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Inventories (Tables)

6 Months Ended

May 31, 2012


	May 31, 2012		November 30, 2011
Homes under construction	$	469,880	$	417,304
Land under development		532,520		587,582
Land held for future development		725,240		726,743

Total	$	1,727,640	$	1,731,629

Interest costs


	Six Months Ended May 31,						Three Months Ended May 31,
	2012			2011			2012			2011
Capitalized interest at beginning of period	$	233,461		$	249,966		$	234,917		$	253,040
Interest incurred (a)		60,020			55,399			29,609			29,462
Interest expensed (a)		(30,755	)		(24,560	)		(14,469	)		(13,121	)
Interest amortized to construction and land costs		(27,694	)		(31,013	)		(15,025	)		(19,589	)

Capitalized interest at end of period (b)	$	235,032		$	249,792		$	235,032		$	249,792

(a)	Amounts for the six months ended May 31, 2012 include a $2.0 million loss on early extinguishment of debt. Amounts for the six months ended May 31, 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 development, 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.