UNAUDITED QUARTERLY INFORMATION

(000’s omitted, except per share data)



	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total (a)
2015
Homebuilding:
Revenues	$	1,105,700	$	1,249,537	$	1,467,780	$	2,018,194	$	5,841,211
Cost of revenues	854,523		958,592		1,122,175		1,541,461		4,476,751
Income before income taxes (b)	90,748		157,640		164,911		344,019		757,317
Financial Services:
Revenues	$	27,598	$	30,754	$	38,967	$	43,434	$	140,753
Income before income taxes (c)	5,057		9,987		14,365		29,297		58,706
Consolidated results:
Revenues	$	1,133,298	$	1,280,291	$	1,506,747	$	2,061,628	$	5,981,964
Income before income taxes	95,805		167,627		179,276		373,315		816,023
Income tax expense	40,834		64,303		71,507		145,288		321,933
Net income	$	54,971	$	103,324	$	107,769	$	228,027	$	494,090
Net income per share:
Basic	$	0.15	$	0.28	$	0.31	$	0.65	$	1.38
Diluted	$	0.15	$	0.28	$	0.30	$	0.64	$	1.36
Number of shares used in calculation:
Basic	366,748		361,009		350,147		348,699		356,576
Effect of dilutive securities	3,362		3,232		3,225		3,047		3,217
Diluted	370,110		364,241		353,372		351,746		359,793


(a)	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.


(b)	Homebuilding income before income taxes includes reserve reversals resulting from a legal settlement (see Note 12)of $26.9 million and $5.7 million in the 2nd and 3rd Quarters, respectively; a charge of $20.0 million in the 3rd Quarter related to the Applecross matter (see Note 12); and $29.6 million relating to decreased general liability insurance reserves in the 4th Quarter.


(c)	Financial Services expenses in the 4th Quarter includes a reduction in loan origination liabilities totaling $11.8 million..

UNAUDITED QUARTERLY INFORMATION

(000’s omitted, except per share data)



	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total (a)
2014
Homebuilding:
Revenues	$	1,093,999	$	1,254,989	$	1,561,273	$	1,786,464	$	5,696,725
Cost of revenues	833,614		959,524		1,198,908		1,374,951		4,366,997
Income before income taxes (b)	108,435		58,573		214,051		254,118		635,177
Financial Services:
Revenues	$	24,895	$	31,198	$	33,452	$	36,093	$	125,638
Income before income taxes (c)	21,594		9,108		10,877		13,002		54,581
Consolidated results:
Revenues	$	1,118,894	$	1,286,187	$	1,594,725	$	1,822,557	$	5,822,363
Income before income taxes	130,029		67,681		224,928		267,120		689,758
Income tax expense (benefit) (d)	55,210		25,801		84,383		50,025		215,420
Net income	$	74,819	$	41,880	$	140,545	$	217,095	$	474,338
Net income per share:
Basic	$	0.19	$	0.11	$	0.37	$	0.58	$	1.27
Diluted	$	0.19	$	0.11	$	0.37	$	0.58	$	1.26
Number of shares used in calculation:
Basic	383,991		376,072		373,531		369,533		370,377
Effect of dilutive securities	3,815		3,592		3,761		3,734		3,725
Diluted	387,806		379,664		377,292		373,267		374,102


(a)	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.

(a)

Homebuilding income before income taxes includes losses on debt retirement of $8.6 million in the 1st Quarter; charges of $84.5 million to increase general liability insurance reserves in the 2nd Quarter; and costs associated with the relocation of our corporate headquarters of $8.7 million , offset by favorable adjustments of $15.2 million to decrease general liability insurance reserves in the 4th Quarter.


(b)	Financial Services expenses in the 1st Quarter includes a reduction in loan origination liabilities totaling $18.6 million.


(c)	Income tax expense in the 4th Quarter includes a benefit of $49.6 million related to the resolution of certain tax matters and the reversal of valuation allowance related to certain state deferred tax assets.