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Segment Information
 3 Months Ended
Mar. 31, 2012
Segment Information [Abstract]  
Segment Information

Note 15—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, commercial 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.

Assets allocated by segment are as follows:

 

                 
    First
Quarter-End
2012		     Year-End
2011		  
    (In thousands)  

Real estate

   $ 668,599     $ 657,661  

Mineral resources

     21,705       19,130  

Fiber resources

     14,123       14,444  

Assets not allocated to segments

     93,344       103,622  
   

 

 

    

 

 

  

Total assets

   $ 797,771     $ 794,857  
   

 

 

    

 

 

  

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 strategic timberland, 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 first quarter 2012, no single customer accounted for more than 10 percent of our total revenues.

 

Segment revenues and earnings are as follows:

 

                 
    First Quarter  
    2012     2011  
    (In thousands)  

Revenues:

               

Real estate

  $ 17,922     $ 21,139  

Mineral resources

    9,426       7,333  

Fiber resources

    744       1,368  
   

 

 

    

 

 

  

Total revenues

  $ 28,092     $ 29,840  
   

 

 

    

 

 

  

Segment earnings:

               

Real estate

  $ 11,577     $ 2,575  

Mineral resources

    5,875       5,598  

Fiber resources

    390       640  
   

 

 

    

 

 

  

Total segment earnings

    17,842       8,813  

Items not allocated to segments (a)

     (13,420 )      (11,998 ) 
   

 

 

    

 

 

  

Income (loss) before taxes attributable to Forestar Group Inc.

  $ 4,422     $ (3,185 ) 
   

 

 

    

 

 

  

 

(a)

Items not allocated to segments consist of:

 

                 
    First Quarter  
    2012     2011  
    (In thousands)  

General and administrative expense

   $ (4,362 )    $ (3,916 ) 

Shared-based compensation expense

     (5,231 )      (4,100 ) 

Interest expense

     (3,891 )      (4,009 ) 

Other non-operating income

     64       27  
   

 

 

    

 

 

  
    $ (13,420 )    $ (11,998 )