Annual report pursuant to Section 13 and 15(d)

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Quarterly results for the years ended December 31, 2020 and 2019 follow (in thousands, except per share amounts):
 
First Second Third Fourth
2020
Total closing revenue $ 901,013  $ 1,033,079  $ 1,138,091  $ 1,409,937 
Total closing gross profit $ 178,743  $ 219,248  $ 244,077  $ 317,546 
Earnings before income taxes $ 86,833  $ 115,862  $ 135,506  $ 195,365 
Net earnings $ 71,152  $ 90,678  $ 109,118  $ 152,527 
Per Share Data:
Basic earnings per share (1) $ 1.87  $ 2.41  $ 2.90  $ 4.06 
Diluted earnings per share (1) $ 1.83  $ 2.38  $ 2.84  $ 3.97 
2019
Total closing revenue $ 708,145  $ 864,610  $ 940,880  $ 1,136,848 
Total closing gross profit $ 116,828  $ 157,376  $ 186,091  $ 219,320 
Earnings before income taxes $ 32,370  $ 67,674  $ 92,366  $ 110,535 
Net earnings $ 25,412  $ 50,828  $ 69,809  $ 103,614 
Per Share Data:
Basic earnings per share (1) $ 0.66  $ 1.33  $ 1.82  $ 2.71 
Diluted earnings per share (1) $ 0.65  $ 1.31  $ 1.79  $ 2.65 
 
(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.