Quarterly Results (Unaudited)

12 Months Ended

Nov. 30, 2011

Quarterly Results (unaudited) [Abstract]

Quarterly Results (unaudited)

Note 20.     Quarterly Results (unaudited)

The following tables present consolidated quarterly results for the Company for the years ended November 30, 2011 and 2010 (in thousands, except per share amounts):

	First			Second			Third			Fourth
2011
Revenues	$	196,940		$	271,738		$	367,316		$	479,872
Gross profit		25,279			20,570			63,579			72,941
Pretax income (loss)		(114,126	)		(68,804	)		(9,649	)		11,411
Net income (loss)		(114,526	)		(68,504	)		(9,649	)		13,911
Basic and diluted earnings (loss) per share	$	(1.49	)	$	(.89	)	$	(.13	)	$	.18
2010
Revenues	$	263,978		$	374,052		$	501,003		$	450,963
Gross profit		36,545			66,217			88,436			87,391
Pretax income (loss)		(54,504	)		(30,609	)		(6,697	)		15,442
Net income (loss)		(54,704	)		(30,709	)		(1,397	)		17,442
Basic and diluted earnings (loss) per share	$	(.71	)	$	(.40	)	$	(.02	)	$	.23

Included in gross profit in the first, second, third and fourth quarters of 2011 were pretax, noncash inventory impairment charges of $1.0 million, $20.1 million, $.3 million and $1.3 million, respectively, and pretax, noncash charges for land option contract abandonments of $.8 million, $.5 million, $.8 million and $1.0 million, respectively.

Included in gross profit in the first, third and fourth quarters of 2010 were pretax, noncash inventory impairment charges of $6.8 million, $1.4 million and $1.6 million, respectively, and pretax, noncash charges for land option contract abandonments of $6.5 million, $2.0 million and $1.6 million, respectively. There were no pretax noncash inventory impairment and land option contract abandonment charges in the second quarter of 2010.

The pretax loss in the first and second quarters of 2011 included a loss on loan guaranty of $22.8 million and $14.6 million, respectively. The pretax income in the fourth quarter of 2011 included a gain on loan guaranty of $6.6 million. The pretax loss in the first quarter of 2011 also included a joint venture impairment charge of $53.7 million.

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.