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
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net earnings $ 128,738 $ 142,241 $ 124,464
Adjustments to reconcile net earnings to net cash used in operating activities:      
Depreciation and amortization 14,241 11,614 9,934
Stock-based compensation 15,781 12,211 9,483
Loss on early extinguishment of debt 0 0 3,796
Excess income tax benefit from stock-based awards (2,043) (2,297) (1,891)
Equity in earnings from unconsolidated entities (12,759) (10,422) (12,805)
Deferred tax asset valuation benefit 0 0 (8,666)
Distributions of earnings from unconsolidated entities 12,650 11,613 13,013
Other 11,530 10,149 17,742
Changes in assets and liabilities:      
Increase in real estate (209,407) (338,594) (263,886)
Decrease/(increase) in deposits on real estate under option or contract 6,316 (42,278) (36,974)
Increase in receivables, prepaids and other assets (7,083) (25,032) (18,429)
Increase in accounts payable and accrued liabilities 31,883 14,688 76,898
Increase in home sale deposits 6,818 4,859 9,397
Net cash used in operating activities (3,335) (211,248) (77,924)
Cash flows from investing activities:      
Investments in unconsolidated entities (481) (515) (107)
Distributions of capital from unconsolidated entities 0 65 158
Purchases of property and equipment (16,092) (20,788) (15,783)
Proceeds from sales of property and equipment 86 262 56
Maturities/sales of investments and securities 1,555 124,599 163,012
Payments to purchase investments and securities (1,555) (35,813) (166,619)
Cash paid for acquisitions 0 (130,677) (18,624)
Decrease in restricted cash 0 0 38,938
Net cash (used in)/provided by investing activities (16,487) (62,867) 1,031
Cash flows from financing activities:      
Repayment of loans payable and other borrowings (23,226) (10,447) (8,352)
Repayment of senior subordinated notes 0 0 (102,822)
Proceeds from issuance of senior notes 200,000 0 281,699
Debt issuance costs (3,006) 0 (3,188)
Excess income tax benefit from stock-based awards 2,043 2,297 1,891
Non-controlling interest acquisition 0 0 (257)
Proceeds from issuance of common stock, net 0 110,420 0
Proceeds from stock option exercises 2,886 1,042 11,601
Net cash provided by financing activities 178,697 103,312 180,572
Net increase/(decrease) in cash and cash equivalents 158,875 (170,803) 103,679
Cash and cash equivalents, beginning of year 103,333 274,136 170,457
Cash and cash equivalents, end of year $ 262,208 $ 103,333 $ 274,136