v3.8.0.1

Segment Information | 12 Months Ended
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Dec. 31, 2017
Segment Information |
Segment Information | Note 13 - 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. The following table summarizes our information for reportable segments for the years ended December 31, 2017, 2016 and 2015 (in thousands):
|  | For the Years Ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
Operating income: |  |  |  |  |  |  |  |  |  |
Florida |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |
Homebuilding |  | $ | 363,477 |  | $ | 373,383 |  | $ | 300,260 |
Amenity and other |  |  | 17,061 |  |  | 11,698 |  |  | 12,385 |
Land sales |  |  | 3,349 |  |  | 3,116 |  |  | 6,466 |
Total revenues |  |  | 383,887 |  |  | 388,197 |  |  | 319,111 |
Expenses: |  |  |  |  |  |  |  |  |  |
Homebuilding cost of revenue |  |  | 287,415 |  |  | 291,372 |  |  | 239,001 |
Homebuilding selling, general and administrative |  |  | 40,478 |  |  | 46,113 |  |  | 38,500 |
Amenity and other |  |  | 14,749 |  |  | 11,062 |  |  | 10,587 |
Land sales |  |  | 579 |  |  | 770 |  |  | 823 |
Segment operating income |  | $ | 40,666 |  | $ | 38,880 |  | $ | 30,200 |
Carolinas |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |
Homebuilding |  | $ | 306,068 |  | $ | 238,549 |  | $ | 114,277 |
Land sales |  |  | 1,042 |  |  | 265 |  |  | — |
Total revenues |  |  | 307,110 |  |  | 238,814 |  |  | 114,277 |
Expenses: |  |  |  |  |  |  |  |  |  |
Homebuilding cost of revenue |  |  | 266,642 |  |  | 205,348 |  |  | 95,232 |
Homebuilding selling, general and administrative |  |  | 32,444 |  |  | 22,807 |  |  | 12,205 |
Land sales |  |  | 1,026 |  |  | 289 |  |  | — |
Segment operating income |  | $ | 6,998 |  | $ | 10,370 |  | $ | 6,840 |
Arizona |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |
Homebuilding |  | $ | 152,071 |  | $ | 152,109 |  | $ | 84,378 |
Land sales |  |  | 185 |  |  | 185 |  |  | — |
Total revenues |  |  | 152,256 |  |  | 152,294 |  |  | 84,378 |
Expenses: |  |  |  |  |  |  |  |  |  |
Homebuilding cost of revenue |  |  | 128,447 |  |  | 128,751 |  |  | 71,305 |
Homebuilding selling, general and administrative |  |  | 15,198 |  |  | 14,994 |  |  | 11,981 |
Amenity and other |  |  | 89 |  |  | 86 |  |  | 115 |
Land sales |  |  | 180 |  |  | 171 |  |  | — |
Segment operating income |  | $ | 8,342 |  | $ | 8,292 |  | $ | 977 |
Operating income |  | $ | 56,006 |  | $ | 57,542 |  | $ | 38,017 |
Unallocated income (expenses): |  |  |  |  |  |  |  |  |  |
Interest income and other |  |  | 1,063 |  |  | 16 |  |  | 308 |
Corporate general and administrative expenses |  |  | (18,271) |  |  | (16,305) |  |  | (16,900) |
Loss on extinguishment of debt |  |  | (9,848) |  |  | — |  |  | — |
Interest expense |  |  | (10,618) |  |  | (3,667) |  |  | (9,039) |
Income before income taxes |  |  | 18,332 |  |  | 37,586 |  |  | 12,386 |
Income tax expense (benefit) |  |  | 40,268 |  |  | (109,521) |  |  | 436 |
Net income (loss) |  | $ | (21,936) |  | $ | 147,107 |  | $ | 11,950 |
|  | 2017 |  | 2016 |
Segment assets: |  |  |  |  |  |  |
Florida |  | $ | 312,383 |  | $ | 317,398 |
Carolinas |  |  | 238,941 |  |  | 178,333 |
Arizona |  |  | 141,566 |  |  | 158,783 |
Unallocated assets |  |  | 317,254 |  |  | 185,719 |
Total assets |  | $ | 1,010,144 |  | $ | 840,233 |
| · |  | Our businesses are conducted in the United States.
| · |  | Identifiable assets by segment are those assets that are used in the operations of each segment.
| · |  | No significant part of the business is dependent upon a single customer or group of customers.
| · |  | The caption “Unallocated assets” under the table depicting the segment assets represents the following as of December 31, 2017 and 2016, respectively: net deferred tax assets of $70.4 million and $110.3 million; cash, cash equivalents and restricted cash of $241.0 million and $67.8 million; property and equipment of $0.8 million and $1.2 million; receivables of $0.2 million and $0.2 million; and prepaid expenses and other assets of $4.8 million and $5.1 million. None of the foregoing are directly attributable to a reportable segment in accordance with ASC 280, Segment Reporting.
| · |  | There is no interest expense from the Florida, Carolinas and Arizona segments included in segment operating income during 2017, 2016 and 2015.
| · |  | Included in segment operating income for 2017 is depreciation expense (including amortization of capital leases) of $2.2 million, $0.4 million, less than $0.1 million and $0.7 million from Florida, the Carolinas, Arizona and unallocated corporate general and administrative expenses, respectively. Included in segment operating income for 2016 is depreciation expense (including amortization of assets under capital leases) of $2.1 million, $0.1 million, $0.0 million and $0.7 million from Florida, the Carolinas, Arizona and unallocated corporate general and administrative expenses, respectively. Included in segment operating income for 2015 is depreciation expense of $2.4 million, $0.1 million, $0.0 million and $0.6 million from Florida, the Carolinas, Arizona and unallocated corporate general and administrative expenses, respectively.
| · |  | During the years ended December 31, 2017 and 2016, there was $0.9 million and $0.8 million of impairment losses recognized, respectively. During 2015, there were no significant impairment losses recognized.
| · |  | Goodwill of $6.1 million and $24.2 million has been assigned to the Florida and Carolinas segments, respectively.

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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