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Summary of Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Results of Operations (Unaudited)
Summary of Quarterly Results of Operations (Unaudited)
Summarized quarterly financial results for 2017 and 2016 follows:
 
First Quarter (a)
 
Second Quarter (a)
 
Third
    Quarter (a)
 
Fourth
    Quarter (a)
 
(In thousands, except per share amounts)
2017
 
 
 
 
 
 
 
Total revenues
$
22,305

 
$
28,015

 
$
33,136

 
$
30,866

Gross profit (loss)
(28,332
)
 
11,559

 
11,251

 
10,065

Operating income (loss)
36,235

 
6,965

 
12,381

 
(15,816
)
Equity in earnings of unconsolidated ventures
6,362

 
2,747

 
1,764

 
7,026

Income (loss) from continuing operations before taxes attributable to Forestar Group Inc.
40,998

 
8,120

 
13,223

 
(12,298
)
Income from discontinued operations, net of taxes
418

 
1,229

 
37,193

 
7,191

Net income (loss) attributable to Forestar Group Inc.
25,205

 
(2,579
)
 
45,202

 
(17,574
)
 
 
 
 
 
 
 
 
Net income (loss) per share — basic
 
 
 
 
 
 
 
   Continuing operations
$
0.59

 
$
(0.09
)
 
$
0.19

 
$
(0.59
)
   Discontinued operations
$
0.01

 
$
0.03

 
$
0.88

 
$
0.17

Net income (loss) per share — basic
$
0.60

 
$
(0.06
)
 
$
1.07

 
$
(0.42
)
 
 
 
 
 
 
 
 
Net income (loss) per share — diluted
 
 
 
 
 
 
 
   Continuing operations
$
0.58

 
(0.09
)
 
0.19

 
$
(0.58
)
   Discontinued operations
$
0.01

 
0.03

 
0.87

 
$
0.18

Net income (loss) per share — diluted
$
0.59

 
(0.06
)
 
1.06

 
$
(0.40
)
 
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
 
Total revenues
$
37,618

 
$
47,992

 
$
47,207

 
$
64,497

Gross profit (loss)
18,579

 
(24,953
)
 
17,403

 
17,352

Operating income
13,590

 
69,528

 
6,256

 
50,980

Equity in earnings of unconsolidated ventures
47

 
188

 
3,637

 
2,251

Income from continuing operations before taxes attributable to Forestar Group Inc.
5,992

 
26,591

 
7,163

 
51,069

Income (loss) from discontinued operations, net of taxes
(8,216
)
 
(2,048
)
 
(7,164
)
 
563

Net income (loss) attributable to Forestar Group Inc.
(4,376
)
 
9,614

 
9,665

 
43,745

 
 
 
 
 
 
 
 
Net income (loss) per share — basic
 
 
 
 
 
 
 
   Continuing operations
$
0.11

 
$
0.28

 
$
0.40

 
$
1.03

   Discontinued operations
$
(0.24
)
 
$
(0.05
)
 
$
(0.17
)
 
$
0.01

Net income (loss) per share — basic
$
(0.13
)
 
$
0.23

 
$
0.23

 
$
1.04

 
 
 
 
 
 
 
 
Net income (loss) per share — diluted
 
 
 
 
 
 
 
   Continuing operations
$
0.09

 
$
0.28

 
$
0.40

 
$
1.02

   Discontinued operations
$
(0.19
)
 
$
(0.05
)
 
$
(0.17
)
 
$
0.01

Net income (loss) per share — diluted
$
(0.10
)
 
$
0.23

 
$
0.23

 
$
1.03

 _____________________
(a)Non-cash impairment charges related to real estate, water assets and unproved leasehold interests and proved oil and gas properties included in our quarterly financial results are as follows:
 
First Quarter
 
Second Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In thousands)
2017


 


 


 


   Continuing operations
$
37,900

 
$
—

 
$
—

 
$
9,272

   Discontinued operations
$
—

 
$
—

 
$
—

 
$
—

2016

 

 

 

   Continuing operations
$
—

 
$
48,826

 
$
7,627

 
$
3,874

   Discontinued operations
$
—

 
$
612

 
$
—

 
$
—