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Inventories (Tables) | 9 Months Ended
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Aug. 31, 2012
Inventory Disclosure [Abstract] |
Schedule of Inventories | Inventories consisted of the following (in thousands):
| August 31, 2012 |  | November 30, 2011
Homes under construction | $ | 528,532 |  |  | $ | 417,304 |
Land under development | 545,423 |  |  | 587,582 |
Land held for future development | 695,088 |  |  | 726,743 |
Total | $ | 1,769,043 |  |  | $ | 1,731,629 |
Schedule of Capitalized Interest Costs | The Company’s interest costs were as follows (in thousands):
| Nine Months Ended August 31, |  | Three Months Ended August 31,
| 2012 |  | 2011 |  | 2012 |  | 2011
Capitalized interest at beginning of period | $ | 233,461 |  |  | $ | 249,966 |  |  | $ | 235,032 |  |  | $ | 249,792 |
Interest incurred (a) | 99,552 |  |  | 84,489 |  |  | 39,532 |  |  | 29,090 |
Interest expensed (a) | (53,815 | ) |  | (36,902 | ) |  | (23,060 | ) |  | (12,342 | )
Interest amortized to construction and land costs | (48,909 | ) |  | (52,746 | ) |  | (21,215 | ) |  | (21,733 | )
Capitalized interest at end of period (b) | $ | 230,289 |  |  | $ | 244,807 |  |  | $ | 230,289 |  |  | $ | 244,807 |
(a) | Amounts for the three months and nine months ended August 31, 2012 include losses on the early extinguishment of debt of $8.3 million and $10.3 million, respectively. Amounts for the nine months ended August 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 invento

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