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Segment Disclosures (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Revenues

The following tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2018				2017				2018				2017
Revenues:
Homebuilding Mid Atlantic		$	991,077			$	927,551			$	2,807,251			$	2,521,967
Homebuilding North East		152,858				141,033				423,190				374,804
Homebuilding Mid East		391,933				338,900				1,045,458				895,168
Homebuilding South East		273,477				226,242				774,002				602,088
Mortgage Banking		43,062				34,194				119,225				95,477
Total consolidated revenues		$	1,852,407			$	1,667,920			$	5,169,126			$	4,489,504

Profit before Taxes

		Three Months Ended September 30,								Nine Months Ended September 30,
		2018				2017				2018				2017
Income before taxes:
Homebuilding Mid Atlantic		$	115,180			$	109,417			$	318,447			$	274,527
Homebuilding North East		18,560				18,762				51,041				41,980
Homebuilding Mid East		51,744				44,990				121,129				103,135
Homebuilding South East		31,426				26,849				83,867				64,330
Mortgage Banking		27,183				19,336				69,418				53,293
Total segment profit before taxes		244,093				219,354				643,902				537,265
Reconciling items:
Contract land deposit reserve adjustment (1)		(689		)		1,910				2,031				(882		)
Equity-based compensation expense (2)		(23,586		)		(11,211		)		(51,690		)		(32,678		)
Corporate capital allocation (3)		55,438				51,904				160,091				147,737
Unallocated corporate overhead		(20,424		)		(18,768		)		(74,211		)		(69,362		)
Consolidation adjustments and other		831				7,087				20,142				20,513
Corporate interest expense		(5,953		)		(5,812		)		(17,971		)		(17,000		)
Reconciling items sub-total		5,617				25,110				38,392				48,328
Consolidated income before taxes		$	249,710			$	244,464			$	682,294			$	585,593

(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 and nine month periods ended September 30, 2018 was primarily attributable to the issuance of Options and RSUs in the second quarter of 2018. See Note 7 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.  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 September 30,								Nine Months Ended September 30,
		2018				2017				2018				2017
Corporate capital allocation charge:
Homebuilding Mid Atlantic		$	31,733			$	32,025			$	93,682			$	92,154
Homebuilding North East		4,565				4,244				13,325				12,191
Homebuilding Mid East		9,541				7,747				26,571				22,024
Homebuilding South East		9,599				7,888				26,513				21,368
Total		$	55,438			$	51,904			$	160,091			$	147,737

Assets

		September 30, 2018				December 31, 2017
Assets:
Homebuilding Mid Atlantic		$	1,098,095			$	1,079,225
Homebuilding North East		160,541				143,008
Homebuilding Mid East		324,253				263,019
Homebuilding South East		340,686				277,705
Mortgage Banking		365,862				397,052
Total segment assets		2,289,437				2,160,009
Reconciling items:
Cash and cash equivalents		598,789				645,087
Deferred taxes		115,824				111,953
Intangible assets and goodwill		50,028				50,144
Contract land deposit reserve		(27,968		)		(29,999		)
Consolidation adjustments and other		63,713				52,085
Reconciling items sub-total		800,386				829,270
Consolidated assets		$	3,089,823			$	2,989,279

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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

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