Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net income/(loss) $ 3,251 $ (6,097)
Adjustments to reconcile net income/(loss) to net cash used in operating activities:    
Depreciation and amortization 3,614 3,573
Real-estate-related impairments 1,156 1,254
Stock-based compensation 3,273 3,101
Loss on early extinguishment of debt 5,772 0
Equity in earnings from unconsolidated entities (3,651) (2,134)
Deferred tax asset valuation benefit (7,705) 0
Distributions of earnings from unconsolidated entities 2,995 2,654
Other operating expenses 46 418
Changes in assets and liabilities:    
Increase in real estate (140,662) (38,140)
Decrease/(increase) in deposits on real estate under option or contract 424 (1,553)
Decrease in receivables and prepaid expenses and other assets 1,758 2,962
Increase in accounts payable and accrued liabilities 20,934 524
Increase in home sale deposits 3,888 703
Net cash used in operating activities (104,907) (32,735)
Cash flows from investing activities:    
Investments in unconsolidated entities (405) (426)
Distributions of capital from unconsolidated entities 0 9
Purchases of property and equipment (4,383) (3,961)
Proceeds from sales of property and equipment 364 7
Maturities of investments and securities 120,201 229,000
Payments to purchase investments and securities (76,502) (129,151)
Increase in restricted cash (6,962) (926)
Net cash provided by investing activities 32,313 94,552
Cash flows from financing activities:    
Repayments of senior notes (315,080) 0
Proceeds from issuance of senior notes 300,000 0
Debt issuance costs (5,334) 0
Proceeds from stock option exercises 1,222 1,798
Net cash (used in)/provided by financing activities (19,192) 1,798
Net (decrease)/increase in cash and cash equivalents (91,786) 63,615
Cash and cash equivalents at beginning of period 173,612 103,953
Cash and cash equivalents at end of period $ 81,826 $ 167,568