Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONSOLIDATED INCOME STATEMENTS

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UNAUDITED CONSOLIDATED INCOME STATEMENTS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Homebuilding:        
Home closing revenue $ 872,383 $ 797,780 $ 1,600,915 $ 1,458,397
Land closing revenue 5,112 4,198 19,144 16,353
Total closing revenue 877,495 801,978 1,620,059 1,474,750
Cost of home closings (712,868) (656,870) (1,317,070) (1,210,219)
Cost of land closings (5,799) (4,198) (21,041) (13,858)
Total cost of closings (718,667) (661,068) (1,338,111) (1,224,077)
Home closing gross profit 159,515 140,910 283,845 248,178
Land closing gross (loss)/profit (687) 0 (1,897) 2,495
Total closing gross profit 158,828 140,910 281,948 250,673
Financial Services:        
Revenue 3,870 3,649 6,918 6,593
Expense (1,693) (1,551) (3,177) (2,930)
Earnings from financial services unconsolidated entities and other, net 3,474 3,459 6,130 6,184
Financial services profit 5,651 5,557 9,871 9,847
Commissions and other sales costs (60,823) (54,701) (113,575) (103,021)
General and administrative expenses (34,205) (29,591) (65,098) (59,213)
(Loss)/earnings from other unconsolidated entities, net (156) 570 (202) 943
Interest expense (44) (1,620) (180) (2,445)
Other income, net 1,934 2,080 7,305 3,190
Earnings before income taxes 71,185 63,205 120,069 99,974
Provision for income taxes (17,347) (21,625) (22,357) (34,822)
Net earnings $ 53,838 $ 41,580 $ 97,712 $ 65,152
Earnings per common share:        
Basic (in dollars per share) $ 1.32 $ 1.03 $ 2.41 $ 1.62
Diluted (in dollars per share) [1] $ 1.31 $ 0.98 $ 2.37 $ 1.54
Weighted average number of shares:        
Basic (in shares) 40,647 40,317 40,568 40,248
Diluted (in shares) 41,164 42,781 41,193 42,836
[1] 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 based on the number of days our Convertible Notes were outstanding during the period. All of the Convertible Notes were retired in the second half of 2017.