| Schedule of quarterly financial information |
Quarterly results for the years ended December 31, 2013 and 2012 follow (in thousands, except per share amounts):
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First |
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Second |
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Third |
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Fourth |
2013 |
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Total closing revenue |
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$ |
336,435 |
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$ |
449,950 |
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$ |
492,080 |
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$ |
536,194 |
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Total closing gross profit |
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$ |
64,535 |
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$ |
95,052 |
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$ |
113,182 |
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$ |
123,649 |
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Earnings before income taxes |
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$ |
16,475 |
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$ |
38,532 |
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$ |
56,786 |
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$ |
65,879 |
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Net earnings |
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$ |
12,041 |
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$ |
28,143 |
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$ |
38,191 |
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$ |
46,089 |
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Per Share Data: |
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Basic earnings per share (1) |
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$ |
0.34 |
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$ |
0.78 |
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$ |
1.05 |
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$ |
1.27 |
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Diluted earnings per share (1) |
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$ |
0.32 |
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$ |
0.74 |
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$ |
0.99 |
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$ |
1.19 |
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2012 |
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Total closing revenue |
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$ |
204,350 |
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$ |
282,095 |
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$ |
342,643 |
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$ |
364,586 |
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Total closing gross profit |
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$ |
35,236 |
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$ |
51,566 |
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$ |
62,424 |
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$ |
68,973 |
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(Loss)/earnings before income taxes (2) |
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$ |
(4,574 |
) |
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$ |
2,842 |
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$ |
6,986 |
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$ |
23,600 |
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Net (loss)/earnings (3) |
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$ |
(4,754 |
) |
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$ |
8,005 |
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$ |
6,784 |
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$ |
95,128 |
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Per Share Data: |
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Basic (loss)/earnings per share (1) |
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$ |
(0.15 |
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$ |
0.24 |
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$ |
0.19 |
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$ |
2.67 |
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Diluted (loss)/earnings per share (1) |
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$ |
(0.15 |
) |
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$ |
0.24 |
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$ |
0.19 |
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$ |
2.49 |
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(1) |
Due to the computation of earnings/(loss) per share, the sum of the quarterly amounts may not equal the full-year results. |
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(2) |
In the third quarter of 2012, we recorded an $8.7 million charge related to a litigation accrual.
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(3) |
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.
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