Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Homebuilding:      
Home closing revenue $ 3,186,775 $ 3,003,426 $ 2,531,556
Land closing revenue 39,997 25,801 36,526
Total closing revenue 3,226,772 3,029,227 2,568,082
Cost of home closings (2,624,636) (2,474,584) (2,049,637)
Cost of land closings (35,637) (23,431) (29,736)
Total cost of closings (2,660,273) (2,498,015) (2,079,373)
Home closing gross profit 562,139 528,842 481,919
Land closing gross profit 4,360 2,370 6,790
Total closing gross profit 566,499 531,212 488,709
Financial Services:      
Revenue 14,203 12,507 11,377
Expense (6,006) (5,587) (5,203)
Earnings from financial services unconsolidated entities and other, net 13,858 14,982 13,097
Financial services profit 22,055 21,902 19,271
Commissions and other sales costs (221,647) (215,092) (188,418)
General and administrative expenses (124,041) (123,803) (112,849)
Earnings/(loss) from other unconsolidated entities, net 2,101 4,060 (338)
Interest expense (3,853) (5,172) (15,965)
Other income/(expense), net 6,405 4,953 (946)
Earnings before income taxes 247,519 218,060 189,464
Provision for income taxes (104,264) (68,519) (60,726)
Net earnings $ 143,255 $ 149,541 $ 128,738
Earnings per common share:      
Basic (in dollars per share) $ 3.56 $ 3.74 $ 3.25
Diluted (in dollars per share) [1] $ 3.41 $ 3.55 $ 3.09
Weighted average number of shares:      
Basic (in shares) 40,287 39,976 39,593
Diluted (in shares) 42,228 42,585 42,164
[1] In accordance with ASC 260-10, Earnings Per Share, ("ASC 260-10") we calculate the dilutive effect of convertible securities using the "if-converted" method based on the number of days the Convertible Notes were outstanding during the period. All of the Convertible Notes were retired in 2017.