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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Home closing revenue $ 545,524 $ 483,147 $ 1,454,103 $ 1,249,897
Land closing revenue 11,252 8,933 16,622 28,568
Total closing revenue 556,776 [1] 492,080 [1] 1,470,725 [1] 1,278,465 [1]
Cost of home closings (434,286) (372,772) (1,140,305) (981,557)
Cost of land closings (11,729) (6,126) (18,084) (24,139)
Total cost of closings (446,015) (378,898) (1,158,389) (1,005,696)
Home Closing Gross Profit 111,238 110,375 313,798 268,340
Land Closing Gross Loss Profit (477) 2,807 (1,462) 4,429
Total closing gross profit 110,761 113,182 312,336 272,769
Financial Services Revenue 2,749 1,684 7,099 3,960
Financial Services Expenses (1,238) (901) (3,444) (2,229)
Earnings from financial services unconsolidated entities and other, net 2,783 3,511 7,281 9,784
Financial Services Profit 4,294 4,294 10,936 11,515
Commissions and other sales costs (40,211) (33,467) (107,250) (90,526)
General and administrative expenses (29,218) (24,412) (75,460) (66,587)
(Loss)/earnings from other unconsolidated entities, net (134) 46 (364) (229)
Interest expense (460) (3,462) (4,569) (13,113)
Other income, net 1,998 605 6,395 1,760
Loss on early extinguishment of debt 0 0 0 (3,796)
Earnings before income taxes 47,030 56,786 142,024 111,793
Provision for income taxes (14,453) (18,595) (48,991) (33,418)
Net earnings $ 32,577 $ 38,191 $ 93,033 $ 78,375
Earnings per common share:        
Basic $ 0.83 $ 1.05 $ 2.39 $ 2.17
Diluted $ 0.79 [2] $ 0.99 [2] $ 2.27 [2] $ 2.05 [2]
Weighted average number of shares:        
Basic 39,123 36,226 38,977 36,060
Diluted 41,656 38,865 41,564 38,771
[1] (1)Homebuilding revenue includes the following land closing revenue, by segment: Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013Land closing revenue: West$10,105 $5,875 $11,155 $11,616Central1,147 3,058 3,244 13,482East— — 2,223 3,470Consolidated total$11,252 $8,933 $16,622 $28,568
[2] (1)In accordance with ASC Subtopic 260-10, Earnings Per Share, we calculate the dilutive effect of convertible securities using the "if-converted" method.