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Quarterly Results (Unaudited)
 12 Months Ended
Nov. 30, 2013
Quarterly Financial Data [Abstract]  
Quarterly Results (unaudited)
Quarterly Results (unaudited)
The following tables present our consolidated quarterly results for the years ended November 30, 2013 and 2012 (in thousands, except per share amounts):
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
2013
 
 
 
 
 
 
 
Revenues
$
405,219

 
$
524,406

 
$
548,974

 
$
618,531

Gross profits
61,119

 
80,772

 
101,829

 
113,282

Pretax income (loss)
(12,358
)
 
(4,173
)
 
26,578

 
28,316

Net income (loss)
(12,458
)
 
(2,973
)
 
27,278

 
28,116

Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
$
(.16
)
 
$
(.04
)
 
$
.32

 
$
.33

Diluted
$
(.16
)
 
$
(.04
)
 
$
.30

 
$
.31

 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
Revenues
$
254,558

 
$
302,852

 
$
424,504

 
$
578,201

Gross profits
21,891

 
49,118

 
72,439

 
81,631

Pretax income (loss)
(45,402
)
 
(28,636
)
 
(7,439
)
 
2,424

Net income (loss)
(45,802
)
 
(24,136
)
 
3,261

 
7,724

Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
$
(.59
)
 
$
(.31
)
 
$
.04

 
$
.10

Diluted
$
(.59
)
 
$
(.31
)
 
$
.04

 
$
.10


Gross profits in the first, second, third and fourth quarters of 2013 included charges of $1.6 million, $15.9 million, $5.9 million, and $8.5 million, respectively, associated with water intrusion-related repairs at certain of our communities in central and southwest Florida. Gross profits in the second quarter of 2013 also included land option contract abandonment charges of $.3 million. In addition, gross profits in the fourth quarter of 2013 included land option contract abandonment charges of $2.9 million and inventory impairment charges of $.4 million.
Gross profits in the first, second, third and fourth quarters of 2012 included inventory impairment charges of $6.6 million, $9.9 million, $6.4 million and $5.2 million, respectively. In addition, gross profits in the second quarter of 2012 included favorable warranty adjustments of $11.2 million and insurance recoveries of $10.0 million, gross profits in the third quarter of 2012 included insurance recoveries of $16.5 million, and gross profits in the fourth quarter of 2012 included an unfavorable warranty adjustment of $2.6 million and land option contract abandonment charges of $.4 million.
Pretax income in the fourth quarter of 2013 included the reversal of a previously established accrual of $8.2 million due to a favorable court decision. In the second quarter of 2012, the pretax loss included an $8.8 million charge associated with an unfavorable court decision related to the same matter as the favorable court decision in 2013.
Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year.