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Segment Information
 6 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues from our homebuilding segments are derived from the sale of homes that we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. We have considered the applicable aggregation criteria and have combined our homebuilding operations into three reportable segments as follows:
West: Arizona, California, Nevada, and Texas
East: Delaware, Indiana, Maryland, New Jersey(a), Tennessee, and Virginia
Southeast: Florida, Georgia, North Carolina, and South Carolina
(a) During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey.
Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development, and land sales expense, commission expense, depreciation and amortization, and certain G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 2 to the consolidated financial statements within our 2020 Annual Report.
The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented:
Three Months EndedSix Months Ended
 March 31,March 31,
in thousands2021202020212020
Revenue
West$278,720 $267,731 $515,600 $522,129 
East153,571 110,941 251,535 188,981 
Southeast117,598 110,741 211,293 196,107 
Total revenue$549,889 $489,413 $978,428 $907,217 
Three Months EndedSix Months Ended
 March 31,March 31,
in thousands2021202020212020
Operating income
West$42,488 $33,223 $75,791 $63,554 
East22,449 11,513 33,817 16,834 
Southeast15,074 8,814 25,382 11,970 
Segment total80,011 53,550 134,990 92,358 
Corporate and unallocated (a)
(46,393)(37,126)(83,684)(71,988)
Total operating income$33,618 $16,424 $51,306 $20,370 

Three Months EndedSix Months Ended
 March 31,March 31,
in thousands2021202020212020
Depreciation and amortization
West$1,936 $1,851 $3,473 $3,659 
East575 551 1,046 1,105 
Southeast676 700 1,271 1,240 
Segment total3,187 3,102 5,790 6,004 
Corporate and unallocated (a)
496 525 1,015 1,050 
Total depreciation and amortization $3,683 $3,627 $6,805 $7,054 
(a) Corporate and unallocated operating loss includes amortization of capitalized interest, movement in capitalized indirect costs, expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing, and other amounts that are not allocated to our operating segments. Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by our corporate functions that benefit all segments.
The following table presents capital expenditures by segment for the periods presented:
Six Months Ended
 March 31,
in thousands20212020
Capital Expenditures
West$3,066 $2,667 
East1,001 1,136 
Southeast378 1,310 
Corporate and unallocated2,069 365 
Total capital expenditures$6,514 $5,478 
The following table presents assets by segment as of March 31, 2021 and September 30, 2020:
in thousandsMarch 31, 2021September 30, 2020
Assets
West$678,720 $658,909 
East288,933 267,050 
Southeast299,024 301,827 
Corporate and unallocated (a)
788,894 779,694 
Total assets$2,055,571 $2,007,480 
(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments.