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, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income/(loss) $ 105,163 $ (21,106) $ 7,150
Adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities:      
Depreciation and amortization 8,196 7,178 7,974
Real estate-related impairments 2,009 15,324 6,451
Other assets-related impairments 0 848 0
Stock-based compensation 8,319 7,410 5,358
Loss on early extinguishment of senior subordinated debt 5,772 0 3,454
Equity in earnings of unconsolidated entities (includes $0, $0 and $0.4 million of impairments to joint ventures in 2012, 2011 and 2010, respectively) (10,233) (5,849) (5,243)
Distributions of earnings from unconsolidated entities 9,648 6,497 7,263
Deferred tax asset valuation reversal (77,974) 0 0
Other operating expenses 371 509 (37)
Changes in assets and liabilities:      
Increase in real estate (299,185) (89,659) (68,910)
Decrease/(increase) in deposits on real estate under option or contract 824 (6,038) (1,054)
(Increase)/decrease in receivables and prepaid expenses and other assets (6,301) 3,247 94,474
Increase/(decrease) in accounts payable and accrued liabilities 29,385 5,542 (21,725)
Increase/(decrease) in home sale deposits 3,519 1,961 (2,604)
Net cash (used in)/provided by operating activities (220,487) (74,136) 32,551
Cash flows from investing activities:      
Investments in unconsolidated entities (407) (702) (1,034)
Distributions of capital from unconsolidated entities 25 10 232
Purchases of property and equipment (10,863) (7,082) (6,389)
Proceeds from sales of property and equipment 503 54 121
Payments to purchase investments and securities (136,823) (196,401) (424,639)
Proceeds from sales and maturities of investment securities 198,201 348,105 250,190
(Increase)/decrease in restricted cash (26,792) (2,802) 7,004
Net cash provided by/(used in) investing activities 23,844 141,182 (174,515)
Cash flows from financing activities:      
Proceeds from issuance of senior and senior subordinated notes 426,500 0 195,134
Debt issuance costs (9,312) 0 (3,067)
Repayment of senior notes (315,080) 0 (197,543)
Proceeds from sale of common stock, net 87,113 0 0
Proceeds from stock option exercises 4,267 2,613 2,062
Net cash provided by/(used in) financing activities 193,488 2,613 (3,414)
Net (decrease)/increase in cash and cash equivalents (3,155) 69,659 (145,378)
Cash and cash equivalents, beginning of year 173,612 103,953 249,331
Cash and cash equivalents, end of year $ 170,457 $ 173,612 $ 103,953