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Quarterly Results (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2018
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)
2019
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Revenues
$
1,952,831

 
$
2,433,028

 
$
2,645,550

 
$
2,947,116

 
$
9,978,526

Cost of revenues (b)
(1,494,841
)
 
(1,874,369
)
 
(2,035,972
)
 
(2,279,615
)
 
(7,684,798
)
Income before income taxes (c)
204,294

 
295,698

 
333,862

 
402,407

 
1,236,261

Financial Services:
 
 
 
 
 
 
 
 
 
Revenues
$
43,862

 
$
55,957

 
$
64,815

 
$
69,797

 
$
234,431

Income before income taxes
12,409

 
25,078

 
32,284

 
33,544

 
103,315

Consolidated results:
 
 
 
 
 
 
 
 
 
Revenues
$
1,996,693

 
$
2,488,985

 
$
2,710,365

 
$
3,016,913

 
$
10,212,957

Income before income taxes
216,703

 
320,776

 
366,146

 
435,951

 
1,339,576

Income tax expense
(49,946
)
 
(79,735
)
 
(93,042
)
 
(100,153
)
 
(322,876
)
Net income
$
166,757

 
$
241,041

 
$
273,104

 
$
335,798

 
$
1,016,700

Net income per share:
 
 
 
 
 
 
 
 
 
Basic
$
0.59

 
$
0.86

 
$
0.99

 
$
1.23

 
$
3.67

Diluted
$
0.59

 
$
0.86

 
$
0.99

 
$
1.22

 
$
3.66

Number of shares used in calculation:
 
 
 
 
 
 
 
 
 
Basic
277,637

 
276,652

 
272,992

 
270,843

 
274,495

Effect of dilutive securities
1,003

 
932

 
640

 
632

 
802

Diluted
278,640

 
277,584

 
273,632

 
271,475

 
275,297



(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 a warranty charge related to a closed-out community of $9.0 million during the 3rd Quarter (See Note 11).
(c)
Homebuilding income before income taxes includes insurance reserve reversals of $12.8 million and $31.1 million during the 2nd and 4th Quarters, respectively; and write-offs of insurance receivables of $11.6 million and $12.6 million in the 1st and 2nd Quarters, respectively.

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 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).