Inventories (Tables)

9 Months Ended

Aug. 31, 2012

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in thousands):

	August 31, 2012		November 30, 2011
Homes under construction	$	528,532	$	417,304
Land under development	545,423		587,582
Land held for future development	695,088		726,743
Total	$	1,769,043	$	1,731,629

Schedule of Capitalized Interest Costs

The Company’s interest costs were as follows (in thousands):

	Nine Months Ended August 31,						Three Months Ended August 31,
	2012			2011			2012			2011
Capitalized interest at beginning of period	$	233,461		$	249,966		$	235,032		$	249,792
Interest incurred (a)	99,552			84,489			39,532			29,090
Interest expensed (a)	(53,815		)	(36,902		)	(23,060		)	(12,342		)
Interest amortized to construction and land costs	(48,909		)	(52,746		)	(21,215		)	(21,733		)
Capitalized interest at end of period (b)	$	230,289		$	244,807		$	230,289		$	244,807

(a) Amounts for the three months and nine months ended August 31, 2012 include losses on the early extinguishment of debt of $8.3 million and $10.3 million, respectively. Amounts for the nine months endedAugust 31, 2011 include a $3.6 million gain on the early extinguishment of secured debt.

(b) Inventory impairment charges are recognized against all inventory costs of a community, such as land, land development, cost of home construction and capitalized interest. Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest as impairment charges recognized are not generally allocated to specific components of invento