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These excerpts taken from the TOL 10-K filed Dec 19, 2008. Interest
Expense
In our communities accounted for using the completed contract
method of accounting, we determine interest expense on a
specific
lot-by-lot
basis, and for land sales we determine interest expense on a
parcel-by-parcel
basis. As a percentage of total revenues, interest expense
varies depending on many factors, including the period of time
that we owned the land, the length of time that the homes
delivered during the period were under construction, and the
interest rates and the amount of debt carried by us in
proportion to the amount of our inventory during those periods.
For projects that used the percentage of completion method of
accounting, interest expense was determined based on the total
estimated interest for the project and the percentage of total
estimated construction costs that had been incurred. Any change
in the estimated interest expense for the project was applied to
current and future periods from the date the estimate was made.
Interest expense as a percentage of revenues was 2.2% in fiscal
2007, as compared to 2.0% in fiscal 2006.
Interest Expense In our communities accounted for using the completed contract method of accounting, we determine interest expense on a specific lot-by-lot basis, and for land sales we determine interest expense on a parcel-by-parcel basis. As a percentage of total revenues, interest expense varies depending on many factors, including the period of time that we owned the land, the length of time that the homes delivered during the period were under construction, and the interest rates and the amount of debt carried by us in proportion to the amount of our inventory during those periods. For projects that used the percentage of completion method of accounting, interest expense was determined based on the total estimated interest for the project and the percentage of total estimated construction costs that had been incurred. Any change in the estimated interest expense for the project was applied to current and future periods from the date the estimate was made. Interest expense as a percentage of revenues was 2.2% in fiscal 2007, as compared to 2.0% in fiscal 2006. This excerpt taken from the TOL 10-Q filed Sep 9, 2008. INTEREST
EXPENSE
In our traditional homebuilding operations, we determine
interest expense on a specific
lot-by-lot
basis, and for land sales, on a
parcel-by-parcel
basis. As a percentage of total revenues, interest expense
varies depending on many factors, including the period of time
that we owned the land, the length of time that the homes
delivered during the period were under construction, and the
interest rates and the amount of debt carried by us in
proportion to the amount of our inventory during those periods.
For projects using the percentage of completion method of
revenue recognition, interest expense is determined based on the
total estimated interest for the project and the percentage of
total estimated construction costs that have been incurred to
date. Any change in the estimated interest expense for the
project is applied to current and future periods.
Table of Contents
Interest expense as a percentage of revenues was 2.7% of total
revenues in the nine-month period ended July 31, 2008, as
compared to 2.2% in the comparable period of fiscal 2007.
Interest expense as a percentage of revenues was 2.9% of total
revenues in the three-month period ended July 31, 2008, as
compared to 2.2% in the comparable period of fiscal 2007. The
increase in interest expense as a percentage of revenues for
both periods is due to the added length of time that the homes
delivered in fiscal 2008 remained in inventory and accumulated
additional capitalized interest. In addition, as our inventory
has been reduced, there is less available inventory to which we
allocate the interest incurred.
This excerpt taken from the TOL 10-Q filed Jun 6, 2008. INTEREST
EXPENSE
In our traditional homebuilding operations, we determine
interest expense on a specific
lot-by-lot
basis, and for land sales, on a
parcel-by-parcel
basis. As a percentage of total revenues, interest expense
varies depending on many factors, including the period of time
that we owned the land, the length of time that the homes
delivered during the period were under construction, and the
interest rates and the amount of debt carried by us in
proportion to the amount of our inventory during those periods.
For projects using the percentage of completion method of
revenue recognition, interest expense is determined based on the
total estimated interest for the project and the percentage of
total estimated construction costs that have been incurred to
date. Any change in the estimated interest expense for the
project is applied to current and future periods.
Interest expense as a percentage of revenues was 2.7% of total
revenues in the six-month period ended April 30, 2008, as
compared to 2.2% in the comparable period of fiscal 2007.
Interest expense as a percentage of revenues was 2.8% of total
revenues in the three-month period ended April 30, 2008, as
compared to 2.3% in the comparable period of fiscal 2007. The
increase in interest expense as a percentage of revenues for
both periods is due to the added length of time that the homes
delivered in 2008 remained in inventory and accumulated
additional capitalized interest. In addition, as our inventory
has been reduced, there is less available inventory to allocate
the interest incurred.
The guidance we provided on June 3, 2008 stated that,
for the full 2008 fiscal year, we believe that interest expense
as a percentage of revenues will be slightly higher as a
percentage of revenues than the percentage in the second quarter
of fiscal 2008.
This excerpt taken from the TOL 10-Q filed Mar 10, 2008. INTEREST
EXPENSE
In our traditional homebuilding operations, we determine
interest expense on a specific
lot-by-lot
basis, and for land sales, on a
parcel-by-parcel
basis. As a percentage of total revenues, interest expense
varies depending on many factors, including the period of time
that we owned the land, the length of time that the homes
delivered during the period were under construction, and the
interest rates and the amount of debt carried by us in
proportion to the amount of our inventory during those periods.
For projects using the percentage of completion method of
revenue recognition, interest expense is determined based on the
total estimated interest for the project and the percentage of
total estimated construction costs that have been incurred to
date. Any change in the estimated interest expense for the
project is applied to current and future periods.
Interest expense as a percentage of revenues was 2.5% of total
revenues in the three-month period ended January 31, 2008,
as compared to 2.1% in the comparable period of fiscal 2007.
This excerpt taken from the TOL 10-K filed Dec 21, 2007. Interest
Expense
We determine interest expense on a specific
lot-by-lot
basis for our traditional homebuilding operations and on a
parcel-by-parcel
basis for land sales. As a percentage of total revenues,
interest expense varies depending on many factors, including the
period of time that we owned the land, the length of time that
the homes delivered during the period were under construction,
and the interest rates and the amount of debt carried by us in
proportion to the amount of our inventory during those periods.
Interest expense for projects using the percentage of completion
method of revenue recognition is determined based on the total
estimated interest for the project and the percentage
Table of Contents
of total estimated construction costs that have been incurred to
date. As a percentage of total revenues, interest was 2.0% in
fiscal 2006 as compared to 2.2% in fiscal 2005.
This excerpt taken from the TOL 10-Q filed Sep 6, 2007. INTEREST
EXPENSE
In our communities accounted for
using the completed contract method of accounting, we determine
interest expense on a specific
lot-by-lot
basis and for land sales, on a
parcel-by-parcel
basis. As a percentage of total revenues, interest expense
varies depending on many factors, including the period of time
that we owned the land, the length of time that the homes
delivered during the period were under construction, and the
interest rates and the amount of debt carried by us in
proportion to the amount of our inventory during those periods.
For projects using the percentage
of completion method of revenue recognition, interest expense is
determined based on the total estimated interest for the project
and the percentage of total estimated construction costs that
have been incurred to date. Any change in the estimated interest
expense for the project is applied to current and future periods.
Interest expense as a percentage
of revenues was slightly higher in the nine-month and
three-month periods ended July 31, 2007 as compared to the
comparable periods of fiscal 2006.
Table of Contents
This excerpt taken from the TOL 10-Q filed Jun 8, 2007. INTEREST
EXPENSE
In our communities accounted for using the completed contract
method of accounting, we determine interest expense on a
specific
lot-by-lot
basis and for land sales, on a
parcel-by-parcel
basis. As a percentage of total revenues, interest expense
varies depending on many factors, including the period of time
that we owned the land, the length of time that the homes
delivered during the period were under construction, and the
interest rates and the amount of debt carried by us in
proportion to the amount of our inventory during those periods.
For projects using the percentage of completion method of
revenue recognition, interest expense is determined based on the
total estimated interest for the project and the percentage of
total estimated construction costs that have been incurred to
date. Any change in the estimated interest expense for the
project is applied to current and future periods.
Interest expense as a percentage of revenues was slightly higher
in the six-month and three-month periods ended April 30,
2007 as compared to the comparable periods of fiscal 2006.
This excerpt taken from the TOL 10-Q filed Mar 9, 2007. INTEREST
EXPENSE
In our traditional homebuilding operations, we determine
interest expense on a specific
lot-by-lot
basis and for land sales, on a
parcel-by-parcel
basis. As a percentage of total revenues, interest expense
varies depending on many factors, including the period of time
that we owned the land, the length of time that the homes
delivered during the period were under construction, and the
interest rates and the amount of debt carried by us in
proportion to the amount of our inventory during those periods.
For projects using the percentage of completion method of
revenue recognition, interest expense is determined based on the
total estimated interest for the project and the percentage of
total estimated construction costs that have been incurred to
date. Any change in the estimated interest expense for the
project is applied to current and future periods.
Interest expense as a percentage of revenues was slightly lower
in the three-month period ended January 31, 2007 as
compared to the comparable period of fiscal 2006. The guidance
we gave on February 22, 2007 stated that for the full
2007 fiscal year, we expect interest expense as a percentage of
total revenues to be approximately 2.1% as compared to 2.0% in
fiscal 2006.
This excerpt taken from the TOL 10-Q filed Sep 1, 2006. Interest Expense We determine interest expense on a specific lot-by-lot basis for our traditional homebuilding operations and on a parcel-by-parcel basis for land sales. As a percentage of total revenues, interest expense varies depending on many factors, including the period of time that we owned the land, the length of time that the homes delivered during the period were under construction, and the interest rates and the amount of debt carried by us in proportion to the amount of our inventory during those periods. Interest expense for projects using the percentage of completion method of revenue recognition is determined based on the total estimated interest for the project and the percentage of total estimated construction costs that have been incurred to date. Interest expense as a percentage of revenues was slightly lower in the nine-month and three-month periods ended July 31, 2006 as compared to the comparable periods of fiscal 2005. 27 The guidance we gave on August 22, 2006 stated that, for the full 2006 fiscal year, we expect interest expense as a percentage of total revenues to be approximately 2.1%. This excerpt taken from the TOL 10-Q filed Mar 10, 2006. INTEREST EXPENSE We determine interest expense on a specific lot-by-lot basis for our traditional homebuilding operations and on a parcel-by-parcel basis for land sales. As a percentage of total revenues, interest expense varies depending on many factors, including the period of time that we owned the land, the length of time that the homes delivered during the period were under construction, and the interest rates and the amount of debt carried by us in proportion to the amount of our inventory during those periods. Interest expense for projects using the percentage of completion method of revenue recognition is determined based on the total estimated interest for the project and the percentage of total estimated construction costs that have been incurred to date. Interest expense as a percentage of revenues was slightly lower in the three-month period ended January 31, 2006 as compared to the comparable period of fiscal 2005. For the full 2006 fiscal year, we expect interest expense as a percentage of total revenues to be approximately 2.2% as compared to 2.16% in fiscal 2005. | EXCERPTS ON THIS PAGE:
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