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Quarterly Results (unaudited) | 12 Months Ended
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Nov. 30, 2019
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, 2019 and 2018 (in thousands, except per share amounts):
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2019 |  |  |  |  |  |  |
Revenues | $ | 811,483 |  |  | $ | 1,021,803 |  |  | $ | 1,160,786 |  |  | $ | 1,558,675 |
Gross profits | 139,604 |  |  | 177,019 |  |  | 216,029 |  |  | 306,834 |
Inventory impairment and land option contract abandonment charges | 3,555 |  |  | 4,337 |  |  | 5,251 |  |  | 4,148 |
Pretax income (a) | 34,511 |  |  | 56,761 |  |  | 91,936 |  |  | 164,967 |
Net income | 30,011 |  |  | 47,461 |  |  | 68,136 |  |  | 123,167 |
Earnings per share: |  |  |  |  |  |  |
Basic | .34 |  |  | .54 |  |  | .77 |  |  | 1.37 |
Diluted | .31 |  |  | .51 |  |  | .73 |  |  | 1.31 |
2018 |  |  |  |  |  |  |
Revenues | $ | 871,623 |  |  | $ | 1,101,423 |  |  | $ | 1,225,347 |  |  | $ | 1,348,609 |
Gross profits | 141,192 |  |  | 189,222 |  |  | 222,893 |  |  | 245,931 |
Inventory impairment and land option contract abandonment charges | 4,985 |  |  | 6,526 |  |  | 8,414 |  |  | 9,069 |
Pretax income | 46,045 |  |  | 78,308 |  |  | 114,676 |  |  | 128,936 |
Net income (loss) (b) | (71,255 | ) |  | 57,308 |  |  | 87,476 |  |  | 96,836 |
Earnings (loss) per share: |  |  |  |  |  |  |
Basic | (.82 | ) |  | .65 |  |  | .99 |  |  | 1.09 |
Diluted | (.82 | ) |  | .57 |  |  | .87 |  |  | .96 |
(a) | Pretax income for the fourth quarter included a $6.8 million loss on the early extinguishment of debt.
(b) | Net income (loss) included non-cash charges to income tax expense of $111.2 million in the first quarter and $1.3 million in the fourth quarter for TCJA-related impacts.
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 quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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