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Quarterly Results (Unaudited) | 12 Months Ended
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Dec. 31, 2013
Unaudited Quarterly Information [Abstract] |
Quarterly results (unaudited) | Quarterly results (unaudited) UNAUDITED QUARTERLY INFORMATION (000’s omitted, except per share data)
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total (b)
2013 |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,125,883 |  |  | $ | 1,240,060 |  |  | $ | 1,547,742 |  |  | $ | 1,624,959 |  |  | $ | 5,538,644 |
Cost of revenues | 923,488 |  |  | 1,011,528 |  |  | 1,230,070 |  |  | 1,249,868 |  |  | 4,414,954 |
Income before income taxes (a) | 68,037 |  |  | 21,971 |  |  | 163,594 |  |  | 225,511 |  |  | 479,113 |
Financial Services: |  |  |  |  |  |  |  |  |
Revenues | $ | 36,873 |  |  | $ | 39,362 |  |  | $ | 34,336 |  |  | $ | 30,380 |  |  | $ | 140,951 |
Income before income taxes | 14,313 |  |  | 16,359 |  |  | 11,128 |  |  | 6,909 |  |  | 48,709 |
Consolidated results: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,162,756 |  |  | $ | 1,279,422 |  |  | $ | 1,582,078 |  |  | $ | 1,655,339 |  |  | $ | 5,679,595 |
Income before income taxes | 82,350 |  |  | 38,330 |  |  | 174,722 |  |  | 232,420 |  |  | 527,822 |
Income tax expense (benefit) (c) | 588 |  |  | 1,913 |  |  | (2,107,162 | ) |  | 12,367 |  |  | (2,092,294 | )
Net income | $ | 81,762 |  |  | $ | 36,417 |  |  | $ | 2,281,884 |  |  | $ | 220,053 |  |  | $ | 2,620,116 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.21 |  |  | $ | 0.09 |  |  | $ | 5.92 |  |  | $ | 0.58 |  |  | $ | 6.79 |
Diluted | $ | 0.21 |  |  | $ | 0.09 |  |  | $ | 5.87 |  |  | $ | 0.57 |  |  | $ | 6.72 |
Number of shares used in calculation: |  |  |  |  |  |  |  |  |
Basic | 384,228 |  |  | 385,389 |  |  | 382,883 |  |  | 379,879 |  |  | 383,077 |
Effect of dilutive securities | 6,093 |  |  | 5,791 |  |  | 3,220 |  |  | 3,845 |  |  | 3,789 |
Diluted | 390,321 |  |  | 391,180 |  |  | 386,103 |  |  | 383,724 |  |  | 386,866 |
(a) | Homebuilding income before income taxes in the 2nd Quarter includes charges totaling $66.6 million consisting of losses on debt retirements, costs associated with the relocation of our corporate headquarters, and a contractual dispute related to a previously completed luxury community.
(b) | Due to rounding, the sum of quarterly results may not equal the total for the year. Additionally, quarterly and year-to-date computations of per share amounts are made independently.
(c) | Income tax expense (benefit) in the 3rd Quarter includes a benefit of $2.1 billion related to the reversal of substantially all of the valuation allowance previously recorded against our deferred tax assets.
UNAUDITED QUARTERLY INFORMATION (000’s omitted, except per share data)
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total (c)
2012 |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | 852,184 |  |  | $ | 1,033,154 |  |  | $ | 1,255,327 |  |  | $ | 1,518,445 |  |  | $ | 4,659,110 |
Cost of revenues | 745,563 |  |  | 876,990 |  |  | 1,044,765 |  |  | 1,261,012 |  |  | 3,928,331 |
Income (loss) before income taxes (a) | (20,352 | ) |  | 23,939 |  |  | 79,179 |  |  | 75,225 |  |  | 157,991 |
Financial Services: |  |  |  |  |  |  |  |  |
Revenues | $ | 28,852 |  |  | $ | 36,251 |  |  | $ | 47,264 |  |  | $ | 48,521 |  |  | $ | 160,888 |
Income (loss) before income taxes (b) | 6,861 |  |  | 15,987 |  |  | 26,727 |  |  | (24,012 | ) |  | 25,563 |
Consolidated results: |  |  |  |  |  |  |  |  |
Revenues | $ | 881,036 |  |  | $ | 1,069,405 |  |  | $ | 1,302,591 |  |  | $ | 1,566,966 |  |  | $ | 4,819,998 |
Income (loss) before income taxes | (13,491 | ) |  | 39,926 |  |  | 105,906 |  |  | 51,213 |  |  | 183,554 |
Income tax expense (benefit) | (1,825 | ) |  | (2,510 | ) |  | (10,727 | ) |  | (7,529 | ) |  | (22,591 | )
Net income (loss) | $ | (11,666 | ) |  | $ | 42,436 |  |  | $ | 116,633 |  |  | $ | 58,742 |  |  | $ | 206,145 |
Net income (loss) per share: |  |  |  |  |  |  |  |  |
Basic | $ | (0.03 | ) |  | $ | 0.11 |  |  | $ | 0.31 |  |  | $ | 0.15 |  |  | $ | 0.54 |
Diluted | $ | (0.03 | ) |  | $ | 0.11 |  |  | $ | 0.30 |  |  | $ | 0.15 |  |  | $ | 0.54 |
Number of shares used in calculation: |  |  |  |  |  |  |  |  |
Basic | 380,502 |  |  | 380,655 |  |  | 381,355 |  |  | 383,404 |  |  | 381,562 |
Effect of dilutive securities | — |  |  | 1,548 |  |  | 3,215 |  |  | 5,900 |  |  | 3,002 |
Diluted | 380,502 |  |  | 382,203 |  |  | 384,570 |  |  | 389,304 |  |  | 384,564 |
(a) | Homebuilding income (loss) before income taxes includes losses on debt retirements of $32.1 million in the 4th Quarter.
(b) | Financial Services income (loss) before income taxes includes additional loan origination reserves of $49.0 million in the 4th Quarter.
(c) | Due to rounding, the sum of quarterly results may not equal the total for the year. Additionally, quarterly and year-to-date computations of per share amounts are made independently.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: 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=6372559&loc=d3e765-108305 Reference 2: 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=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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