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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jul. 31, 2017
Jul. 31, 2016
Jul. 31, 2017
Jul. 31, 2016
Total revenues $ 592,035 $ 716,850 $ 1,729,979 $ 1,947,178
Inventory impairment loss and land option write-offs     9,334 22,915
Corporate general and administrative 15,698 14,885 47,425 43,804
Other interest [1],[2] 23,559 23,159 68,483 68,468
Other operations (26) 957 1,466 3,488
Total expenses 596,069 713,356 1,742,565 1,971,656
Loss on extinguishment of debt (42,258) (34,854)
Loss from unconsolidated joint ventures (3,881) (2,401) (10,109) (5,227)
(Loss) income before income taxes (50,173) 1,093 (57,549) (29,705)
Tax provision (benefit) 287,036 1,567 286,485 (4,597)
Net loss $ (337,209) $ (474) $ (344,034) $ (25,108)
Loss per common share, basic (in dollars per share) $ (2.28) $ 0 $ (2.33) $ (0.17)
Weighted-average number of common shares outstanding, basic (in shares) 147,748 147,412 147,628 147,383
Loss per common share, assuming dilution (in dollars per share) $ (2.28) $ 0 $ (2.33) $ (0.17)
Weighted-average number of common shares outstanding, assuming dilution (in shares) 147,748 147,412 147,628 147,383
State and Local Jurisdiction [Member]        
Tax provision (benefit) $ 8,523 $ 1,434 $ 10,797 $ 4,995
Domestic Tax Authority [Member]        
Tax provision (benefit) 278,513 133 275,688 (9,592)
Homebuilding [Member]        
Sale of homes 574,282 640,386 1,673,250 1,823,318
Land sales and other revenues 2,760 59,979 14,393 72,146
Total homebuilding 577,042 700,365 1,687,643 1,895,464
Cost of sales, excluding interest 478,886 583,783 1,399,353 1,583,979
Cost of sales interest 19,371 28,406 58,030 66,693
Inventory impairment loss and land option write-offs 4,197 1,565 9,334 22,915
Total cost of sales 502,454 613,754 1,466,717 1,673,587
Selling, general and administrative 45,517 51,685 135,392 155,560
Total homebuilding expenses 547,971 665,439 1,602,109 1,829,147
Total expenses 587,202 704,440 1,719,483 1,944,907
Financial Services [Member]        
Financial services 14,993 16,485 42,336 51,714
Financial services 8,867 8,916 23,082 26,749
Total expenses $ 8,867 $ 8,916 $ 23,082 $ 26,749
[1] 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 on notes payable, which is calculated as follows:
[2] Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $17.2 million and $10.1 million for the three months ended July 31, 2017 and 2016, respectively, and $46.5 million and $36.8 million for the nine months ended July 31, 2017 and 2016, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization, and therefore, is expensed. This component of other interest was $6.4 million and $13.1 million for the three months ended July 31, 2017 and 2016, respectively, and $22.0 million and $31.6 million for the nine months ended July 31, 2017 and 2016, respectively.