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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Revenues $ 565,313 $ 574,664
Inventory impairment and land option write-offs 99 1,877
Total expenses 538,103 556,995
Corporate general and administrative 29,435 23,483
Other interest expensed [1],[2] 13,393 23,975
Other operations 368 278
Income from unconsolidated joint ventures 8,191 1,916
Income before income taxes 35,401 19,585
Tax provision (benefit) 10,593 626
Net income 24,808 18,959
Less: preferred stock dividends 2,669 0
Net income available to common stockholders $ 22,139 $ 18,959
Net income per common share (in dollars per share) $ 3.12 $ 2.79
Weighted-average number of common shares outstanding basic (in shares) 6,389 6,225
Net income per common share (in dollars per share) $ 3.07 $ 2.75
Weighted-average number of common shares outstanding (in shares) 6,501 6,303
State and Local Jurisdiction [Member]    
Tax provision (benefit) $ 2,543 $ 626
Domestic Tax Authority [Member]    
Tax provision (benefit) 8,050 0
Homebuilding [Member]    
Revenues 552,004 555,167
Cost of sales, excluding interest 427,917 439,638
Cost of sales interest 13,745 17,165
Inventory impairment and land option write-offs 99 1,877
Total cost of sales 441,761 458,680
Selling, general and administrative 42,746 40,225
Total expenses 484,507 498,905
Homebuilding [Member] | Sale of Homes [Member]    
Revenues 551,366 551,365
Homebuilding [Member] | Land Sales and Other Revenues [Member]    
Revenues 638 3,802
Financial Services [Member]    
Revenues 13,309 19,497
Total expenses $ 10,400 $ 10,354
[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: Three Months Ended January 31, (In thousands) 2022 2021 Other interest expensed $ 13,393 $ 23,975 Interest paid by our mortgage and finance subsidiaries 468 425 Increase in accrued interest (19,115 ) (14,478 ) Cash paid for interest, net of capitalized interest $ (5,254 ) $ 9,922
[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 $11.5 million and $16.2 million for the three months ended January 31, 2022 and 2021, 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 $1.9 million and $7.8 million for the three months ended January 31, 2022 and 2021, respectively.