QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2012

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Schedule of quarterly financial information

	2012
	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
	(In thousands, except for per share amounts)
Total revenues	$	79,765		$	93,939	$	94,815		$	108,367
Operating income		9,104			19,057		17,362			26,942
Net income (loss)		(111,522	)		24,992		(50,192	)		9,179
Net income (loss) attributable to common stockholders		(112,258	)		34,310		(49,411	)		(929	)
Earnings (loss) per share:
Basic		(2.96	)		0.91		(1.30	)		(0.01	)
Diluted		(2.96	)		0.27		(1.30	)		(0.01	)
Weighted average basic and diluted shares outstanding		37,903			37,907		37,916			38,778

	2011
	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
	(In thousands, except for per share amounts)
Total revenues (b)	$	53,101		$	50,821	$	86,673		$	85,094
Operating income		5,990			5,689		2,218			13,568
Net income (loss)		(114,487	)		65,993		165,024			31,940
Net income (loss) attributable to common stockholders		(114,515	)		65,973		164,295			31,427
Earnings (loss) per share:
Basic		(3.02	)		1.74		4.33			0.83
Diluted		(3.02	)		0.22		(0.14	)		0.80
Weighted average basic and diluted shares outstanding		37,905			37,897		37,912			38,114

(a)

Revenues in the fourth quarter of 2012 were higher than the same period in 2011 by $23.3 million primarily due to the lot bid program that was implemented at The Woodlands in the third quarter of 2012.

(b)

Revenue increases in the third and fourth quarters are due to the acquisition of The Woodlands.