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Operating and Reporting Segments | 6 Months Ended
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Jun. 30, 2013
Segment Reporting [Abstract] |
OPERATING AND REPORTING SEGMENTS | NOTE 12 — OPERATING AND REPORTING SEGMENTS We operate with two principal business segments: homebuilding and financial services. As defined in ASC 280-10, Segment Reporting, we have six homebuilding operating segments (the six states in which we operate) within our homebuilding business. 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 homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. In the latter part of 2012, management's evaluation of segment reporting led to a re-grouping of our homebuilding segments to more closely align them into long-term expected profitability trends and, accordingly, all prior year segment financial information has been updated to reflect our new aggregation. Our current reportable homebuilding segments are as follows: West: Arizona, California and Colorado (1) Central: Texas East: Florida and the Carolinas (1) Activity for our wind-down Nevada operations is reflected in the West Region's results. Management's evaluation of homebuilding segment performance is based on segment operating income, which we define as homebuilding and land revenues 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 our 2012 Form 10-K in Note 1, “Business and Summary of Significant Accounting Policies.” Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented. The following segment information is in thousands:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Homebuilding revenue (1): |  |  |  |  |  |  |
West | $ | 246,741 |  |  | $ | 134,263 |  |  | $ | 435,946 |  |  | $ | 228,964 |
Central | 127,310 |  |  | 102,499 |  |  | 218,099 |  |  | 174,478 |
East | 75,899 |  |  | 45,333 |  |  | 132,340 |  |  | 83,003 |
Consolidated total | $ | 449,950 |  |  | $ | 282,095 |  |  | $ | 786,385 |  |  | $ | 486,445 |
Homebuilding segment operating income: |  |  |  |  |  |  |
West | $ | 34,895 |  |  | $ | 8,410 |  |  | $ | 54,058 |  |  | $ | 11,651 |
Central | 7,263 |  |  | 5,336 |  |  | 9,643 |  |  | 5,652 |
East | 6,765 |  |  | 3,271 |  |  | 10,001 |  |  | 6,077 |
Total homebuilding segment operating income | 48,923 |  |  | 17,017 |  |  | 73,702 |  |  | 23,380 |
Financial services profit | 4,165 |  |  | 2,177 |  |  | 7,221 |  |  | 3,758 |
Corporate and unallocated (2) | (7,502 | ) |  | (5,085 | ) |  | (13,349 | ) |  | (9,910 | )
Loss from other unconsolidated entities, net | (120 | ) |  | (91 | ) |  | (275 | ) |  | (274 | )
Interest expense | (4,523 | ) |  | (6,338 | ) |  | (9,651 | ) |  | (13,709 | )
Other income, net | 685 |  |  | 934 |  |  | 1,155 |  |  | 795 |
Loss on early extinguishment of debt | (3,096 | ) |  | (5,772 | ) |  | (3,796 | ) |  | (5,772 | )
Earnings/(loss) before income taxes | $ | 38,532 |  |  | $ | 2,842 |  |  | $ | 55,007 |  |  | $ | (1,732 | )
(1) | Homebuilding revenue includes the following land closing revenue, by segment:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Land closing revenue: |  |  |  |  |  |  |
West | 100 |  |  | $ | — |  |  | $ | 5,741 |  |  | $ | — |
Central | 10,340 |  |  | 755 |  |  | 10,424 |  |  | 1,083 |
East | 3,470 |  |  | — |  |  | 3,470 |  |  | — |
Consolidated total | $ | 13,910 |  |  | $ | 755 |  |  | $ | 19,635 |  |  | $ | 1,083 |
(2) | Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
| At June 30, 2013
| West |  | Central |  | East |  | Financial Services |  | Corporate and Unallocated (1) |  | Total
Deposits on real estate under option or contract | $ | 5,601 |  |  | $ | 7,570 |  |  | $ | 8,541 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,712 |
Real estate | 691,423 |  |  | 328,895 |  |  | 206,911 |  |  | — |  |  | — |  |  | 1,227,229 |
Investments in unconsolidated entities | 206 |  |  | 9,427 |  |  | 40 |  |  | — |  |  | 1,025 |  |  | 10,698 |
Other assets (2) | 44,661 |  |  | 161,252 |  |  | 26,230 |  |  | 506 |  |  | 275,189 |  |  | 507,838 |
Total assets | $ | 741,891 |  |  | $ | 507,144 |  |  | $ | 241,722 |  |  | $ | 506 |  |  | $ | 276,214 |  |  | $ | 1,767,477 |
| At December 31, 2012
| West |  | Central |  | East |  | Financial Services |  | Corporate and Unallocated (3) |  | Total
Deposits on real estate under option or contract | $ | 4,419 |  |  | $ | 7,168 |  |  | $ | 2,764 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,351 |
Real estate | 647,316 |  |  | 305,100 |  |  | 160,771 |  |  | — |  |  | — |  |  | 1,113,187 |
Investments in unconsolidated entities | 365 |  |  | 10,645 |  |  | 16 |  |  | — |  |  | 1,059 |  |  | 12,085 |
Other assets (4) | 24,935 |  |  | 132,546 |  |  | 25,914 |  |  | 297 |  |  | 252,247 |  |  | 435,939 |
Total assets | $ | 677,035 |  |  | $ | 455,459 |  |  | $ | 189,465 |  |  | $ | 297 |  |  | $ | 253,306 |  |  | $ | 1,575,562 |
(1)(3) Balance consists primarily of corporate assets not allocated to the reporting segments. (2)(4) Balance consists primarily of cash and securities.

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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 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 Reference 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 + Details
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