Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

Set forth below is selected consolidated financial data for each of the past five fiscal years. The selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and our Consolidated Financial Statements and Notes thereto included elsewhere in this report.



	Years Ended December 31, (000’s omitted, except per share data)
	2014		2013			2012			2011			2010
OPERATING DATA:
Homebuilding:
Revenues	$	5,696,725	$	5,538,644		$	4,659,110		$	4,033,596		$	4,447,627
Income (loss) before income taxes	$	635,177	$	479,113		$	157,991		$	(275,830	)	$	(1,240,155	)
Financial Services:
Revenues	$	125,638	$	140,951		$	160,888		$	103,094		$	121,663
Income (loss) before income taxes	$	54,581	$	48,709		$	25,563		$	(34,470	)	$	5,609

Consolidated results:
Revenues	$	5,822,363	$	5,679,595		$	4,819,998		$	4,136,690		$	4,569,290

Income (loss) before income taxes	$	689,758	$	527,822		$	183,554		$	(310,300	)	$	(1,234,546	)
Income tax expense (benefit)	215,420		(2,092,294		)	(22,591		)	(99,912		)	(137,817		)
Net income (loss)	$	474,338	$	2,620,116		$	206,145		$	(210,388	)	$	(1,096,729	)

PER SHARE DATA:
Net income (loss) per share:
Basic	$	1.27	$	6.79		$	0.54		$	(0.55	)	$	(2.90	)
Diluted	$	1.26	$	6.72		$	0.54		$	(0.55	)	$	(2.90	)
Number of shares used in calculation:
Basic	370,377		383,077			381,562			379,877			378,585
Effect of dilutive securities	3,725		3,789			3,002			—			—
Diluted	374,102		386,866			384,564			379,877			378,585
Shareholders’ equity	$	13.01	$	12.19		$	5.66		$	5.07		$	5.59
Cash dividends declared	$	0.23	$	0.15		$	—		$	—		$	—



	December 31, ($000’s omitted)
	2014			2013			2012			2011			2010
BALANCE SHEET DATA:
House and land inventory	$	4,392,100		$	3,978,561		$	4,214,046		$	4,636,468		$	4,781,813
Total assets	8,569,410			8,734,143			6,734,409			6,885,620			7,699,376
Senior notes	1,818,561			2,058,168			2,509,613			3,088,344			3,391,668
Shareholders’ equity	4,804,954			4,648,952			2,189,616			1,938,615			2,135,167

	Years Ended December 31,
	2014			2013			2012			2011			2010
OTHER DATA:
Markets, at year-end	49			48			58			61			67
Active communities, at year-end	598			577			670			700			786
Closings (units)	17,196			17,766			16,505			15,275			17,095
Net new orders (units)	16,652			17,080			19,039			15,215			15,148
Backlog (units), at year-end	5,850			5,772			6,458			3,924			3,984
Average selling price (per unit)	$	329,000		$	305,000		$	276,000		$	259,000		$	259,000
Gross margin from home sales (a)	23.3		%	20.5		%	15.8		%	12.8		%	9.4		%


(a)	Homebuilding interest expense, which represents the amortization of capitalized interest, and land impairment charges are included in home sale cost of revenues.

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