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Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly financial information
Quarterly results for the years ended December 31, 2012 and 2011 follow (in thousands, except per share amounts):
 
 
 
First
 
Second
 
Third
 
Fourth
2012
 
 
 
 
 
 
 
 
Total closing revenue
 
$
204,350

 
$
282,095

 
$
342,643

 
$
364,586

Total closing gross profit
 
$
35,236

 
$
51,566

 
$
62,424

 
$
68,973

(Loss)/earnings before income taxes (1)
 
$
(4,574
)
 
$
2,842

 
$
6,986

 
$
23,600

Net (loss)/earnings (2)
 
$
(4,754
)
 
$
8,005

 
$
6,784

 
$
95,128

Per Share Data:
 
 
 
 
 
 
 
 
Basic (loss)/earnings per share (3)
 
$
(0.15
)
 
$
0.24

 
$
0.19

 
$
2.67

Diluted (loss)/earnings per share (3)
 
$
(0.15
)
 
$
0.24

 
$
0.19

 
$
2.49

2011
 
 
 
 
 
 
 
 
Total closing revenue
 
$
177,589

 
$
220,131

 
$
217,534

 
$
245,990

Total closing gross profit (4)
 
$
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 (3)
 
$
(0.21
)
 
$
0.02

 
$
(0.10
)
 
$
(0.36
)
Diluted (loss)/earnings per share (3)
 
$
(0.21
)
 
$
0.02

 
$
(0.10
)
 
$
(0.36
)
 
(1)
In the third quarter of 2012, we recorded an $8.7 million charge related to a litigation accrual.
(2)
In the fourth quarter of 2012, we reversed $79.9 million of our deferred tax asset valuation reserve and recorded an $8.4 million tax expense.
(3)
Due to the computation of earnings/(loss) per share, the sum of the quarterly amounts may not equal the full-year results.
(4)
In the fourth quarter of 2011 we recorded $4.0 million of inventory impairments, $2.7 million of option deposit and pre-acquisition write-offs and $6.3 million of impairments on land held for sale.