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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Sep. 30, 2016
Quarterly Financial Data [Abstract] |
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.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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