Income Taxes (Tables)

12 Months Ended

Nov. 30, 2014

Income Tax Disclosure [Abstract]

Component of income tax benefit (expense) in the consolidated statement of operations

The components of the income tax benefit in the consolidated statements of operations are as follows (in thousands):

	Federal		State			Total
2014
Current	$	100	$	(1,900	)	$	(1,800	)
Deferred	646,000		179,200			825,200
Income tax benefit	$	646,100	$	177,300		$	823,400
2013
Current	$	—	$	1,600		$	1,600
Deferred	—		—			—
Income tax benefit	$	—	$	1,600		$	1,600
2012
Current	$	16,500	$	3,600		$	20,100
Deferred	—		—			—
Income tax benefit	$	16,500	$	3,600		$	20,100

Components of deferred tax liabilities and assets

Significant components of our deferred tax liabilities and assets are as follows (in thousands):

	November 30,
	2014		2013
Deferred tax liabilities:
Capitalized expenses	$	103,196	$	87,599
State taxes	72,258		62,884
Depreciation and amortization	—		300
Other	310		208
Total	175,764		150,991

	November 30,
	2014			2013
Deferred tax assets:
Inventory impairments and land option contract abandonments	$	229,264		$	110,745
NOL from 2006 through 2013	459,393			459,885
Warranty, legal and other accruals	42,621			50,110
Employee benefits	82,776			73,039
Partnerships and joint ventures	15,672			122,081
Depreciation and amortization	9,022			—
Capitalized expenses	12,528			9,359
Tax credits	176,234			173,289
Deferred income	638			656
Other	13,998			11,267
Total	1,042,146			1,010,431
Valuation allowance	(41,150		)	(859,440		)
Total	1,000,996			150,991
Deferred tax assets, net	$	825,232		$	—

Income tax benefit computed at the statutory U.S. federal income tax rate and income tax benefit (expense) provided in the consolidated statements of operations

The income tax benefit computed at the statutory U.S. federal income tax rate and the income tax benefit provided in the consolidated statements of operations differ as follows (dollars in thousands):

	Years Ended November 30,
	2014					2013					2012
	$			%		$			%		$			%
Income tax benefit (expense) computed at statutory rate	$	(33,232	)	(35.0	)%	$	(13,427	)	(35.0	)%	$	27,672		35.0	%
Increase (decrease) resulting from:
State taxes, net of federal income tax benefit	(13,907		)	(14.7	)	(1,947		)	(5.1	)	9,948			12.6
Reserve and deferred income	—			—		(1,808		)	(4.7	)	(9,146		)	(11.6	)
Capitalized expenses	1,249			1.3		—			—		7,960			10.1
Basis in joint ventures	10,441			11.0		(9,598		)	(25.0	)	42,503			53.8
NOL reconciliation	12,973			13.7		(3,806		)	(9.9	)	(5,345		)	(6.8	)
Inventory impairments	—			—		2,827			7.4		(59,401		)	(75.1	)
Recognition of federal and state tax benefits	59			.1		1,600			4.2		17,650			22.3
Tax credits	2,884			3.0		2,675			7.0		17,889			22.6
Valuation allowance for deferred tax assets	825,232			869.1		20,673			53.9		(32,286		)	(40.8	)
Depreciation and amortization	15,765			16.6		4,523			11.8		2,482			3.1
Other, net	1,936			2.1		(112		)	(.3	)	174			.2
Income tax benefit	$	823,400		867.2	%	$	1,600		4.3	%	$	20,100		25.4	%

Reconciliation of the beginning and ending balances of the gross unrecognized benefits

A reconciliation of the beginning and ending balances of the gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):

	Years Ended November 30,
	2014		2013			2012
Balance at beginning of year	$	206	$	1,671		$	1,899
Reductions for tax positions related to prior years	—		—			(165		)
Reductions due to lapse of statute of limitations	—		(1,465		)	(63		)
Balance at end of year	$	206	$	206		$	1,671