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