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Inventories (Tables)
 12 Months Ended
Nov. 30, 2012
Inventory Disclosure [Abstract]  
Inventories
Inventories consisted of the following (in thousands):
 
November 30,
 
2012
 
2011
Homes under construction
$
454,108

 
$
417,304

Land under development
567,470

 
572,660

Land held for future development
684,993

 
741,665

Total
$
1,706,571

 
$
1,731,629
Interest costs
Our interest costs are as follows (in thousands):
 
Years Ended November 30,
 
2012
 
2011
 
2010
Capitalized interest at beginning of year
$
233,461

 
$
249,966

 
$
291,279

Capitalized interest related to consolidation of previously unconsolidated joint ventures
—

 
—

 
9,914

Interest incurred (a)
132,657

 
112,037

 
122,230

Interest expensed (a)
(69,804
)
 
(49,204
)
 
(68,307
)
Interest amortized to construction and land costs
(78,630
)
 
(79,338
)
 
(105,150
)
Capitalized interest at end of year (b)
$
217,684

 
$
233,461

 
$
249,966

(a)
Amounts for the year ended November 30, 2012 include a $10.3 million loss on the early extinguishment of debt. Amounts for the year ended November 30, 2011 include a $3.6 million gain on the early extinguishment of secured debt. Amounts for the year ended November 30, 2010 include a total of $1.8 million of debt issuance costs written off in connection with our voluntary reduction of the aggregate commitment under the Credit Facility from $650.0 million to $200.0 million and the voluntary termination of the Credit Facility effective March 31, 2010.
(b)
Inventory impairment charges are recognized against all inventory costs of a community, such as land acquisition, 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 inventory.