KB Home
(NYSE:KBH)

KB Home operates as a homebuilding company in the United States. It operates through four segments: West Coast, Southwest, Central, and Southeast. It builds and sells various homes, including attached and detached single-family residential homes, townhomes, and condominiums primarily for first-time,...

Website: http://www.kbhome.com

Founded: 1957

Full Time Employees: 2,140

Sector: Consumer Cyclical

Industry: Residential Construction

Consumer Cyclical

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At a glance:

Bull Thesis:

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Quarterly

Annual

Unit: USD	2026-05-31	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2024-02-29	2023-11-30	2023-08-31	2023-05-31	2023-02-28	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-05-31	2021-02-28	2020-11-30	2020-08-31	2020-05-31	2020-02-29	2019-11-30	2019-08-31	2019-05-31	2019-02-28	2018-11-30	2018-08-31	2018-05-31	2018-02-28	2017-11-30	2017-08-31	2017-05-31	2017-02-28	2016-11-30	2016-08-31	2016-05-31	2016-02-29	2015-11-30	2015-08-31	2015-05-31	2015-02-28	2014-11-30	2014-08-31	2014-05-31	2014-02-28	2013-11-30	2013-08-31	2013-05-31	2013-02-28	2012-11-30	2012-08-31	2012-05-31	2012-02-29	2011-11-30	2011-08-31	2011-05-31	2011-02-28	2010-11-30	2010-08-31	2010-05-31	2010-02-28	2009-11-30	2009-08-31	2009-05-31	2009-02-28	2008-11-30	2008-08-31	2008-05-31	2008-02-29	2007-11-30	2007-08-31	2007-05-31	2007-02-28	2006-11-30	2006-08-31	2006-05-31	2006-02-28	2005-11-30	2005-08-31	2005-05-31	2005-02-28	2004-11-30	2004-08-31	2004-05-31	2004-02-29	2003-11-30	2003-08-31	2003-05-31	2003-02-28	2002-11-30	2002-08-31	2002-05-31	2002-02-28	2001-08-31

total revenues	1,112,435,000	1,077,011,000	1,694,378,000	1,620,474,000	1,529,585,000	1,391,777,000	1,999,899,000	1,752,608,000	1,709,813,000	1,467,766,000	1,673,988,000	1,587,011,000	1,765,316,000	1,384,314,000	1,940,030,000	1,844,895,000	1,720,062,000	1,398,789,000	1,675,198,000	1,467,102,000	1,440,892,000	1,141,738,000	1,194,256,000	999,013,000	913,970,000	1,075,935,000	1,558,675,000	1,160,786,000	1,021,803,000	811,483,000	1,348,609,000	1,225,347,000	1,101,423,000	871,623,000	1,403,138,000	1,144,001,000	1,002,794,000	818,596,000	1,191,942,000	913,283,000	811,050,000	678,371,000	985,783,000	843,157,000	622,969,000	580,121,000	796,041,000	589,214,000	565,007,000	450,687,000	618,531,000	548,974,000	524,406,000	405,219,000	578,201,000	424,504,000	302,852,000	254,558,000	479,872,000	367,316,000	271,738,000	196,940,000	450,963,000	501,003,000	374,052,000	263,978,000	674,568,000	458,451,000	384,470,000	307,361,000	919,037,000	681,610,000	639,065,000	794,224,000	2,070,580,000	1,543,900,000	1,413,208,000	1,767,234,000	3,545,680,000	2,674,391,000	2,592,071,000	2,191,650,000	3,150,140,000	2,525,064,000	2,130,326,000	1,636,120,000	2,380,597,000	1,748,292,000	1,570,386,000	1,353,409,000	1,873,241,000	1,442,259,000	1,440,104,000	1,094,950,000	1,682,528,000	1,292,969,000	1,139,654,000	915,665,000	1,235,313,000
yoy	-27.27%	-22.62%	-15.28%	-7.54%	-10.54%	-5.18%	19.47%	10.43%	-3.14%	6.03%	-13.71%	-13.98%	2.63%	-1.03%	15.81%	25.75%	19.37%	22.51%	40.27%	46.86%	57.65%	6.12%	-23.38%	-13.94%	-10.55%	32.59%	15.58%	-5.27%	-7.23%	-6.90%	-3.89%	7.11%	9.84%	6.48%	17.72%	25.26%	23.64%	20.67%	20.91%	8.32%	30.19%	16.94%	23.84%	43.10%	10.26%	28.72%	28.70%	7.33%	7.74%	11.22%	6.98%	29.32%	73.16%	59.19%	20.49%	15.57%	11.45%	29.26%	6.41%	-26.68%	-27.35%	-25.40%	-33.15%	9.28%	-2.71%	-14.11%	-26.60%	-32.74%	-39.84%	-61.30%	-55.61%	-55.85%	-54.78%	-55.06%	-41.60%	-42.27%	-45.48%	-19.37%	12.56%	5.91%	21.67%	33.95%	32.33%	44.43%	35.66%	20.89%	27.08%	21.22%	9.05%	23.60%	11.33%	11.55%	26.36%	19.58%	36.20%
qoq	3.29%	-36.44%	4.56%	5.94%	9.90%	-30.41%	14.11%	2.50%	16.49%	-12.32%	5.48%	-10.10%	27.52%	-28.64%	5.16%	7.26%	22.97%	-16.50%	14.18%	1.82%	26.20%	-4.40%	19.54%	9.30%	-15.05%	-30.97%	34.28%	13.60%	25.92%	-39.83%	10.06%	11.25%	26.36%	-37.88%	22.65%	14.08%	22.50%	-31.32%	30.51%	12.61%	19.56%	-31.18%	16.92%	35.34%	7.39%	-27.12%	35.10%	4.28%	25.37%	-27.14%	12.67%	4.68%	29.41%	-29.92%	36.21%	40.17%	18.97%	-46.95%	30.64%	35.17%	37.98%	-56.33%	-9.99%	33.94%	41.70%	-60.87%	47.14%	19.24%	25.09%	-66.56%	34.83%	6.66%	-19.54%	-61.64%	34.11%	9.25%	-20.03%	-50.16%	32.58%	3.18%	18.27%	-30.43%	24.75%	18.53%	30.21%	-31.27%	36.17%	11.33%	16.03%	-27.75%	29.88%	0.15%	31.52%	-34.92%	30.13%	13.45%	24.46%	-25.88%
homebuilding:
revenues	1,107,107,000	1,072,059,000	1,685,686,000	1,614,462,000	1,524,716,000	1,387,041,000	1,993,050,000	1,745,979,000	1,701,512,000	1,461,698,000	1,665,004,000	1,579,719,000	1,757,846,000	1,378,537,000	1,932,494,000	1,838,888,000	1,714,826,000	1,394,154,000	1,669,090,000	1,461,896,000	1,436,035,000	1,138,008,000	1,189,892,000	995,148,000	910,280,000	1,072,382,000	1,553,344,000	1,156,855,000	1,018,671,000	808,788,000	1,344,042,000	1,221,875,000	1,098,673,000	869,205,000	1,399,160,000	1,140,787,000	1,000,072,000	816,246,000	1,188,628,000	910,111,000	808,462,000	675,742,000	982,091,000	840,204,000	620,804,000	577,888,000	792,749,000	586,231,000	562,396,000	448,267,000	614,574,000	545,800,000	521,788,000	402,816,000	574,377,000	421,555,000	300,605,000	251,895,000	475,746,000	364,532,000	269,983,000	195,301,000	447,917,000	498,821,000	372,514,000	262,511,000	671,401,000	456,348,000	382,925,000	305,741,000	915,652,000	679,115,000	637,094,000	791,308,000	2,065,349,000	1,540,607,000	1,409,986,000	1,763,045,000	3,539,052,000	2,669,963,000	2,587,213,000	2,187,324,000	1,566,152,250	2,515,803,000	2,120,313,000	1,628,493,000	1,159,877,250	1,739,538,000	1,558,092,000	1,341,879,000	980,096,750	1,418,075,000	1,420,886,000	1,081,426,000	820,645,500	1,266,726,000	1,116,645,000	899,211,000	1,215,148,000
construction and land costs	-938,409,000	-908,029,000	-1,400,044,000	-1,321,147,000	-1,230,055,000	-1,107,414,000	-1,577,290,000	-1,385,563,000	-1,342,102,000	-1,146,528,000	-1,320,516,000	-1,240,380,000	-1,386,558,000	-1,082,821,000	-1,498,939,000	-1,350,540,000	-1,281,752,000	-1,082,112,000	-1,291,742,000	-1,147,642,000	-1,128,018,000	-901,909,000	-951,450,000	-798,495,000	-744,453,000	-886,053,000	-1,250,575,000	-943,754,000	-843,744,000	-670,855,000	-1,101,689,000	-1,001,509,000	-911,244,000	-729,478,000	-1,146,791,000	-955,001,000	-846,596,000	-698,080,000	-1,023,079,000	-760,490,000	-688,714,000	-568,818,000	-813,392,000	-709,148,000	-524,410,000	-492,418,000	-680,393,000	-479,424,000	-456,560,000	-369,274,000	-504,442,000	-446,381,000	-442,998,000	-343,265,000	-492,594,000	-347,908,000	-249,669,000	-227,358,000	-405,900,000	-302,908,000	-250,381,000	-170,796,000	-363,092,000	-411,813,000	-306,843,000	-226,540,000	-667,568,000	-414,575,000	-376,810,000	-290,958,000	-992,602,000	-653,732,000	-755,840,000	-912,641,000	-2,168,314,000	-2,002,381,000	-1,479,405,000	-1,456,036,000	-3,226,049,000	-2,087,950,000	-1,921,189,000	-1,618,315,000	-1,148,287,500	-1,828,499,000	-1,552,276,000	-1,212,375,000	-888,189,750	-1,319,387,000	-1,190,304,000	-1,043,068,000	-764,076,250	-1,097,389,000	-1,110,887,000	-848,029,000	-650,877,000	-995,908,000	-887,799,000	-719,801,000	-976,975,000
selling, general and administrative expenses	-140,547,000	-131,044,000	-168,544,000	-162,152,000	-163,198,000	-152,288,000	-186,661,000	-171,466,000	-171,227,000	-157,494,000	-163,584,000	-160,097,000	-169,186,000	-139,227,000	-155,313,000	-163,238,000	-168,614,000	-142,480,000	-162,931,000	-144,325,000	-145,115,000	-122,005,000	-122,697,000	-107,710,000	-114,238,000	-126,134,000	-140,302,000	-127,626,000	-122,828,000	-106,594,000	-120,446,000	-114,753,000	-113,231,000	-95,724,000	-120,493,000	-109,095,000	-103,917,000	-92,889,000	-109,555,000	-98,144,000	-93,810,000	-87,932,000	-98,320,000	-95,074,000	-78,532,000	-71,072,000	-82,308,000	-72,897,000	-71,544,000	-61,274,000	-63,156,000	-63,456,000	-70,099,000	-59,097,000	-66,221,000	-62,780,000	-66,472,000	-55,686,000	-75,576,000	-60,185,000	-62,520,000	-49,605,000	-55,725,000	-78,602,000	-82,990,000	-72,203,000	-85,377,000	-83,878,000	-72,594,000	-61,175,000	-121,113,000	-133,211,000	-119,065,000	-127,638,000	-228,650,000	-197,164,000	-193,585,000	-262,950,000	-409,400,000	-344,199,000	-324,237,000	-294,842,000	-201,819,250	-313,494,000	-273,285,000	-220,498,000	-152,418,250	-229,370,000	-200,971,000	-179,332,000	-129,438,250	-183,340,000	-187,737,000	-146,676,000	-102,472,000	-152,021,000	-141,507,000	-116,360,000	-138,393,000
operating income	28,151,000	32,986,000	117,098,000	131,163,000	131,463,000	127,339,000	229,099,000	188,950,000	188,183,000	157,676,000	180,904,000	179,242,000	202,102,000	156,489,000	278,242,000	325,110,000	264,460,000	169,562,000	214,417,000	169,929,000	162,902,000	114,094,000	115,745,000	88,943,000	51,589,000	60,195,000	162,467,000	85,475,000	52,099,000	31,339,000	121,907,000	105,613,000	74,198,000	44,003,000	131,876,000	76,691,000	49,559,000	25,277,000	55,994,000	51,477,000	25,938,000	18,992,000	70,379,000	35,982,000	17,862,000	14,398,000	30,048,000	33,910,000	34,292,000	17,719,000	46,976,000	35,963,000	8,691,000	454,000	15,562,000	10,867,000	-15,536,000	-31,149,000	835,000	1,439,000	-57,490,000	-47,858,000	29,100,000	8,406,000	-17,319,000	-36,232,000	-81,544,000	-42,105,000	-66,479,000	-46,392,000	-241,463,000	-107,828,000	-262,381,000	-248,971,000	-331,615,000	-766,864,000	-263,004,000	44,059,000	-96,397,000	237,814,000	341,787,000	274,167,000	216,045,500	373,810,000	294,752,000	195,620,000	119,269,250	190,781,000	166,817,000	119,479,000
yoy	-78.59%	-74.10%	-48.89%	-30.58%	-30.14%	-19.24%	26.64%	5.42%	-6.89%	0.76%	-34.98%	-44.87%	-23.58%	-7.71%	29.77%	91.32%	62.34%	48.62%	85.25%	91.05%	215.77%	89.54%	-28.76%	4.06%	-0.98%	92.08%	33.27%	-19.07%	-29.78%	-28.78%	-7.56%	37.71%	49.72%	74.08%	135.52%	48.98%	91.07%	33.09%	-20.44%	43.06%	45.21%	31.91%	134.22%	6.11%	-47.91%	-18.74%	-36.04%	-5.71%	294.57%	3802.86%	201.86%	230.94%	-155.94%	-101.46%	1763.71%	655.18%	-72.98%	-34.91%	-97.13%	-82.88%	231.95%	32.09%	-135.69%	-119.96%	-73.95%	-21.90%	-66.23%	-60.95%	-74.66%	-81.37%	-27.19%	-85.94%	-0.24%	-665.09%	244.01%	-422.46%	-176.95%	-83.93%	-144.62%	-36.38%	15.96%	40.15%	81.14%	95.94%	76.69%	63.73%
qoq	-14.66%	-71.83%	-10.72%	-0.23%	3.24%	-44.42%	21.25%	0.41%	19.35%	-12.84%	0.93%	-11.31%	29.15%	-43.76%	-14.42%	22.93%	55.97%	-20.92%	26.18%	4.31%	42.78%	-1.43%	30.13%	72.41%	-14.30%	-62.95%	90.08%	64.06%	66.24%	-74.29%	15.43%	42.34%	68.62%	-66.63%	71.96%	54.75%	96.06%	-54.86%	8.77%	98.46%	36.57%	-73.01%	95.60%	101.44%	24.06%	-52.08%	-11.39%	-1.11%	93.53%	-62.28%	30.62%	313.80%	1814.32%	-97.08%	43.20%	-169.95%	-50.12%	-3830.42%	-41.97%	-102.50%	20.13%	-264.46%	246.18%	-148.54%	-52.20%	-55.57%	93.67%	-36.66%	43.30%	-80.79%	123.93%	-58.90%	5.39%	-24.92%	-56.76%	191.58%	-696.94%	-145.71%	-140.53%	-30.42%	24.66%	26.90%	-42.20%	26.82%	50.68%	64.02%	-37.48%	14.37%	39.62%
operating margin %	2.53%	3.06%	6.91%	8.09%	8.59%	9.15%	11.46%	10.78%	11.01%	10.74%	10.81%	11.29%	11.45%	11.30%	14.34%	17.62%	15.38%	12.12%	12.80%	11.58%	11.31%	9.99%	9.69%	8.90%	5.64%	5.59%	10.42%	7.36%	5.10%	3.86%	9.04%	8.62%	6.74%	5.05%	9.40%	6.70%	4.94%	3.09%	4.70%	5.64%	3.20%	2.80%	7.14%	4.27%	2.87%	2.48%	3.77%	5.76%	6.07%	3.93%	7.59%	6.55%	1.66%	0.11%	2.69%	2.56%	-5.13%	-12.24%	0.17%	0.39%	-21.16%	-24.30%	6.45%	1.68%	-4.63%	-13.73%	-12.09%	-9.18%	-17.29%	-15.09%	-26.27%	-15.82%	-41.06%	-31.35%	-16.02%	-49.67%	-18.61%	2.49%	-2.72%	8.89%	13.19%	12.51%	6.86%	14.80%	13.84%	11.96%	5.01%	10.91%	10.62%	8.83%	0%	0%	0%	0%	0%	0%	0%	0%	0%
interest income	1,164,000	1,281,000				2,079,000				5,857,000	6,071,000	5,492,000	1,729,000	467,000	437,000	192,000	39,000	36,000	11,000	144,000	241,000	653,000	391,000	786,000	442,000	935,000	413,000	201,000	439,000	1,105,000	775,000	458,000	1,278,000	1,003,000	493,000	347,000	202,000	198,000	134,000	109,000	134,000	152,000	116,000	87,000	152,000	103,000	50,000	110,000	115,000	168,000	163,000	193,000	232,000	204,000	155,000	117,000	111,000	135,000	95,000	123,000	270,000	383,000	470,000	603,000	601,000	424,000	1,105,000	1,131,000	1,766,000	3,513,000	5,370,000	6,686,000	9,522,000	13,032,000	9,754,000	8,614,000	5,600,000	4,970,000	2,555,000	1,298,000	1,113,000	1,180,000	758,000	1,261,000	791,000	980,000	744,500	782,000	1,007,000	1,189,000	510,250	568,000	715,000	758,000	852,750	828,000	884,000	1,699,000	805,000
equity in income of unconsolidated joint ventures	1,269,000	522,000	713,000	1,509,000	1,080,000	2,413,000	2,787,000	3,453,000	224,000		4,540,000	4,149,000	5,426,000	-757,000	-20,948,000	128,000	-310,000	23,000	-400,000	-182,000	-127,000	304,000	493,000	1,922,000	8,154,000	1,905,000	-390,000	-384,000	2,500,000	802,000	-260,000	3,493,000	-322,000	-845,000	2,634,000	660,000	-596,000	731,000	-1,529,000	132,000	-197,000	-587,000	-624,000	-422,000	-411,000	-347,000	-420,000	-751,000	-678,000	2,590,000	-414,500	-656,000	-4,000		-9,250	278,000			-13,966,250	64,000
homebuilding pretax income	30,584,000	34,789,000	118,615,000	134,542,000	134,222,000	131,831,000	234,608,000	196,476,000	207,856,000	163,088,000	187,444,000	184,622,000	203,518,000	156,199,000	278,201,000	321,604,000	264,189,000	169,621,000	214,028,000	164,816,000	163,016,000	115,051,000	116,629,000	91,651,000	60,185,000	63,035,000	155,690,000	85,292,000	52,169,000	32,038,000	122,422,000	109,564,000	75,154,000	44,161,000	131,639,000	76,224,000	49,165,000	19,899,000	55,678,000	51,050,000	23,277,000	14,844,000	65,865,000	31,253,000	9,485,000	8,816,000	25,217,000	26,814,000	25,171,000	9,201,000	25,173,000	24,174,000																						-275,817,000
financial services:
expenses	-1,493,000	-1,550,000	-1,431,000	-1,580,000	-1,570,000	-1,539,000	-1,506,000	-1,608,000	-1,473,000	-1,546,000	-1,366,000	-1,530,000	-1,472,000	-1,358,000	-1,543,000	-1,510,000	-1,362,000	-1,347,000	-1,368,000	-1,234,000	-1,253,000	-1,200,000	-1,182,000	-1,056,000	-883,000	-962,000	-1,266,000	-1,003,000	-1,040,000	-1,024,000	-989,000	-945,000	-957,000	-953,000	-905,000	-890,000	-816,000	-819,000	-1,196,000	-891,000	-871,000	-859,000	-909,000	-910,000	-928,000	-964,000	-883,000	-859,000	-852,000	-852,000	-807,000	-764,000	-636,000	-835,000	-754,000	-709,000	-693,000	-835,000	-1,031,000	-829,000	-787,000	-865,000	-480,000	-754,000	-992,000	-893,000	-682,000	-915,000	-794,000	-860,000	-1,172,000	-1,085,000	-1,113,000	-1,119,000	-1,272,000	-1,113,000	-1,071,000	-1,340,000	-1,294,000	-1,392,000	-1,490,000	-1,747,000
equity in income of unconsolidated joint venture	2,830,000	2,133,000	3,361,250	4,254,000	4,862,000	4,329,000	4,855,500	5,932,000	6,435,000	7,055,000				1,582,000																																								1,091,000	552,000	2,119,000	-53,000	142,000	-94,000	-888,000	661,000	-149,000	1,083,000	996,000	3,629,000	1,321,000	5,038,000	4,432,000	3,604,000	941,000	4,660,000	4,578,000	2,154,000	6,148,000
financial services pretax income	6,665,000	5,535,000	10,606,000	8,686,000	8,161,000	7,526,000	13,097,000	10,953,000	13,263,000	11,577,000	12,158,000	9,911,000	11,424,000	6,001,000	6,709,000	4,625,000	18,681,000	8,436,000	9,906,000	9,381,000	10,648,000	8,500,000	9,462,000	9,664,000	7,604,000	5,813,000	9,277,000	6,644,000	4,592,000	2,473,000	6,514,000	5,112,000	3,154,000	1,884,000	5,707,000	2,984,000	2,817,000	1,560,000	-650,000	2,413,000	1,520,000	1,183,000	4,052,000	2,701,000	3,188,000	1,683,000	3,384,000	1,847,000	1,753,000	1,562,000	3,143,000	2,404,000	1,978,000	2,659,000	3,053,000	4,359,000	1,501,000	1,970,000	22,757,000	1,067,000	1,629,000	625,000	3,649,000	2,424,000	4,175,000	1,895,000	7,523,000	5,620,000	4,355,000	1,701,000	6,873,000	5,988,000	3,012,000	7,945,000	12,098,000	6,547,000	5,547,000	9,644,000	15,628,000	8,094,000	6,085,000	3,729,000
total pretax income	37,249,000	40,324,000	129,221,000	143,228,000	142,383,000	139,357,000	247,705,000	207,429,000	221,119,000	174,665,000	199,602,000	194,533,000	214,942,000	162,200,000	284,910,000	326,229,000	282,870,000	178,057,000	223,934,000	174,197,000	173,664,000	123,551,000	126,091,000	101,315,000	67,789,000	68,848,000	164,967,000	91,936,000	56,761,000	34,511,000	128,936,000	114,676,000	78,308,000	46,045,000	137,346,000	79,208,000	51,982,000	21,459,000	55,028,000	53,463,000	24,797,000	16,027,000	69,917,000	33,954,000	12,673,000	10,499,000	28,601,000	28,661,000	26,924,000	10,763,000	28,316,000	26,578,000																										42,137,000	-127,042,000	238,114,000	320,272,000	268,361,000	482,243,000	352,721,000	275,013,000	186,044,000	278,534,000	175,954,000	152,506,000	110,708,000	207,136,000	146,015,000	121,474,000	78,839,000	184,732,000	125,192,000	95,662,000	63,664,000	91,487,000
income tax expense	-9,900,000	-6,900,000	-27,700,000	-33,400,000	-34,500,000	-29,800,000	-57,100,000	-50,100,000	-52,700,000	-36,000,000	-49,300,000	-44,600,000	-50,500,000	-36,700,000	-68,500,000	-70,900,000	-72,200,000	-43,800,000	-49,700,000	-24,100,000	-30,300,000	-26,500,000	-20,000,000	-22,900,000	-15,800,000	-9,100,000	-41,800,000	-23,800,000	-9,300,000	-4,500,000	-32,100,000	-27,200,000	-21,000,000	-117,300,000	-53,000,000	-29,000,000	-20,200,000	-7,200,000	-6,550,000	-14,100,000	-9,200,000	-2,900,000	-4,125,000	-10,700,000	-3,100,000	-2,700,000				-200,000				-100,000				-400,000				-400,000												-300,000
net income	27,349,000	33,424,000	101,521,000	109,828,000	107,883,000	109,557,000	190,605,000	157,329,000	168,419,000	138,665,000	150,302,000	149,933,000	164,442,000	125,500,000	216,410,000	255,329,000	210,670,000	134,257,000	174,234,000	150,097,000	143,364,000	97,051,000	106,091,000	78,415,000	51,989,000	59,748,000	123,167,000	68,136,000	47,461,000	30,011,000	96,836,000	87,476,000	57,308,000	-71,255,000	84,346,000	50,208,000	31,782,000	14,259,000	37,528,000	39,363,000	15,597,000	13,127,000	44,017,000	23,254,000	9,573,000	7,799,000	852,801,000	28,361,000	26,624,000	10,563,000	28,116,000	27,278,000	-2,973,000	-12,458,000	7,724,000	3,261,000	-24,136,000	-45,802,000	13,911,000	-9,649,000	-68,504,000	-114,526,000	17,442,000	-1,397,000	-30,709,000	-54,704,000	100,719,000	-66,048,000	-78,383,000	-58,072,000	-307,284,000	-144,745,000	-255,930,000	-268,172,000	-772,653,000	-35,612,000	-148,686,000	27,537,000	-49,642,000	153,214,000	206,572,000	174,461,000	310,643,000	227,521,000	181,513,000	122,744,000	186,734,000	117,854,000	102,106,000	74,208,000	138,736,000	97,815,000	81,374,000	52,839,000	123,732,000	83,892,000	64,062,000	42,664,000	60,387,000
yoy	-74.65%	-69.49%	-46.74%	-30.19%	-35.94%	-20.99%	26.81%	4.93%	2.42%	10.49%	-30.55%	-41.28%	-21.94%	-6.52%	24.21%	70.11%	46.95%	38.34%	64.23%	91.41%	175.76%	62.43%	-13.86%	15.09%	9.54%	99.09%	27.19%	-22.11%	-17.18%	-142.12%	14.81%	74.23%	80.32%	-599.72%	124.75%	27.55%	103.77%	8.62%	-14.74%	69.27%	62.93%	68.32%	-94.84%	-18.01%	-64.04%	-26.17%	2933.15%	3.97%	-995.53%	-184.79%	264.01%	736.49%	-87.68%	-72.80%	-44.48%	-133.80%	-64.77%	-60.01%	-20.24%	590.69%	123.07%	109.36%	-82.68%	-97.88%	-60.82%	-5.80%	-132.78%	-54.37%	-69.37%	-78.35%	-60.23%	306.45%	72.13%	-1073.86%	1456.45%	-123.24%	-171.98%	-84.22%	-115.98%	-32.66%	13.81%	42.13%	66.36%	93.05%	77.77%	65.41%	34.60%	20.49%	25.48%	40.44%	12.13%	16.60%	27.02%	23.85%	104.90%
qoq	-18.18%	-67.08%	-7.56%	1.80%	-1.53%	-42.52%	21.15%	-6.58%	21.46%	-7.74%	0.25%	-8.82%	31.03%	-42.01%	-15.24%	21.20%	56.92%	-22.94%	16.08%	4.70%	47.72%	-8.52%	35.29%	50.83%	-12.99%	-51.49%	80.77%	43.56%	58.15%	-69.01%	10.70%	52.64%	-180.43%	-184.48%	67.99%	57.98%	122.89%	-62.00%	-4.66%	152.38%	18.82%	-70.18%	89.29%	142.91%	22.75%	-99.09%	2906.95%	6.52%	152.05%	-62.43%	3.07%	-1017.52%	-76.14%	-261.29%	136.86%	-113.51%	-47.30%	-429.25%	-244.17%	-85.91%	-40.18%	-756.61%	-1348.53%	-95.45%	-43.86%	-154.31%	-252.49%	-15.74%	34.98%	-81.10%	112.29%	-43.44%	-4.56%	-65.29%	2069.64%	-76.05%	-639.95%	-155.47%	-132.40%	-25.83%	18.41%	-43.84%	36.53%	25.35%	47.88%	-34.27%	58.45%	15.42%	37.59%	-46.51%	41.84%	20.20%	54.00%	-57.30%	47.49%	30.95%	50.15%	-29.35%
net income margin %	2.46%	3.10%	5.99%	6.78%	7.05%	7.87%	9.53%	8.98%	9.85%	9.45%	8.98%	9.45%	9.32%	9.07%	11.15%	13.84%	12.25%	9.60%	10.40%	10.23%	9.95%	8.50%	8.88%	7.85%	5.69%	5.55%	7.90%	5.87%	4.64%	3.70%	7.18%	7.14%	5.20%	-8.17%	6.01%	4.39%	3.17%	1.74%	3.15%	4.31%	1.92%	1.94%	4.47%	2.76%	1.54%	1.34%	107.13%	4.81%	4.71%	2.34%	4.55%	4.97%	-0.57%	-3.07%	1.34%	0.77%	-7.97%	-17.99%	2.90%	-2.63%	-25.21%	-58.15%	3.87%	-0.28%	-8.21%	-20.72%	14.93%	-14.41%	-20.39%	-18.89%	-33.44%	-21.24%	-40.05%	-33.77%	-37.32%	-2.31%	-10.52%	1.56%	-1.40%	5.73%	7.97%	7.96%	9.86%	9.01%	8.52%	7.50%	7.84%	6.74%	6.50%	5.48%	7.41%	6.78%	5.65%	4.83%	7.35%	6.49%	5.62%	4.66%	4.89%
earnings per share:
basic	0.44	0.53	1.59	1.64	1.53	1.52	2.58	2.1	2.21	1.81	1.91	1.86	2	1.49	2.53	2.94	2.39	1.51	1.96	1.66	1.55	1.05	1.17	0.86	0.57	0.66	1.39	0.77	0.54	0.34	1.1	0.99	0.65	-0.82	0.97	0.58	0.37	0.17	0.44	0.46	0.18	0.15	0.48	0.25	0.1	0.08	9.52	0.31	0.3	0.13
diluted	0.43	0.52	1.55	1.61	1.5	1.49	2.51	2.04	2.15	1.76	1.85	1.8	1.94	1.45	2.46	2.86	2.32	1.47	1.9	1.6	1.5	1.02	1.11	0.83	0.55	0.63	1.3	0.73	0.51	0.31	0.96	0.87	0.57	-0.82	0.85	0.51	0.33	0.15	0.4	0.42	0.17	0.14	0.43	0.23	0.1	0.08	8.57	0.28	0.27	0.12
weighted-average shares outstanding:
basic	61,789	62,663	67,905	66,368	69,976	71,537	74,753	74,476	75,653	75,894	80,842	80,175	81,764	83,468	86,861	86,487	87,858	88,285	90,401	90,076	92,087	91,716	90,464	90,535	90,493	89,842	87,996	88,262	87,641	86,972	87,773	87,951	87,581	87,155	85,842	85,974	85,445	85,122	85,706	84,457	84,196	89,239	92,054	92,065	91,995	91,954	89,265	91,793	89,529	83,745	82,630
diluted	62,733	63,730	69,254	67,737	71,226	73,012	76,955	76,630	77,806	78,264	83,380	82,732	84,306	85,995	89,348	88,857	90,316	91,067	93,587	93,264	95,379	94,903	94,086	94,105	93,472	94,205	93,838	92,842	92,366	96,962	101,059	101,072	101,159	87,155	98,316	98,912	97,732	96,273	96,278	95,203	94,720	99,427	102,857	101,874	101,544	101,700	99,314	102,070	99,508	93,946	91,559
interest income and other			1,758,000	1,870,000	1,679,000		2,722,000	4,073,000	19,449,000
equity in loss of unconsolidated joint ventures										-445,000	469,000	-112,000	-313,000		-96,750	-100,000													-369,000	-406,000					-730,000	-814,000			-491,000	-536,000	-825,000	-603,000											-567,000	-435,000			-243,000	-72,000			-92,000	-55,837,000	-1,578,000	-1,947,000	-1,548,000	-1,184,000	-1,804,000	-26,315,000	-11,754,000	-9,742,000	-61,186,000	-46,203,000	-5,483,000	-39,878,000
loss on early extinguishment of debt																-3,598,000				-5,075,000
cash dividends declared per common share																										0.09				0.025	0.019	0.025	0.025	0.025	0.019	0.025	0.025	0.025	0.019	0.025	0.025	0.025	0.019	0.025	0.025	0.025	0.019	0.025	0.025	0.025	0.019	0.025	0.025	0.025	0.028	0.025	0.025	0.063	0.047	0.063	0.063	0.063	0.047	0.063	0.063	0.063	0.047	0.063	0.063	0.063	0.188		0.5
interest expense																																						-6,307,000	-233,000		-1,970,000	-3,697,000	-4,006,000	-4,394,000	-8,118,000	-5,338,000	-4,461,000	-6,455,000	-8,558,000	-11,276,000	-21,617,000	-11,326,000	-14,507,000	-15,240,000	-15,989,000	-23,060,000	-14,469,000	-16,286,000	-12,302,000	-12,342,000	-13,121,000	-11,439,000
income tax benefit																																															824,200,000	-300,000	-300,000		-200,000	700,000	1,200,000		5,300,000	10,700,000	4,500,000		2,500,000		300,000		2,000,000	5,300,000	-100,000	-200,000	191,700,000	11,000,000	5,200,000	1,500,000	-14,300,000	7,000,000	-600,000		-373,700,000	307,100,000	117,200,000
basic earnings per share																																																			0.035	0.32			-0.215	0.04																		-3.47	-10.01	-0.46	-1.93	0.36	-0.58	1.97	2.6	2.15	3.77	2.75	2.22	1.53	4.77	3.03	2.59	1.9	3.54	2.51	2.05	1.32	3.03	2.06	1.5	1	1.63
diluted earnings per share																																																			0.035	0.3			-0.215	0.04																		-3.47	-10.01	-0.46	-1.93	0.34	-0.54	1.9	2.46	2.02	3.51	2.55	2.06	1.41	4.42	2.84	2.4	1.75	3.29	2.33	1.94	1.25	2.86	1.95	1.42	0.95	1.58
basic average shares outstanding																																																			20,565.25	83,714			19,276.75	77,127																	77,462	77,363	19,280	77,265	77,102	76,988	19,853.5	77,724	79,522	81,031	20,385.25	82,735	81,665	80,194	9,796.5	38,916	39,484	39,157	9,890	38,895	39,622	40,175	10,502.5	40,698	42,696	42,650	37,016
diluted average shares outstanding																																																			21,072.25	94,047			19,276.75	77,358																	77,462	77,363	19,280	77,265	77,102	80,593	20,926.25	80,618	83,978	86,248	22,080.5	89,243	88,044	87,096	10,537.5	41,494	42,578	42,356	10,533.75	41,946	41,979	42,279	11,120	43,070	45,175	44,943	38,199
homebuilding pretax loss																																																					-6,151,000	-15,017,000	-629,000	-11,798,000	-30,137,000	-47,372,000	-11,346,000	-10,716,000	-70,433,000	-114,751,000	11,793,000	-9,121,000	-34,784,000	-56,399,000	-98,504,000	-82,668,000	-87,938,000	-61,273,000	-172,973,000	-157,733,000	-258,342,000
total pretax loss																																																					-4,173,000	-12,358,000	2,424,000	-7,439,000	-28,636,000	-45,402,000	11,411,000	-9,649,000	-68,804,000	-114,126,000	15,442,000	-6,697,000	-30,609,000	-54,504,000	-55,050,750	-77,048,000	-83,583,000	-59,572,000
basic and diluted loss per share																																																					-0.04	-0.16			-0.31	-0.59	0.18	-0.13	-0.89	-1.49	0.23	-0.02	-0.4	-0.71	1.31	-0.87	-1.03	-0.75	-2.158	-1.87
basic and diluted average shares outstanding																																																					83,605	79,401			77,105	77,090	39	77,047	76,991	76,974	23	76,909	76,854	76,834	19,164	76,329	76,281	77,375	19,366	77,565
loss on loan guaranty																																																											6,565,000		-14,572,000	-22,758,000
interest expense, net of amounts capitalized/loss on early redemption																																																															-13,027,000	-16,183,000
interest expense, net of amounts capitalized																																																																	-16,518,000	-19,407,000			-11,471,000	-8,652,000										-3,704,000	-10,266,000	-4,753,000	-2,681,750	-4,310,000	-4,001,000	-2,416,000	-3,658,250	-3,827,000	-6,285,000	-4,521,000	-4,599,500	-2,400,000	-5,552,000	-10,446,000	-5,671,250	-7,744,000	-6,342,000	-8,599,000	-11,424,000
goodwill impairment																																																																							-43,400,000		-24,570,000			-107,926,000
loss on early redemption/interest expense, net of amounts capitalized																																																																			-16,261,000	-15,379,000								-12,990,000
loss on early redemption of debt																																																																							-2,597,000	-10,388,000
loss from continuing operations before income taxes																																																																							-168,736,750	-151,745,000	-255,330,000
loss from continuing operations																																																																							-167,211,750	-144,745,000	-255,930,000
income from discontinued operations, net of income taxes																																																																												4,904,000	25,466,000
gain on sale of discontinued operations, net of income taxes																																																																												438,104,000
basic and diluted earnings per share:
continuing operations																																																																							-3.96	-1.87	-3.3	-3.47	-10.01	-6.19	-2.26
discontinued operations																																																																												5.73	0.33
basic earnings per share:
basic loss per share																																																																									-3.3
diluted earnings per share:
diluted loss per share																																																																									-3.3
income from continuing operations before income taxes																																																																										-267,872,000	-398,953,000	-785,720,000	-291,352,000
income from continuing operations																																																																										-268,172,000	-772,653,000	-478,620,000	-174,152,000
cash dividends per common share																																																																										0.25	0.188	0.25	0.25	0.25	0.188	0.25	0.25	0.25	0.141	0.188	0.188	0.188	0.188	0.25	0.25	0.25	0.056	0.075	0.075	0.075	0.056	0.075	0.075	0.075	0.075
construction:
equity in pretax income of unconsolidated joint ventures																																																																											-15,681,750	-21,027,000		-1,032,000	-26,497,000	10,735,000	-318,000	5,755,000	2,613,250	2,674,000	2,162,000	5,617,000	2,316,000	5,600,000	2,427,000	1,237,000	363,250	764,000	521,000	168,000	901,500	1,008,000	1,440,000	1,158,000	825,000
construction pretax income																																																																											-270,888,750	-792,267,000	-296,899,000	32,493,000	-142,670,000	230,020,000	314,187,000	264,632,000	202,848,250	351,314,000	274,638,000	185,441,000	108,378,000	174,801,000	150,033,000	108,678,000	79,683,750	132,283,000	111,326,000	75,126,000	61,232,250	108,587,000	80,893,000	55,449,000	82,032,000
equity in pretax income of unconsolidated joint venture																																																																											3,639,500	4,367,000	3,396,000	6,795,000	10,294,000	5,058,000	2,717,000	1,150,000
equity in pretax loss of unconsolidated joint ventures																																																																													-39,495,000
minority interests																																																																														-15,504,000	-22,331,000	-16,123,000	-18,129,000	-11,717,000	-13,886,750	-22,121,000	-19,066,000	-14,360,000	-10,293,500	-18,535,000	-13,933,000	-8,706,000	-3,172,500	-3,995,000	-6,620,000	-2,075,000	-2,147,250	-4,302,000	-2,428,000	-1,859,000	-7,954,000
income taxes																																																																														-14,600,000	77,400,000	-84,900,000	-113,700,000	-93,900,000	-171,600,000	-125,200,000	-93,500,000	-63,300,000	-91,800,000	-58,100,000	-50,400,000	-36,500,000	-68,400,000	-48,200,000	-40,100,000	-26,000,000	-61,000,000	-41,300,000	-31,600,000	-21,000,000	-31,100,000
mortgage banking:
revenues:
other																																																																																			4,826,000	6,714,000	7,512,000	5,078,000	6,162,000	5,819,000	9,864,000	8,965,000
revenues: - sum																																																																																			6,725,250	9,261,000	10,013,000	7,627,000	8,144,500	8,754,000	12,294,000	11,530,000
expenses:
interest																																																																																			-1,212,250	-1,720,000	-1,446,000	-1,683,000	-767,250	-1,104,000	-902,000	-1,063,000
general and administrative																																																																																			-4,916,750	-6,134,000	-8,192,000	-5,341,000	-5,963,250	-6,497,000	-8,919,000	-8,437,000
mortgage banking pretax income																																																																																			596,250	1,407,000	375,000	603,000	1,414,000	1,153,000	2,473,000	2,030,000	6,898,250	13,732,000	10,148,000	3,713,000	9,897,250	16,605,000	14,769,000	8,215,000	9,455,000
gain on issuance of french subsidiary stock

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-05-31	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2024-02-29	2023-11-30	2023-08-31	2023-05-31	2023-02-28	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-05-31	2021-02-28	2020-11-30	2020-08-31	2020-05-31	2020-02-29	2019-11-30	2019-08-31	2019-05-31	2019-02-28	2018-11-30	2018-08-31	2018-05-31	2018-02-28	2017-11-30	2017-08-31	2017-05-31	2017-02-28	2016-11-30	2016-08-31	2016-05-31	2016-02-29	2015-11-30	2015-08-31	2015-05-31	2015-02-28	2014-11-30	2014-08-31	2014-05-31	2014-02-28	2013-11-30	2013-08-31	2013-05-31	2013-02-28	2012-11-30	2012-08-31	2012-05-31	2012-02-29	2011-11-30	2011-08-31	2011-05-31	2011-02-28	2010-11-30	2010-08-31	2010-05-31	2010-02-28	2009-11-30	2009-08-31	2009-05-31	2009-02-28	2008-11-30	2008-08-31	2008-05-31	2008-02-29	2007-11-30	2007-08-31	2007-05-31	2007-02-28	2006-11-30	2006-08-31	2006-05-31	2006-02-28	2005-11-30	2005-08-31	2005-05-31	2005-02-28	2004-11-30	2004-08-31	2004-05-31	2004-02-29	2003-11-30	2003-08-31	2003-05-31	2003-02-28	2002-11-30	2002-08-31	2002-05-31	2002-02-28	2001-08-31

assets
homebuilding:
cash and cash equivalents	199,819,000	200,526,000	228,614,000	330,586,000	308,861,000	267,833,000	597,973,000	374,911,000	643,536,000	668,084,000	727,076,000	612,076,000	557,037,000	260,127,000	328,517,000	195,402,000	244,186,000	240,688,000	290,764,000	350,141,000	608,069,000	569,793,000	681,190,000	722,033,000	575,006,000	429,706,000	453,814,000	183,794,000	178,876,000	511,690,000	574,359,000	354,361,000	669,798,000	560,255,000	720,630,000	494,053,000	348,588,000	351,880,000	592,086,000	334,669,000	274,849,000	323,076,000	559,042,000	352,952,000	439,920,000	545,641,000	356,366,000	297,058,000	484,472,000	303,269,000	530,095,000	383,314,000	538,571,000	624,044,000	524,765,000	420,392,000	314,258,000	304,171,000	415,050,000	477,406,000	621,304,000	735,766,000	904,401,000	919,851,000	985,756,000	1,198,635,000	1,174,715,000	953,510,000	997,357,000	1,020,911,000	1,135,399,000	942,451,000	1,305,077,000	1,316,949,000	1,325,255,000	645,933,000	272,088,000	327,924,000	639,211,000	98,496,000	9,680,000	71,224,000	144,783,000	60,153,000	76,279,000	112,989,000	190,660,000	1,947,000	65,611,000	160,599,000		50,387,000	58,969,000	242,433,000		96,639,000	107,443,000	177,749,000
receivables	389,728,000	357,010,000	350,636,000	386,486,000	371,354,000	347,774,000	377,533,000	373,536,000	371,674,000	354,728,000	366,862,000	324,953,000	341,010,000	348,567,000	322,767,000	344,659,000	315,017,000	313,116,000	304,191,000	295,092,000	271,080,000	249,234,000	272,659,000	269,651,000	312,928,000	297,215,000	249,055,000	291,492,000	299,708,000	313,609,000	292,830,000	279,608,000	275,620,000	250,472,000	244,213,000	229,033,000	234,712,000	238,358,000	231,665,000	149,219,000	151,066,000	152,089,000	152,682,000	159,576,000	151,578,000	143,697,000	125,488,000	117,425,000	99,779,000	87,355,000	75,749,000	72,345,000	66,121,000	65,630,000	64,821,000	94,832,000	74,028,000	72,442,000	66,179,000	79,180,000	70,353,000	104,433,000	108,048,000	137,337,000	137,033,000	126,304,000	337,930,000	137,836,000	144,542,000	161,031,000	357,719,000	188,312,000	190,010,000	191,352,000	295,739,000
inventories	5,732,557,000	5,703,970,000	5,670,802,000	5,838,816,000	5,913,348,000	5,942,547,000	5,528,020,000	5,648,930,000	5,335,185,000	5,243,581,000	5,133,646,000	5,185,875,000	5,128,841,000	5,445,153,000	5,543,176,000	5,736,702,000	5,557,649,000	5,197,833,000	4,802,829,000	4,655,875,000	4,272,566,000	4,123,953,000	3,897,482,000	3,671,129,000	3,607,465,000	3,728,616,000	3,704,602,000	3,919,076,000	3,780,853,000	3,683,763,000	3,582,839,000	3,688,855,000	3,464,002,000	3,441,574,000	3,263,386,000	3,513,794,000	3,488,204,000	3,423,344,000	3,403,228,000	3,597,673,000	3,525,089,000	3,468,644,000	3,313,747,000	3,401,737,000	3,393,672,000	3,246,383,000	3,218,387,000	3,240,320,000	3,006,118,000	2,634,944,000	2,298,577,000	2,229,720,000	2,029,390,000	1,937,774,000	1,706,571,000	1,769,043,000	1,727,640,000	1,748,377,000	1,731,629,000	1,900,580,000	1,894,981,000	1,774,400,000	1,696,721,000	1,721,468,000	1,686,289,000	1,580,130,000	1,501,394,000	1,911,317,000	1,893,963,000	2,021,765,000	2,106,716,000	2,562,682,000	2,608,823,000	2,853,908,000	3,312,420,000	4,422,198,000	5,238,312,000	6,291,090,000	6,454,763,000	7,894,610,000	7,568,977,000	6,953,844,000	6,128,342,000	5,743,820,000	5,094,819,000	4,678,998,000	4,143,254,000	4,059,936,000	3,553,784,000	3,216,485,000		2,867,152,000	2,672,686,000	2,309,822,000		2,199,884,000	2,112,687,000	1,986,669,000
investments in unconsolidated joint ventures	78,766,000	76,835,000	72,436,000	67,075,000	57,597,000	61,269,000	67,020,000	62,984,000	64,319,000	59,674,000	59,128,000	56,390,000	53,427,000	51,188,000	46,785,000	46,521,000	44,857,000	38,375,000	36,088,000	39,484,000	45,358,000	46,453,000	46,785,000	48,821,000	57,823,000	57,147,000	57,038,000	57,168,000	56,446,000	57,134,000	61,960,000	62,436,000	69,015,000	68,176,000	64,794,000	64,513,000	64,000,000	64,916,000	64,016,000	61,526,000	65,213,000	68,572,000	71,558,000	72,800,000	77,935,000	73,502,000	79,441,000	73,607,000	67,594,000	60,648,000	130,192,000	126,549,000	122,800,000	123,210,000	123,674,000	122,155,000	121,408,000	121,307,000	127,926,000	51,255,000	51,136,000	50,171,000	105,583,000	101,435,000	103,605,000	105,737,000	119,668,000	172,147,000	171,181,000	174,993,000	177,649,000	250,425,000	294,504,000	281,273,000	297,010,000	368,756,000	379,334,000	430,365,000	397,731,000	363,065,000	386,312,000	348,350,000	275,378,000	240,666,000	204,702,000	188,874,000	168,425,000	122,440,000	85,055,000	36,357,000		29,142,000	29,805,000	24,926,000		8,935,000	8,208,000	9,392,000
property and equipment	103,840,000	104,567,000	101,457,000	97,530,000	95,054,000	92,764,000	90,359,000	89,290,000	89,228,000	88,433,000	88,309,000	88,669,000	89,804,000	89,359,000	89,234,000	86,219,000	82,902,000	79,247,000	76,313,000	72,470,000	69,336,000	67,558,000	65,547,000	64,619,000	65,764,000	64,453,000	65,043,000	64,119,000	61,221,000	55,330,000
deferred tax assets	88,665,000	88,665,000	88,665,000	102,421,000	102,421,000	102,421,000	102,421,000	113,775,000	114,475,000	117,175,000	119,475,000	145,968,000	150,268,000	155,868,000	160,868,000	156,278,000	165,878,000	172,978,000	177,378,000	194,845,000	199,445,000	215,145,000	231,067,000	241,171,000	257,571,000	312,166,000	364,493,000	402,095,000	424,395,000	433,295,000	441,820,000	468,969,000	495,969,000	516,569,000	633,637,000	683,085,000	711,885,000	731,885,000	738,985,000	756,596,000	770,396,000	779,396,000	782,196,000	810,016,000	819,532,000	822,632,000	825,232,000
other assets	124,755,000	113,832,000	107,833,000	102,880,000	107,530,000	102,512,000	105,920,000	113,675,000	119,453,000	93,411,000	96,987,000	102,520,000	106,598,000	102,902,000	101,051,000	108,286,000	111,222,000	104,716,000	104,153,000	111,022,000	115,233,000	118,306,000	125,510,000	125,242,000	126,588,000	129,719,000	83,041,000	85,515,000	87,734,000	89,560,000	107,383,000	108,919,000	111,024,000	108,498,000	102,498,000	102,394,000	99,996,000	96,679,000	91,145,000	113,341,000	112,790,000	113,060,000	112,774,000	114,352,000	117,745,000	119,873,000	114,915,000	118,162,000	116,558,000	110,487,000	107,076,000	101,247,000	103,797,000	102,578,000	95,050,000	91,149,000	85,197,000	87,948,000	75,104,000	78,382,000	83,551,000	84,314,000	150,076,000	150,610,000	151,433,000	155,760,000	154,566,000	87,814,000	98,761,000	95,582,000	98,109,000	109,943,000	123,500,000	126,927,000	140,712,000	148,179,000	159,325,000	194,022,000	191,460,000	179,493,000	155,193,000	139,153,000	124,150,000	147,368,000	150,604,000	162,201,000	142,252,000	149,661,000	146,448,000	139,415,000		129,395,000	135,475,000	116,888,000		102,764,000	82,517,000	79,538,000
homebuilding: - sum	6,718,130,000	6,645,405,000	6,620,443,000	6,925,794,000	6,956,165,000	6,917,120,000	6,869,246,000	6,777,101,000	6,737,870,000	6,625,086,000	6,591,483,000	6,516,451,000	6,426,985,000	6,453,164,000	6,592,398,000	6,674,067,000	6,521,711,000	6,146,953,000	5,791,716,000	5,718,929,000	5,581,087,000	5,390,442,000	5,320,240,000	5,142,666,000	5,003,145,000	5,019,022,000	4,977,086,000	5,003,259,000	4,889,233,000	5,144,381,000	5,061,191,000	4,963,148,000	5,085,428,000	4,945,544,000	5,029,158,000	5,086,872,000	4,947,385,000	4,907,062,000	5,121,125,000	5,013,626,000	4,902,920,000	4,909,194,000	5,001,343,000	4,936,461,000	5,027,595,000	4,979,712,000	4,747,064,000	3,879,028,000	3,818,758,000	3,238,786,000	3,183,595,000	2,954,806,000	2,903,001,000	2,897,855,000	2,557,243,000	2,543,684,000	2,385,713,000	2,398,135,000	2,480,369,000	2,699,989,000	2,835,288,000	2,870,271,000	3,080,306,000	3,147,085,000	3,171,873,000	3,256,788,000	3,402,565,000	3,366,804,000	3,407,964,000	3,585,490,000	3,992,148,000	4,319,671,000	4,787,772,000	5,060,837,000	5,661,564,000
financial services	57,332,000	57,432,000	59,809,000	59,778,000	61,431,000	62,140,000	66,923,000	62,779,000	67,810,000	58,406,000	56,879,000	60,535,000	56,032,000	60,937,000	59,532,000	56,522,000	57,766,000	41,374,000	44,202,000	37,418,000	37,846,000	36,342,000	36,202,000	34,761,000	38,857,000	33,812,000	38,396,000	31,911,000	30,720,000	29,275,000	12,380,000	11,541,000	9,308,000	11,557,000	12,357,000	12,687,000	11,410,000	15,518,000	10,499,000	14,135,000	12,923,000	12,862,000	14,028,000	12,035,000	11,465,000	10,145,000	10,486,000	8,363,000	9,268,000	9,386,000	10,040,000	10,035,000	9,120,000	2,782,000	4,455,000	5,780,000	8,292,000	7,938,000	32,173,000	21,828,000	25,060,000	30,975,000	29,443,000	29,367,000	30,364,000	28,670,000	33,424,000	26,480,000	21,930,000	52,531,000	52,152,000	58,274,000	53,236,000	49,219,000	44,392,000	35,392,000	34,269,000	49,495,000	44,024,000	39,061,000	46,746,000	37,699,000	29,933,000
total assets	6,775,462,000	6,702,837,000	6,680,252,000	6,985,572,000	7,017,596,000	6,979,260,000	6,936,169,000	6,839,880,000	6,805,680,000	6,683,492,000	6,648,362,000	6,576,986,000	6,483,017,000	6,514,101,000	6,651,930,000	6,730,589,000	6,579,477,000	6,188,327,000	5,835,918,000	5,756,347,000	5,618,933,000	5,426,784,000	5,356,442,000	5,177,427,000	5,042,002,000	5,052,834,000	5,015,482,000	5,035,170,000	4,919,953,000	5,173,656,000	5,073,571,000	4,974,689,000	5,094,736,000	4,957,101,000	5,041,515,000	5,099,559,000	4,958,795,000	4,922,580,000	5,131,624,000	5,027,761,000	4,915,843,000	4,922,056,000	5,015,371,000	4,948,496,000	5,039,060,000	4,989,857,000	4,757,550,000	3,887,391,000	3,828,026,000	3,248,172,000	3,193,635,000	2,964,841,000	2,912,121,000	2,900,637,000	2,561,698,000	2,549,464,000	2,394,005,000	2,406,073,000	2,512,542,000	2,721,817,000	2,860,348,000	2,901,246,000	3,109,749,000	3,176,452,000	3,202,237,000	3,285,458,000	3,435,989,000	3,393,284,000	3,429,894,000	3,638,021,000	4,044,300,000	4,377,945,000	4,841,008,000	5,110,056,000	5,705,956,000	6,587,679,000	8,614,459,000	8,615,939,000	9,014,464,000	9,566,535,000	9,188,576,000	8,574,048,000	7,746,920,000	7,238,200,000	6,567,719,000	6,259,567,000	5,835,956,000	5,375,774,000	4,895,287,000	4,628,566,000	4,235,859,000	4,116,750,000	4,063,455,000	3,801,615,000	4,025,540,000	3,612,706,000	3,426,672,000	3,433,249,000	3,299,198,000
liabilities and stockholders’ equity
accounts payable	303,850,000	285,923,000	351,261,000	366,194,000	359,323,000	364,039,000	384,894,000	401,768,000	396,584,000	378,906,000	388,452,000	389,918,000	360,585,000	349,800,000	412,525,000	450,451,000	480,441,000	382,003,000	371,826,000	340,540,000	316,989,000	280,541,000	273,368,000	231,821,000	180,868,000	236,981,000	262,772,000	281,855,000	262,920,000	209,015,000	258,045,000	259,947,000	230,606,000	192,843,000	213,463,000	189,535,000	186,993,000	178,491,000	215,331,000	195,785,000	190,327,000	167,575,000	183,770,000	178,604,000	164,614,000	161,902,000	172,716,000	167,983,000	154,170,000	138,213,000	148,282,000	146,147,000	117,804,000	108,325,000	118,544,000	103,933,000	91,805,000	80,900,000	104,414,000	117,593,000	127,576,000	111,049,000	233,217,000	288,974,000	321,585,000	312,672,000	340,977,000	427,463,000	454,027,000	477,591,000	541,294,000	646,185,000	609,989,000	596,109,000	699,851,000	597,744,000	399,022,000	981,283,000	1,071,265,000	987,724,000	935,110,000	945,232,000	892,727,000	788,480,000	739,892,000	722,768,000	749,050,000	598,359,000	593,173,000	623,450,000		523,089,000	560,147,000	440,662,000		427,565,000	397,816,000	395,503,000
accrued expenses and other liabilities	704,401,000	666,720,000	731,946,000	770,450,000	771,840,000	727,950,000	796,261,000	757,928,000	720,622,000	728,328,000	758,227,000	665,499,000	668,084,000	678,611,000	736,971,000	755,248,000	719,491,000	734,252,000	756,905,000	708,265,000	665,690,000	649,110,000	667,501,000	630,529,000	602,393,000	621,558,000	618,783,000	629,168,000	605,816,000	631,381,000	666,268,000	634,466,000	594,415,000	551,069,000	575,930,000	565,168,000	487,836,000	501,902,000	550,996,000	471,295,000	456,645,000	483,286,000	513,414,000	497,158,000	437,115,000	397,245,000	409,882,000	392,239,000	388,349,000	386,085,000	356,176,000	380,766,000	378,149,000	353,130,000	340,345,000	342,142,000	344,380,000	337,786,000	374,406,000	582,233,000	594,385,000	571,456,000	466,505,000	468,398,000	503,231,000	503,462,000	560,368,000	528,683,000	571,015,000	645,960,000	721,397,000	705,978,000	778,261,000	773,359,000	975,828,000	1,138,769,000	1,273,373,000	1,308,778,000	1,680,014,000	1,573,471,000	1,464,126,000	1,406,379,000	1,338,626,000	946,977,000	865,644,000	703,491,000	810,913,000	621,091,000	563,374,000	493,912,000		441,925,000	463,332,000	363,346,000		354,646,000	309,646,000	260,593,000
notes payable	1,968,714,000	1,893,258,000	1,692,977,000	1,943,582,000	1,892,941,000	1,792,307,000	1,691,679,000	1,691,060,000	1,695,196,000	1,692,729,000	1,689,898,000	1,689,958,000	1,686,663,000	1,788,850,000	1,838,511,000	2,031,192,000	2,085,275,000	1,934,948,000	1,685,027,000	1,863,501,000	1,747,447,000	1,747,007,000	1,747,175,000	1,747,704,000	1,766,539,000	1,749,148,000	1,748,747,000	1,860,135,000	1,854,556,000	2,203,589,000	2,060,263,000	2,063,127,000	2,353,848,000	2,359,570,000	2,324,845,000	2,502,379,000	2,510,121,000	2,504,449,000	2,640,149,000	2,674,795,000	2,632,127,000	2,652,705,000	2,625,536,000	2,630,732,000	2,819,510,000	2,824,170,000	2,576,525,000																																					3,288,000	9,047,000	59,665,000	71,629,000	97,328,000	105,301,000	125,747,000		162,670,000	213,582,000	266,507,000		396,281,000	330,230,000	377,184,000
stockholders’ equity:
common stock — 63,653,246 and 74,477,254 shares issued at may 31, 2026 and november 30, 2025, respectively	63,653,000
paid-in capital	840,401,000	836,755,000	863,718,000	848,909,000	840,296,000	834,306,000	862,049,000	856,603,000	848,635,000	839,772,000	845,693,000	843,371,000	830,765,000	819,904,000	836,260,000	841,939,000	834,883,000	828,238,000	848,620,000	842,380,000	836,353,000	827,456,000	824,306,000	810,915,000	806,700,000	803,420,000	793,954,000	782,300,000	775,693,000	755,341,000	753,570,000	750,254,000	736,047,000	729,439,000	727,483,000	722,536,000	703,004,000	697,656,000	696,938,000	695,686,000	686,188,000	681,699,000	682,871,000	679,600,000	676,228,000	672,038,000	668,857,000	665,840,000	657,028,000	790,672,000	788,893,000	787,388,000	785,385,000	783,298,000	888,579,000	888,701,000	887,262,000	885,765,000	884,190,000	878,962,000	877,376,000	875,549,000	873,519,000	867,505,000	863,829,000	861,001,000	860,772,000	863,562,000	862,705,000	864,854,000	865,123,000	862,556,000	859,258,000	855,319,000	851,628,000	845,749,000	840,272,000	831,122,000	825,958,000	813,520,000	828,776,000	823,623,000	771,973,000	671,655,000	657,373,000	631,055,000	596,454,000	563,306,000	562,250,000	549,622,000		523,624,000	521,691,000	516,111,000		493,069,000	491,435,000	481,879,000	445,330,000
retained earnings	3,032,713,000	3,645,806,000	3,629,638,000	3,543,885,000	3,450,350,000	3,359,669,000	3,269,423,000	4,087,800,000	3,948,878,000	3,799,234,000	3,676,924,000	3,541,818,000	3,407,813,000	3,256,602,000	3,143,578,000	2,939,706,000	2,697,149,000	2,499,491,000	2,379,364,000	2,218,217,000	2,081,288,000	1,951,657,000	1,868,896,000	2,326,060,000	2,255,742,000	2,211,851,000	2,157,183,000	2,042,034,000	1,981,795,000	1,936,523,000	1,897,168,000	1,802,538,000	1,717,248,000	1,662,118,000	1,735,695,000	1,653,512,000	1,605,442,000	1,575,786,000	1,563,742,000	1,528,329,000	1,491,073,000	1,477,570,000	1,466,713,000	1,424,992,000	1,404,029,000	1,396,756,000	1,391,256,000	540,755,000	514,688,000	490,358,000	481,889,000	455,867,000	430,682,000	435,745,000	450,292,000	444,493,000	443,160,000	469,224,000	519,844,000	510,750,000	525,209,000	598,520,000	717,852,000	705,218,000	711,423,000	746,936,000	806,443,000	710,526,000	781,345,000	864,496,000	927,324,000	1,239,473,000	1,384,218,000	1,678,895,000	1,968,881,000	2,760,860,000	2,815,783,000	2,983,764,000	2,975,465,000	3,044,382,000	2,961,558,000	2,774,709,000	2,620,251,000	2,325,020,000	2,113,150,000	1,947,017,000	1,904,081,000	1,727,128,000	1,618,998,000	1,526,733,000		1,326,528,000	1,231,616,000	1,153,197,000		982,659,000	901,761,000	840,871,000	716,060,000
accumulated other comprehensive loss	-3,538,000	-3,538,000	-3,538,000	-3,704,000	-3,704,000	-3,704,000	-3,704,000	-3,671,000	-3,671,000	-3,671,000	-3,671,000	-5,575,000	-5,575,000	-5,575,000	-5,575,000	-19,119,000	-19,119,000	-19,119,000	-19,119,000	-22,276,000	-22,276,000	-22,276,000	-22,276,000	-17,149,000	-17,149,000	-17,149,000	-15,506,000	-9,565,000	-9,565,000	-9,565,000	-9,565,000	-16,924,000	-16,924,000	-16,924,000	-16,924,000	-16,057,000	-16,057,000	-16,057,000	-16,057,000	-17,319,000	-17,319,000	-17,319,000	-17,319,000	-21,008,000	-21,008,000	-21,008,000	-21,008,000	-17,516,000	-17,516,000	-17,516,000	-17,516,000	-27,958,000	-27,958,000	-27,958,000	-27,958,000	-26,152,000	-26,152,000	-26,152,000	-26,152,000	-22,657,000	-22,657,000	-22,657,000	-22,657,000	-22,244,000	-22,244,000	-22,244,000	-22,244,000	-17,402,000	-17,402,000	-17,402,000	-17,402,000	-22,923,000	-22,923,000	-22,923,000																		23,297,000				-391,000
treasury stock	-136,419,000	-698,523,000	-663,437,000	-561,178,000	-370,841,000	-172,030,000	-141,562,000	-982,812,000	-831,312,000	-781,809,000	-737,364,000	-578,027,000	-494,822,000	-403,533,000	-341,461,000	-299,911,000	-249,911,000	-202,287,000	-217,383,000	-224,021,000	-35,933,000	-35,977,000	-27,761,000	-597,529,000	-597,950,000	-597,950,000	-591,344,000	-587,817,000	-587,817,000	-587,814,000	-584,397,000	-547,208,000	-548,365,000	-548,365,000	-541,380,000	-537,268,000	-537,268,000	-537,945,000	-535,402,000	-534,574,000	-534,574,000	-534,569,000	-447,043,000	-446,776,000	-446,776,000	-446,497,000	-446,476,000	-445,976,000	-445,976,000	-718,565,000	-718,565,000	-718,044,000	-718,044,000	-718,011,000	-934,136,000	-932,337,000	-932,337,000	-932,337,000	-932,337,000	-931,543,000	-931,543,000	-931,543,000	-931,543,000	-931,543,000	-931,543,000	-931,543,000	-930,850,000	-930,850,000	-930,850,000	-930,850,000	-930,234,000	-929,824,000	-929,824,000	-929,824,000	-929,267,000	-927,280,000	-926,609,000	-926,609,000	-922,371,000	-918,225,000	-828,240,000	-693,734,000		-398,591,000	-398,591,000	-397,771,000		-393,578,000	-393,578,000	-327,453,000		-327,453,000	-278,741,000	-242,910,000		-219,121,000	-121,529,000	-28,337,000	-28,337,000
total stockholders’ equity	3,796,810,000	3,855,007,000	3,900,858,000	3,902,363,000	3,990,538,000	4,092,678,000	4,060,616,000	3,987,094,000	3,991,704,000	3,882,670,000	3,810,140,000	3,830,128,000	3,766,482,000	3,695,463,000	3,660,795,000	3,490,608,000	3,290,995,000	3,134,316,000	3,019,475,000	2,841,733,000	2,886,865,000	2,748,184,000	2,665,769,000	2,565,308,000	2,490,354,000	2,443,104,000	2,383,122,000	2,262,229,000	2,195,210,000	2,128,497,000	2,087,500,000	2,015,949,000	1,914,643,000	1,852,722,000	1,926,311,000	1,840,942,000	1,772,388,000	1,736,460,000	1,723,145,000	1,682,450,000	1,635,169,000	1,617,058,000	1,690,834,000	1,640,226,000	1,615,836,000	1,604,570,000	1,595,910,000	744,567,000	709,673,000	546,334,000	536,086,000	498,006,000	470,816,000	473,135,000	376,806,000	372,441,000	369,531,000	393,868,000	442,657,000	431,967,000	443,452,000	514,595,000	631,878,000	613,450,000	615,181,000	647,614,000	707,224,000	613,512,000	683,097,000	767,661,000	830,605,000	1,133,770,000	1,274,429,000	1,564,515,000	1,850,687,000	2,661,276,000	2,778,651,000	2,931,728,000	2,922,748,000	2,972,385,000	2,994,321,000	2,902,959,000		2,603,959,000	2,366,273,000	2,188,283,000		1,825,126,000	1,716,832,000	1,681,743,000				1,297,942,000				1,150,466,000
total liabilities and stockholders’ equity	6,775,462,000	6,702,837,000	6,680,252,000	6,985,572,000	7,017,596,000	6,979,260,000	6,936,169,000	6,839,880,000	6,805,680,000	6,683,492,000	6,648,362,000	6,576,986,000	6,483,017,000	6,514,101,000	6,651,930,000	6,730,589,000	6,579,477,000	6,188,327,000	5,835,918,000	5,756,347,000	5,618,933,000	5,426,784,000	5,356,442,000	5,177,427,000	5,042,002,000	5,052,834,000	5,015,482,000	5,035,170,000	4,919,953,000	5,173,656,000	5,073,571,000	4,974,689,000	5,094,736,000	4,957,101,000	5,041,515,000	5,099,559,000	4,958,795,000	4,922,580,000	5,131,624,000	5,027,761,000	4,915,843,000	4,922,056,000	5,015,371,000	4,948,496,000	5,039,060,000	4,989,857,000	4,757,550,000	3,887,391,000	3,828,026,000	3,248,172,000	3,193,635,000	2,964,841,000	2,912,121,000	2,900,637,000	2,561,698,000	2,549,464,000	2,394,005,000	2,406,073,000	2,512,542,000	2,721,817,000	2,860,348,000	2,901,246,000	3,109,749,000	3,176,452,000	3,202,237,000	3,285,458,000	3,435,989,000	3,393,284,000	3,429,894,000	3,638,021,000	4,044,300,000	4,377,945,000	4,841,008,000	5,110,056,000	5,705,956,000	6,587,679,000	8,614,459,000	8,615,939,000	9,014,464,000	9,566,535,000	9,188,576,000	8,574,048,000	7,746,920,000	7,238,200,000	6,567,719,000	6,259,567,000	5,835,956,000	5,375,774,000	4,895,287,000	4,628,566,000	4,235,859,000	4,116,750,000	4,063,455,000	3,801,615,000	4,025,540,000	3,612,706,000	3,426,672,000	3,433,249,000	3,299,198,000
common stock — 74,506,740 and 74,477,254 shares issued at february 28, 2026 and november 30, 2025, respectively		74,507,000
preferred stock — 1.00 par value; 10,000,000 shares authorized; none issued
common stock —1.00 par value; 290,000,000 shares authorized at november 30, 2025 and 2024; 74,477,254 and 74,409,977 shares issued at november 30, 2025 and 2024, respectively			74,477,000
common stock — 74,451,477 and 74,409,977 shares issued at august 31, 2025 and november 30, 2024, respectively				74,451,000
common stock — 74,437,477 and 74,409,977 shares issued at may 31, 2025 and november 30, 2024, respectively					74,437,000
common stock — 74,437,477 and 74,409,977 shares issued at february 28, 2025 and november 30, 2024, respectively						74,437,000
common stock —1.00 par value; 290,000,000 shares authorized at november 30, 2024 and 2023; 74,409,977 and 101,275,979 shares issued at november 30, 2024 and 2023, respectively							74,410,000
grantor stock ownership trust, at cost: 6,705,247 shares at november 30, 2023
common stock — 101,891,905 and 101,275,979 shares issued at august 31, 2024 and november 30, 2023, respectively								101,892,000
grantor stock ownership trust, at cost: 6,705,247 shares at august 31, 2024 and november 30, 2023								-72,718,000
common stock — 101,891,905 and 101,275,979 shares issued at may 31, 2024 and november 30, 2023, respectively									101,892,000
grantor stock ownership trust, at cost: 6,705,247 shares at may 31, 2024 and november 30, 2023									-72,718,000
common stock — 101,861,682 and 101,275,979 shares issued at february 29, 2024 and november 30, 2023, respectively										101,862,000
grantor stock ownership trust, at cost: 6,705,247 shares at february 29, 2024 and november 30, 2023										-72,718,000
common stock —1.00 par value; 290,000,000 shares authorized at november 30, 2023 and 2022; 101,275,979 and 100,711,153 shares issued at november 30, 2023 and 2022											101,276,000
grantor stock ownership trust, at cost: 6,705,247 shares at november 30, 2023 and 2022											-72,718,000
common stock — 101,259,329 and 100,711,153 shares issued at august 31, 2023 and november 30, 2022, respectively												101,259,000
grantor stock ownership trust, at cost: 6,705,247 shares at august 31, 2023 and november 30, 2022												-72,718,000
common stock — 101,019,249 and 100,711,153 shares issued at may 31, 2023 and november 30, 2022, respectively													101,019,000
grantor stock ownership trust, at cost: 6,705,247 shares at may 31, 2023 and november 30, 2022													-72,718,000
common stock — 100,783,133 and 100,711,153 shares issued at february 28, 2023 and november 30, 2022, respectively														100,783,000
grantor stock ownership trust, at cost: 6,705,247 shares at february 28, 2023 and november 30, 2022														-72,718,000
common stock —1.00 par value; 290,000,000 shares authorized at november 30, 2022 and 2021; 100,711,153 shares issued at november 30, 2022 and 2021															100,711,000
grantor stock ownership trust, at cost: 6,705,247 shares at november 30, 2022 and 2021															-72,718,000
common stock																100,711,000	100,711,000	100,711,000		100,151,000	100,151,000	100,042,000		122,370,000	122,370,000	122,291,000		120,523,000	120,350,000	119,258,000		119,049,000	118,397,000	118,214,000		117,498,000	116,546,000	116,299,000		116,199,000	115,672,000	115,548,000		115,524,000	115,469,000	115,387,000		115,375,000	115,360,000	115,296,000		115,293,000	115,291,000	115,178,000		115,171,000	115,171,000	115,171,000		115,149,000	115,149,000	115,149,000		115,143,000	115,143,000	115,121,000		115,120,000	115,120,000	115,120,000		115,108,000	115,090,000	115,060,000		114,943,000	114,873,000	114,686,000		114,648,000	114,502,000	114,209,000		113,662,000	112,961,000	112,757,000		54,767,000	54,754,000	54,162,000		53,800,000	53,737,000	53,507,000		53,330,000	53,264,000	52,797,000	51,769,000
grantor stock ownership trust, at cost																-72,718,000	-72,718,000	-72,718,000		-72,718,000	-72,718,000	-72,718,000		-79,359,000	-79,359,000	-79,359,000		-85,246,000	-85,246,000	-85,246,000		-91,760,000	-91,760,000	-91,760,000		-99,279,000	-99,279,000	-99,279,000		-105,871,000	-105,871,000	-105,871,000		-112,106,000	-112,106,000	-112,106,000		-113,911,000	-113,911,000	-113,911,000		-114,540,000	-114,540,000	-115,117,000		-117,435,000	-117,573,000	-117,803,000		-118,694,000	-120,082,000	-120,423,000		-120,629,000	-121,427,000	-121,657,000		-127,444,000	-127,821,000	-128,557,000		-130,620,000	-131,390,000	-132,012,000		-132,996,000	-133,821,000	-134,035,000		-134,444,000	-134,887,000	-135,197,000		-143,072,000	-153,794,000	-159,916,000		-160,649,000	-161,008,000	-161,253,000		-165,620,000	-165,952,000	-166,173,000		-172,036,000	-172,360,000	-172,567,000
common stock —1.00 par value; 290,000,000 shares authorized at november 30, 2021 and 2020; 100,711,153 and 99,868,625 shares issued at november 30, 2021 and 2020, respectively																			100,711,000
grantor stock ownership trust, at cost: 6,705,247 and 7,124,317 shares at november 30, 2021 and 2020, respectively																			-72,718,000
common stock —1.00 par value; 290,000,000 shares authorized at november 30, 2020 and 2019; 99,868,625 and 121,592,978 shares issued at november 30, 2020 and 2019, respectively																							99,869,000
grantor stock ownership trust, at cost: 7,124,317 and 7,630,582 shares at november 30, 2020 and 2019, respectively																							-77,265,000
common stock — 1.00 par value; 290,000,000 shares authorized at november 30, 2019 and 2018; 121,592,978 and 119,195,914 shares issued at november 30, 2019 and 2018, respectively																											121,593,000
grantor stock ownership trust, at cost: 7,630,582 and 8,157,235 shares at november 30, 2019 and 2018, respectively																											-82,758,000
common stock — 1.00 par value; 290,000,000 shares authorized at november 30, 2018 and 2017; 119,195,914 and 117,945,525 shares issued at november 30, 2018 and 2017, respectively																															119,196,000
grantor stock ownership trust, at cost: 8,157,235 and 8,897,954 shares at november 30, 2018 and 2017, respectively																															-88,472,000
common stock — 1.00 par value; 290,000,000 shares authorized at november 30, 2017 and 2016; 117,945,525 and 116,224,208 shares issued at november 30, 2017 and 2016, respectively																																			117,946,000
grantor stock ownership trust, at cost: 8,897,954 and 9,431,756 shares at november 30, 2017 and 2016, respectively																																			-96,509,000
restricted cash																																								602,000	3,517,000	4,357,000	9,344,000	25,028,000	27,213,000	27,984,000	27,235,000	32,456,000	44,237,000	42,083,000	41,906,000	41,631,000	42,322,000	44,619,000	42,362,000	46,113,000	63,182,000	63,890,000	64,481,000	113,186,000	113,963,000	121,187,000	115,477,000	116,384,000	107,757,000	90,222,000	114,292,000	104,180,000	102,160,000	111,208,000	115,404,000
common stock — 1.00 par value; 290,000,000 shares authorized at november 30, 2016 and 2015; 116,224,208 and 115,547,682 shares issued at november 30, 2016 and 2015, respectively																																							116,224,000
grantor stock ownership trust, at cost: 9,431,756 and 10,135,461 shares at november 30, 2016 and 2015, respectively																																							-102,300,000
common stock — 1.00 par value; 290,000,000 shares authorized at november 30, 2015 and 2014; 115,547,682 and 115,386,512 shares issued at november 30, 2015 and 2014, respectively																																											115,548,000
grantor stock ownership trust, at cost: 10,135,461 and 10,335,461 shares at november 30, 2015 and 2014, respectively																																											-109,936,000
common stock — 1.00 par value; 290,000,000 shares authorized at november 30, 2014 and 2013; 115,386,512 and 115,296,395 shares issued at november 30, 2014 and 2013, respectively																																															115,387,000
grantor stock ownership trust, at cost: 10,335,461 and 10,501,844 shares at november 30, 2014 and 2013, respectively																																															-112,106,000
mortgages and notes payable																																																2,580,800,000	2,573,980,000	2,175,190,000	2,150,498,000	1,937,057,000	1,943,275,000	1,963,753,000	1,722,815,000	1,727,679,000	1,582,788,000	1,587,414,000	1,583,571,000	1,586,703,000	1,691,659,000	1,701,698,000	1,775,529,000	1,800,919,000	1,755,366,000	1,815,261,000	1,820,370,000	1,812,839,000	1,711,726,000	1,737,968,000	1,941,537,000	1,877,362,000	2,161,220,000	2,161,818,000	2,161,794,000	2,161,423,000	2,811,932,000	3,167,310,000	3,125,803,000	3,810,561,000	3,581,484,000	3,116,618,000	2,463,814,000	2,701,430,000	2,370,952,000	2,389,073,000	1,975,600,000	2,030,606,000	1,766,304,000	1,565,706,000		1,442,171,000	1,313,528,000	1,305,982,000		1,174,968,000	1,132,803,000	1,136,975,000
common stock — 1.00 par value; 290,000,000 shares authorized at november 30, 2013 and 2012; 115,296,395 and 115,178,187 shares issued at november 30, 2013 and 2012, respectively																																																			115,296,000
grantor stock ownership trust, at cost: 10,501,844 and 10,615,934 shares at november 30, 2013 and 2012, respectively																																																			-113,911,000
preferred stock — 1.00 par value; authorized, 10,000,000 shares; none issued
common stock — 1.00 par value; authorized, 290,000,000 shares at november 30, 2012 and 2011; 115,178,187 and 115,170,693 shares issued at november 30, 2012 and 2011, respectively																																																							115,178,000
grantor stock ownership trust, at cost: 10,615,934 and 10,884,151 shares at november 30, 2012 and 2011, respectively																																																							-115,149,000
common stock — 1.00 par value; authorized, 290,000,000 shares at november 30, 2011 and 2010; 115,170,693 and 115,148,586 shares issued at november 30, 2011 and 2010, respectively																																																											115,171,000
grantor stock ownership trust, at cost: 10,884,151 and 11,082,723 shares at november 30, 2011 and 2010, respectively																																																											-118,059,000
common stock — 1.00 par value; authorized, 290,000,000 shares at november 30, 2010 and 2009; 115,148,586 and 115,120,305 shares issued at november 30, 2010 and 2009, respectively																																																															115,149,000
grantor stock ownership trust, at cost: 11,082,723 and 11,228,951 shares at november 30, 2010 and 2009, respectively																																																															-120,442,000
common stock — 1.00 par value; authorized, 290,000,000 shares at november 30, 2009 and 2008; and 115,120,305 shares issued at november 30, 2009 and 2008																																																																			115,120,000
grantor stock ownership trust, at cost: 11,228,951 and 11,901,382 shares at november 30, 2009 and 2008, respectively																																																																			-122,017,000
deferred income taxes																																																																							1,152,000	222,458,000	222,458,000	222,458,000	222,458,000	668,676,000	548,440,000	411,600,000	393,948,000	189,363,000	201,278,000	211,940,000	220,814,000	207,439,000	216,720,000	213,015,000	217,618,000	155,912,000	152,254,000	162,360,000		158,329,000	160,144,000	177,131,000		119,667,000	114,471,000	117,694,000
goodwill																																																																								43,400,000	43,400,000	67,970,000	67,970,000	69,407,000	177,333,000	233,772,000	233,815,000	239,335,000	247,171,000	243,175,000	242,589,000	245,030,000	244,887,000	249,080,000	249,313,000	244,315,000	236,835,000	238,211,000		215,520,000	218,576,000	191,930,000		194,163,000	192,192,000	189,700,000
common stock — 1.00 par value; authorized, 290,000,000 shares at november 30, 2008 and 2007; 115,120,305 and 114,976,285 shares issued at november 30, 2008 and 2007, respectively																																																																							115,120,000
grantor stock ownership trust, at cost: 11,901,382 and 12,203,282 shares at november 30, 2008 and 2007, respectively																																																																							-129,326,000
assets of discontinued operations																																																																													1,570,084,000
liabilities of discontinued operations																																																																													1,322,981,000
common stock — 1.00 par value; authorized, 290,000,000 shares at november 30, 2007 and 2006; 114,976,285 and 114,648,604 shares issued at november 30, 2007 and 2006, respectively																																																																											114,976,000
accumulated other comprehensive income																																																																											-22,923,000		68,153,000	62,800,000	63,197,000	52,504,000	52,612,000	31,791,000	28,704,000	40,232,000	40,488,000	60,821,000	59,968,000	40,565,000	42,195,000	47,078,000			27,099,000	-7,178,000			-6,813,000	-14,100,000	-7,173,000
grantor stock ownership trust, at cost: 12,203,282 and 12,345,182 shares at november 30, 2007 and 2006, respectively																																																																											-132,608,000
construction:
trade and other receivables																																																																												229,138,000	235,274,000	677,671,000	659,512,000	563,112,000	573,219,000	568,663,000	580,931,000	492,870,000	461,174,000	457,159,000	513,974,000	400,593,000	429,169,000	432,569,000		369,088,000	474,805,000	349,550,000		367,707,000	376,579,000	401,190,000
construction: - sum																																																																												6,552,287,000	7,010,106,000	8,566,444,000	8,970,440,000	9,527,474,000	9,141,830,000	8,536,349,000	7,716,987,000	7,137,346,000	6,449,185,000	6,062,316,000	5,625,496,000	5,134,804,000	4,669,156,000	4,385,996,000		3,819,013,000	3,750,460,000	3,412,680,000		3,089,759,000	2,994,097,000	2,961,932,000
minority interests																																																																														199,888,000	188,358,000	172,593,000	159,455,000	150,955,000	144,951,000
common stock — 1.00 par value; authorized, 290,000,000 and 300,000,000 shares at november 30, 2006 and 2005, respectively; 114,648,604 and 113,905,123 shares issued at november 30, 2006 and 2005, respectively																																																																															114,649,000
deferred compensation																																																																																		-12,442,000	-13,605,000	-4,947,000	-5,314,000	-5,680,000	-6,046,000	-6,413,000	-6,779,000	-7,146,000		-7,879,000	-8,245,000	-8,612,000		-9,344,000	-9,711,000	-10,077,000	-10,810,000
grantor stock ownership trust, at cost: 12,345,182 and 12,999,980 shares at november 30, 2006 and 2005, respectively																																																																															-134,150,000
mortgage banking:
receivables:
first mortgages and mortgage-backed securities																																																																																				1,282,000	1,632,000	1,816,000		5,437,000	5,978,000	6,802,000
first mortgages held under commitments of sale and other receivables																																																																																				42,839,000	70,950,000	129,511,000		184,819,000	179,372,000	154,587,000
accounts payable and accrued expenses																																																																																				56,367,000	80,328,000	62,158,000	45,025,000	82,056,000	38,838,000	35,266,000		34,537,000	38,657,000	40,826,000		48,945,000	35,082,000	27,764,000
collateralized mortgage obligations secured by mortgage-backed securities																																																																																				748,000	883,000	922,000	1,018,000	5,140,000	5,829,000	4,313,000		8,603,000	10,558,000	12,838,000		16,523,000	18,843,000	20,329,000
minority interests in consolidated subsidiaries and joint ventures																																																																																				136,951,000	134,700,000	133,207,000	127,040,000	116,068,000	105,636,000	98,429,000		77,458,000	82,446,000	73,512,000		65,612,000	66,205,000	64,435,000
preferred stock — 1.00 par value; authorized, 10,000,000 shares: none outstanding
minority interests:
grantor stock ownership trust																																																																																																			-177,294,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-05-31	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2024-02-29	2023-11-30	2023-08-31	2023-05-31	2023-02-28	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-05-31	2021-02-28	2020-11-30	2020-08-31	2020-05-31	2020-02-29	2019-11-30	2019-08-31	2019-05-31	2019-02-28	2018-11-30	2018-08-31	2018-05-31	2018-02-28	2017-11-30	2017-08-31	2017-05-31	2017-02-28	2016-11-30	2016-08-31	2016-05-31	2016-02-29	2015-11-30	2015-08-31	2015-05-31	2015-02-28	2014-11-30	2014-08-31	2014-05-31	2014-02-28	2013-11-30	2013-08-31	2013-05-31	2013-02-28	2012-11-30	2012-08-31	2012-05-31	2012-02-29	2011-11-30	2011-08-31	2011-05-31	2011-02-28	2010-11-30	2010-08-31	2010-05-31	2010-02-28	2009-11-30	2009-08-31	2009-05-31	2009-02-28	2008-11-30	2008-08-31	2008-05-31	2008-02-29	2007-11-30	2007-08-31	2007-05-31	2007-02-28	2006-11-30	2006-08-31	2006-05-31	2006-02-28	2005-11-30	2005-08-31	2005-05-31	2005-02-28	2004-11-30	2004-08-31	2004-05-31	2004-02-29	2003-11-30	2003-08-31	2003-05-31	2003-02-28	2002-11-30	2002-08-31	2002-05-31	2002-02-28

cash flows from operating activities:
net income	27,349,000	33,424,000	101,521,000	109,828,000	107,883,000	109,557,000	190,605,000	157,329,000	168,419,000	138,665,000	150,302,000	149,933,000	164,442,000	125,500,000	216,410,000	255,329,000	210,670,000	134,257,000	174,234,000	150,097,000	143,364,000	97,051,000	106,091,000	78,415,000	51,989,000	59,748,000	123,167,000	68,136,000	47,461,000	30,011,000	96,836,000	87,476,000	57,308,000	-71,255,000	84,346,000	50,208,000	31,782,000	14,259,000	37,528,000	39,363,000	15,597,000	13,127,000	44,017,000	23,254,000	9,573,000	7,799,000	852,801,000	28,361,000	26,624,000	10,563,000	28,116,000																							-268,172,000	-772,653,000	-35,612,000	-148,686,000	27,537,000	-49,642,000	150,960,000	206,572,000	174,461,000	310,643,000	227,521,000	181,513,000	122,744,000	186,734,000	117,854,000	102,106,000	74,208,000	138,736,000	97,815,000	81,374,000	52,839,000	123,732,000	83,892,000	64,062,000	42,664,000
adjustments to reconcile net income to net cash from operating activities:
equity in income of unconsolidated joint ventures	-4,099,000	-2,655,000	-4,058,000	-5,763,000	-5,942,000	-6,742,000	-10,541,000	-9,385,000	-6,659,000	-6,610,000	-5,009,000	-4,037,000	-5,113,000	-825,000	-238,000	-28,000	-14,497,000	-5,171,000	-4,766,000	-5,227,000	-6,917,000	-6,274,000	-6,773,000	-8,777,000	-12,951,000	-5,127,000	-4,822,000	-3,332,000				-6,078,000												-236,000	-1,540,000	-67,000			684,000	-2,584,000				-656,000
distributions of earnings from unconsolidated joint ventures	4,493,000	4,000,000	5,499,000	7,500,000	6,797,000	13,444,000	5,500,000	13,742,000	1,033,000	6,500,000	10,999,000	0	12,161,000	11,000	359,000	1,384,000	0	9,295,000	-114,000	6,644,000	6,231,000	5,750,000	6,265,000	14,234,000	7,000,000	8,150,000	0	2,900,000	1,150,000	2,400,000	2,750,000	1,150,000	3,847,000	1,300,000																	311,000	0	200,000	1,438,000	0				2,391,000	-1,000	6,127,000	186,000	10,410,000	2,500,000	2,500,000	5,000,000	0	0	7,000,000	662,000	13,058,000	150,000	2,428,000	6,547,000	15,141,000	14,788,000	1,924,000	10,503,000	12,977,000	6,681,000	2,560,000	3,287,000
amortization of debt issuance costs	1,057,000	1,050,000	952,000	902,000
depreciation and amortization	10,395,000	10,117,000	9,863,000	9,406,000	9,219,000	8,815,000	9,013,000	9,416,000	9,508,000	9,335,000	9,427,000	9,226,000	9,048,000	8,712,000	8,458,000	8,327,000	7,907,000	7,627,000	7,344,000	6,800,000	7,416,000	7,080,000	6,813,000	7,073,000	7,194,000	7,316,000	7,333,000	7,045,000	6,334,000	6,446,000	648,000	631,000	623,000	628,000	640,000	651,000	698,000	802,000	874,000	931,000	932,000	900,000	864,000	901,000	841,000	805,000	743,000	651,000	559,000	467,000	452,000	465,000	475,000	465,000	475,000	366,000	389,000	392,000	395,000	476,000	564,000	596,000	661,000	848,000	888,000	892,000	992,000	1,323,000	1,434,000	1,486,000	1,775,000	2,381,000	2,364,000	2,797,000	3,913,000	4,301,000	3,764,000	5,296,000	5,494,000	4,895,000	5,149,000	4,683,000		5,482,000	5,157,000	5,003,000		5,021,000	5,215,000	5,233,000
stock-based compensation	5,518,000	5,995,000	21,107,000	8,420,000	9,153,000	7,558,000	9,218,000	7,968,000	9,363,000	7,921,000	10,678,000	9,248,000	8,819,000	5,867,000	6,520,000	7,056,000	9,021,000	6,867,000	9,136,000	6,114,000	8,082,000	5,572,000	8,764,000	4,636,000	3,181,000	4,950,000	3,833,000	4,513,000	5,814,000	4,152,000	3,712,000	3,354,000	4,966,000	3,829,000	4,740,000	2,856,000	3,885,000	3,152,000	6,670,000	2,674,000	4,613,000	2,893,000	6,699,000	3,016,000	4,247,000	3,181,000	3,140,000	2,234,000	1,946,000	1,779,000	2,103,000	1,552,000	1,031,000	1,013,000
inventory impairments and land option contract abandonments	5,579,000	2,155,000	13,700,000	11,338,000	5,558,000	1,455,000	912,000	1,177,000	1,210,000	1,298,000	1,217,000	631,000	4,287,000	5,289,000	27,930,000	8,464,000	732,000	175,000	731,000	6,701,000	457,000	4,064,000	11,730,000	6,888,000	4,379,000	5,672,000	4,148,000	5,251,000	4,337,000	3,555,000	9,069,000	8,414,000	6,526,000	4,985,000	7,110,000	8,113,000	6,001,000	4,008,000	36,054,000	3,052,000	11,740,000	1,966,000	5,075,000				34,220,000				3,297,000	0			5,621,000	6,403,000	9,937,000	6,572,000	2,284,000	1,162,000	20,591,000	1,754,000	3,186,000	3,377,000	0	13,362,000	76,680,000	24,489,000	42,310,000	24,670,000	205,718,000
changes in assets and liabilities:
receivables	-27,882,000	2,821,000	-2,170,000	-13,511,000	-18,581,000	39,258,000	10,381,000	6,257,000	-10,157,000	10,105,000	-11,338,000	16,879,000	6,843,000	-25,303,000	20,645,000	-29,418,000	-2,543,000	-8,569,000	-9,557,000	-24,139,000	-21,650,000	23,332,000	-3,582,000	43,553,000	23,481,000	-4,195,000	41,640,000	8,196,000	14,087,000	-19,495,000	-13,748,000	-4,812,000	-25,194,000	-6,024,000	-14,680,000	5,077,000	3,883,000	-6,788,000	12,328,000	2,168,000	1,074,000	3,395,000	4,569,000	-7,033,000	-4,127,000	-13,872,000	-3,529,000	-5,044,000	-12,489,000	-10,221,000	-4,152,000	-6,596,000	-731,000	326,000	29,496,000	-21,297,000	-1,498,000	18,293,000	8,720,000	-9,497,000	-6,070,000	4,627,000	28,556,000	-655,000	-10,810,000	194,227,000	-200,638,000	22,327,000	16,529,000	197,449,000	-169,597,000	1,438,000	15,009,000	92,585,000	-68,199,000	5,897,000	6,914,000	-16,018,000	-97,896,000	9,948,000	-4,472,000	13,493,000		-3,585,000	54,546,000	75,997,000		29,778,000	-9,259,000	55,403,000
inventories	-35,581,000	-37,973,000	150,562,000	60,539,000	25,805,000	-416,363,000	118,641,000	-309,145,000	-87,755,000	-107,536,000	71,532,000	-58,494,000	312,481,000	101,293,000	168,674,000	-190,006,000	-358,374,000	-405,851,000	-137,400,000	-380,427,000	-150,786,000	-229,137,000	-229,800,000	-53,510,000	118,018,000	-17,941,000	224,114,000	-135,988,000	-99,390,000	-154,083,000	99,922,000	-217,249,000	-17,488,000	-135,311,000	221,935,000	4,670,000	-63,642,000	-36,878,000	167,208,000	-45,468,000	-69,796,000	-150,265,000	107,361,000	44,155,000	-96,226,000	-20,438,000	4,326,000	-205,284,000	-374,136,000	-205,037,000	-72,187,000	-200,341,000	-91,900,000	-198,761,000	40,909,000	5,569,000	9,725,000	-25,856,000	165,425,000	-9,978,000	-102,852,000	-64,940,000	19,687,000	6,193,000	-106,727,000	-48,487,000	263,005,000	49,332,000	63,290,000	57,448,000	315,543,000	12,186,000	32,089,000	186,032,000	574,654,000	128,914,000	-65,113,000	141,420,000	1,081,259,000	-381,856,000	-458,398,000	-722,985,000		-558,659,000	-350,899,000	-444,240,000		-388,265,000	-257,980,000	-267,273,000
accounts payable, accrued expenses and other liabilities	54,795,000	-148,131,000	-11,331,000	4,503,000	30,693,000	-99,031,000	7,164,000	26,227,000	-2,161,000	-38,471,000	38,286,000	31,759,000	-574,000	-131,671,000	-41,591,000	10,429,000	82,190,000	2,069,000	79,538,000	57,240,000	54,977,000	-10,130,000	66,510,000	54,855,000	-56,278,000	-60,996,000	-45,548,000	46,405,000	28,617,000	-70,057,000	41,825,000	66,516,000	72,385,000	-54,016,000	56,668,000	64,599,000	9,432,000	-64,105,000	4,215,000	48,789,000	-327,000	-19,954,000	3,943,000	32,096,000	-6,016,000	-28,032,000	15,116,000	12,305,000	22,597,000	-14,514,000	-12,552,000	40,105,000	34,623,000	-2,413,000	29,123,000	8,948,000	20,407,000	-60,621,000	-206,594,000	-18,873,000	27,392,000	-55,472,000	-51,882,000	-65,714,000	10,712,000	-92,321,000	-2,946,000	-40,023,000	-76,635,000	-133,016,000	-86,241,000	-8,069,000	40,498,000	-228,969,000	158,340,000	-262,576,000	52,684,000	-289,078,000	264,963,000	135,857,000	-2,524,000	54,544,000		63,929,000	155,841,000	-117,460,000		68,726,000	5,326,000	-18,650,000
other	-9,727,000	3,830,000	3,487,000	4,561,000	-3,042,000	6,839,000	9,513,000	4,928,000	-12,378,000	4,151,000	6,733,000	3,496,000	-4,019,000	-791,000	4,402,000	5,331,000	-6,571,000	3,317,000	5,667,000	3,457,000	3,672,000	6,783,000	4,709,000	10,122,000	2,626,000	-16,556,000	3,993,000	1,861,000	1,568,000	-6,712,000	3,978,000	1,907,000	-1,796,000	-4,862,000	1,037,000	1,030,000	-911,000	-5,182,000	4,072,000	-2,764,000	110,000	-1,246,000	1,851,000	2,663,000	627,000	-3,253,000	2,699,000	-2,691,000	-1,368,000	-3,549,000	245,000	1,592,000	436,000	-957,000	-6,200,000	-1,797,000	2,266,000	-6,730,000	-664,000	4,379,000	-26,000	-5,964,000	1,163,000	-128,000	2,875,000	-5,579,000	-117,000	14,278,000	-7,996,000	2,131,000	16,567,000	6,032,000	3,423,000	6,585,000	-19,993,000	34,691,000	7,102,000	-4,391,000	12,442,000	-23,654,000	15,610,000	-8,772,000		3,188,000	-14,755,000	-22,700,000		-5,340,000	-11,337,000	-1,829,000
net cash from operating activities	31,897,000	-125,367,000	303,842,000	197,723,000	168,438,000	-334,321,000	362,641,000	-89,913,000	61,476,000	28,518,000	310,176,000	163,793,000	514,813,000	93,917,000	407,417,000	90,813,000	-63,777,000	-251,035,000	142,929,000	-162,158,000	61,198,000	-79,265,000	-18,533,000	174,517,000	164,560,000	-9,866,000	403,186,000	28,190,000	17,876,000	-198,210,000	271,020,000	-30,139,000	122,311,000	-141,680,000	409,949,000	167,850,000	12,462,000	-77,042,000	291,267,000	64,847,000	-24,146,000	-143,313,000	203,269,000	113,816,000	-86,991,000	-48,909,000	85,971,000	-162,133,000	-333,466,000	-221,063,000	-42,027,000	-133,859,000	-56,568,000	-211,032,000	110,417,000	14,081,000										18,264,000	236,695,000	29,695,000	-19,997,000	103,519,000	311,079,000	-74,991,000																			346,906,000	-38,101,000	97,964,000	55,389,000
capital expenditures	-9,666,000	-13,224,000	-13,791,000	-11,878,000	-11,511,000	-11,220,000	-10,083,000	-9,474,000	-10,300,000	-9,454,000	-9,056,000	-8,088,000	-9,486,000	-8,838,000	-11,468,000	-11,644,000	-11,559,000	-10,563,000	-11,180,000	-9,933,000	-9,188,000	-9,098,000	-7,687,000	-5,930,000	-8,553,000	-6,671,000	-8,248,000	-9,947,000	-12,239,000	-10,025,000	-3,233,000	-710,000	-1,503,000	-1,924,000	-1,442,000	-2,543,000	-3,085,000	-1,015,000	-2,104,000	196,000	-1,463,000	-1,413,000	-2,577,000	-510,000	-1,004,000	-586,000	-1,637,000	-1,146,000	-1,436,000	-1,576,000	-1,032,000	-607,000	-322,000	-430,000	-697,000	-460,000										-191,000	0	0	0	0	0	0																			-1,886,000	-1,642,000	-7,437,000	-2,087,000
free cash flows	22,231,000	-138,591,000	290,051,000	185,845,000	156,927,000	-345,541,000	352,558,000	-99,387,000	51,176,000	19,064,000	301,120,000	155,705,000	505,327,000	85,079,000	395,949,000	79,169,000	-75,336,000	-261,598,000	131,749,000	-172,091,000	52,010,000	-88,363,000	-26,220,000	168,587,000	156,007,000	-16,537,000	394,938,000	18,243,000	5,637,000	-208,235,000	267,787,000	-30,849,000	120,808,000	-143,604,000	408,507,000	165,307,000	9,377,000	-78,057,000	289,163,000	65,043,000	-25,609,000	-144,726,000	200,692,000	113,306,000	-87,995,000	-49,495,000	84,334,000	-163,279,000	-334,902,000	-222,639,000	-43,059,000	-134,466,000	-56,890,000	-211,462,000	109,720,000	13,621,000										18,073,000	236,695,000	29,695,000	-19,997,000	103,519,000	311,079,000	-74,991,000																			345,020,000	-39,743,000	90,527,000	53,302,000
cash flows from investing activities:
contributions to unconsolidated joint ventures	-4,194,000	-4,748,000	-5,769,000				-1,898,000	-1,674,000	-7,799,000	-3,138,000	-4,233,000	-5,748,000	-4,490,000	-13,223,000	-6,830,000	-5,233,000	-7,808,000	-8,568,000	-466,000	-4,757,000	-3,675,000	-2,625,000	-4,325,000	-2,462,000	-1,918,000	-1,668,000	-3,634,000	-3,411,000	-1,718,000	-2,527,000	-7,031,000	-4,040,000	-3,575,000	-8,025,000	-3,540,000	-4,049,000	-2,355,000	-8,750,000	-4,602,000	-250,000	-459,000	-291,000	329,000	-7,711,000	-10,830,000	-2,414,000		-17,792,000	-7,624,000	-8,618,000
return of investments in unconsolidated joint ventures			0	650,000	1,759,000	556,000	0				0	0	0	5,100,000	645,000	0	0	1,255,000	114,000	10,206,000			3,835,000	8,316,000	0	500,000	0	0	0	5,001,000	0	8,835,000	0	1,099,000	2,876,000	1,201,000	5,851,000	1,107,000	812,000				0
purchases of property and equipment	-9,666,000	-13,224,000	-13,791,000	-11,878,000	-11,511,000	-11,220,000	-10,083,000	-9,474,000	-10,300,000	-9,454,000	-9,056,000	-8,088,000	-9,486,000	-8,838,000	-11,468,000	-11,644,000	-11,559,000	-10,563,000	-11,180,000	-9,933,000	-9,188,000	-9,098,000	-7,687,000	-5,930,000	-8,553,000	-6,671,000	-8,248,000	-9,947,000	-12,239,000	-10,025,000	-3,233,000	-710,000	-1,503,000	-1,924,000	-1,442,000	-2,543,000	-3,085,000	-1,015,000	-2,104,000	196,000	-1,463,000	-1,413,000	-2,577,000	-510,000	-1,004,000	-586,000	-1,637,000	-1,146,000	-1,436,000	-1,576,000	-1,032,000	-607,000	-322,000	-430,000	-697,000	-460,000	-163,000	-429,000	-168,000	34,000	-34,000	-74,000		-188,000	-263,000	-191,000									3,267,000	1,309,000	-33,000	-3,858,000	-6,250,000	-5,319,000	-5,755,000	-4,791,000	-8,410,000	-4,054,000	-5,389,000	-6,144,000	-8,832,000	-3,831,000	-6,390,000	-4,117,000	-1,886,000	-1,642,000	-7,437,000	-2,087,000	-25,293,000	-3,276,000
net cash from investing activities	-12,303,000	-17,972,000	-19,560,000	-21,821,000	-9,752,000	-10,664,000	-11,981,000	-9,156,000	-16,390,000	-12,592,000	-13,289,000	-13,836,000	-13,976,000	-16,961,000	-17,653,000	-16,877,000	-19,367,000	-17,876,000	-11,532,000	-4,484,000	-10,345,000	-11,723,000	-8,177,000	-76,000	-10,471,000	-7,839,000	-11,882,000	-13,358,000	-13,957,000	-1,747,000	-10,264,000	4,085,000	-5,078,000	-8,850,000	-2,106,000	-5,391,000	411,000	-8,658,000	-5,894,000	3,441,000	-1,922,000	-1,704,000	-2,248,000	5,779,000	-11,834,000	-3,000,000	-16,700,000	-18,938,000	-9,060,000	-84,000	-5,335,000	-5,012,000	-5,669,000	-734,000	-2,573,000	-2,145,000	-2,160,000	6,118,000																																							2,476,000	3,758,000
cash flows from financing activities:
borrowings under revolving credit facility	175,000,000	350,000,000	185,000,000	175,000,000	200,000,000	180,000,000					0	0	0	170,000,000	200,000,000	410,000,000	400,000,000	675,000,000									150,000,000	130,000,000	190,000,000	140,000,000	0
repayments under revolving credit facility	-100,000,000	-150,000,000	-435,000,000	-125,000,000	-100,000,000	-80,000,000					0	0	-100,000,000	-220,000,000	-400,000,000	-460,000,000	-250,000,000	-425,000,000									-200,000,000	-130,000,000	-140,000,000	-140,000,000	0
payments on mortgages and land contracts due to land sellers and other loans	-147,000	-315,000					1,905,000	-1,083,000	-822,000	-917,000	-655,000	-187,000	-2,764,000	-237,000	-167,000	0	0	-400,000	-1,650,000	0	0	-600,000	-4,620,000	-19,251,000			-8,967,000	-4,129,000	0	-28,020,000	-4,257,000	0	-7,132,000	-3,362,000	-13,939,000	-30,803,000	-16,212,000	-45,428,000	-25,932,000	-15,274,000	-20,980,000	-5,659,000	-9,141,000	-5,979,000	-5,035,000	-2,722,000	-13,626,000	-16,816,000	-3,821,000	-2,655,000	-21,891,000	-6,575,000	-20,827,000	-17,003,000	-5,199,000	-14,404,000	-4,980,000	-1,715,000	-3,397,000	-5,238,000	-10,325,000	-70,501,000
issuance of common stock under employee stock plans	81,000	477,000	418,000	207,000	0	445,000	1,161,000	0	468,000	8,804,000	249,000	3,598,000	3,876,000	1,134,000					8,183,000	0	968,000	2,538,000	7,654,000	0	178,000	8,226,000	11,795,000	2,267,000	15,630,000	832,000	2,578,000	12,662,000	1,825,000	2,946,000	2,485,000	17,628,000	2,387,000	662,000	-2,008,000				304,000	411,000			1,694,000	138,000			34,000	41,000	2,054,000	52,000	142,000	98,000	178,000	175,000	370,000	984,000	373,000	69,000	242,000	712,000	665,000	232,000	878,000	505,000	896,000	795,000	1,847,000	1,518,000	108,000	3,485,000	1,487,000	2,547,000	5,914,000	2,362,000	1,225,000	-1,356,000	12,600,000	52,583,000	7,198,000	25,705,000	32,585,000	36,261,000	33,832,000	1,428,000	13,465,000	15,545,000	15,182,000	2,328,000	6,031,000	13,277,000		2,024,000
stock repurchases and excise taxes paid
tax payments associated with stock-based compensation awards	-124,000	-18,212,000	-7,980,000	0	0	-15,884,000	-8,511,000	0	0	-16,505,000	-4,490,000	0	0	-9,748,000	-3,749,000	0	0	-12,153,000	-3,881,000	0	0	-8,456,000	-3,284,000	0	0	-6,219,000	-3,943,000	0	-3,000	-3,342,000	-1,689,000	0	0	-6,787,000
payments of cash dividends	-15,319,000	-17,256,000	-15,768,000	-16,293,000	-17,202,000	-19,311,000	-18,017,000	-18,407,000	-18,775,000	-16,355,000	-15,196,000	-15,928,000	-13,231,000	-12,476,000	-12,538,000	-12,772,000	-13,012,000	-14,130,000	-13,087,000	-13,168,000	-13,733,000	-14,064,000	-13,637,000	-8,097,000	-8,098,000	-8,233,000	-8,018,000	-7,897,000	-2,189,000	-2,266,000	-2,206,000	-2,186,000	-2,178,000	-2,322,000	-2,163,000	-2,138,000	-2,126,000	-2,215,000	-2,115,000	-2,107,000	-2,094,000	-2,270,000	-2,296,000	-2,291,000	-2,300,000	-2,299,000	-2,300,000	-2,294,000	-2,294,000	-2,094,000	-2,094,000	-2,093,000	-2,090,000	-2,089,000	-1,925,000	-1,928,000	-1,928,000	-4,818,000	-4,817,000	-4,810,000	-4,807,000	-4,806,000	-4,808,000	-4,808,000	-4,804,000	-4,803,000	-4,802,000	-4,771,000	-4,768,000	-4,756,000	-4,865,000	-19,379,000	-19,368,000	-19,355,000	-19,326,000	-19,311,000	-19,295,000	-19,238,000	-19,275,000	-19,257,000	-19,723,000	-20,003,000	-15,412,000	-15,651,000	-15,321,000	-15,193,000	-9,781,000	-9,724,000	-9,841,000	-9,817,000	-2,922,000	-2,903,000	-2,955,000	-3,029,000		-2,994,000
net cash from financing activities	-20,632,000	114,694,000	-386,137,000	-154,546,000	-117,202,000	15,250,000	-127,160,000	-169,490,000	-69,129,000	-74,973,000	-181,942,000	-95,017,000	-204,207,000	-146,327,000	-256,823,000	-123,260,000	86,988,000	219,512,000	-190,606,000	-91,060,000	-12,765,000	-20,582,000	-13,887,000	-27,348,000	-8,983,000	-6,226,000	-121,283,000	-9,759,000	-336,562,000	137,245,000	-40,613,000	-289,524,000	-7,485,000	-9,525,000	-181,789,000	-17,024,000	-15,951,000	-154,850,000	-30,095,000	-7,115,000	-22,239,000	-90,468,000	4,441,000	-206,804,000	-7,166,000	241,220,000	-9,511,000	-7,191,000	523,346,000	-4,926,000	193,420,000	-15,870,000	-22,115,000	311,636,000	-5,280,000	93,227,000																								50,344,000	204,321,000	482,805,000		265,681,000	-83,629,000	315,944,000
net decrease in cash and cash equivalents	-1,038,000	-28,645,000		21,356,000	41,484,000	-329,735,000				-59,047,000				-69,371,000		-49,324,000	3,844,000	-49,399,000				-111,570,000				-23,931,000		5,073,000	-332,643,000	-62,712,000		-315,578,000	109,748,000	-160,055,000		145,435,000	-3,078,000	-240,550,000																			10,586,000	-110,699,000		-146,923,000				-65,770,000				-44,130,000	-27,731,000	-114,274,000		-362,411,000	-9,944,000	-15,170,000				-300,017,000		80,039,000	-54,523,000	-64,722,000		-4,787,000				-55,113,000				-9,449,000	-173,825,000	-76,200,000			-73,024,000	-85,183,000
cash and cash equivalents at beginning of period	0	230,443,000		0	0	599,193,000		0	0	727,342,000		0	0	330,198,000		0	0	292,136,000		0	0	682,529,000		0	0	454,858,000		0	0	575,119,000		0	0	720,861,000		0	0	593,000,000		0	0	560,341,000		0	0	358,768,000		0	0	532,523,000		0	0	525,688,000		0	0	418,074,000		0	0	908,430,000		0	0	1,177,961,000		0	0	1,141,518,000		0	0	1,343,742,000				654,628,000		0	0	153,990,000		0	0	234,196,000		0	0	138,119,000		0	0	329,985,000		0	0	281,333,000
cash and cash equivalents at end of period	-1,038,000	201,798,000		21,356,000	41,484,000	269,458,000		-268,559,000	-24,043,000	668,295,000		54,940,000	296,630,000	260,827,000		-49,324,000	3,844,000	242,737,000		-257,702,000	38,088,000	570,959,000		147,093,000	145,106,000	430,927,000		5,073,000	-332,643,000	512,407,000		-315,578,000	109,748,000	560,806,000		145,435,000	-3,078,000	352,450,000		61,173,000	-48,307,000	324,856,000		-87,209,000	-105,991,000	548,079,000		-188,262,000	180,820,000	306,450,000		-154,741,000	-84,352,000	625,558,000		105,163,000	10,586,000	307,375,000		-146,923,000	-115,302,000	742,498,000		-65,770,000	-212,384,000	1,201,761,000		-44,130,000	-27,731,000	1,027,244,000		-362,411,000	-9,944,000	1,328,572,000				354,611,000		80,039,000	-54,523,000	89,268,000		-4,787,000	-56,834,000	162,948,000		-55,113,000	-135,296,000	229,177,000		-9,449,000	-173,825,000	253,785,000		-2,247,000	-73,024,000	196,150,000
stock repurchases		-50,000,000		-188,460,000	-200,000,000	-50,000,000		-150,000,000	-50,000,000	-50,000,000	-161,850,000	-82,500,000	-92,088,000	-75,000,000	-50,000,000	-50,000,000			0																-4,130,000	0	0	-2,543,000	-828,000	0	-5,000	-87,526,000	-267,000	0	-279,000	-21,000	-500,000	0			-521,000	-7,934,000
deferred income taxes							11,354,000	700,000	2,700,000	2,300,000	26,493,000	4,300,000	5,600,000	5,000,000	-4,590,000	9,600,000	7,100,000	4,400,000	17,467,000	4,600,000	15,700,000	16,000,000	10,104,000	16,400,000	15,300,000	8,500,000	37,602,000	22,300,000	8,900,000	4,501,000	27,149,000	27,000,000	20,600,000	117,068,000	49,448,000	28,800,000	20,000,000	7,100,000	17,611,000	13,800,000	9,000,000	2,800,000	27,820,000	9,516,000	3,100,000	2,600,000
gain on sale of investment							0	0
loss on early extinguishment of debt															0				0																0	0	0	5,685,000																		8,275,000	0	2,003,000
proceeds from sale of investment							0	0
payment of issuance costs															-369,000
net increase in cash and cash equivalents							223,500,000	-268,559,000			114,945,000	54,940,000							-59,209,000	-257,702,000			-40,597,000	147,093,000																	-48,307,000	-235,485,000			-105,991,000	189,311,000			180,820,000	-226,073,000	146,058,000	-154,741,000	-84,352,000	99,870,000	102,564,000							-165,932,000				23,800,000																				-71,248,000				91,058,000					209,106,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
amortization of debt issuance costs and premiums						889,000	881,000	873,000	869,000	860,000	856,000	852,000	838,000	835,000	438,000	747,000
proceeds from issuance of debt															0				0								300,000,000	0	0	405,250,000													0	0	0	250,000,000	0	0			450,000,000	0	0	230,000,000
repayment of senior notes															-350,000,000				-180,171,000								-356,231,000	0	-400,000,000	-230,000,000	0				-165,000,000	0	0	-105,326,000					0												0	-252,164,000	0	-340,481,000
borrowings under senior unsecured term loan
issuance costs for unsecured revolving credit facility																	0	-3,805,000
amortization of premiums and issuance costs																		549,000
amortization of discounts, premiums and issuance costs																			649,000	907,000	652,000	644,000	636,000	628,000	621,000	613,000	926,000	903,000	1,129,000	1,468,000
proceeds from sale of building																											0	0	0	5,804,000
payment of debt issuance costs																												0	0	-5,209,000													0	-1,224,000	-348,000	-2,989,000	0	0			-6,439,000	0	-3,208,000	-6,878,000
excess tax benefits from stock-based compensation
equity in loss of unconsolidated joint ventures																														-396,000				426,000	-1,904,000	154,000	-315,000	-760,000	2,985,000	404,000	1,022,000	1,190,000										662,000				-2,397,000	296,000	-70,000		824,000	-570,000	55,987,000	495,000	951,000	-2,081,000	-137,000	-3,234,000	21,883,000	8,150,000	8,801,000	56,526,000	41,625,000	3,329,000	33,730,000
amortization of discounts and issuance costs																															1,555,000	1,552,000	1,573,000	1,552,000	1,567,000	1,692,000	1,649,000	1,665,000	1,908,000	1,898,000	1,889,000	1,881,000	1,872,000	1,952,000	1,994,000	1,920,000	1,878,000	1,886,000	1,760,000	1,600,000	1,536,000	1,424,000	1,416,000	971,000	866,000	803,000	768,000	579,000	490,000	552,000	556,000	552,000	544,000	540,000	535,000	530,000	475,000	429,000	342,000	340,000	-880,000	1,762,000	594,000	586,000	580,000	624,000	-286,000	1,560,000	779,000	1,092,000	1,279,000	796,000		-78,000	1,064,000	877,000		763,000	461,000	407,000
change in restricted cash																																							602,000	2,915,000	840,000	4,987,000	15,684,000	2,185,000	771,000	-749,000	5,221,000	11,781,000	-2,154,000	-177,000	-275,000	691,000	2,297,000	-2,257,000	3,751,000	17,069,000	708,000	591,000	48,705,000	777,000	7,224,000	-5,710,000	907,000	-8,627,000	-17,535,000	24,070,000	-10,112,000	-2,020,000	9,048,000	4,196,000
proceeds from sale of investment in unconsolidated joint venture																																															0	0	0	10,110,000																													0
proceeds from issuance of common stock																																															0	0			0	0	-308,000	109,811,000
land option contract abandonments																																													536,000	448,000			357,000	433,000
equity in loss/(gain) on wind down of unconsolidated joint ventures
return of investments in (contributions to) unconsolidated joint ventures																																																			-4,303,000	-4,405,000	-5,347,000	-304,000
loss on loan guaranty																																																											-6,565,000	0	14,572,000	22,758,000
gain on sale of operating property																																																											0	0	0	-8,825,000
provision for deferred income taxes																																																							0																				446,218,000	-120,236,000	-99,982,000	-17,652,000	-204,585,000	14,192,000	10,662,000	8,874,000		9,281,000	-3,705,000	4,603,000		-3,658,000	10,106,000	3,536,000
proceeds from sale of operating property																																																											0	0	0	80,600,000
net loss																																																					-2,973,000	-12,458,000	7,724,000	3,261,000	-24,136,000	-45,802,000	13,911,000	-9,649,000	-68,504,000	-114,526,000	17,442,000	-1,397,000	-30,709,000	-54,704,000	100,719,000	-66,048,000	-78,383,000	-58,072,000		-144,745,000
adjustments to reconcile net loss to net cash from operating activities:
inventory impairments
loss on early extinguishment of debt/loss on voluntary termination of revolving credit facility
tax benefits from stock-based compensation																																																															-2,182,000	0	-451,000	2,050,000		0
proceeds from issuance of senior notes																																																							0	350,000,000	0	344,831,000									0												0	0			0	449,520,000	0	298,071,000	0	347,484,000	0	248,685,000
payment of senior notes issuance costs																																																							-250,000	-5,444,000	-935,000	-5,816,000									0
excess tax benefit associated with exercise of stock options																																																															0	0										1,663,000	-168,000	-9,000	-761,000	56,000	-6,512,000
stock-based compensation expense																																																								1,479,000	1,549,000	1,656,000		1,990,000	1,795,000	1,980,000	2,099,000	1,946,000	1,964,000	2,065,000	1,759,000	729,000	1,021,000	468,000	1,188,000	1,199,000	1,244,000	1,387,000	3,251,000	2,542,000	1,714,000	1,847,000	3,833,000
change in assets and liabilities:
return of investment in (contributions to) unconsolidated joint ventures																																																								-1,685,000	-1,997,000	6,547,000
adjustments to reconcile net loss to net cash used by operating activities:
net cash used by operating activities																																																										-109,584,000		-38,615,000																		-120,482,000		-4,728,000	-212,268,000	-472,247,000		-233,474,000	45,666,000	-366,433,000
net cash used by financing activities																																																										-7,233,000	40,861,000	-108,287,000			-31,442,000	-14,266,000			-14,036,000	-46,213,000	-18,503,000	-213,420,000	-13,162,000	-325,406,000	-18,579,000	-18,443,000																		26,733,000	-191,727,000	-131,033,000
adjustments to reconcile net loss to net cash provided (used) by operating activities:
net cash provided (used) by operating activities																																																														-164,899,000	30,179,000	-51,539,000										58,702,000	825,511,000	245,357,000											335,409,000	-162,186,000	-143,856,000	-141,496,000						7,160,000	137,205,000	80,540,000
investments in unconsolidated joint ventures																																																											-65,286,000	-55,000	-1,308,000	-611,000	-14,136,000	223,000	584,000	-2,340,000	49,000	-27,281,000	15,058,000	-7,748,000	1,839,000	36,240,000	-36,899,000	-60,805,000	-126,147,000	-28,674,000	-52,856,000	-33,874,000	-108,349,000	-18,093,000	-40,840,000	-70,504,000	-55,845,000	-33,290,000	-13,666,000	-14,832,000	-37,649,000	-31,386,000	-46,271,000	-2,323,000	-2,651,000	1,427,000	-4,358,000	-3,735,000	-7,525,000	281,000
net cash provided (used) by investing activities																																																											-65,454,000	-21,000	-1,342,000	79,915,000									-112,616,000				-122,880,000																	1,919,000	-80,062,000	-556,000
repayment of senior and senior subordinated notes																																																																			0
repurchases of common stock																																																															0	0	0	-350,000	0	0	0	-616,000	-410,000	0	0	-557,000	-1,987,000	-671,000	0	-4,238,000	-4,146,000	-89,985,000	-134,506,000	-165,443,000	-129,700,000	0			0	0			0	-48,712,000	-35,831,000	-23,789,000		-97,592,000
(gain) on early extinguishment of debt/loss on voluntary termination of revolving credit facility																																																												0
loss on early extinguishment of debt/voluntary reduction of revolving credit facility																																																														-3,612,000
net cash provided (used) by financing activities																																																														-80,948,000				8,067,000									-19,658,000	-802,276,000	-177,783,000	-141,803,000									-96,904,000	206,768,000	70,067,000	284,946,000					135,561,000	-8,902,000	-212,705,000	-169,481,000
loss on voluntary termination of revolving credit facility/early redemption of debt																																																															0
goodwill impairment																																																																							43,400,000	0			0
sales (purchases) of property and equipment																																																																			-130,000	-331,000	-93,000	-821,000	949,000	1,746,000	-998,000	5,376,000
net cash used by investing activities																																																															-13,914,000			-2,531,000				-4,373,000			-37,897,000	-55,429,000			-67,609,000	-37,732,000	-113,929,000	34,423,000	-46,576,000	-75,280,000	-21,350,000	-36,994,000	-18,871,000	-20,759,000	-43,077,000	-99,695,000	-61,507,000	-52,392,000
payments on mortgages, land contracts and other loans																																																																-1,543,000	-60,746,000	-11,082,000	0	-42,265,000	-27,875,000	-8,843,000	-9,734,000	-1,731,000	-982,000	-353,000	0	-873,000	49,310,000	-162,556,000	-86,171,000	-49,710,000	-37,429,000	-28,175,000	-94,334,000	-6,387,000	-23,626,000	-24,181,000	-2,828,000	-43,733,000	-6,079,000	-3,302,000	-8,549,000	-9,385,000	-42,857,000	-26,057,000		-61,374,000
loss on voluntary termination of revolving credit facility
repayment of senior subordinated notes																																																																					0	-200,000,000
loss on voluntary reduction of revolving credit facility																																																																		1,366,000
income from discontinued operations, net of income taxes																																																																											0	-4,904,000
gain on sale of discontinued operations, net of income taxes																																																																											0
loss on early redemption of debt																																																																			0				0
tax benefit from stock-based compensation
net cash from operating activities — continuing operations																																																																							311,079,000
net cash from operating activities — discontinued operations																																																																											0	110,663,000
sale of discontinued operations, net of cash divested																																																																											0
net cash provided (used) by investing activities — continuing operations																																																																							-112,616,000				-122,880,000
net cash used by investing activities — discontinued operations																																																																											0
redemption of term loan
net cash used by financing activities — continuing operations																																																																								-325,406,000	-18,579,000	-18,443,000
net cash used by financing activities — discontinued operations																																																																											0
tax benefit associated with exercise of stock options																																																																						1,152,000	0	51,000
adjustments to reconcile net income to net cash provided by operating activities:
gain on sale of investment in unconsolidated joint venture																																																																															0
sale of investment in unconsolidated joint venture
net payments on credit agreements and other short-term borrowings																																																																																												96,343,000	-116,090,000	-253,681,000		13,986,000
proceeds from (redemption of) term loan																																																																											0
redemption of senior subordinated notes																																																																							0				0																0	0	0	-129,016,000		0
net cash provided (used) by financing activities — continuing operations																																																																											-19,658,000
inventory and joint venture impairments and land option contract abandonments																																																																									176,531,000	223,931,000
net cash provided (used) by operating activities — continuing operations																																																																									46,532,000	58,702,000	825,511,000
net cash used by investing activities — continuing operations																																																																									-37,897,000	-55,429,000
adjustments to reconcile net income to net cash provided (used) by operating activities:
gain on sale of mortgage banking assets
stock option income tax benefits
sale of mortgage banking assets
equity in pretax loss of unconsolidated joint ventures																																																																												6,365,000
gain on sale of investment in unconsolidated joint ventures
inventory and joint venture impairments and land option abandonments
sale of investment in unconsolidated joint ventures
net proceeds from credit agreements and other short term borrowings
cash and cash equivalents, beginning of period																																																																												149,554,000
cash and cash equivalents, end of period																																																																												307,642,000
inventory impairments and land option cost write-offs																																																																													308,185,000	8,697,000	343,329,000
net cash used by operating activities — continuing operations
net cash used by investing activities – continuing operations
net cash used by investing activities – discontinued operations
proceeds from term loan																																																																															0	0
net cash provided (used) by financing activities – continuing operations
net cash used by financing activities – discontinued operations
summary of cash and cash equivalents:
construction																																																																													-55,836,000	327,924,000	540,715,000	88,816,000	-61,544,000	71,224,000
financial services																																																																													-11,736,000	26,687,000	-871,000	-8,777,000	7,021,000	18,044,000
discontinued operations
total cash and cash equivalents																																																																													-1,484,000	354,611,000	539,844,000	80,039,000	-54,523,000	89,268,000
adjustments to reconcile net income to net cash used by operating activities:
equity in pretax income of unconsolidated joint ventures																																																																														-5,763,000	16,203,000	-15,793,000	-2,399,000	-6,905,000		-2,674,000	-2,162,000	-5,617,000		-5,600,000	-2,427,000	-1,237,000
minority interests																																																																														15,504,000	22,331,000	16,123,000	18,129,000	11,717,000		22,121,000	19,066,000	14,360,000		18,535,000	13,933,000	8,706,000
payments received on first mortgages and mortgage-backed securities																																																																															520,000	16,000	17,000	15,000	79,000	162,000	92,000	121,000	3,911,000	475,000	759,000	766,000	1,551,000	2,454,000	2,437,000	1,401,000	2,490,000	2,488,000
net proceeds from credit agreements and other short-term borrowings																																																																														45,897,000				644,116,000				37,511,000
payments to minority interests																																																																														-3,974,000	-6,566,000	-2,985,000	-9,629,000	-5,713,000	-14,280,000	-19,870,000			-16,903,000	-8,424,000			-2,426,000	-8,983,000	2,255,000	-2,829,000		-4,895,000
supplemental disclosures of cash flow information:
interest paid, net of amounts capitalized																																																																														54,430,000		34,744,000	-33,121,000	43,557,000	-29,398,000	34,964,000	-28,847,000	33,001,000	-19,614,000	22,316,000	-15,204,000	19,492,000	-9,337,000	21,087,000	-10,069,000	21,853,000	5,702,000	15,345,000	6,242,000	9,266,000
income taxes paid																																																																														11,259,000	17,245,000	114,407,000	220,849,000	11,451,000	96,734,000	175,810,000	40,686,000	6,788,000	83,738,000	38,683,000	48,947,000	20,342,000	36,337,000	32,445,000	22,000,000	17,553,000	43,888,000	34,042,000	30,606,000	12,747,000
supplemental disclosures of noncash activities:
cost of inventories acquired through seller financing																																																																														157,964,000	37,041,000	63,632,000	99,946,000	34,590,000	41,943,000	48,311,000	23,316,000	90,615,000	2,216,000	12,576,000	22,045,000	16,331,000	17,570,000	2,341,000	6,828,000	16,978,000	-69,717,000	8,154,000	73,247,000	20,953,000
increase in consolidated inventories not owned																																																																														-171,520,000
change in assets and liabilities, net of effects from acquisitions:
acquisitions, net of cash acquired																																																																																							0	-65,019,000			-32,870,000	0
proceeds from sale of mortgage banking assets
net sales of mortgages held for long-term investment																																																																															150,000	52,000			430,000	188,000	92,000	96,000	-507,000	66,000	65,000	139,000	-123,000	-320,000	2,048,000	3,865,000		2,000
net proceeds from (payments on) credit agreements and other short-term borrowings																																																																															-642,455,000											35,878,000
redemption of senior notes
payments on collateralized mortgage obligations																																																																															-326,000	-235,000			-159,000	-135,000	-39,000	-96,000	-4,122,000	-689,000	1,516,000	-2,535,000	-1,755,000	-1,955,000	-2,280,000	-1,241,000		-2,359,000
inventory of consolidated variable interest entities																																																																															-91,567,000	-51,279,000	56,789,000	67,927,000	36,148,000	42,031,000	41,606,000	889,000	42,274,000	23,774,000	10,445,000	8,995,000
excess tax benefit from stock-based compensation																																																																																	-4,436,000	-5,440,000
net proceeds from (payments on) credit agreements and other short term borrowings
proceeds from issuance of senior subordinated notes																																																																																											0	0	0	295,332,000		0
net proceeds from (payments on) credit agreements and other short- term borrowings
change in assets and liabilities, net of effects from acquisition:
acquisition, net of cash acquired																																																																																										-46,857,000
payments from (to) minority interests																																																																																						-16,429,000				492,000
proceeds from issuance of french senior notes
mortgage banking
net proceeds from (payments on) credit agreements and other short - term borrowings
conversion of feline prides
net sales (originations) of mortgages held for long-term investment
issuance of promissory notes to repurchase common stock
issuance of french subsidiary stock

KB Home(NYSE:KBH)

KB Home
(NYSE:KBH)