Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Home closing revenue $ 334,880 $ 217,534 $ 820,242 $ 615,154
Land closing revenue 7,763 0 8,846 100
Total closing revenue 342,643 [1] 217,534 [1] 829,088 [1] 615,254 [1]
Cost of home closings (272,309) (178,544) (670,125) (504,943)
Cost of land closings (7,493) 0 (8,164) (91)
Real estate impairments (417) (920) (904) (2,174)
Land impairments 0 (127) (669) (127)
Total cost of closings and impairments (280,219) (179,591) (679,862) (507,335)
Home closing gross profit 62,154 38,070 149,213 108,037
Land closing gross profit/(loss) 270 (127) 13 (118)
Total closing gross profit 62,424 37,943 149,226 107,919
Commissions and other sales costs (25,855) (19,708) (67,950) (53,876)
General and administrative expenses (19,209) (16,466) (50,446) (46,582)
Earnings from unconsolidated entities, net 2,975 1,797 6,626 3,931
Interest expense (5,009) (7,517) (18,718) (23,036)
Other (expense)/income, net (8,340) 876 (7,712) 2,872
Loss on extinguishment of debt 0 0 (5,772) 0
Income/(loss) before income taxes 6,986 (3,075) 5,254 (8,772)
(Provision for)/benefit from income taxes (202) (160) 4,781 (560)
Net income/(loss) $ 6,784 $ (3,235) $ 10,035 $ (9,332)
Income/(loss) per common share:        
Basic $ 0.19 $ (0.10) $ 0.30 $ (0.29)
Diluted $ 0.19 [2],[3] $ (0.10) [2],[3] $ 0.30 [2],[3] $ (0.29) [2],[3]
Weighted average number of shares:        
Basic 35,216 32,417 33,541 32,358
Diluted 35,761 32,417 34,010 32,358
[1] Revenue includes the following land closing revenue, by segment: three months ended September 30, 2012— $4.4 million in the West Region, $2.6 million in the Central Region, $0.8 million in the East Region; nine months ended September 30, 2012— $4.4 million in the West Region, $3.6 million in the Central Region, $0.8 million in the East Region; nine months ended September 30, 2011—$100,000 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 the quarter ended September 30, 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 Subtopic 260-10, Earnings Per Share, ("ASC 260-10") we calculate the dilutive effect of convertible securities using the "if-converted" method. The effect of the convertible debt was not included in the diluted earnings per share calculations for the three and nine months ended September 30, 2012 as it would have been anti-dilutive.