Inventories (Tables)

3 Months Ended

Feb. 28, 2013

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in thousands):

	February 28, 2013		November 30, 2012
Homes under construction	$	519,746	$	454,108
Land under development	764,479		567,470
Land held for future development	653,549		684,993
Total	$	1,937,774	$	1,706,571

Schedule of Capitalized Interest Costs

Our interest costs are as follows (in thousands):

	Three Months Ended
	February 28, 2013			February 29, 2012
Capitalized interest at beginning of period	$	217,684		$	233,461
Interest incurred (a)	33,422			30,411
Interest expensed (a)	(15,240		)	(16,286		)
Interest amortized to construction and land costs	(18,705		)	(12,669		)
Capitalized interest at end of period (b)	$	217,161		$	234,917

(a) Amounts for the three months ended February 29, 2012 include a $2.0 million loss on the early extinguishment of debt.

(b) Inventory impairment charges are recognized against all inventory costs of a community, such as land, land development, cost of home construction and capitalized interest. Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest as impairment charges recognized are not generally allocated to specific components of inventory.