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Quarterly Results (Unaudited) | 12 Months Ended
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Nov. 30, 2011
Quarterly Results (unaudited) [Abstract] |
Quarterly Results (unaudited) | Note 20. Quarterly Results (unaudited) The following tables present consolidated quarterly results for the Company for the years ended November 30, 2011 and 2010 (in thousands, except per share amounts):
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 196,940 |  |  | $ | 271,738 |  |  | $ | 367,316 |  |  | $ | 479,872 |
Gross profit |  |  | 25,279 |  |  |  | 20,570 |  |  |  | 63,579 |  |  |  | 72,941 |
Pretax income (loss) |  |  | (114,126 | ) |  |  | (68,804 | ) |  |  | (9,649 | ) |  |  | 11,411 |
Net income (loss) |  |  | (114,526 | ) |  |  | (68,504 | ) |  |  | (9,649 | ) |  |  | 13,911 |
Basic and diluted earnings (loss) per share |  | $ | (1.49 | ) |  | $ | (.89 | ) |  | $ | (.13 | ) |  | $ | .18 |
2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 263,978 |  |  | $ | 374,052 |  |  | $ | 501,003 |  |  | $ | 450,963 |
Gross profit |  |  | 36,545 |  |  |  | 66,217 |  |  |  | 88,436 |  |  |  | 87,391 |
Pretax income (loss) |  |  | (54,504 | ) |  |  | (30,609 | ) |  |  | (6,697 | ) |  |  | 15,442 |
Net income (loss) |  |  | (54,704 | ) |  |  | (30,709 | ) |  |  | (1,397 | ) |  |  | 17,442 |
Basic and diluted earnings (loss) per share |  | $ | (.71 | ) |  | $ | (.40 | ) |  | $ | (.02 | ) |  | $ | .23 |
Included in gross profit in the first, second, third and fourth quarters of 2011 were pretax, noncash inventory impairment charges of $1.0 million, $20.1 million, $.3 million and $1.3 million, respectively, and pretax, noncash charges for land option contract abandonments of $.8 million, $.5 million, $.8 million and $1.0 million, respectively. Included in gross profit in the first, third and fourth quarters of 2010 were pretax, noncash inventory impairment charges of $6.8 million, $1.4 million and $1.6 million, respectively, and pretax, noncash charges for land option contract abandonments of $6.5 million, $2.0 million and $1.6 million, respectively. There were no pretax noncash inventory impairment and land option contract abandonment charges in the second quarter of 2010. The pretax loss in the first and second quarters of 2011 included a loss on loan guaranty of $22.8 million and $14.6 million, respectively. The pretax income in the fourth quarter of 2011 included a gain on loan guaranty of $6.6 million. The pretax loss in the first quarter of 2011 also included a joint venture impairment charge of $53.7 million. Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year.

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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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