| SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
NOTE 13 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Quarterly results for the years ended December 31, 2011 and 2010 follow (in thousands, except per share amounts):
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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First |
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Second |
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Third |
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Fourth |
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2011
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Total closing revenue
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$ |
177,589 |
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$ |
220,131 |
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$ |
217,534 |
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$ |
245,990 |
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Gross profit (1)
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$ |
30,389 |
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$ |
39,587 |
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$ |
37,943 |
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$ |
33,189 |
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(Loss)/earnings before income taxes
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$ |
(6,444 |
) |
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$ |
747 |
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$ |
(3,075 |
) |
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$ |
(11,604 |
) |
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Net (loss)/earnings
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$ |
(6,659 |
) |
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$ |
562 |
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$ |
(3,235 |
) |
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$ |
(11,774 |
) |
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Per Share Data:
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Basic (loss)/earnings per share (2)
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$ |
(0.21 |
) |
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$ |
0.02 |
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$ |
(0.10 |
) |
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$ |
(0.36 |
) |
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Diluted (loss)/earnings per share (2)
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$ |
(0.21 |
) |
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$ |
0.02 |
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$ |
(0.10 |
) |
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$ |
(0.36 |
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2010
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Total closing revenue
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$ |
201,804 |
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$ |
291,405 |
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$ |
233,803 |
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$ |
214,644 |
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Gross profit (3)
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$ |
38,256 |
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$ |
52,896 |
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$ |
42,561 |
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$ |
33,983 |
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Earnings/(loss) before income taxes
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$ |
2,781 |
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$ |
4,391 |
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$ |
731 |
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$ |
(5,419 |
) |
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Net earnings/(loss)
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$ |
2,660 |
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$ |
4,166 |
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$ |
1,219 |
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$ |
(895 |
) |
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Per Share Data:
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Basic earnings/(loss) per share (2)
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$ |
0.08 |
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$ |
0.13 |
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$ |
0.04 |
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$ |
(0.03 |
) |
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Diluted earnings/(loss) per share (2)
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$ |
0.08 |
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$ |
0.13 |
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$ |
0.04 |
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$ |
(0.03 |
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| (1) |
In accordance with ASC 360-10 and as previously discussed in Note 1, in 2011 we recorded $6.1 million of inventory impairments, $2.8 million of option deposit and
pre-acquisition write-offs, and $6.5 of impairments on land held for sale. |
| (2) |
Due to the computation of earnings/(loss) per share, the sum of the quarterly amounts may not equal the full-year results. |
| (3) |
In 2010 we recorded $5.4 million of inventory impairments, $1.0 million of option deposit and pre-acquisition write-offs, $295,000 of joint venture impairments and
$17,000 of impairments on land held for sale. |
We typically
experience seasonal variability in our quarterly operating results and capital requirements. Historically, we sell more homes in the first half of the year, which results in more working capital requirements and home closings in the third and fourth
quarters. However, during the current economic downturn and the enactment and expiration of certain government incentives, our results may not follow our historical trends.
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