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Income Taxes (Tables) | 6 Months Ended
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May 31, 2018
Income Tax Disclosure [Abstract] |
Income tax benefit computed at the statutory U.S federal income tax rate and income tax benefit (expense) provided in the consolidated statements of operations | Our income tax expense and effective tax rates were as follows (dollars in thousands):
| Three Months Ended May 31, |  | Six Months Ended May 31,
| 2018 |  | 2017 |  | 2018 |  | 2017
Income tax expense | $ | 21,000 |  |  | $ | 20,200 |  |  | $ | 138,300 |  |  | $ | 27,400 |
Effective tax rate | 26.8 | % |  | 38.9 | % |  | 111.2 | % |  | 37.3 | %
Our income tax expense and effective tax rate for the three months ended May 31, 2018 included the favorable effect of the reduction in the federal corporate income tax rate under the TCJA; the favorable net impact of federal energy tax credits of $.2 million that we earned from building energy efficient homes; and excess tax benefits of $.2 million related to stock-based compensation due to our adoption of ASU 2016-09, as further described in Note 1 – Basis of Presentation and Significant Accounting Policies. Our income tax expense and effective tax rate for the six months ended May 31, 2018 included the above-described charge of $111.2 million for TCJA-related impacts; the favorable effect of the reduction in the federal corporate income tax rate under the TCJA; the favorable net impact of federal energy tax credits of $4.2 million; and excess tax benefits of $2.4 million related to stock-based compensation. The TCJA requires us to use a blended federal tax rate for our 2018 fiscal year by applying a prorated percentage of days before and after the January 1, 2018 effective date. As a result, our 2018 annual federal statutory tax rate has been reduced to 22.2%. The federal energy tax credits for the three-month and six-month periods ended May 31, 2018 resulted from legislation enacted on February 9, 2018, which among other things, extended the availability of a business tax credit for building new energy efficient homes through December 31, 2017. Prior to this legislation, the tax credit expired on December 31, 2016. Our income tax expense and effective tax rate for the three-month and six-month periods ended May 31, 2017 included the favorable net impact of federal energy tax credits of $.1 million and $1.2 million, respectively, that we earned from building energy efficient homes through December 31, 2016.

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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