Quarterly Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [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 (a)
2016
Homebuilding:
Revenues	$	1,396,730		$	1,756,832		$	1,894,885		$	2,438,903		$	7,487,350
Cost of revenues	(1,040,056		)	(1,314,972		)	(1,429,133		)	(1,835,928		)	(5,620,089		)
Income before income taxes (b)	108,433			172,546			191,063			388,724			860,766
Financial Services:
Revenues	$	35,848		$	43,082		$	48,020		$	54,175		$	181,126
Income before income taxes	9,780			17,034			21,272			24,997			73,084
Consolidated results:
Revenues	$	1,432,578		$	1,799,914		$	1,942,905		$	2,493,078		$	7,668,476
Income before income taxes	118,213			189,580			212,335			413,721			933,850
Income tax expense	(34,913		)	(71,820		)	(83,865		)	(140,549		)	(331,147		)
Net income	$	83,300		$	117,760		$	128,470		$	273,172		$	602,703
Net income per share:
Basic	$	0.24		$	0.34		$	0.37		$	0.83		$	1.76
Diluted	$	0.24		$	0.34		$	0.37		$	0.83		$	1.75
Number of shares used in calculation:
Basic	347,815			345,240			340,171			325,975			339,747
Effect of dilutive securities	2,662			2,759			2,250			1,834			2,376
Diluted	350,477			347,999			342,421			327,809			342,123

(a) 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.

(b) Homebuilding income before income taxes includes a charge of $15.0 million in the 3rd Quarter related to the settlement of a disputed land transaction (see Note 12) and an adjustment to general liability insurance reserves relating to a reserve reversal of $55.2 million in the 4th Quarter.

UNAUDITED QUARTERLY INFORMATION

(000’s omitted, except per share data)

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Total (a)
2015
Homebuilding:
Revenues	$	1,105,700		$	1,249,537		$	1,467,780		$	2,018,194		$	5,841,211
Cost of revenues	(816,368		)	(915,151		)	(1,070,231		)	(1,470,053		)	(4,271,803		)
Income before income taxes (b)	90,748			157,640			164,911			344,019			757,317
Financial Services:
Revenues	$	27,598		$	30,754		$	38,967		$	43,434		$	140,753
Income before income taxes (c)	5,057			9,987			14,365			29,296			58,706
Consolidated results:
Revenues	$	1,133,298		$	1,280,291		$	1,506,747		$	2,061,628		$	5,981,964
Income before income taxes	95,805			167,627			179,276			373,315			816,023
Income tax expense	(40,834		)	(64,303		)	(71,507		)	(145,288		)	(321,933		)
Net income	$	54,971		$	103,324		$	107,769		$	228,027		$	494,090
Net income per share:
Basic	$	0.15		$	0.28		$	0.31		$	0.65		$	1.38
Diluted	$	0.15		$	0.28		$	0.30		$	0.64		$	1.36
Number of shares used in calculation:
Basic	366,748			361,009			350,147			348,699			356,576
Effect of dilutive securities	3,362			3,232			3,225			3,047			3,217
Diluted	370,110			364,241			353,372			351,746			359,793

(a) 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.

(b) Homebuilding income before income taxes includes reserve reversals resulting from a legal settlement (see Note 12)of $26.9 million and $5.7 million in the 2nd and 3rd Quarters, respectively; a charge of $20.0 million in the 3rd Quarter related to the Applecross matter (see Note 12); and a reversal of $29.6 million relating to decreased general liability insurance reserves in the 4th Quarter.

(c) Financial Services expenses in the 1st Quarter includes a reduction in loan origination liabilities totaling $11.4 million.