Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

v2.4.0.6
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Home closing revenue $ 330,710 $ 204,022
Land closing revenue 5,725 328
Total closing revenue 336,435 [1] 204,350 [1]
Cost of home closings (266,350) (168,909)
Cost of land closings (5,550) (205)
Total cost of closings and impairments (271,900) (169,114)
Home closing gross profit 64,360 35,113
Land closing gross profit/(loss) 175 123
Total closing gross profit 64,535 35,236
Financial Services Revenue 842 0
Financial Services Costs (573) (25)
Earnings From Financial Services Unconsolidated Entities And Other Net 2,787 1,606
Financial Services Operating Profit 3,056 1,581
Commissions and other sales costs (25,879) (18,977)
General and administrative expenses (19,724) (14,721)
Earnings from Other Unconsolidated Entities Net (155) (183)
Interest expense (5,128) (7,371)
Other (expense)/income, net 470 (139)
Loss on extinguishment of debt (700) 0
Income/(loss) before income taxes 16,475 (4,574)
(Provision for)/benefit from income taxes (4,434) (180)
Net income/(loss) $ 12,041 $ (4,754)
Income/(loss) per common share:    
Basic $ 0.34 $ (0.15)
Diluted $ 0.32 [2],[3] $ (0.15) [2],[3]
Weighted average number of shares:    
Basic 35,798 32,634
Diluted 38,440 32,634
[1] evenue includes the following land closing revenue, by segment: three months ended March 31, 2013— $5.6 million in the West Region, $0.1 million in the Central Region; three months ended March 31, 2012— $0.3 million 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 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.