Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net earnings $ 143,255 $ 149,541 $ 128,738
Adjustments to reconcile net earnings to net cash used in operating activities:      
Depreciation and amortization 16,704 15,978 14,241
Stock-based compensation 12,056 13,741 15,781
Excess income tax provision/(benefit) from stock-based awards 0 956 (2,043)
Equity in earnings from unconsolidated entities (15,959) (19,042) (12,759)
Deferred tax asset revaluation 19,687 0 0
Distributions of earnings from unconsolidated entities 15,337 16,959 12,650
Other 5,849 9,539 11,530
Changes in assets and liabilities:      
Increase in real estate (301,477) (311,426) (209,407)
Decrease in deposits on real estate under option or contract 21,355 2,337 6,316
Increase in receivables, prepaids and other assets (17,775) (17,513) (7,083)
Increase in accounts payable and accrued liabilities 8,125 43,377 31,883
Increase/(decrease) in home sale deposits 5,711 (7,849) 6,818
Net cash used in operating activities (87,132) (103,402) (3,335)
Cash flows from investing activities:      
Investments in unconsolidated entities (670) (7,244) (481)
Distributions of capital from unconsolidated entities 1,338 3,600 0
Purchases of property and equipment (18,096) (16,662) (16,092)
Proceeds from sales of property and equipment 356 200 86
Maturities/sales of investments and securities 1,402 746 1,555
Payments to purchase investments and securities (1,402) (746) (1,555)
Net cash used in investing activities (17,072) (20,106) (16,487)
Cash flows from financing activities:      
(Repayment of)/proceeds from Credit Facility, net (15,000) 15,000 0
Repayment of loans payable and other borrowings (10,970) (21,274) (23,226)
Repurchase/redemption of convertible senior notes (126,691) 0 0
Proceeds from issuance of senior notes 300,000 0 200,000
Payment of debt issuance costs (4,091) 0 (3,006)
Excess income tax (provision)/benefit from stock-based awards 0 (956) 2,043
Proceeds from stock option exercises 0 232 2,886
Net cash provided by/(used in) financing activities 143,248 (6,998) 178,697
Net increase/(decrease) in cash and cash equivalents 39,044 (130,506) 158,875
Cash and cash equivalents, beginning of year 131,702 262,208 103,333
Cash and cash equivalents, end of year $ 170,746 $ 131,702 $ 262,208