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Quarterly Results of Operations (Unaudited)
12 Months Ended
Sep. 30, 2015
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 2015
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
Revenues
$
2,302.6

 
$
2,398.0

 
$
2,950.8

 
$
3,172.5

Inventory and land option charges
6.0

 
12.5

 
15.4

 
26.3

Gross profit
438.6

 
446.5

 
556.0

 
582.3

Income before income taxes
220.7

 
230.1

 
333.8

 
338.8

Income tax expense
78.2

 
82.2

 
112.4

 
99.9

Net income
142.5

 
147.9

 
221.4

 
238.9

Basic net income per common share
0.39

 
0.40

 
0.60

 
0.65

Net income per common share assuming dilution
0.39

 
0.40

 
0.60

 
0.64


 
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



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.

In the fourth quarter of fiscal 2015, income before income taxes was reduced by a goodwill impairment charge of $9.8 million and income tax expense was reduced by $17.5 million due to a reduction of the Company's deferred tax asset valuation allowance.