XML 17 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
Total revenues $ 417,166 $ 552,009
Inventory impairment loss and land option write-offs 414 3,184
Corporate general and administrative 19,135 15,656
Other interest [1],[2] 29,131 22,627
Other operations 390 1,587
Total expenses 442,461 557,666
Gain on extinguishment of debt 7,646
(Loss) from unconsolidated joint ventures (5,176) (1,666)
(Loss) income before income taxes (30,471) 323
Tax provision (benefit) 338 466
Net (loss) $ (30,809) $ (143)
Net (loss) per common share (in dollars per share) $ (0.21) $ 0
Weighted-average number of common shares outstanding, basic (in shares) 148,028 147,535
Net (loss) per common share (in dollars per share) $ (0.21) $ 0
Weighted-average number of common shares outstanding, assuming dilution (in shares) 148,028 147,535
State and Local Jurisdiction [Member]    
Tax provision (benefit) $ 338 $ (18)
Domestic Tax Authority [Member]    
Tax provision (benefit) 484
Homebuilding [Member]    
Sale of homes 401,577 531,415
Land sales and other revenues 4,701 7,745
Total homebuilding 406,278 539,160
Cost of sales, excluding interest 329,527 445,027
Cost of sales interest 12,292 18,322
Inventory impairment loss and land option write-offs 414 3,184
Total cost of sales 342,233 466,533
Selling, general and administrative 43,231 44,408
Total homebuilding expenses 385,464 510,941
Financial Services [Member]    
Financial services 10,888 12,849
Financial services $ 8,341 $ 6,855
[1] Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows: Other interest expensed of $29,131 plus interest paid by our mortgage and finance subsidiaries $601 Plus the decrease in accrued interest of 26,750 for 2018 and other interest expensed of $22,627 plus interest paid by our mortgage and finance subsidiaries $629 Plus the decrease in accrued interest of $763 for 2017.
[2] Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $19.6 million and $13.3 million for the three months ended January 31, 2018 and 2017, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization, and therefore, is expensed. This component of other interest was $9.6 million and $9.3 million for the three months ended January 31, 2018 and 2017, respectively.