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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Jul. 31, 2022
Jul. 31, 2021
Jul. 31, 2022
Jul. 31, 2021
Revenues $ 767,593 $ 690,683 $ 2,035,443 $ 1,968,509
Inventory impairment loss and land option write-offs     1,837 3,267
Total expenses 668,223 633,589 1,824,294 1,865,355
Corporate general and administrative 24,774 17,284 75,893 81,149
Less other interest expensed(2)(3) [1],[2] 9,624 19,158 35,442 65,166
Other operations 670 504 1,679 1,233
Loss on extinguishment of debt 0 (306) (6,795) (306)
Income from unconsolidated joint ventures 12,557 5,011 23,919 9,568
Income before income taxes 111,927 61,799 228,273 112,416
Tax provision (benefit) 29,313 14,097 58,416 (442,921)
Net income 82,614 47,702 169,857 555,337
Less: preferred stock dividends 2,669 0 8,007 0
Net income available to common stockholders $ 79,945 $ 47,702 $ 161,850 $ 555,337
Net income per common share (in dollars per share) $ 10.92 $ 6.85 $ 22.05 $ 80.02
Weighted-average number of common shares outstanding basic (in shares) 6,485 6,315 6,424 6,263
Net income per common share (in dollars per share) $ 10.82 $ 6.72 $ 21.77 $ 78.51
Weighted-average number of common shares outstanding (in shares) 6,544 6,434 6,507 6,370
State and Local Jurisdiction [Member]        
Tax provision (benefit) $ 6,385 $ 1,476 $ 11,515 $ (89,272)
Domestic Tax Authority [Member]        
Tax provision (benefit) 22,928 12,621 46,901 (353,649)
Homebuilding [Member]        
Revenues 753,060 670,838 1,991,895 1,907,439
Cost of sales, excluding interest 548,576 521,868 1,480,175 1,498,040
Cost of sales interest 22,453 19,240 57,876 58,130
Inventory impairment loss and land option write-offs 1,173 1,309 1,837 3,267
Total cost of sales 572,202 542,417 1,539,888 1,559,437
Selling, general and administrative 50,163 42,988 139,410 125,417
Total expenses 622,365 585,405 1,679,298 1,684,854
Homebuilding [Member] | Sale of Homes [Member]        
Revenues 736,654 663,279 1,973,843 1,894,159
Homebuilding [Member] | Land Sales and Other Revenues [Member]        
Revenues 16,406 7,559 18,052 13,280
Financial Services [Member]        
Revenues 14,533 19,845 43,548 61,070
Total expenses $ 10,790 $ 11,238 $ 31,982 $ 32,953
[1] Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows: Three Months Ended Nine Months Ended July 31, July 31, (In thousands) 2022 2021 2022 2021 Other interest expensed $ 9,624 $ 19,158 $ 35,442 $ 65,166 Interest paid by our mortgage and finance subsidiaries 404 602 1,234 1,554 Increase in accrued interest (19,194 ) (12,139 ) (19,408 ) (11,897 ) Cash paid for interest, net of capitalized interest $ (9,166 ) $ 7,621 $ 17,268 $ 54,823
[2] Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $5.0 million and $14.4 million for the three months ended July 31, 2022 and 2021, respectively, and $25.5 million and $48.1 million for the nine months ended July 31, 2022 and 2021, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed. This component of other interest was $4.6 million and $4.8 million for the three months ended July 31, 2022 and 2021, respectively, and $9.9 million and $17.1 million for the nine months ended July 31, 2022 and 2021, respectively.