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, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net earnings $ 149,541 $ 128,738 $ 142,241
Adjustments to reconcile net earnings to net cash used in operating activities:      
Depreciation and amortization 15,978 14,241 11,614
Stock-based compensation 13,741 15,781 12,211
Excess income tax provision/(benefit) from stock-based awards 956 (2,043) (2,297)
Equity in earnings from unconsolidated entities (19,042) (12,759) (10,422)
Distributions of earnings from unconsolidated entities 16,959 12,650 11,613
Other 9,539 11,530 10,149
Changes in assets and liabilities:      
Increase in real estate (311,426) (209,407) (338,594)
Decrease/(increase) in deposits on real estate under option or contract 2,337 6,316 (42,278)
Increase in receivables, prepaids and other assets (17,513) (7,083) (25,032)
Increase in accounts payable and accrued liabilities 43,377 31,883 14,688
(Decrease)/increase in home sale deposits (7,849) 6,818 4,859
Net cash used in operating activities (103,402) (3,335) (211,248)
Cash flows from investing activities:      
Investments in unconsolidated entities (7,244) (481) (515)
Distributions of capital from unconsolidated entities 3,600 0 65
Purchases of property and equipment (16,662) (16,092) (20,788)
Proceeds from sales of property and equipment 200 86 262
Maturities/sales of investments and securities 746 1,555 124,599
Payments to purchase investments and securities (746) (1,555) (35,813)
Cash paid for acquisitions 0 0 (130,677)
Net cash used in investing activities (20,106) (16,487) (62,867)
Cash flows from financing activities:      
Proceeds from Credit Facility, net 15,000 0 0
Repayment of loans payable and other borrowings (21,274) (23,226) (10,447)
Proceeds from issuance of senior notes 0 200,000 0
Debt issuance costs 0 (3,006) 0
Excess income tax (provision)/benefit from stock-based awards (956) 2,043 2,297
Proceeds from issuance of common stock, net 0 0 110,420
Proceeds from stock option exercises 232 2,886 1,042
Net cash (used in)/provided by financing activities (6,998) 178,697 103,312
Net (decrease)/increase in cash and cash equivalents (130,506) 158,875 (170,803)
Cash and cash equivalents, beginning of year 262,208 103,333 274,136
Cash and cash equivalents, end of year $ 131,702 $ 262,208 $ 103,333