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Quarterly Results (Unaudited) | 12 Months Ended
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Nov. 30, 2014
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results (unaudited) | Quarterly Results (unaudited) The following tables present our consolidated quarterly results for the years ended November 30, 2014 and 2013 (in thousands, except per share amounts):
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2014 |  |  |  |  |  |  |
Revenues | $ | 450,687 |  |  | $ | 565,007 |  |  | $ | 589,214 |  |  | $ | 796,041 |
Gross profits | 80,561 |  |  | 107,595 |  |  | 108,931 |  |  | 114,765 |
Pretax income | 10,763 |  |  | 26,924 |  |  | 28,661 |  |  | 28,601 |
Net income | 10,563 |  |  | 26,624 |  |  | 28,361 |  |  | 852,801 |
Earnings per share: |  |  |  |  |  |  |
Basic | $ | .13 |  |  | $ | .30 |  |  | $ | .31 |  |  | $ | 9.25 |
Diluted | $ | .12 |  |  | $ | .27 |  |  | $ | .28 |  |  | $ | 8.36 |
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 |
Gross profits in the first, second and third quarters of 2014 included land option contract abandonment charges of $.4 million, $.4 million and $1.0 million, respectively. Gross profits in the third and fourth quarters of 2014 also included inventory impairment charges of $3.4 million and $34.2 million, respectively. 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. Pretax income in the first quarter of 2014 included a $3.2 million gain on the sale of our interest in an unconsolidated joint venture. 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. Net income in the fourth quarter of 2014 included the impact of an $825.2 million deferred tax asset valuation allowance reversal. 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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