KB Home (KBH) 10-Q8 Jul 162016 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	May 31, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	KB Home
Trading Symbol	KBH
Entity Central Index Key	795,266
Document Type	10-Q
Document Period End Date	May 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding	84,246,127

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2015
Total revenues	$ 811,050	$ 622,969	$ 1,203,090
Homebuilding:
Revenues	808,462	620,804	1,198,692
Construction and land costs	(688,714)	(524,410)	(1,016,828)
Selling, general and administrative expenses	(93,810)	(78,532)	(149,604)
Operating income	25,938	17,862	32,260
Interest income	134	152	255
Interest expense	(1,970)	(8,118)	(13,456)
Equity in income (loss) of unconsolidated joint ventures			1,607
Total pretax income (loss)	24,797	12,673	23,172
Financial services:
Revenues	2,588	2,165	4,398
Expenses	(871)	(928)	(1,892)
Income tax expense	(9,200)	(3,100)	(5,800)
Net income	$ 15,597	$ 9,573	$ 17,372
Earnings Per Share, Basic, in dollars per share	$ 0.18	$ 0.10	$ 0.19
Earnings Per Share, Diluted, in dollars per share	$ 0.17	$ 0.10	$ 0.18
Weighted average shares outstanding — basic	84,196	91,995	91,974
Weighted average shares outstanding — diluted	94,720	101,544	101,470
Cash dividends declared per common share	$ 0.0250	$ 0.0250	$ 0.05
Homebuilding [Member]
Total revenues	$ 808,462	$ 620,804	$ 1,198,692
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(825)	(411)	(758)
Total pretax income (loss)	23,277	9,485	18,301
Financial services [Member]
Total revenues	2,588	2,165	4,398
Homebuilding:
Operating income	1,717	1,237	2,506
Equity in income (loss) of unconsolidated joint ventures	(197)	1,951	2,365
Total pretax income (loss)	$ 1,520	$ 3,188	$ 4,871

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Assets
Cash and cash equivalents	$ 276,549	$ 560,341
Restricted cash	3,517	9,344
Receivables	151,066	152,682
Inventories	3,525,089	3,313,747
Investments in unconsolidated joint ventures	65,213	71,558
Deferred tax assets, net	770,396	782,196
Other assets	112,790	112,774
Total assets	4,915,843	5,015,371
Liabilities and stockholders' equity
Accounts payable	190,327	183,770
Accrued expenses and other liabilities	456,645	513,414
Mortgages and notes payable	2,632,127	2,625,536
Financial services	1,575	1,817
Common stock	115,672	115,548
Paid-in capital	686,188	682,871
Retained earnings	1,491,073	1,466,713
Accumulated other comprehensive loss	(17,319)	(17,319)
Grantor stock ownership trust, at cost	(105,871)	(109,936)
Treasury stock, at cost	(534,574)	(447,043)
Total stockholders’ equity	1,635,169	1,690,834
Total liabilities and stockholders’ equity	4,915,843	5,015,371
Homebuilding [Member]
Assets
Cash and cash equivalents	274,849	559,042
Total assets	4,902,920	5,001,343
Liabilities and stockholders' equity
Total Liabilities Homebuilding	3,279,099	3,322,720
Financial services [Member]
Assets
Cash and cash equivalents	1,700	1,299
Receivables	1,543	2,245
Investments in unconsolidated joint ventures	9,656	10,440
Other assets	24	44
Total assets	$ 12,923	$ 14,028

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2016	May 31, 2015
Cash flows from operating activities:
Net income	$ 28,724	$ 17,372
Adjustments to reconcile net income to net cash used in operating activities:
Equity in (income) loss of unconsolidated joint ventures	2,212	(1,607)
Amortization of discounts and issuance costs	3,770	3,914
Depreciation and amortization	1,832	1,646
Deferred income taxes	11,800	5,700
Stock-based compensation	7,506	7,428
Inventory impairments and land option contract abandonments	13,706	984
Change in assets and liabilities:
Receivables	4,469	(17,999)
Inventories	(220,061)	(116,664)
Accounts payable, accrued expenses and other liabilities	(20,281)	(34,048)
Other, net	(1,136)	(2,626)
Net cash used in operating activities	(167,459)	(135,900)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(750)	(13,244)
Purchases of property and equipment, net	(2,876)	(1,590)
Net cash used in investing activities	(3,626)	(14,834)
Cash flows from financing activities:
Change in restricted cash	5,827	22
Proceeds from issuance of debt	0	250,000
Payment of debt issuance costs	0	(3,337)
Payments on mortgages and land contracts due to land sellers and other loans	(26,639)	(7,757)
Payments of cash dividends	(4,364)	(4,599)
Stock repurchases	(87,531)	(300)
Net cash provided by (used in) financing activities	(112,707)	234,054
Net increase (decrease) in cash and cash equivalents	(283,792)	83,320
Cash and cash equivalents at beginning of period	560,341	358,768
Cash and cash equivalents at end of period	$ 276,549	$ 442,088

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
Basis of Presentation and Significant Accounting Policies	May 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly our consolidated financial position as of May 31, 2016 , the results of our consolidated operations for the three months and six months ended May 31, 2016 and 2015, and our consolidated cash flows for the six months ended May 31, 2016 and 2015. The results of our consolidated operations for the three months and six months ended May 31, 2016 are not necessarily indicative of the results to be expected for the full year due to seasonal variations in operating results and other factors. The consolidated balance sheet at November 30, 2015 has been taken from the audited consolidated financial statements as of that date. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended November 30, 2015 , which are contained in our Annual Report on Form 10-K for that period. Unless the context indicates otherwise, the terms “we,” “our,” and “us” used in this report refer to KB Home, a Delaware corporation, and its subsidiaries. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents. We consider all highly liquid short-term investments purchased with an original maturity of three months or less to be cash equivalents. Our cash equivalents totaled $109.5 million at May 31, 2016 and $342.3 million at November 30, 2015 . The majority of our cash and cash equivalents were invested in money market funds and interest-bearing bank deposit accounts. Restricted Cash. Restricted cash at May 31, 2016 and November 30, 2015 consisted of cash deposited with various financial institutions that was required as collateral for our cash-collateralized letter of credit facilities (“LOC Facilities”). Comprehensive Income. Our comprehensive income was $15.6 million for the three months ended May 31, 2016 and $9.6 million for the three months ended May 31, 2015 . For the six months ended May 31, 2016 and 2015, our comprehensive income was $28.7 million and $17.4 million , respectively. Our comprehensive income for each of the three-month and six-month periods ended May 31, 2016 and 2015 was equal to our net income for the respective periods. Recent Accounting Pronouncements . In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which delayed the effective date of ASU 2014-09 by one year. In 2016, the FASB issued accounting standards updates that amended several aspects of ASU 2014-09. For public entities, ASU 2014-09, as amended, is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is to be applied on a retrospective basis and represents a change in accounting principle. In August 2015, the FASB issued Accounting Standards Update No. 2015-15, “Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting” (“ASU 2015-15”), which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. For public entities, ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. We believe adopting ASU 2015-03 and ASU 2015-15 will not have a material effect on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will require organizations that lease assets — referred to as “lessees” — to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities are to be expanded to include qualitative along with specific quantitative information. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 mandates a modified retrospective transition method. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. Reclassifications. Certain amounts in our consolidated financial statements for prior years have been reclassified to conform to the current period presentation.

Segment Information

Segment Information	6 Months Ended
Segment Information	May 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information As of May 31, 2016 , we had identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2016 , our homebuilding reporting segments conducted operations in the following states: West Coast: California Southwest: Arizona and Nevada Central: Colorado and Texas Southeast: Florida, Maryland, North Carolina and Virginia Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land. Our homebuilding reporting segments were identified based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, methods used to sell and construct homes and land acquisition characteristics. We evaluate segment performance primarily based on segment pretax results. In the second quarter of 2016, we announced that we had begun a transition out of the Metro Washington, D.C. market that is expected to be completed over the next 12 months. Our operations in the Metro Washington, D.C. market consisted of communities in Maryland and Virginia, which are included in our Southeast homebuilding reporting segment, and represented 2% of our consolidated homebuilding revenues for the three months ended May 31, 2016. We plan to continue constructing and delivering homes in our active communities remaining in this market. We also have other land interests in this market that we intend to build out or sell. As described in Note 6 – Inventory Impairments and Land Option Contract Abandonments, we recorded inventory impairment and land option contract abandonment charges related to this transition during the three months ended May 31, 2016 . Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyers in the same markets as our homebuilding reporting segments, and provides title services in the majority of our markets located within our Central and Southeast homebuilding reporting segments. This segment earns revenues primarily from insurance commissions and from the provision of title services. We currently offer mortgage banking services, including residential mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through Home Community Mortgage, LLC (“HCM”), a joint venture of a subsidiary of ours and a subsidiary of Nationstar Mortgage LLC (“Nationstar”). Through these respective subsidiaries, we have a 49.9% ownership interest and Nationstar has a 50.1% ownership interest in HCM, with Nationstar providing management oversight of HCM’s operations. Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. Corporate and other includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to our homebuilding reporting segments. Our segments follow the same accounting policies used for our consolidated financial statements. The results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods. The following tables present financial information relating to our segments (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Revenues: West Coast $ 615,119 $ 554,543 $ 331,273 $ 277,288 Southwest 212,003 145,318 111,671 80,181 Central 442,393 335,496 240,232 176,348 Southeast 214,689 163,335 125,286 86,987 Total homebuilding revenues 1,484,204 1,198,692 808,462 620,804 Financial services 5,217 4,398 2,588 2,165 Total $ 1,489,421 $ 1,203,090 $ 811,050 $ 622,969 Pretax income (loss): West Coast $ 41,735 $ 40,408 $ 19,619 $ 18,554 Southwest 22,637 8,688 10,134 5,245 Central 33,914 23,351 23,335 13,125 Southeast (14,154 ) (16,214 ) (6,590 ) (6,601 ) Corporate and other (46,011 ) (37,932 ) (23,221 ) (20,838 ) Total homebuilding pretax income 38,121 18,301 23,277 9,485 Financial services 2,703 4,871 1,520 3,188 Total $ 40,824 $ 23,172 $ 24,797 $ 12,673 Inventory impairment charges: West Coast $ 4,574 $ — $ 4,574 $ — Southwest — — — — Central 787 — — — Southeast 5,915 — 5,356 — Total $ 11,276 $ — $ 9,930 $ — Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Land option contract abandonments: West Coast $ 421 $ — $ 261 $ — Southwest 111 — 111 — Central 460 — — — Southeast 1,438 984 1,438 536 Total $ 2,430 $ 984 $ 1,810 $ 536 May 31, November 30, Inventories: Homes under construction West Coast $ 705,598 $ 535,795 Southwest 114,147 112,032 Central 295,563 263,345 Southeast 131,915 120,184 Subtotal 1,247,223 1,031,356 Land under development West Coast 807,694 788,607 Southwest 329,661 317,331 Central 458,954 421,783 Southeast 219,352 238,324 Subtotal 1,815,661 1,766,045 Land held for future development West Coast 256,816 277,954 Southwest 90,540 104,677 Central 17,949 22,082 Southeast 96,900 111,633 Subtotal 462,205 516,346 Total $ 3,525,089 $ 3,313,747 Assets: West Coast $ 1,881,235 $ 1,740,299 Southwest 575,881 582,030 Central 886,688 829,811 Southeast 484,325 507,844 Corporate and other 1,074,791 1,341,359 Total homebuilding assets 4,902,920 5,001,343 Financial services 12,923 14,028 Total $ 4,915,843 $ 5,015,371

Financial Services

Financial Services	6 Months Ended
Financial Services	May 31, 2016
Segment Reporting [Abstract]
Financial Services	Financial Services The following tables present financial information relating to our financial services reporting segment (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Revenues Insurance commissions $ 2,947 $ 2,724 $ 1,371 $ 1,290 Title services 2,270 1,673 1,217 874 Interest income — 1 — 1 Total 5,217 4,398 2,588 2,165 Expenses General and administrative (1,730 ) (1,892 ) (871 ) (928 ) Operating income 3,487 2,506 1,717 1,237 Equity in income (loss) of unconsolidated joint ventures (784 ) 2,365 (197 ) 1,951 Pretax income $ 2,703 $ 4,871 $ 1,520 $ 3,188 May 31, November 30, Assets Cash and cash equivalents $ 1,700 $ 1,299 Receivables 1,543 2,245 Investments in unconsolidated joint ventures 9,656 10,440 Other assets 24 44 Total assets $ 12,923 $ 14,028 Liabilities Accounts payable and accrued expenses $ 1,575 $ 1,817 Total liabilities $ 1,575 $ 1,817

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	May 31, 2016
Earnings Per Share, Basic and Diluted [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Numerator: Net income $ 28,724 $ 17,372 $ 15,597 $ 9,573 Less: Distributed earnings allocated to nonvested restricted stock (21 ) (16 ) (10 ) (8 ) Less: Undistributed earnings allocated to nonvested restricted stock (116 ) (45 ) (66 ) (24 ) Numerator for basic earnings per share 28,587 17,311 15,521 9,541 Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes $ 1,333 $ 1,333 $ 667 $ 667 Add: Undistributed earnings allocated to nonvested restricted stock 116 45 66 24 Less: Undistributed earnings reallocated to nonvested restricted stock (104 ) (41 ) (59 ) (22 ) Numerator for diluted earnings per share $ 29,932 $ 18,648 $ 16,195 $ 10,210 Denominator: Weighted average shares outstanding — basic 86,704 91,974 84,196 91,995 Effect of dilutive securities: Share-based payments 1,954 1,094 2,122 1,147 Convertible senior notes 8,402 8,402 8,402 8,402 Weighted average shares outstanding — diluted 97,060 101,470 94,720 101,544 Basic earnings per share $ .33 $ .19 $ .18 $ .10 Diluted earnings per share $ .31 $ .18 $ .17 $ .10 We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at May 31, 2016 or 2015. Outstanding stock options to purchase 9.7 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and six-month periods ended May 31, 2016 , and outstanding options to purchase 6.9 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and six-month periods ended May 31, 2015 , respectively, because the effect of their inclusion in each case would be antidilutive. Contingently issuable shares associated with outstanding performance-based restricted stock units (each a “PSU”) were not included in the basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.

Inventories

Inventories	6 Months Ended
Inventories	May 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): May 31, November 30, Homes under construction $ 1,247,223 $ 1,031,356 Land under development 1,815,661 1,766,045 Land held for future development 462,205 516,346 Total $ 3,525,089 $ 3,313,747 Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). Interest and real estate taxes are not capitalized on land held for future development. Our interest costs were as follows (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Capitalized interest at beginning of period $ 288,442 $ 266,668 $ 300,314 $ 284,040 Interest incurred 92,509 94,202 46,258 49,199 Interest expensed (5,667 ) (13,456 ) (1,970 ) (8,118 ) Interest amortized to construction and land costs (a) (66,239 ) (47,736 ) (35,557 ) (25,443 ) Capitalized interest at end of period (b) $ 309,045 $ 299,678 $ 309,045 $ 299,678 (a) Interest amortized to construction and land costs for the six months ended May 31, 2016 included $.5 million related to land sales during the period. (b) Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Land

Inventory Impairments and Land Option Contract Abandonments	6 Months Ended
Inventory Impairments and Land Option Contract Abandonments	May 31, 2016
Inventory Impairments and Land Option Contract Abandonments [Abstract]
Inventory Impairments and Land Option Contract Abandonments	Inventory Impairments and Land Option Contract Abandonments Each community or land parcel in our owned inventory is assessed on a quarterly basis to determine if indicators of potential impairment exist. We record an inventory impairment charge when indicators of potential impairment exist and the carrying value of a real estate asset is greater than the undiscounted future net cash flows the asset is expected to generate. These real estate assets are written down to fair value, which is primarily based on the estimated future net cash flows discounted for inherent risk associated with each such asset. We evaluated 32 and 26 communities or land parcels for recoverability during the six months ended May 31, 2016 and 2015, respectively. The carrying value of the communities or land parcels evaluated during the six months ended May 31, 2016 and 2015 was $248.7 million and $212.5 million , respectively. Some of the communities or land parcels evaluated during the six months ended May 31, 2016 and 2015 were evaluated in more than one quarterly period. Communities or land parcels evaluated for recoverability in more than one quarterly period, if any, were counted only once for each six-month period. The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities written down to fair value during the periods presented: Six Months Ended May 31, Three Months Ended May 31, Unobservable Input (a) 2016 2015 2016 2015 Average selling price $280,100 - $310,000 — $280,100 — Deliveries per month 1 - 4 — 4 — Discount rate 17% - 20% — 20% — (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each of the impacted communities are located, rather than fluctuations in prevailing market conditions. Based on the results of our evaluations, we recognized inventory impairment charges of $9.9 million for the three months ended May 31, 2016 and $11.3 million for the six months ended May 31, 2016 . Inventory impairment charges for the three months and six months ended May 31, 2016 included $5.4 million associated with the planned future sales of two land parcels in the Metro Washington, D.C. market, reflecting our decision in the current quarter to wind down our operations in this market, and $4.6 million associated with one community in California where we decided to change our operational and marketing strategy in order to monetize our investment more quickly by accelerating the overall timing for selling, building and delivering homes on land that had been held for future development. The estimated fair value of the Metro Washington, D.C. land parcels was based on broker quotes. Inventory impairment charges for the six months ended May 31, 2016 also included $.6 million related to a property in Florida where we decided to change our operational and marketing strategy in order to monetize our investment more quickly by accelerating the overall timing for selling, building and delivering homes on land that had been held for future development. The balance of the charges for the six months ended May 31, 2016 related to the sales of our last remaining land parcels in the Rio Grande Valley area of Texas, where we decided to change our strategy and monetize our investment through land sales rather than build and sell homes on the parcels as previously intended. The estimated fair value of the Rio Grande Valley parcels was based on executed sales contracts. These sales closed in the second quarter of 2016. We had no inventory impairment charges in the three months or six months ended May 31, 2015. As of May 31, 2016 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $221.4 million , representing 24 communities and various other land parcels. As of November 30, 2015 , the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $254.2 million , representing 28 communities and various other land parcels. Our inventory controlled under land option contracts and other similar contracts is assessed on a quarterly basis to determine whether it continues to meet our internal investment and marketing standards. When a decision is made not to exercise certain land option contracts and other similar contracts due to market conditions and/or changes in our strategy, we write off the related inventory costs, including non-refundable deposits and unrecoverable pre-acquisition costs. Based on the results of our assessments, we recognized land option contract abandonment charges of $1.8 million corresponding to 312 lots for the three months ended May 31, 2016 , and $2.4 million of such charges corresponding to 492 lots for the six months ended May 31, 2016. Of the land option contract abandonment charges recognized for the three months and six months ended May 31, 2016, $1.4 million related to the wind-down of our Metro Washington, D.C. operations. We recognized land option contract abandonment charges of $.5 million corresponding to 114 lots for the three months ended May 31, 2015 and $1.0 million of such charges corresponding to 426 lots for the six months ended May 31, 2015. Due to the judgment and assumptions applied in our inventory impairment and land option contract abandonment assessment processes, it is possible that actual results could differ substantially from those estimated.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
Variable Interest Entities	May 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analysis, we determined that one of our joint ventures at May 31, 2016 was a VIE, but we were not the primary beneficiary of this VIE. At November 30, 2015 , we determined that none of our joint ventures were VIEs. All of our joint ventures at May 31, 2016 and November 30, 2015 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically pay a specified option or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of May 31, 2016 and November 30, 2015 we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts. The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): May 31, 2016 November 30, 2015 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 26,231 $ 571,247 $ 32,436 $ 611,567 Other land option contracts and other similar contracts 21,161 386,267 22,101 576,140 Total $ 47,392 $ 957,514 $ 54,537 $ 1,187,707 In addition to the cash deposits presented in the table above, our exposure to loss related to our land option contracts and other similar contracts consisted of pre-acquisition costs of $63.2 million at May 31, 2016 and $65.6 million at November 30, 2015 . These pre-acquisition costs and cash deposits were included in inventories in our consolidated balance sheets. For land option contracts and other similar contracts where the land seller entity is not required to be consolidated under the variable interest model, we consider whether such contracts should be accounted for as financing arrangements. Land option contracts and other similar contracts that may be considered financing arrangements include those we enter into with third-party land financiers or developers in conjunction with such third parties acquiring a specific land parcel(s) on our behalf, at our direction, and those with other landowners where we or our designee make improvements to the optioned land parcel(s) during the applicable option period. For these land option contracts and other similar contracts, we record the remaining purchase price of the associated land parcel(s) in inventories in our consolidated balance sheets with a corresponding financing obligation if we determine that we are effectively compelled to exercise the option under the land option contract or other similar contract and purchase the optioned land parcel(s). In making this determination with respect to a land option contract or other similar contract, we consider the non-refundable deposit(s) we have made and any non-reimbursable expenditures we have incurred for land improvement activities or other items up to the assessment date; additional costs associated with abandoning the contract; and our commitments, if any, to incur non-reimbursable costs associated with the contract. As a result of our evaluations of land option contracts and other similar contracts for financing arrangements, we recorded inventories in our consolidated balance sheets, with a corresponding increase to accrued expenses and other liabilities, of $77.6 million at May 31, 2016 and $110.0 million at November 30, 2015 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
Investments in Unconsolidated Joint Ventures	May 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures We have investments in unconsolidated joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. We and our unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to our respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents. We typically have obtained rights to acquire portions of the land held by the unconsolidated joint ventures in which we currently participate. When an unconsolidated joint venture sells land to our homebuilding operations, we defer recognition of our share of such unconsolidated joint venture’s earnings (losses) until a home sale is closed and title passes to a homebuyer, at which time we account for those earnings (losses) as a reduction (increase) to the cost of purchasing the land from the unconsolidated joint venture. We defer recognition of our share of such unconsolidated joint venture losses only to the extent profits are to be generated from the sale of the home to a homebuyer. We share in the earnings (losses) of these unconsolidated joint ventures generally in accordance with our respective equity interests. In some instances, we recognize earnings (losses) related to our investment in an unconsolidated joint venture that differ from our equity interest in the unconsolidated joint venture. This typically arises from our deferral of the unconsolidated joint venture’s earnings (losses) from land sales to us, or other items. The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Revenues $ 21,852 $ 6,420 $ 18,514 $ 3,210 Construction and land costs (25,996 ) (13,992 ) (18,501 ) (10,249 ) Other expense, net (2,591 ) (1,411 ) (1,468 ) (715 ) Loss $ (6,735 ) $ (8,983 ) $ (1,455 ) $ (7,754 ) The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 23,745 $ 23,309 Receivables 1,682 7,546 Inventories 168,119 175,196 Other assets 776 910 Total assets $ 194,322 $ 206,961 May 31, November 30, Liabilities and equity Accounts payable and other liabilities $ 12,304 $ 17,108 Notes payable (a) 45,280 39,064 Equity 136,738 150,789 Total liabilities and equity $ 194,322 $ 206,961 (a) One of our unconsolidated joint ventures has a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2016 or November 30, 2015 . The following table presents information relating to our investments in unconsolidated joint ventures (dollars in thousands): May 31, November 30, Number of investments in unconsolidated joint ventures 7 7 Investments in unconsolidated joint ventures $ 65,213 $ 71,558 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 574 677 We and our partner in the unconsolidated joint venture that has the construction loan agreement described above provided certain guarantees and indemnities to the lender, including a guaranty to complete the construction of improvements for the project; a guaranty against losses the lender suffers due to certain bad acts or failures to act by the unconsolidated joint venture or its partners; a guaranty of interest payments on the outstanding balance of the secured debt under the construction loan agreement; and an indemnity of the lender from environmental issues. In each case, our actual responsibility under the foregoing guaranty and indemnity obligations is limited to our pro rata interest in the unconsolidated joint venture. We do not have a guaranty or any other obligation to repay or to support the value of the collateral underlying the unconsolidated joint venture’s outstanding secured debt. However, various financial and non-financial covenants apply with respect to the outstanding secured debt and the related guaranty and indemnity obligations, and a failure to comply with such covenants could result in a default and cause the lender to seek to enforce such guaranty and indemnity obligations, if and as may be applicable. As of May 31, 2016 , we were in compliance with the applicable terms of our relevant covenants with respect to the construction loan agreement. We do not believe that our existing exposure under our guaranty and indemnity obligations related to the unconsolidated joint venture’s outstanding secured debt is material to our consolidated financial statements. Of the unconsolidated joint venture lots controlled under land option and other similar contracts at May 31, 2016, we are committed to purchase 132 lots from one of our unconsolidated joint ventures in quarterly takedowns over the next three years for an aggregate purchase price of approximately $57.7 million under agreements that were entered into with the unconsolidated joint venture in the second quarter of 2016.

Other Assets

Other Assets	6 Months Ended
Other Assets	May 31, 2016
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of insurance contracts $ 66,857 $ 67,786 Debt issuance costs 22,432 25,408 Property and equipment, net 14,139 13,100 Prepaid expenses 9,362 6,480 Total $ 112,790 $ 112,774

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
Accrued Expenses and Other Liabilities	May 31, 2016
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): May 31, November 30, Inventory-related obligations (a) $ 113,453 $ 148,887 Employee compensation and related benefits 98,710 114,456 Self-insurance and other litigation liabilities 94,303 96,496 Accrued interest payable 65,583 62,645 Warranty liability 48,837 49,085 Customer deposits 20,255 14,563 Real estate and business taxes 9,271 14,255 Other 6,233 13,027 Total $ 456,645 $ 513,414 (a) Represents liabilities for financing arrangements discussed in Note 7 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	May 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense. Our income tax expense totaled $9.2 million and $3.1 million for the three months ended May 31, 2016 and 2015, respectively. For the six months ended May 31, 2016 and 2015, our income tax expense was $12.1 million and $5.8 million , respectively. Income tax expense for the three months ended May 31, 2016 reflected the favorable net impact of $.4 million of federal energy tax credits we earned from building energy-efficient homes, resulting in an effective income tax rate of 37.1% . For the three months ended May 31, 2015 , our effective income tax rate of 24.5% reflected the favorable net impact of $1.7 million of federal energy tax credits. Our income tax expense for the six months ended May 31, 2016 and 2015 reflected the favorable net impact of federal energy tax credits of $3.7 million and $3.1 million , respectively. Our effective income tax rate was 29.6% for the six months ended May 31, 2016 and 25.0% for the six months ended May 31, 2015. The federal energy tax credits for the three-month and six-month periods ended May 31, 2016 resulted from legislation enacted on December 18, 2015. Among other things, this legislation extended the availability of a business tax credit for building new energy-efficient homes through December 31, 2016. Prior to this legislation, the tax credit expired on December 31, 2014. The federal energy tax credits for the three-month and six-month periods ended May 31, 2015 were earned from building energy-efficient homes in prior periods based on legislation enacted on December 19, 2014, which permitted retroactive application of the credits. Deferred Tax Asset Valuation Allowance. We evaluate our deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available positive and negative evidence using a “more likely than not” standard with respect to whether our deferred tax assets will be realized. Our evaluation considers, among other factors, our historical operating results, our expectation of future profitability, the duration of the applicable statutory carryforward periods, and conditions in the housing market and the broader economy. The ultimate realization of our deferred tax assets depends primarily on our ability to generate future taxable income during the periods in which the related temporary differences in the financial basis and the tax basis of the assets become deductible. The value of our deferred tax assets depends on applicable income tax rates. Our deferred tax assets of $808.2 million as of May 31, 2016 and $820.0 million as of November 30, 2015 were partly offset by a valuation allowance in each period of $37.8 million . The deferred tax asset valuation allowances as of May 31, 2016 and November 30, 2015 were primarily related to foreign tax credits and certain state net operating losses (“NOLs”) that had not met the “more likely than not” realization standard. Based on our evaluation of our deferred tax assets as of May 31, 2016 , we determined that most of our deferred tax assets would be realized. Therefore, we made no adjustments to our deferred tax valuation allowance during the three months or six months ended May 31, 2016 . Unrecognized Tax Benefits. At both May 31, 2016 and November 30, 2015 , our gross unrecognized tax benefits (including interest and penalties) totaled $.1 million , all of which, if recognized, would affect our effective income tax rate. We anticipate that these gross unrecognized tax benefits will decrease by an amount ranging from zero to $.1 million during the 12 months from this reporting date. The fiscal years ending 2012 and later remain open to federal examinations, while fiscal years 2011 and later remain open to state examinations.

Notes Payable

Notes Payable	6 Months Ended
Notes Payable	May 31, 2016
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following (in thousands): May 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 41,461 $ 35,664 9.10% Senior notes due September 15, 2017 263,875 263,475 7 1/4% Senior notes due June 15, 2018 299,635 299,554 4.75% Senior notes due May 15, 2019 400,000 400,000 8.00% Senior notes due March 15, 2020 347,156 346,843 7.00% Senior notes due December 15, 2021 450,000 450,000 7.50% Senior notes due September 15, 2022 350,000 350,000 7.625% Senior notes due May 15, 2023 250,000 250,000 1.375% Convertible senior notes due February 1, 2019 230,000 230,000 Total $ 2,632,127 $ 2,625,536 Unsecured Revolving Credit Facility. We have a $275.0 million unsecured revolving credit facility with a syndicate of financial institutions (“Credit Facility”) that will mature on August 7, 2019 . The Credit F acility contains an uncommitted accordion feature under which the aggregate principal amount of available loans can be increased to a maximum of $450.0 million under certain conditions, including obtaining additional bank commitments. The Credit Facility also contains a sublimit of $137.5 million for the issuance of letters of credit, which may be utilized in combination with, or to replace, the LOC Facilities. Interest on amounts borrowed under the Credit Facility is payable quarterly in arrears at a rate based on either a Eurodollar or a base rate, plus a spread that depends on our consolidated leverage ratio (“Leverage Ratio”), as defined under the Credit Facility. The Credit Facility also requires the payment of a commitment fee ranging from .30% to .50% of the unused commitment, based on our Leverage Ratio. The terms of the Credit Facility require us, among other things, to maintain compliance with various covenants, including financial covenants relating to our consolidated tangible net worth, Leverage Ratio, and either a consolidated interest coverage ratio (“Interest Coverage Ratio”) or minimum level of liquidity, each as defined therein. The amount of the Credit Facility available for cash borrowings or the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of May 31, 2016 , we had no cash borrowings and $31.6 million of letters of credit outstanding under the Credit Facility. Therefore, as of May 31, 2016 , we had $243.4 million available for cash borrowings under the Credit Facility, with up to $105.9 million of that amount available for the issuance of letters of credit. LOC Facilities. We maintain the LOC Facilities with various financial institutions to obtain letters of credit in the ordinary course of operating our business. As of May 31, 2016 and November 30, 2015 , we had $3.4 million and $9.1 million , respectively, of letters of credit outstanding under the LOC Facilities. The LOC Facilities require us to deposit and maintain cash with the issuing financial institutions as collateral for our letters of credit outstanding. Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of May 31, 2016 , inventories having a carrying value of $144.1 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans. Shelf Registration. We have an automatically effective universal shelf registration statement that was filed with the SEC on July 18, 2014 (“2014 Shelf Registration”). Issuances of debt and equity securities under our 2014 Shelf Registration require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. Our ability to issue equity and/or debt is subject to market conditions and other factors impacting our borrowing capacity. Senior Notes. All of the senior notes outstanding at May 31, 2016 and November 30, 2015 represent senior unsecured obligations and rank equally in right of payment with all of our existing and future indebtedness. Interest on each of these senior notes is payable semi-annually. At any time prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of the 1.375% convertible senior notes due 2019 (“1.375% Convertible Senior Notes due 2019”). These notes are initially convertible into shares of our common stock at a conversion rate of 36.5297 shares for each $1,000 principal amount of the notes, which represents an initial conversion price of approximately $27.37 per share. This initial conversion rate equates to 8,401,831 shares of our common stock and is subject to adjustment upon the occurrence of certain events, as described in the instruments governing these notes. The indenture governing the senior notes does not contain any financial covenants. Subject to specified exceptions, the indenture contains certain restrictive covenants that, among other things, limit our ability to incur secured indebtedness, or engage in sale-leaseback transactions involving property or assets above a certain specified value. In addition, the senior notes (with the exception of the 7 1/4% senior notes due 2018) contain certain limitations related to mergers, consolidations, and sales of assets. As of May 31, 2016 , we were in compliance with the applicable terms of all our covenants and other requirements under the Credit Facility, the senior notes, the indenture, and the mortgages and land contracts due to land sellers and other loans. Our ability to access the Credit Facility for cash borrowings and letters of credit and our ability to secure future debt financing depend, in part, on our ability to remain in such compliance. Principal payments on senior notes, mortgages and land contracts due to land sellers and other loans are due as follows: 2016 – $40.1 million ; 2017 – $266.4 million ; 2018 – $300.0 million ; 2019 – $630.0 million ; 2020 – $350.0 million ; and thereafter – $1.05 billion .

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
Fair Value Disclosures	May 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Fair value measurements of assets and liabilities are categorized based on the following hierarchy: Level 1 Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means. Level 3 Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the six months ended May 31, 2016 and the year ended November 30, 2015 (in thousands): Description Fair Value Hierarchy May 31, November 30, Inventories (a) Level 2 $ 1,054 $ — Inventories (a) Level 3 5,782 11,988 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. Inventories with a carrying value of $17.8 million were written down to their fair value, less associated costs to sell (where applicable), of $6.5 million during the six months ended May 31, 2016 , resulting in inventory impairment charges of $11.3 million . Inventories with a carrying value of $20.0 million were written down to their fair value of $12.0 million during the year ended November 30, 2015, resulting in inventory impairment charges of $8.0 million . The fair values for inventories that were determined using Level 2 inputs were based on executed sales contracts. The fair values for inventories that were determined using Level 3 inputs were based on the estimated future net cash flows discounted for inherent risk associated with each underlying asset, or, with respect to planned future land sales, were based on broker quotes, as described in Note 6 – Inventory Impairments and Land Option Contract Abandonments. The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): May 31, 2016 November 30, 2015 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 2,360,666 $ 2,446,213 $ 2,359,872 $ 2,429,850 Convertible senior notes Level 2 230,000 215,050 230,000 211,313 The fair values of the senior notes and convertible senior notes are generally estimated based on quoted market prices for these instruments. The carrying values reported for cash and cash equivalents, restricted cash, and mortgages and land contracts due to land sellers and other loans approximate fair values.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	May 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and contingencies include typical obligations of homebuilders for the completion of contracts and those incurred in the ordinary course of business. Warranty . We provide a limited warranty on all of our homes. The specific terms and conditions of our limited warranty program vary depending upon the markets in which we do business. We generally provide a structural warranty of 10 years , a warranty on electrical, heating, cooling, plumbing and certain other building systems each varying from two to five years based on geographic market and state law, and a warranty of one year for other components of the home. Our limited warranty program is ordinarily how we respond to and account for homeowners’ requests to local division offices seeking repairs, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. Our warranty liability covers our costs of repairs associated with homeowner claims made under our limited warranty program. These claims are generally made directly by a homeowner and involve their individual home. We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience. Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability, which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes the review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices and/or our warranty claims experience could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates. The changes in our warranty liability were as follows (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Balance at beginning of period $ 49,085 $ 45,196 $ 50,575 $ 45,357 Warranties issued 11,567 8,884 6,315 4,751 Payments (a) (12,467 ) (14,642 ) (8,446 ) (7,047 ) Adjustments (b) 652 7,034 393 3,411 Balance at end of period $ 48,837 $ 46,472 $ 48,837 $ 46,472 (a) Payments for the three months and six months ended May 31, 2015 included $3.4 million and $7.5 million , respectively, to repair homes affected by water intrusion-related issues in certain of our communities in central and southwest Florida. These issues were substantially resolved as of November 30, 2015. (b) Adjustments for the three months and six months ended May 31, 2016 and 2015 included the reclassification of certain estimated minimum probable recoveries to receivables in connection with the above-noted water intrusion-related issues. The adjustments for each period had no impact on our consolidated statements of operations. There were no estimated minimum probable recoveries netted against our warranty liability at May 31, 2016. Florida Attorney General’s Office Inquiry. In 2013, we were notified by the Florida Attorney General’s Office that it was making a preliminary inquiry into the status of our communities in Florida which were affected by water intrusion-related issues. We established an accrual for the estimated minimum probable loss with respect to this inquiry during 2014 and increased the accrual during 2015. This inquiry was resolved through an agreement with the Florida Attorney General’s Office that was approved by a Florida circuit court and became effective in February 2016. We paid a stipulated amount to the Florida Attorney General’s Office under the agreement in March 2016. The amount we had previously accrued for this inquiry was adequate based on the terms of the approved agreement. Guarantees. In the normal course of our business, we issue certain representations, warranties and guarantees related to our home sales and land sales. Based on historical experience, we do not believe any potential liability with respect to these representations, warranties or guarantees would be material to our consolidated financial statements. Self-Insurance. We maintain, and require the majority of our subcontractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our homebuilding activities, including claims made under our limited warranty program, subject to certain self-insured retentions, deductibles and other coverage limits. We also maintain certain other insurance policies. In Arizona, California, Colorado and Nevada, our subcontractors’ general liability insurance primarily takes the form of a wrap-up policy under a program where eligible subcontractors are enrolled as insureds on each project. Enrolled subcontractors contribute toward the cost of the insurance and agree to pay a contractual amount in the future in the event of a claim related to their work. To the extent provided under the wrap-up program, we absorb the enrolled subcontractors’ general liability associated with the work performed on our homes within the applicable projects as part of our overall general liability insurance coverage and self-insurance. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary, which provides coverage for our exposure to construction defect, bodily injury and property damage claims and related litigation or regulatory actions, up to certain limits. Our self-insurance liability generally covers our costs of settlements and/or repairs, if any, as well as our costs to defend and resolve the following types of claims: • Construction defect : Construction defect claims, which represent the largest component of our self-insurance liability, typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged occurrence of a condition affecting two or more homes within the same community, or they involve a common area or homeowners’ association property within a community. These claims typically involve higher costs to resolve than individual homeowner warranty claims, and the rate of claims is highly variable. • Bodily injury : Bodily injury claims typically involve individuals (other than our employees) who claim they were injured while on our property or as a result of our operations. • Property damage : Property damage claims generally involve claims by third parties for alleged damage to real or personal property as a result of our operations. Such claims may occasionally include those made against us by owners of property located near our communities. We record expenses and liabilities based on the estimated costs required to cover our self-insured retention and deductible amounts under our insurance policies, and the estimated costs of potential claims and claim adjustment expenses that are above our coverage limits or that are not covered by our insurance policies. The amount of our self-insurance liability is determined through an analysis performed by a third-party actuary that uses our historical claim and expense data, including data related to contributions from third parties, as well as industry data to estimate our overall costs for unpaid claims, incurred but not reported claims and claim adjustment expenses that are associated with the risks we are assuming with respect to our self-insurance and insurance policy deductibles. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; insurance industry practices; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. In addition, changes in the frequency and severity of reported claims and the estimates to resolve claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Though state regulations vary, construction defect claims are reported and resolved over a long period of time, which can extend for 10 years or more. As a result, the majority of the estimated self-insurance liability determined through the actuarial analysis relates to incurred but not reported claims and, therefore, adjustments related to individual existing claims generally do not significantly impact the overall estimated liability. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs. The changes in our self-insurance liability were as follows (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Balance at beginning of period $ 82,175 $ 86,574 $ 81,461 $ 82,747 Self-insurance expense (a) 8,422 7,225 4,406 4,790 Payments (8,061 ) (13,663 ) (3,331 ) (7,401 ) Balance at end of period $ 82,536 $ 80,136 $ 82,536 $ 80,136 (a) These expenses are included in selling, general and administrative expenses and are largely offset by contributions from subcontractors participating in the wrap-up policy. For most of our claims, there is no interaction between our warranty liability and self-insurance liability. Typically, if a matter is identified at its outset as either a warranty or self-insurance claim, it remains as such through its resolution. However, there can be instances of interaction between the liabilities, such as where individual homeowners in a community separately request warranty repairs to their homes to address a similar condition or issue and subsequently join together to initiate, or potentially initiate, a legal process with respect to that condition or issue and/or the repair work we have undertaken. In these instances, the claims and related repair work generally are initially covered by our warranty liability, and the costs associated with resolving the legal matter (including any additional repair work) are covered by our self-insurance liability. The payments we make in connection with claims and related repair work, whether covered within our warranty liability and/or our self-insurance liability, may be recovered from our insurers to the extent such payments exceed the self-insured retentions or deductibles under our general liability insurance policies. Also, in certain instances, in the course of resolving a claim, we pay amounts in advance of and/or on behalf of a subcontractor(s) or their insurer(s) and believe we will be reimbursed for such payments. Estimates of all such amounts described above, if any, are recorded as receivables in our consolidated balance sheets when any such recovery is considered probable. Such receivables associated with our warranty and self-insurance matters totaled $20.9 million at May 31, 2016 and $21.6 million at November 30, 2015. Performance Bonds and Letters of Credit . We are often required to provide to various municipalities and other government agencies performance bonds and/or letters of credit to secure the completion of our projects and/or in support of obligations to build community improvements such as roads, sewers, water systems and other utilities, and to support similar development activities by certain of our unconsolidated joint ventures. At May 31, 2016 , we had $533.8 million of performance bonds and $35.0 million of letters of credit outstanding. At November 30, 2015, we had $565.4 million of performance bonds and $33.4 million of letters of credit outstanding. If any such performance bonds or letters of credit are called, we would be obligated to reimburse the issuer of the performance bond or letter of credit. We do not believe that a material amount of any currently outstanding performance bonds or letters of credit will be called. Performance bonds do not have stated expiration dates. Rather, we are released from the performance bonds as the underlying performance obligations are completed. The expiration dates of some letters of credit issued in connection with community improvements coincide with the expected completion dates of the related projects or obligations. Most letters of credit, however, are issued with an initial term of one year and are typically extended on a year-to-year basis until the related performance obligations are completed. Land Option Contracts and Other Similar Contracts . In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. At May 31, 2016 , we had total cash deposits of $47.4 million to purchase land having an aggregate purchase price of $957.5 million . Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance.

Legal Matters

Legal Matters	6 Months Ended
Legal Matters	May 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters Nevada Development Contract Litigation. KB HOME Nevada Inc., a wholly owned subsidiary of ours (“KB Nevada”), is a defendant in a case in the Eighth Judicial District Court in Clark County, Nevada entitled Las Vegas Development Associates, LLC, Essex Real Estate Partners, LLC, et al. v. KB HOME Nevada Inc. In 2007, Las Vegas Development Associates, LLC (“LVDA”) agreed to purchase from KB Nevada approximately 83 acres of land located near Las Vegas, Nevada. LVDA subsequently assigned its rights to Essex Real Estate Partners, LLC (“Essex”). KB Nevada and Essex entered into a development agreement relating to certain major infrastructure improvements. LVDA’s and Essex’s complaint, initially filed in 2008, alleged that KB Nevada breached the development agreement, and also alleged that KB Nevada fraudulently induced them to enter into the purchase and development agreements. LVDA’s and Essex’s lenders subsequently filed related actions that were consolidated into the LVDA/Essex matter. The consolidated plaintiffs sought rescission of the agreements or, in the alternative, compensatory damages of $55 million plus unspecified punitive damages and other damages, and interest charges in excess of $41 million (“Claimed Damages”). KB Nevada has denied the allegations, and believes it has meritorious defenses to the consolidated plaintiffs’ claims. On March 15, 2013, the court entered orders denying the consolidated plaintiffs’ motions for summary judgment and granting the majority of KB Nevada’s motions for summary judgment, eliminating, among other of the consolidated plaintiffs’ claims, those for fraud, negligent misrepresentation, and punitive damages. With the court’s decisions, the only remaining claims against KB Nevada are for contract damages and rescission. In August 2013, the court granted motions that further narrowed the scope of the Claimed Damages. The consolidated plaintiffs filed an appeal from the court’s summary judgment decisions with the Nevada Supreme Court and that court heard oral argument on June 6, 2016. The Nevada Supreme Court can rule on the matters at any time, but we anticipate a decision within 90 days of June 6, 2016. The Eighth Judicial District Court scheduled a new trial date of February 28, 2017 for all remaining claims. While the ultimate outcome is uncertain — we believe it is reasonably possible that the loss in this matter could exceed the amount accrued by a range of zero to approximately $55 million plus prejudgment interest, which could be material to our consolidated financial statements — KB Nevada believes it will be successful in defending against the consolidated plaintiffs’ remaining claims and that the consolidated plaintiffs will not be awarded rescission or damages. Wage and Hour Litigation. In May 2011, a group of current and former sales representatives filed a collective action lawsuit in the United States District Court for the Southern District of Texas, Galveston Division entitled Edwards, K. v. KB Home . The lawsuit alleged that we misclassified sales representatives and failed to pay minimum and overtime wages in violation of the Fair Labor Standards Act (29 U.S.C. §§ 206-07). In September 2012, the Edwards court conditionally certified a nationwide class, and in May 2015, scheduled an initial trial involving a portion of the plaintiffs for December 2015. In September 2013, some of the plaintiffs in the Edwards case filed a lawsuit in Los Angeles Superior Court entitled Andrea L. Bejenaru, et al. v. KB Home, et al . The lawsuit alleged violations of California laws relating to overtime, meal period and rest break pay, itemized wage statements, waiting time penalties and unfair business practices for a class of sales representatives. Although the case involved a putative class of individuals who were our sales representatives from September 2009 forward, the Bejenaru case was not certified as a class action. In the second quarter of 2015, plaintiff representatives in the Edwards and the Bejenaru cases claimed $66 million in compensatory damages, penalties and interest, as well as injunctive relief, attorneys’ fees and costs for both matters. On November 18, 2015, we reached a tentative mediated settlement with the plaintiff representatives in both cases that was subject to judicial approval. Under the terms of the tentative settlement, we agreed to pay $7.5 million to a settlement administrator for distribution to individual settling plaintiffs, subject to obtaining releases from, and a specified threshold of participation by, such individuals. On May 2, 2016, after further negotiations to resolve important details related to the claims submission process for individual settling plaintiffs, we reached final settlement terms with the plaintiff representatives. The final settlement terms did not change the settlement amount, which is intended to be inclusive of all payments to settling plaintiffs and all related fees and costs, or the required threshold participation level. On May 19, 2016, the Edwards court approved the final settlement terms with respect to the Edwards case and, with the Bejenaru court’s consent, preliminarily approved the final settlement terms with respect to the Bejenaru case. Based on the court’s decision, we expect to receive its final approval with respect to the Bejenaru case in September of this year. In 2015, we established an accrual for these cases in the amount of $7.5 million , which we maintained at May 31, 2016. San Diego Water Board Notice of Violation . In August 2015, the California Regional Water Quality Control Board, San Diego Region (“RWQCB”) issued to us and another homebuilder a Notice of Violation (“NOV”) alleging violations of the California Water Code and waste discharge prohibitions of the water quality control plan for the San Diego Region (Basin Plan). According to the NOV, the alleged violations involved the unpermitted discharge of fill material into the waters of the United States and California during the grading of a required secondary access road for a community located in San Diego County, California, which was performed pursuant to a County-issued grading permit. In its NOV, the RWQCB requested to meet with us to discuss the alleged violations as part of its process to determine whether to bring any enforcement action, and we have met with the RWQCB in an effort to resolve the matters alleged in the NOV. An administrative hearing before the RWQCB is presently scheduled for August 10, 2016. While the ultimate outcome is uncertain, we believe that any penalties and related corrective measures the RWQCB may impose under the NOV could exceed $100,000 (the threshold for the required disclosure of this type of environmental proceeding) but they are not expected to be material to our consolidated financial statements. Other Matters. In addition to the specific proceedings described above, we are involved in other litigation and regulatory proceedings incidental to our business that are in various procedural stages. We believe that the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of May 31, 2016 , it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized in our consolidated financial statements. We evaluate our accruals for litigation and regulatory proceedings at least quarterly and, as appropriate, adjust them to reflect (a) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments; (b) the advice and analyses of counsel; and (c) the assumptions and judgment of management. Similar factors and considerations are used in establishing new accruals for proceedings as to which losses have become probable and reasonably estimable at the time an evaluation is made. Based on our experience, we believe that the amounts that may be claimed or alleged against us in these proceedings are not a meaningful indicator of our potential liability. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if no accrual had been made, could be material to our consolidated financial statements.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	May 31, 2016
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands): Six Months Ended May 31, 2016 Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Ownership Trust Treasury Stock Total Stockholders’ Equity Balance at November 30, 2015 $ 115,548 $ 682,871 $ 1,466,713 $ (17,319 ) $ (109,936 ) $ (447,043 ) $ 1,690,834 Net income — — 28,724 — — — 28,724 Dividends on common stock — — (4,364 ) — — — (4,364 ) Performance share-based stock issuance 124 (4,189 ) — — 4,065 — — Stock-based compensation — 7,506 — — — — 7,506 Stock repurchases — — — — — (87,531 ) (87,531 ) Balance at May 31, 2016 $ 115,672 $ 686,188 $ 1,491,073 $ (17,319 ) $ (105,871 ) $ (534,574 ) $ 1,635,169 We maintain an account with our transfer agent to reserve the maximum number of shares of our common stock potentially deliverable upon conversion to holders of the 1.375% Convertible Senior Notes due 2019 based on the terms of their governing instruments. Accordingly, the common stock reserve account had a balance of 12,602,735 shares at May 31, 2016 . The maximum number of shares would potentially be deliverable to holders only in certain limited circumstances as set forth in the governing instruments. On February 12, 2016, the management development and compensation committee of our board of directors approved the payout of PSUs that were granted to certain employees on November 8, 2012 (“2012 PSUs”). The approved total payout of 374,630 shares of our common stock to the 2012 PSU recipients under the terms of these performance share awards was based on our achieving certain levels of average return on equity performance and revenue growth performance relative to a peer group of high-production public homebuilding companies over the three-year period commencing on December 1, 2012 and ending on November 30, 2015. On January 12, 2016, our board of directors authorized us to repurchase a total of up to 10,000,000 shares of our outstanding common stock. This authorization reaffirmed and incorporated the then-current balance of 4,000,000 shares that remained under a prior board-approved share repurchase program. The amount and timing of shares purchased under this 10,000,000 share repurchase program are subject to market and business conditions and other factors, and purchases may be made from time to time and at any time through open market or privately negotiated transactions. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by the board of directors. As of May 31, 2016 , we had repurchased 8,373,000 shares of our common stock pursuant to this authorization, at a total cost of $85.9 million . During the three months ended May 31, 2016 , no shares were repurchased pursuant to this authorization. During the six months ended May 31, 2016 , we also repurchased 155,789 , or $1.6 million , of previously issued shares delivered to us by employees to satisfy withholding taxes on the vesting of restricted stock awards as well as shares forfeited by individuals upon their termination of employment. These transactions were not considered repurchases under the above-described board of directors authorization. During the three months ended May 31, 2016 and May 31, 2015 , our board of directors declared, and we paid, a quarterly cash dividend of $.025 per share of common stock. Quarterly cash dividends declared and paid during the six months ended May 31, 2016 and 2015 totaled $.050 per share of common stock.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	May 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options. We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model. The following table summarizes stock option transactions for the six months ended May 31, 2016 : Options Weighted Average Exercise Price Options outstanding at beginning of period 12,635,644 $ 19.39 Granted — — Exercised — — Cancelled (533 ) 45.68 Options outstanding at end of period 12,635,111 $ 19.39 Options exercisable at end of period 10,389,189 $ 20.35 As of May 31, 2016 , the weighted average remaining contractual life of stock options outstanding and stock options exercisable was 4.3 years and 3.3 years , respectively. There was $3.0 million of total unrecognized compensation expense related to unvested stock option awards as of May 31, 2016 . For the three months ended May 31, 2016 and May 31, 2015 , stock-based compensation expense associated with stock options totaled $1.1 million and $.9 million , respectively. For each of the six- month periods ended May 31, 2016 and 2015, stock-based compensation expense associated with stock options totaled $2.0 million . The aggregate intrinsic value of both stock options outstanding and stock options exercisable was $15.9 million at May 31, 2016 . (The intrinsic value of a stock option is the amount by which the market value of a share of the underlying common stock exceeds the exercise price of the stock option.) Other Stock-Based Awards. From time to time, we grant restricted stock and PSUs to various employees as a compensation benefit. We recognized total compensation expense of $3.5 million for the three months ended May 31, 2016 and $3.3 million for the three months ended May 31, 2015 related to restricted stock and PSUs. We recognized total compensation expense of $5.5 million for the six months ended May 31, 2016 and $5.4 million for the six months ended May 31, 2015 related to restricted stock and PSUs. Approval of the Amended KB Home 2014 Equity Incentive Plan. At our Annual Meeting of Stockholders held on April 7, 2016, our stockholders approved the Amended KB Home 2014 Equity Incentive Plan, authorizing, among other things, the issuance for grants of stock-based awards to our employees, non-employee directors and consultants of up to 7,500,000 additional shares above the original 4,800,000 shares our stockholders approved under the KB Home 2014 Equity Incentive Plan (or an aggregate issuance of up to 12,300,000 shares), plus any shares that were available for grant as of April 7, 2014 under our 2010 Equity Incentive Plan (“2010 Plan”), and any shares subject to then-outstanding awards under the 2010 Plan that subsequently expire or are canceled, forfeited, tendered or withheld to satisfy tax withholding obligations with respect to full value awards, or settled for cash.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	6 Months Ended
	May 31, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Six Months Ended May 31, 2016 2015 Summary of cash and cash equivalents at end of period: Homebuilding $ 274,849 $ 439,920 Financial services 1,700 2,168 Total $ 276,549 $ 442,088 Six Months Ended May 31, 2016 2015 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ 2,729 $ 10,043 Income taxes paid 2,635 1,887 Supplemental disclosures of noncash activities: Reclassification of warranty recoveries to receivables $ 2,151 $ 7,034 Increase (decrease) in consolidated inventories not owned (32,324 ) 45,613 Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 4,875 13,992 Inventories acquired through seller financing 32,436 —

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
Supplemental Guarantor Information	May 31, 2016
Guarantees [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor Information Our obligations to pay principal, premium, if any, and interest on the senior notes and borrowings, if any, under the Credit Facility are guaranteed on a joint and several basis by certain of our subsidiaries (“Guarantor Subsidiaries”). The guarantees are full and unconditional and the Guarantor Subsidiaries are 100% owned by us. Pursuant to the terms of the indenture governing the senior notes and the terms of the Credit Facility, if any of the Guarantor Subsidiaries ceases to be a “significant subsidiary” as defined by Rule 1-02 of Regulation S-X (as in effect on June 1, 1996) using a 5% rather than a 10% threshold (provided that the assets of our non-guarantor subsidiaries do not in the aggregate exceed 10% of an adjusted measure of our consolidated total assets), it will be automatically and unconditionally released and discharged from its guaranty of the senior notes and the Credit Facility so long as all guarantees by such Guarantor Subsidiary of any other of our or our subsidiaries’ indebtedness are terminated at or prior to the time of such release. We have determined that separate, full financial statements of the Guarantor Subsidiaries would not be material to investors and, accordingly, supplemental financial information for the Guarantor Subsidiaries is presented. The supplemental financial information for all periods presented below reflects the relevant subsidiaries that were Guarantor Subsidiaries as of May 31, 2016 . Condensed Consolidating Statements of Operations (in thousands) Six Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,305,625 $ 183,796 $ — $ 1,489,421 Homebuilding: Revenues $ — $ 1,305,625 $ 178,579 $ — $ 1,484,204 Construction and land costs — (1,092,291 ) (165,241 ) — (1,257,532 ) Selling, general and administrative expenses (43,316 ) (116,342 ) (22,084 ) — (181,742 ) Operating income (loss) (43,316 ) 96,992 (8,746 ) — 44,930 Interest income 240 42 4 — 286 Interest expense (88,707 ) (3,802 ) — 86,842 (5,667 ) Intercompany interest 149,762 (56,149 ) (6,771 ) (86,842 ) — Equity in loss of unconsolidated joint ventures — (1,425 ) (3 ) — (1,428 ) Homebuilding pretax income (loss) 17,979 35,658 (15,516 ) — 38,121 Financial services pretax income — — 2,703 — 2,703 Total pretax income (loss) 17,979 35,658 (12,813 ) — 40,824 Income tax benefit (expense) (2,100 ) (11,700 ) 1,700 — (12,100 ) Equity in net income of subsidiaries 12,845 — — (12,845 ) — Net income (loss) $ 28,724 $ 23,958 $ (11,113 ) $ (12,845 ) $ 28,724 Six Months Ended May 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,052,324 $ 150,766 $ — $ 1,203,090 Homebuilding: Revenues $ — $ 1,052,324 $ 146,368 $ — $ 1,198,692 Construction and land costs — (882,949 ) (133,879 ) — (1,016,828 ) Selling, general and administrative expenses (35,346 ) (94,290 ) (19,968 ) — (149,604 ) Operating income (loss) (35,346 ) 75,085 (7,479 ) — 32,260 Interest income 251 4 — — 255 Interest expense (91,253 ) (2,949 ) — 80,746 (13,456 ) Intercompany interest 144,184 (55,025 ) (8,413 ) (80,746 ) — Equity in loss of unconsolidated joint ventures — (756 ) (2 ) — (758 ) Homebuilding pretax income (loss) 17,836 16,359 (15,894 ) — 18,301 Financial services pretax income — — 4,871 — 4,871 Total pretax income (loss) 17,836 16,359 (11,023 ) — 23,172 Income tax benefit (expense) (3,400 ) (4,300 ) 1,900 — (5,800 ) Equity in net income of subsidiaries 2,936 — — (2,936 ) — Net income (loss) $ 17,372 $ 12,059 $ (9,123 ) $ (2,936 ) $ 17,372 Three Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 704,282 $ 106,768 $ — $ 811,050 Homebuilding: Revenues $ — $ 704,282 $ 104,180 $ — $ 808,462 Construction and land costs — (590,425 ) (98,289 ) — (688,714 ) Selling, general and administrative expenses (18,976 ) (63,206 ) (11,628 ) — (93,810 ) Operating income (loss) (18,976 ) 50,651 (5,737 ) — 25,938 Interest income 106 24 4 — 134 Interest expense (44,337 ) (1,921 ) — 44,288 (1,970 ) Intercompany interest 75,719 (28,086 ) (3,345 ) (44,288 ) — Equity in loss of unconsolidated joint ventures — (822 ) (3 ) — (825 ) Homebuilding pretax income (loss) 12,512 19,846 (9,081 ) — 23,277 Financial services pretax income — — 1,520 — 1,520 Total pretax income (loss) 12,512 19,846 (7,561 ) — 24,797 Income tax benefit (expense) (2,800 ) (8,100 ) 1,700 — (9,200 ) Equity in net income of subsidiaries 5,885 — — (5,885 ) — Net income (loss) $ 15,597 $ 11,746 $ (5,861 ) $ (5,885 ) $ 15,597 Three Months Ended May 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 541,328 $ 81,641 $ — $ 622,969 Homebuilding: Revenues $ — $ 541,328 $ 79,476 $ — $ 620,804 Construction and land costs — (452,616 ) (71,794 ) — (524,410 ) Selling, general and administrative expenses (19,674 ) (48,665 ) (10,193 ) — (78,532 ) Operating income (loss) (19,674 ) 40,047 (2,511 ) — 17,862 Interest income 150 1 1 — 152 Interest expense (47,710 ) (1,489 ) — 41,081 (8,118 ) Intercompany interest 73,751 (28,388 ) (4,282 ) (41,081 ) — Equity in loss of unconsolidated joint ventures — (409 ) (2 ) — (411 ) Homebuilding pretax income (loss) 6,517 9,762 (6,794 ) — 9,485 Financial services pretax income — — 3,188 — 3,188 Total pretax income (loss) 6,517 9,762 (3,606 ) — 12,673 Income tax benefit (expense) (1,200 ) (2,500 ) 600 — (3,100 ) Equity in net income of subsidiaries 4,256 — — (4,256 ) — Net income (loss) $ 9,573 $ 7,262 $ (3,006 ) $ (4,256 ) $ 9,573 Condensed Consolidating Balance Sheets (in thousands) May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 195,383 $ 64,648 $ 14,818 $ — $ 274,849 Restricted cash 3,517 — — — 3,517 Receivables 2,828 144,716 3,522 — 151,066 Inventories — 3,206,733 318,356 — 3,525,089 Investments in unconsolidated joint ventures — 62,714 2,499 — 65,213 Deferred tax assets, net 188,699 489,471 92,226 — 770,396 Other assets 98,396 11,566 2,828 — 112,790 488,823 3,979,848 434,249 — 4,902,920 Financial services — — 12,923 — 12,923 Intercompany receivables 3,809,514 — 100,819 (3,910,333 ) — Investments in subsidiaries 38,683 — — (38,683 ) — Total assets $ 4,337,020 $ 3,979,848 $ 547,991 $ (3,949,016 ) $ 4,915,843 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 120,801 $ 410,327 $ 115,844 $ — $ 646,972 Notes payable 2,565,556 66,571 — — 2,632,127 2,686,357 476,898 115,844 — 3,279,099 Financial services — — 1,575 — 1,575 Intercompany payables 15,494 3,502,950 391,889 (3,910,333 ) — Stockholders’ equity 1,635,169 — 38,683 (38,683 ) 1,635,169 Total liabilities and stockholders’ equity $ 4,337,020 $ 3,979,848 $ 547,991 $ (3,949,016 ) $ 4,915,843 November 30, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 444,850 $ 98,281 $ 15,911 $ — $ 559,042 Restricted cash 9,344 — — — 9,344 Receivables 39 148,338 4,305 — 152,682 Inventories — 2,979,617 334,130 — 3,313,747 Investments in unconsolidated joint ventures — 69,057 2,501 — 71,558 Deferred tax assets, net 190,770 501,454 89,972 — 782,196 Other assets 97,590 11,783 3,401 — 112,774 742,593 3,808,530 450,220 — 5,001,343 Financial services — — 14,028 — 14,028 Intercompany receivables 3,627,150 — 102,103 (3,729,253 ) — Investments in subsidiaries 39,383 — — (39,383 ) — Total assets $ 4,409,126 $ 3,808,530 $ 566,351 $ (3,768,636 ) $ 5,015,371 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 136,352 $ 442,529 $ 118,303 $ — $ 697,184 Notes payable 2,564,762 60,774 — — 2,625,536 2,701,114 503,303 118,303 — 3,322,720 Financial services — — 1,817 — 1,817 Intercompany payables 17,178 3,305,227 406,848 (3,729,253 ) — Stockholders’ equity 1,690,834 — 39,383 (39,383 ) 1,690,834 Total liabilities and stockholders’ equity $ 4,409,126 $ 3,808,530 $ 566,351 $ (3,768,636 ) $ 5,015,371 Condensed Consolidating Statements of Cash Flows (in thousands) Six Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 6,508 $ (179,676 ) $ 5,709 $ — $ (167,459 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (750 ) — — (750 ) Purchases of property and equipment, net (2,437 ) (331 ) (108 ) — (2,876 ) Intercompany (167,470 ) — — 167,470 — Net cash used in investing activities (169,907 ) (1,081 ) (108 ) 167,470 (3,626 ) Cash flows from financing activities: Change in restricted cash 5,827 — — — 5,827 Payments on mortgages and land contracts due to land sellers and other loans — (26,639 ) — — (26,639 ) Payments of cash dividends (4,364 ) — — — (4,364 ) Stock repurchases (87,531 ) — — — (87,531 ) Intercompany — 173,763 (6,293 ) (167,470 ) — Net cash provided by (used in) financing activities (86,068 ) 147,124 (6,293 ) (167,470 ) (112,707 ) Net decrease in cash and cash equivalents (249,467 ) (33,633 ) (692 ) — (283,792 ) Cash and cash equivalents at beginning of period 444,850 98,281 17,210 — 560,341 Cash and cash equivalents at end of period $ 195,383 $ 64,648 $ 16,518 $ — $ 276,549 Six Months Ended May 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 17,630 $ (119,782 ) $ (33,748 ) $ — $ (135,900 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (13,244 ) — — (13,244 ) Purchases of property and equipment, net (399 ) (1,135 ) (56 ) — (1,590 ) Intercompany (187,947 ) — — 187,947 — Net cash used in investing activities (188,346 ) (14,379 ) (56 ) 187,947 (14,834 ) Cash flows from financing activities: Change in restricted cash 22 — — — 22 Proceeds from issuance of debt 250,000 — — — 250,000 Payment of debt issuance costs (3,337 ) — — — (3,337 ) Payments on mortgages and land contracts due to land sellers and other loans — (7,757 ) — — (7,757 ) Issuance of common stock under employee stock plans 25 — — — 25 Payments of cash dividends (4,599 ) — — — (4,599 ) Stock repurchases (300 ) — — — (300 ) Intercompany — 160,114 27,833 (187,947 ) — Net cash provided by financing activities 241,811 152,357 27,833 (187,947 ) 234,054 Net increase (decrease) in cash and cash equivalents 71,095 18,196 (5,971 ) — 83,320 Cash and cash equivalents at beginning of period 303,280 37,112 18,376 — 358,768 Cash and cash equivalents at end of period $ 374,375 $ 55,308 $ 12,405 $ — $ 442,088

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash	We consider all highly liquid short-term investments purchased with an original maturity of three months or less to be cash equivalents. Our cash equivalents totaled $109.5 million at May 31, 2016 and $342.3 million at November 30, 2015 . The majority of our cash and cash equivalents were invested in money market funds and interest-bearing bank deposit accounts. Restricted Cash. Restricted cash at May 31, 2016 and November 30, 2015 consisted of cash deposited with various financial institutions that was required as collateral for our cash-collateralized letter of credit facilities (“LOC Facilities”).
Presentation of Comprehensive Income	Our comprehensive income was $15.6 million for the three months ended May 31, 2016 and $9.6 million for the three months ended May 31, 2015 . For the six months ended May 31, 2016 and 2015, our comprehensive income was $28.7 million and $17.4 million , respectively. Our comprehensive income for each of the three-month and six-month periods ended May 31, 2016 and 2015 was equal to our net income for the respective periods.
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which delayed the effective date of ASU 2014-09 by one year. In 2016, the FASB issued accounting standards updates that amended several aspects of ASU 2014-09. For public entities, ASU 2014-09, as amended, is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is to be applied on a retrospective basis and represents a change in accounting principle. In August 2015, the FASB issued Accounting Standards Update No. 2015-15, “Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting” (“ASU 2015-15”), which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. For public entities, ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. We believe adopting ASU 2015-03 and ASU 2015-15 will not have a material effect on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will require organizations that lease assets — referred to as “lessees” — to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities are to be expanded to include qualitative along with specific quantitative information. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 mandates a modified retrospective transition method. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.
Reclassifications	Certain amounts in our consolidated financial statements for prior years have been reclassified to conform to the current period presentation.
Accounting Standards Codification Topic No.280, Segment Reporting	As of May 31, 2016 , we had identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2016 , our homebuilding reporting segments conducted operations in the following states: West Coast: California Southwest: Arizona and Nevada Central: Colorado and Texas Southeast: Florida, Maryland, North Carolina and Virginia Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land. Our homebuilding reporting segments were identified based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, methods used to sell and construct homes and land acquisition characteristics. We evaluate segment performance primarily based on segment pretax results. In the second quarter of 2016, we announced that we had begun a transition out of the Metro Washington, D.C. market that is expected to be completed over the next 12 months. Our operations in the Metro Washington, D.C. market consisted of communities in Maryland and Virginia, which are included in our Southeast homebuilding reporting segment, and represented 2% of our consolidated homebuilding revenues for the three months ended May 31, 2016. We plan to continue constructing and delivering homes in our active communities remaining in this market. We also have other land interests in this market that we intend to build out or sell. As described in Note 6 – Inventory Impairments and Land Option Contract Abandonments, we recorded inventory impairment and land option contract abandonment charges related to this transition during the three months ended May 31, 2016 . Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyers in the same markets as our homebuilding reporting segments, and provides title services in the majority of our markets located within our Central and Southeast homebuilding reporting segments. This segment earns revenues primarily from insurance commissions and from the provision of title services. We currently offer mortgage banking services, including residential mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through Home Community Mortgage, LLC (“HCM”), a joint venture of a subsidiary of ours and a subsidiary of Nationstar Mortgage LLC (“Nationstar”). Through these respective subsidiaries, we have a 49.9% ownership interest and Nationstar has a 50.1% ownership interest in HCM, with Nationstar providing management oversight of HCM’s operations. Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of their home. Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. Corporate and other includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to our homebuilding reporting segments. Our segments follow the same accounting policies used for our consolidated financial statements. The results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods.
Accounting Standards Codification Topic No. 260, Earnings Per Share	We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at May 31, 2016 or 2015.
Property, Plant and Equipment (ASC 360)	Each community or land parcel in our owned inventory is assessed on a quarterly basis to determine if indicators of potential impairment exist. We record an inventory impairment charge when indicators of potential impairment exist and the carrying value of a real estate asset is greater than the undiscounted future net cash flows the asset is expected to generate. These real estate assets are written down to fair value, which is primarily based on the estimated future net cash flows discounted for inherent risk associated with each such asset.
Accounting Standards Codification Topic No.810, Consolidation (ASC 810)	We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analysis, we determined that one of our joint ventures at May 31, 2016 was a VIE, but we were not the primary beneficiary of this VIE. At November 30, 2015 , we determined that none of our joint ventures were VIEs. All of our joint ventures at May 31, 2016 and November 30, 2015 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically pay a specified option or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of May 31, 2016 and November 30, 2015 we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts.
Accounting Standards Codification Topic No. 470, Debt (ASC 470)	For land option contracts and other similar contracts where the land seller entity is not required to be consolidated under the variable interest model, we consider whether such contracts should be accounted for as financing arrangements. Land option contracts and other similar contracts that may be considered financing arrangements include those we enter into with third-party land financiers or developers in conjunction with such third parties acquiring a specific land parcel(s) on our behalf, at our direction, and those with other landowners where we or our designee make improvements to the optioned land parcel(s) during the applicable option period. For these land option contracts and other similar contracts, we record the remaining purchase price of the associated land parcel(s) in inventories in our consolidated balance sheets with a corresponding financing obligation if we determine that we are effectively compelled to exercise the option under the land option contract or other similar contract and purchase the optioned land parcel(s). In making this determination with respect to a land option contract or other similar contract, we consider the non-refundable deposit(s) we have made and any non-reimbursable expenditures we have incurred for land improvement activities or other items up to the assessment date; additional costs associated with abandoning the contract; and our commitments, if any, to incur non-reimbursable costs associated with the contract. As a result of our evaluations of land option contracts and other similar contracts for financing arrangements, we recorded inventories in our consolidated balance sheets, with a corresponding increase to accrued expenses and other liabilities, of $77.6 million at May 31, 2016 and $110.0 million at November 30, 2015 .
Income Taxes (ASC 740)	We evaluate our deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available positive and negative evidence using a “more likely than not” standard with respect to whether our deferred tax assets will be realized. Our evaluation considers, among other factors, our historical operating results, our expectation of future profitability, the duration of the applicable statutory carryforward periods, and conditions in the housing market and the broader economy. The ultimate realization of our deferred tax assets depends primarily on our ability to generate future taxable income during the periods in which the related temporary differences in the financial basis and the tax basis of the assets become deductible. The value of our deferred tax assets depends on applicable income tax rates
Accounting Standards Codification Topic No. 820, Fair Value Measurements and Disclosures	Fair value measurements of assets and liabilities are categorized based on the following hierarchy: Level 1 Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means. Level 3 Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.
Accounting Standards Codification Topic No. 460, Guarantees	Guarantees. In the normal course of our business, we issue certain representations, warranties and guarantees related to our home sales and land sales. Based on historical experience, we do not believe any potential liability with respect to these representations, warranties or guarantees would be material to our consolidated financial statements.
Self-Insurance	Self-Insurance. We maintain, and require the majority of our subcontractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our homebuilding activities, including claims made under our limited warranty program, subject to certain self-insured retentions, deductibles and other coverage limits. We also maintain certain other insurance policies. In Arizona, California, Colorado and Nevada, our subcontractors’ general liability insurance primarily takes the form of a wrap-up policy under a program where eligible subcontractors are enrolled as insureds on each project. Enrolled subcontractors contribute toward the cost of the insurance and agree to pay a contractual amount in the future in the event of a claim related to their work. To the extent provided under the wrap-up program, we absorb the enrolled subcontractors’ general liability associated with the work performed on our homes within the applicable projects as part of our overall general liability insurance coverage and self-insurance. We self-insure a portion of our overall risk through the use of a captive insurance subsidiary, which provides coverage for our exposure to construction defect, bodily injury and property damage claims and related litigation or regulatory actions, up to certain limits. Our self-insurance liability generally covers our costs of settlements and/or repairs, if any, as well as our costs to defend and resolve the following types of claims: • Construction defect : Construction defect claims, which represent the largest component of our self-insurance liability, typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged occurrence of a condition affecting two or more homes within the same community, or they involve a common area or homeowners’ association property within a community. These claims typically involve higher costs to resolve than individual homeowner warranty claims, and the rate of claims is highly variable. • Bodily injury : Bodily injury claims typically involve individuals (other than our employees) who claim they were injured while on our property or as a result of our operations. • Property damage : Property damage claims generally involve claims by third parties for alleged damage to real or personal property as a result of our operations. Such claims may occasionally include those made against us by owners of property located near our communities. We record expenses and liabilities based on the estimated costs required to cover our self-insured retention and deductible amounts under our insurance policies, and the estimated costs of potential claims and claim adjustment expenses that are above our coverage limits or that are not covered by our insurance policies. The amount of our self-insurance liability is determined through an analysis performed by a third-party actuary that uses our historical claim and expense data, including data related to contributions from third parties, as well as industry data to estimate our overall costs for unpaid claims, incurred but not reported claims and claim adjustment expenses that are associated with the risks we are assuming with respect to our self-insurance and insurance policy deductibles. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; insurance industry practices; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. In addition, changes in the frequency and severity of reported claims and the estimates to resolve claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Though state regulations vary, construction defect claims are reported and resolved over a long period of time, which can extend for 10 years or more. As a result, the majority of the estimated self-insurance liability determined through the actuarial analysis relates to incurred but not reported claims and, therefore, adjustments related to individual existing claims generally do not significantly impact the overall estimated liability. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs.
Warranty	Warranty . We provide a limited warranty on all of our homes. The specific terms and conditions of our limited warranty program vary depending upon the markets in which we do business. We generally provide a structural warranty of 10 years , a warranty on electrical, heating, cooling, plumbing and certain other building systems each varying from two to five years based on geographic market and state law, and a warranty of one year for other components of the home. Our limited warranty program is ordinarily how we respond to and account for homeowners’ requests to local division offices seeking repairs, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. Our warranty liability covers our costs of repairs associated with homeowner claims made under our limited warranty program. These claims are generally made directly by a homeowner and involve their individual home. We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience. Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability, which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes the review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices and/or our warranty claims experience could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates.
Stock-Based Compensation (ASC 718)	We estimate the grant-date fair value of stock options using the Black-Scholes option-pricing model.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	May 31, 2016
Segment Reporting [Abstract]
Financial Information Relating to Company Reporting Segments	The following tables present financial information relating to our segments (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Revenues: West Coast $ 615,119 $ 554,543 $ 331,273 $ 277,288 Southwest 212,003 145,318 111,671 80,181 Central 442,393 335,496 240,232 176,348 Southeast 214,689 163,335 125,286 86,987 Total homebuilding revenues 1,484,204 1,198,692 808,462 620,804 Financial services 5,217 4,398 2,588 2,165 Total $ 1,489,421 $ 1,203,090 $ 811,050 $ 622,969 Pretax income (loss): West Coast $ 41,735 $ 40,408 $ 19,619 $ 18,554 Southwest 22,637 8,688 10,134 5,245 Central 33,914 23,351 23,335 13,125 Southeast (14,154 ) (16,214 ) (6,590 ) (6,601 ) Corporate and other (46,011 ) (37,932 ) (23,221 ) (20,838 ) Total homebuilding pretax income 38,121 18,301 23,277 9,485 Financial services 2,703 4,871 1,520 3,188 Total $ 40,824 $ 23,172 $ 24,797 $ 12,673 Inventory impairment charges: West Coast $ 4,574 $ — $ 4,574 $ — Southwest — — — — Central 787 — — — Southeast 5,915 — 5,356 — Total $ 11,276 $ — $ 9,930 $ — Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Land option contract abandonments: West Coast $ 421 $ — $ 261 $ — Southwest 111 — 111 — Central 460 — — — Southeast 1,438 984 1,438 536 Total $ 2,430 $ 984 $ 1,810 $ 536 May 31, November 30, Inventories: Homes under construction West Coast $ 705,598 $ 535,795 Southwest 114,147 112,032 Central 295,563 263,345 Southeast 131,915 120,184 Subtotal 1,247,223 1,031,356 Land under development West Coast 807,694 788,607 Southwest 329,661 317,331 Central 458,954 421,783 Southeast 219,352 238,324 Subtotal 1,815,661 1,766,045 Land held for future development West Coast 256,816 277,954 Southwest 90,540 104,677 Central 17,949 22,082 Southeast 96,900 111,633 Subtotal 462,205 516,346 Total $ 3,525,089 $ 3,313,747 Assets: West Coast $ 1,881,235 $ 1,740,299 Southwest 575,881 582,030 Central 886,688 829,811 Southeast 484,325 507,844 Corporate and other 1,074,791 1,341,359 Total homebuilding assets 4,902,920 5,001,343 Financial services 12,923 14,028 Total $ 4,915,843 $ 5,015,371

Financial Services (Tables)

Financial Services (Tables)	6 Months Ended
Financial Services (Tables)	May 31, 2016
Segment Reporting Information [Line Items]
Financial Services Income (Loss)	The following tables present financial information relating to our financial services reporting segment (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Revenues Insurance commissions $ 2,947 $ 2,724 $ 1,371 $ 1,290 Title services 2,270 1,673 1,217 874 Interest income — 1 — 1 Total 5,217 4,398 2,588 2,165 Expenses General and administrative (1,730 ) (1,892 ) (871 ) (928 ) Operating income 3,487 2,506 1,717 1,237 Equity in income (loss) of unconsolidated joint ventures (784 ) 2,365 (197 ) 1,951 Pretax income $ 2,703 $ 4,871 $ 1,520 $ 3,188
Financial services [Member]
Segment Reporting Information [Line Items]
Schedule of Financial Services Assets and Liabilities	May 31, November 30, Assets Cash and cash equivalents $ 1,700 $ 1,299 Receivables 1,543 2,245 Investments in unconsolidated joint ventures 9,656 10,440 Other assets 24 44 Total assets $ 12,923 $ 14,028 Liabilities Accounts payable and accrued expenses $ 1,575 $ 1,817 Total liabilities $ 1,575 $ 1,817

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	May 31, 2016
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Numerator: Net income $ 28,724 $ 17,372 $ 15,597 $ 9,573 Less: Distributed earnings allocated to nonvested restricted stock (21 ) (16 ) (10 ) (8 ) Less: Undistributed earnings allocated to nonvested restricted stock (116 ) (45 ) (66 ) (24 ) Numerator for basic earnings per share 28,587 17,311 15,521 9,541 Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Effect of dilutive securities: Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes $ 1,333 $ 1,333 $ 667 $ 667 Add: Undistributed earnings allocated to nonvested restricted stock 116 45 66 24 Less: Undistributed earnings reallocated to nonvested restricted stock (104 ) (41 ) (59 ) (22 ) Numerator for diluted earnings per share $ 29,932 $ 18,648 $ 16,195 $ 10,210 Denominator: Weighted average shares outstanding — basic 86,704 91,974 84,196 91,995 Effect of dilutive securities: Share-based payments 1,954 1,094 2,122 1,147 Convertible senior notes 8,402 8,402 8,402 8,402 Weighted average shares outstanding — diluted 97,060 101,470 94,720 101,544 Basic earnings per share $ .33 $ .19 $ .18 $ .10 Diluted earnings per share $ .31 $ .18 $ .17 $ .10

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	May 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): May 31, November 30, Homes under construction $ 1,247,223 $ 1,031,356 Land under development 1,815,661 1,766,045 Land held for future development 462,205 516,346 Total $ 3,525,089 $ 3,313,747
Schedule of Capitalized Interest Costs	Our interest costs were as follows (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Capitalized interest at beginning of period $ 288,442 $ 266,668 $ 300,314 $ 284,040 Interest incurred 92,509 94,202 46,258 49,199 Interest expensed (5,667 ) (13,456 ) (1,970 ) (8,118 ) Interest amortized to construction and land costs (a) (66,239 ) (47,736 ) (35,557 ) (25,443 ) Capitalized interest at end of period (b) $ 309,045 $ 299,678 $ 309,045 $ 299,678 (a) Interest amortized to construction and land costs for the six months ended May 31, 2016 included $.5 million related to land sales during the period. (b) Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Lan29

Inventory Impairments and Land Option Contract Abandonments (Tables)	6 Months Ended
	May 31, 2016
Inventory Impairments and Land Option Contract Abandonments [Abstract]
Schedule of Significant Unobservable Inputs	The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities written down to fair value during the periods presented: Six Months Ended May 31, Three Months Ended May 31, Unobservable Input (a) 2016 2015 2016 2015 Average selling price $280,100 - $310,000 — $280,100 — Deliveries per month 1 - 4 — 4 — Discount rate 17% - 20% — 20% — (a) The ranges of inputs used in each period primarily reflect differences between the housing markets where each of the impacted communities are located, rather than fluctuations in prevailing market conditions.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
Variable Interest Entities (Tables)	May 31, 2016
Variable Interest Entities [Abstract]
Summary of Interests in Land Option Contracts	The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands): May 31, 2016 November 30, 2015 Cash Deposits Aggregate Purchase Price Cash Deposits Aggregate Purchase Price Unconsolidated VIEs $ 26,231 $ 571,247 $ 32,436 $ 611,567 Other land option contracts and other similar contracts 21,161 386,267 22,101 576,140 Total $ 47,392 $ 957,514 $ 54,537 $ 1,187,707

Investments in Unconsolidated31

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
Investments in Unconsolidated Joint Ventures (Tables)	May 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Statements of Operations of Unconsolidated Joint Ventures	The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Revenues $ 21,852 $ 6,420 $ 18,514 $ 3,210 Construction and land costs (25,996 ) (13,992 ) (18,501 ) (10,249 ) Other expense, net (2,591 ) (1,411 ) (1,468 ) (715 ) Loss $ (6,735 ) $ (8,983 ) $ (1,455 ) $ (7,754 )
Balance Sheets of Unconsolidated Joint Ventures	The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands): May 31, November 30, Assets Cash $ 23,745 $ 23,309 Receivables 1,682 7,546 Inventories 168,119 175,196 Other assets 776 910 Total assets $ 194,322 $ 206,961 May 31, November 30, Liabilities and equity Accounts payable and other liabilities $ 12,304 $ 17,108 Notes payable (a) 45,280 39,064 Equity 136,738 150,789 Total liabilities and equity $ 194,322 $ 206,961 (a) One of our unconsolidated joint ventures has a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2016 or November 30, 2015
Information Related Investments in Unconsolidated Joint Ventures	The following table presents information relating to our investments in unconsolidated joint ventures (dollars in thousands): May 31, November 30, Number of investments in unconsolidated joint ventures 7 7 Investments in unconsolidated joint ventures $ 65,213 $ 71,558 Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts 574 677

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	May 31, 2016
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): May 31, November 30, Cash surrender value of insurance contracts $ 66,857 $ 67,786 Debt issuance costs 22,432 25,408 Property and equipment, net 14,139 13,100 Prepaid expenses 9,362 6,480 Total $ 112,790 $ 112,774

Accrued Expenses and Other Li33

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
Accrued Expenses and Other Liabilities (Tables)	May 31, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): May 31, November 30, Inventory-related obligations (a) $ 113,453 $ 148,887 Employee compensation and related benefits 98,710 114,456 Self-insurance and other litigation liabilities 94,303 96,496 Accrued interest payable 65,583 62,645 Warranty liability 48,837 49,085 Customer deposits 20,255 14,563 Real estate and business taxes 9,271 14,255 Other 6,233 13,027 Total $ 456,645 $ 513,414 (a) Represents liabilities for financing arrangements discussed in Note 7 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
Notes Payable (Tables)	May 31, 2016
Debt Disclosure [Abstract]
Schedule of Mortgages and Notes Payable	Notes payable consisted of the following (in thousands): May 31, November 30, Mortgages and land contracts due to land sellers and other loans $ 41,461 $ 35,664 9.10% Senior notes due September 15, 2017 263,875 263,475 7 1/4% Senior notes due June 15, 2018 299,635 299,554 4.75% Senior notes due May 15, 2019 400,000 400,000 8.00% Senior notes due March 15, 2020 347,156 346,843 7.00% Senior notes due December 15, 2021 450,000 450,000 7.50% Senior notes due September 15, 2022 350,000 350,000 7.625% Senior notes due May 15, 2023 250,000 250,000 1.375% Convertible senior notes due February 1, 2019 230,000 230,000 Total $ 2,632,127 $ 2,625,536

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
Fair Value Disclosures (Tables)	May 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Nonrecurring Basis	The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the six months ended May 31, 2016 and the year ended November 30, 2015 (in thousands): Description Fair Value Hierarchy May 31, November 30, Inventories (a) Level 2 $ 1,054 $ — Inventories (a) Level 3 5,782 11,988 (a) Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
Schedule of Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments	The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands): May 31, 2016 November 30, 2015 Fair Value Hierarchy Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Liabilities: Senior notes Level 2 $ 2,360,666 $ 2,446,213 $ 2,359,872 $ 2,429,850 Convertible senior notes Level 2 230,000 215,050 230,000 211,313

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	May 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Changes in the Warranty Liability	The changes in our warranty liability were as follows (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Balance at beginning of period $ 49,085 $ 45,196 $ 50,575 $ 45,357 Warranties issued 11,567 8,884 6,315 4,751 Payments (a) (12,467 ) (14,642 ) (8,446 ) (7,047 ) Adjustments (b) 652 7,034 393 3,411 Balance at end of period $ 48,837 $ 46,472 $ 48,837 $ 46,472 (a) Payments for the three months and six months ended May 31, 2015 included $3.4 million and $7.5 million , respectively, to repair homes affected by water intrusion-related issues in certain of our communities in central and southwest Florida. These issues were substantially resolved as of November 30, 2015. (b) Adjustments for the three months and six months ended May 31, 2016 and 2015 included the reclassification of certain estimated minimum probable recoveries to receivables in connection with the above-noted water intrusion-related issues. The adjustments for each period had no impact on our consolidated statements of operations. There were no estimated minimum probable recoveries netted against our warranty liability at May 31, 2016.
Schedule of Self-Insurance Liability	The changes in our self-insurance liability were as follows (in thousands): Six Months Ended May 31, Three Months Ended May 31, 2016 2015 2016 2015 Balance at beginning of period $ 82,175 $ 86,574 $ 81,461 $ 82,747 Self-insurance expense (a) 8,422 7,225 4,406 4,790 Payments (8,061 ) (13,663 ) (3,331 ) (7,401 ) Balance at end of period $ 82,536 $ 80,136 $ 82,536 $ 80,136 (a) These expenses are included in selling, general and administrative expenses and are largely offset by contributions from subcontractors participating in the wrap-up policy.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	May 31, 2016
Equity [Abstract]
Summary of Changes in Stockholders’ Equity	A summary of changes in stockholders’ equity is presented below (in thousands): Six Months Ended May 31, 2016 Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Grantor Stock Ownership Trust Treasury Stock Total Stockholders’ Equity Balance at November 30, 2015 $ 115,548 $ 682,871 $ 1,466,713 $ (17,319 ) $ (109,936 ) $ (447,043 ) $ 1,690,834 Net income — — 28,724 — — — 28,724 Dividends on common stock — — (4,364 ) — — — (4,364 ) Performance share-based stock issuance 124 (4,189 ) — — 4,065 — — Stock-based compensation — 7,506 — — — — 7,506 Stock repurchases — — — — — (87,531 ) (87,531 ) Balance at May 31, 2016 $ 115,672 $ 686,188 $ 1,491,073 $ (17,319 ) $ (105,871 ) $ (534,574 ) $ 1,635,169

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	May 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Outstanding and Exercisable Stock Options	The following table summarizes stock option transactions for the six months ended May 31, 2016 : Options Weighted Average Exercise Price Options outstanding at beginning of period 12,635,644 $ 19.39 Granted — — Exercised — — Cancelled (533 ) 45.68 Options outstanding at end of period 12,635,111 $ 19.39 Options exercisable at end of period 10,389,189 $ 20.35

Supplemental Disclosure to Co39

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	May 31, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Six Months Ended May 31, 2016 2015 Summary of cash and cash equivalents at end of period: Homebuilding $ 274,849 $ 439,920 Financial services 1,700 2,168 Total $ 276,549 $ 442,088 Six Months Ended May 31, 2016 2015 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized $ 2,729 $ 10,043 Income taxes paid 2,635 1,887 Supplemental disclosures of noncash activities: Reclassification of warranty recoveries to receivables $ 2,151 $ 7,034 Increase (decrease) in consolidated inventories not owned (32,324 ) 45,613 Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 4,875 13,992 Inventories acquired through seller financing 32,436 —

Supplemental Guarantor Inform40

Supplemental Guarantor Information (Tables)	6 Months Ended
Supplemental Guarantor Information (Tables)	May 31, 2016
Guarantees [Abstract]
Condensed Consolidated Statements of Operations	Condensed Consolidating Statements of Operations (in thousands) Six Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,305,625 $ 183,796 $ — $ 1,489,421 Homebuilding: Revenues $ — $ 1,305,625 $ 178,579 $ — $ 1,484,204 Construction and land costs — (1,092,291 ) (165,241 ) — (1,257,532 ) Selling, general and administrative expenses (43,316 ) (116,342 ) (22,084 ) — (181,742 ) Operating income (loss) (43,316 ) 96,992 (8,746 ) — 44,930 Interest income 240 42 4 — 286 Interest expense (88,707 ) (3,802 ) — 86,842 (5,667 ) Intercompany interest 149,762 (56,149 ) (6,771 ) (86,842 ) — Equity in loss of unconsolidated joint ventures — (1,425 ) (3 ) — (1,428 ) Homebuilding pretax income (loss) 17,979 35,658 (15,516 ) — 38,121 Financial services pretax income — — 2,703 — 2,703 Total pretax income (loss) 17,979 35,658 (12,813 ) — 40,824 Income tax benefit (expense) (2,100 ) (11,700 ) 1,700 — (12,100 ) Equity in net income of subsidiaries 12,845 — — (12,845 ) — Net income (loss) $ 28,724 $ 23,958 $ (11,113 ) $ (12,845 ) $ 28,724 Six Months Ended May 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 1,052,324 $ 150,766 $ — $ 1,203,090 Homebuilding: Revenues $ — $ 1,052,324 $ 146,368 $ — $ 1,198,692 Construction and land costs — (882,949 ) (133,879 ) — (1,016,828 ) Selling, general and administrative expenses (35,346 ) (94,290 ) (19,968 ) — (149,604 ) Operating income (loss) (35,346 ) 75,085 (7,479 ) — 32,260 Interest income 251 4 — — 255 Interest expense (91,253 ) (2,949 ) — 80,746 (13,456 ) Intercompany interest 144,184 (55,025 ) (8,413 ) (80,746 ) — Equity in loss of unconsolidated joint ventures — (756 ) (2 ) — (758 ) Homebuilding pretax income (loss) 17,836 16,359 (15,894 ) — 18,301 Financial services pretax income — — 4,871 — 4,871 Total pretax income (loss) 17,836 16,359 (11,023 ) — 23,172 Income tax benefit (expense) (3,400 ) (4,300 ) 1,900 — (5,800 ) Equity in net income of subsidiaries 2,936 — — (2,936 ) — Net income (loss) $ 17,372 $ 12,059 $ (9,123 ) $ (2,936 ) $ 17,372 Three Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 704,282 $ 106,768 $ — $ 811,050 Homebuilding: Revenues $ — $ 704,282 $ 104,180 $ — $ 808,462 Construction and land costs — (590,425 ) (98,289 ) — (688,714 ) Selling, general and administrative expenses (18,976 ) (63,206 ) (11,628 ) — (93,810 ) Operating income (loss) (18,976 ) 50,651 (5,737 ) — 25,938 Interest income 106 24 4 — 134 Interest expense (44,337 ) (1,921 ) — 44,288 (1,970 ) Intercompany interest 75,719 (28,086 ) (3,345 ) (44,288 ) — Equity in loss of unconsolidated joint ventures — (822 ) (3 ) — (825 ) Homebuilding pretax income (loss) 12,512 19,846 (9,081 ) — 23,277 Financial services pretax income — — 1,520 — 1,520 Total pretax income (loss) 12,512 19,846 (7,561 ) — 24,797 Income tax benefit (expense) (2,800 ) (8,100 ) 1,700 — (9,200 ) Equity in net income of subsidiaries 5,885 — — (5,885 ) — Net income (loss) $ 15,597 $ 11,746 $ (5,861 ) $ (5,885 ) $ 15,597 Three Months Ended May 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues $ — $ 541,328 $ 81,641 $ — $ 622,969 Homebuilding: Revenues $ — $ 541,328 $ 79,476 $ — $ 620,804 Construction and land costs — (452,616 ) (71,794 ) — (524,410 ) Selling, general and administrative expenses (19,674 ) (48,665 ) (10,193 ) — (78,532 ) Operating income (loss) (19,674 ) 40,047 (2,511 ) — 17,862 Interest income 150 1 1 — 152 Interest expense (47,710 ) (1,489 ) — 41,081 (8,118 ) Intercompany interest 73,751 (28,388 ) (4,282 ) (41,081 ) — Equity in loss of unconsolidated joint ventures — (409 ) (2 ) — (411 ) Homebuilding pretax income (loss) 6,517 9,762 (6,794 ) — 9,485 Financial services pretax income — — 3,188 — 3,188 Total pretax income (loss) 6,517 9,762 (3,606 ) — 12,673 Income tax benefit (expense) (1,200 ) (2,500 ) 600 — (3,100 ) Equity in net income of subsidiaries 4,256 — — (4,256 ) — Net income (loss) $ 9,573 $ 7,262 $ (3,006 ) $ (4,256 ) $ 9,573
Condensed Consolidated Balance Sheets	Condensed Consolidating Balance Sheets (in thousands) May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 195,383 $ 64,648 $ 14,818 $ — $ 274,849 Restricted cash 3,517 — — — 3,517 Receivables 2,828 144,716 3,522 — 151,066 Inventories — 3,206,733 318,356 — 3,525,089 Investments in unconsolidated joint ventures — 62,714 2,499 — 65,213 Deferred tax assets, net 188,699 489,471 92,226 — 770,396 Other assets 98,396 11,566 2,828 — 112,790 488,823 3,979,848 434,249 — 4,902,920 Financial services — — 12,923 — 12,923 Intercompany receivables 3,809,514 — 100,819 (3,910,333 ) — Investments in subsidiaries 38,683 — — (38,683 ) — Total assets $ 4,337,020 $ 3,979,848 $ 547,991 $ (3,949,016 ) $ 4,915,843 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 120,801 $ 410,327 $ 115,844 $ — $ 646,972 Notes payable 2,565,556 66,571 — — 2,632,127 2,686,357 476,898 115,844 — 3,279,099 Financial services — — 1,575 — 1,575 Intercompany payables 15,494 3,502,950 391,889 (3,910,333 ) — Stockholders’ equity 1,635,169 — 38,683 (38,683 ) 1,635,169 Total liabilities and stockholders’ equity $ 4,337,020 $ 3,979,848 $ 547,991 $ (3,949,016 ) $ 4,915,843 November 30, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Homebuilding: Cash and cash equivalents $ 444,850 $ 98,281 $ 15,911 $ — $ 559,042 Restricted cash 9,344 — — — 9,344 Receivables 39 148,338 4,305 — 152,682 Inventories — 2,979,617 334,130 — 3,313,747 Investments in unconsolidated joint ventures — 69,057 2,501 — 71,558 Deferred tax assets, net 190,770 501,454 89,972 — 782,196 Other assets 97,590 11,783 3,401 — 112,774 742,593 3,808,530 450,220 — 5,001,343 Financial services — — 14,028 — 14,028 Intercompany receivables 3,627,150 — 102,103 (3,729,253 ) — Investments in subsidiaries 39,383 — — (39,383 ) — Total assets $ 4,409,126 $ 3,808,530 $ 566,351 $ (3,768,636 ) $ 5,015,371 Liabilities and stockholders’ equity Homebuilding: Accounts payable, accrued expenses and other liabilities $ 136,352 $ 442,529 $ 118,303 $ — $ 697,184 Notes payable 2,564,762 60,774 — — 2,625,536 2,701,114 503,303 118,303 — 3,322,720 Financial services — — 1,817 — 1,817 Intercompany payables 17,178 3,305,227 406,848 (3,729,253 ) — Stockholders’ equity 1,690,834 — 39,383 (39,383 ) 1,690,834 Total liabilities and stockholders’ equity $ 4,409,126 $ 3,808,530 $ 566,351 $ (3,768,636 ) $ 5,015,371
Condensed Consolidated Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (in thousands) Six Months Ended May 31, 2016 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 6,508 $ (179,676 ) $ 5,709 $ — $ (167,459 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (750 ) — — (750 ) Purchases of property and equipment, net (2,437 ) (331 ) (108 ) — (2,876 ) Intercompany (167,470 ) — — 167,470 — Net cash used in investing activities (169,907 ) (1,081 ) (108 ) 167,470 (3,626 ) Cash flows from financing activities: Change in restricted cash 5,827 — — — 5,827 Payments on mortgages and land contracts due to land sellers and other loans — (26,639 ) — — (26,639 ) Payments of cash dividends (4,364 ) — — — (4,364 ) Stock repurchases (87,531 ) — — — (87,531 ) Intercompany — 173,763 (6,293 ) (167,470 ) — Net cash provided by (used in) financing activities (86,068 ) 147,124 (6,293 ) (167,470 ) (112,707 ) Net decrease in cash and cash equivalents (249,467 ) (33,633 ) (692 ) — (283,792 ) Cash and cash equivalents at beginning of period 444,850 98,281 17,210 — 560,341 Cash and cash equivalents at end of period $ 195,383 $ 64,648 $ 16,518 $ — $ 276,549 Six Months Ended May 31, 2015 KB Home Corporate Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash provided by (used in) operating activities $ 17,630 $ (119,782 ) $ (33,748 ) $ — $ (135,900 ) Cash flows from investing activities: Contributions to unconsolidated joint ventures — (13,244 ) — — (13,244 ) Purchases of property and equipment, net (399 ) (1,135 ) (56 ) — (1,590 ) Intercompany (187,947 ) — — 187,947 — Net cash used in investing activities (188,346 ) (14,379 ) (56 ) 187,947 (14,834 ) Cash flows from financing activities: Change in restricted cash 22 — — — 22 Proceeds from issuance of debt 250,000 — — — 250,000 Payment of debt issuance costs (3,337 ) — — — (3,337 ) Payments on mortgages and land contracts due to land sellers and other loans — (7,757 ) — — (7,757 ) Issuance of common stock under employee stock plans 25 — — — 25 Payments of cash dividends (4,599 ) — — — (4,599 ) Stock repurchases (300 ) — — — (300 ) Intercompany — 160,114 27,833 (187,947 ) — Net cash provided by financing activities 241,811 152,357 27,833 (187,947 ) 234,054 Net increase (decrease) in cash and cash equivalents 71,095 18,196 (5,971 ) — 83,320 Cash and cash equivalents at beginning of period 303,280 37,112 18,376 — 358,768 Cash and cash equivalents at end of period $ 374,375 $ 55,308 $ 12,405 $ — $ 442,088

Basis of Presentation and Sig41

Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash equivalents	$ 109.5		$ 109.5		$ 342.3
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 15.6	$ 9.6	$ 28.7	$ 17.4

Segment Information (Narratives

Segment Information (Narratives) (Details)	6 Months Ended
Segment Information (Narratives) (Details)	May 31, 2016segment
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	5
Home Community Mortgage, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	49.90%
Home Community Mortgage, LLC \| Nationstar Mortgage, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in the venture	50.10%
Homebuilding [Member]
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	4
Financial services [Member]
Schedule of Equity Method Investments [Line Items]
Number of reporting segments	1

Segment Information (Segment Fi

Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	May 31, 2016	Feb. 29, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Segment Reporting Information [Line Items]
Impairment of Real Estate	$ 9,930		$ 0	$ 11,276	$ 0	$ 8,000
Inventory, Homes under Construction	1,247,223			1,247,223		1,031,356
Inventory, Real Estate, Land and Land Development Costs	1,815,661			1,815,661		1,766,045
Inventory, Land Held for Development and Sale	462,205			462,205		516,346
Inventory, Operative Builders	3,525,089			3,525,089		3,313,747
Revenues:
Total revenues	811,050		622,969	1,489,421	1,203,090
Pretax income (loss):
Total pretax income (loss)	24,797		12,673	40,824	23,172
Assets:
Total assets	4,915,843			4,915,843		5,015,371
Homebuilding [Member]
Revenues:
Total revenues	808,462		620,804	1,484,204	1,198,692
Pretax income (loss):
Total pretax income (loss)	23,277		9,485	38,121	18,301
Assets:
Total assets	4,902,920			4,902,920		5,001,343
Financial services [Member]
Revenues:
Total revenues	2,588		2,165	5,217	4,398
Pretax income (loss):
Total pretax income (loss)	1,520		3,188	2,703	4,871
Assets:
Total assets	12,923			12,923		14,028
West Coast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate			0		0
Inventory, Homes under Construction	705,598			705,598		535,795
Inventory, Real Estate, Land and Land Development Costs	807,694			807,694		788,607
Inventory, Land Held for Development and Sale	256,816			256,816		277,954
West Coast [Member] \| Homebuilding [Member]
Revenues:
Total revenues	331,273		277,288	615,119	554,543
Pretax income (loss):
Total pretax income (loss)	19,619		18,554	41,735	40,408
Assets:
Total assets	1,881,235			1,881,235		1,740,299
West Coast [Member] \| Land [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate	4,574			4,574
Southwest [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate	0		0	0	0
Inventory, Homes under Construction	114,147			114,147		112,032
Inventory, Real Estate, Land and Land Development Costs	329,661			329,661		317,331
Inventory, Land Held for Development and Sale	90,540			90,540		104,677
Southwest [Member] \| Homebuilding [Member]
Revenues:
Total revenues	111,671		80,181	212,003	145,318
Pretax income (loss):
Total pretax income (loss)	10,134		5,245	22,637	8,688
Assets:
Total assets	575,881			575,881		582,030
Central [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate	0		0	787	0
Inventory, Homes under Construction	295,563			295,563		263,345
Inventory, Real Estate, Land and Land Development Costs	458,954			458,954		421,783
Inventory, Land Held for Development and Sale	17,949			17,949		22,082
Central [Member] \| Homebuilding [Member]
Revenues:
Total revenues	240,232		176,348	442,393	335,496
Pretax income (loss):
Total pretax income (loss)	23,335		13,125	33,914	23,351
Assets:
Total assets	886,688			886,688		829,811
Southeast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate			0	5,915	0
Inventory, Homes under Construction	131,915			131,915		120,184
Inventory, Real Estate, Land and Land Development Costs	219,352			219,352		238,324
Inventory, Land Held for Development and Sale	96,900			96,900		111,633
Southeast [Member] \| Homebuilding [Member]
Revenues:
Total revenues	125,286		86,987	214,689	163,335
Pretax income (loss):
Total pretax income (loss)	(6,590)		(6,601)	(14,154)	(16,214)
Assets:
Total assets	484,325			484,325		507,844
Southeast [Member] \| Land [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate		$ 559
Corporate and Other [Member] \| Homebuilding [Member]
Pretax income (loss):
Total pretax income (loss)	(23,221)		(20,838)	(46,011)	(37,932)
Assets:
Total assets	1,074,791			1,074,791		$ 1,341,359
Land Option Contract Abandonment [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	1,810		536	2,430	984
Land Option Contract Abandonment [Member] \| West Coast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	261		0	421	0
Land Option Contract Abandonment [Member] \| Southwest [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	111		0	111	0
Land Option Contract Abandonment [Member] \| Central [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	$ 0		0	460	0
Land Option Contract Abandonment [Member] \| Southeast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination			$ 536	1,438	$ 984
Metro Washington, D.C. [Member] \| Southeast [Member]
Segment Reporting Information [Line Items]
Percent of Homebuilding Revenues	2.00%
Metro Washington, D.C. [Member] \| Southeast [Member] \| Land [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate				5,400
Metro Washington, D.C. [Member] \| Land Option Contract Abandonment [Member] \| Southeast [Member]
Segment Reporting Information [Line Items]
Loss on Contract Termination	$ 1,438			$ 1,400
Land [Member] \| Metro Washington, D.C. [Member] \| Southeast [Member]
Segment Reporting Information [Line Items]
Impairment of Real Estate	$ 5,356

Financial Services (Schedule of

Financial Services (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Segment Reporting Information [Line Items]
Interest and Other Income	$ 0	$ 1	$ 0	$ 1
Revenues
Insurance commissions	1,371	1,290	2,947	2,724
Title services	1,217	874	2,270	1,673
Total	2,588	2,165	5,217	4,398
Expenses
General and administrative	(871)	(928)	(1,730)	(1,892)
Operating income	25,938	17,862	44,930	32,260
Equity in income (loss) of unconsolidated joint ventures			(2,212)	1,607
Total pretax income (loss)	24,797	12,673	40,824	23,172
Financial services [Member]
Expenses
Operating income	1,717	1,237	3,487	2,506
Equity in income (loss) of unconsolidated joint ventures	(197)	1,951	(784)	2,365
Total pretax income (loss)	$ 1,520	$ 3,188	$ 2,703	$ 4,871

Financial Services (Schedule 45

Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015	May 31, 2015	Nov. 30, 2014
Assets
Cash and cash equivalents	$ 276,549	$ 560,341	$ 442,088	$ 358,768
Receivables	151,066	152,682
Investments in unconsolidated joint ventures	65,213	71,558
Other assets	112,790	112,774
Total assets	4,915,843	5,015,371
Liabilities
Accounts payable and accrued expenses	646,972	697,184
Total liabilities	1,575	1,817
Financial services [Member]
Assets
Cash and cash equivalents	1,700	1,299	$ 2,168
Receivables	1,543	2,245
Investments in unconsolidated joint ventures	9,656	10,440
Other assets	24	44
Total assets	12,923	14,028
Liabilities
Accounts payable and accrued expenses	$ 1,575	$ 1,817

Earnings Per Share (Basic and D

Earnings Per Share (Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,700	6,900	9,700	6,900
Numerator:
Net income	$ 15,597	$ 9,573	$ 28,724	$ 17,372
Less: Distributed earnings allocated to nonvested restricted stock	(10)	(8)	(21)	(16)
Less: Undistributed earnings allocated to nonvested restricted stock	(66)	(24)	(116)	(45)
Numerator for basic earnings per share	15,521	9,541	28,587	17,311
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	667	667	1,333	1,333
Add: Undistributed earnings allocated to nonvested restricted stock	66	24	116	45
Less: Undistributed earnings reallocated to nonvested restricted stock	(59)	(22)	(104)	(41)
Numerator for diluted earnings per share	$ 16,195	$ 10,210	$ 29,932	$ 18,648
Denominator:
Weighted average shares outstanding — basic	84,196	91,995	86,704	91,974
Effect of dilutive securities: Share-based payments	2,122	1,147	1,954	1,094
Effect of dilutive securities: Convertible senior notes	8,402	8,402	8,402	8,402
Weighted average shares outstanding — diluted	94,720	101,544	97,060	101,470
Basic earnings per share, in dollars per share	$ 0.18	$ 0.10	$ 0.33	$ 0.19
Diluted earnings per share, in dollars per share	$ 0.17	$ 0.10	$ 0.31	$ 0.18

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Inventories
Homes under construction	$ 1,247,223	$ 1,031,356
Land under development	1,815,661	1,766,045
Land held for future development	462,205	516,346
Total	$ 3,525,089	$ 3,313,747

Inventories (Schedule of Capita

Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Interest Costs
Capitalized interest at beginning of period		$ 300,314	$ 284,040	$ 288,442	$ 266,668
Interest incurred		46,258	49,199	92,509	94,202
Interest Expense		(1,970)	(8,118)	(5,667)	(13,456)
Interest amortized to construction and land costs	[1]	(35,557)	(25,443)	(66,239)	(47,736)
Capitalized interest at end of period	[2]	$ 309,045	$ 299,678	309,045	$ 299,678
Land [Member]
Interest Costs
Interest amortized to construction and land costs				$ (500)

[1]	Interest amortized to construction and land costs for the six months ended May 31, 2016 included $.5 million related to land sales during the period
[2]	Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

Inventory Impairments and Lan49

Inventory Impairments and Land Option Contract Abandonments (Narratives) (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	May 31, 2016USD ($)propertylotdelivery	Feb. 29, 2016USD ($)	May 31, 2015USD ($)lotdelivery	May 31, 2016USD ($)propertylotdelivery	May 31, 2015USD ($)propertylotdelivery	Nov. 30, 2015USD ($)property
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Acquisition Costs Related To Land Option Contracts And Other Similar Contracts	$ 63,200,000			$ 63,200,000		$ 65,600,000
Number of land parcels or communities evaluated for recoverability \| property				32	26
Carrying Value of Communities or Land Parcels Evaluated for Impairment	248,700,000		$ 212,500,000	$ 248,700,000	$ 212,500,000
Impairment of Real Estate	9,930,000		$ 0	11,276,000	$ 0	8,000,000
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges	$ 221,400,000			$ 221,400,000		$ 254,200,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges	24			24		28
Land Option Contract Abandonment Lots \| lot	312		114	492	426
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price	$ 280,100		$ 0	$ 310,000	$ 0
Fair Value Estimate Input, Delivery For Period \| delivery	4		0	4	0
Fair Value Inputs, Discount Rate	20.00%		0.00%	20.00%	0.00%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Estimate Input at Average Selling Price	$ 280,100		$ 0	$ 280,100	$ 0
Fair Value Estimate Input, Delivery For Period \| delivery	4		0	2	0
Fair Value Inputs, Discount Rate	17.00%		0.00%	17.00%	0.00%
Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	$ (1,810,000)		$ (536,000)	$ (2,430,000)	$ (984,000)
West Coast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate			0		0
West Coast [Member] \| Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	(261,000)		0	(421,000)	0
Central [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate	0		0	787,000	0
Central [Member] \| Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	$ 0		0	(460,000)	0
Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate			0	5,915,000	0
Southeast [Member] \| Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land			$ (536,000)	$ (1,438,000)	$ (984,000)
Land [Member] \| West Coast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of Land Parcels or Communities Associated with Non Cash Inventory Impairment Charges \| property	1			1
Impairment of Real Estate	$ 4,574,000			$ 4,574,000
Land [Member] \| Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate		$ 559,000
Metro Washington, D.C. [Member] \| Southeast [Member] \| Land Option Contract Abandonment [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Payments to Acquire Land	$ (1,438,000)			(1,400,000)
Metro Washington, D.C. [Member] \| Land [Member] \| Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment of Real Estate				$ 5,400,000
Metro Washington, D.C. [Member] \| Land [Member] \| Southeast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of Land Parcels or Communities Associated with Non Cash Inventory Impairment Charges \| property	2			2
Impairment of Real Estate	$ 5,356,000

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	May 31, 2016USD ($)joint_venture	Nov. 30, 2015USD ($)joint_venture
Variable Interest Entity [Line Items]
Number of Investments in Unconsolidated Joint Ventures \| joint_venture	7	7
Cash Deposits	$ 47,392	$ 54,537
Aggregate Purchase Price	957,514	1,187,707
Pre-acquisition costs related to land option contracts and other similar contracts	63,200	65,600
Increase in inventories and accrued expenses and other liabilities	$ 77,600	$ 110,000
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Investments in Unconsolidated Joint Ventures	1	0
Cash Deposits	$ 26,231	$ 32,436
Aggregate Purchase Price	571,247	611,567
Non-VIE Other land option contracts and other similar contracts [Member]
Variable Interest Entity [Line Items]
Cash Deposits	21,161	22,101
Aggregate Purchase Price	$ 386,267	$ 576,140

Investments in Unconsolidated51

Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Statements of operations of unconsolidated joint venture
Revenues		$ 18,514	$ 3,210	$ 21,852	$ 6,420
Construction and land costs		(18,501)	(10,249)	(25,996)	(13,992)
Other expenses, net		(1,468)	(715)	(2,591)	(1,411)
Income (loss)		(1,455)	$ (7,754)	(6,735)	$ (8,983)
Assets
Cash		23,745		23,745		$ 23,309
Receivables		1,682		1,682		7,546
Inventories		168,119		168,119		175,196
Other Assets		776		776		910
Total assets		194,322		194,322		206,961
Liabilities and equity
Accounts payable and other liabilities		12,304		12,304		17,108
Equity Method Investments Summarized Financial Information Debt	[1]	45,280		45,280		39,064
Equity		136,738		136,738		150,789
Total liabilities and equity		$ 194,322		$ 194,322		$ 206,961

[1]	One of our unconsolidated joint ventures has a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2016 or November 30, 2015.

Investments in Unconsolidated52

Investments in Unconsolidated Joint Ventures (Information for Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands		6 Months Ended
		May 31, 2016USD ($)lotjoint_venture	Nov. 30, 2015USD ($)lotjoint_venture
Schedule of Equity Method Investments [Line Items]
Number of Units in Real Estate Property \| lot		132
Long-term Purchase, Commitment, Amount \| $		$ 57,700
Number of investments in unconsolidated joint ventures		7	7
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures \| $		$ 65,213	$ 71,558
Number of Unconsolidated Joint Venture Lots Controlled Under Land Option Contracts \| lot		574	677
Equity Method Investments Summarized Financial Information Debt \| $	[1]	$ 45,280	$ 39,064
Investments in Unconsolidated Joint Ventures with Debt
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures		1
Investments in Unconsolidated Joint Ventures with Purchase Commitments [Member]
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures		1
West Coast [Member] \| Investments in Unconsolidated Joint Ventures with Debt
Schedule of Equity Method Investments [Line Items]
Number of investments in unconsolidated joint ventures			1

[1]	One of our unconsolidated joint ventures has a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2016 or November 30, 2015.

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Other Assets [Abstract]
Cash surrender value of insurance contracts	$ 66,857	$ 67,786
Debt issuance costs	22,432	25,408
Property and equipment, net	14,139	13,100
Prepaid expenses	9,362	6,480
Total	$ 112,790	$ 112,774

Accrued Expenses and Other Li54

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014
Payables and Accruals [Abstract]
Employee compensation and related benefits		$ 98,710		$ 114,456
Inventory-related liabilities	[1]	113,453		148,887
Self-Insurance and Other Litigation Liabilities		94,303		96,496
Accrued interest payable		65,583		62,645
Warranty liability		48,837	$ 50,575	49,085	$ 46,472	$ 45,357	$ 45,196
Customer Deposits, Current		20,255		14,563
Real estate and business taxes		9,271		14,255
Other		6,233		13,027
Total		$ 456,645		$ 513,414

[1]	Represents liabilities for financing arrangements discussed in Note 7 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Income Tax Disclosure [Abstract]
Income tax expense	$ (9,200,000)	$ (3,100,000)	$ (12,100,000)	$ (5,800,000)
Income Tax Credits and Adjustments	400,000	$ 1,700,000	3,700,000	$ 3,100,000
Unrecognized Tax Benefits	100,000		100,000		$ 100,000
Gross Unrecognized Tax Benefits Including Interest and Penalties	100,000		100,000		100,000
Net (increase) reduction in valuation allowance	0		0
Valuation allowance	37,800,000		37,800,000		37,800,000
Income Tax Contingency [Line Items]
Deferred Tax Assets, Gross	$ 808,200,000		$ 808,200,000		$ 820,000,000
Effective Income Tax Rate Reconciliation, Percent	37.10%	24.50%	29.60%	25.00%
Minimum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0		$ 0
Maximum [Member]
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 100,000		$ 100,000

Notes Payable (Schedule Notes P

Notes Payable (Schedule Notes Payable) (Details) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Debt Instrument [Line Items]
Mortgages and notes payable	$ 2,632,127	$ 2,625,536
Mortgages and Land Contracts Due to Land Sellers and Other Loans [Member]
Debt Instrument [Line Items]
Mortgages and notes payable	$ 41,461	$ 35,664
Senior Notes [Member] \| Senior notes due September 15, 2017 at 9.10%
Debt Instrument [Line Items]
Senior notes, rate	9.10%	9.10%
Mortgages and notes payable	$ 263,875	$ 263,475
Senior Notes [Member] \| Senior notes due June 15, 2018 at 7 1/4%
Debt Instrument [Line Items]
Senior notes, rate	7.25%	7.25%
Mortgages and notes payable	$ 299,635	$ 299,554
Senior Notes [Member] \| Senior Notes Due Two Thousand Nineteen at Four Point Seven Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate	4.75%	4.75%
Mortgages and notes payable	$ 400,000	$ 400,000
Senior Notes [Member] \| Senior notes due March 15, 2020 at 8.00%
Debt Instrument [Line Items]
Senior notes, rate	8.00%	8.00%
Mortgages and notes payable	$ 347,156	$ 346,843
Senior Notes [Member] \| Senior Notes due December 15, 2021 at 7.00%
Debt Instrument [Line Items]
Senior notes, rate	7.00%	7.00%
Mortgages and notes payable	$ 450,000	$ 450,000
Senior Notes [Member] \| Senior notes due September 15, 2022 at 7.50%
Debt Instrument [Line Items]
Senior notes, rate	7.50%	7.50%
Mortgages and notes payable	$ 350,000	$ 350,000
Senior Notes [Member] \| Senior Notes Due Two Thousand Twenty Three At Seven Point Six Two Five Percent [Domain]
Debt Instrument [Line Items]
Senior notes, rate	7.625%	7.625%
Mortgages and notes payable	$ 250,000	$ 250,000
Convertible Notes Payable [Member] \| Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member] [Member]
Debt Instrument [Line Items]
Senior notes, rate	1.375%	1.375%
Mortgages and notes payable	$ 230,000	$ 230,000

Notes Payable (Narratives) (Det

Notes Payable (Narratives) (Details) - USD ($)	3 Months Ended		6 Months Ended
Notes Payable (Narratives) (Details) - USD ($)	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 275,000,000		$ 275,000,000
Letters of credit outstanding	$ 35,000,000		35,000,000		$ 33,400,000
Proceeds from Issuance of Senior Long-term Debt			$ 0	$ 250,000,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	8,402,000	8,402,000	8,402,000	8,402,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 40,100,000		$ 40,100,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	266,400,000		266,400,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	300,000,000		300,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four	630,000,000		630,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Five	350,000,000		350,000,000
Long-term Debt, Maturities, Repayments of Principal after Year Five	1,050,000,000		1,050,000,000
Inventories pledged to collateralize mortgages and land contracts, carrying value	144,100,000		144,100,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity	137,500,000		137,500,000
Line of Credit Facility, Amount Outstanding	31,557,000		31,557,000
Letters of credit outstanding	3,400,000		3,400,000		$ 9,100,000
Unsecured revolving credit facility, remaining borrowing capacity	105,900,000		$ 105,900,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility, expiration date			Aug. 7, 2019
Unsecured revolving credit facility, maximum borrowing capacity	450,000,000		$ 450,000,000
Line of Credit Facility, Amount Outstanding	0		0
Unsecured revolving credit facility, remaining borrowing capacity	$ 243,400,000		$ 243,400,000
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage			0.30%
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage			0.50%
Convertible Notes Payable [Member] \| Convertible Senior Notes Due Two Thousand Nineteen At One Point Three Seven Five Percent [Member] [Member]
Debt Instrument [Line Items]
Senior notes, rate	1.375%		1.375%		1.375%
Debt Conversion, Converted Instrument, Shares Issued			36.5297
Debt instrument, convertible, conversion price	$ 27.37		$ 27.37
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities			8,401,831
Senior Notes [Member] \| Senior notes due September 15, 2017 at 9.10%
Debt Instrument [Line Items]
Senior notes, rate	9.10%		9.10%		9.10%
Senior Notes [Member] \| Senior Notes Due Two Thousand Nineteen at Four Point Seven Five Percent [Member]
Debt Instrument [Line Items]
Senior notes, rate	4.75%		4.75%		4.75%
Senior Notes [Member] \| Senior notes due March 15, 2020 at 8.00%
Debt Instrument [Line Items]
Senior notes, rate	8.00%		8.00%		8.00%
Senior Notes [Member] \| Senior notes due September 15, 2022 at 7.50%
Debt Instrument [Line Items]
Senior notes, rate	7.50%		7.50%		7.50%
Senior Notes [Member] \| Senior Notes Due Two Thousand Twenty Three At Seven Point Six Two Five Percent [Domain]
Debt Instrument [Line Items]
Senior notes, rate	7.625%		7.625%		7.625%

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands		May 31, 2016	Nov. 30, 2015
Level 2
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	$ 1,054	$ 0
Level 3
Assets measured at fair value on a nonrecurring basis
Assets, Fair Value Disclosure	[1]	$ 5,782	$ 11,988

[1]	Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Fair Value Disclosures [Abstract]
Long-lived assets held and used, carrying value	$ 17,800		$ 17,800		$ 20,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	9,930	$ 0	11,276	$ 0	8,000
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 6,500		$ 6,500		$ 12,000

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		May 31, 2016	Nov. 30, 2015
Carrying Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value Disclosures		$ 230,000	$ 230,000
Carrying Value \| Level 2 \| Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value		2,360,666	2,359,872
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure		6,500	12,000
Estimate of Fair Value, Fair Value Disclosure [Member] \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value Disclosures		215,050	211,313
Estimate of Fair Value, Fair Value Disclosure [Member] \| Level 2 \| Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value		2,446,213	2,429,850
Fair Value, Measurements, Nonrecurring [Member] \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	[1]	$ 1,054	$ 0

[1]	Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.

Commitments and Contingencies61

Commitments and Contingencies (Narratives) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2016USD ($)	May 31, 2015USD ($)	May 31, 2016USD ($)Home		May 31, 2015USD ($)	Nov. 30, 2015USD ($)
Loss Contingencies [Line Items]
Minimum warranty on electrical and other building systems (in years)				2 years
Maximum warranty on electrical and other building systems (in years)				5 years
Warranty for other components of a home (in years)				1 year
Payments	[1]	$ (8,446)	$ (7,047)	$ (12,467)		$ (14,642)
Adjustment to increase warranty liability	[2]	393	3,411	652		7,034
Performance bonds		533,800		533,800			$ 565,400
Letters of credit outstanding		35,000		35,000			33,400
Cash deposits		47,392		47,392			54,537
Aggregate purchase price of land		957,514		$ 957,514			$ 1,187,707
Warranty for Other Components of Home				1 year
Product Liability Contingency, Third Party Recovery Included In Warranty Liability				$ 0
Income Statement Location [Domain]
Loss Contingencies [Line Items]
Adjustment to increase warranty liability		$ 0	0	$ 0	[2]	0
Damages from Product Defects [Member]
Loss Contingencies [Line Items]
Minimum Number of Affected Homes for Construction Defect Claims \| Home				2
Structural warranty provided by the company (in years)				10 years
Water Intrusion [Member]
Loss Contingencies [Line Items]
Payments			$ (3,400)			$ (7,500)
Warranty Obligations [Member]
Loss Contingencies [Line Items]
Structural warranty provided by the company (in years)				10 years

[1]	Payments for the three months and six months ended May 31, 2015 included $3.4 million and $7.5 million, respectively, to repair homes affected by water intrusion-related issues in certain of our communities in central and southwest Florida. These issues were substantially resolved as of November 30, 2015.
[2]	Adjustments for the three months and six months ended May 31, 2016 and 2015 included the reclassification of certain estimated minimum probable recoveries to receivables in connection with the above-noted water intrusion-related issues. The adjustments for each period had no impact on our consolidated statements of operations. There were no estimated minimum probable recoveries netted against our warranty liability at May 31, 2016.

Commitments and Contingencies62

Commitments and Contingencies (Changes in the Warranty Liability) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Feb. 29, 2016	Nov. 30, 2015	Feb. 28, 2015	Nov. 30, 2014
Loss Contingencies [Line Items]
Self Insurance Reserve		$ 82,536	$ 80,136	$ 82,536	$ 80,136	$ 81,461	$ 82,175	$ 82,747	$ 86,574
Expenses Associated with Self Insurance	[1]	4,406	4,790	8,422	7,225
Payments, Net of Recoveries for Self Insurance		(3,331)	(7,401)	(8,061)	(13,663)
Changes in the Warranty Liability
Balance at beginning of period		50,575	45,357	49,085	45,196
Warranties issued		6,315	4,751	11,567	8,884
Payments	[2]	(8,446)	(7,047)	(12,467)	(14,642)
Adjustments	[3]	393	3,411	652	7,034
Balance at end of period		48,837	46,472	48,837	46,472
Self Insurance [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		20,900		20,900			$ 21,600
Water Intrusion [Member]
Loss Contingencies [Line Items]
Loss Contingency, Receivable		$ 2,151	7,034	$ 2,151	7,034
Changes in the Warranty Liability
Payments			$ (3,400)		$ (7,500)

[1]	These expenses are included in selling, general and administrative expenses and are largely offset by contributions from subcontractors participating in the wrap-up policy.
[2]	Payments for the three months and six months ended May 31, 2015 included $3.4 million and $7.5 million, respectively, to repair homes affected by water intrusion-related issues in certain of our communities in central and southwest Florida. These issues were substantially resolved as of November 30, 2015.
[3]	Adjustments for the three months and six months ended May 31, 2016 and 2015 included the reclassification of certain estimated minimum probable recoveries to receivables in connection with the above-noted water intrusion-related issues. The adjustments for each period had no impact on our consolidated statements of operations. There were no estimated minimum probable recoveries netted against our warranty liability at May 31, 2016.

Legal Matters (Details)

Legal Matters (Details)	6 Months Ended
Legal Matters (Details)	May 31, 2016USD ($)a	Nov. 30, 2015USD ($)
Nevada Development Contract Litigation
Loss Contingencies [Line Items]
Acres of purchased land by LVDA \| a	83
Expected interest charges	$ 41,000,000
Edwards, K. and Andrea L. Bejenaru, et. al. [Member] [Member]
Loss Contingencies [Line Items]
Expected compensatory damages	66,000,000
Loss Contingency, Accrual, Current	7,500,000
Loss Contingency Accrual		$ 7,500,000
San Diego Region (Basin Plan) [Domain]
Loss Contingencies [Line Items]
Site Contingency, Loss Exposure Not Accrued, Low Estimate	100,000
Maximum [Member] \| Nevada Development Contract Litigation
Loss Contingencies [Line Items]
Expected compensatory damages	55,000,000
Minimum [Member] \| Nevada Development Contract Litigation
Loss Contingencies [Line Items]
Expected compensatory damages	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Thousands	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 1,690,834
Net income	$ 15,597	$ 9,573	28,724	$ 17,372
Dividends on common stock			(4,364)
Performance share-based stock issuance			0
Stock-based compensation			7,506
Stock repurchases			(87,531)
Ending balance	1,635,169		1,635,169
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			115,548
Performance share-based stock issuance			124
Ending balance	115,672		115,672
Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			682,871
Performance share-based stock issuance			(4,189)
Stock-based compensation			7,506
Ending balance	686,188		686,188
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			1,466,713
Net income			28,724
Dividends on common stock			(4,364)
Ending balance	1,491,073		1,491,073
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(17,319)
Ending balance	(17,319)		(17,319)
Trust for Benefit of Employees [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(109,936)
Performance share-based stock issuance			4,065
Ending balance	(105,871)		(105,871)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(447,043)
Stock repurchases			(87,531)
Ending balance	$ (534,574)		$ (534,574)

Stockholders' Equity (Narrative

Stockholders' Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Feb. 29, 2016	Jan. 12, 2016	Nov. 30, 2015
Equity [Abstract]
Dividend paid in each quarter (in dollars per share)	$ 0.0250	$ 0.0250	$ 0.05	$ 0.05
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program							4,000,000
Common stock reserve, shares	12,602,735		12,602,735
Treasury Stock, Value	$ 534,574		$ 534,574				$ 447,043
Stock repurchases			87,531	$ 300
January 2016 Stock Repurchase Program [Member]
Debt Instrument [Line Items]
Number of common stock, authorized, approved under a board approved stock repurchase program						10,000,000
Stock repurchases			$ 85,900
Treasury Stock, Shares, Acquired	0		8,373,000
Shares Withheld to Pay Taxes [Member]
Debt Instrument [Line Items]
Stock repurchases			$ 1,600
Treasury Stock, Shares, Acquired			155,789
Performance Shares [Member]
Debt Instrument [Line Items]
Common Stock, Shares, Issued					374,630

Stock-Based Compensation (Outst

Stock-Based Compensation (Outstanding and Exercisable Stock Options) (Details)	6 Months Ended
	May 31, 2016$ / sharesshares
Options
Options outstanding at beginning of period, options \| shares	12,635,644
Granted, options \| shares	0
Exercised, options \| shares	0
Cancelled, options \| shares	(533)
Options outstanding at end of period, options \| shares	12,635,111
Options exercisable at end of period \| shares	10,389,189
Weighted Average Exercise Price in dollars per share
Options outstanding at beginning of period, weighted average exercise price in dollars per share \| $ / shares	$ 19.39
Granted, weighted average exercise price in dollars per share \| $ / shares	0
Exercised, weighted average exercise price in dollars per share \| $ / shares	0
Cancelled, weighted average exercise price in dollars per share \| $ / shares	45.68
Options outstanding at end of period, weighted average exercise price in dollars per share \| $ / shares	19.39
Options exercisable at end of period \| $ / shares	$ 20.35

Stock-Based Compensation (Narra

Stock-Based Compensation (Narratives) (Details) - USD ($) $ in Millions	Apr. 08, 2016	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Feb. 29, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of stock options outstanding (in years)				4 years 3 months
Weighted average remaining contractual life of stock options exercisable (in years)				3 years 3 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 15.9		$ 15.9
Intrinsic value of stock options exercisable		15.9		15.9
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, total		3		3
Stock-based compensation expense (income) associated with stock options, total		1.1	$ 0.9	2	$ 2
Restricted Stock and Performance Unit Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income) associated with stock options, total		$ 3.5	$ 3.3	$ 5.5	$ 5.4
Equity Incentive Two Thousand Fourteen Plan [Member] [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	7,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		12,300,000		12,300,000		4,800,000

Supplemental Disclosure to Co68

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2016	May 31, 2015	Nov. 30, 2015	Nov. 30, 2014
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	$ 276,549	$ 442,088	$ 560,341	$ 358,768
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	2,729	10,043
Income taxes paid	2,635	1,887
Supplemental disclosures of noncash activities:
Increase (decrease) in consolidated inventories not owned	(32,324)	45,613
Cost of inventories acquired through seller financing	32,436	0
Homebuilding
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	274,849	439,920	559,042
Financial Services
Summary of cash and cash equivalents at end of period:
Cash and cash equivalents	1,700	2,168	$ 1,299
Inspirada Builders LLC [Member]
Supplemental disclosures of noncash activities:
Increase in inventories due to distribution of land from unconsolidated joint venture	4,875	13,992
Water Intrusion [Member]
Supplemental disclosures of cash flow information:
Loss Contingency, Receivable	$ 2,151	$ 7,034

Supplemental Guarantor Inform69

Supplemental Guarantor Information (Narrative) (Details)	6 Months Ended
Supplemental Guarantor Information (Narrative) (Details)	May 31, 2016
Guarantees [Abstract]
Ownership share in guarantor subsidiaries (percent)	100.00%
Line of credit facility, significant subsidiary threshold, percent	5.00%
Line of credit facility, non guarantor subsidiary threshold, percent	10.00%

Supplemental Guarantor Inform70

Supplemental Guarantor Information (Condensed Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Condensed Consolidated Statements of Operations
Revenues	$ 811,050	$ 622,969	$ 1,489,421	$ 1,203,090
Homebuilding:
Revenues	808,462	620,804	1,484,204	1,198,692
Construction and land costs	(688,714)	(524,410)	(1,257,532)	(1,016,828)
Selling, general and administrative expenses	(93,810)	(78,532)	(181,742)	(149,604)
Operating income (loss)	25,938	17,862	44,930	32,260
Interest income	134	152	286	255
Interest expense	(1,970)	(8,118)	(5,667)	(13,456)
Intercompany Interest Income (Expense)	0	0	0	0
Equity in income (loss) of unconsolidated joint ventures			(2,212)	1,607
Total pretax income (loss)	24,797	12,673	40,824	23,172
Income tax expense	(9,200)	(3,100)	(12,100)	(5,800)
Income (Loss) from Subsidiaries, Net of Tax	0	0	0	0
Net income	15,597	9,573	28,724	17,372
KB Home Corporate
Condensed Consolidated Statements of Operations
Revenues	0	0	0	0
Homebuilding:
Revenues	0	0	0	0
Construction and land costs	0	0	0	0
Selling, general and administrative expenses	(18,976)	(19,674)	(43,316)	(35,346)
Operating income (loss)	(18,976)	(19,674)	(43,316)	(35,346)
Interest income	106	150	240	251
Interest expense	(44,337)	(47,710)	(88,707)	(91,253)
Intercompany Interest Income (Expense)	75,719	73,751	149,762	144,184
Total pretax income (loss)	12,512	6,517	17,979	17,836
Income tax expense	(2,800)	(1,200)	(2,100)	(3,400)
Income (Loss) from Subsidiaries, Net of Tax	5,885	4,256	12,845	2,936
Net income	15,597	9,573	28,724	17,372
Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues	704,282	541,328	1,305,625	1,052,324
Homebuilding:
Revenues	704,282	541,328	1,305,625	1,052,324
Construction and land costs	(590,425)	(452,616)	(1,092,291)	(882,949)
Selling, general and administrative expenses	(63,206)	(48,665)	(116,342)	(94,290)
Operating income (loss)	50,651	40,047	96,992	75,085
Interest income	24	1	42	4
Interest expense	(1,921)	(1,489)	(3,802)	(2,949)
Intercompany Interest Income (Expense)	(28,086)	(28,388)	(56,149)	(55,025)
Total pretax income (loss)	19,846	9,762	35,658	16,359
Income tax expense	(8,100)	(2,500)	(11,700)	(4,300)
Income (Loss) from Subsidiaries, Net of Tax	0	0	0	0
Net income	11,746	7,262	23,958	12,059
Non-Guarantor Subsidiaries
Condensed Consolidated Statements of Operations
Revenues	106,768	81,641	183,796	150,766
Homebuilding:
Revenues	104,180	79,476	178,579	146,368
Construction and land costs	(98,289)	(71,794)	(165,241)	(133,879)
Selling, general and administrative expenses	(11,628)	(10,193)	(22,084)	(19,968)
Operating income (loss)	(5,737)	(2,511)	(8,746)	(7,479)
Interest income	4	1	4	0
Interest expense	0	0	0	0
Intercompany Interest Income (Expense)	(3,345)	(4,282)	(6,771)	(8,413)
Total pretax income (loss)	(7,561)	(3,606)	(12,813)	(11,023)
Income tax expense	1,700	600	1,700	1,900
Income (Loss) from Subsidiaries, Net of Tax	0	0	0	0
Net income	(5,861)	(3,006)	(11,113)	(9,123)
Homebuilding [Member]
Condensed Consolidated Statements of Operations
Revenues	808,462	620,804	1,484,204	1,198,692
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(825)	(411)	(1,428)	(758)
Total pretax income (loss)	23,277	9,485	38,121	18,301
Homebuilding [Member] \| KB Home Corporate
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	0	0	0	0
Total pretax income (loss)	12,512	6,517	17,979	17,836
Homebuilding [Member] \| Guarantor Subsidiaries
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(822)	(409)	(1,425)	(756)
Total pretax income (loss)	19,846	9,762	35,658	16,359
Homebuilding [Member] \| Non-Guarantor Subsidiaries
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	(3)	(2)	(3)	(2)
Total pretax income (loss)	(9,081)	(6,794)	(15,516)	(15,894)
Financial services [Member]
Condensed Consolidated Statements of Operations
Revenues	2,588	2,165	5,217	4,398
Homebuilding:
Operating income (loss)	1,717	1,237	3,487	2,506
Equity in income (loss) of unconsolidated joint ventures	(197)	1,951	(784)	2,365
Total pretax income (loss)	1,520	3,188	2,703	4,871
Financial services [Member] \| KB Home Corporate
Homebuilding:
Total pretax income (loss)	0	0	0	0
Financial services [Member] \| Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)	0	0	0	0
Financial services [Member] \| Non-Guarantor Subsidiaries
Homebuilding:
Total pretax income (loss)	1,520	3,188	2,703	4,871
Consolidating Adjustments
Condensed Consolidated Statements of Operations
Revenues	0	0	0	0
Homebuilding:
Revenues	0	0	0	0
Construction and land costs	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Operating income (loss)	0	0	0	0
Interest income	0	0	0	0
Interest expense	44,288	41,081	86,842	80,746
Intercompany Interest Income (Expense)	(44,288)	(41,081)	(86,842)	(80,746)
Total pretax income (loss)	0	0	0	0
Income tax expense	0	0	0	0
Income (Loss) from Subsidiaries, Net of Tax	(5,885)	(4,256)	(12,845)	(2,936)
Net income	(5,885)	(4,256)	(12,845)	(2,936)
Consolidating Adjustments \| Homebuilding [Member]
Homebuilding:
Equity in income (loss) of unconsolidated joint ventures	0	0	0	0
Total pretax income (loss)	0	0	0	0
Consolidating Adjustments \| Financial services [Member]
Homebuilding:
Total pretax income (loss)	$ 0	$ 0	$ 0	$ 0

Supplemental Guarantor Inform71

Supplemental Guarantor Information (Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015	May 31, 2015	Nov. 30, 2014
Assets
Cash and Cash Equivalents, at Carrying Value	$ 276,549	$ 560,341	$ 442,088	$ 358,768
Restricted cash	3,517	9,344
Receivables	151,066	152,682
Inventory, Operative Builders	3,525,089	3,313,747
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	65,213	71,558
Deferred tax assets, net	770,396	782,196
Other assets	112,790	112,774
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	4,915,843	5,015,371
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	646,972	697,184
Mortgages and notes payable	2,632,127	2,625,536
Financial services	1,575	1,817
Due to Affiliate	0	0
Stockholders' equity	1,635,169	1,690,834
Total liabilities and stockholders’ equity	4,915,843	5,015,371
KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	195,383	444,850	374,375	303,280
Restricted cash	3,517	9,344
Receivables	2,828	39
Inventory, Operative Builders	0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Deferred tax assets, net	188,699	190,770
Other assets	98,396	97,590
Investments in and Advances to Affiliates, Amount of Equity	38,683	39,383
Total assets	4,337,020	4,409,126
Due from Affiliates	3,809,514	3,627,150
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	120,801	136,352
Mortgages and notes payable	2,565,556	2,564,762
Financial services	0	0
Due to Affiliate	15,494	17,178
Stockholders' equity	1,635,169	1,690,834
Total liabilities and stockholders’ equity	4,337,020	4,409,126
Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	64,648	98,281	55,308	37,112
Restricted cash	0	0
Receivables	144,716	148,338
Inventory, Operative Builders	3,206,733	2,979,617
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	62,714	69,057
Deferred tax assets, net	489,471	501,454
Other assets	11,566	11,783
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	3,979,848	3,808,530
Due from Affiliates	0	0
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	410,327	442,529
Mortgages and notes payable	66,571	60,774
Financial services	0	0
Due to Affiliate	3,502,950	3,305,227
Stockholders' equity	0	0
Total liabilities and stockholders’ equity	3,979,848	3,808,530
Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	16,518	17,210	12,405	18,376
Restricted cash	0	0
Receivables	3,522	4,305
Inventory, Operative Builders	318,356	334,130
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	2,499	2,501
Deferred tax assets, net	92,226	89,972
Other assets	2,828	3,401
Investments in and Advances to Affiliates, Amount of Equity	0	0
Total assets	547,991	566,351
Due from Affiliates	100,819	102,103
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	115,844	118,303
Mortgages and notes payable	0	0
Financial services	1,575	1,817
Due to Affiliate	391,889	406,848
Stockholders' equity	38,683	39,383
Total liabilities and stockholders’ equity	547,991	566,351
Homebuilding [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	274,849	559,042	439,920
Total assets	4,902,920	5,001,343
Liabilities and stockholders' equity
Total Liabilities Homebuilding	3,279,099	3,322,720
Homebuilding [Member] \| KB Home Corporate
Assets
Cash and Cash Equivalents, at Carrying Value	195,383	444,850
Total assets	488,823	742,593
Liabilities and stockholders' equity
Total Liabilities Homebuilding	2,686,357	2,701,114
Homebuilding [Member] \| Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	64,648	98,281
Total assets	3,979,848	3,808,530
Liabilities and stockholders' equity
Total Liabilities Homebuilding	476,898	503,303
Homebuilding [Member] \| Non-Guarantor Subsidiaries
Assets
Cash and Cash Equivalents, at Carrying Value	14,818	15,911
Total assets	434,249	450,220
Liabilities and stockholders' equity
Total Liabilities Homebuilding	115,844	118,303
Financial services [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	1,700	1,299	2,168
Receivables	1,543	2,245
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	9,656	10,440
Other assets	24	44
Total assets	12,923	14,028
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	1,575	1,817
Financial services [Member] \| KB Home Corporate
Assets
Total assets	0	0
Financial services [Member] \| Guarantor Subsidiaries
Assets
Total assets	0	0
Financial services [Member] \| Non-Guarantor Subsidiaries
Assets
Total assets	12,923	14,028
Consolidating Adjustments
Assets
Cash and Cash Equivalents, at Carrying Value	0	0	$ 0	$ 0
Restricted cash	0	0
Receivables	0	0
Inventory, Operative Builders	0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Deferred tax assets, net	0	0
Other assets	0	0
Investments in and Advances to Affiliates, Amount of Equity	(38,683)	(39,383)
Total assets	(3,949,016)	(3,768,636)
Due from Affiliates	(3,910,333)	(3,729,253)
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	0	0
Mortgages and notes payable	0	0
Financial services	0	0
Due to Affiliate	(3,910,333)	(3,729,253)
Stockholders' equity	(38,683)	(39,383)
Total liabilities and stockholders’ equity	(3,949,016)	(3,768,636)
Consolidating Adjustments \| Homebuilding [Member]
Assets
Cash and Cash Equivalents, at Carrying Value	0	0
Total assets	0	0
Liabilities and stockholders' equity
Total Liabilities Homebuilding	0	0
Consolidating Adjustments \| Financial services [Member]
Assets
Total assets	$ 0	$ 0

Supplemental Guarantor Inform72

Supplemental Guarantor Information (Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2016	May 31, 2015
Cash flows from operating activities:
Net cash used in operating activities	$ (167,459)	$ (135,900)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(750)	(13,244)
Purchases of property and equipment, net	(2,876)	(1,590)
Intercompany	0	0
Net cash used in investing activities	(3,626)	(14,834)
Cash flows from financing activities:
Change in restricted cash	(5,827)	(22)
Proceeds from issuance of debt	0	250,000
Payment of debt issuance costs	0	(3,337)
Payments on mortgages and land contracts due to land sellers and other loans	(26,639)	(7,757)
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	0	25
Payments of cash dividends	(4,364)	(4,599)
Stock repurchases	(87,531)	(300)
Intercompany	0	0
Net cash provided by (used in) financing activities	(112,707)	234,054
Net increase (decrease) in cash and cash equivalents	(283,792)	83,320
Cash and cash equivalents at beginning of period	560,341	358,768
Cash and cash equivalents at end of period	276,549	442,088
KB Home Corporate
Cash flows from operating activities:
Net cash used in operating activities	6,508	17,630
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Purchases of property and equipment, net	(2,437)	(399)
Intercompany	(167,470)	(187,947)
Net cash used in investing activities	(169,907)	(188,346)
Cash flows from financing activities:
Change in restricted cash	(5,827)	(22)
Proceeds from issuance of debt		250,000
Payment of debt issuance costs		(3,337)
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options		25
Payments of cash dividends	(4,364)	(4,599)
Stock repurchases	(87,531)	(300)
Intercompany	0	0
Net cash provided by (used in) financing activities	(86,068)	241,811
Net increase (decrease) in cash and cash equivalents	(249,467)	71,095
Cash and cash equivalents at beginning of period	444,850	303,280
Cash and cash equivalents at end of period	195,383	374,375
Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	(179,676)	(119,782)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	(750)	(13,244)
Purchases of property and equipment, net	(331)	(1,135)
Intercompany	0	0
Net cash used in investing activities	(1,081)	(14,379)
Cash flows from financing activities:
Change in restricted cash	0	0
Proceeds from issuance of debt		0
Payment of debt issuance costs		0
Payments on mortgages and land contracts due to land sellers and other loans	(26,639)	(7,757)
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options		0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	173,763	160,114
Net cash provided by (used in) financing activities	147,124	152,357
Net increase (decrease) in cash and cash equivalents	(33,633)	18,196
Cash and cash equivalents at beginning of period	98,281	37,112
Cash and cash equivalents at end of period	64,648	55,308
Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash used in operating activities	5,709	(33,748)
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Purchases of property and equipment, net	(108)	(56)
Intercompany	0	0
Net cash used in investing activities	(108)	(56)
Cash flows from financing activities:
Change in restricted cash	0	0
Proceeds from issuance of debt		0
Payment of debt issuance costs		0
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options		0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	(6,293)	27,833
Net cash provided by (used in) financing activities	(6,293)	27,833
Net increase (decrease) in cash and cash equivalents	(692)	(5,971)
Cash and cash equivalents at beginning of period	17,210	18,376
Cash and cash equivalents at end of period	16,518	12,405
Consolidating Adjustments
Cash flows from operating activities:
Net cash used in operating activities	0	0
Cash flows from investing activities:
Contributions to unconsolidated joint ventures	0	0
Purchases of property and equipment, net	0	0
Intercompany	167,470	187,947
Net cash used in investing activities	167,470	187,947
Cash flows from financing activities:
Change in restricted cash	0	0
Proceeds from issuance of debt		0
Payment of debt issuance costs		0
Payments on mortgages and land contracts due to land sellers and other loans	0	0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options		0
Payments of cash dividends	0	0
Stock repurchases	0	0
Intercompany	(167,470)	(187,947)
Net cash provided by (used in) financing activities	(167,470)	(187,947)
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0