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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
May 31, 2017
May 31, 2016
May 31, 2017
May 31, 2016
Total revenues $ 1,002,794 $ 811,050 $ 1,821,390 $ 1,489,421
Homebuilding:        
Revenues 1,000,072 808,462 1,816,318 1,484,204
Construction and land costs (846,596) (688,714) (1,544,676) (1,257,532)
Selling, general and administrative expenses (103,917) (93,810) (196,806) (181,742)
Operating income 49,559 25,938 74,836 44,930
Interest income 202 134 400 286
Interest expense [1] 0 (1,970) (6,307) (5,667)
Equity in income (loss) of unconsolidated joint ventures     1,075 (2,212)
Total pretax income (loss) 51,982 24,797 73,441 40,824
Financial services:        
Revenues 2,722 2,588 5,072 5,217
Expenses (816) (871) (1,635) (1,730)
Income tax expense [2] (20,200) (9,200) (27,400) (12,100)
Net income $ 31,782 $ 15,597 $ 46,041 $ 28,724
Earnings Per Share, Basic (in dollars per share) $ 0.37 $ 0.18 $ 0.54 $ 0.33
Earnings Per Share, Diluted (in dollars per share) $ 0.33 $ 0.17 $ 0.49 $ 0.31
Weighted average shares outstanding — basic (in shares) 85,445 84,196 85,285 86,704
Weighted average shares outstanding — diluted (in shares) 97,732 94,720 96,975 97,060
Cash dividends declared per common share (in dollars per share) $ 0.0250 $ 0.0250 $ 0.05 $ 0.05
Homebuilding [Member]        
Homebuilding:        
Equity in income (loss) of unconsolidated joint ventures $ (596) $ (825) $ 135 $ (1,428)
Total pretax income (loss) 49,165 23,277 69,064 38,121
Financial services [Member]        
Homebuilding:        
Operating income 1,906 1,717 3,437 3,487
Equity in income (loss) of unconsolidated joint ventures 911 (197) 940 (784)
Total pretax income (loss) $ 2,817 $ 1,520 $ 4,377 $ 2,703
[1] Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt
[2] (a) Amounts reflect the favorable net impact of federal energy tax credits we earned from building energy-efficient homes. The net impact of these tax credits was $.1 million and $.4 million for the three months ended May 31, 2017 and 2016, respectively, and $1.2 million and $3.7 million for the six months ended May 31, 2017 and 2016, respectively.