Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONSOLIDATED INCOME STATEMENTS

v3.5.0.2
UNAUDITED CONSOLIDATED INCOME STATEMENTS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Homebuilding:        
Home closing revenue $ 795,845 $ 591,027 $ 1,391,462 $ 1,108,300
Land closing revenue 2,051 6,774 4,200 8,213
Total closing revenue [1] 797,896 597,801 1,395,662 1,116,513
Cost of home closings (658,099) (476,790) (1,150,369) (898,576)
Cost of land closings (1,693) (6,262) (3,393) (7,547)
Total cost of closings (659,792) (483,052) (1,153,762) (906,123)
Home closing gross profit 137,746 114,237 241,093 209,724
Land closing gross profit 358 512 807 666
Total closing gross profit 138,104 114,749 241,900 210,390
Financial Services:        
Revenue 3,476 2,741 5,976 5,276
Expense (1,508) (1,362) (2,754) (2,661)
Earnings from financial services unconsolidated entities and other, net 3,795 2,757 6,587 5,301
Financial services profit 5,763 4,136 9,809 7,916
Commissions and other sales costs (56,379) (45,167) (102,556) (86,779)
General and administrative expenses (28,898) (27,650) (58,516) (57,300)
Earnings/(loss) from other unconsolidated entities, net 573 (169) 416 (292)
Interest expense (1,672) (4,621) (4,960) (7,775)
Other income, net 1,545 136 1,828 551
Earnings before income taxes 59,036 41,414 87,921 66,711
Provision for income taxes (19,158) (12,281) (27,074) (21,178)
Net earnings $ 39,878 $ 29,133 $ 60,847 $ 45,533
Earnings per common share:        
Basic (in dollars per share) $ 1.00 $ 0.73 $ 1.52 $ 1.15
Diluted (in dollars per share) [2] $ 0.95 $ 0.70 $ 1.45 $ 1.10
Weighted average number of shares:        
Basic (in shares) 40,012 39,648 39,926 39,520
Diluted (in shares) 42,533 42,145 42,477 42,079
[1] Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015Land closing revenue: West$65 $— $65 $—Central1,794 5,078 3,712 6,517East192 1,696 423 1,696Total$2,051 $6,774 $4,200 $8,213
[2] 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.