Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income/(loss) $ 10,035 $ (9,332)
Adjustments to reconcile net income/(loss) to net cash used in operating activities:    
Depreciation and amortization 5,913 5,267
Real-estate-related impairments 1,573 2,301
Stock-based compensation 6,095 5,215
Loss on early extinguishment of debt 5,772 0
Equity in earnings from unconsolidated entities (6,626) (3,931)
Deferred tax asset valuation benefit (7,709) 0
Distributions of earnings from unconsolidated entities 6,118 4,609
Other operating expenses 403 371
Changes in assets and liabilities:    
Increase in real estate (190,509) (60,785)
Decrease/(increase) in deposits on real estate under option or contract 2,192 (3,061)
Increase in receivables and prepaid expenses and other assets (1,882) (1,797)
Increase in accounts payable and accrued liabilities 31,204 6,794
Increase in home sale deposits 5,169 3,136
Net cash used in operating activities (132,252) (51,213)
Cash flows from investing activities:    
Investments in unconsolidated entities (406) (427)
Distributions of capital from unconsolidated entities 24 10
Purchases of property and equipment (7,139) (5,429)
Proceeds from sales of property and equipment 470 40
Maturities of investments and securities 190,701 324,000
Payments to purchase investments and securities (109,798) (213,896)
Increase in restricted cash (3,108) (1,765)
Net cash provided by investing activities 70,744 102,533
Cash flows from financing activities:    
Repayments of senior notes (315,080) 0
Proceeds from issuance of senior and senior convertible notes 426,500 0
Debt issuance costs (9,500) 0
Proceeds from issuance of common stock, net 87,125 0
Proceeds from stock option exercises 3,900 1,831
Net cash provided by financing activities 192,945 1,831
Net increase in cash and cash equivalents 131,437 53,151
Cash and cash equivalents at beginning of period 173,612 103,953
Cash and cash equivalents at end of period $ 305,049 $ 157,104