Inventories (Tables)

9 Months Ended

Aug. 31, 2013

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in thousands):

	August 31, 2013		November 30, 2012
Homes under construction	$	629,341	$	454,108
Land under development	953,694		567,470
Land held for future development	646,685		684,993
Total	$	2,229,720	$	1,706,571

Schedule of Capitalized Interest Costs

Our interest costs are as follows (in thousands):

	Nine Months Ended August 31,						Three Months Ended August 31,
	2013			2012			2013			2012
Capitalized interest at beginning of period	$	217,684		$	233,461		$	215,577		$	235,032
Interest incurred (a)	102,256			99,552			34,345			39,532
Interest expensed (a)	(41,073		)	(53,815		)	(11,326		)	(23,060		)
Interest amortized to construction and land costs	(62,943		)	(48,909		)	(22,672		)	(21,215		)
Capitalized interest at end of period (b)	$	215,924		$	230,289		$	215,924		$	230,289

(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.

(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.