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
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net earnings $ 60,847 $ 45,533
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 7,600 6,729
Stock-based compensation 7,313 8,465
Excess income tax provision/(benefit) from stock-based awards 526 (2,012)
Equity in earnings from unconsolidated entities (7,003) (5,009)
Distributions of earnings from unconsolidated entities 7,343 5,769
Other 3,262 424
Changes in assets and liabilities:    
Increase in real estate (193,981) (144,450)
(Increase)/decrease in deposits on real estate under option or contract (3,551) 3,604
Increase in other receivables, prepaids and other assets (9,368) (10,346)
Increase in accounts payable and accrued liabilities 12,944 4,996
Increase in home sale deposits 3,449 9,349
Net cash used in operating activities (110,619) (76,948)
Cash flows from investing activities:    
Investments in unconsolidated entities (159) (282)
Purchases of property and equipment (7,570) (7,829)
Proceeds from sales of property and equipment 87 62
Maturities/sales of investments and securities 645 0
Payments to purchase investments and securities (645) 0
Net cash used in investing activities (7,642) (8,049)
Cash flows from financing activities:    
Repayment of loans payable and other borrowings (15,482) (3,211)
Proceeds from issuance of senior notes 0 200,000
Debt issuance costs 0 (2,955)
Excess income tax (provision)/benefit from stock-based awards (526) 2,012
Proceeds from stock option exercises 232 2,839
Net cash (used in)/provided by financing activities (15,776) 198,685
Net (decrease)/increase in cash and cash equivalents (134,037) 113,688
Cash and cash equivalents, beginning of period 262,208 103,333
Cash and cash equivalents, end of period $ 128,171 $ 217,021