| Segment Information |
Note 7 - Segment Information
Our operating segments are defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the chief operating decision maker to evaluate performance and make operating decisions. We have identified our chief operating decision maker as our Chief Executive Officer. Our reportable segments are as follows: Florida, the Carolinas and Arizona.
The following table summarizes our information for reportable segments for the three months ended March 31, 2017 and 2016 (in thousands):
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Three Months Ended
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March 31,
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2017
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2016
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Operating income:
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Florida
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Revenues:
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Homebuilding
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$
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70,487
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$
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66,047
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Amenity and other
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4,637
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2,782
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Land sales
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1,469
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75
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Total revenues
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76,593
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68,904
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Expenses:
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Homebuilding cost of revenues
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55,994
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51,917
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Homebuilding selling, general and administrative
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9,298
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9,208
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Amenity and other
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4,307
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2,554
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Land sales
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196
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16
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Segment operating income
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$
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6,798
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$
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5,209
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Carolinas
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Revenues:
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Homebuilding
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$
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46,845
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$
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33,512
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Land sales
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782
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—
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Total revenues
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47,627
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33,512
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Expenses:
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Homebuilding cost of revenues
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40,133
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28,534
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Homebuilding selling, general and administrative
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5,023
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4,047
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Land sales
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786
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—
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Segment operating income
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$
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1,685
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$
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931
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Arizona
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Revenues:
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Homebuilding
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$
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31,328
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$
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21,674
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Total revenues
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31,328
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21,674
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Expenses:
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Homebuilding cost of revenues
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26,738
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18,546
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Homebuilding selling, general and administrative
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3,371
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3,042
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Amenity and other
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23
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32
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Segment operating income
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$
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1,196
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$
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54
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Operating income
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$
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9,679
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$
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6,194
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Unallocated income (expenses):
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Interest income and other
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5
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24
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Corporate general and administrative expenses
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(4,679)
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(4,087)
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Interest expense
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(837)
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(1,272)
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Income before income taxes
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4,168
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859
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Income tax expense
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1,729
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68
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Net income
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$
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2,439
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$
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791
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