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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Aug. 31, 2017
Aug. 31, 2016
Total revenues $ 1,144,001 $ 913,283 $ 2,965,391 $ 2,402,704
Homebuilding:        
Revenues 1,140,787 910,111 2,957,105 2,394,315
Construction and land costs (955,001) (760,490) (2,499,677) (2,018,022)
Selling, general and administrative expenses (109,095) (98,144) (305,901) (279,886)
Operating income 76,691 51,477 151,527 96,407
Interest income 347 109 747 395
Interest expense [1] 0 0 (6,307) (5,667)
Equity in income (loss) of unconsolidated joint ventures     921 (2,616)
Total pretax income (loss) 79,208 53,463 152,649 94,287
Financial services:        
Revenues 3,214 3,172 8,286 8,389
Expenses (890) (891) (2,525) (2,621)
Income tax expense [2] (29,000) (14,100) (56,400) (26,200)
Net income $ 50,208 $ 39,363 $ 96,249 $ 68,087
Earnings Per Share, Basic (in dollars per share) $ 0.58 $ 0.46 $ 1.12 $ 0.79
Earnings Per Share, Diluted (in dollars per share) $ 0.51 $ 0.42 $ 1.00 $ 0.72
Weighted average shares outstanding — basic (in shares) 85,974 84,457 85,517 85,952
Weighted average shares outstanding — diluted (in shares) 98,912 95,203 97,624 96,437
Cash dividends declared per common share (in dollars per share) $ 0.0250 $ 0.0250 $ 0.075 $ 0.075
Homebuilding [Member]        
Homebuilding:        
Equity in income (loss) of unconsolidated joint ventures $ (814) $ (536) $ (679) $ (1,964)
Total pretax income (loss) 76,224 51,050 145,288 89,171
Financial services [Member]        
Homebuilding:        
Operating income 2,324 2,281 5,761 5,768
Equity in income (loss) of unconsolidated joint ventures 660 132 1,600 (652)
Total pretax income (loss) $ 2,984 $ 2,413 $ 7,361 $ 5,116
[1] Interest incurred and interest expensed for the nine months ended August 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 through December 31, 2016. The net impact of these tax credits was $2.6 million and $6.7 million for the three months ended August 31, 2017 and 2016, respectively, and $3.8 million and $10.4 million for the nine months ended August 31, 2017 and 2016, respectively.