| 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 and nine months ended September 30, 2017 and 2016 (in thousands):
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2017
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2016
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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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81,796
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$
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96,943
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$
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231,395
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$
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251,587
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Amenity and other
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3,875
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3,315
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12,637
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8,834
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Land sales
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30
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26
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1,499
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670
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Total revenues
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85,701
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100,284
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245,531
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261,091
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Expenses:
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Homebuilding cost of revenue
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64,739
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74,872
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183,373
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196,045
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Homebuilding selling, general and administrative
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9,837
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12,189
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28,241
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33,374
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Amenity and other
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3,145
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3,075
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11,000
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7,978
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Land sales
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14
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6
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210
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225
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Segment operating income
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$
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7,966
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$
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10,142
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$
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22,707
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$
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23,469
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Carolinas
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Revenues:
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Homebuilding
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$
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84,893
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$
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62,864
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$
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214,255
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$
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151,817
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Land sales
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110
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265
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892
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265
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Total revenues
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85,003
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63,129
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215,147
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152,082
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Expenses:
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Homebuilding cost of revenue
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74,376
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53,803
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184,557
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130,573
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Homebuilding selling, general and administrative
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8,791
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5,744
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22,954
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15,525
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Land sales
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110
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289
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896
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289
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Segment operating income
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$
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1,726
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$
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3,293
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$
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6,740
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$
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5,695
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Arizona
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Revenues:
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Homebuilding
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$
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35,035
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$
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42,014
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$
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101,618
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$
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104,255
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Land sales
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—
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—
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185
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185
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Total revenues
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35,035
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42,014
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101,803
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104,440
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Expenses:
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Homebuilding cost of revenue
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29,440
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35,236
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86,090
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87,672
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Homebuilding selling, general and administrative
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3,797
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3,854
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10,950
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10,773
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Amenity and other
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22
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26
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63
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79
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Land sales
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—
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—
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180
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171
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Segment operating income
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$
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1,776
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$
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2,898
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$
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4,520
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$
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5,745
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Operating income
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$
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11,468
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$
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16,333
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$
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33,967
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$
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34,909
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Unallocated income (expenses):
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Interest income and other
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407
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—
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665
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1
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Corporate general and administrative expenses
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(4,660)
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(3,697)
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(14,325)
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(11,967)
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Loss on extinguishment of debt
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(6,939)
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—
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(9,872)
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—
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Interest expense
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(2,625)
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(701)
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(7,147)
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(2,853)
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Income (loss) before income taxes
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(2,349)
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11,935
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3,288
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20,090
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Income tax expense (benefit)
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(872)
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38
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1,679
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(109,959)
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Net income (loss)
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$
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(1,477)
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$
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11,897
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$
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1,609
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$
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130,049
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