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Results of Quarterly Operations
 12 Months Ended
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

)