v3.7.0.1

Segment Information | 6 Months Ended
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Jun. 30, 2017
Segment Information |
Segment Information | Note 8 - 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 and six months ended June 30, 2017 and 2016 (in thousands):
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Operating income: |  |  |  |  |  |  |  |  |  |  |  |  |
Florida |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding |  | $ | 79,112 |  | $ | 88,597 |  | $ | 149,599 |  | $ | 154,644 |
Amenity and other |  |  | 4,125 |  |  | 2,737 |  |  | 8,762 |  |  | 5,519 |
Land sales |  |  | — |  |  | 569 |  |  | 1,469 |  |  | 644 |
Total revenues |  |  | 83,237 |  |  | 91,903 |  |  | 159,830 |  |  | 160,807 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding cost of revenues |  |  | 62,640 |  |  | 69,256 |  |  | 118,634 |  |  | 121,173 |
Homebuilding selling, general and administrative |  |  | 9,106 |  |  | 11,977 |  |  | 18,404 |  |  | 21,185 |
Amenity and other |  |  | 3,548 |  |  | 2,349 |  |  | 7,855 |  |  | 4,903 |
Land sales |  |  | — |  |  | 203 |  |  | 196 |  |  | 219 |
Segment operating income |  | $ | 7,943 |  | $ | 8,118 |  | $ | 14,741 |  | $ | 13,327 |
Carolinas |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding |  | $ | 82,517 |  | $ | 55,441 |  | $ | 129,362 |  | $ | 88,953 |
Land sales |  |  | — |  |  | — |  |  | 782 |  |  | — |
Total revenues |  |  | 82,517 |  |  | 55,441 |  |  | 130,144 |  |  | 88,953 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding cost of revenues |  |  | 70,048 |  |  | 48,236 |  |  | 110,181 |  |  | 76,770 |
Homebuilding selling, general and administrative |  |  | 9,140 |  |  | 5,734 |  |  | 14,163 |  |  | 9,781 |
Land sales |  |  | — |  |  | — |  |  | 786 |  |  | — |
Segment operating income |  | $ | 3,329 |  | $ | 1,471 |  | $ | 5,014 |  | $ | 2,402 |
Arizona |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding |  | $ | 35,255 |  | $ | 40,567 |  | $ | 66,583 |  | $ | 62,241 |
Land sales |  |  | 185 |  |  | 185 |  |  | 185 |  |  | 185 |
Total revenues |  |  | 35,440 |  |  | 40,752 |  |  | 66,768 |  |  | 62,426 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding cost of revenues |  |  | 29,912 |  |  | 33,890 |  |  | 56,650 |  |  | 52,436 |
Homebuilding selling, general and administrative |  |  | 3,782 |  |  | 3,877 |  |  | 7,153 |  |  | 6,919 |
Amenity and other |  |  | 18 |  |  | 21 |  |  | 41 |  |  | 53 |
Land sales |  |  | 180 |  |  | 171 |  |  | 180 |  |  | 171 |
Segment operating income |  | $ | 1,548 |  | $ | 2,793 |  | $ | 2,744 |  | $ | 2,847 |
Operating income |  | $ | 12,820 |  | $ | 12,382 |  | $ | 22,499 |  | $ | 18,576 |
Unallocated income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income and other |  |  | 253 |  |  | (23) |  |  | 258 |  |  | 1 |
Corporate general and administrative expenses |  |  | (4,986) |  |  | (4,183) |  |  | (9,665) |  |  | (8,270) |
Loss on extinguishment of debt |  |  | (2,933) |  |  | — |  |  | (2,933) |  |  | — |
Interest expense |  |  | (3,685) |  |  | (880) |  |  | (4,522) |  |  | (2,152) |
Income before income taxes |  |  | 1,469 |  |  | 7,296 |  |  | 5,637 |  |  | 8,155 |
Income tax expense (benefit) |  |  | 822 |  |  | (110,065) |  |  | 2,551 |  |  | (109,997) |
Net income |  | $ | 647 |  | $ | 117,361 |  | $ | 3,086 |  | $ | 118,152 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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