Inventories (Tables)

12 Months Ended

Nov. 30, 2013

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in thousands):

	November 30,
	2013		2012
Homes under construction	$	586,439	$	454,108
Land under development	1,066,916		567,470
Land held for future development	645,222		684,993
Total	$	2,298,577	$	1,706,571

Interest costs

Our interest costs are as follows (in thousands):

	Years Ended November 30,
	2013			2012			2011
Capitalized interest at beginning of year	$	217,684		$	233,461		$	249,966
Interest incurred (a)	149,101			132,657			112,037
Interest expensed (a)	(62,690		)	(69,804		)	(49,204		)
Interest amortized to construction and land costs	(87,414		)	(78,630		)	(79,338		)
Capitalized interest at end of year (b)	$	216,681		$	217,684		$	233,461

(a) Amounts for the years ended November 30, 2013 and 2012 included losses on the early extinguishment of debt of $10.4 million and $10.3 million, respectively. Amounts for the year ended November 30, 2011 included a gain on the early extinguishment of secured debt of $3.6 million.

(b) Inventory impairment charges are recognized against all inventory costs of a community, such as land acquisition, 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.