| Schedule of quarterly financial information |
Quarterly results for the years ended December 31, 2012 and 2011 follow (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First |
|
Second |
|
Third |
|
Fourth |
2012 |
|
|
|
|
|
|
|
|
Total closing revenue |
|
$ |
204,350 |
|
|
$ |
282,095 |
|
|
$ |
342,643 |
|
|
$ |
364,586 |
|
Total closing gross profit |
|
$ |
35,236 |
|
|
$ |
51,566 |
|
|
$ |
62,424 |
|
|
$ |
68,973 |
|
(Loss)/earnings before income taxes (1) |
|
$ |
(4,574 |
) |
|
$ |
2,842 |
|
|
$ |
6,986 |
|
|
$ |
23,600 |
|
Net (loss)/earnings (2) |
|
$ |
(4,754 |
) |
|
$ |
8,005 |
|
|
$ |
6,784 |
|
|
$ |
95,128 |
|
Per Share Data: |
|
|
|
|
|
|
|
|
Basic (loss)/earnings per share (3) |
|
$ |
(0.15 |
) |
|
$ |
0.24 |
|
|
$ |
0.19 |
|
|
$ |
2.67 |
|
Diluted (loss)/earnings per share (3) |
|
$ |
(0.15 |
) |
|
$ |
0.24 |
|
|
$ |
0.19 |
|
|
$ |
2.49 |
|
2011 |
|
|
|
|
|
|
|
|
Total closing revenue |
|
$ |
177,589 |
|
|
$ |
220,131 |
|
|
$ |
217,534 |
|
|
$ |
245,990 |
|
Total closing gross profit (4) |
|
$ |
30,389 |
|
|
$ |
39,587 |
|
|
$ |
37,943 |
|
|
$ |
33,189 |
|
(Loss)/earnings before income taxes |
|
$ |
(6,444 |
) |
|
$ |
747 |
|
|
$ |
(3,075 |
) |
|
$ |
(11,604 |
) |
Net (loss)/earnings |
|
$ |
(6,659 |
) |
|
$ |
562 |
|
|
$ |
(3,235 |
) |
|
$ |
(11,774 |
) |
Per Share Data: |
|
|
|
|
|
|
|
|
Basic (loss)/earnings per share (3) |
|
$ |
(0.21 |
) |
|
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.36 |
) |
Diluted (loss)/earnings per share (3) |
|
$ |
(0.21 |
) |
|
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.36 |
) |
|
|
(1) |
In the third quarter of 2012, we recorded an $8.7 million charge related to a litigation accrual.
|
|
|
(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.
|
|
|
(3) |
Due to the computation of earnings/(loss) per share, the sum of the quarterly amounts may not equal the full-year results. |
|
|
(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.
|
|