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, 2019
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Quarterly results for the years ended December 31, 2019 and 2018 follow (in thousands, except per share amounts):
 
First Second Third Fourth
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   
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   
 
(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.