Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

v2.4.0.8
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Home closing revenue $ 502,800 $ 436,040 $ 908,579 $ 766,750
Land closing revenue 2,804 13,910 5,370 19,635
Total closing revenue 505,604 [1] 449,950 [1] 913,949 [1] 786,385 [1]
Cost of home closings (392,839) (342,435) (706,019) (608,785)
Cost of land closings (2,762) (12,463) (6,355) (18,013)
Total cost of closings (395,601) (354,898) (712,374) (626,798)
Home closing gross profit 109,961 93,605 202,560 157,965
Land closing gross profit/(loss) 42 1,447 (985) 1,622
Total closing gross profit 110,003 95,052 201,575 159,587
Financial Services Revenue 2,451 1,434 4,350 2,276
Financial Services Expenses (1,131) (755) (2,206) (1,328)
Earnings from financial services unconsolidated entities and other, net 2,297 3,486 4,498 6,273
Financial Services Profit 3,617 4,165 6,642 7,221
Commissions and other sales costs (36,105) (31,180) (67,039) (57,059)
General and administrative expenses (24,571) (22,451) (46,242) (42,175)
Loss from other unconsolidated entities, net (61) (120) (230) (275)
Interest expense (1,396) (4,523) (4,109) (9,651)
Other income, net 3,749 685 4,397 1,155
Loss on early extinguishment of debt 0 (3,096) 0 (3,796)
Earnings before income taxes 55,236 38,532 94,994 55,007
Provision for income taxes (20,157) (10,389) (34,538) (14,823)
Net earnings $ 35,079 $ 28,143 $ 60,456 $ 40,184
Earnings per common share:        
Basic $ 0.90 $ 0.78 $ 1.55 $ 1.12
Diluted $ 0.85 [2] $ 0.74 [2] $ 1.48 [2] $ 1.06 [2]
Weighted average number of shares:        
Basic 39,118 36,151 38,904 35,976
Diluted 41,598 38,758 41,487 38,662
[1] (1)Homebuilding revenue includes the following land closing revenue, by segment: Three Months Ended June 30, Six Months Ended June 30, 2014 2013 2014 2013Land closing revenue: West$— $100 $1,050 $5,741Central581 10,340 2,097 10,424East2,223 3,470 2,223 3,470Consolidated total$2,804 $13,910 $5,370 $19,635
[2] (1)In accordance with ASC Subtopic 260-10, Earnings Per Share, we calculate the dilutive effect of convertible securities using the "if-converted" method.