Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net (loss)/income $ (21,106) $ 7,150 $ (66,456)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:      
Depreciation and amortization 7,178 7,974 8,843
Real estate-related impairments 15,324 6,451 126,216
Other assets-related impairments 848 0 0
Stock-based compensation 7,410 5,358 6,204
Loss/(gain) on early extinguishment of senior subordinated debt 0 3,454 (9,390)
Equity in earnings of unconsolidated entities (includes $0.0, $0.3 million and $2.8 million of impairments to joint ventures in 2011, 2010 and 2009, respectively) (5,849) (5,243) (4,013)
Distributions of earnings from unconsolidated entities 6,497 7,263 8,286
Other operating expenses 509 (37) 0
Changes in assets and liabilities:      
(Increase)/decrease in real estate (89,659) (68,910) 98,453
(Increase)/decrease in deposits on real estate under option or contract (6,038) (1,054) 10,175
Decrease in receivables and prepaid expenses and other assets 3,247 94,474 28,954
Increase/(decrease) in accounts payable and accrued liabilities 5,542 (21,725) (24,213)
Increase/(decrease) in home sale deposits 1,961 (2,604) 1,015
Net cash (used in)/provided by operating activities (74,136) 32,551 184,074
Cash flows from investing activities:      
Investments in unconsolidated entities (702) (1,034) (1,284)
Distributions of capital from unconsolidated entities 10 232 1,370
Purchases of property and equipment (7,082) (6,389) (3,609)
Proceeds from sales of property and equipment 54 121 151
Payments to purchase investments and securities (196,401) (424,639) (125,699)
Proceeds from sales and maturities of investment securities 348,105 250,190 0
(Increase)/decrease in restricted cash (2,802) 7,004 (16,348)
Net cash provided by/(used in) investing activities 141,182 (174,515) (145,419)
Cash flows from financing activities:      
Proceeds from issuance of senior and senior subordinated notes 0 195,134 0
Debt issuance costs 0 (3,067) 0
Repayment of senior notes 0 (197,543) 0
Proceeds from stock option exercises 2,613 2,062 4,753
Net cash provided by/(used in) financing activities 2,613 (3,414) 4,753
Net increase/(decrease) in cash and cash equivalents 69,659 (145,378) 43,408
Cash and cash equivalents, beginning of year 103,953 249,331 205,923
Cash and cash equivalents, end of year $ 173,612 $ 103,953 $ 249,331