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Quarterly Results (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [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 (a)
2019 |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,952,831 |  |  | $ | 2,433,028 |  |  | $ | 2,645,550 |  |  | $ | 2,947,116 |  |  | $ | 9,978,526 |
Cost of revenues (b) | (1,494,841 | ) |  | (1,874,369 | ) |  | (2,035,972 | ) |  | (2,279,615 | ) |  | (7,684,798 | )
Income before income taxes (c) | 204,294 |  |  | 295,698 |  |  | 333,862 |  |  | 402,407 |  |  | 1,236,261 |
Financial Services: |  |  |  |  |  |  |  |  |
Revenues | $ | 43,862 |  |  | $ | 55,957 |  |  | $ | 64,815 |  |  | $ | 69,797 |  |  | $ | 234,431 |
Income before income taxes | 12,409 |  |  | 25,078 |  |  | 32,284 |  |  | 33,544 |  |  | 103,315 |
Consolidated results: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,996,693 |  |  | $ | 2,488,985 |  |  | $ | 2,710,365 |  |  | $ | 3,016,913 |  |  | $ | 10,212,957 |
Income before income taxes | 216,703 |  |  | 320,776 |  |  | 366,146 |  |  | 435,951 |  |  | 1,339,576 |
Income tax expense | (49,946 | ) |  | (79,735 | ) |  | (93,042 | ) |  | (100,153 | ) |  | (322,876 | )
Net income | $ | 166,757 |  |  | $ | 241,041 |  |  | $ | 273,104 |  |  | $ | 335,798 |  |  | $ | 1,016,700 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.59 |  |  | $ | 0.86 |  |  | $ | 0.99 |  |  | $ | 1.23 |  |  | $ | 3.67 |
Diluted | $ | 0.59 |  |  | $ | 0.86 |  |  | $ | 0.99 |  |  | $ | 1.22 |  |  | $ | 3.66 |
Number of shares used in calculation: |  |  |  |  |  |  |  |  |
Basic | 277,637 |  |  | 276,652 |  |  | 272,992 |  |  | 270,843 |  |  | 274,495 |
Effect of dilutive securities | 1,003 |  |  | 932 |  |  | 640 |  |  | 632 |  |  | 802 |
Diluted | 278,640 |  |  | 277,584 |  |  | 273,632 |  |  | 271,475 |  |  | 275,297 |
(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) | Cost of revenues includes a warranty charge related to a closed-out community of $9.0 million during the 3rd Quarter (See Note 11).
(c) | Homebuilding income before income taxes includes insurance reserve reversals of $12.8 million and $31.1 million during the 2nd and 4th Quarters, respectively; and write-offs of insurance receivables of $11.6 million and $12.6 million in the 1st and 2nd Quarters, respectively.
UNAUDITED QUARTERLY INFORMATION (000’s omitted, except per share data)
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total (a)
2018 |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,924,155 |  |  | $ | 2,516,958 |  |  | $ | 2,597,746 |  |  | $ | 2,944,091 |  |  | $ | 9,982,949 |
Cost of revenues (b) | (1,471,488 | ) |  | (1,900,316 | ) |  | (1,976,220 | ) |  | (2,319,473 | ) |  | (7,667,497 | )
Income before income taxes (c) | 210,358 |  |  | 388,453 |  |  | 365,055 |  |  | 324,938 |  |  | 1,288,804 |
Financial Services: |  |  |  |  |  |  |  |  |
Revenues | $ | 45,938 |  |  | $ | 52,764 |  |  | $ | 51,620 |  |  | $ | 55,059 |  |  | $ | 205,382 |
Income before income taxes (d) | 13,833 |  |  | 20,717 |  |  | 19,633 |  |  | 4,553 |  |  | 58,736 |
Consolidated results: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,970,093 |  |  | $ | 2,569,722 |  |  | $ | 2,649,366 |  |  | $ | 2,999,150 |  |  | $ | 10,188,331 |
Income before income taxes | 224,191 |  |  | 409,170 |  |  | 384,688 |  |  | 329,491 |  |  | 1,347,540 |
Income tax expense | (53,440 | ) |  | (85,081 | ) |  | (95,153 | ) |  | (91,842 | ) |  | (325,517 | )
Net income | $ | 170,751 |  |  | $ | 324,089 |  |  | $ | 289,535 |  |  | $ | 237,649 |  |  | $ | 1,022,023 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.59 |  |  | $ | 1.12 |  |  | $ | 1.01 |  |  | $ | 0.84 |  |  | $ | 3.56 |
Diluted | $ | 0.59 |  |  | $ | 1.12 |  |  | $ | 1.01 |  |  | $ | 0.84 |  |  | $ | 3.55 |
Number of shares used in calculation: |  |  |  |  |  |  |  |  |
Basic | 286,683 |  |  | 285,276 |  |  | 283,489 |  |  | 278,964 |  |  | 283,578 |
Effect of dilutive securities | 1,343 |  |  | 1,378 |  |  | 1,183 |  |  | 1,248 |  |  | 1,287 |
Diluted | 288,026 |  |  | 286,654 |  |  | 284,672 |  |  | 280,212 |  |  | 284,865 |
(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) | Cost of revenues includes land inventory impairments of $66.9 million and net realizable value adjustments on land held for sale of $9.0 million in the 4th Quarter. See Note 2 for a complete discussion of land-related charges for the full year.
(c) | Homebuilding income before income taxes includes an insurance reserve reversal of $37.9 million in the 2nd Quarter (see Note 11) and write-offs of pre-acquisition costs of $9.6 million in the 4th quarter (see Note 2).
(d) Financial Services income before income taxes includes a charge related to loan origination liabilities of $16.2 million in the 4th quarter (see Note 11).

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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