Annual report pursuant to Section 13 and 15(d)

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

v3.10.0.1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Quarterly results for the years ended December 31, 2018 and 2017 follow (in thousands, except per share amounts):
 
 
 
First
 
Second
 
Third
 
Fourth
2018
 
 
 
 
 
 
 
 
Total closing revenue
 
$
742,564

 
$
877,495

 
$
884,581

 
$
1,008,779

Total closing gross profit
 
$
123,120

 
$
158,828

 
$
158,517

 
$
188,688

Earnings before income taxes
 
$
48,884

 
$
71,185

 
$
71,409

 
$
91,776

Net earnings
 
$
43,874

 
$
53,838

 
$
54,135

 
$
75,485

Per Share Data:
 
 
 
 
 
 
 
 
Basic earnings per share (1)
 
$
1.08

 
$
1.32

 
$
1.34

 
$
1.93

Diluted earnings per share (1)
 
$
1.07

 
$
1.31

 
$
1.33

 
$
1.91

2017
 
 
 
 
 
 
 
 
Total closing revenue
 
$
672,772

 
$
801,978

 
$
805,597

 
$
946,425

Total closing gross profit
 
$
109,763

 
$
140,910

 
$
144,601

 
$
171,225

Earnings before income taxes
 
$
36,769

 
$
63,205

 
$
63,455

 
$
84,090

Net earnings
 
$
23,572

 
$
41,580

 
$
42,550

 
$
35,553

Per Share Data:
 
 
 
 
 
 
 
 
Basic earnings per share (1)
 
$
0.59

 
$
1.03

 
$
1.06

 
$
0.88

Diluted earnings per share (1)
 
$
0.56

 
$
0.98

 
$
1.02

 
$
0.87

 
(1)
Due to the computation of earnings per share, the sum of the quarterly amounts may not equal the full-year results.

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 economic downturns or times of certain government incentives, our results may not follow our historical trends.