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Operating and Reporting Segments | 6 Months Ended
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Jun. 30, 2012
Operating and Reporting Segments [Abstract] |
OPERATING AND REPORTING SEGMENTS | NOTE 12 — OPERATING AND REPORTING SEGMENTS As defined in ASC 280-10, Segment Reporting, we have seven operating segments (the seven states in which we operate). These segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer service. We aggregate our operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our reporting segments are as follows: West: California and Nevada Central: Texas, Arizona and Colorado East: Florida and North Carolina Management’s evaluation of segment performance is based on segment operating income/(loss), which we define as homebuilding and land revenue less cost of home construction, commissions and other sales costs, land development and other land sales costs and other costs incurred by or allocated to each segment, including impairments. Each reportable segment follows the same accounting policies described in Note 1, “Organization and Basis of Presentation,” to the consolidated financial statements in our 2011 Annual Report on Form 10-K. Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity. The following is our segment information (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Revenue (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
West |  | $ | 52,614 |  |  | $ | 31,210 |  |  | $ | 87,116 |  |  | $ | 55,360 |
Central |  |  | 184,148 |  |  |  | 169,182 |  |  |  | 316,326 |  |  |  | 301,688 |
East |  |  | 45,333 |  |  |  | 19,739 |  |  |  | 83,003 |  |  |  | 40,672 |
Consolidated total |  |  | 282,095 |  |  |  | 220,131 |  |  |  | 486,445 |  |  |  | 397,720 |
Operating income/(loss) (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
West |  |  | 1,770 |  |  |  | 537 |  |  |  | 1,956 |  |  |  | (447 | )
Central |  |  | 11,976 |  |  |  | 7,849 |  |  |  | 15,347 |  |  |  | 12,075 |
East |  |  | 3,271 |  |  |  | 2,004 |  |  |  | 6,077 |  |  |  | 4,241 |
Segment operating income |  |  | 17,017 |  |  |  | 10,390 |  |  |  | 23,380 |  |  |  | 15,869 |
Corporate and unallocated (3) |  |  | (5,085 | ) |  |  | (4,646 | ) |  |  | (9,910 | ) |  |  | (10,177 | )
Earnings from unconsolidated entities, net |  |  | 2,228 |  |  |  | 1,226 |  |  |  | 3,651 |  |  |  | 2,134 |
Interest expense |  |  | (6,338 | ) |  |  | (7,496 | ) |  |  | (13,709 | ) |  |  | (15,519 | )
Other income, net |  |  | 792 |  |  |  | 1,273 |  |  |  | 628 |  |  |  | 1,996 |
Loss on extinguishment of debt |  |  | (5,772 | ) |  |  | 0 |  |  |  | (5,772 | ) |  |  | 0 |
Income/(loss) before income taxes |  | $ | 2,842 |  |  | $ | 747 |  |  | $ | (1,732 | ) |  | $ | (5,697 | )
(1) | Revenue includes the following land closing revenue, by segment: three months ended June 30, 2012—$755,000 in the Central Region; six months ended June 30, 2012—$1.1 million in the Central Region; six months ended June 30, 2011—$100,000 in the Central Region.
(2) | See Note 2 of this Quarterly Report on Form 10-Q for a breakout of real estate-related impairments by region.
(3) | Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not allocated to the reporting segments.
|  | At June 30, 2012 |
|  | West |  |  | Central |  |  | East |  |  | Corporate and Unallocated (1) |  |  | Total |
Deposits on real estate under option or contract |  | $ | 3,241 |  |  | $ | 10,663 |  |  | $ | 855 |  |  | $ | 0 |  |  | $ | 14,759 |
Real estate |  |  | 219,499 |  |  |  | 627,887 |  |  |  | 107,847 |  |  |  | 0 |  |  |  | 955,233 |
Investments in unconsolidated entities |  |  | 176 |  |  |  | 11,204 |  |  |  | 12 |  |  |  | 788 |  |  |  | 12,180 |
Other assets |  |  | 17,131 |  |  |  | 105,168 |  |  |  | 13,389 |  |  |  | 125,978 |  |  |  | 261,666 |
Total assets |  | $ | 240,047 |  |  | $ | 754,922 |  |  | $ | 122,103 |  |  | $ | 126,766 |  |  | $ | 1,243,838 |
|  | At December 31, 2011 |
|  | West |  |  | Central |  |  | East |  |  | Corporate and Unallocated (1) |  |  | Total |
Deposits on real estate under option or contract |  | $ | 3,216 |  |  | $ | 11,158 |  |  | $ | 834 |  |  | $ | 0 |  |  | $ | 15,208 |
Real estate |  |  | 207,656 |  |  |  | 529,885 |  |  |  | 77,884 |  |  |  | 0 |  |  |  | 815,425 |
Investments in unconsolidated entities |  |  | 176 |  |  |  | 10,245 |  |  |  | 14 |  |  |  | 653 |  |  |  | 11,088 |
Other assets |  |  | 8,911 |  |  |  | 90,532 |  |  |  | 8,842 |  |  |  | 271,372 |  |  |  | 379,657 |
Total assets |  | $ | 219,959 |  |  | $ | 641,820 |  |  | $ | 87,574 |  |  | $ | 272,025 |  |  | $ | 1,221,378 |
(1) | Balance consists primarily of cash and other corporate assets not allocated to the reporting segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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