Quarterly Results of Operations (Unaudited)

12 Months Ended

Sep. 30, 2013

Quarterly Financial Data [Abstract]

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Quarterly results of operations were (in millions, except per share amounts):

	Fiscal 2013
	Three Months Ended
	September 30		June 30		March 31		December 31
Revenues	$	1,859.8	$	1,692.8	$	1,431.6	$	1,275.1
Gross profit	371.4		349.1		281.2		230.9
Income before income taxes	202.8		205.1		142.1		107.9
Income tax expense	63.3		59.1		31.1		41.6
Net income	139.5		146.0		111.0		66.3
Basic net income per common share	0.43		0.45		0.35		0.21
Diluted net income per common share	0.40		0.42		0.32		0.20

	Fiscal 2012
	Three Months Ended
	September 30			June 30			March 31		December 31
Revenues	$	1,336.2		$	1,150.0		$	961.2	$	906.6
Gross profit	232.5			198.3			164.4		148.6
Income before income taxes	99.2			72.2			42.3		29.2
Income tax (benefit) expense	(0.9		)	(715.6		)	1.7		1.5
Net income	100.1			787.8			40.6		27.7
Basic net income per common share	0.31			2.47			0.13		0.09
Diluted net income per common share	0.30			2.22			0.13		0.09

The Company experiences variability in its results of operations from quarter to quarter due to the seasonal nature of its homebuilding business. The Company generally has more homes under construction, closes more homes and has greater revenues and income before income taxes in the third and fourth quarters (June and September) than in the first and second quarters (December and March) of its fiscal year.

Income tax expense in the second quarter of fiscal 2013 was reduced by $18.7 million due to a reduction of the Company's deferred tax asset valuation allowance in that quarter. Gross profit in the fourth quarter of fiscal 2013 was reduced by inventory and land option charges of $27.1 million.

The income tax benefits in the third and fourth quarters of fiscal 2012 were the result of $716.7 million and $36.5 million reductions of the deferred tax asset valuation allowance in those quarters.