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, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net earnings/(loss) $ 124,464 $ 105,163 $ (21,106)
Adjustments to reconcile net earnings/(loss) to net cash used in operating activities:      
Depreciation and amortization 9,934 8,196 7,178
Real estate-related impairments 987 2,009 15,324
Stock-based compensation 9,483 8,319 7,410
Loss on early extinguishment of debt 3,796 5,772 0
Equity in earnings of unconsolidated entities (12,805) (10,233) (5,849)
Distributions of earnings from unconsolidated entities 13,013 9,648 6,497
Deferred tax asset valuation reversal (8,666) (77,974) 0
Other 14,864 371 1,357
Changes in assets and liabilities:      
Increase in real estate (281,944) (299,185) (89,659)
(Increase)/decrease in deposits on real estate under option or contract (36,974) 824 (6,038)
(Increase)/decrease in receivables and prepaid expenses and other assets (18,429) (6,301) 3,247
Increase in accounts payable and accrued liabilities 86,604 29,385 5,542
Increase in home sale deposits 9,397 3,519 1,961
Net cash used in operating activities (86,276) (220,487) (74,136)
Cash flows from investing activities:      
Purchases of property and equipment (15,783) (10,863) (7,082)
Payments to purchase investments and securities (166,619) (136,823) (196,401)
Payments to Acquire Businesses, Net of Cash Acquired (18,624) 0 0
Proceeds from sales and maturities of investment securities 163,012 198,201 348,105
Decrease/(increase) in restricted cash 38,938 (26,792) (2,802)
Payments for (Proceeds from) Other Investing Activities 107 121 (638)
Net cash provided by investing activities 1,031 23,844 141,182
Cash flows from financing activities:      
Proceeds from issuance of senior notes 281,699 426,500 0
Repayment of senior notes (102,822) (315,080) 0
Proceeds from issuance of common stock, net 0 87,113 0
Proceeds from (Payments for) Other Financing Activities 10,047 (5,045) 2,613
Net cash provided by financing activities 188,924 193,488 2,613
Net increase/(decrease) in cash and cash equivalents 103,679 (3,155) 69,659
Cash and cash equivalents, beginning of year 170,457 173,612 103,953
Cash and cash equivalents, end of year $ 274,136 $ 170,457 $ 173,612