SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Quarterly results for the years ended December 31, 2019 and 2018 follow (in thousands, except per share amounts):

	First		Second		Third		Fourth
2019
Total closing revenue	$	708,145	$	864,610	$	940,880	$	1,136,848
Total closing gross profit	$	116,828	$	157,376	$	186,091	$	219,320
Earnings before income taxes	$	32,370	$	67,674	$	92,366	$	110,535
Net earnings	$	25,412	$	50,828	$	69,809	$	103,614
Per Share Data:
Basic earnings per share (1)	$	0.66	$	1.33	$	1.82	$	2.71
Diluted earnings per share (1)	$	0.65	$	1.31	$	1.79	$	2.65
2018
Total closing revenue	$	742,564	$	877,495	$	884,581	$	1,008,779
Total closing gross profit	$	123,120	$	158,828	$	158,517	$	188,688
Earnings before income taxes	$	48,884	$	71,185	$	71,409	$	91,776
Net earnings	$	43,874	$	53,838	$	54,135	$	75,485
Per Share Data:
Basic earnings per share (1)	$	1.08	$	1.32	$	1.34	$	1.93
Diluted earnings per share (1)	$	1.07	$	1.31	$	1.33	$	1.91

(1)Due to the computation of earnings per share, the sum of the quarterly amounts may not equal the full-year results.

We typically experience seasonal variability in our quarterly operating results and capital requirements. Historically, we sell more homes in the first half of the year, which results in more working capital requirements and home closings in the third and fourth quarters. However, during economic downturns or times of certain government incentives, our results may not follow our historical trends.