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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2011
Selected Quarterly Financial Data (Unaudited) [Abstract] |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 13 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly results for the years ended December 31, 2011 and 2010 follow (in thousands, except per share amounts):
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total closing revenue |  | $ | 177,589 |  |  | $ | 220,131 |  |  | $ | 217,534 |  |  | $ | 245,990 |
Gross profit (1) |  | $ | 30,389 |  |  | $ | 39,587 |  |  | $ | 37,943 |  |  | $ | 33,189 |
(Loss)/earnings before income taxes |  | $ | (6,444 | ) |  | $ | 747 |  |  | $ | (3,075 | ) |  | $ | (11,604 | )
Net (loss)/earnings |  | $ | (6,659 | ) |  | $ | 562 |  |  | $ | (3,235 | ) |  | $ | (11,774 | )
Per Share Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic (loss)/earnings per share (2) |  | $ | (0.21 | ) |  | $ | 0.02 |  |  | $ | (0.10 | ) |  | $ | (0.36 | )
Diluted (loss)/earnings per share (2) |  | $ | (0.21 | ) |  | $ | 0.02 |  |  | $ | (0.10 | ) |  | $ | (0.36 | )
2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total closing revenue |  | $ | 201,804 |  |  | $ | 291,405 |  |  | $ | 233,803 |  |  | $ | 214,644 |
Gross profit (3) |  | $ | 38,256 |  |  | $ | 52,896 |  |  | $ | 42,561 |  |  | $ | 33,983 |
Earnings/(loss) before income taxes |  | $ | 2,781 |  |  | $ | 4,391 |  |  | $ | 731 |  |  | $ | (5,419 | )
Net earnings/(loss) |  | $ | 2,660 |  |  | $ | 4,166 |  |  | $ | 1,219 |  |  | $ | (895 | )
Per Share Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings/(loss) per share (2) |  | $ | 0.08 |  |  | $ | 0.13 |  |  | $ | 0.04 |  |  | $ | (0.03 | )
Diluted earnings/(loss) per share (2) |  | $ | 0.08 |  |  | $ | 0.13 |  |  | $ | 0.04 |  |  | $ | (0.03 | )
(1) | In accordance with ASC 360-10 and as previously discussed in Note 1, in 2011 we recorded $6.1 million of inventory impairments, $2.8 million of option deposit and pre-acquisition write-offs, and $6.5 of impairments on land held for sale.
(2) | Due to the computation of earnings/(loss) per share, the sum of the quarterly amounts may not equal the full-year results.
(3) | In 2010 we recorded $5.4 million of inventory impairments, $1.0 million of option deposit and pre-acquisition write-offs, $295,000 of joint venture impairments and $17,000 of impairments on land held for sale.
We typically experience seasonal variability in our quarterly operating results and capital requirements. Historically, we sell more homes in the first half of the year, which results in more working capital requirements and home closings in the third and fourth quarters. However, during the current economic downturn and the enactment and expiration of certain government incentives, our results may not follow our historical trends.

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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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 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 AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a Reference 7: 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=6952194&loc=d3e1280-108306 + Details
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