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Supplementary Financial Data
 12 Months Ended
Dec. 31, 2018
Supplementary Financial Data [Abstract]  
Additional Financial Information Disclosure [Text Block]
Supplementary Financial Data
The following tables set forth our selected consolidated financial and operating data for the quarterly periods indicated.
 
March 31, 2018
June 30,
2018
September 30, 2018
December 31, 2018
 
(In thousands, except per share amounts)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenue
$
437,857

$
558,098

$
567,842

$
722,485

Gross margin (a)
$
89,155

$
108,762

$
115,813

$
130,039

Net income to common shareholders (a)
$
18,063

$
27,911

$
29,282

$
32,407

Earnings per common share: (c)
 

 

 

 

Basic
$
0.64

$
0.98

$
1.03

$
1.17

Diluted
$
0.60

$
0.96

$
1.01

$
1.15

Weighted average common shares outstanding:
 

 

 

 

Basic
28,124

28,571

28,469

27,774

Diluted
30,544

29,101

28,906

28,181

 
 
 
 
 
 
March 31,
2017
June 30,
2017
September 30, 2017
December 31, 2017
 
(In thousands, except per share amounts)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenue
$
406,980

$
456,866

$
476,423

$
621,702

Gross margin (b)
$
86,699

$
89,268

$
101,750

$
115,551

Net income to common shareholders (b)
$
15,664

$
15,770

$
18,852

$
15,882

Earnings per common share: (c)
 

 

 

 

Basic
$
0.63

$
0.63

$
0.74

$
0.57

Diluted
$
0.55

$
0.55

$
0.64

$
0.53

Weighted average common shares outstanding:
 

 

 

 

Basic
24,738

24,990

25,581

27,736

Diluted
30,329

30,619

30,675

31,172


(a)
Gross margin and net income to common shareholders include $0.9 million, $3.0 million, $0.7 million and $0.6 million of charges related to purchase accounting adjustments taken during 2018 as a result of our acquisition of Pinnacle Homes in Detroit, Michigan on March 1, 2018 (as more fully discussed in Note 12 to our Consolidated Financial Statements) taken during the first, second, third and fourth quarters of 2018, respectively, and $5.8 million of impairment charges taken during the fourth quarter of 2018.
(b)
Gross margin and net income to common shareholders includes an $8.5 million pre-tax charge for stucco-related repair costs in certain of our Florida communities (as more fully discussed in Note 8 to our Consolidated Financial Statements) taken during the second quarter of 2017, and $7.7 million of impairment charges taken during the fourth quarter of 2017.
(c)
Due to rounding, the sum of quarterly results may not equal the total for the year. Additionally, quarterly and year-to-date computations of per share amounts are made independently.
We typically experience significant seasonality and quarter-to-quarter variability in our operating results. In general, homes delivered increase substantially in the second half of the year compared to the first half of the year as we sell more homes during the first and second quarters which results in more homes being delivered in the third and fourth quarters.