| SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
NOTE 14 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Quarterly results for the years ended December 31, 2012 and 2011 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 |
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 (1) |
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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 (2) |
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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 (3) |
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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 (3) |
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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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2011 |
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Total closing revenue |
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$ |
177,589 |
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$ |
220,131 |
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$ |
217,534 |
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$ |
245,990 |
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Total closing gross profit (4) |
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$ |
30,389 |
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$ |
39,587 |
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$ |
37,943 |
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$ |
33,189 |
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(Loss)/earnings before income taxes |
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$ |
(6,444 |
) |
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$ |
747 |
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$ |
(3,075 |
) |
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$ |
(11,604 |
) |
Net (loss)/earnings |
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$ |
(6,659 |
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$ |
562 |
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$ |
(3,235 |
) |
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$ |
(11,774 |
) |
Per Share Data: |
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Basic (loss)/earnings per share (3) |
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$ |
(0.21 |
) |
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$ |
0.02 |
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$ |
(0.10 |
) |
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$ |
(0.36 |
) |
Diluted (loss)/earnings per share (3) |
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$ |
(0.21 |
) |
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$ |
0.02 |
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$ |
(0.10 |
) |
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$ |
(0.36 |
) |
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(1) |
In the third quarter of 2012, we recorded an $8.7 million charge related to a litigation accrual.
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(2) |
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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(3) |
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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(4) |
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.
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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 the current economic downturn and the enactment and expiration of certain government incentives, our results may not follow our historical trends.
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