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Condensed Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Revenues:        
Total revenues $ 930,155 [1] $ 764,493 [1] $ 1,655,011 [1] $ 1,322,538 [1]
Cost and expenses:        
Corporate general and administrative 29,168 20,598 56,010 43,950
Total costs and expenses 861,823 740,509 1,566,745 1,296,503
Other interest expense (23,803) (22,468) (48,652) (44,547)
Earnings before income taxes 52,103 25,800 58,556 62,121
Benefit for income taxes 402,321 (953) 403,845 1,452
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 454,424 24,847 462,401 63,573
Less: Net earnings (loss) attributable to noncontrolling interests 1,721 [2] 11,062 [2] (5,270) [2] 22,382 [2]
Net earnings attributable to Lennar 452,703 13,785 467,671 41,191
Basic earnings per share $ 2.39 $ 0.07 $ 2.47 $ 0.22
Diluted earnings per share $ 2.06 $ 0.07 $ 2.16 $ 0.22
Cash dividends per each Class A and Class B common share $ 0.04 $ 0.04 $ 0.08 $ 0.08
Valuation Adjustments To Investments In Unconsolidated Entities 7 150 18 8,412
Lennar Homebuilding [Member]
       
Revenues:        
Lennar Homebuilding 808,088 662,476 1,432,521 1,129,185
Cost and expenses:        
Lennar Homebuilding 731,842 630,711 1,316,587 1,078,474
Equity in earnings (loss) from unconsolidated entities (9,381) 2,417 (8,298) 11,078
Other income (expense), net 12,758 [3] 9,511 [3] 16,825 [3] 39,471 [3]
Valuation Adjustments To Investments In Unconsolidated Entities     8,400  
Lennar Financial Services [Member]
       
Revenues:        
Lennar Financial Services 88,595 59,422 156,810 117,135
Cost and expenses:        
Lennar Financial Services 70,615 56,927 130,580 113,457
Rialto Investments [Member]
       
Revenues:        
Rialto Investments 33,472 42,595 65,680 76,218
Cost and expenses:        
Rialto Investments 30,198 32,273 63,568 60,622
Equity in earnings (loss) from unconsolidated entities 5,569 (2,973) 24,027 1,552
Other income (expense), net (1,372) 15,329 (13,612) 28,532
Less: Net earnings (loss) attributable to noncontrolling interests $ 3,200 $ 12,900 $ (1,200) $ 24,800
[1] Total revenues are net of sales incentives of $95.3 million ($29,800 per home delivered) and $179.7 million ($31,700 per home delivered), respectively, for the three and six months ended May 31, 2012, compared to $89.9 million ($33,900 per home delivered) and $152.8 million ($33,500 per home delivered), respectively, for the three and six months ended May 31, 2011.
[2] Net earnings (loss) attributable to noncontrolling interests for the three and six months ended May 31, 2012 includes $3.2 million and ($1.2) million, respectively, of earnings (loss) related to the FDIC’s interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC. Net earnings (loss) attributable to noncontrolling interests for the three and six months ended May 31, 2011 includes $12.9 million and $24.8 million, respectively, of earnings related to the FDIC’s interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC.
[3] Lennar Homebuilding other income, net includes $8.4 million of valuation adjustments to the Company’s investments in Lennar Homebuilding’s unconsolidated entities for the six months ended May 31, 2011.