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Quarterly Results (Unaudited)
 12 Months Ended
Nov. 30, 2012
Quarterly Financial Data [Abstract]  
Quarterly Results (unaudited)
Quarterly Results (unaudited)
The following tables present our consolidated quarterly results for the years ended November 30, 2012 and 2011 (in thousands, except per share amounts):
 
First
 
Second
 
Third
 
Fourth
2012
 
 
 
 
 
 
 
Revenues
$
254,558

 
$
302,852

 
$
424,504

 
$
578,201

Gross profits
26,365

 
52,490

 
75,887

 
84,853

Pretax income (loss)
(45,402
)
 
(28,636
)
 
(7,439
)
 
2,424

Net income (loss)
(45,802
)
 
(24,136
)
 
3,261

 
7,724

Basic and diluted earnings (loss) per share
$
(.59
)
 
$
(.31
)
 
$
.04

 
$
.10

2011
 
 
 
 
 
 
 
Revenues
$
196,940

 
$
271,738

 
$
367,316

 
$
479,872

Gross profits
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


Gross profits in the first, second, third and fourth quarters of 2012 included inventory impairment charges of $6.6 million, $9.9 million, $6.4 million and $5.2 million, respectively, and no land option contract abandonment charges in the first, second and third quarters and $.4 million in the fourth quarter. Gross profits in the second and third quarters of 2012 also included insurance recoveries of $10.0 million and $16.5 million, respectively.
Gross profits in the first, second, third and fourth quarters of 2011 included inventory impairment charges of $1.0 million, $20.1 million, $.3 million and $1.3 million, respectively, and land option contract abandonment charges of $.8 million, $.5 million, $.8 million and $1.0 million, respectively.
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.