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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Apr. 30, 2024
Apr. 30, 2023
Revenues $ 708,380 $ 703,661 $ 1,302,576 $ 1,219,027
Inventory impairments and land option write-offs     539 614
Corporate general and administrative 32,517 25,079 69,650 50,569
Other interest [1] 8,969 14,501 19,420 29,594
Other (income) expenses, net (3,128) 574 (2,577) 960
Total expenses 650,152 662,946 1,228,108 1,167,425
Gain on extinguishment of debt, net 0 0 1,371 0
Income from unconsolidated joint ventures 11,164 5,408 26,116 12,568
Income before income taxes 69,392 46,123 101,955 64,170
Tax provision (benefit) 18,556 11,977 27,215 11,308
Net income 50,836 34,146 74,740 52,862
Less: preferred stock dividends 2,669 2,669 5,338 5,338
Net income available to common stockholders $ 48,167 $ 31,477 $ 69,402 $ 47,524
Net income per common share (in dollars per share) $ 7.12 $ 4.68 $ 10.22 $ 7.05
Weighted-average number of common shares outstanding basic (in shares) 6,457 6,166 6,477 6,176
Net income per common share (in dollars per share) $ 6.66 $ 4.47 $ 9.57 $ 6.74
Weighted-average number of common shares outstanding (in shares) 6,902 6,462 6,920 6,463
State and Local Jurisdiction [Member]        
Tax provision (benefit) $ 5,231 $ 1,083 $ 7,437 $ 3,294
Domestic Tax Authority [Member]        
Tax provision (benefit) 13,325 10,894 19,778 8,014
Home Building [Member]        
Revenues 691,213 689,458 1,270,141 1,192,660
Cost of sales, excluding interest 531,502 540,622 980,715 931,662
Cost of sales interest 21,543 21,425 41,441 36,447
Inventory impairments and land option write-offs 237 137 539 614
Total cost of sales 553,282 562,184 1,022,695 968,723
Selling, general and administrative 46,489 50,456 95,426 98,374
Total expenses excluding Corporate general and administrative, Other interest and Other expenses, net 599,771 612,640 1,118,121 1,067,097
Home Building [Member] | Sale of homes [Member]        
Revenues 686,929 670,708 1,260,565 1,170,353
Home Building [Member] | Land Sales and Other Revenues [Member]        
Revenues 4,284 18,750 9,576 22,307
Financial Services [Member]        
Revenues 17,167 14,203 32,435 26,367
Total expenses excluding Corporate general and administrative, Other interest and Other expenses, net $ 12,023 $ 10,152 $ 23,494 $ 19,205
[1] 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 $1.7 million and $5.3 million for the three months ended April 30, 2024 and 2023, respectively, and $5.4 million and $11.8 million for the six months ended April 30, 2024 and 2023, 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 as incurred. This component of other interest was $7.3 million and $9.2 million for the three months ended April 30, 2024 and 2023, respectively, and $14.1 million and $17.8 million for the six months ended April 30, 2024 and 2023, respectively.