Results of Quarterly Operations

12 Months Ended

Dec. 31, 2012

Results of Quarterly Operations

21. Results of Quarterly Operations (Unaudited)

	Quarter
	First			Second			Third			Fourth
2012		(Dollars in thousands, except per share amounts)
Home sales revenue	$	184,678		$	256,532		$	320,647		$	389,141
Total revenue		193,987			268,934			334,329			405,773
Asset impairments		-			-			-			1,105
Gross margin from home sales		14.1%			14.2%			15.5%			16.7%
Homebuilding selling, general and administrative expenses		34,124			39,223			44,788			49,160
Earnings before income taxes		2,125			9,655			19,484			29,851
Net income (loss)		2,265			10,638			20,126			29,670
Earnings (loss) per share
Basic	$	0.04		$	0.22		$	0.42		$	0.60
Diluted	$	0.04		$	0.22		$	0.41		$	0.59
2011
Home sales revenue	$	163,383		$	206,163		$	204,886		$	230,732
Total revenue		169,290			215,459			211,157			247,203
Asset impairments		279			9,119			4,692			811
Gross margin from home sales		13.5%			8.9%			14.8%			15.0%
Homebuilding selling, general and administrative expenses		47,654			49,158			46,360			35,933
Loss on extinguishment of senior notes		-			-			17,268			21,527
Loss before income taxes		(23,704	)		(29,803	)		(34,189	)		(19,776	)
Net income (loss)		(19,879	)		(27,980	)		(31,710	)		(18,821	)
Earnings (loss) per share
Basic	$	(0.43	)	$	(0.60	)	$	(0.68	)	$	(0.40	)
Diluted	$	(0.43	)	$	(0.60	)	$	(0.68	)	$	(0.40	)