Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

v2.4.0.8
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Home closing revenue $ 436,040 $ 281,340 $ 766,750 $ 485,362
Land closing revenue 13,910 755 19,635 1,083
Total closing revenue 449,950 [1] 282,095 [1] 786,385 [1] 486,445 [1]
Cost of home closings (342,435) (229,394) (608,785) (398,303)
Cost of land closings (12,463) (1,135) (18,013) (1,340)
Total cost of closings (354,898) (230,529) (626,798) (399,643)
Home closing gross profit 93,605 51,946 157,965 87,059
Land closing gross profit/(loss) 1,447 (380) 1,622 (257)
Total closing gross profit 95,052 51,566 159,587 86,802
Financial Services Revenue 1,434 0 2,276 0
Financial Services Expenses (755) (142) (1,328) (167)
Earnings From Financial Services Unconsolidated Entities And Other Net 3,486 2,319 6,273 3,925
Financial Services Profit 4,165 2,177 7,221 3,758
Commissions and other sales costs (31,180) (23,118) (57,059) (42,095)
General and administrative expenses (22,451) (16,516) (42,175) (31,237)
Earnings from Other Unconsolidated Entities Net (120) (91) (275) (274)
Interest expense (4,523) (6,338) (9,651) (13,709)
Other (expense)/income, net 685 934 1,155 795
Loss on early extinguishment of debt (3,096) (5,772) (3,796) (5,772)
Earnings/(loss) before income taxes 38,532 2,842 55,007 (1,732)
(Provision for)/benefit from income taxes (10,389) 5,163 (14,823) 4,983
Net earnings/(loss) $ 28,143 $ 8,005 $ 40,184 $ 3,251
Earnings/(loss) per common share:        
Basic $ 0.78 $ 0.24 $ 1.12 $ 0.10
Diluted $ 0.74 [2] $ 0.24 [2] $ 1.06 [2] $ 0.10 [2]
Weighted average number of shares:        
Basic 36,151 32,755 35,976 32,694
Diluted 38,758 33,104 38,662 33,086
[1] (1)Homebuilding revenue includes the following land closing revenue, by segment: Three Months Ended June 30, Six Months Ended June 30, 2013 2012 2013 2012Land closing revenue: West100 $— $5,741 $—Central10,340 755 10,424 1,083East3,470 — 3,470 —Consolidated total$13,910 $755 $19,635 $1,083
[2] (1)In the third quarter of 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.