Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data (Unaudited) (Details)

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Selected Quarterly Financial Data (Unaudited) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Selected Quarterly Financial Information [Abstract]                      
Total closing revenue $ 364,586 $ 342,643 $ 282,095 $ 204,350 $ 245,990 $ 217,534 $ 220,131 $ 177,589 $ 1,193,674 [1] $ 861,244 [1] $ 941,656 [1]
Total closing gross profit 68,973 62,424 51,566 35,236 33,189 [2] 37,943 [2] 39,587 [2] 30,389 [2] 218,199 141,108 167,696
(Loss)/earnings before income taxes (1) 23,600 [3] 6,986 [3] 2,842 [3] (4,574) [3] (11,604) (3,075) 747 (6,444) 28,854 (20,376) 2,484
Net (loss)/earnings (2) $ 95,128 [4] $ 6,784 [4] $ 8,005 [4] $ (4,754) [4] $ (11,774) $ (3,235) $ 562 $ (6,659) $ 105,163 $ (21,106) $ 7,150
Per Share Data:                      
Basic earnings/(loss) per share (in dollars per share) $ 2.67 [5] $ 0.19 [5] $ 0.24 [5] $ (0.15) [5] $ (0.36) [5] $ (0.10) [5] $ 0.02 [5] $ (0.21) [5] $ 3.09 $ (0.65) $ 0.22
Diluted earnings/(loss) per share (in dollars per share) $ 2.49 [5] $ 0.19 [5] $ 0.24 [5] $ (0.15) [5] $ (0.36) [5] $ (0.10) [5] $ 0.02 [5] $ (0.21) [5] $ 3.00 [6],[7] $ (0.65) [6],[7] $ 0.22 [6],[7]
[1] Revenue includes the following land closing revenue, by segment: 2012 – $6.5 million in the West Region, $2.0 million in the Central Region and $790,000 in the East Region; 2011 – $360,000 in the Central Region; 2010 – $1.3 million in the Central Region.
[2] In the fourth quarter of 2011 we recorded $4.0 million of inventory impairments, $2.7 million of option deposit and pre-acquisition write-offs and $6.3 million of impairments on land held for sale.
[3] In the third quarter of 2012, we recorded an $8.7 million charge related to a litigation accrual.
[4] In the fourth quarter of 2012, we reversed $79.9 million of our deferred tax asset valuation reserve and recorded an $8.4 million tax expense.
[5] Due to the computation of earnings/(loss) per share, the sum of the quarterly amounts may not equal the full-year results.
[6] For periods with a net loss, no options or non-vested shares are included in the dilution calculation as all options and non-vested shares outstanding are considered anti-dilutive.
[7] During 2012, we issued $126.5 million of 1.875% convertible senior notes convertible into shares of our common stock at a rate of 17.1985 shares per 1,000 principle amount. 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.