Quarterly Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Unaudited Quarterly Information [Abstract]

Schedule of Quarterly Financial Information

UNAUDITED QUARTERLY INFORMATION

(000’s omitted, except per share data)

	1st Quarter		2nd Quarter		3rd Quarter			4th Quarter		Total (b)
2013
Homebuilding:
Revenues	$	1,125,883	$	1,240,060	$	1,547,742		$	1,624,959	$	5,538,644
Cost of revenues	923,488		1,011,528		1,230,070			1,249,868		4,414,954
Income before income taxes (a)	68,037		21,971		163,594			225,511		479,113
Financial Services:
Revenues	$	36,873	$	39,362	$	34,336		$	30,380	$	140,951
Income before income taxes	14,313		16,359		11,128			6,909		48,709
Consolidated results:
Revenues	$	1,162,756	$	1,279,422	$	1,582,078		$	1,655,339	$	5,679,595
Income before income taxes	82,350		38,330		174,722			232,420		527,822
Income tax expense (benefit) (c)	588		1,913		(2,107,162		)	12,367		(2,092,294		)
Net income	$	81,762	$	36,417	$	2,281,884		$	220,053	$	2,620,116
Net income per share:
Basic	$	0.21	$	0.09	$	5.92		$	0.58	$	6.79
Diluted	$	0.21	$	0.09	$	5.87		$	0.57	$	6.72
Number of shares used in calculation:
Basic	384,228		385,389		382,883			379,879		383,077
Effect of dilutive securities	6,093		5,791		3,220			3,845		3,789
Diluted	390,321		391,180		386,103			383,724		386,866

(a) Homebuilding income before income taxes in the 2nd Quarter includes charges totaling $66.6 million consisting of losses on debt retirements, costs associated with the relocation of our corporate headquarters, and a contractual dispute related to a previously completed luxury community.

(b) 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.

(c) Income tax expense (benefit) in the 3rd Quarter includes a benefit of $2.1 billionrelated to the reversal of substantially all of the valuation allowance previously recorded against our deferred tax assets.

UNAUDITED QUARTERLY INFORMATION

(000’s omitted, except per share data)

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Total (c)
2012
Homebuilding:
Revenues	$	852,184		$	1,033,154		$	1,255,327		$	1,518,445		$	4,659,110
Cost of revenues	745,563			876,990			1,044,765			1,261,012			3,928,331
Income (loss) before income taxes (a)	(20,352		)	23,939			79,179			75,225			157,991
Financial Services:
Revenues	$	28,852		$	36,251		$	47,264		$	48,521		$	160,888
Income (loss) before income taxes (b)	6,861			15,987			26,727			(24,012		)	25,563
Consolidated results:
Revenues	$	881,036		$	1,069,405		$	1,302,591		$	1,566,966		$	4,819,998
Income (loss) before income taxes	(13,491		)	39,926			105,906			51,213			183,554
Income tax expense (benefit)	(1,825		)	(2,510		)	(10,727		)	(7,529		)	(22,591		)
Net income (loss)	$	(11,666	)	$	42,436		$	116,633		$	58,742		$	206,145
Net income (loss) per share:
Basic	$	(0.03	)	$	0.11		$	0.31		$	0.15		$	0.54
Diluted	$	(0.03	)	$	0.11		$	0.30		$	0.15		$	0.54
Number of shares used in calculation:
Basic	380,502			380,655			381,355			383,404			381,562
Effect of dilutive securities	—			1,548			3,215			5,900			3,002
Diluted	380,502			382,203			384,570			389,304			384,564

(a) Homebuilding income (loss) before income taxes includes losses on debt retirements of $32.1 million in the 4th Quarter.

(b) Financial Services income (loss) before income taxes includes additional loan origination reserves of $49.0 million in the 4th Quarter.

(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.