Quarterly Results of Operations (Unaudited)

12 Months Ended

Sep. 30, 2014

Quarterly Financial Data [Abstract]

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

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

	Fiscal 2014
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Revenues	$	1,670.6	$	1,735.0	$	2,147.0	$	2,472.3
Inventory and land option charges	2.6		4.4		56.8		21.3
Gross profit	362.0		376.8		377.4		473.7
Income before income taxes	189.7		201.9		171.8		250.8
Income tax expense	66.5		70.9		58.7		84.5
Net income	123.2		131.0		113.1		166.3
Basic net income per common share	0.38		0.40		0.32		0.46
Net income per common share assuming dilution	0.36		0.38		0.32		0.45

	Fiscal 2013
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Revenues	$	1,275.1	$	1,431.6	$	1,692.8	$	1,859.8
Inventory and land option charges	1.3		1.8		0.8		27.1
Gross profit	230.9		281.2		349.1		371.4
Income before income taxes	107.9		142.1		205.1		202.8
Income tax expense	41.6		31.1		59.1		63.3
Net income	66.3		111.0		146.0		139.5
Basic net income per common share	0.21		0.35		0.45		0.43
Net income per common share assuming dilution	0.20		0.32		0.42		0.40

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.