Quarterly Results (Unaudited)

12 Months Ended

Nov. 30, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (unaudited)

Quarterly Results (unaudited)

The following tables present our consolidated quarterly results for the years ended November 30, 2014 and 2013 (in thousands, except per share amounts):

	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
2014
Revenues	$	450,687		$	565,007		$	589,214	$	796,041
Gross profits	80,561			107,595			108,931		114,765
Pretax income	10,763			26,924			28,661		28,601
Net income	10,563			26,624			28,361		852,801
Earnings per share:
Basic	$	.13		$	.30		$	.31	$	9.25
Diluted	$	.12		$	.27		$	.28	$	8.36
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

Gross profits in the first, second and third quarters of 2014 included land option contract abandonment charges of $.4 million, $.4 million and $1.0 million, respectively. Gross profits in the third and fourth quarters of 2014 also included inventory impairment charges of $3.4 million and $34.2 million, respectively.

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.

Pretax income in the first quarter of 2014 included a $3.2 million gain on the sale of our interest in an unconsolidated joint venture.

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.

Net income in the fourth quarter of 2014 included the impact of an $825.2 million deferred tax asset valuation allowance reversal.

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.