Quarterly Results (unaudited)

12 Months Ended

Nov. 30, 2019

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, 2019 and 2018 (in thousands, except per share amounts):

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2019
Revenues	$	811,483		$	1,021,803	$	1,160,786	$	1,558,675
Gross profits	139,604			177,019		216,029		306,834
Inventory impairment and land option contract abandonment charges	3,555			4,337		5,251		4,148
Pretax income (a)	34,511			56,761		91,936		164,967
Net income	30,011			47,461		68,136		123,167
Earnings per share:
Basic	.34			.54		.77		1.37
Diluted	.31			.51		.73		1.31
2018
Revenues	$	871,623		$	1,101,423	$	1,225,347	$	1,348,609
Gross profits	141,192			189,222		222,893		245,931
Inventory impairment and land option contract abandonment charges	4,985			6,526		8,414		9,069
Pretax income	46,045			78,308		114,676		128,936
Net income (loss) (b)	(71,255		)	57,308		87,476		96,836
Earnings (loss) per share:
Basic	(.82		)	.65		.99		1.09
Diluted	(.82		)	.57		.87		.96

(a) Pretax income for the fourth quarter included a $6.8 million loss on the early extinguishment of debt.

(b) Net income (loss) included non-cash charges to income tax expense of $111.2 million in the first quarter and $1.3 million in the fourth quarter for TCJA-related impacts.

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.