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Quarterly Results (Unaudited)
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly results (unaudited)
Quarterly results (unaudited)
UNAUDITED QUARTERLY INFORMATION
(000’s omitted, except per share data)
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
4th
Quarter
 
Total (a)
2017
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Revenues
$
1,587,061

 
$
1,973,571

 
$
2,083,067

 
$
2,737,391

 
$
8,381,090

Cost of revenues (b)
(1,220,906
)
 
(1,637,536
)
 
(1,589,728
)
 
(2,147,431
)
 
(6,595,601
)
Income before income taxes (c)
125,762

 
103,599

 
250,463

 
385,508

 
865,332

Financial Services:
 
 
 
 
 
 
 
 
 
Revenues
$
41,767

 
$
47,275

 
$
46,952

 
$
56,166

 
$
192,160

Income before income taxes
13,503

 
18,948

 
17,786

 
23,259

 
73,496

Consolidated results:
 
 
 
 
 
 
 
 
 
Revenues
$
1,628,828

 
$
2,020,846

 
$
2,130,019

 
$
2,793,557

 
$
8,573,250

Income before income taxes
139,265

 
122,547

 
268,249

 
408,767

 
938,828

Income tax expense
(47,747
)
 
(21,798
)
 
(90,710
)
 
(331,352
)
 
(491,607
)
Net income
$
91,518

 
$
100,749

 
$
177,539

 
$
77,415

 
$
447,221

Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
0.29

 
$
0.32

 
$
0.59

 
$
0.26

 
$
1.45

Diluted
$
0.28

 
$
0.32

 
$
0.58

 
$
0.26

 
$
1.44

Number of shares used in calculation:
 
 
 
 
 
 
 
 
 
Basic
317,756

 
312,315

 
298,538

 
292,174

 
305,089

Effect of dilutive securities
2,329

 
1,565

 
1,690

 
1,318

 
1,725

Diluted
320,085

 
313,880

 
300,228

 
293,492

 
306,814


(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)
Cost of revenues includes land inventory impairments of $31.5 million and $57.5 million in the 2nd and 4th Quarters, respectively (see Note 2); net realizable value adjustments on land held for sale of $81.0 million in the 2nd Quarter (see Note 2); and a warranty charge of $12.4 million related to a closed-out community in the 2nd Quarter (see Note 11).
(c)
Homebuilding income before income taxes includes an $8.0 million impairment of an investment in an unconsolidated entity in the 2nd Quarter (see Note 2); write-offs of insurance receivables of $15.0 million, $5.3 million, and $9.3 million for the 1st, 3rd, and 4th Quarters, respectively (see Note 11); and reversals of general liability insurance reserves of $19.8 million and $75.3 million in the 2nd and 4th Quarters, respectively (see Note 11).

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 11) and an adjustment to general liability insurance reserves relating to a reserve reversal of $55.2 million in the 4th Quarter.