Operator: Good afternoon. My name is Don and I will be your conference operator today. At this time, I would like to welcome everyone to the Toll Brothers Second Quarter 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.
Thank you. Mr. Douglas Yearley, you may begin your conference, sir.
Douglas C. Yearley, Jr. - CEO: Thank you, Don. Welcome and thank you for joining us. I am Doug Yearley, CEO. With me today are Bob Toll, Executive Chairman; Marty Connor, Chief Financial Officer; Fred Cooper, Senior VP of Finance, International Development and Investor Relations; Joe Sicree, Chief Accounting Officer; Kira Sterling, Chief Marketing Officer; Mike Snyder, Chief Planning Officer; Don Salmon, President of TBI Mortgage Company; and Greg Ziegler, Senior VP and Treasurer.
Before I begin, I ask you to read the statement on forward-looking information in today's release and on our website. I caution you that many statements on this call are based on assumptions about the economy, world events, housing and financial markets, and many other factors beyond our control that could significantly affect future results. Those listening on the web can e-mail questions to email@example.com.
As has become our regular practice, we are going to limit our prepared remarks to provide more time for Q&A. Since our detailed release has been out since early this morning and is posted on our website, I'm sure most have read it, so I won't re-read it to you.
Our fiscal year 2013 second quarter ended April 30. Fiscal year 2013's second quarter net income was $24.7 million or $0.14 per share diluted compared to net income of $16.9 million or $0.10 per share diluted in fiscal year 2012's second quarter.
Fiscal year 2013 second quarter revenues rose 38% in dollars and 33% in units. Net signed contracts rose 57% in dollars and 36% in units and our backlog rose 69% in dollars and 52% in units compared to fiscal year 2012's second quarter.
On a per community basis, fiscal year 2013's net signed contracts were the highest for any second quarter since fiscal year 2006. Demand accelerated significantly this quarter. Our strong brand, land position and capital base are giving us a competitive advantage in many of our markets. Buyers who have been on the sidelines for six years are jumping in. Low interest rates, improved customer confidence, a strong stock market, rising home prices, and a reawakening economy are stoking demand in our luxury market.
One year ago, we were somewhat reluctant to raise home prices for fear of crimping demand. Now we are finding that in many markets as prices increase, a sense of urgency takes hold and demand continues to rise. We have raised prices this quarter approximately $26,000 per home on average. We continue to take advantage of land opportunities. In the second quarter, we spent approximately $165 million on land. This quarter, we also put under option another $381 million on land totaling 2,833 lots.