	Three Months Ended						Six Months Ended
	April 30,						April 30,
(In thousands)	2024			2023			2024			2023
Interest capitalized at beginning of period	$	53,672		$	60,795		$	52,060		$	59,600
Plus interest incurred(1)		34,530			35,122			66,491			69,448
Less cost of sales interest expensed		(21,543	)		(21,425	)		(41,441	)		(36,447	)
Less other interest expensed(2)		(8,969	)		(14,501	)		(19,420	)		(29,594	)
Less interest contributed to unconsolidated joint venture(3)		(5,468	)		-			(5,468	)		(3,016	)
Plus interest acquired from unconsolidated joint venture(4)		-			283			-			283
Interest capitalized at end of period(5)	$	52,222		$	60,274		$	52,222		$	60,274

(1)

Data does not include interest incurred by our mortgage and finance subsidiaries.

(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 $1.7 million and $5.3 million for the three months ended April 30, 2024 and 2023, respectively, and $5.4 million and $11.8 million for the six months ended April 30, 2024 and 2023, 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 as incurred. This component of other interest was $7.3 million and $9.2 million for the three months ended April 30, 2024 and 2023, respectively, and $14.1 million and $17.8 million for the six months ended April 30, 2024 and 2023, respectively.

(3)	Represents capitalized interest which was included as part of the assets contributed to joint ventures, as discussed in Note 18. There was no impact to the Condensed Consolidated Statement of Operations as a result of these transactions.
(4)	Represents capitalized interest which was included as part of the assets acquired from joint ventures, as discussed in Note 18. There was no impact to the Condensed Consolidated Statement of Operations as a result of these transactions.
(5)	Capitalized interest amounts are shown gross before allocating a portion of impairments, if any, to capitalized interest.