Inventories (Tables)

6 Months Ended

May 31, 2013

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in thousands):

	May 31, 2013		November 30, 2012
Homes under construction	$	543,858	$	454,108
Land under development	851,469		567,470
Land held for future development	634,063		684,993
Total	$	2,029,390	$	1,706,571

Schedule of Capitalized Interest Costs

Our interest costs are as follows (in thousands):

	Six Months Ended May 31,						Three Months Ended May 31,
	2013			2012			2013			2012
Capitalized interest at beginning of period	$	217,684		$	233,461		$	217,161		$	234,917
Interest incurred (a)	67,911			60,020			34,489			29,609
Interest expensed (a)	(29,747		)	(30,755		)	(14,507		)	(14,469		)
Interest amortized to construction and land costs	(40,271		)	(27,694		)	(21,566		)	(15,025		)
Capitalized interest at end of period (b)	$	215,577		$	235,032		$	215,577		$	235,032

(a) Amounts for the six months ended May 31, 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.