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Business Segments | 9 Months Ended
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Sep. 30, 2011
Business Segments [Abstract] |
Segment Reporting Disclosure [Text Block] | Business Segments The Company’s segment information is presented on the basis that the chief operating decision makers use in evaluating segment performance. The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our eleven individual homebuilding operating segments and the results of our financial services operations; (2) the results of our three homebuilding regions; and (3) our consolidated financial results. We have determined our reportable segments as follows: Midwest homebuilding, Southern homebuilding, Mid-Atlantic homebuilding and financial services operations. The homebuilding operating segments that are included within each reportable segment have similar operations and exhibit similar economic characteristics. Our homebuilding operations include the acquisition and development of land, the sale and construction of single-family attached and detached homes, and the occasional sale of lots to third parties. The homebuilding operating segments that comprise each of our reportable segments are as follows:
Midwest | Southern | Mid-Atlantic
Columbus, Ohio | Tampa, Florida | Washington, D.C.
Cincinnati, Ohio | Orlando, Florida | Charlotte, North Carolina
Indianapolis, Indiana | Houston, Texas (1) | Raleigh, North Carolina
Chicago, Illinois | San Antonio, Texas (2) |
(1) We announced our entry into the Houston, Texas market in March 2010, and we commenced home construction in Houston during the fourth quarter of 2010. (2) In April 2011, we acquired the assets of TriStone Homes, a privately-held homebuilder based in San Antonio, Texas. Our financial services operations include the origination and sale of mortgage loans and title services primarily for purchasers of the Company's homes. The following table shows, by segment, revenue, operating (loss) income and interest expense for the three and nine months ended September 30, 2011 and 2010, as well as the Company’s loss before income taxes for such periods:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2011 |  | 2010 |  | 2011 |  | 2010
Revenue: |  |  |  |  |  |  |
Midwest homebuilding | $ | 58,941 |  |  | $ | 63,757 |  |  | $ | 168,291 |  |  | $ | 218,392 |
Southern homebuilding | 35,281 |  |  | 16,217 |  |  | 84,117 |  |  | 66,910 |
Mid-Atlantic homebuilding | 44,530 |  |  | 52,029 |  |  | 127,863 |  |  | 155,300 |
Financial services | 2,872 |  |  | 3,606 |  |  | 9,367 |  |  | 10,800 |
Total revenue | $ | 141,624 |  |  | $ | 135,609 |  |  | $ | 389,638 |  |  | $ | 451,402 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2011 |  | 2010 |  | 2011 |  | 2010
Operating (loss) income: |  |  |  |  |  |  |
Midwest homebuilding (a) | $ | 1,364 |  |  | $ | 837 |  |  | $ | (6,925 | ) |  | $ | 1,012 |
Southern homebuilding (a) | (203 | ) |  | (79 | ) |  | (6,895 | ) |  | (2,363 | )
Mid-Atlantic homebuilding (a) | 1,909 |  |  | 3,916 |  |  | 4,959 |  |  | 4,664 |
Financial services | 969 |  |  | 1,753 |  |  | 4,203 |  |  | 5,104 |
Less: Corporate selling, general and administrative expenses | (5,490 | ) |  | (6,156 | ) |  | (15,288 | ) |  | (17,334 | )
Total operating (loss) income | $ | (1,451 | ) |  | $ | 271 |  |  | $ | (19,946 | ) |  | $ | (8,917 | )
Interest expense: |  |  |  |  |  |  |
Midwest homebuilding | $ | 1,291 |  |  | $ | 527 |  |  | $ | 4,612 |  |  | $ | 2,346 |
Southern homebuilding | 768 |  |  | 351 |  |  | 1,965 |  |  | 1,047 |
Mid-Atlantic homebuilding | 1,122 |  |  | 840 |  |  | 3,663 |  |  | 2,175 |
Financial services | 203 |  |  | 234 |  |  | 644 |  |  | 604 |
Total interest expense | $ | 3,384 |  |  | $ | 1,952 |  |  | $ | 10,884 |  |  | $ | 6,172 |
Loss before income taxes | $ | (4,835 | ) |  | $ | (1,681 | ) |  | $ | (30,830 | ) |  | $ | (15,089 | )
(a) | For the three months ended September 30, 2011 and 2010, the impact of charges relating to the impairment of inventory and investment in Unconsolidated LLCs and the write-off of abandoned land transaction costs was $1.8 million and $1.9 million, respectively. These charges reduced operating income by $1.2 million and $0.1 million in the Midwest region and $0.6 million and $1.6 million in the Southern region for the three months ended September 30, 2011 and 2010, respectively, and $0.2 million in the Mid-Atlantic region for the three months ended September 30, 2010. There were no impairment charges in our Mid-Atlantic region for the three months ended September 30, 2011.
For the nine months ended September 30, 2011 and 2010, the impact of charges relating to the impairment of inventory and investment in unconsolidated LLCs and the write-off of abandoned land transaction costs was $18.5 million and $11.6 million, respectively. These charges reduced operating income by $11.6 million and $3.2 million in the Midwest region, $6.6 million and $3.8 million in the Southern region and $0.3 million and $4.6 million in the Mid-Atlantic region for the nine months ended September 30, 2011 and 2010, respectively. The following tables show total assets by segment:
| At September 30, 2011
|  |  |  |  |  |  | Corporate, |  |
|  |  |  |  |  |  | Financial Services |  |
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 499 |  |  | $ | 1,474 |  |  | $ | 1,107 |  |  | $ | — |  |  | $ | 3,080 |
Inventory (a) | 206,217 |  |  | 92,912 |  |  | 189,152 |  |  | — |  |  | 488,281 |
Investments in unconsolidated entities | 5,149 |  |  | 5,107 |  |  | — |  |  | — |  |  | 10,256 |
Other assets | 4,472 |  |  | 2,333 |  |  | 3,417 |  |  | 149,886 |  |  | 160,108 |
Total assets | $ | 216,337 |  |  | $ | 101,826 |  |  | $ | 193,676 |  |  | $ | 149,886 |  |  | $ | 661,725 |
| At December 31, 2010
|  |  |  |  |  |  | Corporate, |  |
|  |  |  |  |  |  | Financial Services |  |
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 1,027 |  |  | $ | 85 |  |  | $ | 853 |  |  | $ | — |  |  | $ | 1,965 |
Inventory (a) | 212,159 |  |  | 69,652 |  |  | 167,161 |  |  | — |  |  | 448,972 |
Investments in unconsolidated entities | 5,929 |  |  | 4,660 |  |  | — |  |  | — |  |  | 10,589 |
Other assets | 5,187 |  |  | 1,719 |  |  | 4,283 |  |  | 189,179 |  |  | 200,368 |
Total assets | $ | 224,302 |  |  | $ | 76,116 |  |  | $ | 172,297 |  |  | $ | 189,179 |  |  | $ | 661,894 |
(a) | Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.

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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 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: 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 3: 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 4: 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 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 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 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 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: 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 11: 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 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 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: 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 15: 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 + Details
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