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Inventories
 6 Months Ended
May 31, 2016
Inventory Disclosure [Abstract]  
Inventories
Inventories
Inventories consisted of the following (in thousands):
 
May 31,
2016
 
November 30,
2015
Homes under construction
$
1,247,223

 
$
1,031,356

Land under development
1,815,661

 
1,766,045

Land held for future development
462,205

 
516,346

Total
$
3,525,089

 
$
3,313,747


Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). Interest and real estate taxes are not capitalized on land held for future development.
Our interest costs were as follows (in thousands):
 
Six Months Ended May 31,
 
Three Months Ended May 31,
 
2016
 
2015
 
2016
 
2015
Capitalized interest at beginning of period
$
288,442

 
$
266,668

 
$
300,314

 
$
284,040

Interest incurred
92,509

 
94,202

 
46,258

 
49,199

Interest expensed
(5,667
)
 
(13,456
)
 
(1,970
)
 
(8,118
)
Interest amortized to construction and land costs (a)
(66,239
)
 
(47,736
)
 
(35,557
)
 
(25,443
)
Capitalized interest at end of period (b)
$
309,045

 
$
299,678

 
$
309,045

 
$
299,678


(a)
Interest amortized to construction and land costs for the six months ended May 31, 2016 included $.5 million related to land sales during the period.
(b)
Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.