Quarterly Results of Operations (Unaudited)

12 Months Ended

Sep. 30, 2016

Quarterly Results of Operations (Unaudited)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Consolidated quarterly results of operations for fiscal 2016 and 2015 were (in millions, except per share amounts):



	Fiscal 2016
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Revenues	$	2,416.4	$	2,767.9	$	3,231.9	$	3,741.3
Inventory and land option charges	2.0		6.0		8.1		15.4
Gross profit	468.9		531.7		625.8		732.6
Income before income taxes	241.3		300.5		378.6		433.0
Income tax expense	83.6		105.4		128.8		149.4
Net income	157.7		195.1		249.8		283.6
Basic net income per common share	0.43		0.53		0.67		0.76
Net income per common share assuming dilution	0.42		0.52		0.66		0.75



	Fiscal 2015
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Revenues	$	2,302.6	$	2,398.0	$	2,950.8	$	3,172.5
Inventory and land option charges	6.0		12.5		15.4		26.3
Gross profit	438.6		446.5		556.0		582.3
Income before income taxes	220.7		230.1		333.8		338.8
Income tax expense	78.2		82.2		112.4		99.9
Net income	142.5		147.9		221.4		238.9
Basic net income per common share	0.39		0.40		0.60		0.65
Net income per common share assuming dilution	0.39		0.40		0.60		0.64

The Company experiences variability in its results of operations from quarter to quarter due to the seasonal nature of its homebuilding business. The Company generally closes more homes and has greater revenues and income before income taxes in the third and fourth quarters (June and September) than in the first and second quarters (December and March) of its fiscal year.

In the fourth quarters of fiscal 2016 and 2015, income before income taxes was reduced by goodwill impairment charges of $7.2 million and $9.8 million, respectively. Also in the fourth quarter of fiscal 2015, income tax expense was reduced by $17.5 million due to a reduction of the Company’s deferred tax asset valuation allowance.