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Inventories | 3 Months Ended
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Feb. 28, 2013
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following (in thousands):
| February 28, 2013 |  | November 30, 2012
Homes under construction | $ | 519,746 |  |  | $ | 454,108 |
Land under development | 764,479 |  |  | 567,470 |
Land held for future development | 653,549 |  |  | 684,993 |
Total | $ | 1,937,774 |  |  | $ | 1,706,571 |
Homes under construction is comprised of costs associated with homes in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs, capitalized interest and real estate taxes associated with land undergoing improvement activity. Land held for future development principally reflects land acquisition and land development costs related to land where development activity has been suspended or has not yet begun, but is expected to occur in the future. These assets held for future development are located in various submarkets where conditions do not presently support further investment or development, or are subject to a building permit moratorium or other regulatory restrictions, or are portions of larger land parcels that we plan to build out over several years and/or that have not yet been entitled. We may also suspend development activity if we believe it will result in greater returns and/or maximize the economic performance of a community. Our interest costs are as follows (in thousands):
| Three Months Ended
| February 28, 2013 |  | February 29, 2012
Capitalized interest at beginning of period | $ | 217,684 |  |  | $ | 233,461 |
Interest incurred (a) | 33,422 |  |  | 30,411 |
Interest expensed (a) | (15,240 | ) |  | (16,286 | )
Interest amortized to construction and land costs | (18,705 | ) |  | (12,669 | )
Capitalized interest at end of period (b) | $ | 217,161 |  |  | $ | 234,917 |
(a) | Amounts for the three months ended February 29, 2012 include a $2.0 million loss on the early extinguishment of 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.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 Reference 2: 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section A -Paragraph 9 -Chapter 3 -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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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