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Note 3 - Interest

3 Months Ended

Jan. 31, 2014

Home Building Interest [Abstract]

Home Building Interest [Text Block]

3. Interest

Interest costs incurred, expensed and capitalized were:

		Three Months Ended January 31,
(In thousands)		2014				2013

Interest capitalized at beginning of period		$	105,093			$	116,056
Plus interest incurred(1)			34,819				32,653
Less cost of sales interest expensed			9,490				10,280
Less other interest expensed(2)(3)			23,333				24,000
Interest capitalized at end of period(4)		$	107,089			$	114,429

(1)	Data does not include interest incurred by our mortgage and finance subsidiaries.
(2)	Other interest expensed is comprised of interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt. Interest on completed homes and land in planning, which does not qualify for capitalization, is expensed.
(3)	Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest, which is calculated as follows:

		Three Months Ended January 31,
(In thousands)		2014				2013
Other interest expensed		$	23,333			$	24,000
Interest paid by our mortgage and finance subsidiaries			736				877
Decrease (increase) in accrued interest			1,284				(8,220	)
Cash paid for interest, net of capitalized interest		$	25,353			$	16,657

(4)	Capitalized interest amounts are shown gross before allocating any portion of the impairments to capitalized interest.