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Inventories

3 Months Ended

Feb. 29, 2012

Inventories [Abstract]

Inventories

5. Inventories

Inventories consisted of the following (in thousands):

		February 29, 2012				November 30, 2011
Homes under construction		$	402,077			$	417,304
Land under development			608,695				587,582
Land held for future development			737,605				726,743
Total		$	1,748,377			$	1,731,629

The Company’s interest costs are as follows (in thousands):

		Three Months Ended
		February 29, 2012				February 28, 2011
Capitalized interest at beginning of period		$	233,461			$	249,966
Interest incurred (a)			30,411				25,937
Interest expensed (a)			(16,286	)			(11,439	)
Interest amortized to construction and land costs			(12,669	)			(11,424	)
Capitalized interest at end of period (b)		$	234,917			$	253,040

(a) Amounts for the three months ended February 29, 2012 include a $2.0 million loss on early extinguishment of debt. Amounts for the three months ended February 28, 2011 include a $3.6 million gain on the early extinguishment of secured debt.

(b) Inventory impairment charges are recognized against all inventory costs of a community, such as land, land improvements, cost of home construction and capitalized interest. Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest as impairment charges recognized are not generally allocated to specific components of inventory.

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- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.6)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 3

-Section A

-Paragraph 9

-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 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a, b, c

-Article 5



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766

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