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Quarterly Results (Unaudited)
 12 Months Ended
Dec. 31, 2018
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)
2018
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Revenues
$
1,924,155

 
$
2,516,958

 
$
2,597,746

 
$
2,944,091

 
$
9,982,949

Cost of revenues (b)
(1,471,488
)
 
(1,900,316
)
 
(1,976,220
)
 
(2,319,473
)
 
(7,667,497
)
Income before income taxes (c)
210,358

 
388,453

 
365,055

 
324,938

 
1,288,804

Financial Services:
 
 
 
 
 
 
 
 
 
Revenues
$
45,938

 
$
52,764

 
$
51,620

 
$
55,059

 
$
205,382

Income before income taxes (d)
13,833

 
20,717

 
19,633

 
4,553

 
58,736

Consolidated results:
 
 
 
 
 
 
 
 
 
Revenues
$
1,970,093

 
$
2,569,722

 
$
2,649,366

 
$
2,999,150

 
$
10,188,331

Income before income taxes
224,191

 
409,170

 
384,688

 
329,491

 
1,347,540

Income tax expense
(53,440
)
 
(85,081
)
 
(95,153
)
 
(91,842
)
 
(325,517
)
Net income
$
170,751

 
$
324,089

 
$
289,535

 
$
237,649

 
$
1,022,023

Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
0.59

 
$
1.12

 
$
1.01

 
$
0.84

 
$
3.56

Diluted
$
0.59

 
$
1.12

 
$
1.01

 
$
0.84

 
$
3.55

Number of shares used in calculation:
 
 
 
 
 
 
 
 
 
Basic
286,683

 
285,276

 
283,489

 
278,964

 
283,578

Effect of dilutive securities
1,343

 
1,378

 
1,183

 
1,248

 
1,287

Diluted
288,026

 
286,654

 
284,672

 
280,212

 
284,865


(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 $66.9 million and net realizable value adjustments on land held for sale of $9.0 million in the 4th Quarter. See Note 2 for a more complete discussion of land-related charges for the full year.
(c)
Homebuilding income before income taxes includes an insurance reserve reversal of $37.9 million in the 2nd Quarter (see Note 11) and write-offs of pre-acquisition costs of $9.6 million in the 4th Quarter (See Note 2).
(d)
Financial Services income before income taxes includes a charge related to loan origination liabilities of $16.2 million in the 4th Quarter (see Note 11).

UNAUDITED QUARTERLY INFORMATION
(000’s omitted, except per share data)
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
4th
Quarter
 
Total (a)
2017
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Revenues
$
1,588,111

 
$
1,974,584

 
$
2,084,106

 
$
2,738,724

 
$
8,385,526

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
$
1,629,878

 
$
2,021,859

 
$
2,131,058

 
$
2,794,890

 
$
8,577,686

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 insurance reserve reversals of $19.8 million and $75.3 million in the 2nd and 4th Quarters, respectively (see Note 11).