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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly results for the years ended December 31, 2019 and 2018 follow (in thousands, except per share amounts):
|  | First |  | Second |  | Third |  | Fourth
2019 |  |  |  |  |  |  |  |
Total closing revenue |  | $ | 708,145 |  |  | $ | 864,610 |  |  | $ | 940,880 |  |  | $ | 1,136,848 |
Total closing gross profit |  | $ | 116,828 |  |  | $ | 157,376 |  |  | $ | 186,091 |  |  | $ | 219,320 |
Earnings before income taxes |  | $ | 32,370 |  |  | $ | 67,674 |  |  | $ | 92,366 |  |  | $ | 110,535 |
Net earnings |  | $ | 25,412 |  |  | $ | 50,828 |  |  | $ | 69,809 |  |  | $ | 103,614 |
Per Share Data: |  |  |  |  |  |  |  |
Basic earnings per share (1) |  | $ | 0.66 |  |  | $ | 1.33 |  |  | $ | 1.82 |  |  | $ | 2.71 |
Diluted earnings per share (1) |  | $ | 0.65 |  |  | $ | 1.31 |  |  | $ | 1.79 |  |  | $ | 2.65 |
2018 |  |  |  |  |  |  |  |
Total closing revenue |  | $ | 742,564 |  |  | $ | 877,495 |  |  | $ | 884,581 |  |  | $ | 1,008,779 |
Total closing gross profit |  | $ | 123,120 |  |  | $ | 158,828 |  |  | $ | 158,517 |  |  | $ | 188,688 |
Earnings before income taxes |  | $ | 48,884 |  |  | $ | 71,185 |  |  | $ | 71,409 |  |  | $ | 91,776 |
Net earnings |  | $ | 43,874 |  |  | $ | 53,838 |  |  | $ | 54,135 |  |  | $ | 75,485 |
Per Share Data: |  |  |  |  |  |  |  |
Basic earnings per share (1) |  | $ | 1.08 |  |  | $ | 1.32 |  |  | $ | 1.34 |  |  | $ | 1.93 |
Diluted earnings per share (1) |  | $ | 1.07 |  |  | $ | 1.31 |  |  | $ | 1.33 |  |  | $ | 1.91 |
(1)Due to the computation of earnings per share, the sum of the quarterly amounts may not equal the full-year results. 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 economic downturns or times of certain government incentives, our results may not follow our historical trends.

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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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