Quarterly Results of Operations (Unaudited)

12 Months Ended

Sep. 30, 2011

Quarterly Results of Operations (Unaudited) [Abstract]

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

NOTE O — QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Quarterly results of operations were (in millions, except per share amounts):

	Fiscal 2011
	Three Months Ended
	September 30			June 30		March 31			December 31
Revenues	$	1,098.3		$	999.2	$	751.1		$	788.2
Gross profit		160.0			151.3		104.8			110.2
Income (loss) before income taxes		33.8			28.9		(30.8	)		(19.9	)
Income tax (benefit) expense		(1.9	)		0.2		(58.6	)		0.5
Net income (loss)		35.7			28.7		27.8			(20.4	)
Basic net income (loss) per common share		0.11			0.09		0.09			(0.06	)
Diluted net income (loss) per common share		0.11			0.09		0.09			(0.06	)

	Fiscal 2010
	Three Months Ended
	September 30			June 30			March 31		December 31
Revenues	$	948.4		$	1,406.1		$	913.5	$	1,132.2
Gross profit		127.8			206.8			159.2		188.3
Income (loss) before income taxes		(1.7	)		46.3			12.1		42.8
Income tax expense (benefit)		7.2			(4.2	)		0.7		(149.2	)
Net income (loss)		(8.9	)		50.5			11.4		192.0
Basic net income (loss) per common share		(0.03	)		0.16			0.04		0.60
Diluted net income (loss) per common share		(0.03	)		0.16			0.04		0.56

In the past, the Company experienced variability in its results of operations from quarter to quarter due to the seasonal nature of its homebuilding business. Historically, the Company has closed a greater number of homes in the third and fourth (June and September) fiscal quarters than in the first and second (December and March) fiscal quarters. As a result, revenues and net income typically have been higher in the third and fourth quarters of the fiscal year. Although the weakness in homebuilding market conditions during the past several years mitigated these historical seasonal variations, this seasonal pattern resumed in fiscal 2011. However, the Company can make no assurances as to whether this pattern will continue in the future.

Gross profit during fiscal 2011 was reduced by inventory impairment charges and write-offs of earnest money deposits and pre-acquisition costs of $8.4 million, $14.3 million, $9.9 million and $12.8 million in the first, second, third and fourth quarters, respectively. Gross profit during fiscal 2010 was reduced by inventory impairment charges and write-offs of earnest money deposits and pre-acquisition costs of $1.2 million, $2.4 million, $30.3 million and $30.8 million in the first, second, third and fourth quarters, respectively.