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Condensed Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2013
May 31, 2012
May 31, 2013
May 31, 2012
Revenues:        
Total revenues $ 1,426,124 [1] $ 930,155 [1] $ 2,416,070 [1] $ 1,655,011 [1]
Cost and expenses:        
Corporate general and administrative 33,853 29,168 65,123 56,010
Total costs and expenses 1,260,652 861,823 2,182,145 1,566,745
Other interest expense (25,109) (23,803) (51,140) (48,652)
Earnings before income taxes 162,289 52,103 215,610 58,556
(Provision) Benefit for income taxes (19,491) 402,321 (15,854) 403,845
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 142,798 454,424 199,756 462,401
Less: Net earnings (loss) attributable to noncontrolling interests 5,362 [2] 1,721 [2] 4,828 [2] (5,270) [2]
Net earnings attributable to Lennar 137,436 452,703 194,928 467,671
Basic earnings per share $ 0.71 $ 2.39 $ 1.01 $ 2.47
Diluted earnings per share $ 0.61 $ 2.06 $ 0.88 $ 2.16
Cash dividends per each Class A and Class B common share $ 0.04 $ 0.04 $ 0.08 $ 0.08
Comprehensive Income (Loss), Net of Tax, Attributable to Lennar 137,436 452,703 194,928 467,671
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interests 5,362 1,721 4,828 (5,270)
Lennar Homebuilding [Member]
       
Revenues:        
Lennar Homebuilding 1,281,344 808,088 2,149,788 1,432,521
Cost and expenses:        
Lennar Homebuilding 1,108,570 731,842 1,887,244 1,316,587
Equity in earnings (loss) from unconsolidated entities 13,461 [3] (9,381) [3] 12,594 [3] (8,298) [3]
Other income (expense), net (2,686) 12,758 1,580 16,825
Lennar Financial Services [Member]
       
Revenues:        
Lennar Financial Services 119,096 88,595 214,976 156,810
Cost and expenses:        
Lennar Financial Services 89,924 70,615 169,702 130,580
Rialto Investments [Member]
       
Revenues:        
Rialto Investments, Revenues 25,684 33,472 51,306 65,680
Cost and expenses:        
Rialto Investments, Cost and expenses 28,305 30,198 60,076 63,568
Equity in earnings (loss) from unconsolidated entities 4,505 5,569 10,678 24,027
Other income (expense), net 6,646 (1,372) 7,973 (13,612)
Less: Net earnings (loss) attributable to noncontrolling interests $ 5,689 $ 3,178 $ 5,361 $ (1,189)
[1] Total revenues are net of sales incentives of $89.9 million ($20,200 per home delivered) and $163.9 million ($21,500 per home delivered), respectively for the three and six months ended May 31, 2013, compared to $95.3 million ($29,800 per home delivered) and $179.7 million ($31,700 per home delivered) for the three and six months ended May 31, 2012.
[2] Net earnings (loss) attributable to noncontrolling interests for the three and six months ended May 31, 2013 includes $5.7 million and $5.4 million respectively, of net earnings attributable to noncontrolling interests related to the FDIC’s interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC. Net earnings (loss) attributable to noncontrolling interests for the three and six months ended May 31, 2012 includes $3.2 million and ($1.2) million, respectively, of net earnings (loss) attributable to noncontrolling interests related to the FDIC’s interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC.
[3] both the three and six months ended May 31, 2013, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities includes $13.0 million of equity in earnings primarily as a result of sales of homesites to third parties by one unconsolidated entity. For both the three and six months ended May 31, 2012, Lennar Homebuilding equity in earnings (loss) includes $5.4 million of valuation adjustments related to strategic asset sales at Lennar Homebuilding's unconsolidated entities.Bal