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Results of Quarterly Operations | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract] |
Results of Quarterly Operations |
21. | Results of Quarterly Operations (Unaudited)
The following table presents our unaudited quarterly financial data. As discussed in Note 1, the Merger was treated as a reverse acquisition and WRECO is considered the accounting acquirer. Accordingly, WRECO is reflected as the predecessor and acquirer and therefore consolidated financial statements included in this Annual Report on Form 10-K reflect historical consolidated financial statements of WRECO for all periods presented, and do not include the historical financial statements of legacy TRI Pointe prior to the Closing Date. As a result, quarterly financial data presented in the following table for periods prior to the third quarter of 2014 will differ from amounts previously reported on the Form 10-Q from the same periods. In our opinion, this information has been prepared on a basis consistent with that of our audited consolidated financial statements and all necessary material adjustments, consisting of normal recurring accruals and adjustments, have been included to present fairly the unaudited quarterly financial data. Our quarterly results of operations for these periods are not necessarily indicative of future results of operations (in thousands, except per share amounts):
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
2014 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |
Total revenues |  | $ | 248,132 |  |  | $ | 342,563 |  |  | $ | 477,920 |  |  | $ | 635,001 |
Cost of homes sales and other |  |  | 195,595 |  |  |  | 267,937 |  |  |  | 387,721 |  |  |  | 506,101 |
Impairments and lot option abandonments |  |  | 468 |  |  |  | 104 |  |  |  | 552 |  |  |  | 1,391 |
Gross margin |  | $ | 52,069 |  |  | $ | 74,522 |  |  | $ | 89,647 |  |  | $ | 127,509 |
Income (loss) from continuing operations |  | $ | 7,581 |  |  | $ | 24,225 |  |  | $ | 10,965 |  |  | $ | 41,426 |
Discontinued operations, net of income taxes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income |  | $ | 7,581 |  |  | $ | 24,225 |  |  | $ | 10,965 |  |  | $ | 41,426 |
Earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.06 |  |  | $ | 0.19 |  |  | $ | 0.07 |  |  | $ | 0.26 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net earnings (loss) per share |  | $ | 0.06 |  |  | $ | 0.19 |  |  | $ | 0.07 |  |  | $ | 0.26 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.06 |  |  | $ | 0.19 |  |  | $ | 0.07 |  |  | $ | 0.26 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net earnings (loss) per share |  | $ | 0.06 |  |  | $ | 0.19 |  |  | $ | 0.07 |  |  | $ | 0.26 |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
2013 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |
Total revenues |  | $ | 195,516 |  |  | $ | 267,837 |  |  | $ | 323,866 |  |  | $ | 487,493 |
Cost of homes sales and other |  |  | 159,567 |  |  |  | 211,135 |  |  |  | 247,119 |  |  |  | 371,646 |
Impairments and lot option abandonments |  |  | 493 |  |  |  | 203 |  |  |  | 549 |  |  |  | 344,203 |
Gross margin |  | $ | 35,456 |  |  | $ | 56,499 |  |  | $ | 76,198 |  |  | $ | (228,356 | )
Income (loss) from continuing operations |  | $ | (55 | ) |  | $ | 8,441 |  |  | $ | 19,941 |  |  | $ | (179,620 | )
Discontinued operations, net of income taxes |  |  | 189 |  |  |  | (23 | ) |  |  | 218 |  |  |  | 1,454 |
Net income |  | $ | 134 |  |  | $ | 8,418 |  |  | $ | 20,159 |  |  | $ | (178,166 | )
Earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | — |  |  | $ | 0.06 |  |  | $ | 0.15 |  |  | $ | (1.38 | )
Discontinued operations |  |  | — |  |  |  | — |  |  |  | 0.01 |  |  |  | 0.01 |
Net earnings (loss) per share |  | $ | — |  |  | $ | 0.06 |  |  | $ | 0.16 |  |  | $ | (1.37 | )
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | — |  |  | $ | 0.06 |  |  | $ | 0.15 |  |  | $ | (1.38 | )
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.01 |
Net earnings (loss) per share |  | $ | — |  |  | $ | 0.06 |  |  | $ | 0.15 |  |  | $ | (1.37 | )

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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=35737889&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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