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Quarterly Results (Unaudited) | 12 Months Ended
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Nov. 30, 2013
Quarterly Financial Data [Abstract] |
Quarterly Results (unaudited) | Quarterly Results (unaudited) The following tables present our consolidated quarterly results for the years ended November 30, 2013 and 2012 (in thousands, except per share amounts):
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2013 |  |  |  |  |  |  |
Revenues | $ | 405,219 |  |  | $ | 524,406 |  |  | $ | 548,974 |  |  | $ | 618,531 |
Gross profits | 61,119 |  |  | 80,772 |  |  | 101,829 |  |  | 113,282 |
Pretax income (loss) | (12,358 | ) |  | (4,173 | ) |  | 26,578 |  |  | 28,316 |
Net income (loss) | (12,458 | ) |  | (2,973 | ) |  | 27,278 |  |  | 28,116 |
Earnings (loss) per share: |  |  |  |  |  |  |
Basic | $ | (.16 | ) |  | $ | (.04 | ) |  | $ | .32 |  |  | $ | .33 |
Diluted | $ | (.16 | ) |  | $ | (.04 | ) |  | $ | .30 |  |  | $ | .31 |
2012 |  |  |  |  |  |  |
Revenues | $ | 254,558 |  |  | $ | 302,852 |  |  | $ | 424,504 |  |  | $ | 578,201 |
Gross profits | 21,891 |  |  | 49,118 |  |  | 72,439 |  |  | 81,631 |
Pretax income (loss) | (45,402 | ) |  | (28,636 | ) |  | (7,439 | ) |  | 2,424 |
Net income (loss) | (45,802 | ) |  | (24,136 | ) |  | 3,261 |  |  | 7,724 |
Earnings (loss) per share: |  |  |  |  |  |  |
Basic | $ | (.59 | ) |  | $ | (.31 | ) |  | $ | .04 |  |  | $ | .10 |
Diluted | $ | (.59 | ) |  | $ | (.31 | ) |  | $ | .04 |  |  | $ | .10 |
Gross profits in the first, second, third and fourth quarters of 2013 included charges of $1.6 million, $15.9 million, $5.9 million, and $8.5 million, respectively, associated with water intrusion-related repairs at certain of our communities in central and southwest Florida. Gross profits in the second quarter of 2013 also included land option contract abandonment charges of $.3 million. In addition, gross profits in the fourth quarter of 2013 included land option contract abandonment charges of $2.9 million and inventory impairment charges of $.4 million. 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. In addition, gross profits in the second quarter of 2012 included favorable warranty adjustments of $11.2 million and insurance recoveries of $10.0 million, gross profits in the third quarter of 2012 included insurance recoveries of $16.5 million, and gross profits in the fourth quarter of 2012 included an unfavorable warranty adjustment of $2.6 million and land option contract abandonment charges of $.4 million. Pretax income in the fourth quarter of 2013 included the reversal of a previously established accrual of $8.2 million due to a favorable court decision. In the second quarter of 2012, the pretax loss included an $8.8 million charge associated with an unfavorable court decision related to the same matter as the favorable court decision in 2013. 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.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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