Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net earnings $ 20,969 $ 16,400
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 3,402 3,211
Stock-based compensation 4,758 4,630
Excess income tax provision/(benefit) from stock-based awards 516 (1,935)
Equity in earnings from unconsolidated entities (2,635) (2,421)
Distributions of earnings from unconsolidated entities 3,477 3,035
Other 1,048 (490)
Changes in assets and liabilities:    
Increase in real estate (116,035) (58,906)
(Increase)/decrease in deposits on real estate under option or contract (4,046) 3,767
Increase in receivables, prepaids and other assets (168) (5,695)
Increase/(decrease) in accounts payable and accrued liabilities 455 (3,179)
Increase in home sale deposits 6,442 3,392
Net cash used in operating activities (81,817) (38,191)
Cash flows from investing activities:    
Investments in unconsolidated entities (63) (104)
Purchases of property and equipment (3,940) (4,589)
Proceeds from sales of property and equipment 35 44
Maturities/sales of investments and securities 645 0
Payments to purchase investments and securities (645) 0
Net cash used in investing activities (3,968) (4,649)
Cash flows from financing activities:    
Proceeds from Credit Facility, net 0 27,000
Repayment of loans payable and other borrowings (3,893) (3,017)
Excess income tax (provision)/benefit from stock-based awards (516) 1,935
Proceeds from stock option exercises 161 2,834
Net cash (used in)/provided by financing activities (4,248) 28,752
Net decrease in cash and cash equivalents (90,033) (14,088)
Cash and cash equivalents, beginning of period 262,208 103,333
Cash and cash equivalents, end of period $ 172,175 $ 89,245