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
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net earnings as reported $ 60,456 $ 40,184
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 5,182 4,658
Stock-based compensation 5,264 3,941
Loss on early extinguishment of debt 0 3,796
Excess income tax benefit from stock-based awards (2,194) (1,687)
Equity in earnings from unconsolidated entities (4,268) (5,998)
Deferred tax asset valuation benefit 0 (3,057)
Distributions of earnings from unconsolidated entities 6,119 7,236
Other 3,955 4,022
Changes in assets and liabilities:    
Increase in real estate (234,884) (113,992)
Increase in deposits on real estate under option or contract (7,986) (7,361)
Increase in receivables and prepaid expenses and other assets (15,121) (13,167)
Increase in accounts payable and accrued liabilities 3,290 48,715
Increase in home sale deposits 5,537 13,189
Net cash used in operating activities (174,650) (19,521)
Cash flows from investing activities:    
Investments in unconsolidated entities (233) (116)
Distributions of capital from unconsolidated entities 0 74
Purchases of property and equipment (11,864) (5,787)
Proceeds from sales of property and equipment 146 32
Maturities of investments and securities 65,388 71,024
Payments to purchase investments and securities (35,614) (76,938)
Increase in restricted cash 0 (4,327)
Net cash provided by/(used in) investing activities 17,823 (16,038)
Cash flows from financing activities:    
Repayment of senior subordinated notes 0 (102,822)
Proceeds from issuance of senior notes 0 175,000
Debt issuance costs 0 (1,403)
Excess income tax benefit from stock-based awards 2,194 1,687
Noncontrolling interest acquisition 0 (257)
Proceeds from issuance of common stock, net 110,420 0
Proceeds from stock option exercises 707 10,916
Net cash provided by financing activities 113,321 83,121
Net (decrease)/increase in cash and cash equivalents (43,506) 47,562
Cash and cash equivalents at beginning of period 274,136 170,457
Cash and cash equivalents at end of period $ 230,630 $ 218,019