| Segment Reporting Disclosure [Text Block] |
3.
Segment
Reporting
We operate
two principal businesses: homebuilding and financial
services.
Our
homebuilding operations construct and sell single-family
attached and detached homes. In accordance with
the aggregation criteria defined in ASC Topic 280, Segment
Reporting, our homebuilding operating segments have
been grouped into three reportable segments: California;
Southwest, consisting of our operating divisions in Arizona,
Texas, Colorado and Nevada; and Southeast, consisting of our
operating divisions in Florida and the Carolinas.
Our
mortgage financing operation provides mortgage financing to
our homebuyers in substantially all of the markets in which
we operate, and sells substantially all of the loans it
originates in the secondary mortgage market. Our
title service operation provides title examinations for our
homebuyers in Texas. Our mortgage financing and
title services operations are included in our financial
services reportable segment, which is separately reported in
our consolidated financial statements under “Financial
Services.”
Corporate
is a non-operating segment that develops and implements
strategic initiatives and supports our operating divisions by
centralizing key administrative functions such as finance and
treasury, information technology, insurance and risk
management, litigation, marketing and human
resources. Corporate also provides the necessary
administrative functions to support us as a publicly traded
company. A substantial portion of the expenses
incurred by Corporate are allocated to each of the
homebuilding operating divisions based on their respective
percentage of revenues.
Segment financial
information relating to the Company’s homebuilding
operations was as follows:
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2011
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(Dollars
in thousands)
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|
Homebuilding
revenues:
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California
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$
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115,370
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$
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78,910
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Southwest
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56,119
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35,779
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Southeast
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52,213
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29,010
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Total
homebuilding revenues
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$
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223,702
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$
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143,699
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Homebuilding
pretax income (loss):
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California
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$
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8,132
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$
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(2,121
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)
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Southwest
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1,033
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(3,887
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)
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Southeast
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(727
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)
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(3,719
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)
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Corporate
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(1,157
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)
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(3,627
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)
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Total
homebuilding pretax income (loss)
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$
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7,281
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$
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(13,354
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)
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Homebuilding
income (loss) from unconsolidated joint
ventures:
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California
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$
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(1,493
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)
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$
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(239
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)
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Southwest
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(5
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)
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(8
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)
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Southeast
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(24
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)
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(10
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)
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Total
homebuilding income (loss) from unconsolidated
joint ventures
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$
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(1,522
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)
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$
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(257
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)
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Restructuring
charges:
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California
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$
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―
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$
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424
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Southwest
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―
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|
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47
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|
Southeast
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―
|
|
|
|
―
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Corporate
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―
|
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|
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90
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Total
restructuring charges
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$
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―
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$
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561
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Segment
financial information relating to the Company’s
homebuilding assets and investments in unconsolidated joint
ventures was as follows:
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March
31,
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December
31,
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2012
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2011
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(Dollars
in thousands)
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Homebuilding
assets:
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California
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$
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1,010,967
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$
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985,560
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Southwest
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371,704
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355,060
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Southeast
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306,583
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294,996
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Corporate
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420,402
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473,971
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Total
homebuilding assets
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$
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2,109,656
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$
|
2,109,587
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Homebuilding
investments in unconsolidated joint
ventures:
|
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California
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|
$
|
77,529
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|
$
|
76,999
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Southwest
|
|
|
2,766
|
|
|
|
2,770
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|
Southeast
|
|
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1,868
|
|
|
|
2,038
|
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|
Total
homebuilding investments in unconsolidated joint
ventures
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$
|
82,163
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|
$
|
81,807
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|
