Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Home closing revenue $ 1,184,360 $ 860,884 $ 940,406
Land closing revenue 9,314 360 1,250
Total closing revenue 1,193,674 [1] 861,244 [1] 941,656 [1]
Cost of home closings (965,044) (704,566) (766,516)
Cost of land closings (8,422) (246) (993)
Real estate impairments (1,340) (8,870) (6,434)
Land impairments (669) (6,454) (17)
Total cost of closings and impairments (975,475) (720,136) (773,960)
Home closing gross profit 217,976 147,448 167,456
Land closing gross profit/(loss) 223 (6,340) 240
Total closing gross profit 218,199 141,108 167,696
Commissions and other sales costs (94,833) (74,912) (76,798)
General and administrative expenses (68,185) (64,184) (59,784)
Earnings from unconsolidated entities, net 10,233 5,849 5,243
Interest expense (24,244) (30,399) (33,722)
Loss on extinguishment of debt (5,772) 0 (3,454)
Other (loss)/income, net (6,544) 2,162 3,303
Earnings/(loss) before income taxes 28,854 (20,376) 2,484
Benefit from/(provision for) income taxes 76,309 (730) 4,666
Net income/(loss) $ 105,163 $ (21,106) $ 7,150
Earnings/(loss) per share:      
Basic (in dollars per share) $ 3.09 $ (0.65) $ 0.22
Diluted (in dollars per share) $ 3.00 [2],[3] $ (0.65) [2],[3] $ 0.22 [2],[3]
Weighted average number of shares:      
Basic (in shares) 34,057 32,382 32,060
Diluted (in shares) 35,172 32,382 32,322
[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] 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.
[3] 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.