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Business Segments
 3 Months Ended
Mar. 31, 2015
Business Segments [Abstract]  
Segment Reporting Disclosure [Text Block]
Business Segments
The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our 13 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.
In accordance with ASC 280, Segment Reporting (“ASC 280”), we have identified each homebuilding division as an operating segment as each homebuilding division engages in business activities from which it earns revenue, primarily from the sale and construction of single-family attached and detached homes, acquisition and development of land, and the occasional sale of lots to third parties. Our financial services operations generate revenue primarily from the origination, sale and servicing of mortgage loans and title services primarily for purchasers of the Company’s homes and are included in our financial services reportable segment. In accordance with the aggregation criteria defined in ASC 280, 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 been aggregated because they share similar aggregation characteristics as prescribed in ASC 280 in the following regards: (1) long-term economic characteristics; (2) historical and expected future long-term gross margin percentages; (3) housing products, production processes and methods of distribution; and (4) geographical proximity.  
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
Raleigh, North Carolina
Chicago, Illinois
San Antonio, Texas
 
 
Austin, Texas
 
 
Dallas/Fort Worth, Texas
 

The following table shows, by segment: revenue, operating income and interest expense for the three months ended March 31, 2015 and 2014:
 
Three Months Ended March 31,
(In thousands)
2015
 
2014
Revenue:
 
 
 
Midwest homebuilding
$
85,217

 
$
79,604

Southern homebuilding
98,555

 
80,200

Mid-Atlantic homebuilding
71,289

 
67,172

Financial services (a)
8,098

 
7,865

Total revenue
$
263,159

 
$
234,841

 
 
 
 
Operating income:
 
 
 
Midwest homebuilding
$
7,796

 
$
7,243

Southern homebuilding
8,591

 
5,877

Mid-Atlantic homebuilding
4,760

 
4,793

Financial services (a)
5,324

 
5,026

Less: Corporate selling, general and administrative expense
(6,515
)
 
(6,346
)
Total operating income
$
19,956

 
$
16,593

 
 
 
 
Interest expense:
 
 
 
Midwest homebuilding
$
1,324

 
$
1,269

Southern homebuilding
1,774

 
1,591

Mid-Atlantic homebuilding
1,033

 
995

Financial services (a)
331

 
315

Total interest expense
$
4,462

 
$
4,170

 
 
 
 
Equity in income of unconsolidated joint ventures
(198
)
 
(62
)
 
 
 
 
Income before income taxes
$
15,692

 
$
12,485

(a)
Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of a small amount of mortgage re-financing.
The following tables show total assets by segment at March 31, 2015 and December 31, 2014:
 
March 31, 2015
(In thousands)
Midwest
 
Southern
 
Mid-Atlantic
 
Corporate, Financial Services and Unallocated
 
Total
Deposits on real estate under option or contract
$
4,426

 
$
13,894

 
$
3,874

 
$
—

 
$
22,194

Inventory (a)
301,790

 
368,092

 
266,994

 
—

 
936,876

Investments in unconsolidated joint ventures
1,866

 
27,583

 
—

 
—

 
29,449

Other assets
9,020

 
21,025

 
7,748

 
224,452

 
262,245

Total assets
$
317,102

 
$
430,594

 
$
278,616

 
$
224,452

 
$
1,250,764


 
December 31, 2014
(In thousands)
Midwest
 
Southern
 
Mid-Atlantic
 
Corporate, Financial Services and Unallocated
 
Total
Deposits on real estate under option or contract
$
4,573

 
$
14,752

 
$
4,170

 
$
—

 
$
23,495

Inventory (a)
303,037

 
331,938

 
260,119

 
—

 
895,094

Investments in unconsolidated joint ventures
1,764

 
26,005

 
—

 
—

 
27,769

Other assets
7,933

 
16,829

 
7,536

 
232,754

 
265,052

Total assets
$
317,307

 
$
389,524

 
$
271,825

 
$
232,754

 
$
1,211,410

(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.