Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net earnings $ 97,734 $ 75,841
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 11,470 10,294
Stock-based compensation 11,042 12,418
Excess income tax provision/(benefit) from stock-based awards 540 (2,040)
Equity in earnings from unconsolidated entities (11,658) (8,740)
Distributions of earnings from unconsolidated entities 11,439 9,446
Other 4,942 1,246
Changes in assets and liabilities:    
Increase in real estate (318,490) (198,520)
(Increase)/decrease in deposits on real estate under option or contract (3,160) 2,719
Increase in other receivables, prepaids and other assets (14,201) (6,067)
Increase in accounts payable and accrued liabilities 61,206 39,949
Increase in home sale deposits 791 10,208
Net cash used in operating activities (148,345) (53,246)
Cash flows from investing activities:    
Investments in unconsolidated entities (242) (300)
Purchases of property and equipment (12,256) (12,334)
Proceeds from sales of property and equipment 144 92
Maturities/sales of investments and securities 645 0
Payments to purchase investments and securities (645) 0
Net cash used in investing activities (12,354) (12,542)
Cash flows from financing activities:    
Proceeds from Credit Facility, net 25,000 0
Repayment of loans payable and other borrowings (18,286) (4,044)
Proceeds from issuance of senior notes 0 200,000
Debt issuance costs 0 (3,013)
Excess income tax (provision)/benefit from stock-based awards (540) 2,040
Proceeds from stock option exercises 232 2,881
Net cash provided by financing activities 6,406 197,864
Net (decrease)/increase in cash and cash equivalents (154,293) 132,076
Cash and cash equivalents, beginning of period 262,208 103,333
Cash and cash equivalents, end of period $ 107,915 $ 235,409