Three movies, not two. Secondary titles according to IMDB are An Unexpected Journey, Desolation of Smaug, and There and Back Again. Don't know how Jackson got three movies out of the Hobbit. LOTR, 3 volumes = three movies. Hobbit, 1 volume expanded to three movies. I suppose there's a hint of content of each in the secondary titles but that doesn't appear to be an equal, tripartite division of the book. At the least, the expansion of The Hobbit into three movies suggests this series won't be omitting major episodes in the book the way LOTR did with Bombadil, etc.