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Segment Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2014
Segment Reporting [Abstract] |
Revenues | Following are tables presenting segment revenues, profit and assets, with reconciliations to the amounts reported for the consolidated enterprise, where applicable:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 657,825 |  |  | $ | 594,902 |  |  | $ | 1,122,855 |  |  | $ | 1,026,770 |
Homebuilding North East |  |  | 92,438 |  |  |  | 82,260 |  |  |  | 171,230 |  |  |  | 144,871 |
Homebuilding Mid East |  |  | 221,088 |  |  |  | 213,463 |  |  |  | 371,736 |  |  |  | 384,219 |
Homebuilding South East |  |  | 112,729 |  |  |  | 101,585 |  |  |  | 217,446 |  |  |  | 187,218 |
Mortgage Banking |  |  | 17,974 |  |  |  | 17,682 |  |  |  | 30,097 |  |  |  | 37,070 |
Total consolidated revenues |  | $ | 1,102,054 |  |  | $ | 1,009,892 |  |  | $ | 1,913,364 |  |  | $ | 1,780,148 |
Profit |
Profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 67,347 |  |  | $ | 48,727 |  |  | $ | 108,358 |  |  | $ | 85,266 |
Homebuilding North East |  |  | 8,398 |  |  |  | 6,397 |  |  |  | 14,705 |  |  |  | 10,083 |
Homebuilding Mid East |  |  | 11,116 |  |  |  | 9,412 |  |  |  | 10,867 |  |  |  | 11,235 |
Homebuilding South East |  |  | 7,895 |  |  |  | 5,101 |  |  |  | 15,941 |  |  |  | 8,748 |
Mortgage Banking |  |  | 7,427 |  |  |  | 9,316 |  |  |  | 9,267 |  |  |  | 21,118 |
Total segment profit |  |  | 102,183 |  |  |  | 78,953 |  |  |  | 159,138 |  |  |  | 136,450 |
Contract land deposit reserve adjustment (1) |  |  | 1,672 |  |  |  | 2,845 |  |  |  | 3,655 |  |  |  | 3,852 |
Equity-based compensation expense (2) |  |  | (15,938 | ) |  |  | (10,589 | ) |  |  | (26,641 | ) |  |  | (18,652 | )
Corporate capital allocation (3) |  |  | 34,511 |  |  |  | 29,673 |  |  |  | 63,477 |  |  |  | 55,291 |
Unallocated corporate overhead |  |  | (15,513 | ) |  |  | (20,972 | ) |  |  | (41,473 | ) |  |  | (46,170 | )
Consolidation adjustments and other |  |  | 7,488 |  |  |  | 5,479 |  |  |  | 11,629 |  |  |  | 15,138 |
Corporate interest expense |  |  | (5,579 | ) |  |  | (5,208 | ) |  |  | (11,254 | ) |  |  | (10,623 | )
Reconciling items sub-total |  |  | 6,641 |  |  |  | 1,228 |  |  |  | (607 | ) |  |  | (1,164 | )
Consolidated income before taxes |  | $ | 108,824 |  |  | $ | 80,181 |  |  | $ | 158,531 |  |  | $ | 135,286 |
(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 the three month period ended June 30, 2014 was attributable to the issuance of Options under the 2014 Plan during the second quarter of 2014. The increase in equity-based compensation expense in the six month period ended June 30, 2014 is primarily attributable to the second quarter 2014 Options granted and RSUs granted in the second quarter of 2013. See Note 6 for additional discussion of equity-based compensation.
(3) | This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments.
Assets |
|  | June 30, 2014 |  |  | December 31, 2013 |
Assets: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 944,257 |  |  | $ | 810,270 |
Homebuilding North East |  |  | 95,993 |  |  |  | 84,958 |
Homebuilding Mid East |  |  | 223,559 |  |  |  | 172,167 |
Homebuilding South East |  |  | 146,000 |  |  |  | 106,389 |
Mortgage Banking |  |  | 204,518 |  |  |  | 253,421 |
Total segment assets |  |  | 1,614,327 |  |  |  | 1,427,205 |
Consolidated variable interest entity |  |  | 6,802 |  |  |  | 7,268 |
Cash and cash equivalents |  |  | 538,940 |  |  |  | 844,274 |
Deferred taxes |  |  | 166,695 |  |  |  | 162,378 |
Intangible assets and goodwill |  |  | 54,982 |  |  |  | 55,674 |
Contract land deposit reserve |  |  | (55,869 | ) |  |  | (59,761 | )
Consolidation adjustments and other |  |  | 56,186 |  |  |  | 49,110 |
Reconciling items sub-total |  |  | 767,736 |  |  |  | 1,058,943 |
Consolidated assets |  | $ | 2,382,063 |  |  | $ | 2,486,148 |
Corporate Capital Allocation Charge | The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Homebuilding Mid Atlantic |  | $ | 21,742 |  |  | $ | 18,609 |  |  | $ | 39,898 |  |  | $ | 34,716 |
Homebuilding North East |  |  | 2,733 |  |  |  | 2,353 |  |  |  | 5,182 |  |  |  | 4,347 |
Homebuilding Mid East |  |  | 6,180 |  |  |  | 5,716 |  |  |  | 11,478 |  |  |  | 10,731 |
Homebuilding South East |  |  | 3,856 |  |  |  | 2,995 |  |  |  | 6,919 |  |  |  | 5,497 |
Total |  | $ | 34,511 |  |  | $ | 29,673 |  |  | $ | 63,477 |  |  | $ | 55,291 |

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