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Segment Information
 12 Months Ended
Dec. 31, 2011
Segment Information [Abstract]  
Segment Information

Note 17 — Segment Information

We manage our operations through three business segments: real estate, mineral resources and fiber resources. Real estate secures entitlements and develops infrastructure on our lands for single-family residential and mixed-use communities, and manages our undeveloped land and income producing properties, primarily a hotel and a multifamily property. Mineral resources manages our oil, natural gas and water interests. Fiber resources manages our timber and recreational leases.

We evaluate performance based on segment earnings (loss) before unallocated items and income taxes. Segment earnings (loss) consist of operating income, equity in earnings (loss) of unconsolidated ventures and net (income) loss attributable to noncontrolling interests. Items not allocated to our business segments consist of general and administrative expense, share-based compensation, gain on sale of assets, interest expense and other non-operating income and expense. The accounting policies of the segments are the same as those described in the accounting policy note to the consolidated financial statements. Our revenues are derived from our U.S. operations and all of our assets are located in the U.S. In 2011, revenues of $17,980,000 from one customer of our real estate segment exceeded 10 percent of our total revenues as result of selling about 9,700 acres of undeveloped land from our retail sales program.

 

                                         
     Real
Estate		     Mineral
Resources		     Fiber
Resources		     Items Not
Allocated to
Segments 		    Total  
    (In thousands)  

For the year or at year-end 2011:

                                       

Revenues

  $ 106,168     $ 24,584     $ 4,821     $ —     $ 135,573  

Depreciation, depletion and amortization

    5,729       339       39       3,705       9,812  

Equity in earnings (loss) of unconsolidated ventures

    (30,626 )      1,394       23       —       (29,209 ) 

Income (loss) before taxes

    (25,704 )      16,023       1,893       17,963 (a)      10,175  

Total assets

    659,802       16,199       14,444       104,412       794,857  

Investment in unconsolidated ventures

    64,223       —       —       —       64,223  

Capital expenditures (b)

     739       4,796       47       766       6,348  

For the year or at year-end 2010:

                                       

Revenues

  $ 68,269     $ 24,790     $ 8,301     $ —     $ 101,360  

Depreciation, depletion and amortization

    3,089       333       39       5,553       9,014  

Equity in earnings of unconsolidated ventures

    2,629       2,072       —       —       4,701  

Income (loss) before taxes

    (4,634 )      22,783       5,058       (15,612 )(a)      7,595  

Total assets

    668,689       13,399       18,258       88,978       789,324  

Investment in unconsolidated ventures

    101,166       —       —       —       101,166  

Capital expenditures (b)

     2,392       49       3       258       2,702  
           

For the year or at year-end 2009:

                                       

Revenues

  $ 94,436     $ 36,256     $ 15,559     $ —     $ 146,251  

Depreciation, depletion and amortization

    2,167       253       35       7,331       9,786  

Equity in earnings (loss) of unconsolidated ventures

    (8,161 )      390       —       —       (7,771 ) 

Income before taxes

    3,182       32,370       9,622       49,566 (a)      94,740  

Total assets

    654,250       1,356       20,088       109,040       784,734  

Investment in unconsolidated ventures

     109,597       —       —       —       109,597  

Capital expenditures (b)

     5,368       1,284       120       523       7,295  

 

 

(a) 

Items not allocated to segments consist of:

 

                         
    For the Year  
    2011     2010     2009  
    (In thousands)  

General and administrative expense

   $ (20,110 )    $ (17,341 )    $ (22,399 ) 

Share-based compensation expense

     (7,067 )      (11,596 )      (11,998 ) 

Gain on sale of assets

     61,784       28,607       104,047  

Interest expense

     (17,012 )      (16,446 )      (20,459 ) 

Other non-operating income

     368       1,164       375  
   

 

 

    

 

 

    

 

 

  
    $ 17,963     $ (15,612 )    $ 49,566  
   

 

 

    

 

 

    

 

 

  

 

(b) 

Consists of expenditures for property and equipment and reforestation.

In 2011, general and administrative expense includes $3,187,000 associated with proposed private debt offerings that we withdrew as a result of deterioration of terms available to us in the credit markets. Share-based compensation decreased principally as a result of a decline in our stock price and its impact on cash-settled awards. Gain on sale of assets represents the sale of about 57,000 acres of timberland in Georgia, Alabama and Texas for $87,061,000 in accordance with our 2009 strategic initiatives, which we completed in 2011.

In 2010, gain on sale of assets represents the sale of over 24,000 acres of timberland in Georgia, Alabama and Texas for $38,778,000 in accordance with our 2009 strategic initiatives. Interest expense decreased principally due to lower interest rates as a result of the maturity of our interest rate swap agreement and decreased amortization of prepaid loan fees.

In 2009, general and administrative expenses include about $3,200,000 paid to outside advisors regarding an evaluation by our Board of Directors of an unsolicited shareholder proposal and a $2,213,000 impairment charge related to our undivided 15 percent interest in corporate aircraft contributed to us by Temple-Inland at spin-off.

In 2009, gain on sale of assets represents the sale of about 95,000 acres of timber and timberland in Georgia and Alabama for $158,603,000 in accordance with our 2009 strategic initiatives.