | 5,702 |
Other unallocated interest income |  |  | 2,319 |  |  |  | 1,388 |  |  |  | 3,202 |
Consolidated interest income |  | $ | 7,302 |  |  | $ | 5,892 |  |  | $ | 8,904 |
Interest Expense |
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Interest Expense: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 72,351 |  |  | $ | 59,310 |  |  | $ | 48,971 |
Homebuilding North East |  |  | 9,466 |  |  |  | 8,196 |  |  |  | 5,776 |
Homebuilding Mid East |  |  | 22,587 |  |  |  | 15,043 |  |  |  | 11,080 |
Homebuilding South East |  |  | 12,151 |  |  |  | 9,145 |  |  |  | 5,701 |
Mortgage Banking |  |  | 545 |  |  |  | 546 |  |  |  | 875 |
Total segment interest expense |  |  | 117,100 |  |  |  | 92,240 |  |  |  | 72,403 |
Corporate capital allocation |  |  | (116,457 | ) |  |  | (91,507 | ) |  |  | (71,226 | )
Senior notes and other interest |  |  | 21,742 |  |  |  | 6,796 |  |  |  | 715 |
Consolidated interest expense |  | $ | 22,385 |  |  | $ | 7,529 |  |  | $ | 1,892 |
Depreciation and Amortization |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 4,784 |  |  | $ | 3,886 |  |  | $ | 3,353 |
Homebuilding North East |  |  | 853 |  |  |  | 631 |  |  |  | 409 |
Homebuilding Mid East |  |  | 1,911 |  |  |  | 1,473 |  |  |  | 1,398 |
Homebuilding South East |  |  | 1,008 |  |  |  | 808 |  |  |  | 729 |
Mortgage Banking |  |  | 669 |  |  |  | 397 |  |  |  | 295 |
Total segment depreciation and amortization |  |  | 9,225 |  |  |  | 7,195 |  |  |  | 6,184 |
Unallocated corporate |  |  | 4,166 |  |  |  | 905 |  |  |  | 488 |
Consolidated depreciation and amortization |  | $ | 13,391 |  |  | $ | 8,100 |  |  | $ | 6,672 |
Expenditures for Property and Equipment |
Expenditures for Property and Equipment: |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 7,947 |  |  | $ | 3,595 |  |  | $ | 3,784 |
Homebuilding North East |  |  | 1,454 |  |  |  | 1,703 |  |  |  | 424 |
Homebuilding Mid East |  |  | 3,282 |  |  |  | 1,886 |  |  |  | 5,611 |
Homebuilding South East |  |  | 2,662 |  |  |  | 1,260 |  |  |  | 369 |
Mortgage Banking |  |  | 2,933 |  |  |  | 1,169 |  |  |  | 1,049 |
Total segment expenditures for property and equipment |  |  | 18,278 |  |  |  | 9,613 |  |  |  | 11,237 |
Unallocated corporate |  |  | 738 |  |  |  | 2,752 |  |  |  | 207 |
Consolidated expenditures for property and equipment |  | $ | 19,016 |  |  | $ | 12,365 |  |  | $ | 11,444 |
Corporate Capital Allocation Charge |
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Homebuilding Mid Atlantic |  | $ | 72,271 |  |  | $ | 59,144 |  |  | $ | 48,697 |
Homebuilding North East |  |  | 9,461 |  |  |  | 8,187 |  |  |  | 5,763 |
Homebuilding Mid East |  |  | 22,580 |  |  |  | 15,039 |  |  |  | 11,074 |
Homebuilding South East |  |  | 12,145 |  |  |  | 9,137 |  |  |  | 5,692 |
Total |  | $ | 116,457 |  |  | $ | 91,507 |  |  | $ | 71,226 |

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